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Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
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Name : |
CENCOSUD RETAIL S.A. |
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Registered Office : |
Presidente Kennedy 9001, Pisos 4 y 5, Las Condes, 7561132 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
13.12.1968 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Department stores, hypermarket stores, supermarket chains: Jumbo and Retail of items of clothing for women, men and children.Furniture, home appliances, toys, watches, perfumes, photographic items, among others. |
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No. of Employees : |
10,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Chile |
A2 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHILE - ECONOMIC OVERVIEW
Chile has a market-oriented
economy characterized by a high level of foreign trade and a reputation for
strong financial institutions and sound policy that have given it the strongest
sovereign bond rating in South America. Exports of goods and services account
for approximately one-third of GDP, with commodities making up some
three-quarters of total exports. Copper alone provides 19% of government
revenue. From 2003 through 2013, real growth averaged almost 5% per year,
despite the slight contraction in 2009 that resulted from the global financial
crisis. Chile deepened its longstanding commitment to trade liberalization with
the signing of a free trade agreement with the US, which took effect on 1
January 2004. Chile has 22 trade agreements covering 60 countries including
agreements with the European Union, Mercosur, China, India, South Korea, and
Mexico. Chile has joined the United States and nine other countries in
negotiating the Trans-Pacific-Partnership trade agreement. The Chilean
Government has generally followed a countercyclical fiscal policy, accumulating
surpluses in sovereign wealth funds during periods of high copper prices and
economic growth, and generally allowing deficit spending only during periods of
low copper prices and growth. As of 31 December 2012, those sovereign wealth
funds - kept mostly outside the country and separate from Central Bank reserves
- amounted to more than $20.9 billion. Chile used these funds to finance fiscal
stimulus packages during the 2009 economic downturn. In May 2010 Chile signed
the OECD Convention, becoming the first South American country to join the OECD
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Source
: CIA |
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CORRECT COMPANY NAME |
CENCOSUD
RETAIL S.A. |
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TRADE NAME |
PARIS
S.A. Y/O CER S.A. |
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TAXPAYER REGISTRATION |
RUT 81201000K |
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MAIN ADDRESS |
Presidente Kennedy 9001, Pisos
4 y 5, Las Condes, |
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POSTAL CODE |
7561132 |
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DEPT/PROV/REGION/STATE |
Santiago |
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COUNTRY |
CHILE |
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TELEPHONE |
(562) 29590000 |
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CORPORATE E-MAIL |
darling.ortiz@cencosud.cl |
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WEB |
www.cencosud.cl |
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NOTE |
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The address on your order is a
previous address, the current address is as indicated in our report. |
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
13DEC1968 |
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PLACE OF REGISTRY |
Santiago |
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NOTARY OFFICE |
Andrés Rubio Flores |
DURATION |
Indefinite |
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REGISTRATION |
No.4269, Page 10174
(26/12/1968) |
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CURRENT PAID-IN CAPITAL |
Ps$.414,501,698,000.= Pesos |
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SHAREHOLDERS EQUITY |
583,678,966,000.00 Pesos
(31DEC2013) |
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CURRENT EXCHANGE RATE (US$) |
Ps$.599.30 per US$.1.00 |
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COMMENTS |
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CENCOSUD RETAIL S.A. (Tax ID RUT 81.201.000-K) is included in the List of Large Taxpayers through Resolution Ex. N° 173 dated December 31, 2008.On January 6, 2012, the Special Shareholder Meeting of Cencosud Retail S.A resolved to merge Retail S.A. by Cencosud Retail S.A., effective as from January 1st 2012.As a result of the merger, Cencosud Retail incorporated the totality of the shareholders and equity of Retail S.A. The latter was dissolved and liquidated on the date of the merger. There is a 0,03986% of the capital stock, controlled by minority shareholders. |
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PAULMANN
KEMNA, HORST |
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TITLE |
President |
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NATIONALITY |
German |
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D.O.B. |
22MAR1935 (Kassel - Alemania) |
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CIVIL STATUS |
Married to Helga Koepfer |
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DOMICILE |
Ricardo Gutiérrez 310
Martinez, Buenos Aires |
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PROFESSION |
Businessman |
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TAX ID |
20-60268973-6 |
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BACKGROUND INFORMATION |
German Passport: 3294888-KTaxpayer identification: RUT 3294888-K (Chile)He has been lived in Buenos Aires since the mid 80's. He is Manfred Paulmann Koepfer, Peter Paulmann Koepfer and Heike Paulmann Koepfer's father.Horst Paulmann Kemna was born in Kassel, Germany in 1935. The family of seven brothers and parents emigrated from Germany to Argentina in 1948. Then in 1949, Horst and his family emigrated to Chile, settling in the south, in Osorno city.He is the owner of the Chilean holding Cencosud.He is the Chairman and Founder of Cencosud SA. He has served in the Board since November 1978. He has been Director of the Chamber of Commerce in Germany (CAMCHAL) and the Chamber of Commerce of Chile. Mr. Paulmann is currently Chairman of the Standing Committee Binational Business between Chile and Argentina, and is a member of the Business Association of Argentina (AEA). |
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CASTILLO
PRADO, PABLO MARIO |
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TITLE |
Director |
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NATIONALITY |
Chilean |
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ID |
PAS 9.856.677-5 |
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BACKGROUND INFORMATION |
He is the oldest son of Erasmo Wong Chiang, founder of WONG CORPORATION.In 1990, he received the "Latin American Marketing Man Award" granted by the Association of Sales and Marketing Executives of Peru and in 1992 he was awarded with the "Entrepreneur of the Year" granted by the Institute of Business Administration "IPAE." |
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RODRIGUEZ
COFRE, DANIEL ALBERTO |
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TITLE |
General Manager |
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NATIONALITY |
Chilean |
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D.O.B. |
061965 |
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ID |
CI 86837285 |
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CIVIL STATUS |
Married to Marianne Scheel |
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DOMICILE |
Pte R. Saenz Peña 788, Buenos
Aires |
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TAX ID |
23-60263995-9 |
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BACKGROUND INFORMATION |
He studied at the German School in Temuco, where his father was a professor and director. He graduated as a forester from Universidad Austral de Chile, in Valdivia, and got a Ph.D. at the University Adolfo Ibáñez. During his stay in Germany he met Paulmann, who in August 2008 brought him to Cencosud as Corporate Finance Manager. On leaving Laurence Golborne he held the position of Acting Corporate General Manager, position that was confirmed on January 30, 2009. |
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CRIMELLA,
MARCOS |
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TITLE |
Jumbo Superm. Manager |
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NATIONALITY |
Chilean |
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ID |
PAS 13411302 |
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PAULMAN
COEPFER, MANFRED |
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TITLE |
Shareholder |
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BACKGROUND INFORMATION |
Until November 2011, he held the position of President of CENCOSUD RETAIL S.A., then his father, Paulmann Kemma, suceeded him. |
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CENCOSUD
S.A. |
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BUSINESS
BACKGROUND Chilean company, headquartered in A. Kennedy 9001, Piso 7, Las Condes, Santiago.Cencosud SA (IPSA: CENCOSUD [2]) is a business consortium of Chilean capital that operates in several countries in South America, mainly in the retail sector.Originally called Centros Comerciales Sudamericanos S.A., several companies currently depend on it, among them in the supermarkets segment , the "Jumbo" hypermarkets ( in Chile and Argentina), the Argentinian chains "Disco" and "Super Vea", the Chilean "Santa Isabel", the Peruvian "Wong" and the Brazilian "GBarbosa". In Chile the department store chain "Paris", "Banco Paris" and its credit card "Mas". Cencosud also operates the home improvement store "Easy", present in Chile, Argentina and Colombia, along with a number of malls in the Southern Cone, as "Alto Las Condes", "Portal La Dehesa", "Florida Center" and "Unicenter Shopping". To this is added a prominent role in the real estate sector, reflected mainly through the construction of Costanera Center, a complex of buildings which will include the tallest skyscraper in South America.The company was created through supermarket "Las Brisas" founded by German immigrant "Horst Paulmann" in the city of Temuco, in the south of Chile. Jumbo, the first hypermarket in the country, opened in 1978, in the eastern sector of Santiago de Chile and three years later it opened in Buenos Aires too. Years later, it expanded its business of supermarkets and shopping centers until 2005 when they acquired Paris in Chile. Thereafter, Cencosud expanded to Peru, Colombia and Brazil, and became one of the largest retail chains in Latin America. |
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CENCOSUD
SHOPPING CENTERS S.A. |
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BUSINESS
BACKGROUND The company was founded under the name Inmobiliaria Las Verbenas S.A. as a publicly-held corporation on November 5, 1980, in accordance with Notarial Act before Enrique Morgan Torres, Notary Public of Santiago.On June 6, 2005, according to Special Shareholders Meeting, it was resolved to change name and form Cencosud Shopping Centers S.A.Business Purpose: Sale, lease, subdivision, construction and in general implementation and administration of all kind of realty investment in the country or abroad in tangible and intangible personal property, investment in companies and commercialization, production, import or export permanently of all types of goods. |
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The Company was formed in the City of Santiago on 13/12/1968 as a Limited Liability Company under the name ALMACENES PARIS LTDA.In accordance with Notarial Act dated 16/07/1996, before the Notary Martín Vásquez Cordero, the legal status was changed to Joint Stock Company, hence, it changed its name to ALMACENES PARIS COMERCIAL S.A.According to Notarial Act dated 04/10/2005, before the Notary Emilio Pomar Carrasco in Santiago, published in the Official Gazette on 11/10/2005, the name of the Company was changed again from ALMACENES PARIS COMERCIAL S.A. to PARIS S.A., being authorized to use the short name PARIS for publishing and propagandas. On 04/11/2005, the Company cancelled its registration in the Securities Register, and became a Closely-Held Corporation.In compliance with Notarial Act dated 13/12/2006 before Emilio Pomar Carrasco, Notary Public in Santiago, published in the Official Gazette on 09/01/2007 Page 15, there was an increase in paid capital at that date, from Ps$.11,360,175,608.= divided into 250,000,000 non par value shares to the sum of Ps$31,438,931,335 .= Pesos, divided into 350,000,000 non par value shares.According to Notarial Act dated 02/01/2008 before Gustavo Montero Martí, Notary Public in Santiago, published in the Official Gazette on 23/01/2008 Page 16, share capital increased to the sum of Ps$.431,739,974,880.= Pesos divided into 600,000,000 non par value shares.Moreover, in 2008, the first stage of the Maipu Portal started with the inauguration of Easy.In compliance with Notarial Act dated 30/06/2009 before Notary Gustavo Montero Marti, Substitute Notary, José Musalem Saffie in Santiago, published in the Official Gazette on 11/07/2009 Page 30, Bylaws were amended under which it was agreed to divide the company into three, one as the legal successor which will keep the name PARIS S.A. (the Subject Company) and two new companies that will be called "Paris Santiago Centro S.A. and "Paris Inmobiliaria SCT S.A.". As a result, it was agreed to reduce the capital to the amount of Ps$ 55,945,550,521.= Pesos divided into 600,000,000 registered shares of the same series and without par value.In accordance with Notarial Act dated 31/08/2009, before Gustavo Montero Marti, Notary Public in Santiago, published in the Official Gazette on 04/09/2009 Page 80, Bylaws were amended concerning impending merger of "Cencosud Supermercados S.A." with "Paris S.A." (which shall be called Cencosud Retail S.A., effective as from September 1, 2009), by amalgamating the first mentioned into the latter, which will survive and continues the activities and operations, in terms specified in the relevant Notarial Act, hence it adopted the new name: "Cencosud Retail SA" t/a Paris S.A. or Cer S.A. The merger increases the capital to the sum of Ps$ 338,195,028,981 Pesos divided into 4,771,059,158 registered shares with no par value. It also expands its business purpose.Pursuant to Notarial Act dated 01/10/2010 , before José Musalem Saffie, Notary Public in Santiago, published in the Official Gazette on 16/10/2010 Page 4, there was change in the business purpose, expanding as follows: The company operates commercial establishments, supermarkets, distributors, department stores on a wholesale and retail basis; perform directly or through others the purchase, sale, import, export, distribution of all goods, merchandise or services; create, form or participate in civil or commercial partnerships, management and operation of pharmacies and pharmaceutical warehouses.In 2010, Paris Chile announced the opening of four stores, one of then in Copiapo being the largest of the 4 due to the high population growth. Moreover, in the the same city, they completed the second stage of Copiapo Portal. With the earthquake and subsequent tsunami at the beginning of the year, several tents of the brands Santa Isabel and Easy were opened in the affected areas. In the mid-year, they acquired "Mall Concepcion", currently under construction. In the same city, but at the end of the same year, they began to build the first Jumbo and Easy in Gran Concepcion. It is worth mentioning that Easy had already been provisionally installed in Concepcion after the earthquake in two points: at Chacabuco Avenue, in the heart of Concepcion (in the vecinity of the old germal school in Concepción, land the company owns since 2009) and to date it still serves the public;and at Alessandri Highway, on the corner of Costanera Avenue, in a vast land (formerly owned by the partnership formed by Casinos Enjoy and the University of Concepción and its subsidiary Loteria) located on the border of the communes Hualpén and Concepción (where Jumbo / Easy will be set up).In 2011, Cencosud changed its corporate image as well as all its trademarks to a style similar to the Paris store.In January 2011, the Chilean justice declared as abusive a clause of the regulations of the Jumbo Mas card which caused customers to be charged a surcharge on the cost for card maintenance, and Cencosud was ordered to pay a fine of US$26 000 million dollars and return the money to affected customers that the Consumers Association (Conadecus) calculated 400,000. Press releases reported that after the earthquake of February last year, Cencosud entered merchandise to the country under the banner of humanitarian aid, to exempt themselves from paying taxes, then to sell it to the State of Chile. Democrats Deputies, Aldo Cornejo, Gabriel Ascencio, Gabriel Silber and Pablo Lorenzini met with the Director of the National Customs Service, Gonzalo Sepulveda, asking him to file a suit against the company. Eventually the charges were dropped, since Cencosud paid customs duties and VAT on the merchandise that was entered the country. The problem occurred because, Cencosud's imported merchandise declared as humanitarian aid to expedite delivery and not to clog the trucks at the border. All the cargo had been bought by the government of Chile, which payment was withheld until clarification of the customs situation.By 2012, it is expected that this joint venture involve US$ 200 million dollars of investment in Easy in Colombia.Cencosud has opened its first stores in Paris Peru where its plan is to open 12 stores in 2013 and 2014 with the 2012 investment plan, opening its first store in the first quarter 2013.In Peru, Paris began operations with its first store in the city of Arequipa in the mall Arequipa Center owned by Cencosud. There Paris has a built area of more than 6,000 m2; then they opened the store in Plaza Norte, being the first store in the city of Lima, followed by the 3rd store in the mall El Quinde Shopping Plaza in the city of Cajamarca, and last November, Paris opened 3 new stores in the mall El Quinde Shopping Plaza of the city of Ica , a second store in the city of Arequipa, in the mall Parque Lambramani Park owned by Parque Arauco, and closed the year with the 6th store in the city of Lima in the mall Plaza Norte.Other projects of Paris for 2014, in the city of Lima, include the mall Plaza San Miguel, in the mall Aventura Plaza, Bellavista Callao, and mall Aventura Plaza in the city of Trujillo, as well as Stand-Alone stores in different districts of Lima (to be confirmed). |
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Main activity |
Department stores, hypermarket stores, supermarket chains: Jumbo and Santa Isabel.Retail of items of clothing for women, men and children.Furniture, home appliances, toys, watches, perfumes, photographic items, among others. |
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O P E R A T I O N S |
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Import |
Yes |
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Country |
Paraguay, Argentina, Brazil,
Australia, China, Bolivia, Ecuador, Pakistan, USA |
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ANNUAL Imports In US$ (CIF) |
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Export |
Yes |
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COUNTRY |
USA, Ecuador, Bangladesh, Hong
Kong |
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Annual exports in US$ (FOB) |
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% CASH SALES / METHOD |
100% (credit cards are
accepted) |
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% Ventas exterior (Paises) |
1% |
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SELLING TerritorY |
Domestic and international
market |
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EMPLOYEES |
10,000 |
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Comments |
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Wholesale - 100% on a retail basis.Sales are aimed at the general public.At group level, they hire 101,392 people
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Disposition |
REPORT PREPARED FROM OUTSIDE
SOURCES. |
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Information provided |
As policy of the Company does not allow to disclose information to third-party concerning its activities, we have had to prepare this report based on data collected from third-party sources, official and our database.The following are the Balance Sheets as of 31/12/2013 and 31/12/2012, expressed in Chilean Pesos. |
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FINANCIAL SITUATION |
SATISFACTORYTaking into account the last Financial Statement submitted and/or other factors analyzed, we believe that financial Situation of the Company is SATISFACTORY due to the following considerations:Liquidity Ratio is acceptable. Shareholders' equity covers acceptably its liabilities. Despite, working capital is negative in both balances, it is important to say that the Company is supported by the GRUPO CENCOSUD.On the other hand, as of 31/12/2013, the Company reported retained earnings for Ps$.352,141,891,000.= Pesos. |
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Property of company comments |
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Real Properties:- Estate: Barros Arana 883-899, Concepción, Chile; appraisal - Ps$6,718,103,000.= Pesos, registered in Roll No.208.30- Parking: Moneda 645 Box A 204, Santiago, Chile; appraisal - Ps$5,345,000.= Pesos, registered in Roll No.71-595Vehicles:The Company rents vehicles for the company's use.Machinery and Facilities:Equipment and ancillary tools to carry out its activities regularly. Further details were not obtained. |
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INSURANCE |
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Main fixed assets of the company (general detail) |
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Insurance policy covers fire, flood and any damages caused by water, theft, earthquakes, etc., on real estates, facilities, stocks, etc. |
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(Confidential Information) |
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TRADE REFERENCES |
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Note
: Other suppliers did not provide information or could not be consulted |
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No reported banking debt. |
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Explanation about commercial reputation |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.75 |
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1 |
Rs.100.06 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.