MIRA
INFORM REPORT
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Report Date : |
25.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MODAS DIVERSAS |
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Formerly Known As : |
MODAS DIVERSAS DEL PERU SA. |
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Registered Office : |
Lurigancho 1349 Urb. Industrial Zárate (Mza. N Lote 1 - A), San Juan
de Lurigancho |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Establishment : |
29.01.1999 |
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Legal Form : |
Closely-held Corporation |
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Line of Business : |
Subject is engaged in the manufacture of garments, such as pants,
jackets, overalls, jumpers, shorts, blouses, Bermuda shorts, sneakers. |
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No. of Employees : |
1273 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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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Peru |
A2 |
A2 |
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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 |
PERU - ECONOMIC OVERVIEW
Peru's economy reflects its
varied topography - an arid lowland coastal region, the central high sierra of the
Andes, the dense forest of the Amazon, with tropical lands bordering Colombia
and Brazil. A wide range of important mineral resources are found in the
mountainous and coastal areas, and Peru's coastal waters provide excellent
fishing grounds. Peru is the world's second largest producer of silver and
third largest producer of copper. The Peruvian economy has been growing by an
average of 5.6% for the past five years with a stable exchange rate and low
inflation, which in 2013 was just below the upper limit of the Central Bank
target range of 1 to 3%. For the last three years, this growth was due partly
to high international prices for Peru's metals and minerals exports, which
account for almost 60% of the country's total exports. Despite Peru's strong macroeconomic
performance, dependence on minerals and metals exports and imported foodstuffs
makes the economy vulnerable to fluctuations in world prices. Peru's rapid
expansion coupled with cash transfers and other programs have helped to reduce
the national poverty rate by 28 percentage points since 2002, but inequality
persists and continues to pose a challenge for the Ollanta HUMALA
administration, which has championed a policy of social inclusion and a more
equitable distribution of income. Poor infrastructure hinders the spread of
growth to Peru's non-coastal areas. Peru's free trade policy has continued
under the HUMALA administration; since 2006, Peru has signed trade deals with
the US, Canada, Singapore, China, Korea, Mexico, Japan, the EU, the European
Free Trade Association, Chile, Thailand, Costa Rica, Panama, Venezuela,
concluded negotiations with Guatemala, and begun trade talks with Honduras and
El Salvador, Turkey and the Trans-Pacific Partnership. Peru also has signed a
trade pact with Chile, Colombia, and Mexico, called the Pacific Alliance, that
rivals Mercosur. Since the US-Peru Trade Promotion Agreement entered into force
in February 2009, total trade between Peru and the United States has doubled.
Although Peru has continued to attract foreign investment, political activism
and protests are hampering development of some projects related to natural
resource extraction.
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Source
: CIA |
IDENTIFICATION
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CORRECT COMPANY NAME |
MODAS DIVERSAS DEL PERU S.A.C. |
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TRADE NAME |
MODIPSA - DIVERXIA - PIONIER |
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TAXPAYER REGISTRATION |
RUC 20423925028 |
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MAIN ADDRESS |
Lurigancho 1349 Urb. Industrial Zárate (Mza. N Lote 1 - A), San Juan
de Lurigancho |
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POSTAL CODE |
Lima, 36 |
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DEPT/PROV/REGION/STATE |
Lima / Lima |
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COUNTRY |
PERU |
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TELEPHONE |
(511) 4595152 - 4587534 |
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WEB |
www.modipsa.com.pe |
EXECUTIVE SUMMARY
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Date of foundation |
1999 |
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Capital stock |
S/.6,368,023.= Nuevos Soles |
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Shareholders' equity |
18,487,007.00 Nuevos Soles (31DEC2010) |
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Annual revenues |
US$ 20,056,028.57 Nuevos Soles (31DEC2012) |
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Profits (loss) Net |
2,042,687.00 Nuevos Soles (31DEC2010) |
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permanent employees |
1273 |
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Chief Executive |
DIAZ DIAZ, SEGUNDO LUIS |
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Disposition |
Declined. For security reasons and/or competition. |
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Financial Situation |
FAIR |
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Payments policy |
Usually to terms / good |
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Credit (**) |
MODERATE RISK. (Acceptable financial situation but limited). |
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Number of times that this company was required: 7 |
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Legal Structure
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LEGAL STATUS |
Closely-held Corporation |
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DATE OF INCORPORATION |
29JAN1999 |
STARTING DATE |
01/04/1999 |
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PLACE OF REGISTRY |
Lima |
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NOTARY OFFICE |
Manuel Reátegui Tomatis. |
DURATION |
Perpetual |
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REGISTRATION |
Entry No.11081153 (04.03.1999) |
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INITIAL CAPITAL |
S/.14,700.= Nuevos Soles |
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CURRENT PAID-IN CAPITAL |
S/.6,368,023.= Nuevos Soles |
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SHAREHOLDERS EQUITY |
18,487,007.00 Nuevos Soles (31DEC2012) |
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CURRENT EXCHANGE RATE (US$) |
S/.2.84 per 1 USD |
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DIRECTORS - EXECUTIVES -
SHAREHOLDERS
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FULL NAMES / COMPANY NAME |
TITLE |
%PART. |
SINCE |
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DIAZ DIAZ, SEGUNDO LUIS |
Executive President |
99.98% |
29/01/1999 |
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TAPIA OLORTEGUI, DORA FELICITAS |
Director/Admin. Manager |
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VARGAS BENITES, BERNARDO |
Proxy |
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29/01/1999 |
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FELIPA CARRION, JORGE LUIS |
Chief Financial Officer |
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DUEŃAS OCHOA, VICTOR EULOGIO |
General Accountant |
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DIAZ TAPIA, YOHANA MERCEDES |
Shareholder |
0.01% |
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DIAZ TAPIA, LUIS OMAR |
Brand manager |
0.01% |
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WHO IS WHO?
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DIAZ DIAZ, SEGUNDO LUIS |
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TITLE |
Executive President |
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NATIONALITY |
Peruvian |
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D.O.B. |
08APR1953 |
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ID |
DNI 09216673 |
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CIVIL STATUS |
Married to Felicita Tapia Olórtegui |
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TELEPHONE |
4593018 |
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BACKGROUND INFORMATION |
We consulted in the Registry of Ownership of Lima and Callao where 7
real estate were registered under the company name: - property located in Cercado de Lima Registered in File card
320891, Entry 324961, Entry 40523294 - Property located in Cercado de Lima. Registered in File card
320891, Entry 40204709 - Property located in Nuevo San Juan. Registered in File card
134340, Entry 43042890. - Property located in Nuevo San Juan. Registered in File card
330107, Entry 42880264. - Property located in Nuevo San Juan. Registered in File card
336082, Entry 43152181 - Property located in Nuevo San Juan. Registered in File card
134339, Entry 43042882 - Property located in Cercado de Lima. Registered in File Card
422876, Entry 40313036 |
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ASSOCIATED AS PER OUR DATABASE TO |
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TAPIA OLORTEGUI, DORA FELICITAS |
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TITLE |
Director/Admin. Manager |
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NATIONALITY |
Peruvian |
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D.O.B. |
06OCT1958 |
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ID |
DNI 09216922 |
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VARGAS BENITES, BERNARDO |
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TITLE |
Proxy |
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NATIONALITY |
Peruvian |
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D.O.B. |
02AUG1960 |
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ID |
DNI 08381874 |
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FELIPA CARRION, JORGE LUIS |
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TITLE |
Chief Financial Officer |
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NATIONALITY |
Peruvian |
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D.O.B. |
15MAY1964 |
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ID |
DNI 08721164 |
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DIAZ TAPIA, YOHANA MERCEDES |
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TITLE |
Shareholder |
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NATIONALITY |
Peruvian |
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D.O.B. |
22AUG1981 |
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ID |
DNI 40983684 |
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DIAZ TAPIA, LUIS OMAR |
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TITLE |
Brand manager |
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NATIONALITY |
Peruvian |
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D.O.B. |
31JUL1980 |
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ID |
DNI 40671552 |
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BUSINESS HISTORY
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Subject Company was incorporated on January 29, 1999 as MODAS DIVERSAS
DEL PERU SA. On March 14, 2001, its legal status was changed to Closely-Held
Corporation (S.A.C.), and consequently, its corporate name was changed to the
current name, MODAS DIVERSAS DEL PERU S.A.C. |
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RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER
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BUSINESS
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SIC
Classification |
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Main activity |
Subject Company is engaged in the
manufacture of garments, such as pants, jackets, overalls, jumpers, shorts,
blouses, Bermuda shorts, sneakers, etc. under its own brands SQUEZZE",
"PIONER", "GZUCK", "NORTON", FITS ME |
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OPERATIONS |
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Import |
Yes |
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Country |
Argentina, Brazil, Canada, Chile, China,
Colombia, France, Germany, India, Italy, Japan, Mexico, Pakistan, Spain,
Switzerland, Taiwan, Thailand, UK, USA) |
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ANNUAL Imports In US$ (CIF) |
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Export |
Yes |
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COUNTRY |
Argentina, Colombia, Dominican Republic,
Ecuador and USA. |
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Annual exports in US$ (FOB) |
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% CASH SALES / METHOD |
40% |
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% Credit SALES / Terms |
60% / Draft payable at 60 days |
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% Ventas exterior (Paises) |
05% |
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SELLING TerritorY |
Domestic and international market |
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EMPLOYEES |
1273 |
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Comments |
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MODIPSA has its own plant, with modern and
state-of-the-art machinery for making of plain weave like denim, corduroy or
twill. It imports denim and inputs for making garments,
such as buttons, zippers, rivets, among others, through letters of credti at
90-120 days. Its annual production exceeds one million
garments units. MAJOR CLIENTS: - Manufacturas San Isidro SA (related
company) - Topy Top SA - La Fábrica - Hipermercados Metro SA * Employees and / or pensioners declared
to SUNAT for period 05/2013 In the period 12/2012 it was declared 903
workers. |
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FINANCIAL INFORMATION
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Disposition |
Declined. For security reasons and/or competition. |
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Information provided |
That is why we have used various sources to produce this report. From previous research we have figures to Balance Sheet 31/12/2010 and
prior years. |
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FINANCIAL SITUATION |
B: FAIR Despite having no financial statements available, we should note that
this is a family business with 15 years of market presence, considered
largest in the sector. Although it is referred to by its suppliers in good
standing. |
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Sales History in US$ (of Balance Sheet,
statement of third parties) |
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Property of company comments |
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Subject's assets basically include the following: - Straight stitch sewing machines and meshing machines. - A premises located in Jr. de La Unión, rented to its related company
Manufacturas San Isidro SAC. |
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INSURANCE |
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TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS
(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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RISK INFORMATION CENTER |
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COMMERCIAL DELINQUENCY |
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No reported banking debt. |
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SUPERINTENDENCY OF BANK & INSURANCE (SBS) |
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Debt structure for bank. SBS Latest Consolidated Credit Report as of :
31/07/2014 |
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CONSOLIDATED DEBT (ALL BANKS) ENTITIES
NUMBER : 3 31/05/2013 |
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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.61.03 |
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1 |
Rs.99.99 |
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Euro |
1 |
Rs.78.37 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.