MIRA INFORM REPORT

Report No. :	316377
Report Date :	10.04.2015

IDENTIFICATION DETAILS

Name :	EMPRESAS COMERCIALES SA
Registered Office :	Avenida Ricardo Palma 341 Interior 1101 Miraflores
Country :	Peru
Date of Incorporation :	23.04.1984
Legal Form :	Sociedad Anonima
Line of Business :	Shoe Store
No. of Employees :	103

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Peru	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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.

Source : CIA

Company Name and address
Legal Name:	EMPRESAS COMERCIALES S.A.
Trade Name:	EMCOMER
RUC:	20101951872
Date Created:	1984
Date Incorporated:	April 23, 1984
Legal Address:	Avenida Ricardo Palma 341 Interior 1101 Miraflores, Peru
Operative Address:	Avenida Ricardo Palma 341 Interior 1101 Miraflores, Peru
Telephone:	511 4888300
Fax:	511 4888300
Legal Form:	SOCIEDAD ANONIMA
Email:	admcatalogo.peru@bata.com
Registered in:	Peru
Website:	www.bataperu.com.pe
Contact:	Carlos Bustamante Morales
Staff:	103
Activity:	Shoe Store
BANKS
	Banco Central del Perú
	The company does not make its banking data public
HISTORY
The company started business in 1984.
PRINCIPAL ACTIVITY
	The company is dedicated to the import and sale of shoes
Products/Services description:	Dress shoes, school shoes, casual and sporty (sneakers) for men, women and children
Brands:	Bata, Power, Andiamo;North Star;Precio De Locura;Spraga;Tabita;Teener;Transit;Up Date;Zap Sparx.
Sales are:	Retail
Clients:	ALVAREZ DAVILA RONAL RENE Colombia CALZACUERO CAECUADOR Ecuador
Suppliers:	COMPAIA MANUFACTURERA MANISOL S A Colombia
Operations area:	National and International
The company imports from	Indonesia, Singapore, Colombia
The company exports to	Ecuador, Colombia
The subject employs	103 employees
Payments:	Regular
LOCATION
Headquarters :	Avenida Ricardo Palma 341 Interior 1101 Miraflores, Peru
Branches:	The company has more than 50 branches, some of them are: JR. MANUEL RUIZ NRO. 492 ANCASH SANTA CHIMBOTE AV. JOSE GALVEZ 409- NRO. 413 ANCASH SANTA CHIMBOTE JR. PUNO NRO. 106 (CON AV. SAENZ PEÑA 601) PROV. CONST. DEL CALLAO PROV. CONST. DEL CALLAO CALLAO CAL. MARISCAL LUZURIAGA NRO. 395 LIMA LIMA JESUS MARIA AV. ARNALDO MARQUEZ 1315 - NRO. 1321 LIMA LIMA JESUS MARIA AV. LOS HEROES Y AV.SAN JUAN NRO. 499A (AV. SAN JUAN 1205 - 1207) LIMA LIMA SAN JUAN DE MIRAFLORES CAL. AREQUIPA NRO. 133 LIMA LIMA LURIGANCHO MERCADERES NRO. 109 AREQUIPA AREQUIPA AREQUIPA SN JUAN DE DIOS Y P.VIEJO NRO. 243 AREQUIPA AREQUIPA AREQUIPA SAN CAMILO NRO. 205 AREQUIPA AREQUIPA AREQUIPA ZEPITA NRO. 536 MOQUEGUA ILO ILO AV. SAN MARTIN NRO. 755 TACNA TACNA TACNA AV. EL SOL 311 Y AFLIGIDOS NRO. 112 CUSCO CUSCO CUSCO CAL. MANTAS NRO. 119 CUSCO CUSCO CUSCO JR. AREQUIPA NRO-224 NRO. 226 APURIMAC ABANCAY ABANCAY CAL. REAL Y PIURA NRO. 907 JUNIN HUANCAYO HUANCAYO CAL. REAL NRO. 735 JUNIN HUANCAYO HUANCAYO JR. PIURA NRO. 487 JUNIN HUANCAYO HUANCAYO AV. LARCO NRO. 662 LIMA LIMA MIRAFLORES JR. HUALLAGA 698 Y ANDAHUAYLA NRO. 600 INT. TD44 (JR. HUALLAGA 694 - TDA 43) LIMA LIMA LIMA JR. UCAYALI NRO. 587 LIMA LIMA LIMA JR. HUALLAGA NRO. 425- INT. 429 LIMA LIMA LIMA AV. JOSE GALVEZ NRO. 499 ANCASH SANTA CHIMBOTE JR. GAMARRA NRO. 656 LA LIBERTAD TRUJILLO TRUJILLO CAL. ALFREDO LA POINT NRO. 799 (Y ELIAS AGUIRRE 599, PSJE.WOYKE 190) LAMBAYEQUE CHICLAYO CHICLAYO AV. BALTA NRO. 1374 LAMBAYEQUE CHICLAYO CHICLAYO CAL. ALFREDO LAPOINT NRO. 899 LAMBAYEQUE CHICLAYO CHICLAYO MCDO MODELO SEC.50 NRO. S/N Z.I. PIURA (MZA-234 Y 239) PIURA PIURA PIURA CAL. SAN MARTIN NRO. 733 PIURA SULLANA SULLANA CENTRO CIVICO NRO. 201 PIURA TALARA PARIÑAS
Industry:	Companies in this industry primarily sell casual, dress, and athletic shoes, including orthopedic shoes, from physical retail locations. New styles and personal income drive demand. The profitability of individual companies depends on effective merchandising and competitive pricing. Large companies have advantages in purchasing, distribution, and marketing. Small companies can compete effectively by stocking specialty products, providing superior customer service, or serving a local market. Major products sold by shoe stores include women’s casual and dress shoes (nearly 30 percent of industry revenue); men’s athletic shoes (20 percent); men’s casual and dress shoes (13 percent), and women’s athletic shoes (10 percent). Other products include handbags, hosiery, and jewelry. Companies may specialize in men’s, women’s, children’s, or athletic shoes. Many shoe retailers are family shoe stores, which offer merchandise for multiple targets.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	According to our search, the company would be a subsidiary of: Bata Brands S.à r.l. P.O. Box 1638 1016 Luxembourg. LUXEMBOURG
Management:	GARCIA KLINGE JOSE ALFREDO GERMAN, Administrator VALDERRAMA CUEVA JUAN CARLOS, Legal Attorney CORNEJO BOLIVAR HUGO ENRIQUE, Legal Attorney FRANCESCHETTO BARBARA, General Manager Carlos Mujica Barreda, Vicepresidente Carlos Bustamante Morales
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
This is a private company which does not make its financial statements public.
2013 USA
Revenue	1 200 000
Cash Flow	Normal
LEGAL FILINGS
There are no legal connected to the subject
SUMMARY
EMCOMER SA is a Peruvian company dedicate to the retail of shoes. The company mainly Works with the BATA Brand. It has a médium-large sized structure with more tan 100 employees and more tan 50 branches. The company is active without any negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	Receptionist
COMMENTS	She confirmed address, staff and activity. She refused to provide more data on the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.26
UK Pound	1	Rs.92.49
Euro	1	Rs.66.99

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.