MIRA INFORM REPORT

Report No. :	303154
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	FORUS S A
Registered Office :	Avenida Departamental 01053 Oficina Forus La Florida Santiago
Country :	Chile
Financials (as on) :	2013
Date of Incorporation :	1980
Legal Form :	Sociedad Anónima
Line of Business :	Subject specializing in building prestigious footwear, apparel and accessory brands, operating stores
No. of Employees :	1,832

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 :

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Chile	A1	A1

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

Source : CIA

COMPANY NAME AND ADDRESS
Legal Name:	FORUS S A
Trade Name:	Hush Puppies
NIT:	86963200-7
Date Created:	1980
Date Incorporated:	01-01-1993
Legal Address:	Avenida Departamental 01053 Oficina Forus La Florida Santiago Chile
Operative Address:	Avenida Departamental 01053 Oficina Forus La Florida Santiago Chile
Telephone:	(56-2) 2923 3000
Fax:	(56-2) 2923 3000
Legal Form:	Sociedad Anónima
Email:	info@forus.cl
Registered in:	Chile
Website:	www.forus.cl
Manager:	Alfonso Swett, President
Staff:	1 832
Activity:	Shoe Stores Industry
BANKS	Banco Santander Río
	The company does not make its banking data public
HISTORY
	Forus S.A. R.U.T. 86963200-7, is a publicly traded company, which was established under the name of Commercial Hush Puppies Chile Ltda., By public deed dated August 29, 1980, before the notary Enrique Morgan Torres de Santiago. The Company is registered in the Securities Register of the Superintendency of Securities and Insurance dated October 30, 1998 under No. 649, therefore its supervision and control depends on that body. On December 20, 1991, amendment of articles of association is done "Commercial Hush Puppies Chile Ltda."
PRINCIPAL ACTIVITY	Forus S.A. is a leading Chilean company specializing in building prestigious footwear, apparel and accessory brands, operating stores in Chile, Peru, Columbia and Uruguay. In Chile, Forus S.A. boasts 23 brands spread out over 18 different retail concepts that evoke an emotional link with today’s consumer.
Products/Services description:	Shoes
Brands:	Some brands: 2000IN 3D FITTING SYSTEM CHILE 8.000 AEROFLEX ANDA EN LO TUYO BRAND HOUSE CALPANY CALPANY DESIGN CASUAL HOME CLUB 10 COB'S COMFORT DESIGN BY FORUS COMFORT FASHION BY FORUS COMFORT RELAX BY FORUS COMFORT SANDALS BY FORUS
Sales are:	Retail and wholesale
Clients:	General Public
Suppliers:
Operations area:	National & International
The company imports from	Asia
The company exports to	Perú, Colombia and Uruguay
The subject employs	1 832 employees
Payments:	No complaints
LOCATION
Headquarters :	Avenida Departamental 01053 Oficina Forus La Florida Santiago Chile
Branches:	The company has more than 30 branches in the country.
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 (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:	Yes
Capital:	CP 150.956.575
Shareholders %:	The major holders of the company are: Inversiones Costanera Limitada 66,0461 % Banco de Chile por cuenta de terceros no residentes 3,8908 % Banco Santander HSBC Global Custody Clients S/C 3,4755 % Trends S.A. 2,9446 % Fondo de Inversión Larraín Vial Beagle 2,6004 % Compass Small Cap Chile Fondo de Inversión 2,3293 % Banco ITAU por cuenta de inversionistas 2,1328 % Asesorías e Inversiones Santa Francisca Limitada 1,8054 % Celfin Capital S.A.C de B 1,7251 % AFP Provida S.A. para Fdo. Pensión C 1,2565 % AFP Provida S.A. para Fdo. Tipo B 0,9841 % Banco Santander por cuenta de inv. extranjeros 0,9010 % Celfin Small Cap Chile fondo de inversión (cta. Nva.) - 1,5329 % Otros 9,9084 %
Management:	Gonzalo Darreidou , General Manager Alfonso Swett, President Juan Pablo Dusallam, Commercial Manager Sebastian Swett, Marketing Manager
Related Companies:	Subsidiaries: Uruforus S.A. Topsafety S.A. Perú Forus S.A. Forus Colombia S.A.S.
FINANCIAL INFORMATION
	This is a private company which does not make its financials public. The following information has been provided by outside sources.
M$ 2013
Revenue	355 880 000
Net Income	65 366 000
Total Equity	232 245 000
Cash and cash equivalents	16.614.254
Other current financial assets	32.596.509
Other non-financial assets, current	1.974.943
Trade and other current receivables	25.543.575
Accounts receivable from related entities, current	1.692.052
Inventories	35.403.598 3
Current tax assets	1.115.350
Total current assets	114.940.281
Non Current Assets	400.563
Other non-current financial assets	1.610.293
Other non-current financial assets	228.774
Intangible assets other than goodwill	2.045.810
Total Assets	150.956.575
Imports in US$
Year	Total
2013	US$ 129,009,953
2012	US$ 108,907,864
2011	US$ 100,578,814
2010	US$ 75,948,617
2009	US$ 46,953,828
2008	US$ 85,858,296
2007	US$ 23,974,274
2006	US$ 41,340,098
2005	US$ 29,622,872
Exports in US$
Year	Total
2013	US$ 546,000
2012	US$ 1,171,917
2011	US$ 403,353
2010	US$ 854,265
2009	US$ 1,237,010
2008	US$ 2,362,791
2007	US$ 935,995
2006	US$ 958,914
2005	US$ 466,892
LEGAL FILINGS
	There are nolegal found for the subject
SUMMARY
	Forus S.A. is a leading Chilean company specializing in building prestigious footwear, apparel and accessory brands. The company is active without negative and shows positive profitability. It has more than 20 years in business with locations in Latin America and a large sized structure.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No complaints
CASH FLOW	Good
STATUS	Active
ENTERVIEW
NAME	Francisca
POSITION	Sales
COMMENTS	She confirmed address, activity, brands, manager. She refused to confirm more information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.70
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.