MIRA INFORM REPORT

Report No. :	303159
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	SRI APPARELS - URUGUAY
Registered Office :	Uruforus S. A. , Avenida Itakia 4232,11400 Montevideo
Country :	Uruguay
Year of Establishment :	1993
Legal Form :	Sociedad Anónima
Line of Business :	Subject is engaged in the manufacture, import and marketing of footwear, apparel and accessories.
No. of Employee :	90

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)
Uruguay	A2	A2

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

URUGUAY - ECONOMIC OVERVIEW

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.9% in 2010 but slowed in 2012-13, the result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay's total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $23 billion in 2013.

Source : CIA

STATUTORY INFORMATION
Order:	SRI APPARELS - URUGUAY
Address in the order:	URUFORUS S. A. , AVENIDA ITAKIA 4232,11400 MONTEVIDEO,
Legal Name:	URUFORUS S. A
Trade Name:	URUFORUS
RUT:	212367990012
Date Created:	1993
Date Incorporated:	1993
Legal Address:	Avda. Italia 4346 Montevideo, Uruguay
Operative Address:	Avda. Italia 4346 Montevideo, Uruguay
Telephone:	2613 7566
Fax:	2613 7566
Legal Form:	Sociedad Anónima
Email:	info@forusuruguay.com.uy
Registered in:	Montevideo, Uruguay
Website:	www.forusuruguay.com.uy
Manager:	Juan Strauch
Staff:	90
Activity:	Apparel Retailer
BANKS
	Banco Itaú
	The company does not make its banking data public
HISTORY
Forus was founded in Chile, in 1981. In 1993, Forus began in the Uruguayan market and creating Forus Uruguay.
In 2007 Forus acquired the Uruguayan Pasqualini, allowing it to better meet women's business.
PRINCIPAL ACTIVITY The Company is principally engaged in the manufacture, import and marketing of footwear, apparel and accessories
Products/Services description:	Shoes
Brands:	HUSH PUPPIES MERRELL CAT SEBAGO ROCKFORD MOUNTAIN HARDWARE ATAGONIA
Sales are:	Retail
Clients:	General Clients
Suppliers:	DOMINICAN WOLVERINE SHOE CO. Dominical Republic
Operations area:	National
The company imports from	Dominican Republic
The company exports to	No exports
The subject employs	90 employees
Payments:	Regular-made on a 90 day basis
LOCATION
Headquarters :	Avda. Italia 4346 Montevideo, Uruguay
Size:	5 000 SQ
Stores:	Forus Uruguay has 37 stores in the country
Industry:	Companies in this industry operate physical retail establishments that sell clothing and accessories. Personal income and fashion trends drive demand for clothing. The profitability of individual companies depends heavily on effective merchandising and marketing. Large companies can offer wide selections of clothing and have advantages in purchasing, distribution, and marketing. Small stores can compete by offering unique merchandise, targeting a specific demographic, providing superior customer service, or serving a local market. The clothing retail industry includes stores specializing in women's clothing (50 percent of industry revenue) or men's clothing (20 percent). Stores may also specialize in children's clothing (nearly 10 percent of sales) or accessories. Children's clothing stores include infant wear. Accessory stores may specialize in hats or caps, costume jewelry, gloves, handbags, ties, wigs, or belts. Within their specialty, stores typically sell a full range of items including clothing, outerwear, and underwear. Many clothing stores also sell shoes, accessories, makeup, and perfumes.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	US$ 12 millions
Shareholders %	This is a private company. It is a subsidiary of: Forus S A Avenida Departamental 01053 Oficina Forus La Florida Santiago Chile
Management	Juan Strauch, General Manager
Related Companies	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.
MU$ 2013
Assets:	797.737
Cost of sales (less)	-522.104
Subtotal gain (loss) Segment reporting	139.420
Current assets	10,960,112
Total Assets	15,193,456
Total Liabilities	3,435,102
2012
Gross Sales	USD35 000 000
LEGAL FILINGS
There are nolegal found for the subject
SUMMARY
The Company is principally engaged in the manufacture, import and marketing of footwear, apparel and accessories. It is a subsidiary of FORUS SA located in Chile. It has a large sized structure with high revenue, positive profitability and has invested in new stores recently. The company works with well known brands and shows no negative with 20 years of experience in the country.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Good
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We called the company several times but only reached the sales department. That transferred our call to the managers but there was no answer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.61
UK Pound	1	Rs. 93.49
Euro	1	Rs. 71.37

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

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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