MIRA INFORM REPORT

Report No. :	324386
Report Date :	01.06.2015

IDENTIFICATION DETAILS

Name :	COMERCIAL ECCSA S.A.
Registered Office :	Huérfanos 830, Santiago, XIII Metropolitana de Santiago
Country :	Chile
Date of Incorporation :	1956
Legal Form :	Joint Stock Company
Line of Business :	Subject is engaged in the retail sale of apparel, accessories, and home products through various formats of department stores.
No. of Employee :	2 000

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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. Growth slowed to 4.2% in 2014. 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 10 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. In 2014, President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.

Source : CIA

STATUTORY INFORMATION
Legal Name:	COMERCIAL ECCSA S.A.
Trade Name:	RIPLEY LE MONDE JEAN S CENTER
RUT:	83382700-6
Date Created:	1956
Date Incorporated:	1960
Legal Address:	Huérfanos 830, Santiago, XIII Metropolitana de Santiago, Chile
Operative Address:	Huérfanos 830, Santiago, XIII Metropolitana de Santiago, Chile
Telephone:	(56-2) 2694 1000
Fax:	(56-2) 2694 1855
Legal Form:	Joint Stock Company
Email:	info@ripley.cl
Registered in:	Chile
Website:	www.ripley.cl
Contact:	Felipe Lamarca Claro, President
Staff:	2 000
Activity:	Department Stores Industry
BANK DATA	Banco Santander
	The company does not make its banking data public
HISTORY
	In 1956, the first store located in Santiago Ripley was created. Its owner was Marcelo Calderon, who would soon become one of the leading entrepreneurs of Chile. Its first store outside of Santiago is inaugurated in Concepción in 1986. Its first international foray is in Peru (1997) with a store in the mall Jockey Plaza in Lima. At present (2008), Ripley Peru accounts for 25% of revenues, while Ripley Chile 75%.
PRINCIPAL ACTIVITY
	Ripley primarily engages in the retail sale of apparel, accessories, and home products through various formats of department stores.
Products/Services description:	Apparel, accessories, and home products The company also offers term deposits and savings accounts; credits; credit cards; and life and health, auto, and card protection insurance.
Brands:	5 DIAS CASA RIPLEY A-Z-I-Z ANGELA FRASCONE ANIVERSARIO ANN VUILLE B + B BABETTE BABETTE DE RIPLEY BABY HARVEST BASIC EQUIPMENT BBQ GRILL BEZZ GIRLS BEZZUCHINA DE RIPLEY
Clients:	RIPLEY COLOMBIA TIENDAS POR DEPARTAMENTO SAS Colombia
Suppliers:	SENG YIP FURNITURE SDN BHD Malaysia Samsonite Mexico, S.A. De C.V. Mexico TEXTRON SA Colombia Olocuilta Apparel S.A. de C.V. El Salvador GRAN BAHIA SRL Paraguay
Sales:	Retail
Operations area:	National and International
The company imports from	Mexico, Colombia, El Salvador, Paraguay
The company exports to	Colombia
The subject employs	2 000
Payments:	Regular
LOCATION
Headquarters :	Huérfanos 830, Santiago, XIII Metropolitana de Santiago, Chile
Branches:	Calle Sucre 290, Viña Del Mar, V Región Avenida Jorge Alessandri 20030, San Bernardo - Santiago, RM Región Calle Barros Arana 839, Concepción, VIII Región Calle Cinco De Abril 699, Chillán, VIII Región Calle Arturo Prat 656, Temuco, IX Región
Industry:	Companies in this industry operate physical retail establishments that sell items such as clothing, cosmetics, footwear, and home furnishings, typically from registers within individual departments. Consumer spending and fashion trends drive demand. The profitability of individual companies depends on effective merchandising and marketing. Large companies have advantages in purchasing, distribution, and marketing. Small companies can compete effectively by offering unique merchandise, providing superior customer service, or delivering a distinctive store experience. Major products sold include apparel (about 55% of sales) and cosmetics, footwear and appliances (10%, 9%, and 5% of sales, respectively). Apparel includes women's, men's, and children's clothing. Cosmetics include makeup, skin care, hair care, and fragrances. Appliances include refrigerators, stoves, washers, dryers, and dishwashers. Companies may also sell kitchenware, bedding, towels, and sheets. Services include gift wrapping, delivery, appliance installation, and personal shopping.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	M$6.362.007
Patrimony:	M$13.188.170
Shares:	697.643
Shareholders %:	This is a subsidiary of: RIPLEY CORP S.A. RUT: 99579730-5 HUERFANOS 1052 PISO 4, CHILE PUBLIC COMPANY . Besides its presence in Chile, it has a presence in other countries such as Peru (1997), Germany (1999), Brazil (2002), United States (2010), Colombia (2013), United Kingdom and Northern Ireland (2013) and Canada (2014)
Management:	Felipe Lamarca Claro, President Andres Roccatagliata Orsini, Director Hernan P. P. Uribe Gabler, Director
Subsidiaries:	Banco Ripley, Ripley Chile S.A., Ripley Retail II Ltda., Ripley Retail Ltda., Inmobiliaria R S.A.
FINANCIAL INFORMATION
	This is a private company which does not make its financial public.
Imports US$
Year	Total
2014	US$ 245,797,905
2013	US$ 222,950,932
2012	US$ 253,082,475
2011	US$ 215,000,374
2010	US$ 178,612,895
2009	US$ 140,085,923
2008	US$ 176,032,464
Exports US$
Year	Total
2014	US$ 1,386,569
2013	US$ 3,233,488
2010	US$ 266,803
2009	US$ 517,011
2008	US$ 1,311,503
2007	US$ 42,828
	The following information corresponds to its parent company:
2013 USD
Revenue	2 615 327 000
Net Income	83 515 000
Total Equity	1 502 803 600
LEGAL FILINGS
	There are no legal for the subject
SUMMARY
	Ripley primarily engages in the retail sale of apparel, accessories, and home products through various formats of department stores. It has a large sized structure with 5 branches and more than 50 years of experience in the market. The company is a subsiadiary of Ripley Corp., a public traded company with presence all through Latin America, with financial companies and billionaire revenues. There are no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Jorge
POSITION	Sales
COMMENTS	He confirmed address, president, branches and  activity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

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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