MIRA INFORM REPORT

Report No. :	344175
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	DISTRIBUIDORA LIVERPOOL, S.A. DE C.V.
Registered Office :	Mario Pani 200., Colonia Santa Fe Delegación Cuajimalpa de MorelosMéxico City, DF 05109
Country :	Mexico
Date of Incorporation :	1847
Legal Form :	Sociedad Anónima de Capital Variable
Line of Business :	Subject operates as a department store chain.
No. of Employee :	2.300

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 :	Good
Payment Behaviour :	Regular
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Mexico	A2	A2

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

STATUTORY INFORMATION
Order:	Liverpool Mexico SA De CV
Comments on the order:	Dear Sirs, Please note that Liverpool Mexico SA De CV does not exist with that legal name. At the same address, we found company: DISTRIBUIDORA LIVERPOOL, S.A. DE C.V.
Address in the order:	Mario Pani No 200 Col Santa Fedel/Mun Cuajimalpa CP 05109 Mexico Distrito Federal, Mexico
Legal Name:	DISTRIBUIDORA LIVERPOOL, S.A. DE C.V.
Trade Name:	LIVERPOOL MEXICO
RFC:	LME-800701-6F6
Date Created:	1847
Date Incorporated:	1847
Legal Address:	Mario Pani 200., Colonia Santa Fe Delegación Cuajimalpa de Morelos México City, DF 05109, Mexico
Operative Address:	Mario Pani 200., Colonia Santa Fe Delegación Cuajimalpa de Morelos México City, DF 05109, Mexico
Telephone:	52 55 52683000
Fax:	52 55 52683000
Legal Form:	Sociedad Anónima de Capital Variable
Email:	jzembenicov@liverpool.com.mx
Registered in:	Mexico
Website:	www.liverpool.com.mx
Contact:	Max David Michel, President
Staff:	2.300
Activity:	Department Stores Industry
BANKS	BANAMEX
	The company does not disclose its banking information
History
	The company is based in Mexico City, Mexico. Distribuidora Liverpool, S.A. De C.V. operates as a subsidiary of El Puerto de Liverpool SA de CV.
	Liverpool, first called The Cloth Case, was founded in 1847 by Jean Baptiste Ebrard, a Frenchman who first started selling clothes in cases in Mexico City's downtown. In 1872, he started importing merchandise from Europe. Much of the merchandise was shipped via Liverpool, England, prompting Ebrard to adopt the name Liverpool for his store, in 1862 he opened its second store and since then it has not stopped growing.
PRINCIPAL ACTIVITY
	DISTRIBUIDORA LIVERPOOL, S.A. DE C.V. operates as a department store chain in Mexico. The company operates two department store chains in Mexico under the names Liverpool with 40 stores and Fabricas de Francia with 25 stores.
Products/Services description:	Departments Children Babies Shoes Beauty Watches Sports Computer and Electronics Phones Video game Toys White line Furniture Kitchen and Home Wines Books Halloween and Christmas Halloween Inflatable Ornaments Lights Stuffed animals Costumes Christmas Decorative Accessories Ornaments Christmas trees Spheres Lights Births Villas Inflatable Travel
Brands:	Adidas Aéropostale Apple Calvin Klein Disney Collection Estee Lauder Etam Guess Lego MAC Michael Kors Montblanc Nike Puma Playmobil Ralph Lauren Samsung Tommy Hilfiger
Sales are:	Retail  and Wholesale
Clients:	General Clients, Retailers
Suppliers:	Estee Lauder AG Lachen Germany ASC CO., LTD. Japan
Operations area:	National
The company imports from	Europe
The company exports to	No exports
The subject employs	2.300 employees (in group)
Payments:	Regular
LOCATION
Headquarters :	Mario Pani 200., Colonia Santa Fe Delegación Cuajimalpa de Morelos México City, DF 05109, Mexico
Branches:	Mariano Escobedo No. 425 Col. Chapultepec Morales 11560 México, D.F. México
Related Companies:	Operadora Comercial Liverpool, S.A. de C.V.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	This is a private company. It is a subsidiary of: OPERADORA LIVERPOOL MEXICO, S.A. DE C.V. Mario Pani No 200 Ciudad de México, Distrito Federal 05109 México This company is controlled by: El Puerto de Liverpool, S.A.B. de C.V. Mario Pani No 200 Ciudad de México, Distrito Federal 05109 México
Management:	Max David Michel, President José Antonio Diego Magaña, Treasury Jorge Antonio Salgado MartíNez, Director
FINANCIAL INFORMATION
	This is a private company which does not make its financials public.
USD 2014
Sales	5,131.368
Net Income	1,960.978
Total Equity	2,505.5493
The following data correspond to ots last parent company:
El Puerto de Liverpool, S.A.B. de C.V.
USD 2013
Sales (mil)	5,667.584
Assets (mil)	7,260.774
Revenue	$5,667.584
Gross Profit	$2,292.188
Operating Income	$ 828.744
Net Income	$ 589.044
Diluted EPS	$0.44
Cash at the beginning of the year	$ 2.234.975
Net Operating Cash	$ 4.976.143
Net Investing Cash	$ -4.688.473
Net Financing Cash	$ -1.275.841
Net Change in Cash	$ -988.171
Cash at end of the year	$ 1.237.492
Capital Expenditure	$ -2.869.819
Total Liabilities	$3,067.7598
Total Equity	$4,193.0146
LEGAL FILINGS
	There are no legal for the subject
SUMMARY
	DISTRIBUIDORA LIVERPOOL, S.A. DE C.V. operates as a department store chain in Mexico. The company is held by El Puerto de Liverpool SA de CV, a company with more than 50 locations in Mexico and more than 100 years of experience in the market. It has a large sized structure and mainly imports from Europe. The company's profitability is positive and shows no negative results.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Jorge
POSITION	Administrative
COMMENTS	He confirmed address, legal name, activity and group.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.02
UK Pound	1	Rs.99.89
Euro	1	Rs.73.92

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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