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MIRA INFORM REPORT
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Report No. : |
504114 |
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Report Date : |
18.04.2018 |
IDENTIFICATION DETAILS
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Name : |
COLCHONES ROSEN SAIC |
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Registered Office : |
Avenida Américo Vespucio Norte No. 1573, Comuna Huechuraba, Santiago |
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Country : |
Chile |
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Date of Incorporation : |
10.12.1968 |
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Legal Form : |
Industrial and Commercial Stock Company |
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Line of Business : |
Manufacture and trade of mattresses. |
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No. of Employees : |
200 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Chile |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 60% of total exports. Copper is Chile’s top export and provides 20% of government revenue.
From 2003 through 2013, real growth averaged almost 5% per year, despite a slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to an estimated 1.4% in 2017. A continued drop in copper prices prompted Chile to experience its third consecutive year of slow growth.
Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, effective 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the EU, Mercosur, China, India, South Korea, and Mexico. In May 2010, Chile signed the OECD Convention, becoming the first South American country to join the OECD. In October 2015, Chile signed 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 October 2016, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $23.5 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn.
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.
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Source
: CIA |
COMPANY NAME AND ADDRESS
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COMPANY NAME |
COLCHONES ROSEN SAIC |
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TAX ID. TYPE |
RUT |
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TAX ID. NUMBER |
93.129.000-2 |
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CURRENT STATUS |
Active |
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MAIN ADDRESS |
Avenida Américo Vespucio Norte No. 1573, Comuna Huechuraba |
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CITY/PROVINCE/STATE |
Santiago |
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PHONE NUMBER(S) |
(56-2) 2620.5300 |
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FAX NUMBER(S) |
(56-2) 2620.5400 |
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WEBSITE |
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REMARKS OF
IDENTIFICATION |
No e-mail addresses were found. This report was requested with address: Av. Americo Vespucio Norte 1573 Huechuraba Santiago, Chile. Please notice
that the correct address is shown above. |
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CREDIT OPINION |
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Industrial company of recognized prestige locally. It seems to operate
satisfactorily in a competitive sector. No detrimental were found. |
LEGAL
INFORMATION
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TYPE OF COMPANY |
Industrial and Commercial Stock Company |
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INCORPORATION
DATE |
10/12/1968 |
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REGISTERED IN |
Temuco |
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REGISTRATION |
Page 56 (reverse), No. 31 of the Registry of Commerce of Temuco
(27/02/1969) |
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NOTARY |
Luis Contreras Delgado |
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DURATION |
Unlimited |
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PAID-UP CAPITAL |
Ps$11,783,384,711.00 Chilean Pesos |
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LAST CAPITAL
INCREASE |
23/07/1997 (Notary Juan Antonio Loyola Opazo) |
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LISTED AT STOCK
EXCHANGE |
NO |
BACKGROUND.-
Colchones Rosen was born as a mattress industry in a small workshop. Its
quick grow was the result of stringent quality standards and the commitment of
business with employees, region and customers.
During the 70s, it expanded to the national market. It installed its
trade and logistic operations in the city of Santiago with the important
mission of developing the distribution channel and starting the positioning of
the main brand: Rosen.
By the end of the 70s, it increased its research processes and developed
important bonds with the main exponents of the world mattress industry, in
Europe. As a result of the technological transfer and the creation, adjustment
and development of standards for profiles of Latin American customers, it
consolidated its leading position becoming the main Chilean exponent of
mattresses, box springs and rest accessories.
During the 80s, it achieved its development plan through three solid
ideas which increased its operations. It consolidated its brand positioning and
sales leadership. These three ideas are to create an own store chain named
Dormicentros Rosen, to create the Technology Research Department – DIT
(Departamento de Investigaciones Tecnologicas) that work in continuous
technological innovations, and to develop an innovative marketing and
communications strategy.
At the beginning of 90s, it already made increasing exports to other
South American countries. It started to formalize its internationalization by
consolidating operations in Argentina, Bolivia and Uruguay. Then, in Paraguay,
Peru and Brazil.
LEGAL COMMENTS.-
The company is managed by Rosenberg Villarroel family, which still
maintains 100% control of the company through investment companies that
represent the families of the founding partners.
COMMENTS ON
RELATED COMPANIES.-
The subject is part of the ROSEN Group, this one collect productive plants,
stores and Distribution Centers (DC). It has a building area of 280,000 sqm.
mts and it has the support of 2,500 employees. Besides, the company has a
weekly sale of 10,000 units of mattress.
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RELATED COMPANIES |
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COMPANY NAME |
TAX ID. NUMBER |
COUNTRY |
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INDUSTRIA ARGENTINA DEL DESCANSO SA |
CUIT 30-70850362-9 |
ARGENTINA |
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INDUSTRIA COLOMBIANA DEL DESCANSO SAS |
NIT 900171312 |
COLOMBIA |
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INMOBILIARIA ROSENBERG SA |
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CHILE |
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INVERSIONES LEMU LAFQUEN LTDA. |
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CHILE |
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INVERSIONES LOS ACASIOS SA |
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CHILE |
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INVERSIONES SANTA MARIA SA |
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CHILE |
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ROSEN PERU SA |
RUC 20258886420 |
PERU |
BOARD OF DIRECTORS, EXECUTIVES AND
SHAREHOLDERS
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NAME |
JOB TITLE |
STAKE |
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ROSENBERG, MAURICIO |
Executive Director |
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HERRANZ, AGUSTIN ALFONSO |
Corporate General Manager |
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PEÑA ASENJO, BORIS |
Corporate Manager of Operations, Administration and Systems |
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DATA
OF BOARD OF DIRECTORS, EXECUTIVES AND SHAREHOLDERS
HERRANZ, AGUSTIN ALFONSO
Chilean. Trade Engineer graduated from Universidad Diego Portales
(1992-1996). Job positions in Colchones Rosen SAIC:
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Trade Manager (July 2008 – April
2013)
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Sales Manager (March 2002 – June
2008)
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Product Manager (December 1998 –
February 2002)
OPERATIONS
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SECTOR |
C- Manufacturing Industries |
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ACTIVITY |
Manufacture of mattresses |
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ISIC CATEGORY |
32- Other manufacturing industries |
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ISIC CLASS |
3290- Other manufacturing industries |
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MAIN ACTIVITY |
Manufacture and trade of mattresses. It trades the following brands: “BAHAMAS”, “CONSUL”, “DORMICENTOR
ROSEN”, “EMDICAL”, “FLEX”, “REGENT”, “ROSEN STYLE”, “ROSEN UNO”, “ROYALE”,
“WINSTON”, among others. |
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% SALES IN CASH |
20% |
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% SALES ON
CREDIT |
80% (terms at 30, 60 days) |
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% TERRITORY OF
SALES |
50% |
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% FOREIGN SALES |
50% (Colombia, Peru, Argentina, Uruguay, Bolivia, Ecuador) |
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N. OF EMPLOYEES |
200 |
LOCATION.-
TRADE OFFICES AND DISTRIBUTION CENTER: Located at the heading address,
in a commercial zone of the city. Premises in good condition.
INDUSTRIAL PLANT: Rudecindo Ortega No. 04500, Temuco, IX Region. Phone:
(56-45) 229.4700, Fax (56-45) 229.4800. Owned premise, it has an area of 16
hectares and a building area of 48.000 sqm mts
OTHER DISTRIBUTION CENTERS:
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Rudecingo Ortega No. 03690, Temuco, IX Region. Phone:
(56-45) 229.4400, Fax: (56-45) 229.4412
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Limache
No. 3253S, El Salto, Viña del Mar. Phone: (56-32) 263.0498, Fax:
(56-32) 263.0524
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Pedro de Cintra 35/85, esquina
Américo Vespucio Parque Las Arucas, Talcahuano. Phone: (56-41) 226.6000, Fax:
(56-41) 226.6005
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Av. Edmundo Zujovic No. 5554,
Dpto. S-6, Antofagasta, II Region. Phone: (56-55) 223.802, Fax: (56-55) 223.630
STORES:
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Mall
Costanera Center, Avenida Andrés Bello No. 2447, Local 4132, Providencia, Santiago.
Phone: (56-2) 2628.9784
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Mall
Parque Arauco, Avda. Kennedy No. 5413, Zona Hogar Diseño, Boulevard
2, Local 558, Las Condes, Santiago. Phone: (56-2) 2220.9676, Fax: (56-2)
2201.5112
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Mall Alto
Las Condes, Avda. Kennedy No. 9001, Local 1176, Las Condes, Santiago.
Phone: (56-2) 2213.1313, Fax: (56-2) 2213.1065
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Nueva Costanera No. 3403,
Vitacura, Santiago. Phone: (56-2) 2228.0002, Fax: (56-2) 2228.0019
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Av. Los
Leones No. 850, Providencia, Santiago. Phone: (56-2) 2231.7321,
Fax: (56-2) 2232.6649
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Mall
Marina Arauco, Avda. Libertad No. 1348, Local E-2, Viña del Mar.
Phone: (56-32) 268.3163, Fax: (56-32) 268.1700
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Mall Plaza
Trebol, Avda. Jorge Alessandri No. 3177, Local F-156B,
Talcahuano. Phone: (56-41) 256.3733, Fax: (56-41) 256.3734
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Av.
Rudecindo Ortega No. 04500, Temuco. Phone: (56-45) 229.4782,
Fax: (56-45) 229.4777
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Av.
Alemania No. 0671, Local 202, Temuco. Phone: (56-45) 221.4162,
Fax: (56-45) 221.4164
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Av. Irarrázabal No. 1700, Ñuñoa,
Santiago. Phone: (56-2) 2204.1260, Fax: (56-2) 2204.2698
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Av. San
Ignacio 500, Local 3-2, Quilicura, Santiago. Phone: (56-2) 2733.5041,
Fax: (56-2) 2733.5749
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Vicuña
Mackena No. 1450, Ñuñoa, Santiago. Phone: (56-2) 2556.5833, Fax:
(56-2) 2556.9586
COMMENTS OF
OPERATIONS.-
It operates directly (35%) and through its own stores. It sells to the
general public. Besides, they also commercialize through the wholesale (65%)
which it is comprised to the retailer that sale to the final consumer.
Main clients:
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CENCOSUD
RETAIL SA – TIENDAS PARIS
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GRUPO FALABELLA
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AD RETAIL SA (Chile)
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RIPLEY CORP SA (Chile)
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LA ARAUCANA SA (Chile)
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ROSEN PERU SAC (Peru)
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IMPORTADORA ROSEN SRL (Bolivia)
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SOLUCIONES
PARA LA HOTELERIA Y GASTRONOMIA EQUINDECA CIA LTDA (Ecuador)
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INDUSTRIA COLOMBIANA DEL DESCANSO
SAS (Colombia), among others.
In this channel includes the institutional sale (hotels, mining camps,
hospitals, military force)
Main competitors:
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COMPAÑÍAS CIC SA
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REPRESENTACIONES CANNONTEX LTD
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CENCOSUD RETAIL SA
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COMERCIAL ECSSA SA
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FERNANDO SANCHEZ E HIJOS
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FALABELLA RETAIL SA
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COMERCIAL WINDSOR LTDA
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COLCHONES MANTAHUE
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COLCHONES CELTA
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COLCHONES INCAL SA
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ANTARES CHILE SA
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SILVAPLAST SA, among others.
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The company imports polyesters, yarns of different colors, sheets and
covers. Other bedding, prints, Sofas. The other seats, with wooden frame. , by
direct credit at terms of 30 and 60 days.
Exports mattresses, bed bases; bed items, etc.
FOREIGN
TRADE
|
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IMPORTS |
|
YEAR |
2017 |
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AMOUNT |
US$548.117.004.59 |
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COUNTRIES |
Korea Belgium,
China, Spain, Brazil, Pakistan, Argentina, Uruguay |
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OPERATIONS |
1.145 |
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IMPORTS |
|
YEAR |
2016 |
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AMOUNT |
US$17.691.214.69 |
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COUNTRIES |
South Korea
Belgium, Pakistan, Mexico, Brazil, Norwegian, Germany, Italy, Uruguay |
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OPERATIOS |
443 |
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IMPORTS |
|
YEAR |
2012 |
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AMOUNT |
US$11.892.714.47 |
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COUNTRIES |
South Korea,
Belgium, Pakistan, Mexico, Brazil. |
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OPERATIONS |
195 |
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EXPORTS |
|
YEAR |
2017 |
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AMOUNT |
US$9.630.841.92 |
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COUNTRIES |
Peru, Argentina,
Colombia, |
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OPERATIONS |
818 |
|
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EXPORTS |
|
YEAR |
2016 |
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AMOUNT |
US$4.117.458.16 |
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COUNTRIES |
Peru, Argentina,
Colombia, |
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OPERATIONS |
177 |
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|
EXPORTS |
|
YEAR |
2012 |
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AMOUNT |
US$3.398.026.28 |
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COUNTRIES |
Peru, Argentina,
Colombia, |
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OPERATIONS |
177 |
FINANCIAL
INFORMATION
All the information comprised in this report has been collected from
outside sources as the head executives refused to provide any information on
grounds of confidentiality.
No financial figures were obtained through outside sources.
FINANCIAL
COMMENTS.-
Its annual sales amount to US$ 25 million Dollars.
The company through its brand:
ROSEN would have a participation of 45.76% in market share in large retailers.
INSURANCE.-
No insurance policies were found.
PAYMENTS
REFERENCES
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SUPPLIER |
FOREIGN |
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START OF THE BUSINESS |
Since 2013 |
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CREDIT TERMS |
In cash |
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PRODUCTS/SERVICES |
Fixation System |
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RATING |
PROMPT |
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RATING COMMENTS |
Good client. Payments with bank transfers. Average purchases for US$8,900.00 Supplier: SENCO LATIN AMERICA SAS |
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SUPPLIER |
FOREIGN |
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START OF THE BUSINESS |
Several years ago |
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CREDIT LIMIT |
Confidential |
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PRODUCTS/SERVICES |
No specified |
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RATING |
PROMPT |
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RATING COMMENTS |
Good client. Supplier: DOW QUIMICA DE COLOMBIA SA |
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SUPPLIER |
FOREIGN |
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START OF THE BUSINESS |
Several year |
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CREDIT TERMS |
In cash |
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PRODUCTS/SERVICES |
Wires and nails |
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RATING |
PROMPT |
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RATING COMMENTS |
Good client. Payments with bank transfers. Supplier: INCHALAM |
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LOCAL SUPPLIERS |
Phone Number |
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TECNOLOGIAS PARA LA GESTION MANQUEHUE SPA |
(56-2) 2245.1449/2245.1463 |
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FOREIGN
SUPPLIERS |
Country |
Phone Number |
Contact Name |
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DOW QUIMICA DE COLOMBIA SA DOW CHEMICAL ARGENTINA SA |
Colombia Argentina |
(57-1) 219.6000 (54-29) 1459.1400 |
Liliana Cuestas |
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INCHALAM |
Chile |
(56-4) 1226.7602 |
María Diaz |
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JASON FURNITURE (HANGZHOU) CO. LTD. |
China |
(86-571) 8675.5388 |
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NANCHANG GOLDEN TIDE INTERNATIONAL TRADE CO. LTD. |
China |
(86-791) 651.3383 |
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MASISA |
Chile |
(56-2) 2350.600 |
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SENCO LATIN AMERICA SAS |
Colombia |
(57-4) 448.1570 |
Eugenia Arrollave |
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SHANGHAI MAINBON INDUSTRY CO. LTD. |
China |
(86-21) 6575.8579 |
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COMMENTS OF
SUPPLIERS.-
Other suppliers consulted do not provide trade references on grounds of
confidentiality.
BANKS
|
Bank Name |
Country |
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BANCO BILBAO VIZCAYA ARGENTARIA CHILE SA |
Chile |
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BANCO DE CHILE SA |
Chile |
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BANCO DE CREDITO E INVERSIONES SA |
Chile |
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BANCO ITAU CORPBANCA SA |
Chile |
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BANCO SANTANDER CHILE SA |
Chile |
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BANCO SECURITY SA |
Chile |
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SCOTIABANK CHILE SA |
Chile |
BANK
REFERENCES
Consulted Banks do not provide information of clients on grounds of
confidentiality.
LITIGATIONS
OFAC - US Office of Foreign Assets Control
Agency dependent on the Office of Terrorism and Financial Intelligence
of the US Ministry of Finance. (Internal Revenue Service-IRS) that administers
and applies economic sanctions imposed by the United States against different
countries or individuals. These sanctions are based on the country's foreign
policy and national security objectives; and they are used to prevent
countries, entities and individuals from using the US financial system for
purposes against US policy and its national security objectives.
COLCHONES ROSEN SAIC is not
sanctioned.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.45 |
|
|
1 |
INR 93.28 |
|
Euro |
1 |
INR 80.74 |
|
CLP |
1 |
INR0.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.