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MIRA
INFORM REPORT
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Report No. : |
490653 |
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Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
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Name : |
INC SOCIEDAD
ANONIMA |
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Registered Office : |
Cuyo 3323 Martinez
1640-Buenos Aires |
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Country : |
Argentina |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
1959 |
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Legal Form : |
Sociedad Anonima |
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Line of Business : |
Subject owns and operates hypermarket and supermarket chain in Argentina |
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No. of Employees : |
18,600 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Exist |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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Argentina |
B2 |
B2 |
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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 |
ARGENTINA - ECONOMIC OVERVIEW
Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. In 2016, the World Bank downgraded Argentina from a high-income to upper-middle-income economy, on par with Columbia.
A severe depression, growing public and external indebtedness, and an unprecedented bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - at the time the largest ever - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines below the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in 2007, with understating inflation data.
Cristina FERNANDEZ DE KIRCHNER succeeded her husband as president in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The economy in 2010 rebounded strongly from the 2009 recession, but slowed in late 2011 even as the government continued to rely on expansionary fiscal and monetary policies, which kept inflation in the double digits.
In order to deal with these problems, the government expanded state intervention in the economy: it nationalized the oil company YPF from Spain's Repsol, expanded measures to restrict imports, and further tightened currency controls in an effort to bolster foreign reserves and stem capital flight. Between 2011 and 2013, Central Bank foreign reserves dropped $21.3 billion from a high of $52.7 billion. In July 2014, Argentina and China agreed on an $11 billion currency swap; the Argentine Central Bank has received the equivalent of $3.2 billion in Chinese yuan, which it counts as international reserves.
With the election of President Mauricio MACRI in November 2015, Argentina began a historic political and economic transformation, as his administration took steps to liberalize the Argentine economy, lifting capital controls, floating the peso, removing export controls on some commodities, cutting some energy subsidies, and reforming the country’s official statistics. Argentina negotiated debt payments with holdout bond creditors and returned to international capital markets in April 2016. In September 2016, Argentina completed its first IMF Article IV Consultation since 2006.
After years of international isolation, Argentina took on several international leadership roles in 2017, including hosting the World Economic Forum on Latin America and the World Trade Organization Ministerial Conference, and is set to assume the presidency of the G-20 in 2018.
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Source
: CIA |
STATUTORY INFORMATION
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Order: |
INC SA |
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Address in the order: |
Cuyo 3367
Martinez Buenos Aires Argentina |
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Legal Name: |
INC SOCIEDAD
ANONIMA |
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Trade Name: |
Carrefour Carrefour Express Carrefour Market Carrefour Maxi |
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CUIT: |
30-68731043-4 |
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Date Created: |
1959 |
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Date Incorporated: |
12-09-1996 |
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Legal Address: |
CUYO 3323 MARTINEZ 1640-BUENOS
AIRES ARGENTINA |
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Operative Address: |
CUYO 3323 MARTINEZ 1640-BUENOS
AIRES ARGENTINA |
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Telephone: |
(011) 4003-7000 (011) 0800-4448484 |
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Fax: |
(011) 4003-7344 |
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Legal Form: |
SOCIEDAD ANONIMA |
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Email: |
atención_clientes@carrefour.com.ar |
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Registered in: |
ARGENTINA |
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Website: |
www.carrefour.com.ar |
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Contact: |
Daniel Oscar Fernández, Chief Executive Officer and President Yaelle Sophie Biriotti, Vice President |
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Staff: |
18,600 |
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Activity: |
Main activity: 471110 (F-883) RETAIL SALE IN HYPERMARKETS Secondary Activities: 471120 (F-883) RETAIL SALE IN SUPERMARKETS 829900 (F-883)
SERVICIOS EMPRESARIALES N.C.P. 561019 (F-883) SERVICES OF MEALS AND DRINKS IN ESTABLISHMENTS WITH TABLE
AND / OR COUNTER SERVICE N.C.P. 681098 (F-883) REAL ESTATE SERVICES REALIZED BY OWN ACCOUNT, WITH OWN
OR LEASED URBAN GOODS N.C.P. 731009 (F-883) ADVERTISING SERVICES N.C.P. 101011 (F-883) KILLING OF BOVINE CATTLE 649999 (F-883) FINANCING SERVICES AND FINANCIAL ACTIVITIES N.C.P. NAICS 1: Supermarkets and Other Grocery (except Convenience) Stores NAICS 2: Offices of Real Estate Agents and Brokers SIC 1: Supermarkets, Chain SIC 2: Real Estate Agent, Commercial |
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BANKS: |
According to Argentinian Central Bank, the company maintains credit
lines with the following banks: |
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BANK |
AMOUNT IN AR$ |
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BANCO DE GALICIA
Y BUENOS AIRES S.A. |
759484 |
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BBVA BANCO
FRANCES S.A. |
703830 |
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INDUSTRIAL AND COMMERCIAL BANK OF CHINA |
507260 |
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BANCO PATAGONIA
S.A. |
504208 |
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NUEVO BANCO DE
SANTA FE SOCIEDAD ANONIMA |
209472 |
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BANCO ITAU
ARGENTINA S.A. |
201907 |
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CITIBANK N.A. |
169745 |
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BANCO
SUPERVIELLE S.A. |
163921 |
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BANCO MACRO S.A. |
26928 |
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BANCO MARIVA
S.A. |
24840 |
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BANCO CMF S.A. |
12563 |
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BANCO DE LA
NACION ARGENTINA |
7651 |
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BANCO INDUSTRIAL |
7361 |
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BANCO MERIDIAN
S.A. |
5858 |
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BANCO COMAFI
SOCIEDAD ANONIMA |
4739 |
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BNP PARIBAS |
2135 |
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BANCO BC
SOCIEDAD ANONIMA |
454 |
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BANCO DE FORMOSA
S.A. |
2 |
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According to the classification of banking relations of Argentina, the
company operates with level: 1. |
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Rejected Checks: |
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POSITIVE CHECKS * April 2018 212,254.41 * March 2018 37,211,633.53 * February 2018 68,131,215.85 * January 2018 142,233,423.59 * December 2017 70,890,251.23 * November 2017 104,308,538.82 * October 2017 93,012,037.09 * September 2017 82,144,490.33 * August 2017 73,949,069.35 * July 2017 64,262,710.79 * June 2017 73,749,688.96 * May 2017 74,178,400.76 * April 2017 93,625,506.12 * March 2017 122,280,108.98 * February 2017 88,420,578.88 * January 2017 136,613,272.16 * December 2016 82,877,934.63 * November 2016 101,310,255.37 * October 2016 61,514,829.46 * September 2016 80,911,804.59 * August 2016 80,075,664.56 * July 2016 62,597,514.85 * June 2016 61,143,529.56 * May 2016 72,933,927.17 * April 2016 80,511,478.84 * March 2016 33,273,125.99 |
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HISTORY
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Carrefour S.A. was founded in 1959 in France. INC SOCIEDAD ANONIMA was
incorporated in Argentina in 1996. Previous Business Name: SUPERMERCADOS NORTE SA |
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Key Developments |
- In December 1997, it
buys COMPANIA AMERICANA DE SUPERMERCADOS S.A. (CADESA), owner of
Supermercados Norte, for US $ 440 million - On 01/30/1997
SUPERMARKETS ACQUISITION SA absorbs CADESA - On 04/30/1997
SUPERMARKETS ACQUISITION SA changes its name to Supermarkets Norte S.A. - In September 1998
Supermarkets Holding L.P. (controlling Supermarkets Holding Co.) sells 49% of
Supermarkets Norte S.A. to the French group Promodés - At the beginning of
1999, they bought the supermarket chain Casa Tía for US $ 630 million - In August 1999 Grupo
Promodés and Grupo Carrefour merge, forming the 2nd largest supermarket chain
in the world, behind Wal-Mart. - In September 1999 Grupo
Promodés (already merged with Carrefour) bought from Supermarkets Holding Co.
(The Exxel Group) 2% of the shares of Supermercados Norte S.A., thus
obtaining the majority shareholding. - In April 2001,
Supermarkets Holding Co. (The Exxel Group) sells the remaining 49% of
Supermarkets Norte S.A. to the Carrefour Group - After the sale,
Carrefour initiates a trial for swindling the executives of The Exxel Group
and a partner of PriceWaterhouseCoopers (North Supermarket Auditors S.A.),
for undervaluing the company's liability by concealing debts; and finally
they were processed - On 10/24/2006
Supermarkets North S.A. changes its name to INC S.A. - On 03/30/2007 INC S.A.
absorbs CARREFOUR ARGENTINA S.A. and to TIGA S.A. - On 08/17/2011 INC S.A.
absorbs CARREFOUR AMERICAS S.A. - On 03/05/2012 INC S.A.
absorbs ATACADAO S.A. - On 04/24/2012 INC S.A.
buys supermarket chain Eki (Formatos Eficientes S.A.), which had 129 stores |
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PRINCIPAL ACTIVITY
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Inc S.A. is a large organization in the grocery stores industry
located in Martinez, Argentina. |
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Products/Services description: |
Inc S.A. owns and operates hypermarket and supermarket chain in
Argentina PRODUCTS: Air conditioning Electrohog Consoles, Games and Toys Garden Free Time and Sports Furniture and Home Mattresses and Sommiers Telephony Computing Audio Small Appliances Personal Care and Health |
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Brands: |
The company works with many brands |
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Sales are: |
Wholesale |
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Clients: |
Luna Lopez
Noelia Mabel Bolivia Grandes
Superficies De Colombia S.A. Colombia |
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Suppliers: |
Prebel S.A. Colombia Dongbu Daewoo
Electronics Mexico, S.A. DE C.V Mexico Conservas Isabel
Ecuatoriana S.A. Ecuador |
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Operations area: |
National and International |
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The company imports from |
Colombia, Mexico and Ecuador |
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The company exports to |
Bolivia and Colombia |
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The subject employs |
18,600 |
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Payments: |
Slow but Correct |
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LOCATION
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Headquarters : |
CUYO 3323 MARTINEZ 1640-BUENOS
AIRES ARGENTINA |
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Branches: |
The company has more than 585 branches nationwide in 22 provinces in
Argentina. |
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Related Companies: |
Centros
Comerciales Carrefour S.A. Calle Campezo (-
Pg De Las Mercedes) 16 Madrid, Madrid 28022 Spain Beijing Carrefour Commercial Co., Ltd. 4/F, Jianxiang Plaza, No.8, Qijiahuozi, Chaoyang District Beijing, Beijing 100083 China Carrefour Chile S.A. Cerro Colorado
5660 Las Condes Chile Hiperservicios
Carrefour, S.A. De C.V. Presidente
Masarik 219 Piso 1 Ciudad De Mexico,
Distrito Federal 11570 Mexico |
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Main Competitors: |
Santander Carlos
Humberto Moron 5280 Muraciole Juan Lavalle Sylvester
Guillermo Arnaldo Villa Turismo Guy Valdemar 131 E 55 Y 57
5531 Semenzato Maria
Cristina Belgrano 69 |
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The company
has shares in: ATACADAO SA |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
ARS$ 2,369,196,581 |
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Shareholders: |
Major holder: Norfin Holder S.L. Carretera Autovia A-1 (Km 14,500) Spain Global Headquarters: Carrefour S.A. 33 Avenue Emile Zola France |
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Holders of Carrefour SA: (Currency in EUR) |
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Management: |
Daniel Oscar Fernández, Chief Executive Officer and President Yaelle Sophie Biriotti, Vice President Jean-Pierre Marcel Raymond
Audebourg, Director Marcelo Néstor
Rodríguez Cáceres, Director Pablo Héctor
Lorenzo, Director Leonardo Augusto
Scarone, Alternate Director |
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FINANCIAL INFORMATION
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This is a private company which does not make its financial figures
public. The following information has been provided by outside sources: |
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ARS 2015 / Estimated |
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Revenue |
2,937,286,000,000 |
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Net Income |
(149,543,000) |
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Total Equity |
58,739,500 |
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Exports |
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2017 |
3,604,606 |
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2016 |
7,287,761 |
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2015 |
1,613,959 |
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2014 |
2,189,034 |
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2013 |
4,180,113 |
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2012 |
9,464,786 |
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We attach company’s financial statements 2014. We were not able to
confirm current year’s financial figures. We also attach ultimate parent group’s financial figures. |
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LEGAL FILINGS
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Trademarks |
ABUD ABUD CAR ACA COMPRAS
MEJOR ACA VAS A
COMPRAR MEJOR AHORA MAS CERCA APIO VERDE NORTE BANDA DE ORO BULNEZ CAPILER CASA DECO CLUB DE CREDITO
NORTE CLUB NORTE COSTUMBRES
ARGENTINAS DEFICIT CERO DELI NORTE EL MEJOR PRECIO
ESTA ACA EL PRECIO MAS
BAJO GARANTIZADO EL SUPER EL SUPER.REALITY
SHOP ESTANCIA NORTE
CALIDAD GARANTIZADA ESTILO NORTE HABITUAL HERMANITOS CARD HOLA NORTE ITEDO KARP'S LA CALIDAD QUE
QUIERE; AL PRECIO QUE NECESITA LA FLORIDA DEL
NORTE LOS HERMANITOS MAGNUS MUCHO MAS QUE
BUENOS PRECIOS MUNDO AL RESCATE N COMPROMISO DE
CALIDAD NORES NORESE NORLAC NORTE NORTE CLUB NORTE PLUS NORTE RING NORTE SUPER
VUELTO NORTE
SUPERMERCADOS NORTERING NOTINORTE NUESTRO COMPROMISO
ES ESTAR CERCA TUYO, Y ESO SE NOTA PACK! PIDO GANCHO POR CUATRO DIAS
LOCOS RECARGA MOVIL SE TE NOTA SHOPPING NORTE SUPERMERCADOS
ARANJUEZ SUPERMERCADOS
N0RTE SUPERMERCADOS
NORTE SUPERMERCADOS
NORTE, LUGAR DE GENTE FELIZ TANTI TAP TARJETA DE LA
AMISTAD TEX CITY08 TIA TODO POR DOS
PESOS TU FORMA DE SER,
TU LUGAR VALLE ALEGRE VALLE DE LERMA VIEJA TABERNA ZONA PACK |
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Lawsuits |
TRIALS AS DEFENDANT Date of draw: 04/16/2014 Cap.Fed. Exhorta - Trades Law 22.172 Juzg.Com .: 023 Sec .: 045 Exp:
008864 Defendant / s: INC SA CUIT 30687310434 Actor / s: CAJA
DE SEGUROS SA CUIT 30663205621 Date of the draw: 08/22/2013 Cap.Fed. Ordinary Juzg.Com .: 007 Sec .: 013 Exp: 022430 Defendant / s: INC SA CUIT 30687310434,
ZURICH ARGENTINA COMPANIA DE SEGUROS SA CUIT 30500049770 Actor / s: LEYES OSVALDO FISCAL BACKGROUND ARBA - Collection Agency - Province of Buenos Aires Tax: Gross Income Object: 30682515763 Judgment: Internal number: 858993 Start date: 11/27/2013 Original Amount: $ 63,661.30 Dept. of Judgment: 5 Judged: 1 Secretariat: 0 Status: Judgment Not CanceledDate cancellation: - Address: Bs. As. - CABA Status of precautionary measure: With Effective Precautionary
MeasuresPayment plan status: Without Payment Plan Payment plan date: - Source: ARBA | www.arba.gob.ar General Directorate of Rents - Province of Salta Tit. executive Nº: 70540Tit. executive state: DEGJ Judicial Exp .: 585061/17 Demand date: 03/16/2017 Court: COURT OF EXECUTIVE PROCESSES 2nd NOMINATION G.U. Concept: Multilateral Agreement / Retention Agent Historical debt: $ 236,536.80Updated debt: $ 694,629.48 Date new: 05/02/2018 |
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|
Legal Fillings |
INC S.A. It is made known that
through an assembly of 30.03.2017 it was resolved to amend the ninth article
of the statute referring to the administration of the company, foreseeing the
meetings of the board of directors at a distance. Likewise, in the meeting
held on 06.21.17, it was resolved (i) to increase the share capital from $
2,128,210,639 to $ 2,369,196,581 by reforming the fourth article of the bylaws;
and (ii) approve the ordered text of the company. Authorized by private
instrument assembly dated 06/21/2017 Lucila Primogerio - T °: 100 F °: 542
C.P.A.C.F. and. 08/14/2017 N °
58086/17 v. 08/14/2017 Publication date
08/14/2017 INC S.A. It is hereby made known
that by meeting of the board of directors on 12/22/2017 it was resolved: i)
to accept the resignation of Messrs. Diego Martín Tolcachir and Hernán
Leandro Zavaley, to their positions of vice-president and alternate director
respectively; ii) redistribute the positions of the board of directors as
follows: President: Daniel Oscar Fernández; Vice President: Yaelle Sophie
Biriotti; Regular Directors: Jean-Pierre Marcel Raymond Audebourg, Marcelo
Néstor Rodríguez Cáceres and Pablo Héctor Lorenzo; Alternate Director:
Leonardo Augusto Scarone. The directors accepted the new positions and
ratified their registered domicile in Ayacucho 1055, 1st Floor, Autonomous
City of Buenos Aires. Likewise, it is made known that in a board meeting of
1/16/2018 it was resolved to accept the resignation of Mr. Daniel Oscar
Fernández to his position as president, with Mrs. Yaelle Sophie Biriotti
assuming representation. Authorized by private instrument directory dated
22/12/2017 Lucila Primogerio - T °: 100 F °: 542 C.P.A.C.F. and. 01/25/2018 N °
4155/18 v. 01/25/2018 Date of publication
25/01/2018 |
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SUMMARY
|
|
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|
Founded in 1959, Inc S.A. is a large organization in the grocery
stores industry located in Martinez, Argentina. It has 18,600 full-time employees and generates an estimated USD
2,937.286 billion in annual revenue. It mainly imports from Colombia, Mexico and Ecuador and exports to
Bolivia and Colombia, operating within national and international markets. This has been an ACTIVE company incorporated in ARGENTINA in 1996. It shows negative profitability in its last financial figures. We
suggest working with low credit line and monitoring its progress for the
following 12 months. |
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RISK INFORMATION
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Total indebtedness of the financial system: $ 4,588,073,000 Total monthly financial system commitments: $ 150,411,460 Current situation of the BCRA Debtors Central: 1 In normal situation Total number of consultations: Last 3 months: 116 | Last 12 months:
552 Registers employer contributions paid as an employer within the last
24 months Last contract Occupational Risk Superintendence with current
affiliation, insurer PREVENCION Registers fiscal records |
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DEBTS |
Controlled |
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PAYMENTS |
Slow but Correct |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
|
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NAME |
Florencia |
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POSITION |
Operator |
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COMMENTS |
She confirmed name, telephone, website, principal activity and
operations area. She asked the reason of the call and transferred it to a superior. The person contacted explained that she was not allowed to provide
further information through the phone. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.37 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
|
ARS |
1 |
INR 3.21 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
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.