MIRA INFORM REPORT

Report No. :	487912
Report Date :	25.01.2018

IDENTIFICATION DETAILS

Name :	CENCOSUD COLOMBIA S.A.
Registered Office :	Avenida 9 125 30, Bogota, D.C., 1003
Country :	Colombia
Financials (as on) :	31.12.2016
Date of Incorporation :	1900
Legal Form :	Sociedad Anonima
Line of Business :	Subject is a large organization in the miscellaneous food stores industry located in Bogota, Colombia.
No. of Employees :	14,162

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Colombia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

COLOMBIA - ECONOMIC OVERVIEW

Colombia heavily depends on energy and mining exports, making it vulnerable to fluctuations in commodity prices. Colombia is Latin America’s fourth largest oil producer and the world’s fourth largest coal producer, third largest coffee exporter, and second largest cut flowers exporter. Colombia’s economic development is hampered by inadequate infrastructure, poverty, narcotrafficking, and an uncertain security situation, in addition to dependence on primary commodities.

Colombia’s economy slowed in 2017 because of falling global oil prices and lower oil production due to insurgent attacks on pipeline infrastructure. Although real GDP growth averaged 4.7% during the past decade, it fell to an estimated 1.8% in 2017. Declining oil prices also have contributed to reduced government revenues. In 2016, oil revenue dropped below 4% of the federal budget and likely remained below 4% in 2017. A Western credit rating agency in December 2017 downgraded Colombia’s sovereign credit rating to BBB-, because of weaker-than-expected growth and increasing external debt. Colombia has struggled to address local referendums against foreign investment, which have slowed its expansion, especially in the oil and mining sectors. Colombia’s FDI declined by 3% to $10.2 billion between January and September 2017.

Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into effect in May 2012. Colombia is a founding member of the Pacific Alliance—a regional trade block formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. The Colombian government took steps in 2017 to address several bilateral trade irritants with the US, including those on truck scrappage, distilled spirits, pharmaceuticals, ethanol imports, and labor rights. Colombia hopes to accede to the Organization for Economic Cooperation and Development.

Source : CIA

STATUTORY INFORMATION
Legal Name:	CENCOSUD COLOMBIA S.A.
Trade Name:	CENCOSUD JUMBO EASY
NIT:	900155107-1
Date created:	1900
Date Incorporated:	2007-06-08
Legal Address:	Avenida 9 125 30 Bogota, D.C., 1003 Colombia
Operative Address:	Avenida 9 125 30 Bogota, D.C., 1003 Colombia
Branch Address :	CRA 9 N NRO 125 N-30, TEL 000091, 87429800 Botota, Colombia
Telephone:	(571) 657-9797
Fax:	(571) 742-9805
Legal Form:	Sociedad Anonima
Email:	ana.mantilla@cencosud.com.co presidencia.col@cencosud.com.co
Registered in:	COLOMBIA
Website:	www.cencosud.com
Contact:	Jaime Alberto Soler Bottinelli, Main Board Of Directors Antonio Jose Ureta Vial, Main Board Of Directors
Staff:	14,162
Industry:	4719 Retail trade in non-specialized establishments, with assortment mainly consisting of products other than food (foodstuffs in general), beverages and tobacco 4711 Retail trade in non-specialized establishments with assortment mainly consisting of food, beverages or tobacco 6810 Real estate activities carried out with own or leased property 4731 Retail sale of automotive fuel NAICS 1: All Other Specialty Food Stores NAICS 2: Offices of Real Estate Agents and Brokers NAICS 3: Fuel Dealers NAICS 4: Other Construction Material Merchant Wholesalers SIC 1: Miscellaneous Food Stores SIC 2: Real Estate Agents And Managers SIC 3: Fuel Dealers, Nec SIC 4: Construction Materials, Nec
BANKS
	BANCOLOMBIA
HISTORY
	The company was founded in 1900
PRINCIPAL ACTIVITY
	Cencosud Colombia S A is a large organization in the miscellaneous food stores industry located in Bogota, Colombia.
Products/Services description:	Cencosud Colombia S.A. is an industrial conglomerate that operates in the retail, supermarkets, construction, manufacturing, trading, and marketing sectors. The company, through its subsidiaries, owns and operates home furnishing and improvement stores in Colombia. Cencosud operates a chain of mass merchandise stores and supermarkets. The company also invests in securities, bonds, and real estate and offers investment advice. The company provides services in travel and personal insurance sectors. Business Units Costanera Center Department Stores Supermarkets Home Improvement & Construction Financial Retail Shopping Center Products: Technology / Gamers Accessories Video Games Computers Photo Accessories Cell Phones & Smartphones Cell Phone Accessories Offers Technology Printing Consoles Video Games Home Appliances Arrow United States Personal Care Refrigeration Washing and Drying Sewing Machines Air conditioning Stoves Bedroom Combos European Beds Box Spring Bedroom / Bedding Furniture Bedroom Bedroom / American Beds Bedroom / Mattresses Children's Bedroom Functional Beds Furniture Reduced Spaces Furniture / Living Furniture / Dining Furniture Complements Living Room Terraces Deco / Kitchenware Deco / Decoration Deco / Tableware Deco / Carpets Deco / Bathroom Clothing & Accessories Gourmet and Wine Deco / Fine Arts Watches & Sunglasses Men's Clothing Fashion / Women's Clothing Animation, Comics Clothing, Shoes & Accessories Beauty / Makeup Beauty / Perfume Care / Treatment Capillaries All Sneakers Women Brands Shoes Women Brands Shoes Men Shoes / Children Shoes Sports / Man Specific Sports Outdoor Sports / Women Sports / Bicycles Animation, Comics Camping and Leisure Time Motorcycles Fitness Small Fashion Kids & Toys Baby World Children's Bedroom Travel & Walking Baby Chairs Children / Cars Toys & Hobbies Children's Toys About Wheels Technology for Kids Free Time Toys & Hobbies
Brands:	The company works with many worldwide brands such as: Caramba Lego Step2 Cars Kidscool Talbot Hasbro Nerf Star Wars American Plastic GamePower Paris Dactic Fisher Price Mattel PJ Masks Regen Spiderman Minions Play-Doh Alex Avengers Paw Patrol Hot Wheels Transformers Banzai Mega Bloks Nintendo Infanti Marvel Nike Adidas Under Armour Puma Reebok Vans New Balance DC Shoes Mormaii Spalding Columbia Umbro Converse Asics Lippi Skechers Orugged NYX Professional Makeup Urban Decay Maybelline Lancôme Yves Saint Laurent L'Oréal Bobbi Brown Essie Estée Lauder Clinique Givenchy Petrizzio Sony PlayStation Xbox One Xbox 360 HP Nintendo Nintendo 3DS Trust Corsair Lenovo Nintendo Switch Asus Modecom
Sales are:	Wholesale and Retail
Clients:	Neufrucht Obstgen Italy Fruteria Vidaurri S.A De C.V. El Salvador
Suppliers:	ANGEL CAMACHO ALIMENTACION, SL Spain P Pavlides Sa. Greece Permeshwar Fashions Imp. & Exp. Pvt., Ltd. India NACIONAL DE COBRE SA DE CV Mexico Conservas Isabel Ecuatoriana S.A. Ecuador
Operations area:	National and International
The company imports from	Spain, Greece, India, Mexico and Ecuador
The company exports to	Italy and El Salvador
The subject employs	14,162 employees
Payments:	Regular
LOCATION
Headquarters :	Avenida 9 125 30 Bogota, D.C., 1003 Colombia
Branches:	The company has more than 50 branches in Colombia:
Related Companies:	Cencosud SA Argentina Cencosud Retail Peru SA Peru Cencosud Internacional Ltda Chile Cencosud Retail S.A. Chile Cencosud Brasil Comercial Ltda. Brazil
Main Competitors:	Carnes Frias La Excelencia S A S Calle 65 B 88 28 Apto 502 Mesa Alfonso Jorge Laureano Carrera 2 E 75 83 Sur Romero Reyes Mario Carrera 44 45 44 Brr Santa Josefa Comercializadora Distrisala S A S Calle 80 54 47 Of 301 Ariza de Sedano Ana Celsa Carrera 1 30 102
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NA
Capital:	COP $97,581,481
Shareholders:	This is a private company. The company does not disclose information on shareholders. The following information has been obtained through private sources and could not be confirmed. Cencosud Colombia S.A. operates as a subsidiary of: Cencosud Retail S.A. Av. Kennedy 9001 Piso 5° Las Condes Santiago, 9590400 Chile (This was confirmed by the company)
Management:	Jaime Zawadzki, Chief Executive Officer Eloy Basset Eric, General Manager Walter Martin Patricio, Alternate Manager Posse Velasquez Marianne, Alternate Manager Martin Patricio Walker, Legal Representative Jorge Eliecer Moreno Urrea, Fiscal Reviewer Luis Carlos Nuñez Bojaca, Alternate Fiscal Reviewer Eric Ecoy Basset, Main Board Of Directors Jaime Alberto Soler Bottinelli, Main Board Of Directors Antonio Jose Ureta Vial, Main Board Of Directors Rodrigo Cristian Larrain Kaplan, Alternate Board Of Directors Carlos Alberto Francisco Mechetti, Board Of Directors Suplente Martin Patricio Walker, Alternate Board Of Directors
FINANCIAL INFORMATION
	We attach the latest financial statements of CENCOSUD COLOMBIA S.A. We also attach the latest financial statements of CENCOSUD RETAIL S.A.
LEGAL FILINGS
Lawsuits	Providence: Auto of June 3, 2015 Radiation No.: 66001-31-05-003-2014-00563-01 Process: Labor Ordinary Plaintiff: Darlington Marulanda Duque Defendants: Impulse and Marketing S.A. and Cencosud Colombia S.A. Court of origin: Third Labor Court of the Circuit Judge Speaker: Julio César Salazar Muñoz Topics: THE PRINCIPLE OF IMMEDIATION IN LABOR MATTERS. Article 52 of the C.P.T. and of the S.S. modified by article 23 of Law 712 of 2001 warns of the presence and practice of the tests in a personal way part of the Judge, however, then points out that "When I was impossible to do it by reason of the place, will commission another judge for the practice. " AROLDO WILSON QUIROZ MONSALVO Judge STC593-2017 File No. 05000-22-13-000-2016-00421-01 (Approved at the twenty-fifth session of January two thousand and seventeen) Bogotá, D.C., twenty-five (25) January two thousand seventeen (2017). The Court decides on the challenge filed against the ruling of November 22, 2016, delivered by the Civil Chamber - Family of the Superior Court of the Judicial District of Antioquia, in the tutela action promoted by Cencosud Colombia S.A. against the First Civil Court of the Rionegro Circuit, procedure to which the parties and interveners in the action that originates the complaint were linked. ARBITRAL COURT OF AUTONOMOUS PATRIMONIES TRUSTS A (CARREFOUR) AND B (CARREFOUR) VS. CENCOSUD COLOMBIA S.A. Gaitán Martínez, José Alberto; Gutiérrez Morad, Marco Tulio; Mendoza Ramírez, Álvaro Date: 2015-09-28 Theme Arbitration award Convener party AUTONOMOUS HERITAGE TRUSTS A (CARREFOUR) AND B (CARREFOUR) Summoned party CENCOSUD COLOMBIA S.A. Type of Contract of the Award Leasing contract Number of file 3159 Secretary Aguilar Diaz, Roberto
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
	Founded in 1900, Cencosud Colombia S A is a large organization in the miscellaneous food stores industry located in Bogota, Colombia. It has approximately 14,162 full-time employees. It mainly imports from Spain, Greece, India, Mexico and Ecuador, and exports to Italy and El Salvador, operating within national and international markets. Cencosud Colombia S.A. operates as a subsidiary of Cencosud Retail S.A. This is an ACTIVE company located in COLOMBIA and incorporated in 2007.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	ACTIVE
INTERVIEW
NAME	Viviana
POSITION	Operator
COMMENTS	She confirmed name, address, website, telephone and principal activity. She confirmed shareholders and related companies. She explained that the company has many branches in Colombia. She refused to provide staff number.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.64
UK Pound	1	INR 89.32
Euro	1	INR 78.45
COP	1	INR 0.023

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	TPT

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.