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MIRA INFORM REPORT
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Report No. : |
487909 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CENCOSUD S A |
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Registered Office : |
Suipacha 1111, Piso 18, Ciudad Autónoma De Buenos
Aires |
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Country : |
Argentina |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
16.09.1980 |
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Legal Form : |
Sociedad Anónima |
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Line of Business : |
Subject together with its subsidiaries,
operates as a multi-brand retailer in Chile, Argentina, Brazil, Colombia, and
Peru. |
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No. of Employees : |
6 572 |
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 : |
Regular |
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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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Legal Name: |
CENCOSUD S A |
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Trade Name: |
Easy Homecenter |
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CUIT: |
30-59036076-3 |
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Date Created: |
1980 |
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Date Incorporated: |
16-09-1980 |
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Legal Address: |
SUIPACHA 1111, PISO 18, CIUDAD AUTÓNOMA DE BUENOS
AIRES ARGENTINA |
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Operative Address: |
Parana 3617, Martinez (1640), Buenos Aires, Argentina |
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Telephone: |
54 11 4621-3140 *54 11 4485-1049 |
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Fax: |
54 11 4621-3140 *54 11 4485-1049 |
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Legal Form: |
SOCIEDAD ANÓNIMA |
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Email: |
mauriciojavier.martinez@easy.com.ar |
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Registered in: |
DIV. REC. GRANDES CONTRIB. NACIONALES HIPOLITO YRIGOYEN N°370 PLANTA BAJA 1086 CIUDAD AUTONOMA BUENOS AIRES |
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Website: |
www.cencosud.com |
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Contact: |
President: Roberto Oscar Philipps |
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Staff: |
6 572 |
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Activity: |
Lumber And Other Building Materials |
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BANK |
AMOUNT IN AR$ |
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INDUSTRIAL AND COMMERCIAL
BANK OF CHINA |
217105 |
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BANCO DE GALICIA Y
BUENOS AIRES S.A. |
421818 |
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BBVA BANCO FRANCES S.A. |
50443 |
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BANCO COMAFI SOCIEDAD
ANONIMA |
109 |
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BANCO INDUSTRIAL |
19915 |
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BANCO SANTANDER RIO
S.A. |
31082 |
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BANCO CMF S.A. |
1104 |
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According to the classification of banking
relations of Argentina,the company operates with level:1 . |
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This is the highest classification in the system.
It means that the company/person is
fulfilling correctly its current Credit obligations. |
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There is not any rejected check for the subject. |
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POSITIVE CHECKS IN AR$ * April 2018 73,733.08 * March 2018 14,730,050.40 * February 2018 36,420,565.56 * January 2018 25,062,997.00 * December 2017 39,306,886.65 * November 2017 37,151,918.32 * October 2017 34,792,409.30 * September 2017 37,618,932.17 * August 2017 41,824,806.92 * July 2017 54,814,986.62 * June 2017 61,120,658.69 * May 2017 33,587,137.59 * April 2017 40,769,579.45 * March 2017 20,188,619.04 * February 2017 41,697,600.83 * January 2017 60,702,614.74 * December 2016 46,206,072.84 * November 2016 35,362,849.36 * October 2016 25,814,797.80 * September 2016 23,508,872.50 * August 2016 24,941,098.53 * July 2016 52,321,535.06 * June 2016 33,311,166.00 * May 2016 39,440,880.35 * April 2016 27,665,432.34 * March 2016 42,611,295.92 * February 2016 41,066,067.35 * January 2016 7,120,054.21 |
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HISTORY |
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The company started operations in 1980 |
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PRINCIPAL ACTIVITY
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Cencosud S.A., together with its subsidiaries, operates
as a multi-brand retailer in Chile, Argentina, Brazil, Colombia, and Peru. |
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Products/Services
description: |
The company’s
Supermarkets segment operates supermarkets and hypermarkets, which sells
brand and private label products under the Jumbo, Santa Isabel, Disco, Vea,
Wong, Metro, GBarbosa, Perini, Bretas, and Prezunic brands. As of December
31, 2015, this segment operated 944 supermarkets in Chile, Argentina, Brazil,
Peru, and Colombia. Its Home Improvement Stores segment operates home improvement
stores that offer various building and other materials, including name brand
and private label products. As of December 31, 2015, it had 35 Easy home
improvement stores selling space in Chile; 50 Easy and Blaisten home
improvement stores in Argentina; and 10 Easy home improvement stores in
Colombia. The company’s Department Stores segment operates department stores,
which sell a range of merchandise, such as apparel, home furnishings,
electronics, and sporting goods comprising name brand and private label
products. As of December 31, 2015, this segment operated 79 department stores
in Chile under the Paris and Johnson brands; and 9 Paris stores in Peru. Its
Shopping Centers segment operates shopping centers. As of December 31, 2015,
this segment owned and managed various shopping centers, including 25 in
Chile, 22 in Argentina, 4 in Peru, and 2 in Colombia. The company’s Financial
Services segment provides credit cards primarily to finance customers’
purchases in its stores; operates Banco Paris, a specialty retail consumer
bank in Chile, which provides mortage loans; and offers consumer loans,
purchase financing, and insurance products. Its Other segment operates
electronic stores, pharmacies, gas stations, and entertainment centers under
various brands; and offers loyalty programs. The company also operates a
travel agency. |
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Brands: |
EASY |
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Sales are: |
Retail |
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Clients: |
General clients Sandoval Ledezma Jose Wilfredo Bolivia |
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Suppliers: |
Hunan Huasheng Industrial & Trading Co Ltd China |
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Operations area: |
National and International |
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The company imports
from |
China |
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The company exports to |
Bolivia |
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The subject employs |
6 572 employees |
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Payments: |
Regular-made on a 45-60 day basis |
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LOCATION
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Headquarters : |
Parana 3617, Martinez (1640), Buenos Aires, Argentina |
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Branches: |
Av e
Lopez 2100 Piso Pb - Pilar - Buenos Aires Tel: (230) 443-4772 Boero
Felipe 3839 - Ituzaingo - Buenos Aires Tel: (11) 4621-3140 Cno de
Cintura - Mńor R Bufano 1113 - Villa Luzuriaga - Buenos Aires Tel: (11) 4485-1049 / (11) 4485-0607 Antartida
Argentina 801 Piso Pb - Dto 1125 - Llavallol - Buenos Aires Tel: (11) 4231-1604 Ramallo
S/n Piso Pb - Sarandi - Buenos Aires Tel: (11) 4217-0346 Suipacha Nro:
1111 Piso 18 - (1008) - Capital Federal Tel: (11) 4114-3000 |
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Related companies: |
30-61433076-3 INVOR SA Related company 30-61992913-2 UNICENTER SA Related company 30-65688687-7 AGROJUMBO SA Related Company 30-68586902-7 INVERSIONES JUMBO SA Related
company 30-69231139-2 BLAISTEN SA Related company 30-69691522-5 INVERSIONES TOBY SA Absorbing
company 30-69730872-1 EASY ARGENTINA SRL Absorbing
company 30-69799226-6 CONSTRUCTORA REINETA SA Absorbing
company 30-70877296-4 JUMBO RETAIL ARGENTINA SA Related
company 33-67988815-9 CORMINAS SA Related Company |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock
exchange: |
NO |
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Capital: |
$ 650.448.000,00 |
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Shareholders: |
The company operates as a subsidiary of: CENCOSUD S.A. Av. Presidente Kennedy N 9001, Pisos 4to, 5to. y
7mo. Las Condes; Metropolitana Chile |
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Management: |
President: Roberto Oscar Philipps Vicepresidente Matías Germán Videla Sola Director: Christoph Georg Prager |
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FINANCIAL INFORMATION
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The company does not public its financial statements. We attach company’s FS 2015 Last balance Net worth: AR$ 9,533,000,776 Sales: AR$ 21,541,813,832 Result: AR$ 2,043,843,902 |
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LEGAL FILINGS
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TRIALS AS DEFENDANT Date of the draw: 12/14/2016 SAN MARTIN, EXECUTION OF JUDGMENT, Judgment: 011,
Cause: 62103 Cover: CENCOSUD SA Actor / s: RODRIGUEZ LEONARDO ARIEL Date Raffled: 12/07/2016 Rosario, Ordinary, District 12 Nomination Cover: CENCOSUD SA, AUPESA ROSARIO SA, CIRCULO DE
INVERSORES SA Actor / s: HURE INGENIERIA Y MOYANO
CONSTRUCCIONES SRL, SALINAS MARTIN ALBERTO Amount of the Trial: $ 430,000.00- Source: List of judged lots - Rosario - /
(20170104-259854) Date Raffled: 10/12/2016 Rosario, Ordinary, District 11ra. Nomination Cover: CRUCIJUEGOS SRL, CENCOSUD SA, PRUDENCIA CIA ARG DE SEGUROS Actor / s: CAMPOS PAOLA GISELE Source: List of judged lots - Rosario - /
(20161018-257166) Date of the draw: 09/01/2016 Rosario, Ordinary, District 6ta. Nomination Cover: CENCOSUD SA Actor / s: JIMENEZ DANIEL JESUS Amount of the Trial: $ 84,750.00- Source: List of judged draws - Rosario - /
(20160905-255594) Date of the draw: 07/06/2016 Tucumán, Informative Shelter, Civil and
Commercial Court 6ta. Nomination, Expte.:2060/16 Cover: CENCOSUD SA, SMG CIA ARGENTINA DE SEGUROS SA Actor / s: MORALES RUBEN MARIO DNI 17523492 Source: General Board of Entries of the Judicial
Branch of the Province of Tucumán / (20160912-225283) Date of the draw: 06/09/2016 Rosario, Damages and Damages, 4th Circuit.
Nomination Cover: CENCOSUD SA Actor / s: JIMENEZ DANIEL JESUS Trial Amount: $ 1,525.00- Source: List of judged lots - Rosario - /
(20160703-253098) Date of the draw: 05/23/2016 SAN MARTIN, AUTOMOTIVE DAMAGE AND HARM, Juzg .:
003, Cause: 76323 Cover: CENCOSUD SA Actor / s: PAGLIERI JORGE FABIAN Date of the draw: 05/11/2016 Rosario, Ordinary, 4th District. Nomination Cover: CENCOSUD SA Actor / s: DE CLEENE FERNANDO Trial Amount: $ 92,332.00- Source: List of judged draws - Rosario - /
(20160518-251447) Date of the draw: 03/17/2016 Rosario, Ordinary, 5th District. Nomination Cover: CENCOSUD SA, JUMBO RETAIL ARGENTINA SA, EL
CENTINELA SRL Actor / s: GIGENA MIGUEL ANGEL Source: List of judged draws - Rosario - /
(20160401-249183) Date of the draw: 03/10/2016 LOMAS DE ZAMORA, APREMIO, Juzg .: 002, Cause:
53399 Cover: CENCOSUD SA Actor / s: FISCO OF THE PROVINCE OF BUENOS AIRES |
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BANKRUPTCY REQUEST Date of the draw: 08/12/2013 Cap.Fed. Bankruptcy Order Juzg.Com .: 013 Sec .:
025 Exp: 021579 Defendant / s: CENCOSUD SA CUIT 30590360763 Dom .: SUIPACHA 1111 FLOOR 18 Actor / s: LOPEZ DAMIAN MATIAS DOC 26644996, VELA
SEBASTIAN DARIO JULIO DOC 25100677 TRIALS AS DEFENDANT Date of the draw: 11/23/2015 Tucumán, Contract Resolution / Noncompliance,
Civil Court in Documents and Locations 9na. Nomination, Expte.:9791/15 Cover: CENCOSUD SA CUIT 30590360763 Actor / s: MOYA MONICA TERESA DNI 24193226, LUNA
MARIA ESTER DNI 16848391 Source: General Board of Entries of the Judicial
Branch of the Province of Tucumán / (20150104-201704) Date of draw: 05/13/2014 Cap.Fed. Ordinary Juzg.Com .: 005 Sec .: 009 Exp:
012075 Defendant / s: CARREFOUR SA (EASY) CUIT 30590360763 Actor / s: SAN CRISTOBAL SMSG CUIT 34500045339 Date of draw: 05/13/2014 Cap.Fed. Ordinary Juzg.Com .: 005 Sec .: 009 Exp:
012076 Defendant / s: CENCOSUD SA UNICENTER SHOPPING CUIT 30590360763 Actor / s: SAN CRISTOBAL SMSG CUIT 34500045339 Date Raffle: 05/08/2014 Cap.Fed. Ordinary Juzg.Com .: 023 Sec .: 045 Exp:
011243 Defendant (s): KRONEN INTERNACIONAL SA CUIT
30604514009, CENCOSUD SA CUIT 30590360763 Actor / s: COINES FERNANDO CUIL 20184500729 Date of draw: 02/26/2014 Cap.Fed. Ordinary Juzg.Com .: 025 Sec .: 049 Exp:
003087 Defendant / s: CENCOSUD SA CUIT 30590360763 Actor / s: FORESTAL TRAVIS SA CUIT 30708819944 TRIALS AS ACTOR IMPORTANT WARNING: If no DOC or CUIT number
appears on this record, it should be taken as a simple reference to check the
file to rule out the existence of people with the same surname and name / s
or companies with the same company name. Date of the draw: 06/13/2017 Tucumán, Executive, Civil Court in Documents and
Locations 3rd. Nomination, Expte.:4532/17 Cover: VALLE CUTRALCO SRL CUIT 30710137184 Actor / s: CENCOSUD SA CUIT 30590360763 Source: General Board of Entries of the Judiciary
of the Province of Tucumán / (20170803-243354) Date of the draw: 06/21/2016 Tucumán, Executive, Civil Court in Documents and
Locations 4th. Nomination, Expte.:4072/16 Cover: CORDOBA MIGUEL MARCELO DNI 24641865 Actor / s: CENCOSUD SA CUIT 30590360763 Source: General Board of Entries of the Judiciary
of the Province of Tucumán / (20160909-221200) Date of the draw: 06/21/2016 Tucumán, Executive, Civil Court in Documents and
Locations 5th. Nomination, Expte.:4073/16 Cover: CONTRERAS CRISTINA MABEL DNI 22584392 Actor / s: CENCOSUD SA CUIT 30590360763 Source: General Board of Entries of the Judiciary
of the Province of Tucumán / (20160909-221201) Tucumán, Executive, Civil Court in Documents and
Locations 7th. Nomination, Expte.:10472/15 LESCANO CARLOS EDUARDO DNI 32164116 Actor / s: CENCOSUD SA CUIT 30590360763 Source: General Mesa of Entries of the Judicial
Power of the Province of Tucumán / (20150104-202385) Date Sweepstake: 06/21/2016 Tucumán, Executive, Civil Court in Documents and
Locations 5th. Nomination, Expte.:4073/16 CONTRERAS CRISTINA MABEL ID 22584392 Actor / s: CENCOSUD SA CUIT 30590360763 Source: General Mesa of Entries of the Judicial
Power of the Province of Tucumán / (20160909-221201) Date Sweepstakes: 12/10/2015 Tucumán, Executive, Civil Court in Documents and
Locations 2nd. Nomination, Expte.:10474/15 FRANCO NOEMI DEL VALLE DNI 16686124 Actor / s: CENCOSUD SA CUIT 30590360763 Source: General Mesa of Entries of the Judicial
Power of the Province of Tucumán / (20150104-202387) Date Sweepstakes: 12/10/2015 Tucumán, Executive, Civil Court in Documents and
Locations 2nd. Nomination, Exp.:10475/15 ALBORNOZ JOSE LAURINDO DNI 7081201 Actor / s: CENCOSUD SA CUIT 30590360763 Source: General Mesa of Entries of the Judicial
Power of the Province of Tucumán / (20150104-202388) |
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SUMMARY
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|
|
Cencosud S.A., together with its subsidiaries, operates
as a multi-brand retailer in Chile, Argentina, Brazil, Colombia, and Peru. The company started operations in 1980, operating
as a subsidiary of CENCOSUD S.A., Chile. It has various open credit lines with national banks,
with regular payment behavior. The company shows several lawsuits. However, it shows positive profitability in its
last financial figures. |
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RISK INFORMATION
|
|
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Total indebtedness financial system: AR$
741,576,000 Total monthly financial system commitments: AR$
21,421,686 Current situation of the BCRA Debtors Central: 1
In normal situation Total number of consultations: Last 3 months: 85
| Last 12 months: 433 Registers employer contributions paid as an
employer within the last 24 months Last contract Superintendency of Work Risks with
current affiliation, insurer PROVINCIA |
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
ACTIVE |
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INTERVIEW
|
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NAME |
Matias |
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POSITION |
Sales |
|
COMMENTS |
He confirmed address, CUIT, management,
ownership, staff, brands, activities and holders. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.50 |
|
|
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
|
ARS |
1 |
INR 3.25 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
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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.