MIRA
INFORM REPORT
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Report Date : |
16th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CAJA COSTARRICENSE DEL
SEGURO SOCIAL |
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Registered Office : |
Avenida 2da calle 5. Edificio Caja Costarricense
del Seguro Social, San José, Costa Rica |
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Country : |
Costa Rica |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
01.11.1941 |
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Legal Form : |
Self-governing Institute of the State |
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Line of Business : |
Self-governing State Entity in charge of the
Social Security System, intended to satisfy needs in the health-care sector
under its 3 regimens: disease and maternity, dissability, old age and death,
and the non-contribution regimen. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : CAJA
COSTARRICENSE DEL SEGURO SOCIAL
TRADE NAME :
"CAJA DEL SEGURO CCSS"
TAXPAYER
REGISTRATION : CJ 4000042147 OPERATING STATUS: Active
MAIN ADDRESS :
Avenida 2da calle 5. Edificio Caja Costarricense del Seguro
Social
CITY/PROVINCE/STATE :
San José
COUNTRY : COSTA RICA
TELEPHONE : (506)295.2586/295.2000/295.2095
FAX : (506)256.5006/295.2188
COMMENTS .-
self-governing State Entity, founded in 1941.
It is considered to be one of the most solid
government companies with a labor force of 30,000 people on average.
Financial figures as of December 31, 2005 show a
stable economic situation; good liquidity ratio and solvency. Revenues
equivalent to US$1,1763,504,058.= Dollars. Final results were not available.
Local suppliers reported payments made on time.
LEGAL BACKGROUNDS
LEGAL STATUS :
Self-governing Institute of the State
DATE OF
INCORPORATION : 01NOV1941
REGISTERED IN :
San José
REGISTRATION :
Created under Executive Order 17
SHAREHOLDERS' EQUITY :
C/.1,316,277,354.= Colones (31/12/2005)
LISTED AT STOCK EXCHANGE : No
CURRENT EXCHANGE
RATE :
C/.517.93 per USD1
COMMENTS .-
The Board of Directors of CAJA COSTARRICENCE DEL
SEGURO SOCIAL is the Governing Body, made up of nine (09) members, appointed by
the Executive for a period of 4 years. Managements are divided by areas.
HISTORY
CAJA COSTARRICENSE DE SEGURO SOCIAL "CCSS"
(COSTA RICAN SOCIAL SECURITY FUND) was created pursuant to the provisions of
Act 17, dated November 1, 1941, as a semiautonomous state entity during Rafael
Angel Calderón Guardia's administration.
However, on October 22, 1943, the Act of the
creation of the Costa Rican Social Security Fund was reformed, with the CCSS
passing to operate as a fully autonomous state entity, oriented to attend to
working population sector and under a tripartite funding system.
The D.O.D. insurance (insurance of dissability,
oldness and death) was created in 1947, but it included only civil servants,
employees in autonomous and semiautonomous state entities and in the
Municipalities. In July of that same year workers of the private company,
particularly those of the administrative sector were embodied into the system
as well.
It was not until 1960 that the D.O.D. insurance extended
its coverage to employees of the commerce sector, private schools,
professionals. In 1962, this type of insurance also included construction
workers, workers in public works, railroads and by 1971 it already covered all
workers of the country.
On May 12, 1961, pursuant to Act 2738, the CCSS was
authorized for the universalization of the social security service. In 1973,
public hospital service was transferred to the CCSS in accordance with Act
5349, process that took only three years and a half, until becoming a system of
29 hospitals today.
In 1975, insurance of dissability, oldness and death
included workers of the agriculture field as well, and the CCSS takes over
pensions of the noncontributing regimen, with purpose of giving protection to
people of lowest income.
Given its duties nature or main goal, the Costa
Rican Social Security Fund is backed by the State, employers and workers, that
with their social security taxes constitute the basic economic foundation on
which all Subject's activities are sustained.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY
NAME TITLE
GARRON, DORIAN Executive
President
SOLANO CUERDAS, CLAUDIO Vice
President
ZUÑIGA, EMMA Secretary
of the Board
LEON, EMILIA Director
BURBON, RODOLFO Director
IRIAS MORA, EDUARDO Director
ESNA ARCE, MAURICIO Director
ARIAS PORRES, JOSE MANUEL Director
ALVARADO, LUIS RENATO Director
REGIDOR BELTRAN, HARYS Director
UGARTE BRENEL, MANUEL Finance
Manager
MURILLO JENKINS, GABRIELA Operation
Manager
MARTIN, ROSA Manager,
Medical Div.
ESCALANTE GONZALEZ, RENE Mgr.,
Administrative Divi
ACUÑA OLATE, JOSE Manager,
Pensions Divisio
HERNANDEZ CASTAÑEDA, JORGE ARTURO Auditor
RELATED COMPANY(IES)
COMPANY
NAME
COUNTRY TAX.REG. RELATION
COMISION NACIONAL DE PREVENCION DE
RIESGOS COSTA RICA
Related
CRUZ ROJA COSTARRICENSE COSTA RICA Related
CUERPO DE BOMBEROS DEL INSTITUTO
NACIONAL COSTA RICA Related
FUERZA PUBLICA COSTA RICA Related
INSTITUTO COSTARRICENSE DE
ELECTRICIDAD COSTA RICA 400004214703 Related
INSTITUTO NACIONAL DE LA MUJER COSTA RICA Related
ORGANISMO DE INVESTIGACION
JUDICIAL COSTA RICA Related
PATRONATO NACIONAL DE LA INFANCIA COSTA RICA Related
POLICIA DE TRANSITO COSTA RICA Related
SISTEMAS DE EMERGENCIA 911 COSTA RICA 3007213928 Related
BUSINESS
MAIN ACTIVITY .-
Self-governing State Entity in charge of the Social
Security System, intended to satisfy needs in the health-care sector under its
3 regimens: disease and maternity, dissability, old age and death, and the
non-contribution regimen.
SELLING TERRITORY :
100% nationwide
EMPLOYEES : 30,000
FACILITIES .-
Premises
: Own
Floors
: 13
Use :
Headquarters
Remarks and other Premises .-
Premises are located in a urban area of the city.
Moreover, Subject is present all over the country in hospital and clinics.
COMMENTS .-
Subject operates through health systems and
hospitals.
FINANCIAL INFORMATION
Alexandra Guzman from the Accounting Department, was
instructed to give general information, including figures of the Balance Sheet
for the Fiscal Year ended as of December 31, 2005. Final results were not
revealed. Figures for the previous period 2004 are also included. Both
expressed in Thousand Colones.
BALANCE SHEET DATE : 31DEC2005
31DEC2004
TYPE OF BALANCE SHEET : Annual Annual
BALANCE SHEET OF : 12 months 12 months
CURRENCY : Thousand Colones Thousand Colones
EXCHANGE RATE PER
US$ : 497.71 458.06
ASSETS
TOTAL CURRENT :
835,744,972.00
338,086,353.00
FIXED
: 627,317,890.00 273,961,791.00
TOTAL ASSETS
: 1,463,062,862.00 612,048,144.00
LIABILITIES
TOTAL CURRENT :
113,239,415.00 80,856,281.00
LONG TERM
: 33,546,093.00 29,027,579.00
TOTAL EQUITY : 1,316,277,354.00
502,164,284.00
TOTAL LIABILITIES : 1,463,062,862.00 612,048,144.00
SALES : 877,713,605.00
520,701,948.00
PROFIT (LOSS) : 0.00
86,545,413.00
LIQUIDITY RATIO
: 7.38 (Current
Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO :
1,162.38% (Shareholders'equity/Current Liabilities)
WORKING CAPITAL
: 722,505,557.00 (Current Assets - Current Liabilities)
FINANCIAL SITUATION : SATISFACTORY
Based on the last Financial Statement, Subject's
Financial Position is considered satisfactory. Liquidity ratio is adequate and
is over average. Working capital is
good and allows company to meet payments promptly. Relation between
shareholders' equity and obligations is acceptable. Economic results have been
satisfactory.
INSURANCE .-
Company Against
INSTITUTO NACIONAL DE SEGUROS All
risk
PAYMENTS RECORD
TRADE REFERENCES .-
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Line of Credit
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Monthly Average
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Terms (days) |
Performance? |
Time |
Products/ Services |
Supplier |
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C/. Open |
C/.
50,000,000 |
30 days |
Prompt |
20 years |
Construction material |
Domestic |
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C/. Open |
C/.
500,000 |
30 days |
Prompt |
40 years |
Medical equipment |
Domestic |
COMMENTS .-
Other contacted suppliers refused to give any
information.
LIST OF DOMESTIC
SUPPLIERS .-
Suppliers listed Alphabetically. There is not relationship as for the order
above
Supplier Telephone
Abonos Agro SA (502)
2125300
Abott Laboratorios de Costa Rica (506) 2223789
Audrain Jímenez Ltda (506)
2272547
Capris SA
(506) 2900102
Fide Ltda
Glaxo Smith Kline SA (506)
2066000
Laboratorios Cefa SA
LIST OF FOREIGN SUPPLIERS
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Suppliers listed Alphabetically. There is not relationship as for the order
above
Supplier Country
Amsino International Inc. U.S.A.
Bioteque Corp. CHINA
BANKING INFORMATION
BANKERS
Bank
BANCO NACIONAL DE COSTA RICA
BANCO DE COSTA RICA
BANCO DE CREDITO COSTA RICA
The Company deals with the above named banks. No
more details provided.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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