MIRA
INFORM REPORT
|
Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FLOR Y FAUNA S.A. |
|
|
|
|
Registered Office : |
Altamira de San Carlos, Aguas Zarcas, Carlos Alajuela |
|
|
|
|
Country : |
Costa Rica |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
Legal Form : |
Joint-Stock Company |
|
|
|
|
Line of Business : |
Utilization and industrialization of Teak wood, including sawmill process, drying, manufacture of wood components for posterior furniture production. |
RATING &
COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : FLOR Y FAUNA S.A.
TRADE NAME : "F Y F"
TAXPAYER REGISTRATION : CJ 310108302910
MAIN ADDRESS : Altamira de San Carlos, Aguas Zarcas,
CITY/PROVINCE/STATE : Carlos Alajuela
COUNTRY : COSTA RICA
TELEPHONE : (506) 4600000
FAX : (506) 4600100
E – MAIL : mrojas@floryfauna.com
WEB SITE : ww.floryfauna.com
COMMENTS .-
Postal code: 87-4003, Aeropuerto Juan Santa María.
SUMMARY
Incorporation : 1989
Operating Status : Active
Employees : 245 (85 permanent workers, 160 temporary)
CR-Rating (1) : SECURED CREDIT IS ADVISED
Paymens (2) : NO CREDIT EXPERIENCE AVAILABLE
LEGAL BACKGROUNDS
LEGAL STATUS : Joint-Stock Company
DATE OF INCORPORATION : 1989
PLACE OF REGISTRY : Carlos Alajuela
DURATION : Indefinite
REGISTRATION : Volume 0474, Page 218, Entry 00199
CURRENT EXCHANGE RATE : C/.517.93 per 1.00 US Dollar
COMMENTS .-
Capital stock of this enterprise was not revealed.
Third parties comment, the company would be controlled by a dutch family, information which was not subject to confirmation. It is worth commenting in Costa Rica shareholder details are not kept on public. Laws entitle the private enterprise to keep shareholder information confidential and for private use only. Eventually such information can be disclosed by request of national authorities and/or with a court order.
DIRECTORS -
EXECUTIVES - SHAREHOLDERS
FULL NAMES / COMPANY
NAME TITLE
MONTES VARGAS, GLEN General Manager
ROJAS, MARITA Finance Manager
RELATED COMPANY(IES)
COMPANY NAME COUNTRY
FLOR Y FAUNA DOS S.A. COSTA RICA
ECOMADERAS S.A. COSTA RICA
BUSINESS
MAIN ACTIVITY .-
Enterprise dedicated to silviculture, and operations necessary to regenerate, exploit and protect forests.
Utilization and industrialization of Teak wood, including sawmill process, drying, manufacture of wood components for posterior furniture production.
IMPORT (Countries) Yes : from USA
% CASH SALES/METHOD : 80%
% CREDIT SALES/TERMS : 20% (Terms: 30 days)
% FOREIGN SALES(COUNTRIES) : 20%
% DOMESTIC PURCHASES : 70%
% FOREIGN PURCHASES : 30%
SELLING TERRITORY : National market - 80%
EMPLOYEES : 245 (85 permanent workers, 160 temporary)
FACILITIES .-
Premises : Own
Area : 3,442 hectares
Floors : 1
Remarks and other
Premises .-
Out of the 3,442 hectares, only 2,568 hectares are cultivated with Teak.
COMMENTS .-
The enterprise has an operations center with housing for the employees and their families, school, medical assistance and care, offices and area for practice of sports.
Main objectives of
the company:
1. Obtain maximum profitability in the production and sale of Teak wood under an ecologically balanced
silviculture system.
2. Contribute in sustainable form to the production of tropical woods.
3. Use modern and innovative handling, production and industrialisation processes.
4. Promote permanent work and contribute to the improvement of life conditions of the community.
5. Preserve and protect tropical forests.
Certifications
In 1995 subject got a certification from Rainforest Alliance relative to the program "SmartWood" as "a well-managed forest operation". In 1997 process was completed with the "Cadena de Custodia" certification also from Smartwood. That same year Rainforest Alliance was accredited by FSC (Forest Stewardship Council) Code #SW FM/COC 06.
FINANCIAL INFORMATION
Spoke to Ms. Marita Rojas (Finance Manager) who very kindly cooperated in submitting general details regarding this enterprise but excluding balance sheets and/or figures because she did not have authorization from top management to release such confidential data.
Tried to get some financial information from outside sources but without success.
It is important to mention in Costa Rica privately-held companies are not required to make public their financials, so said information can be obtained only if the company which is being investigated is willing to furnish it directly.
Based on the information obtained we can indicate FLOR Y FAUNA S.A. is a costa rican company with more than seventeen years of operations in silviculture industry, which shows experience.
It is important to mention subject is part of a group of three enterprises, namely: Flor y Fauna S.A, Flor y Fauna Dos S.A. and Ecomaderas S.A.
From June 1997, said three enterprises launched to the conquest of the markets to sell furniture, mainly in Europe, North America and recently in the african continent as well. We only know the business group has made important investments in facilities, machinery, etc. with own capital, so it has a good potential in production of Teak wood furniture and components.
DETAILS OF MAIN
ASSETS .-
Fixed assets of this enterprise include:
- High precision sawmill equipment.
- Computerized furnaces for drying of wood.
etc.
INSURANCE .-
Company Expiration
INSTITUTO NACIONAL DE SEGUROS Sep/2007
PAYMENTS RECORD
TRADE REFERENCES .-
Local supplier refused to provide references regarding subject as such information is deemed confidential.
LIST OF DOMESTIC
SUPPLIERS .-
Suppliers listed Alphabetically. There is not relationship as for the order above
Supplier
Servicentro Cerro Cortéz
LIST OF FOREIGN
SUPPLIERS
Suppliers listed Alphabetically. There is not relationship as for the order above
Supplier Country
Matra (Repuestos de maquinaria) U.S.A.
BANKING INFORMATION
BANKERS .-
Bank _
BANCO NACIONAL DE COSTA RICA
The financial transactions of this enterprise are carried out with said bank, which refused to provide information per banking privacy laws in the country.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)