MIRA INFORM REPORT

 

 

Report Date :

14.12.2013

 

IDENTIFICATION DETAILS

 

Name :

CONTINEX REPRESENTACIONES S.A.

 

 

Registered Office :

Diagonal a Estación de Bomberos, contiguo al A y A, Pavas, San José

 

 

Country :

Costa Rica

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

16.08.1988

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

 
Telecommunications services and solutions, contact center and world class mapping at local and regional level. Representation of foreign houses.

 

 

No. of Employees :

16

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Costa Rica

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COSTA RICA - ECONOMIC OVERVIEW

 

Prior to the global economic crisis, Costa Rica enjoyed stable economic growth. The economy contracted 1.3% in 2009 but resumed growth at about 4.5% per year in 2010-12. While the traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of commodity export trade, a variety of industrial and specialized agricultural products have broadened export trade in recent years. High value-added goods and services, including microchips, have further bolstered exports. Tourism continues to bring in foreign exchange, as Costa Rica's impressive biodiversity makes it a key destination for ecotourism. Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the incentives offered in the free-trade zones; and Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. However, many business impediments remain, such as high levels of bureaucracy, legal uncertainty due to overlapping and at times conflicting responsibilities between agencies, difficulty of enforcing contracts, and weak investor protection. Poverty has remained around 20-25% for nearly 20 years, and the strong social safety net that had been put into place by the government has eroded due to increased financial constraints on government expenditures. Unlike the rest of Central America, Costa Rica is not highly dependent on remittances as they only represent about 2% of GDP. Immigration from Nicaragua has increasingly become a concern for the government. The estimated 300,000-500,000 Nicaraguans in Costa Rica legally and illegally are an important source of mostly unskilled labor but also place heavy demands on the social welfare system. The US-Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) entered into force on 1 January 2009 after significant delays within the Costa Rican legislature. CAFTA-DR has increased foreign direct investment in key sectors of the economy, including the insurance and telecommunications sectors recently opened to private investors. President CHINCHILLA was not able to gain legislative approval for fiscal reform, her top priority, though she continued to pursue fiscal reform in 2012. President CHINCHILLA and the PLN were successful in passing a tax on corporations to fund an increase for security services

Source : CIA

IDENTIFICATION

 

 

CORRECT COMPANY NAME

CONTINEX REPRESENTACIONES S.A.

TAXPAYER REGISTRATION

CJ 3101094608

MAIN ADDRESS

Diagonal a Estación de Bomberos, contiguo al A y A, Pavas

DEPT/PROV/REGION/STATE

San José

COUNTRY

COSTA RICA

TELEPHONE

(506) 25499090 - 25491150

WEB

www.continex.net

COMMENTS

 

 
Apartado Postal 746-1000 San José
FAX: 506 25461164
Email: ajimenez@continex.net 
nguillen@continex.net
 
The address in your order: 50 Metros Oeste Del AYA Pavas, San José; is the same as that indicated above. 
 
NOTE: In Costa Rica all the addresses are informal. They are based on variable reference points, that is to say, there is not a formal or official scheme about the address of a place, in the city or in the field. Therefore one address can have two different reference points. In some cities of the country, there are names of streets and avenues but they are not very often used by people or few understand this scheme.

 

EXECUTIVE SUMMARY

Date of foundation

1988

Capital stock

C/.70,500,000.= Colones

Shareholders' equity

494,394,083.00 Colones (30SEP2013)

Annual revenues

US$ 4,474,597.96 Colones (30SEP2013)

Profits (loss)

85,188,201.00 Colones (30SEP2013)

permanent employees

16

Chief Executive

SOLER ZOCARRAZ, ENRIQUE

Disposition

Moderate. Some data and figures were confirmed.

Payments policy

Usually to terms / good

Number of times that this company was required: 3

 

REPUTATION

NOTHING AGAINST COMPANY

 

 

LEGAL STRUCTURE

 

 

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

16AUG1988

 

 

PLACE OF REGISTRY

San José

 

 

NOTARY OFFICE

 

DURATION

100 years

REGISTRATION

Volume 0543, Folio 027, Entry 00034.

 

 

CURRENT PAID-IN CAPITAL

C/.70,500,000.= Colones

 

 

SHAREHOLDERS EQUITY

494,394,083.00 Colones (30SEP2013)

 

 

MEMBERSHIP

Chamber of Foreign Trade of Costa Rica

 

 

COMMENTS

 

 
It is affiliated with the following institutions:
- Chamber of Commerce of Costa Rica
- Chamber of Industries of Costa Rica

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

GURDIAN MONTEALEGRE, RAUL

President

 

 

GURDIAN BOND, JUAN ANDRES

Vice President

 

 

GURDIAN BOND, ALBERTO DAVID

Director / Secretary

 

 

GURDIAN BOND, RAUL JOSE

Treasurer

 

 

JIMENEZ, MARIA AUXILIADORA

Finance Director

 

 

SOLER ZOCARRAZ, ENRIQUE

General Manager

10%

 

GRUPO PASQUIN S.A.

Shareholder / Member

90%

 

 

 

 

WHO IS WHO?

 

 

GURDIAN MONTEALEGRE, RAUL

TITLE

President

NATIONALITY

Costa Rican

ID

CI 1-0137-0636

CIVIL STATUS

Married

PROFESSION

Engineer

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

FLOR DE LIS S.A.

President of Adm. Board

3101009251

COSTA RICA

PRODUCTOS FLORIDA S.A.

Vice Chairman

3101012259

COSTA RICA

 

 

 

 

GURDIAN BOND, JUAN ANDRES

TITLE

Vice President

NATIONALITY

Costa Rican

ID

CI 1-0491-0702

CIVIL STATUS

Married

PROFESSION

Engineer

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

PRODUCTOS FLORIDA S.A.

Treasurer

3101012259

COSTA RICA

 

 

 

 

GURDIAN BOND, ALBERTO DAVID

TITLE

Director / Secretary

NATIONALITY

Costa Rican

D.O.B.

15NOV1966

CIVIL STATUS

Married to Tannia Solano Ortiz

PROFESSION

Business Administrator

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

PRODUCTOS FLORIDA S.A.

General Manager

3101012259

COSTA RICA

 

 

 

 

JIMENEZ, MARIA AUXILIADORA

TITLE

Finance Director

NATIONALITY

Costa Rican

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

CONTINEX CONTINENTAL IMPORTACION Y EXPORTACION S.A.

 

3101017746

COSTA RICA

 

 

PARTICIPATED IN

COMPANY

TITLE

COUNTRY

YEAR / REF

CASA MCGREGOR S.A.

 

NICARAGUA

2011

 

 

 

 

BUSINESS HISTORY

 

 

 
The company is a subsidiary of GRUPO PASQUI S.A. , a company established in October 1964, together with its subsidiaries, is engaged in a series of activities which include the sale of specialized telecommunications equipment, mobilization , warehousing and customs clearance of goods equipment, representation of foreign companies . This group is made up of a conglomeration of enterprises dedicated to various activities representing what was known as the "Grupo Corporación de Inversión Abonos Superior S.A." until a few years ago. Group belongs to Mr. Raul Gurdian Montealegre and his family , who are renowned entrepreneurs nationally and internationally. On October 1, 2004 the Company merged with Miravalles Inversiones , SA , surviving the first .
 
In relation to Continex,  this is a Costa Rican company with over 35 years experience providing telecommunications services and solutions , contact center and world class mapping at local and regional level .

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

 

 

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

ALMACEN A. DORA HEREDIA S.A.

COSTA RICA

 

Related

ALMACENADORA S.A.

COSTA RICA

3101002272

Related

COMERCIALIZADORA AMERICANA COAMESA S.A.

COSTA RICA

(AC) 310128142829

Related

CONSULTORA PASQUI S.A.

COSTA RICA

(AC) 3101055337

Related

CONTINEX CONTINENTAL IMPORTACION Y EXPORTACION S.A.

COSTA RICA

(AC) 3101017746

Related

CONTINEX INTERNATIONAL NETWORKS S.A.

COSTA RICA

 

Related

GRUPO ALMACENADORA GA S.A.

COSTA RICA

 

Related

GRUPO TLA S.A.

COSTA RICA

 

Related

HIDROELECTRICA RIO LAJAS S.A.

COSTA RICA

 

Related

TERMINALES SANTA MARIA S.A.

COSTA RICA

 

Related

 

 

 

BUSINESS

 

 

SIC Classification
4 8 - INDUSTRY. DIVERSE COMMUNICATIONS.CINEMATOGRAPHY (Movies, Short films, Telephone, radio and television broadcasting, telegraph communication, communication services.)

Main activity

 
Telecommunications services and solutions, contact center and world class mapping at local and regional level. Representation of foreign houses.
 
Brands represented: "NORTEL", "GENESYS", "NEKOTEC TELECOM",  among others

O P E R A T I O N S

Import

Yes

Country

India, France, Germany, India, South America.

Export

No

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% Terms: 30 Days.

% DOMESTIC PURCHASES

20%

% FOREIGN PURCHASES

80%

SELLING TerritorY

Regional market

EMPLOYEES

16

LOCATION

PREMISES

Own Settled

AREA

15,000 m2.

OTHER PREMISES

 
Premises description: Structure of steel, cement, glass, zinc, etc.., In excellent condition, located in industrial zone. The building houses offices, store, parking area and facilities of other subsidiaries of PASQUI GROUP.

Comments

 

 
Sales are mainly conducted at the regional level mainly covering the Central American Institutional market.
 
Main clients :
ICE 
INS 
BANCO NACIONAL DE COSTA RICA 
BANCO DE COSTA RICA 
CONTRALORIA GENERAL DE LA REPUBLICA 
SKYES
WAL MART MEXICO CENTROAMERICA S.A. 
CORPORACION MEGASUPER 
BASF COSTA RICA 
ECOLAB S.A. 
 
Main competitors:
ALCATEL 
MOTOROLA
 
The company has over 700 customers in Central America, which are served from offices in Costa Rica and Panama.
 
Maintain a payroll of 16 employees, and at Group level employ over 100 people.
 
PLANS: They plan to open in 2014, two branches, one in Guatemala and one in El Salvador.

 

 

 

FINANCIAL INFORMATION

 

 

Disposition

Moderate. Some data and figures were confirmed.

Interviewee(s)

Nancy Guillen Cordero

Position(s)

Head Corporate Treasury

Information provided

 
The respondent confirmed general information even delivered the main figures of their Balance Sheet closed on 30/09/2013 (12 months) expressed in Colones.
 
NOTE:  Sales Revenue plus Commission income for representation 
 
We conducted research on official sources where additional information was gathered.

 

BALANCE SHEET

Balance sheet date

30SEP2013

 

 

 

Type of balance sheet

Annual

 

 

 

Period

12 months

 

 

 

Currency

Colones

 

 

 

Exchange rate per US$

493.54

 

 

 

A S S E T S

 

 

 

 

Current Assetsd

790,955,203.00

 

 

 

Fixed

17,638,195.00

 

 

 

Others

6,558,537.00

 

 

 

Total Assets

815,151,935.00

 

 

 

L I A B I L I T I E S

 

 

 

 

Current liabilities

320,757,852.00

 

 

 

Long term

0.00

 

 

 

TOTAL LIABILITIES

320,757,852.00

 

 

 

S H A R E H O L D E R S'  E Q U I T Y

 

 

 

 

Total shareholders equity

494,394,083.00

 

 

 

Total Liab. / Sh. equity

815,151,935.00

 

 

 

Sales

2,208,393,077.00

 

 

 

Profit (Loss)

85,188,201.00

 

 

 

 

R A T I O

 

Liquidity ratio

2.47

Current assets / Current liabilities

Debt-to-equity ratio

154.13 %

(Shareholders' equity / Current liabilities %)

Profitability margin

3.86 %

(Profits / Sales %)

Working capital

470,197,351.00

(Current assets - Current liabilities)

FINANCIAL SITUATION

 
A-: SATISFACTORY
According to the latest financial statement submitted and/or the Company general conditions, we estimate its financial situation is SATISFACTORY because :
- Liquidity Ratio is acceptable, the Working Capital has a positive margin, the Shareholders' Equity acceptably covers its liabilities and its Results are moderate.

Property of company comments

 

 
The subject company is assigned ownership of a vehicle FORD 2007, Plate 712362 (Free of encumbrances and notices)

 

 

 

 

 

INSURANCE

COMPANY

AGAINST

CIA DE SEGUROS BANCO NACIONAL

Various risks

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: PRODUCTIVE BUSINESS SOLUTIONS COSTA RICA SA

Tel.: 506 25063000

Country: COSTA RICA

Goods/Services? : Maintenance of equipment

 

 

Highest credit? : Not specified

 

 

Client since? : 1986

Terms? : 30 Days

Performance? : Prompt

Comments : Inactive customer since 2011

Supplier: AGENCIA ADUANAL E Y E S.A.

Tel.: 506 24425544

Country: COSTA RICA

Goods/Services? : Customs Service

 

 

Highest credit? : Not specified

 

 

Client since? : 1990

Terms? : 30 Days

Performance? : Prompt

Comments : Was Customer until March 2011, no problem

Supplier: ALUMINIOS NACIONALES S.A.

Tel.: 506 2636000

Country: COSTA RICA

Goods/Services? : Aluminum

 

 

Highest credit? : Not specified

 

 

Client since? : 1998

Terms? : 30 Days

Performance? : Prompt

Comments : Last purchase in late 2011, no problem

Supplier: RICOH COSTA RICA S.A.

Tel.: 506 22109300

Country: COSTA RICA

Goods/Services? : Computers, printers, etc.

 

 

Highest credit? : Undisclosed amou

 

 

Client since? : 2004

Terms? : 60 Days

Performance? : Prompt

Comments : It was customer; last purchase late 2010

 

Note : Other suppliers did not provide information or could not be consulted

 

Supplier

Country

DHL CUSTOMER SUPPORT (COSTA RICA) S.A.

COSTA RICA

J & E SUMINISTROS S.A.

COSTA RICA

 

 

Comments :

Work with the following banks: BANCO NACIONAL BAC SAN JOSE BANCO GENERAL BANCO COSTA RICA S.A.

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.12

UK Pound

1

Rs.101.53

Euro

1

Rs.85.41

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

NB

                                       New Business

 

--

 

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%)

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.