MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	TIMBER INVESTMENT GROUP SRL
Registered Office :	1 Km North of the Church of Delicias de Aguas Zarcas, San Carlos
Country :	Costa Rica
Date of Incorporation :	August 2007
Legal Form :	Sociedad De Responsabilidad Limitada
Line of Business :	Subject would be engaged in the commerce of plastic items.
No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Costa Rica	a1	a2

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

Company summary

Legal Name:	TIMBER INVESTMENT GROUP SRL
Trade Name:	NA
NIT:	3-102-653264
Date Created:	2007
Date Incorporated:	August 2007
Legal Address:	1 Km North of the Church of Delicias de Aguas Zarcas, San Carlos, Costa rica
Operative Address:	NA
Telephone:	NA
Fax:	NA
Legal Form:	SOCIEDAD DE RESPONSABILIDAD LIMITADA
Email:	NA
Registered in:	Costa Rica
Website:	www.timber.mipropiowebsite.com (not working)
Manager:	Jeison David Murillo Rodriguez
Staff:	NA
Activity:	Plastic Industry

BANKS
Name of the Bank:	Scotibank de Costa Rica
	The company does not make its banking data public.
HISTORY
	The company started business in 2007
PRINCIPAL ACTIVITY
	The company would be engaged in the commerce of plastic items.
Products/Services description:	Plastic products
Brands:	NA
Sales are:	NA
Clients:	NA
Suppliers:	NA
Operations area:	NA
The company imports from	NA
The company does not export	NA
The subject employs	NA
Payments:	NA
LOCATION
Headquarters :	NA
Branches:	NA
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NA
Capital:	NA
Shareholders %:	According to our search, the major holder would be Jeison David Murillo Rodriguez.
Management:	Jeison David Murillo Rodriguez, Manager
Related Companies:	NA
FINANCIAL INFORMATION
	This is a Limited Liability company which does not make its financial statements public.
	Despite our long search, we could not confirm its financial figures.
LEGAL FILINGS
	There are no legal/criminal connected to the subject
SUMMARY
	Dear Sirs, We could find the company registered, being active in business. However, there are: No commercial No website, appearance in yellow pages No telephone number connected. Please, provide us with a telephone number if possible to persue investigation. We suggest no credit line, working with guarantees and monitoring the subject.
RISK INFORMATION
DEBTS	NA
PAYMENTS	NA
CASH FLOW	NA
SUGGESTED CREDIT LINE	GUARANTEES

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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.