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Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
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Name : |
NEW WORLD RECYCLE
S.A. |
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Registered Office : |
Tres Rios Del Puente De La Entrada A Santiago |
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Country : |
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Year of Establishments : |
2013 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
engaged in the recycling of non-metal waste like used plastic bottles. |
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No of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New
Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Costa Rica |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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.
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Source : CIA |
IDENTIFICATION
|
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CORRECT COMPANY NAME |
NEW WORLD
RECYCLE S.A. |
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TAXPAYER REGISTRATION |
CJ 3101606769 |
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MAIN ADDRESS |
Tres Rios del Puente de la Entrada a
Santiago del Monte, 200 metros Sur, San Diego, La Unión |
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DEPT/PROV/REGION/STATE |
Cártago |
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COUNTRY |
COSTA RICA |
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TELEPHONE |
(506) 25181285 - 2518192 |
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COMMENTS |
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The Taxpayer Registration Number (NIT) included in your request belongs to NEW WORLD RECYCLE S.A.We could not determine the relation between "BAGF AMERICAN" and NEW WORLD RECYCLE S.A.We called the above telephone numbers at different times but nobody answered.Press releases state that this company's OPERATIONS WERE officially SHUT DOWN as from July this year. |
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EXECUTIVE SUMMARY
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Date of foundation |
2013 |
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Chief Executive |
ZAMORA, FEDERICO |
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Payments policy |
Without rating (No payment experience
traced) |
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Credit (**) |
UNDETERMINED RISK.(Insufficient or Non
existent information). |
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Number of times that this company was
required: 2 |
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LEGAL STRUCTURE
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
2013 |
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NOTARY OFFICE |
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DURATION |
99 years |
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CURRENT EXCHANGE RATE (US$) |
C/.532.36 Colones per 1USD |
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EXECUTIVES – SHAREHOLDERS
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FULL NAMES / COMPANY NAME |
TITLE |
|
PONCE, ROBERTO |
Director |
|
ZAMORA, FEDERICO |
General Manager |
WHO
IS WHO?
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PONCE, ROBERTO |
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TITLE |
Director |
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BACKGROUND INFORMATION |
Director of Total Pet and New World Recycle |
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COMPANY NAME |
COUNTRY |
STA. - TAX REG. |
RELATION |
ACTIVITY |
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TOTALPET S.A. |
COSTA RICA |
(BD) 3101284010 |
Related |
CHEMICAL PRODUCTS - PLASTICS |
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BUSINESS
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Main activity |
Subject Company was engaged in the recycling of non metal waste like used plastic bottles.For its activities, Subject made an investment of US$ 14,000,000.= for a processing capacity of 9,000 tons/year of valuable waste equivalent to 300 million bottles approximately. |
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We are sending
this general report since we could not have access to direct information on this
company. The Taxpayer Registration Number (NIT) shown in your request,
belongs to NEW WORLD RECYCLE S.A. We made the report on this company whose
registered office was located at the address in the heading. We tried to
access direct information on this company, without positive results. We have
called at different times and days to arrange an interview but the telephone
rings and nobody replies. In the address in your request there is a plant
that is closed. We could not speak with anybody. We could not establish the
link between "BAGF AMERICAN" and NEW WORLD RECYCLE S.A or with its
related company. We unsuccessfully tried to contact Roberto Ponce and
Federico Zamora. We consulted the Chamber of Industries from Costa Rica,
where we were told that NEW WORLD RECYCLE S.A. is a member of the Chamber and
its operations have been shut down and it is going through a Financial
Restructuring process, refusing to provide further information. Continuing
with our investigation, we could find out that a financial and operational
restructuring that would involve the dismissal of some of its personnel was
started by New World Recycle on May 1, 2014. This company is also made up of
Total Pet Costa Rica, a company that manufactures PET plastic bottles and has
a recycling plant in Cartago. The plant alone hires about 50 persons and is
unique in the country. Roberto Ponce, director of TotalPet and New World
Recycle, informed in an interview that they are trying to correct the current
situation of the business and to maintain bottle recycling operations. The
cost of the plant exceeded $13,5 millions and was financed by Banco Nacional
and CoreCor. It started operating in August 2013. The goal was that it will
process about 300 million PET plastic bottles per year, in its maximum
production point. Ponce did neither pointed out how many employees will be
dismissed nor specified the reason for the restructuring process since they
are still negotiating with creditors, clients and suppliers. Therefore there
is no final information. On the other hand, Federico Zamora, General Manager
and spokesman of the companies stated: "We are committed to recycling
projects and environmental protection and we try to generate quality jobs in
the country; however, the financial mismanagement of companies by their
previous administrators makes us replan the business in a responsible and
transparent manner. Both companies are being restructured according to the
law". To date, a team of new managers is implementing a new strategic
plan in order to achieve the necessary investment for relaunching the
recycling operations and commissioning the plant of New World Recycle S.A. as
soon as possible. Likewise, they are working out investment or alliance
alternatives for the operation of TotalPET S.A. "As for New World
Recycle S.A, seven officials were hired again and they will be in charge of
the future restart of the operation in the recycling companies, therefore we
reject that we the environment is being affected. We will do our best to
correct since like any other project to be sustainable it must be
profitable", Zamora added, who is an expert in the plastic industry and
was hired to start the restructuring. In information from our files on the
related company, TOTALPET S.A., we could find out that the operations of New
World Recycle and TotalPet, which are companies especializing in recycling
and manufacture of plastic bottles, HAVE BEEN SHUT DOWN since April 30 but it
was officially informed on June 3rd. TotalPet was engaged in the manufacture
of plastic bottles, while World Recycle was started a year ago to recycle
used bottles and transform them into RPET resin. Ernesto Moreno, founder of
TotalPet, said to the news site ameliarueda.com, that the reasons for the
closing were due to the lack of capital contribution from the partners. As
informed by this website, employees who had the longest time working there
were informed that they would only receive a payment of 20% of their
severance pay and a negotiation on the remaining 80. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
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UK Pound |
1 |
Rs.102.78 |
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Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
MNL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.