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Report No. : |
336697 |
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Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
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Name : |
NORTHWESTERN SELECTA, INC. |
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Registered Office : |
Matadero Road, Between A and C, Puerto Nuevo, San Juan, PR 00969 |
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Country : |
Puero Rico |
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Year of Incorporation : |
1980 |
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Com. Reg. No.: |
46131 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
The company is an importer of beef and seafood. |
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No. of Employees : |
300 Employees |
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 : |
No Complaints |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Puerto Rico |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
PUERTO RICO - ECONOMIC OVERVIEW
Puerto Rico had one of the most dynamic economies in the Caribbean region until 2006, however, growth has been negative for each of the last nine years. The down-turn coincided with the phase-out of tax preferences that had led US firms to invest heavily in the Commonwealth since the 1950s, and a steep rise in the price of oil, which generates most of the island's electricity. Diminished job opportunities prompted a sharp rise in outmigration, as many Puerto Ricans sought jobs on the US mainland. Unemployment reached 16% in 2011, but declined to 13.7% in December 2014. US minimum wage laws apply in Puerto Rico, hampering job expansion. Per capita income is about half that of the US mainland. The industrial sector greatly exceeds agriculture as the locus of economic activity and income. Tourism has traditionally been an important source of income with estimated arrivals of more than 3.6 million tourists in 2008. Puerto Rico's merchandise trade surplus is exceptionally strong, with exports nearly 50% greater than imports, and its current account surplus amounts to about 10% of GDP. Closing the budget deficit while restoring economic growth and employment remain the central concerns of the government. The gap between revenues and expenditures narrowed to 0.2% of GDP in 2014, although analysts believe that not all expenditures have been accounted for in the budget and a better accounting of costs would yield an overall deficit of roughly 5% of GDP in 2014. Public debt rose to nearly 94% of GDP in 2014, the equivalent of $15,600 per person, or nearly three times the per capita debt of the State of Connecticut, the highest in the US. Much of that debt was issued by state-run schools and public corporations, including water and electric utilities. In June 2015, Governor Alejandro GARCIA Padilla announced that the island could not pay back at least $73 billion in debt and that it would seek a deal with its creditors.
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Source
: CIA |
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Order: |
NORTH WESTERN SELECTA INC |
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Address
in the order: |
SANJUAN - 00918, PUERTO RICO |
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Legal
Name: |
NORTHWESTERN SELECTA, INC. |
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Trade
Name: |
NORTHWESTERN SELECTA NUÑEZ FOODS NUMEAT |
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Registry
Number: |
46131 |
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Date
Created: |
1980 |
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Date
Incorporated: |
10-apr-80 |
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Legal
Address: |
Matadero Road |
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Operative
Address: |
Matadero Road |
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Telephone:
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(787) 781-1950 |
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Fax: |
(787) 781-1125 |
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Legal
Form: |
Corporation for Profit |
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Email: |
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Registered
in: |
Puerto Rico |
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Website:
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Contact: |
Elpidio Nunez Iii President |
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Staff: |
300 |
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Activity: |
Meat and Meat Product Merchant Wholesalers |
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FirstBank Puerto Rico |
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The company does not disclose its banking data |
Mr. Elpidio Núñez arrived in Miami, FL as a Cuban exile in 1960. The
Nunez family, through the distribution of meat and seafood, lifted the company
in the United States. In 1980, with a vision to expand the business, Elpidio
Nunez Jr. established Northwestern Selecta in San Juan, PR.
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The company is an importer of beef and seafood, serving
the Caribbean Islands, Central and South America, Puerto Rico as well as the United
States . |
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Products/Services
description: |
beef |
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Brands: |
Smithfield |
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Sales
are: |
Wholesale |
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Clients: |
Supermarkets |
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Largest Contracts |
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Suppliers: |
DALIAN HAIRUIDA CO., LTD. |
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Operations
area: |
National and International |
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The company
imports from |
worldwide |
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The
company exports to |
Caribbean Islands, Central and South America, Puerto
Rico as well as the United States . |
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The
subject employs |
300 employees |
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Payments:
|
No Complaints |
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Headquarters
: |
Matadero Road |
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Branches: |
The company does not have branches |
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Listed
at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
This is a private company owned, founded and managed by
the Nuñez family. |
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Management:
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Elpidio Nunez Iii, President |
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Related
Companies: |
Miami |
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This is a private company which does not make its
financial public. The following information has been provided by private
sources. |
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USD 2014 |
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Revenue |
146 376 439 |
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Cash
Flow |
Good |
Commonwealth of Puerto Rico and the Secretary of the
Treasury, Appealed v. Northwestern Selecta, Inc., Petitioner
March 31, 2012
This case deals with constitutional law - Interstate Commerce Clause in the
US Constitution, in its dormant stage; Constitutional Law 95 of 1992 in its
application to the industry of beef.
"The controversy raised by this resource affects the limitations on the
regulatory authority of the Government of Puerto Rico (Government) in matters
which affected interstate commerce. This is limited to determining whether a
law is constitutional imposed to pay some contributions culminating in the
financing of a publicity campaign that threatens their economic interests. To
attend to resolve touches us this time if the Commerce Clause of the
Constitution of the United States of America (Federal Constitution) in his
sleeping aspect applies to Puerto Rico. "
"We decree, therefore, that it constitutes a discriminatory protective
measure, Law 95, in its implementation, violates the Commerce Clause of the
United States Constitution in its dormant state. Therefore, the judgment is
reversed. "
The lawyer of the petitioner's Atty. Rafael Escalera Rodriguez. Counsel for the
respondent is Atty. Andres Ramirez Mercado, and the Office of the Attorney
General, Atty. Leticia Casalduc, Attorney General, and Atty. Maria A. Hernandez
Martin, Attorney
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The company is an importer of beef and seafood, serving
the Caribbean Islands, Central and South America, Puerto Rico as well as the
United States . It has more than 50 years of experience in the market
with a médium-large sized structure. The company operates mainly in the USA, with a sister
company and distributes all through America. The company’s revenue is good for its size and shows no
negative. |
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DEBTS |
Controlled |
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PAYMENTS |
No Compliants
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CASH
FLOW |
Normal |
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STATUS |
This Corporation is in Good Standing |
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NAME |
Jose |
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POSITION |
Administrative |
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COMMENTS |
He confirmed address, activity, brands, owners and
operations area. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.22 |
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UK Pound |
1 |
Rs.102.23 |
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Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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 |
-- |
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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.