VISSCHER CARAVELLE MEXICO S.A. DE C.V. (FMO-46807)

Countries
  • Mexico
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 6, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Visscher Caravelle Mexico S.A. de C.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 1.80 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 1.60 MLN
Converted using 2016-09-06 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jun 26, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

FROM FMO:

WHO IS OUR CLIENT

Visscher Caravelle Mexico S.A. de C.V. is a subsidiary of the Dutch carpet products producer Visscher Caravelle (VC) from Genemuiden. VC's main business is the production of car-mats (>90 percent of overall business) wherein it is one of the largest producers in the world and an important supplier to many major car brands. VC has manufacturing plants in Europe and Asia and established a new facility in Mexico in 2014 to service North-American car manufacturing plants.

FUNDING OBJECTIVE

VC Mexico has signed new supply agreements with various car manufacturers that have their assembly lines in Mexico. Therefore, investments are required in the existing facility to increase its production. VC approached FMO-FOM for financing to be used for the expansion of the Mexican production plant, in particular the purchase of new sewing and weaving machine plotters and injection molding equipment.

WHY WE FUND THIS PROJECT

This transaction has an excellent fit with FMO-FOM: Dutch interest transaction to a reputable company with international footprint, positive track record and good growth prospects. A yet to be conducted feasibility study should assess opportunities for recycling and using bio-based and recycled raw materials as inputs. Furthermore there is no commercial funding available for the required investments.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The FMO will finance up to EUR 1.60 million for this project.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

FMO
The Netherlands
+31 70 314 96 96
info@fmo.nl

Anna van Saksenlaan 71
2593 HW, The Hague
The Netherlands

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works