MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
FREESITE EUROPA INC |
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Registered Office : |
Punta Pacífica, Calle Darién y Punta Coronado, Torre De Las Américas,
Piso 2, Oficina A-203 |
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Country : |
Panama |
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Date of Incorporation : |
13.12.2007 |
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Legal Form : |
Corporation |
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Line of Business : |
Import and Distribution of Casual Clothes for Ladies and Gentlemen |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY
NAME :
FREESITE EUROPA INC.
TRADE NAME :
"FREESITE"
TAXPAYER
REGISTRATION : RUC 1262485-1-595930 OPERATING STATUS: Active
MAIN ADDRESS :
Punta
Pacífica, Calle Darién y Punta Coronado, Torre De Las
Américas, Piso 2, Oficina A-203,
CITY/PROVINCE/STATE : Panamá/Panamá
COUNTRY : PANAMA
TELEPHONE :
(507)216.9037/236.9038
E - MAIL :
rchocron@freesite.es
WEB SITE :
None
SUMMARY
Incorporation : 2007 Operating Status : Active
Finantial Situation : UNDETERMINED
CR-Rating : Without Rating
Payments : No further credit experience available
QUALIFICATION
RATING : Without Rating
PAYMENTS : No further credit experience available
LEGAL BACKGROUNDS
LEGAL STATUS : Corporation
DATE OF INCORPORATION : 13DEC2007
REGISTERED IN : Panama
NOTARY OFFICE : 3a.Panamá -Raul Castillo S
DURATION : Perpetual
REGISTRATION : Not.Act.13022; File 595930, Doc.1262485 (17.12.07)
TYPE OF SHARES : Common
SHARE VALUE : Without nominal value
CURRENT EXCHANGE RATE : B/.1.= per USD1
COMMENTS .-
Subject has a total of 500
common shares.
Found no of merger or
consolidation of Subject by or with other companies.
The President and Secretary act
as Legal Representative, no matter which.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
CHOCRON MURCIANO, RAFAEL Presid/Manager/Maj.
Share Yes
CORDOVI, GABRIEL Vice
President/Secretary
SALAMA, MIGUEL Treasurer/Assist.
Secreta
RELATED COMPANY(IES)
Subject would be related to:
FREESITE BROTHER, S.L.
C/Graham Bell No.8,
29590 Campanillas
Málaga
Tel.952 028660/020357
E-Mail: infofranquicia@freesite.es
Web: www.freesite.es
BUSINESS
MAIN ACTIVITY .-
Subject has not started operating yet.
At present, it is conditioning premises and
they expect to began activities the first week of February 2008.
They will be engaged in the import and
distribution of casual clothes for ladies and gentlemen (aged 18 - 30)
Trademark: "FREESITE"
FACILITIES .-
Condition : Good; concrete and
glass construction
Use :
Headquarters,
showroom and sales
Remarks and other Premises .-
Warehouse will operate at Zona Libre de
Colón.
No branches found at this moment.
COMMENTS .-
Products will be traded nationwide and
abroad.
Subject will import from China and India and
export to Dominican Republic, Ecuador and
Venezuela.
Main Clients: Exclusive retail stores:
- Tiendas Anthony (Dominican Republic)
- Tiendas Simán, El Carrillón (Ecuador)
FINANCIAL INFORMATION
Rafael Chocrón, Executive President, advised Subject Company had not
started operating yet but they planned to begin activities the first week of
February.
He also mentioned they had been operating
six months ago through Jonathan Martin, located in Zona Libre de Colón (foreign
trade zone), selling to Panama and the countries mentioned above. Nevertheless,
he said they will operate under the name FREESITE EUROPA INC. since February
2008 in its facilities in the City of Panama,
conditioned for such purposes.
For this reason, accounting information is not still available.
FINANCIAL SITUATION : UNDETERMINED
Financial standing is deemed to
be indeterminate as no accounting elements were available to assess Subject
results.
INSURANCE .-
No insurance policies found at the present time.
PAYMENTS RECORD
TRADE REFERENCES .-
FREESITE EUROPA INC
COMMENTS .-
Since Subject has not began its activities
yet, payment record could not be determined.
LAWSUITS ? .-
No civil claims were filed in the Province of
Panama.
No information was obtained from other
provinces.
BANKING INFORMATION
BANKERS
Bank
TOSER BANK
MULTICREDIT BANK
THE BANK OF NOVA SCOTIA
Subject is a client of the above bank but no
information was obtained under the Bank
Secrecy Act.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)