MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEXTELA ZONA LIBRE S.A. |
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Registered Office : |
Calle C 41, Zona Libre Colon/Colón |
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Country : |
Panama |
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Date of Incorporation : |
29.04.1987 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Import, Export and Commercialization of
Fabrics in General, Books, Silk, among others. |
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 |
IDENTIFICATION
CORRECT COMPANY NAME : TEXTELA ZONA LIBRE S.A.
TAXPAYER REGISTRATION : RUC 21322-56-191728 OPERATING STATUS: Active
MAIN ADDRESS : Calle C 41,
CITY/PROVINCE/STATE : Zona Libre
Colón/Colón
COUNTRY : PANAMA
TELEPHONE : (507)441.5000
FAX : (507)441.5101/441.5330
E - MAIL :
gerencia@textelapanama.com
COMMENTS .-
P.O. Box 4031.
SUMMARY
Incorporation : 1987 Operating Status : Active
Last Capital : US$10,000.= Dólares
Shareholders' Equity : US$7,851,267.=
Dólares (31.12.2006)
Annual Sales : 19,767,301.00 US$ Dollars
Finantial Situation : SATISFACTORY
Employees : 70
CR-Rating : Good
Payments : No further credit experience available
Business Trend : Stable, unchanged
QUALIFICATION
RATING : Good
PAYMENTS : No further credit
experience available
LEGAL BACKGROUNDS
LEGAL STATUS : Joint-Stock
Company
DATE OF INCORPORATION : 29APR1987
REGISTERED IN : Panama
NOTARY OFFICE : Fifth of the
Circuit
DURATION : Perpetual
REGISTRATION : Card 191728, Roll 21322, Frame 56
INITIAL CAPITAL : US$10,000.=
Dollars
CURRENT PAID-IN CAPITAL :
US$10,000.=
Dollars
LAST CAPITAL INCREASE : No increase reported
SHAREHOLDERS' EQUITY : US$7,851,267.= Dollars (as of 31.12.2006)
TYPE OF SHARES : Nominal
LISTED AT STOCK EXCHANGE : No
CURRENT EXCHANGE RATE : B/.1.= per USD1
COMMENTS .-
According to Subject's Bylaws, the President
acts on behalf of the Company and in his absence the Secretary or Treasurer.
HISTORY
Jorge Alexis Garrido and Sandra Sagel signed
the Articles of Incorporation.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
HAFEITZ, NESSIM President Yes
HAFEITZ, TEOFILO N. Treasurer Yes
HAFEITZ, SIMON Secretary Yes
WHO IS WHO ?
HAFEITZ, TEOFILO N.
NATIONALITY : Panamanian
BUSINESS
MAIN ACTIVITY .-
Subject is engaged in import, export and
commercialization of fabrics in general,
books, silk, among others.
IMPORT : Yes China, India,
Pakistan, Taiwan; payments via transfers
EXPORT : Yes South America,
Central America and the Caribbean
% CASH SALES/METHOD : 80%
% CREDIT SALES/TERMS : 20% (15 days)
% FOREIGN SALES(COUNTRIES): 100%
SELLING TERRITORY : International
market
EMPLOYEES : 70
FACILITIES .-
Premises : Rented
Use : Headquarters,
commercial offices, warehouses
Remarks and other
Premises .-
Warehouses are located at Complejo de Zona
Libre de Colon.
COMMENTS .-
Sales are targeted to distribution
companies.
FINANCIAL INFORMATION
Karen Belgrane, Manager's Secretary, was
instructed to provide only basic information.
Thus, we had to consult other sources and
public where we found Balance Sheet
for the Fiscal Year ended as of December 31,
2006, latest available, expressed in US$
Dollars.
TEXTELA ZONA LIBRE S.A. is a medium-sized
concern that has more than 20 years of
operations in the market, dedicated to importing, exporting and trading
textile products. No information was traced regarding possible debts.
BALANCE SHEET DATE : 31DEC2006
TYPE OF BALANCE SHEET : Annual
BALANCE SHEET OF : 12 months
CURRENCY : US$ Dollars
EXCHANGE RATE PER US$ : 1.00
ASSETS
TOTAL CURRENT : 20,870,133.00
FIXED : 1,070,039.00
TOTAL ASSETS : 21,940,172.00
: 31DEC2006
LIABILITIES
TOTAL CURRENT : 10,889,164.00
OTHERS : 3,199,741.00
TOTAL EQUITY : 7,851,267.00
TOTAL LIABILITIES :
21,940,172.00
SALES : 19,767,301.00
PROFIT (LOSS) : 3,266,708.00
LIQUIDITY RATIO : 1.92 (Current Assets/Current
Liabilities)
DEBT-TO-EQUITY RATIO: 72.10% (Shareholders'equity/Current
Liabilities)
PROFITABILITY MARGIN: 16.53%
(Profits/Sales)
WORKING CAPITAL : 9,980,969.00 (Current Assets - Current Liabilities)
FINANCIAL SITUATION : SATISFACTORY
Based on the last Financial Statement,
Subject's Financial Position is considered
satisfactory. Liquidity ratio is adequate
and is over average. Working capital is
good
and allows company to meet payments
promptly. Relation between shareholders' equity and
obligations is acceptable. Economic results
have been satisfactory.
INSURANCE .-
Company Against
UNISEGUROS S.A. General risks
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit _ Monthly Average _ Terms(days)) Performance? _ Time _ Products/Services Supplier
1 US$ 2,000.= US$ 500.= 30 days Prompt
2000 Courier sevices Domestic
2 Not specified
CASH No experience 2005
Maritime transport servic Domestic
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed Alphabetically.
There is not relationship as for the order above
Supplier _ Telephone _
DHL/Luis Masías (507)
2713400
Maersk Sealand (507) 4338800
Unigreen Marine/Carlos
Gonzales (507) 4309000
CREDIT HISTORY .-
Subject buys in the local and
international markets.
Business circles agreed to
comment that so far Subject has fulfilled its obligations
within the agreed terms.
Favourable opinion.
LAWSUITS ? .-
No civil or criminal
proceedings have been initiated against this Company.
BANKING INFORMATION
BANKERS
Bank
HSBC BANK
MULTI CREDIT BANK
BANCO ALIADO
BANCO GENERAL
Subject deals with the aforesaid banks. No
more information was available because of confidential policies.
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%)