MIRA
INFORM REPORT
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Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GG-TEX S.A. |
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Registered Office : |
Calle 15 Av. Roosevelt, Barrio Sur, Edif. Summerland 4to piso, ofic.
403, Zona Libre de Colón |
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Country : |
Panama |
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Date of Incorporation : |
15.10.1998 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Commercialization of Fabrics against orders from third companies. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : GG-TEX S.A.
TAXPAYER REGISTRATION : RUC
62-408-2-35207682 OPERATING STATUS: Active
MAIN ADDRESS : Calle 15 Av. Roosevelt, Barrio Sur, Edif.
Summerland 4to
piso,
ofic. 403, Zona Libre de Colón
CITY/PROVINCE/STATE : Panamá/ Panamá
COUNTRY : PANAMA
TELEPHONE : (507)445.3638/445.3346
FAX : (507)441.3055
E - MAIL : textile@ggtexpanama.com
COMMENTS .-
Email: ggtex1@cwp.net.pa; elvia@ggtexpanama.com
SUMMARY
Incorporation : 1998 Operating
Status : Active
Finantial Situation : UNDETERMINED
Employees : 9
Business Trend :
Undetermined
LEGAL BACKGROUNDS
LEGAL STATUS : Joint-Stock
Company
DATE OF INCORPORATION : 15OCT1998
REGISTERED IN : Panama
NOTARY OFFICE : Fifth of Circuit
DURATION : Indefinite
REGISTRATION : No.352076, Volume 271, Entry 7473, Deed 9507
INITIAL CAPITAL : B/.100,000.= Balboas
TYPE OF SHARES : Ordinary
LISTED AT STOCK EXCHANGE: No
SHARE VALUE : B/.1,000.= Balboa
CURRENT EXCHANGE RATE : B/.1.= per 1.= US
Dollar
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES /
COMPANY NAME TITLE OWNERSHIP %
KUMAR, GAURAV General
Manager 33.40%
TOLANI, GUL MADHAVDAS Assistant Manager 33.30%
CORREA DE TOLANI, LUZ ADRIANA Shareholder 33.30%
WHO IS WHO ?
KUMAR, GAURAV
NATIONALITY : Indian
PROFESSION : Business Administrator
TOLANI, GUL
MADHAVDAS
NATIONALITY : Indian
CORREA DE TOLANI,
LUZ ADRIANA
NATIONALITY : Panamanian
RELATED COMPANY(IES)
There are not known related companies.
BUSINESS
MAIN ACTIVITY .-
Company is involved in commercialization of
fabrics against orders from third companies.
IMPORT : Yes From India and China.
EXPORT : Yes To Colombia, Peru and Guatemala.
% CASH
SALES/METHOD : 100%
% FOREIGN
PURCHASES : 100%
SELLING
TERRITORY : Domestic market and abroad.
EMPLOYEES : 9
FACILITIES .-
Premises : Rented
Area : 180 M2
Use :
Headquarters
at caption address.
Remarks and other Premises .-
They are located in the Colon Free Zone , in
a commercial area. Subject does not have
other locations.
COMMENTS .-
Sales are made against orders from third
companies , for which purpose subject gets a
commission.
It holds representation of various textiles
companies from China and India.
Major clients include:
- Textela Zona libre S.A.
- Distribuidora Andu S.A.
- Top Tex S.A. (Colombia)
FINANCIAL INFORMATION
A request for information was submitted to Mr. Gaurav Kumar, General Manager,
who cordially assisted us by providing part of the information requested.
However, regarding the company's finances he says he is going to consult
their suppliers to confirm on whose behalf the current investigation is being
conducted, since that information is considered confidential.
Efforts are ongoing and if we obtain that information later, this report
will be supplemented immediately with the results. Otherwise current issued
report will be considered a definitive one.
It should be mentioned in order to complete report we resorted to
investigate in different external sources and in official registries, but it
was not possible to obtain financial statements of this company to determine it
actual financial situation.
It is important to mention in Panama, it is possible to obtain financial
statements of publicly-listed companies only. Privately-held companies have no
obligation to publish their figures, therefore the only way to obtain said
information is through the company itself.
FINANCIAL
SITUATION : UNDETERMINED
The financial situation of this company is
considered Undetermined in absence of elements to assess its results.
PAYMENTS RECORD
TRADE REFERENCES
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COMMENTS .-
Subject lacks local trade credit experience
due to the fact all its purchases are made
from foreign based suppliers.
LIST OF DOMESTIC
SUPPLIERS .-
Suppliers listed Alphabetically.
Supplier _
AARVE DENIM & EXPORT LTD.
TRISTAR INTERNATIONAL
YCT
BANKING INFORMATION
BANKERS
Bank
HSBC BANK PANAMA S.A.
BANCO DE AMERICA CENTRAL
Subject deals with the above mentioned
banking entities, the same which refused to provide us references unde privacy
laws in the country.
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%)