MIRA INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANSIM INC. |
|
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Registered Office : |
Calle 16C, Edif. 41, Local 6B, Zona Libre de Colón, Zip Code 0302-00526, Colon |
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Country : |
Panama |
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Date of Incorporation : |
15.03.2001 |
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Com. Reg. No.: |
Card 397383 /Document 1245 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Import and export of textile products, items of
clothing and other products in general |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$.15,000 Dollars |
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Status : |
Moderate |
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Panama |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
|
CORRECT
COMPANY NAME |
:
|
SANSIM INC. |
|
TRADE
NAME |
:
|
N/A" |
|
TAXPAYER
REGISTRATION |
:
|
RUC 2137831397383 |
|
MAIN
ADDRESS |
:
|
Calle 16C, Edif. 41, Local
6B, Zona Libre de Colón |
|
POSTAL
CODE |
:
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0302-00526 |
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CITY |
:
|
Colón |
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DEPARTMENT/STATE |
:
|
Colón |
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COUNTRY |
:
|
PANAMA |
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TELEPHONE |
:
|
4470793 |
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FAX |
:
|
4470655 |
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WEB
SITE |
:
|
N/A |
COMMENTS
.-
Website is unavailable.
SUMMARY
FOUNDATION :
2001
LAST CAPITAL :
US$300,000 Dollars(100 shares)
SALES :
0.00
EMPLOYEES :
4
PAYMENTS :
Usually to terms/good
CHIEF EXECUTIVE :
SANJAY KAMDAR
DISPOSITION :
(They) refused to give information at all
(politely).
LEGAL BACKGROUNDS
|
LEGAL
ESTATUS |
:
|
Joint-Stock Company |
|
DATE
OF INCORPORATION |
:
|
15MAR2001 |
|
START
OF OPERATIONS |
:
|
N/A |
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REGISTERED
IN |
:
|
Colon Free Trade Zone |
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NOTARY
OFFICE |
:
|
2 |
|
DURATION |
:
|
Perpetual |
|
REGISTRATION |
:
|
Card 397383 /Document 1245 |
|
INITIAL
CAPITAL |
:
|
N/A |
|
CURRENT
PAID-IN CAPITAL |
:
|
US$300,000 Dollars(100
shares) |
|
LAST
CAPITAL INCREASE |
:
|
N/A |
|
SHAREHOLDERS'
EQUITY |
:
|
N/A |
|
TYPE
OF SHARES |
:
|
Registered |
|
LISTED AT STOCK EXCHANGE |
:
|
No |
|
SHARE
VALUE |
:
|
US$1,000.= Dollars |
|
CURRENT
EXCHANGE RATE |
:
|
B/.1.00 per USD1.00 |
|
MEMBERSHIP |
:
|
N/A |
COMMENTS
.-
Organized in accordance with Notarial Act 1245
dated 15/03/2001, entered in the Registrar of the Companies of Panama under
Card 397383, Document 213783 dated 26/03/2001.
According to the Bylaws, the President shall act as
Legal Representative and in his absence, the Secretary, and in turn, in his
absence, the Treasurer or any other person appointed by the Board of Directors.
Shareholders of the Company come from India and
have lived in Panama since 2000.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
|
FULL
NAMES / COMPANY NAME |
TITLE |
OWNERSHIP
% |
|
SANJAY KAMDAR |
General Manager |
34% |
|
ASIM KAMDAR |
Secretary |
33% |
|
RADHIKA PANDE |
Treasurer |
33% |
WHO IS WHO?
SANJAY
KAMDAR
NATIONALITY : Indian
DOC OF IDENT. : CI E-8-91557
ASIM
KAMDAR
NATIONALITY : Indian
BORN :
31AUG1977
DOC OF IDENT. : CI E-8-91329
RADHIKA
PANDE
NATIONALITY : Indian
BORN :
24AUG1977
DOC OF IDENT. : CI E-8-91558
BUSINESS HISTORY
According to the Notarial Act, Lenigdio Xavier
Chávez and José Angel Pimentel signed
the Articles of Incorporation.
BUSINESS
MAIN
ACTIVITY .-
Import and export of textile products, items of
clothing and other products in general.
Import and trading of flat fabric, garments for
men, jackets, etc.
Trademarks: RADZ, CREATIONS
IMPORT : Yes
China
and India
EXPORT : Yes
Central
America, Venezuela, Guatemala, Honduras and El Salvador
|
%
CASH SALES/METHOD |
:
|
95% |
|
%
CREDIT SALES/TERMS |
:
|
05% (30 days) |
|
% FOREIGN SALES (COUNTRIES) |
:
|
96% |
|
%
DOMESTIC PURCHASES |
:
|
N/A |
|
%
FOREIGN PURCHASES |
:
|
Organized in accordance with
Notarial Act 1245 dated 15/03/2001, entered in the Registrar of the Companies
of Panama under Card 397383, Document 213783 dated 26/03/2001. According to the Bylaws, the President
shall act as Legal Representative and in his absence, the Secretary, and in
turn, in his absence, the Treasurer or any other person appointed by the
Board of Directors. Shareholders of
the Company come from India and have lived in Panama since 2000. |
|
SELLING
TERRITORY |
:
|
Domestic market - 4% |
|
EMPLOYEES |
:
|
4 |
LOCATION
.-
|
Premises |
:
|
Own |
|
Monthly
Amount |
:
|
N/A |
|
Time
Occupied |
:
|
N/A |
|
Area |
:
|
220 m2 |
|
Floors |
:
|
N/A |
COMMENTS .-
Main Clients: Importers, distributors and clothes
manufacturers.
FINANCIAL INFORMATION
|
Interviewee(s) |
:
|
Asim Kamdar |
|
Position(s) |
:
|
Secretary |
|
Cooperation |
:
|
(They) refused to give
information at all (politely). |
|
Information
Provided |
:
|
We talked to Asim Kamdar – Secretary who quickly
evaded answering our question and mentioned that everything is still
unchanged. It should be mentioned that the information contained in this
report was collected from different outside sources (public, our files) but
no balance sheets or estimated accounting elements could be obtained. Remember that in Panama you could only get
financial information from public companies. Contrarily, private companies
are not obliged to provide their financials, hence, it is not possible to get
them unless those companies give them voluntarily. |
FINANCIAL
SITUATION : UNDETERMINED
Financial situation is considered to be indeterminate
since no accounting elements could be obtained to analyze this Company current
results.
SANSIM INC located in the Colon Free Trade Zone is
a wholesale distributor of textiles used in a wide variety of applications.
This successful business specializes in a wide range of decorative fabrics that
allow customers to use them to decorate homes and offices and make furniture
more attractive. It also supplies tissues
both for decorative and functional purposes. Sansim Inc provides manufacturers and designers
with materials. The company deals with
many Eastern manufacturers who offer a wide selection of textiles. These
materials are used to make tablecloths, rugs, sheets, bedspreads, cushions,
curtains and more.
Thanks to its location in the Colon Free Trade
Zone, Sansim Inc has become the favorite store for local Latin American
designers and manufacturers. The Company is able to supply customers with
fabrics they need at affordable prices. Products include: Tablecloths, sheets,
bedspreads, cushions, curtains.
No negative backgrounds have been reported against
its operations.
INSURANCE
.-
|
Company |
Againts |
Amount |
Expiration |
|
KAM Y ASOCIADOS |
All risk |
US$200,000 |
N/A |
|
CIA. DE SEGUROS AXA |
All risk |
N/A |
N/A |
|
CIA. DE SEGUROS GENERALI |
All risk |
N/A |
N/A |
PAYMENTS RECORD
TRADE REFERENCES .-
|
Supplier |
Country |
Tel. |
Line of Credit |
Monthly Average |
Terms(days) |
Perfomance? |
Time |
Products/Services |
|
APL |
PANAMA |
(507) 2363200 |
None |
US$ 30,000.= |
CASH |
No experience |
2001 |
Containers and freight
services |
|
Crowley |
PANAMA |
(507) 2637260 |
Open |
US$ 15,000/35,000.= |
30 days |
Prompt |
+10 yrs |
Cargo containers services |
NOTE: Other Suppliers did not
provide information or could not be consulted.
|
Supplier |
Country |
Tel. |
|
Atlas Exports |
INDIA |
N/A |
|
Amber Exports |
INDIA |
N/A |
|
Lonsea Denim |
CHINA |
N/A |
|
Shaoxing Cozy Plus |
CHINA |
N/A |
|
SS China |
CHINA |
N/A |
|
Denim Online Exports Pvt.ltd |
INDIA |
N/A |
|
Bhaskar Industries Ltd. |
INDIA |
N/A |
|
Jeans Online Exportaciones
PVT. Ltd. |
INDIA |
N/A |
CREDIT RISK CENTRAL .-
No restraints, claims, citations, bankruptcy,
auctions, cancellation of accounts or payments in arrears were found against
this Company.
BANKING INFORMATION
BANKERS
.-
|
Bank |
Contact |
Telephone |
Account # |
DC (S/.) |
FC (US$) |
|
AMERICA CENTRAL |
Carlos Grimaldo |
N/A |
N/A |
N/A |
N/A |
|
HSBC BANK |
Sr. Rogelio |
N/A |
N/A |
N/A |
N/A |
|
HSBC |
N/A |
N/A |
N/A |
N/A |
N/A |
Banks in Panama are ruled by the Bank Secrecy Act.
Hence, information regarding their clients cannot be disclosed.
GENERAL INFORMATION
Colon Free Trade Zone on the coast of Panama,
expects to close 2011 with trade transactions amounting to US$24,000 million
dollars due to the positive results in the first five months of the year.
Leopoldo Benedetti, General Manager of the Colon
Free Trade Zone, said trade during the first five months of the year reached
US$10,530 million dollars, an increase by 36.1% over the same period in 2010,
when business transactions amounted to US$7,740 million dollars.
With regards to importations, they recorded a total
of US$5,072 million dollars, an increase by 43.7% and in the case of the
re-exports, they accumulated US$5,450 million dollars, an increase by 29.6%,
both compared with the same period last year. May was the best month of year
2011, it closed with US$2,500 million dollars in imports and re-exports, which
until now has not been registered.
The commercial operations remain stable in recent
years with an annual increase of about US$2,000 million dollars, except for
2009 when there was an increase of only US$500 million dollars.
In this regard, turnover 2007 came to US$16,200 million dollars;
US$18,700 million dollars in 2008, US$19,200 million in 2009 and US$21,600
million dollars in 2010.
In 2010 imports mainly come from China, with 35%;
Malaysia (17%); United States (8%); Hong
Kong (7%); Taiwan (4%) and Japan (2%).
In the case of re-exports, countries which receive goods from the Free Trade Zone mainly include:
Venezuela, with 15%; Colombia (14%); Panama (9%); Dominican Republic (5%) and
Costa Rica (5% ); and Ecuador (4%) and Guatemala (4%). Main exports are items
of clothing in general (22%); electronics (13%); footwear of all kinds (10%);
pharmaceuticals (10%), perfumes and cosmetics (4%); beverages and cigarettes
(3% ).
The Colon Free Trade Zone, opened in 1948 with 10
companies spread over 10 acres, currently has 2,960 companies, out of which 807
cover an area of 795,1 hectares. The
activity of this entity accounts for 7.5% of gross domestic product (GDP) in
Panama, and pays the Treasury about US$64 million dollars, and US$ 5 million
dollars to the Province of Colon and generates over 90,000 jobs, 30,000 of
them, are direct jobs.
The Free Trade Zone, the second largest in the
world after Hong Kong, is visited by more than 120,000 foreigners annually, who
invest during their stay about US$174 million dollars approximately.
REPUTATION
.-
NOTHING
AGAINST COMPANY
CREDIT OPINION
Requested
Credit : MAXIMUM
CREDIT
Suggested
Credit : US$.15,000.=
Dollars
NOTE: The Opinion given is confidential referential
and with out liability
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.72.21 |
|
Euro |
1 |
Rs.62.87 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<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.