MIRA INFORM REPORT

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE INTERNATIONAL ZONA LIBRE S.A.

 

 

Registered Office :

José Dominador Bazan, Edificio Cofrisa 9, Local 4 Y 4a Manzana 29, Zona Libre De Colón

 

 

Country :

Panama

 

 

Date of Incorporation :

13.02.1995

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

Trading of textiles, furniture fabrics, curtains.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$.200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Unknown

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Panama

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Identification

 

CORRECT COMPANY NAME

:

RELIANCE INTERNATIONAL ZONA LIBRE S.A.

TRADE NAME

:

N/A"

TAXPAYER REGISTRATION

:

RUC 45180074299009

MAIN ADDRESS

:

José Dominador Bazan, Edificio Cofrisa 9, Local 4 y 4A Manzana 29,

CITY

:

Zona Libre de Colón

DEPARTMENT/STATE

:

Colón

COUNTRY

:

PANAMA

TELEPHONE

:

4311400   / 4311409   / 4311413

FAX

:

4311419

WEB SITE

:

www.reliancezlsa.com

 

 

SUMMARY

 

INCORPORATION                     : 1995

LAST CAPITAL                        : US$2,500,000 Dollars

SALES                                     : 0.00

BUSINESS TREND                    : Stable, unchanged

EMPLOYEES                           : 31

PAYMENTS                              : Without rating (No payment experience traced)

CHIEF EXECUTIVE                   : NARAYAN, RAVI SHANKAR

Disposition                               : MODERATE (Some general information and some figures).

 

 

Legal backgrounds

 

LEGAL ESTATUS

:

Joint-Stock Company

DATE OF INCORPORATION

:

13FEB1995

START OF OPERATIONS

:

N/A

REGISTERED IN

:

Panama

NOTARY OFFICE

:

10ma. del Circuito.

DURATION

:

Perpetual

REGISTRATION

:

F.Card 299009,Reg.1596,Vol.236,Item 5114(24/02/95)

INITIAL CAPITAL

:

N/A

CURRENT PAID-IN CAPITAL

:

US$2,500,000 Dollars

LAST CAPITAL INCREASE

:

No increase reported

SHAREHOLDERS' EQUITY

:

N/A

TYPE OF SHARES

:

Registered

LISTED AT STOCK EXCHANGE

:

No

SHARE VALUE

:

N/A

CURRENT EXCHANGE RATE

:

B/.1.= per USD1

MEMBERSHIP

:

N/A

 

History

 

The Subject Company was established by Public Deed No. 1596 on February 13, 1995.

 

Narayan Ravi Shankar and Haresh Mulchund Nawani signed the Articles of Incorporation.

 

By Public Deed No. 1583 dated November 26, 2009 held in the First Circuit Notary's Office, it was decided to make a Merger by Absorption between RELIACE INTERNACIONAL ZONA LIBRE S.A. (merging company) and ESTEEM INTERNACIONAL S.A. (merged company). Merger agreement registered as from December 18, 2009 under digital document No. 1697234.

 

Directors / executives / shareholders

 

FULL NAMES / COMPANY NAME

TITLE

OWNERSHIP %

NARAYAN, RAVI SHANKAR

CEO

100%

BEGUR, RAGHU

Treasurer

 

MELKOTE, RAVINDRA

Administrative Manager

 

 

 

Who is who ?

 

NARAYAN, RAVI SHANKAR

NATIONALITY                           : Indian

BORN                           : 1964

 

BEGUR, RAGHU

NATIONALITY                           : Indian

 

 

Related companies to subject company or to majority shareholder

 

Subject is related to the following company:

COMPANY NAME

COUNTRY

RELATION

DIVINE S.A.

PANAMA

Related

 

Business

 

MAIN ACTIVITY .-

Subject is engaged in the trading of textiles, furniture fabrics, curtains.

 

Products sold: yarns and sweaters; denim, stretch denim, white and color Dacron, printed fabrics, polyester, embroideries; garments for women, men and children; casual and sport footwear.

 

IMPORT            : Yes

                        (From India, Korea, Thailand, Taiwan, Pakistan)

EXPORT           : Yes

                        (To Central and South America)

% CASH SALES/METHOD

:

N/A

% CREDIT SALES/TERMS

:

N/A

% FOREIGN SALES (COUNTRIES)

:

100%

% DOMESTIC PURCHASES

:

N/A

% FOREIGN PURCHASES

:

N/A

SELLING TERRITORY

:

International market

EMPLOYEES

:

31

 

 

LOCATION .-

Premises

:

Own

Monthly Amount

:

N/A

Time Occupied

:

N/A

Area

:

1,500 m2

Floors

:

3

Equipment

:

Suitable for its line of business.

Condition

:

Good; located at industrial area.

Use

:

Registered domicile, Administrative and Commercial offices.

 

Remarks and other Premises .-

Other premises: Calle 16, Edificio 40, Local 2, Apartado 0302-00043, Zona Libre, Colón-Panamá.

COMMENTS .-

Subject has associated offices in India, Hong Kong and Taiwan.

 

Representative of manufacturing firms from India and Far East.

 

 

Financial information

 

Interviewee(s)

:

Sr. Ravi Narayan

Position(s)

:

President

Cooperation

:

MODERATE (Some general information and some figures).

Information Provided

:

Mr. Ravi Narayan kindly cooperated with general information while financial information is being evaluated. He informed us that the Company has a sales average between US$18 to 20 million Dollars per year.  We have consulted other official sources where supplementary information was gathered.

 

FINANCIAL SITUATION             :           Active

The company's Financial Standing is considered to be Undetermined since there is no financial information that allows us to asses its results.

 

INSURANCE .-

Company

Againts

Amount

Expiration

Aseguradora Mundial

Various risks

Not specified

Not specified

 

 

Payments record

 

TRADE REFERENCES .-

 

Supplier

Country

Tel.

Line of Credit

Monthly Average

Terms

(days)

Perfomance?

Time

Products/Services

China Shipping

PANAMA

507 2651190

N/A

US$ 400-1,000

Cash

No experience

2008

Maritime transport service

Evergreen Marine

PANAMA

507 4309042

N/A

 Not specified

Cash

No experience

2007

Maritime transport service

 

NOTE: Other Suppliers did not provide information or could not be consulted.

Supplier

Country

Tel.

P & O Nedlloyd

PANAMA

507 4301121

APL de Panamá SA

PANAMA

507 4302030

Maersk Sealand

PANAMA

507 4338800

CSAV Compañía Suramericana de Valores S.A.

PANAMA

N/A

 

LAWSUITS .-

No legal actions or lawsuits have been filed against Subject.

 

 

Banking information 

 

BANKERS .-

Bank

Contact

Telephone

Account #

DC (S/.)

FC (US$)

MULTI BANK INC.

N/A

N/A

N/A

N/A

N/A

MEGA INTERNATIONAL COMMERCIAL

N/A

N/A

N/A

N/A

N/A

HSBC BANK PANAMÁ

N/A

N/A

N/A

N/A

N/A

No account information could be obtained as the financial system in Panama is ruled by the Bank Secrecy Act.

 

 

General information

 

REPUTATION .-

NOTHING  AGAINST COMPANY

 

 

Credit opinion

 

Subject is eligible for being granted a credit limit of US$.200,000.=

NOTE: The Opinion given is confidential referential and with out liability

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.72.71

Euro

1

Rs.61.15

 

 

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.