MIRA INFORM REPORT

 

 

Report Date :           

24.05.2011

 

IDENTIFICATION DETAILS

 

Name :

UNIVERSAL TRADING COMPANY T. S. CORPORATION

 

 

Registered Office :

Elvira Mendez 10, Edificio Banco Do Brasil Piso 2

 

 

Country :

Panama

 

 

Date of Incorporation :

09.03.1993

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Not Available

 

 

Line of Business :

Subject is an offshore company

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

 

 

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 – 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

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

IDENTIFICATION                                                                                                                                  

 

CORRECT COMPANY NAME

:

UNIVERSAL TRADING COMPANY T. S. CORPORATION

TRADE NAME

:

N/A"

TAXPAYER REGISTRATION

:

RUC 38127-84-270503

MAIN ADDRESS

:

Elvira Mendez 10, Edificio Banco Do Brasil Piso 2

CITY

:

Panamá

DEPARTMENT/STATE

:

Panamá

COUNTRY

:

PANAMA

TELEPHONE

:

3668400

FAX

:

2644569

WEB SITE

:

N/A

 

COMMENTS .-

Both address and phone numbers given are of subjet's Registered Agent.

 

Based on investigation, subject would be an Offshore Company that is legally registered in Panama, but does not carry out business activities in Panama.

 

Information contained in this report was collected from third-party sources and official (only available).

 

 

SUMMARY

 

FOUNDATION               : 1993

LAST CAPITAL : US$25,000,000.= Dollars

SALES                         : 0.00

PAYMENTS                  : P5  Without rating (No payment experience traced)

CHIEF EXECUTIVE        : FAISAL SINNO

DISPOSITION               : Report prepared through third-party sources.

 

 

LEGAL BACKGROUNDS                                                                                                                                  

 

LEGAL ESTATUS

:

N/A

DATE OF INCORPORATION

:

09MAR1993

START OF OPERATIONS

:

N/A

REGISTERED IN

:

Panama

NOTARY OFFICE

:

Segunda del circuita.

DURATION

:

Indefinite

REGISTRATION

:

Card 270503, Volume 220, Entry 2895 (22/03/1993)

INITIAL CAPITAL

:

N/A

CURRENT PAID-IN CAPITAL

:

US$25,000,000.= Dollars

LAST CAPITAL INCREASE

:

N/A

SHAREHOLDERS' EQUITY

:

N/A

TYPE OF SHARES

:

Registered

LISTED AT STOCK EXCHANGE

:

No

SHARE VALUE

:

US$100.= Dollars

CURRENT EXCHANGE RATE

:

B/.1.= Balboa per US$1.= Dollar

MEMBERSHIP

:

N/A

 

COMMENTS .-

It was not obtained any information on subject's shareholders.

 

It was not found any records on beginning of subject's operations in the country.

 

 

DIRECTORS / EXECUTIVES / SHAREHOLDERS                                                                                                                                 

 

FULL NAMES / COMPANY NAME

TITLE

FAISAL SINNO

President

JAMAL BADREDDIN SINNO

Treasurer

SULAIMAN A. AL-MUHAIDIB

Secretary

AROSEMENA NORIEGA & CONTRERAS

Registered Agent

 

 

WHO IS WHO?                                                                                                                                  

 

FAISAL SINNO

NATIONALITY                           : Indian

 

JAMAL BADREDDIN SINNO

NATIONALITY                           : Indian

 

SULAIMAN A. AL-MUHAIDIB

NATIONALITY                           : Indian

 

AROSEMENA NORIEGA & CONTRERAS

NATIONALITY                           : Panamanian

HOME ADDRESS                      : Elvira Mendez 10 Edificio Banco Do Brasil Piso 2, Panamá

 

BACKGROUND INFORMATION .-

Tel.: (507) 366-8400

Fax: (507) 264-4569

Website: http://www.anorco.com

 

This is one of the most famous law firms in Panama.

Associated as per our database to :

Company

Position

Tax. Reg.

Country

SAN JUAN TRADING CORPORATION S.A.

Registered Agent

311951-1-411652

PANAMA

NEALE S.A.

Registered Agent

44899-95-297600

PANAMA

SURAN BUNKER SUPPLIERS INC.

Registered Agent

8704401509037

PANAMA

PANASONIC LATIN AMERICA S.A.

Registered Agent

735-126-116407

PANAMA

 

 

HiSTORY                                                                                                                                 

 

Subject was incorporated on 09/03/1993 by Notarial Act No.1074.

 

Its articles of incorporation were signed by Ricardo Soto Paredes and Ramon Heberto Jurado.

 

 

BUSINESS                                                                                                                                 

 

MAIN ACTIVITY .-

Subject is an offshore company.

 

Subject has been established for the purpose of carrying out in the Republic of Panama or any other country, settlement or foreign territory, activities related to purchase, sell, transfer, arrange, negotiate, finance, exchange, own, manage, give or take money in loan, give and take in commission, mortgage, pledge, lease, use, easement, or antichresis of all kind of properties, either movable or immovable, stocks or rights, and make and carry out all acts, agreements, operations, negotiation, and transactions by virtue of law.

 

% CASH SALES/METHOD

:

N/A

% CREDIT SALES/TERMS

:

N/A

% FOREIGN SALES (COUNTRIES)

:

N/A

% DOMESTIC PURCHASES

:

N/A

% FOREIGN PURCHASES

:

It was not obtained any information on subject's shareholders.  It was not found any records on beginning of subject's operations in the country.

SELLING TERRITORY

:

N/A

EMPLOYEES

:

N/A

 

 

LOCATION .-

Premises

:

N/A

Monthly Amount

:

N/A

Time Occupied

:

N/A

Area

:

N/A

Floors

:

N/A

 

Remarks and other Premises .-

The above-mentioned address is of the registed office established by the company when it was incorporated in Panama. In practice, offices of subject's Registered Agent AROSEMENA NORIEGA & CONTRERAS operate there. The Registered Agent is in charge of sending subject all correspondence.

 

 

FINANCIAL INFORMATION     

                                                                                                                           

Interviewee(s)

:

N/A

Position(s)

:

N/A

Cooperation

:

Report prepared through third-party sources.

Information Provided

:

Based on investigation, subject would be an offshore company. Information of this type of company is very difficult to be accessed by third parties.  The address: Elvira Mendez 10, Edificio Banco Do Brasil Piso 2, Panama, is of offices of the law firm AROSEMENA NORIEGA & CONTRERAS, which acts in the country as subject's Registered Agent. We made arrangements before this law firm, but as usual policies of this type of firms, it refused to provide any information under internal policies and confidentiality agreements signed with its customers.  Based on collected information, it may be said that UNIVERSAL TRADING COMPANY T.S. CORPORATION is a legally incorporated company in Panama, but it does not have any facilities or offfices (and any businesses) in Panama. This type of company is mainly incorporated to take advantage of the Panamanian tax system, which does not impose taxes on activities by companies registered in Panama and their business activities can be carried outside the Panamanian territory.  Based on collected information, subject's main offices are located on Al Akhtal Street, Cola Bridge, Daouk and Hallak Building, Beirut, Lebanon. It is part of the Unitco Group, and its activities are related to electronics, wood, as well as investment in real estates. The Group has incorporated activities of industrialization, trading, distribution and retail of products of wood furniture. In electronic industry, it specifically distributes home electrical appliances.

 

FINANCIAL SITUATION                        :           UNDETERMINED

This company's Financial Situation is deemed to be Undetermined because it was not found any financial information to assess its results.

 

 

PAYMENTS RECORD                                                                                                                                  

 

CREDIT HISTORY .-

In consulted local sources, it was not found any records on commercial credits or financing granted to subject; therefore, it is not possible to determine subject's payment background.

 

LAWSUITS .-

It was not found any adverse records on prohibitions, lawsuits, summons, bankruptcies, auctions, cancelled accounts, delinquent operations against subject.

 


BANKING INFORMATION                                                                                                                                  

 

It was not found any information on accounts opened by subject in Panama.

 

 

CREDIT OPINION                                                                                                                                  

 

Requested Credit Rating :        Credit limit

 

Given subject's situation, we could not recommend it for credits.

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.28

UK Pound

1

Rs.73.30

Euro

1

Rs.63.61

 

 

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.