MIRA INFORM REPORT

 

 

Report Date :           

03.11.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

TOP FASHION INTERNATIONAL Z.L. S.A

 

 

Registered Office :

Calle 17C, Edificio Dismercol (Calle de los Textiles), city Libre de Colón/Colón Zona

 

 

Country :

Panama

 

 

Date of Incorporation :

21.03.2002

 

 

Com. Reg. No.:

414973, Document 332383 (01/04/2002) Deed 185

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

Importing, Marketing, Export of textiles (fabrics in general)

 

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$30,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

TOP FASHION INTERNATIONAL Z.L. S.A.

TRADE NAME

:

N/A"

TAXPAYER REGISTRATION

:

RUC 332383-1-414973

MAIN ADDRESS

:

Calle 17C, Edificio Dismercol (Calle de los Textiles)

POSTAL CODE

:

N/A

CITY

:

Zona Libre de Colón/Colón

DEPARTMENT/STATE

:

N/A

COUNTRY

:

PANAMA

TELEPHONE

:

4414849

FAX

:

4414115

WEB SITE

:

N/A

 

COMMENTS .-

This report was requested with wrong address of :  Calle 16 Edif 4C, Local 2 - Zona Libre de Colón - Panamá,l, which does not correspond to the subject;  the headquarter of company is located in the address shown in caption of report..

 

Also, the correct name of company is shown above.

 

 

SUMMARY

 

FOUNDATION               : 2002

LAST CAPITAL : B/.500,000.= Balboas

SALES                         : 0.00

EMPLOYEES                : 15

PAYMENTS                  : Usually to terms/good

CHIEF EXECUTIVE        : KASSAB, EZRA

DISPOSITION               : PARTIAL (Full information but no figures).

 

 

LEGAL BACKGROUNDS                                                                                                                                 

 

LEGAL ESTATUS

:

Joint-Stock Company

DATE OF INCORPORATION

:

21MAR2002

START OF OPERATIONS

:

N/A

REGISTERED IN

:

Colón

NOTARY OFFICE

:

2nd. of Circuit.

DURATION

:

Perpetual

REGISTRATION

:

414973, Document 332383 (01/04/2002) Deed 185

INITIAL CAPITAL

:

B/.500,000.= Balboas

CURRENT PAID-IN CAPITAL

:

B/.500,000.= Balboas

LAST CAPITAL INCREASE

:

N/A

SHAREHOLDERS' EQUITY

:

N/A

TYPE OF SHARES

:

Registered.

LISTED AT STOCK EXCHANGE

:

No

SHARE VALUE

:

B/.1,000.= Balboas

CURRENT EXCHANGE RATE

:

B/.1.= per 1.00 USADollar

MEMBERSHIP

:

N/A

 

COMMENTS .-

According to company's statutes, the legal representative is the President, and in his absence will be the Secretary.

 

This is a family business that has not changed its corporate name since inception.

 

We were unable to learn ownership percentage of shareholders.

 

 

DIRECTORS / EXECUTIVES / SHAREHOLDERS                                                                                                                                 

 

FULL NAMES / COMPANY NAME

TITLE

OWNERSHIP %

KASSAB, EZRA

President- C.E.O.

YES

TOTAH DE KASSAB, LILIANE

Director/Treasurer

YES

KASSAB, MARK

General Manager

YES

CRUZ & CRUZ

Resident Agent

 

HAMID HIM

Accountant

 

 

 

WHO IS WHO?                                                                                                                                 

 

KASSAB, EZRA

NATIONALITY                           : Panamanian

PROFESSION                           : Businessman

CIVIL STATUS                          : Married to Liliane Totah

 

BACKGROUND INFORMATION .-

Mr. Mark Kassab's father.

 

TOTAH DE KASSAB, LILIANE

NATIONALITY                           : Panamanian

CIVIL STATUS                          : Married to Ezra Kassab

 

KASSAB, MARK

NATIONALITY                           : Panamanian

BORN                           : 1975

 

HAMID HIM

PROFESSION                           : Public Accountant

 

BUSINESS HISTORY                                                                                                                                 

 

Company was established in compliance with Deed No.185 dated 21/03/2002. Signed the articles of incorporation:  Vicente Morales Rodríguez and Brandon Cruz Padilla.

 

By Public Deed 1005 dated 16/07/2008, before First Notary of the Circuit was resolved to sign a merger agreement by absorption, between the companies TOP FASHION INTERNATIONAL Z.L. S.A.  (Surviving company) and the company EMORY PROPERTIES S.A. (absorbed company), merger agreement registered at date 23/12/2008 under Digitized Document No.1493404.

 

No related companies are reported.

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER                                                                                                                                 

 

BUSINESS                                                                                                                                  

MAIN ACTIVITY .-

Importing, marketing, export of textiles (fabrics in general).

 

IMPORT           : Yes

                        from China.

EXPORT           : Yes

                        to Central and South America.

% CASH SALES/METHOD

:

100% Advance and/or bank transfer.

% CREDIT SALES/TERMS

:

N/A

% FOREIGN SALES (COUNTRIES)

:

N/A

% DOMESTIC PURCHASES

:

N/A

% FOREIGN PURCHASES

:

100%

SELLING TERRITORY

:

National and international markets.

EMPLOYEES

:

15

 

 

LOCATION .-

Premises

:

Rented

Monthly Amount

:

N/A

Time Occupied

:

N/A

Area

:

300 sqm.

Floors

:

N/A

 

Remarks and other Premises .-

Legal Domicile, Administrative and Trading Offices:

Calle 17C, Edificio Dismercol (Calle de los Textiles), Zona Libre de Colón/Colón, Tel:  507 4414849

 

No branches listed.

COMMENTS .-

Clients: general public

 

 

FINANCIAL INFORMATION   

                                                                                                                             

Interviewee(s)

:

Hammid Him.

Position(s)

:

Accountant

Cooperation

:

PARTIAL (Full information but no figures).

Information Provided

:

The respondent provided general information and indicated that can not provide the financial statements without authorization of Mr. Mark Kassab (General Manager) who is now using his holiday retreat.  For our part, we have complemented this profile with some elements that we gathered through reliable third-party sources, whereby balance sheet was not found available or referential financial figures for assessment.  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

 

We consider the Financial Situation of the company as Undetermined because of not having financial elements that allow an analysis of their results.

 

TOP FAHION INTERNATIONAL Z.L. SA is a family business, trading and importing company which carries more than 8 years of existence in the market.

 

While we do not have balance sheets available that allow us to an analysis of their results, we should point out that according to the investigation, it has not been detected any negative, that might may affect their reputation. As for their payments behaviour, recent references gotten from suppliers reveal credits that are being met within the agreed terms.

 

 

INSURANCE .-

Company

Againts

Amount

Expiration

ASSICURAZIONI GENERALI PANAMA S.A.

All-risk contract

Not specified

Not specified

 

 

PAYMENTS RECORD       

                                                                                                                          

TRADE REFERENCES .-

Supplier

Country

Tel.

Line of Credit

Monthly Average

Terms(days)

Perfomance?

Time

Products/Services

General Cargo S.A.

PANAMA

(507) 4305920

 Unlimited

US$ 30,000.=

cheque 30, 60 days

Prompt

+5 yrs.

Warehousing and freight

Centro Textil Z.L. S.A.

PANAMA

(507) 4410139

 Unlimited

N/A

cheque 120 days

Prompt

10 years

Textiles

 

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

Supplier

Country

Tel.

DHL Panamá S.A.

PANAMA

(507) 2713400

Intl Textile Mills Llc.

U.S.A.

N/A

 

CREDIT HISTORY .-

No negative records found at the different sources researched.

 

LAWSUITS .-

No legal filings against the name of Top Fashion International Z.L. S.A. found.

 

 

BANKING INFORMATION                                                                                                                                  

 

BANKERS .-

Bank

Contact

Telephone

Account #

DC (S/.)

FC (US$)

GENERAL S.A.

N/A

N/A

N/A

N/A

N/A

BAC

N/A

N/A

N/A

N/A

N/A

ALIADO

N/A

N/A

N/A

N/A

N/A

Financial operations are conducted through the aforementioned bank.

Because the financial system in Panama is governed by the principle of banking secrecy, it has not been possible to obtain information on the accounts of the company.

 

 

GENERAL INFORMATION                                                                                                                                  

 

REPUTATION .-

NOTHING  AGAINST COMPANY

 

 

CREDIT OPINION                                                                                                                                  

 

Requested Credit :       MAXIMUM

Suggested Credit :       US$30,000.=

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

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.78.73

Euro

1

Rs.67.64

 

 

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.