MIRA INFORM REPORT

 

 

Report Date :

04.12.2012

 

IDENTIFICATION DETAILS

 

Name :

FORTIS COMMUNICATIONS S.A.

 

 

Registered Office :

Cuba y Calle 34 # 34-44, Edificio Don Tin Piso 4 # 18

 

 

Country :

Panama

 

 

Date of Incorporation :

25.09.2008

 

 

Com. Reg. No.:

Card No.635031, Volume 2008, Entry 194704

 

 

Legal Form :

Offshore Company

 

 

Line of Business :

Subject was 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, negotiations, and transactions by virtue of law.

 

 

No. of Employees :

Not Available 

 

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 :

Offshore company

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Panama

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

panama - ECONOMIC OVERVIEW

 

Panama's dollar-based economy rests primarily on a well-developed services sector that accounts for more than three-quarters of GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism. Economic growth will be bolstered by the Panama Canal expansion project that began in 2007 and is scheduled to be completed by 2014 at a cost of $5.3 billion - about 10% of current GDP. The expansion project will more than double the Canal''s capacity, enabling it to accommodate ships that are too large to traverse the existing canal. The United States and China are the top users of the Canal. Panama also plans to construct a metro system in Panama City, valued at $1.2 billion and scheduled to be completed by 2014. Panama''s booming transportation and logistics services sectors, along with aggressive infrastructure development projects, have lead the economy to continued growth in 2011. Strong economic performance has not translated into broadly shared prosperity, as Panama has the second worst income distribution in Latin America. About 30% of the population lives in poverty; however, from 2006 to 2010 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to less than 3% of the labor force in 2011. A US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011. Seeking removal from the Organization of Economic Development''s gray-list of tax havens, Panama has also recently signed various double taxation treaties with other nations.

 

Source : CIA

 

IDENTIFICATION

 

CORRECT COMPANY NAME

FORTIS COMMUNICATIONS S.A.

TAXPAYER REGISTRATION

RUC 14368101635031

MAIN ADDRESS

Cuba y Calle 34 # 34-44, Edificio Don Tin Piso 4 # 18

PROVINCE / DEPARTAMENT

Panamá

STATE / REGION

Panamá

COUNTRY

PANAMA

TELEPHONE

(507) 2272658

COMMENTS

 

 

 

 

The above-mentioned address belong to the offices of Mr. Emilio Arrocha Graell (Registered Agent).

 

Former address:  Av. Cuba y Calle 34, Edificio 34-20, 3er. Piso, No.302- Panama.

 

Subject's Registered Agent has other offices at World Trade Center, Calle 53 Este, 7mo. piso, Suite, WTC Marbella - Panama. Telephone: (507) 332.0731.

 

It is worth mentioning that both address and phone numbers stated belong to Subject's Registered Agent.

 

Based on the research, Subject is an offshore company, legally incorporated in the country without economic activities performed in Panama.

 

Information contained in this report was collected from third-party sources and official.

 

SUMMARY

 

Date of foundation

2008

Capital stock

US$10,000.= Dollars

permanent employees

No workers

Chief Executive

RIVERA FERNANDEZ, JAVIER ADAN

Disposition

Report totally prepared by outside sources.

Payments policy

Without rating (No payment experience traced)

 

LEGAL BACKGROUNDS

 

LEGAL STATUS

Offshore Company

 

 

DATE OF INCORPORATION

25SEP2008

 

 

PLACE OF REGISTRY

Panama

 

 

NOTARY OFFICE

Décima del Circuito.

DURATION

Perpetual

REGISTRATION

Card No.635031, Volume 2008, Entry 194704

 

 

INITIAL CAPITAL

US$10,000.= Dollars

 

 

CURRENT PAID-IN CAPITAL

US$10,000.= Dollars

LAST CAPITAL INCREASE

No increases reported.

CLASS OF SHARES

Common

LISTED AT STOCK EXCHANGE

No

SHARE VALUE

US$100.= Dollars

 

 

CURRENT EXCHANGE RATE (US$)

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

 

 

COMMENTS

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

 

This company's Legal Representative is the President, and in his absence, the Secretary.

 

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

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

RIVERA FERNANDEZ, JAVIER ADAN

President

 

 

SANCHIZ, INES

Treasurer

 

 

MORALES, VILMA ALICIA

Secretary

 

 

ARROCHA GRAELL, EMILIO

Registered Agent

 

 

 

 

WHO IS WHO?

 

RIVERA FERNANDEZ, JAVIER ADAN

NATIONALITY

Panamanian

PROFESSION

Lawyer

BACKGROUND INFORMATION

He is a Member of the Board of Directors of several Offshore companies registered in Panama.

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

OIL & MARINE TECHNOLOGY S.A.

President

9509341525896

PANAMA

CORALINK INTERNATIONAL CORP.

President

9557031526785

PANAMA

GRAYTON ENTERPRISES LTD S.A.

President

2391471401322

PANAMA

DENVILLE TRADING CORPORATION

President

 

PANAMA

GILLER GROUP S.A.

President

5531901443722

PANAMA

TELECOM ADVISER SERVICE COMPANY INC.

President

9782771531365

PANAMA

PARKSTONE CAPITAL S.A.

President

14474621637467

PANAMA

FRENO LIMITED S.A.

Presidento of the BoD

10120261538535

PANAMA

HEMTON PROPERTIES INC.

President

9388911523294

PANAMA

RANEFIELD INTERNATIONAL S.A.

President of the BoD

7367911476771

PANAMA

DARLOW ENTERPRISES INC.

President of the BoD

3003061410026

PANAMA

GREEN POINT TRADE LIMITED S.A.

President

9818061532246DVO

PANAMA

STELLSTAN S.A.

President

8809351511069

PANAMA

FLORYN PROJECTS INC.

President

11534801572221

PANAMA

EDERFORD INC.

President

7428021478209

PANAMA

EWEN SOLUTION S.A.

President

19898821738509

PANAMA

MERCADO GROUP S.A.

President

6972581467982

PANAMA

SOLDA TRADING S.A.

President

6163031453894

PANAMA

FIRST MARKET CONFIRMERS S.A.

President

10374831544149

PANAMA

STUCKELEY CORPORATION

President

14287161633697

PANAMA

PHOENIX PLUS S.A.

President

17644131698906

PANAMA

GRANDLAKE LIMITED S.A.

President

9640801528526

PANAMA

AMBER AUTO LTD. S.A.

President

8598571506964

PANAMA

IRIMEX S.A.

President of the BoD

5292791439917

PANAMA

VITASAIL S.A.

President

6863481465455

PANAMA

LACITA CORP.

President

3313961414780

PANAMA

BILINGTON INDUSTRIES INC

President

 

PANAMA

BRAKESTAR COMMUNICATIONS INC

President

 

PANAMA

GOLDGATA LTD S.A.

President/Director

 

PANAMA

SKY VOIP CORP.

President

6441501458655

PANAMA

VAN HOOGEVEN INTERNATIONAL INC

President

 

PANAMA

INDUSTRIAL MERCHANDISE LTD S.A.

President

 

PANAMA

SUNLIGHT LINES LTD S.A.

President

 

PANAMA

DUNWOOD ENTERPRISES CORP

President

4203041427255

PANAMA

HARLET TRADING CORPORATION

President

7839851489007

PANAMA

NGA ASSOCIATED S.A.

President/Director

5701851446510

PANAMA

EASTCO INTERNATIONAL S.A.

President

1165291380873

PANAMA

SEAFOOD EXPORT LTD. S.A.

President

10226791540781

PANAMA

LEVIX GROUP S.A.

President

7016851468810

PANAMA

CARMEL SYSTEMS S.A.

President

6954501467537

PANAMA

WESTRELL TRADE S.A.

President

11720681576286

PANAMA

LENSOL SYSTEMS LTD. S.A.

President

11428341569955

PANAMA

AMANDOR CORP.

President

5198011322923

PANAMA

GM GIBSON IMPORT-EXPORT INC.

President

576498339435

PANAMA

MC SERVICES INTERNATIONAL INC.

Secretary/Director

15416071655770

PANAMA

TENDER DEVELOPMENT CORPORATION

Secretary

1658686167764

PANAMA

OUI INVESTMENTS S.A.

Director/Secretary

12895231602686

PANAMA

 

 

 

 

ARROCHA GRAELL, EMILIO

NATIONALITY

Panamanian

PROFESSION

Lawyer

BACKGROUND INFORMATION

For some time, his whereabouts were UNKNOWN in Panama.

Although he was a member of the Panamanian Bar Association, his registered address was abroad (His name was not listed in the telephone or postal directory.

 

Currently, his offices are located at Av. Cuba y Calle 34 Nro.34-44, Edificio Don Tin Piso 4, No.18 - Panama.

Tel: (507) 2272658. Fax: 2271358.

 

There are other offices registered under his name in the World Trade Center, Calle 53 Este, 7mo. piso, Suite, WTC Marbella - Panamá.

Tel: (507) 3320731

 

Previous address: Av. Cuba y Calle 34, Edificio 34-20, 3er. Piso, No.302 Panamá.

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

INDUSTRIAL MERCHANDISE LTD S.A.

Registered Agent

 

PANAMA

FIRST MARKET CONFIRMERS S.A.

Registered Agent

10374831544149

PANAMA

AMBER AUTO LTD. S.A.

Registered Agent

8598571506964

PANAMA

STUCKELEY CORPORATION

 

14287161633697

PANAMA

GREEN POINT TRADE LIMITED S.A.

Registered Agent

9818061532246DVO

PANAMA

TRADESYS INC.

Registered Agent

6286461456036

PANAMA

PARKSTONE CAPITAL S.A.

Registered Agent

14474621637467

PANAMA

RANEFIELD INTERNATIONAL S.A.

Registered Agent

7367911476771

PANAMA

SEAFOOD EXPORT LTD. S.A.

Registered Agent

10226791540781

PANAMA

WESTRELL TRADE S.A.

Registered Agent

11720681576286

PANAMA

CORALINK INTERNATIONAL CORP.

Registered Agent

9557031526785

PANAMA

BRAKESTAR COMMUNICATIONS INC

Registered Agent

 

PANAMA

VAN HOOGEVEN INTERNATIONAL INC

Registered Agent

 

PANAMA

DONWAY PROPERTIES INC.

Registered Agent

9434611524285

PANAMA

 

BUSINESS HISTORY

 

Subject was incorporated on 25/09/2008 by Notarial Act No.21953.

 

Its articles of incorporation were signed by Vilma Alicia Morales and Ines Sanchez.

 

It was not obtained any information on subject's parent company and/or related companies.

 

 

BUSINESS

 

Main activity

This is an offshore company.

 

This company was 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, negotiations, and transactions by virtue of law.

EMPLOYEES

No workers

 

LOCATION

OTHER PREMISES

The address: Calle 34-20, Panama, is of the registered office established by the company when it was incorporated in Panama, which is also the office of subject's Registered Agent, Mr. Emilio Arrocha Graell, who is responsible for sending all correspondence to subject.

 

FINANCIAL INFORMATION

 

Disposition

Report totally prepared by outside sources.

Information provided

Based on investigation, subject would be an offshore company. Information on this type of companies is very difficult to be obtained from third-party sources.

 

The address: Calle 34-20, Panama, was of the previous offices of Mr. Emilio Arrocha Graell; those are now located on Cuba y Calle 34 # 34-44, Edificio Don Tin Piso 4 # 18, Panama. He is subject's registered agent in Panama. We performed arrangements to obtain information, but as it is usual, the registered agent refused to provide any information under internal policies and confidentiality agreements with his customers.

 

Collected information suggests that FORTIS COMMUNICATIONS S.A. is a legally registered company in Panama, but it does not have any facilities and offices (and businesses) in Panama. This type of companies is mainly incorporated to take advantage of the Panamanian tax system, which imposes taxes on activities by companies registered in Panama and their commercial activities may be performed outside the Panamanian territory.

 

In consulted sources, it was not found any information on subject's parent company, as well as market at which its operations are aimed.

 

 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

NN: UNDETERMINED

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

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS


(Confidential Information)

TRADE REFERENCES

 

CREDIT HISTORY

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

 

 

LAWSUITS

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

 

 

BANKERS

It was not found any information on accounts that were opened by the company in Panama.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.56

UK Pound

1

Rs.87.46

Euro

1

Rs.71.08

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.