MIRA INFORM REPORT

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	TRICON OVERSEAS INC.
Registered Office :	East 53rd Street, Second Floor, Swiss bank Towers Panama
Country :	Panamá
Date of Incorporation :	31.03.2009
Legal Form :	Offshore Company
Line of Business :	It was created to operate in the Republic of Panama or any other country, colony or overseas territory to purchase, sell, transfer, lay down, negotiate, finance, exchange, hold, manage, borrow or loan money as commission, mortgage, pledge, rent, use, profit or antichresis, all kind of goods, whether real properties or not, shares or rights and enter into and execute all legal acts such as contracts, business operations and legal trade activities.
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 30^th, 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

TRICON OVERSEAS INC.

TAXPAYER REGISTRATION

RUC 15516331657469

MAIN ADDRESS

East 53rd Street, Second Floor, Swiss bank Towers Panama

PROVINCE / DEPARTAMENT

Panamá

COUNTRY

PANAMA

TELEPHONE

(507) 2153150

COMMENTS

This company has been not located. It seems to be an OFF SHORE company. 
 
Address stated in the headline belongs to its Registered Agent.
Under such circumstances, this report has been entirely prepared based on public sources. 

SUMMARY

Date of foundation	2009
Chief Executive	TORRAS, IGNACIO
Disposition	Report totally prepared by outside sources.
Payments policy	Without rating (No payment experience traced)
Credit (**)	Indeterminate, Information is insufficient. With no Experience.

LEGAL BACKGROUNDS
LEGAL STATUS	***
DATE OF INCORPORATION	31MAR2009
PLACE OF REGISTRY	Panama
NOTARY OFFICE	5ta. del Circuito
DURATION	Perpetual
REGISTRATION	Card 657469, Doc 1551633, Deed 6136
INITIAL CAPITAL	US$10,000.= Dollars
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	US$1.= Dollar
CURRENT EXCHANGE RATE (US$)	B/.1.= per 1 USD
COMMENTS	Subject's Registered Agent is ALEMAN CORDERO GALINDO & LEE

DIRECTORS - EXECUTIVES - SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
TORRAS, IGNACIO	President
FARRELL, RICHARD D.	Director/Treasurer
FREY, ANDREW	Director/Secretary

WHO IS WHO?

TORRAS, IGNACIO

NATIONALITY

Panamanian

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
TRICON ENERGY INC.	President	5013394317245	PANAMA

FARRELL, RICHARD D.

NATIONALITY

Panamanian

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
TRICON ENERGY INC.	Vice President/Treasurer	5013394317245	PANAMA

BUSINESS HISTORY

Subject's founders: 
EDGARDO ELOY DIAZ
FERNANDO ANTONIO GIL

BUSINESS

Main activity

It was created to operate in the Republic of Panama or any other country, colony or overseas territory to purchase, sell, transfer, lay down, negotiate, finance, exchange, hold, manage, borrow or loan money as commission, mortgage, pledge, rent, use, profit or antichresis, all kind of goods, whether real properties or not, shares or rights and enter into and execute all legal acts such as contracts, business operations and legal trade activities. 

LOCATION
OTHER PREMISES	Although Subject has its registered office on the offices of ALEMAN CORDERO GALINDO & LEE. Subject does not operate or have offices in this country. It is worth mentioning that the Registered Agent is authorized to deliver information to the company.

FINANCIAL INFORMATION
Interviewee(s)	Fuentes Externas
Disposition	Report totally prepared by outside sources.
Information provided	We should state that in the Registered Agent's offices of Subject, Representatives denied providing information; they stated that its mission was to protect its client's identity as well as location. Under such circumstances, we turned to different sources to obtain information for this report. Subject is an OFFSHORE company registered in Panama; it doesn't have facilities, offices or Business under its name in Panama. These kinds of Companies are created in Panama in order to take advantage of Panamanian tax system, which doesn't tax activities carried out on abroad.
SALES	US$ 0.00 ()
FINANCIAL SITUATION	UNDETERMINED Financial situation of the Company is considered as Undetermined due to it doesn't have enough financial elements to analyze its results. Furthermore, the lack of credit references doesn't allow knowing and assessing its creditworthiness.

TRADE REFERENCES, CREDIT BUREAU,

LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

CREDIT HISTORY

No trade credit experience was found. 

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.56
UK Pound	1	Rs.87.45
Euro	1	Rs.71.08

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

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