MIRA INFORM REPORT

 

 

Report Date :

05.12.2012

 

IDENTIFICATION DETAILS

 

Name :

ELESTE S.A.

 

 

Registered Office :

Calle 16 con Santa Isabel, Local 6 B1, Zona Libre de Colón

 

 

Country :

Panama

 

 

Date of Incorporation :

15.03.2010

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

Subject is engaged in import and export of clothes for women, gentlemen and children.

 

 

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 :

Moderate

 

 

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

(31.03.2011)

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

ELESTE S.A.

TAXPAYER REGISTRATION

RUC 17428831694710

MAIN ADDRESS

Calle 16 con Santa Isabel, Local 6 B1, Zona Libre de Colón

PROVINCE / DEPARTAMENT

Colón / Colón

COUNTRY

PANAMA

TELEPHONE

(507) 4413390 - 4413490

E-MAIL

eltesa@gmail.comg

WEB

www.fresca.amawebs.com

COMMENTS

The telephone number stated in the order, (507) 761143727, does not beling to Subject.

 

 

SUMMARY

Date of foundation

2010

Capital stock

US$500,000.= Dollars

Chief Executive

HAMMOUD HAMMOUD, NADER

Disposition

Refused to give information for security reasons

Payments policy

P5 Without rating (No payment experience traced)

Credit (**)

NN : Indeterminate, Information is insufficient. With no Experience.

 

 

 

 

LEGAL BACKGROUNDS

 

LEGAL STATUS

Joint-Stock Company

DATE OF INCORPORATION

15MAR2010

PLACE OF REGISTRY

Colon

NOTARY OFFICE

1ra. del Circuito

DURATION

Perpetual

REGISTRATION

Card 694710, Document 1742883 (03/17/2010)

CURRENT PAID-IN CAPITAL

US$500,000.= Dollars

CLASS OF SHARES

Registered

LISTED AT STOCK EXCHANGE

No

SHARE VALUE

US$1,000.= Dollars

CURRENT EXCHANGE RATE (US$)

B/.1.= per 1 USD

COMMENTS

Subject was incorporated by Deed No. 228 dated 03/15/2010.

 

According to its Articles of Incorporation, the Legal Representative is the President or the Treasurer, jointly or individually.

 

 

DIRECTORS - EXECUTIVES - SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

HAMMOUD HAMMOUD, NADER

President/Secretary

 

 

HAMMOUD HAMOUD, SAMIRA

Director

 

 

HAMMOUD HAMOUD, SAMIRA

Director

 

 

MELENDEZ, ARISTIDES

Registered Agent

 

 

 

 

WHO IS WHO?

 

BUSINESS HISTORY

 

Subject's founders:

Salam Hammoud Hammoud and Nader Hammoud Hammoud.

 

 

BUSINESS

 

SIC Classification
2 2 - TEXTILE INDUSTRY. FLAT YARNS AND CONFECTIONARY RAW MATERIAL. (Manuf.Weaving mills, cotton, Synthetics, hosiery, woven carpets and rugs, yarn, fabrics, etc.)

Main activity

Subject is engaged in import and export of clothes for women, gentlemen and children.

 

Sold brand: FRESCA

Import

Yes

Export

Yes

COUNTRY

Colombia, Venezuela, Chile, Nicaragua, El Salvador, Cuba, Costa Rica, Belize, Trinidad and Tobago, Haiti, Dominican Republican

% CASH SALES / METHOD

50%

% Credit SALES / Terms

50% (Short term facilities)

% FOREIGN PURCHASES

100%

SELLING TerritorY

Domestic and international market

LOCATION

OTHER PREMISES

Registered and main offices operate in the address stated in the identification field.

Comments

FRESCA is the leader brand of Indian clothes in Latin American.

 

 

 

FINANCIAL INFORMATION

 

Interviewee(s)

Nader Hammoud Hammoud

Position(s)

Treasurer

Disposition

Refused to give information for security reasons

Information provided

Mr. Nader Hammoud Hammoud flatly refused to provide information of the company.

 

We learnt that they are reluctant people.

 

Under such circumstances, we turned to indirect media and our own files to prepare this report. No updated balance sheets of accounting figures were available.

 

 

It is worth mentioning that in Panama, we can only access to financial information of public companies. In the case of private companies, we can only obtain information if they provide it.

 

 

 

 

 

FINANCIAL SITUATION

UNDETERMINED

Financial Situation of the Company is considered as Undetermined due to it doesn't have enough financial elements to assess the results of its last Fiscal Year.

 

-Operational results are not known.

-The lack or little credit reference doesn't allow knowing and assessing its creditworthiness.

-Commercial references are little or null, which do not allow to determine payment performance.

- In general, there is not enough information regarding Owner's solvency.

-  The secretive attitude of the representatives' statements arose from confidentiality policies limits possible sources.

Insurance Comments

No information on this matter was available.

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS


(Confidential Information)

TRADE REFERENCES

CREDIT HISTORY

No information about regular suppliers was revealed; therefore Subject's payment performance has not been specified.

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.94

UK Pound

1

Rs.88.42

Euro

1

Rs.71.71

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.