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Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
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Name : |
SANSIM INC. |
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Registered Office : |
Calle 16C, Edif. 41, Local 6B, Zona Libre de Colón 0302-00526 |
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Country : |
Panama |
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Date of Incorporation : |
15.03.2001 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Import and export of textile products, items of clothing and other
products in general |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Panama |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
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CORRECT COMPANY NAME |
SANSIM INC. |
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TAXPAYER REGISTRATION |
RUC 2137831397383 |
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MAIN ADDRESS |
Calle 16C, Edif. 41, Local 6B, Zona Libre de Colón |
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POSTAL CODE |
0302-00526 |
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PROVINCE / DEPARTAMENT |
Colón |
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COUNTRY |
PANAMA |
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TELEPHONE |
(507) 4470793 |
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E-MAIL |
sansiminc@yahoo.com |
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Date of foundation |
2001 |
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Capital stock |
US$300,000 Dollars(100 shares) |
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permanent employees |
4 |
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Chief Executive |
KAMDAR, SANJAY GIRISH |
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Disposition |
REFUSED TO GIVE INFORMATION (No reason. Reserved. Relunctant. |
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Payments policy |
Usually to terms/good |
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Credit (**) |
Risk is Moderate. Within Average. Lightly Fair Situation. |
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
15MAR2001 |
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PLACE OF REGISTRY |
Colon Free Trade Zone |
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NOTARY OFFICE |
2 |
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DURATION |
Perpetual |
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REGISTRATION |
Index Card 397383, /Document 213783 |
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CURRENT PAID-IN CAPITAL |
US$300,000 Dollars(100 shares) |
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CLASS OF SHARES |
Registered |
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LISTED AT STOCK EXCHANGE |
No |
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SHARE VALUE |
US$1,000.= Dollars |
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CURRENT EXCHANGE RATE (US$) |
B/.1.00 per USD1.00 |
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COMMENTS |
Organized in accordance with Notarial Act 1245 dated 15/03/2001,
entered in the Mercantile Register of of
Panama under Index Card 397383, Document 213783 dated 26/03/2001. According to the Bylaws, the President shall act as Legal
Representative and in his absence, the Secretary, and in turn, in his
absence, the Treasurer or any other person appointed by the Board of
Directors. The shareholders of the investigated company are from India and living
in Panama since 2000. |
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KAMDAR, SANJAY GIRISH |
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NATIONALITY |
Indian |
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ID |
CI E-8-91557 |
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KAMDAR, ASIM |
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NATIONALITY |
Indian |
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D.O.B. |
31AUG1977 |
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ID |
CI E-8-91329 |
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RADHIKA PANDE |
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NATIONALITY |
Indian |
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D.O.B. |
24AUG1977 |
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ID |
CI E-8-91558 |
According to the Notarial Act, Lenigdio Xavier Chávez and José Angel Pimentel
signed the Articles of Incorporation.
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Main activity |
Import and export of textile products, items of clothing and other
products in general. Import and trading of flat fabric, garments for men, jackets, etc. Brands: "RADZ", "CREATIONS" |
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Import |
Yes |
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Country |
China and India |
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Export |
Yes |
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COUNTRY |
Central America, Venezuela, Guatemala, Honduras and El Salvador |
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% CASH SALES / METHOD |
95% |
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% Credit SALES / Terms |
05% (Terms: 30 days) |
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% Ventas exterior (Paises) |
96% |
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SELLING TerritorY |
04% Nationally |
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EMPLOYEES |
4 |
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Comments |
SANSIM INC. located in the Colon Free Trade Zone is a wholesale distributor
of textiles used in a wide variety of applications. This successful business
specializes in a wide range of decorative fabrics that allow customers to use
them to decorate homes and offices and make furniture more attractive. It
also supplies tissues both for
decorative and functional purposes.
Sansim Inc provides manufacturers and designers with materials. Thanks
to its location in the Colon Free Trade Zone, Sansim Inc. is able to supply customers with fabrics
they need at affordable prices. Products include: Tablecloths, sheets,
bedspreads, cushions, curtains. Subject's main customers are importers, distributors and garment
makers. |
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Position(s) |
Secretary |
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Disposition |
REFUSED TO GIVE INFORMATION (No reason. Reserved. Relunctant. |
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Information provided |
It should be noted that the data in this report was obtained from
various indirect sources (public sources, our own files, etc). It is also 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. |
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SALES |
US$ 0.00 () |
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FINANCIAL SITUATION |
B: FAIR During the course of our research we have found nothing that can
adversely affect their development. |
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INSURANCE |
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(Confidential Information)
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TRADE REFERENCES |
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Note : Other suppliers did not provide information or could not be
consulted |
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BANKERS Banks in Panama are ruled by the Bank Secrecy Act. Hence, information regarding
their clients cannot be disclosed. |
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GENERAL INFORMATION |
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REPUTATION |
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NOTHING AGAINST COMPANY |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.08 |
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1 |
Rs.83.11 |
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Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.