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Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
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Name : |
ECOTOPIA TEAK INCORPORATED S.A. |
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Registered Office : |
Edificio Plaza Paitilla, Local 38, Punta Paitilla, Apartado 0831-01350 |
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Country : |
Panama |
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Date of Incorporation : |
21.02.2005 |
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Com. Reg. No.: |
0831-01350 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Management of teak plantations and sale of teak logs. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 |
ECOTOPIA TEAK INCORPORATED S.A. |
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TRADE NAME |
ECOTOPIA TEAK INC. S.A. |
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TAXPAYER REGISTRATION |
RUC 7397091477573 |
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MAIN ADDRESS |
Edificio Plaza Paitilla, Local 38, Punta Paitilla, Apartado 0831-01350 |
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POSTAL CODE |
0831-01350 |
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PROVINCE / DEPARTAMENT |
Panama |
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COUNTRY |
PANAMA |
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TELEPHONE |
(507) 3902130 |
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E-MAIL |
info@ecotopiateak.com |
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WEB |
www.ecotopia.com |
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Date of foundation |
2005 |
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Capital stock |
US$2,900,500.00 Dollars. |
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Chief Executive |
JOHANSSON, PER ALF |
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Disposition |
C Poor. Very few information was given. Politely. |
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Payments policy |
Without rating (No payment experience traced) |
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Credit (**) |
Indeterminate, Information is insufficient. With no Experience. |
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
21FEB2005 |
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PLACE OF REGISTRY |
Panama. |
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NOTARY OFFICE |
43, Tenth of Circuit. |
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DURATION |
Perpetual |
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REGISTRATION |
Index Card 477573, Volume 2005, Entry 25195 |
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CURRENT PAID-IN CAPITAL |
US$2,900,500.00 Dollars. |
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CLASS OF SHARES |
Registered. |
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LISTED AT STOCK EXCHANGE |
No |
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SHARE VALUE |
US$1.= Dollar |
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CURRENT EXCHANGE RATE (US$) |
B/.1.= Balboa per 1.= USADollar |
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COMMENTS |
No information was found about company's shareholders but third
parties refer they would be Swedish investors. Resident Agent: REYNA Y
ASOCIADOS. |
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FULL NAMES / COMPANY NAME |
TITLE |
%PART. |
SINCE |
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JOHANSSON, PER ALF |
President |
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MORAN, BIANCA FRIEDA |
Treasurer |
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JOHANSSON, ALF MARTIN HERMAN |
Secretary |
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JOHANSSON, PER ALF |
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ASSOCIATED AS PER OUR DATABASE TO |
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Company was established on 21/02/2005 in compliance with Deed 2474.
According to the company's charter signed the articles of incorporation:
GERVACIA SANTOS and LANNA BERMUDEZ ROMERO.
Founded in 2005 as a
"green" vision of a group of Swedish investors, which led to
the creation of ECOTOPIA TEAK
INCORPORATED S.A., a private company
based in Panama but controlled by foreign capital.
The main objective of this company is based on the interest of
maintaining and managing plantations acquired with certain development and to
expand the area planted into neighboring properties, all under the principle of
integrated resource management.
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SIC
Classification |
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Main activity |
Management of teak plantations and sale of teak logs. |
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Comments |
Manage 650 hectares of teak plantations, some of the oldest in Panama.
Of the total 400 hectares belong to the shareholders and 250 hectares which
they manage from other investors. They also sell some production of teak through the Swedish company AB
Boxhult, which perfects teak for wood products, sawn and planed, and sells to
multiple customers. The company has the forest management certification issued by SGS
entity (Nº SGS-FM/COC-002838, 10/10/2011, due 10/09/2016), Scope: Management
of forest plantations by ECOTOPIA TEAK INCORPORATED S.A. in the Provinces of Chiriqui, Darién and
Panama East of Panama for timber production of Tectona grandis (teak). Location: Cañita, Cañazas, Wacuco (Panama East), Santa Fe (Darién) and
David (Chiriqui). |
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Disposition |
C Poor. Very few information was given. Politely. |
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Information provided |
Despite every effort spent it was virtually impossible to interview the
persons responsible for the company. Thus this report was produced with information gathered from outside
sources and official, but it was not possible to find the financial
statements of company or any financial indicator at any source researched. |
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SALES |
US$ 0.00 () |
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FINANCIAL SITUATION |
NN: UNDETERMINED The financial situation of the company is considered undetermined, not
having financial statements that allow an accurate analysis of its results in
its latest fiscal year. Trade references are very few, if any, which prevents
us from establishing its payment habits. There is little information
available about the Owners creditworthiness. The reluctance in their
statements, derived from confidential policies, makes us lack more leads or
evaluation sources. Public and private sources of information do not report
further details. Company lacks transparency therefore we recommend caution. |
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Insurance Comments |
No information was obtained concerning insurance. |
(Confidential Information)
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TRADE REFERENCES |
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CREDIT HISTORY It was not possible to learn the names of the suppliers or financial institutions
with which this company has dealings. The consultation in local sources did not reveal any credit or
financing granted to the investigated company, thus it is not possible to
determine its payment history. |
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LAWSUITS Local records do not show financial restraints, bank account
disqualification, delinquencies,
litigation, suit, bankruptcy or judgement filed against this company. |
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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.54.28 |
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1 |
Rs.84.09 |
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Euro |
1 |
Rs.72.44 |
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.