MIRA INFORM REPORT

 

 

Report Date :

03.06.2013

 

IDENTIFICATION DETAILS

 

Name :

GLAXOSMITHKLINE PANAMA S.A.

 

 

Registered Office :

Urbanización Industrial Juan Díaz, entre Calles A y B,

 

 

Country :

Panama

 

 

Date of Incorporation :

11.11.1949

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

Import and marketing of pharmaceutical and health products.

 

 

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 :

--

 

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 estimated to be completed by 2015 at a cost of $5.3 billion - about 10-15% 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 is also constructing 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 high growth in 2012. Foreign investment, at around 10% of GDP in both 2011 and 2012, has continued to be a source of growth. 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 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.4% of the labor force in 2012. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012. Panama also achieved removal from the Organization of Economic Development's gray-list of tax havens by signing various double taxation treaties with other nations.

Source : CIA

 

IDENTIFICATION

 

CORRECT COMPANY NAME

GLAXOSMITHKLINE PANAMA S.A.

TRADE NAME

GSK PANAMA

TAXPAYER REGISTRATION

RUC 19342648244

MAIN ADDRESS

Urbanización Industrial Juan Díaz, entre Calles A y B,

DEPT/PROV/REGION/STATE

Panamá / Panamá

COUNTRY

PANAMA

TELEPHONE

(507) 2171777 - 2171633

WEB

www.gsk.com

COMMENTS

 

 
It might be recalled that the order was forwarded without a phone number to expedite the investigation.
 
P.O.Box 0819-08530.

 

EXECUTIVE SUMMARY

 

Date of foundation

1949

Capital stock

B/.25,000.= Balboas

permanent employees

Unknown.

Chief Executive

HOLNESS, DUKE

Disposition

Declined. Refused to answer unpolitely.

Number of times that this company was required: 2

 

 

LEGAL STRUCTURE

 

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

11NOV1949

 

 

PLACE OF REGISTRY

Panama

 

 

NOTARY OFFICE

3: Third Circuit.

DURATION

Perpetual

REGISTRATION

Index Card 18575, Deed 2277.

 

 

INITIAL CAPITAL

B/.25,000.= Balboas

 

 

CURRENT PAID-IN CAPITAL

B/.25,000.= Balboas

LAST CAPITAL INCREASE

No increase

CURRENT EXCHANGE RATE (US$)

B/.1.= Balboa per 1.00 USADollar

 

 

COMMENTS

 

 
The company's Resident Agent is Icaza, Gonzalez-Ruiz & Aleman.
 
The legal representative of the company will be Messrs. Eduardo Ortega Barria, Brenda Batista and Omaira Shelor, who shall exercise the legal representation of the company acting individually.

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

HOLNESS, DUKE

President

 

 

ORTEGA BARRIA, EDUARDO

Director / Secretary

 

 

BATISTA, BRENDA

Director / Treasurer

 

 

MENDILAHARZU, MARTIN

Alternate Director

 

 

ALVARADO, STEVEN

Alternate Director

 

 

CORNER, IVAN

Alternate Director

 

 

 

 

WHO IS WHO?

 

BATISTA, BRENDA

TITLE

Director / Treasurer

NATIONALITY

Panamanian

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

GLAXOSMITHKLINE EXPORT PANAMA S.A.

Finance Manager

4946733315138DV

PANAMA

BUSINESS HISTORY

 

 
Signed the Articles of Incorporation:
 
- William Edward Dowber.
- James Patton Clarendon.

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

GLAXOSMITHKLINE CHILE FARMACEUTICA LTDA.

CHILE

(AC) 850257000

Related

GLAXOSMITHKLINE EXPORT PANAMA S.A.

PANAMA

(AC) 4946733315138DV

Related

 

 

BUSINESS

 

SIC Classification
5 1 - WHOLESALE TRADE-NON-DURABLE GOODS. (Papers, Perfumes, drugs, hardware, Groceries, apparel, food, dairy products, beverages.)

Main activity

 
Import and marketing of pharmaceutical and health products.

O P E R A T I O N S

Import

Yes

Country

Germany, Colombia, Costa Rica, India, USA.

Export

Yes

COUNTRY

Colombia, Jamaica, Puerto Rico and Dominican Republic.

EMPLOYEES

Unknown.

 

 

LOCATION

 

OTHER PREMISES

 
Registered Office, Administrative and Commercial Offices: Operate from premises at heading address.
 
It was not found other address.

Comments

 

 
Its client is GLAXOSMITHKLINE PUERTO RICO

 

 

FINANCIAL INFORMATION

 

Interviewee(s)

External sources

Information provided

 
Since it is not company policy to disclose information, this report has been produced based on data collected entirely through third parties, public and official sources, where it was not possible to get balance sheets and reference figures.

 

 

SALES

 

FINANCIAL SITUATION

 
The financial situation of the company is considered Indeterminate because of not having financial statements that enable an accurate analysis of their results in the last fiscal year.
Trade references being very few if any , does not allow us to establish their payment habits.
Little information was found about the Owners creditworthiness.
Reluctance in their statements, derived from confidential policies,  prevents us from having more  evaluation sources.
Public and private sources of information do not report further details.
Company lacks transparency, so caution is recommended.

Insurance Comments

 

 
We did not have access to this information.



GENERAL INFORMATION

 

REPUTATION

 

NOTHING AGAINST COMPANY

 

Explanation about commercial reputation

 

 

 

 

CREDIT OPINION

 

 

A credit opinion can not be advised because of insufficient payment history and financial information being unavailable

NOTE : The opinion given is confidential, referential and with out liability.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.49

UK Pound

1

Rs.86.01

Euro

1

Rs.73.68

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.