Updated report
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Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
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Name : |
GLAXOSMITHKLINE PANAMA S.A. |
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Registered Office : |
Urbanización Industrial Juan Díaz, entre Calles A y B |
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Country : |
Panama |
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Date of Incorporation : |
11.11.1949 |
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Com. Reg. No.: |
Index Card 18575, Deed 2277. |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Import and marketing of pharmaceuticals and health products |
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No. of Employees : |
Not Available |
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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source : CIA |
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CORRECT COMPANY NAME |
GLAXOSMITHKLINE
PANAMA S.A. |
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TRADE NAME |
GSK PANAMA |
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TAXPAYER REGISTRATION |
RUC 19342648244 |
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MAIN ADDRESS |
Urbanización Industrial Juan Díaz, entre
Calles A y B, |
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DEPT/PROV/REGION/STATE |
Panamá / Panamá |
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COUNTRY |
PANAMA |
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TELEPHONE |
(507) 2171777 - 2171633 |
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WEB |
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COMMENTS |
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This report supersedes our report
previously issued on 31/05/2013. Please find some additional data on the
company and press release. It might be recalled that the order was
forwarded without a phone number to expedite the investigation. P.O.Box 0819-08530. |
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Date of foundation |
1949 |
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Capital stock |
B/.25,000.= Balboas |
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permanent employees |
Unknown. |
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Chief Executive |
HOLNESS, DUKE |
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Disposition |
Declined. Refused to answer unpolitely. |
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Payments policy |
Without rating (No payment experience traced) |
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Number of times that this company was
required: 2 |
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
11NOV1949 |
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PLACE OF REGISTRY |
Panama |
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NOTARY OFFICE |
3: Third of Circuit. |
DURATION |
Perpetual |
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REGISTRATION |
Index Card 18575, Deed 2277. |
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INITIAL CAPITAL |
B/.25,000.= Balboas |
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CURRENT PAID-IN CAPITAL |
B/.25,000.= Balboas |
LAST CAPITAL INCREASE |
No increase |
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CURRENT EXCHANGE RATE (US$) |
B/.1.= Balboa per 1.00 USADollar |
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COMMENTS |
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The company's Resident Agent is Icaza,
Gonzalez-Ruiz & Aleman. The legal representatives 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. |
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- EXECUTIVES – SHAREHOLDERS
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FULL NAMES / COMPANY NAME |
TITLE |
%PART. |
SINCE |
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HOLNESS, DUKE |
President |
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ORTEGA BARRIA, EDUARDO |
Director / Secretary |
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BATISTA, BRENDA |
Director / Treasurer |
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MENDILAHARZU, MARTIN |
Alternate Director |
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ALVARADO, STEVEN |
Alternate Director |
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CORNER, IVAN |
Alternate Director |
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BATISTA, BRENDA |
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TITLE |
Director / Treasurer |
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NATIONALITY |
Panamanian |
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ASSOCIATED AS PER OUR DATABASE TO |
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Signed the Articles of Incorporation: - William Edward Dowber. - James Patton Clarendon. |
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RELATED
COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER |
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SIC
Classification |
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Main activity |
Import and marketing of pharmaceuticals
and health products. |
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OPERATIONS |
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Import |
Yes |
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Country |
Germany, Colombia, Costa Rica, India, USA.
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Export |
Yes |
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COUNTRY |
Colombia, Jamaica, Puerto Rico and
Dominican Republic. |
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EMPLOYEES |
Unknown. |
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Comments |
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Its client is GLAXOSMITHKLINE PUERTO RICO |
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Disposition |
Declined. Refused to answer unpolitely. |
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Interviewee(s) |
External sources |
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Information provided |
Since it is against 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. |
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SALES |
US$ 0.00 () |
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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. 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. |
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Insurance Comments |
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We did not have access to this
information. |
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TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS (Confidential Information) |
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TRADE REFERENCES |
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REPUTATION |
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NOTHING AGAINST COMPANY |
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Explanation about commercial reputation |
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GSK left Brazil and settled in Panama Source: Mileika Lasso Panama, 14/11/2012 Between 2005 and 2010, the pharmaceutical
company has invested about $ 30 million in vaccine research. With an annual budget of $ 25 million,
Panama became the Operations Center of Clinical Research and Vaccine Medical
Affairs for Latin America of the British pharmaceutical company
GlaxoSmithKline (GSK). This research center for Latin America was
installed in Brazil, and this year under Law 6 of February 10, 1998, in the
City "El Saber" which allows
it to develop scientific and technological activities with tax exemption and
labor and migration incentives. Now from Panama will coordinate all
research and clinical development of new vaccines, medical affairs,
epidemiology, safety and pharmaco-economics, while medical / scientific
interactions are coordinated between GSK vaccines and the Pan American Health
Organization. Some of the advantages of selecting the
country are in its geographical position and ease of communication with
research centers in South and North America and Europe. From 2005 to 2010, GSK has invested $ 30
million in medical vaccine research, including clinical trials,
epidemiological studies and analysis of health economics. Maria Mercedes Castrejon, medical director
of research and medical affairs for Central America, the Caribbean and Andean
regions, said operations of GSK in the country date back to 1949, when it was
known as Sterling Products. Later, the company went through a series of
mergers and it was not until 2000 when it became GlaxoSmithKline. Eduardo Ortega, vice president of GSK Vaccines,
said the renewed operation of GSK Vaccines Panama has 76 direct employees and
employs professionals through clinical research organizations. The team
comprises national professionals and from Panama, Argentina, Venezuela,
Colombia and Costa Rica. In Panama, the pharmaceutical company that
currently exports health products to 15 markets in Latin America, keeps four
business operations: manufacturing, logistics and distribution unit, sales
force and operations center for clinical research and medical affairs for
vaccines. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.56.64 |
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UK Pound |
1 |
Rs.86.69 |
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Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.