MIRA INFORM REPORT

Report Date :

10.05.2013

IDENTIFICATION DETAILS

Name :	INDUSTRIAS EVERFIT S.A.

Registered Office :	Calle 1, Urb. Industrial Los Angeles, Zona 5 (entrando Bco. Chase, al lado ant Club Las Molas)

Country :	Panama

Date of Incorporation :	28.01.1972

Legal Form :	Joint-Stock Company

Line of Business :	Distribution of items of clothing in general for ladies, gentlemen and babies; wholesale of merchandise in general, office and school supplies, household items, among other.

No. of Employees :	140

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

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 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Panama

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	INDUSTRIAS EVERFIT S.A.
TAXPAYER REGISTRATION	RUC 847115101159
MAIN ADDRESS	Calle 1, Urb. Industrial Los Angeles, Zona 5 (entrando Bco. Chase, al lado ant Club Las Molas)
POSTAL CODE	8950
DEPT/PROV/REGION/STATE	Panamá / Panamá
COUNTRY	PANAMA
TELEPHONE	(507) 2604222 / 2604815
E-MAIL	luz@everfit.net
COMMENTS
Be advised the correct name and address are as above written. No telephone numbers were provided in your order to expedite our investigation. PO BOX 8950

SUMMARY


Date of foundation	1972
Capital stock	US$.7,700,000.= Dollars
permanent employees	140
Chief Executive	ESSES YOHOROS, JOE
Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Payments policy	Usually to terms/good
Credit ()**	MODERATE RISK. (Acceptable financial situation but limited).

Legal Backgrounds


LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	28JAN1972
PLACE OF REGISTRY	Panama
NOTARY OFFICE	5th of the Circuit	DURATION	For life
REGISTRATION	Card 19902, Volume 847, Page 115, Entry 101159
CURRENT PAID-IN CAPITAL	US$.7,700,000.= Dollars
CURRENT EXCHANGE RATE (US$)	B/.1 .= per USD.1.00
COMMENTS
Registered Agent: Mendoza y Valle. Joe Esses Yohoros is the President of the Company and acts as Legal Representative and in his absence, Victoria Yohoros de Esses, Vice President, and in her absence, Darlene Esses y Yohoros, Treasurer, being the Board of Directors, able to appoint other dignitary or person. Saul Esses and Victoria Yohoros de Esses signed the Articles of Incorporartion.

Directors – Executives – Shareholders

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*ESSES YOHOROS, JOE*	Executive President	100%
YOHOROS, VICTORIA ESSES DE	Vice President
ESSES YOHOROS, DARLENE	Treasurer
DE LOPEZ, EMELINA	Production Manager
FALLENBAUM, DARLENE DE	Design/Produc. Manager
ESSES MIZRACHI, SAUL	Sales Manager
SICILIA VARGAS, LUZDELIA	Chief Adm.& Fin. Officer
BATISTA CASTRO, ROSELI	Accountant

Who is who?

ESSES YOHOROS, JOE

TITLE

Executive President

NATIONALITY

Panamanian

D.O.B.

1962

CEDULA 8-386-753

PROFESSION

Businessman

BACKGROUND INFORMATION

He is 47 years old.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
INVERSIONES SAVOY S.A.	President		PANAMA

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	RELATION %
DISTRIBUIDORA EVERFIT INTERNACIONAL S.A.	PANAMA		Related
INVERSIONES S.A.BOY S.A.	PANAMA		Related

BUSINESS

SIC Classification 5 6 - RETAIL TRADE APPAREL AND ACCESSORY STORES, BOUTIQUES, BAZAARS. (Bazaars, Boutiques, Design houses.)
Main activity	Since the present year 2013, the Company is engaged in the distribution of items of clothing in general for ladies, gentlemen and babies; wholesale of merchandise in general, office and school supplies, household items, among other. Trademarks: JOCKEY, PIERRE CARDIN, INTERWOVEN, KAYSER, INGESA, GLAMOUR, EVERFIT Formerly, it was engaged in the manufacture of underwear, stockings, socks, for ladies, gentlemen and children.
Import	Yes
Country	Peru, Colombia, India, Spain, USA and Taiwan
Export	Yes
COUNTRY	Central America, Caribean Islands, Venezuela, Ecuador, Bolivia, Paraguay
% CASH SALES / METHOD	10%
% Credit SALES / Terms	90% (60 and 90 days)
% Ventas exterior (Paises)	60%
SELLING TerritorY	Domestic and foreign markets
EMPLOYEES	140

LOCATION

AREA

5,000 m2

OTHER PREMISES

Headquarters are located at the above address.

These are three adyacent estates covering an area of 5,000 m2, kept in average condition, situated at commercial area.

Other Premises: Av. Santa Isabel, Local 1, Edif. 7, Zona Libre de Colón, Colón, apartado postal: 0816-03668

COMMENTS

The Company imports raw material to produce threads, these transactions are made on a credit basis of 30 and 60 days.

Everfit enjoy the benefits of being part of the Colon Free Trade Zone. These manufacturers imports and exports at a low cost, and export to customers and retailers and stores around the world allows them to reduce transportation charges and offer customers the lowest prices.

With a wide variety of items for home and business, Everfit is able to offer quality general merchandise at low costs, and create offers for their clients in Central America, the Caribbean and South America.

Main Clients:

Ecuadorian Army Forces (Ecuador)

Representaciones 285  (Venezuela)

Roquisa (Dominican Republic)

FINANCIAL INFORMATION

Disposition

TF: REPORT PREPARED FROM OUTSIDE SOURCES.

Information provided

No information could be obtained from the Company as executives were reluctant to cooperate.

SALES

US$ 0.00 ()

FINANCIAL SITUATION

FAIR

Industrial Everfit SA trades clothes in general, for men, women, and babies; wholesale of general merchandise for home and office, which is present in the market since 1972, with the support of 140 workers.

Although balance sheets were available to determine its current standing, it should be mentioned that taking into account its experience in tne market, the absence of negative backgrounds and the good references given by its suppliers, we believe it operates on a regular basis.

INSURANCE

COMPANY	AGAINST
ASEGURADORA MUNDIAL SA	Various risks
ASA CIA DE SEGUROS	Various risks

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: CORPORACIÓN INDUSTRIAL	Tel.: (507) 2172688	Country: PANAMA
Goods/Services? : Cardboard boxes
Highest credit? : US$ 20,000.=
Client since? : Sv years	Terms? : 30 days	Performance? : Prompt

Supplier: FÁBRICA TEXTIL AMAZONAS SA	Tel.: (511) 3367776	Country: PERU
Goods/Services? : Fabrics
Highest credit? : US$ 8,000
Client since? : Sv.years	Terms? : 30 days	Performance? : Prompt
Comments : They dealt until 2011

Supplier: CIA ATLAS SA	Tel.: (507) 2360066	Country: PANAMA
Goods/Services? : Office supplies
Highest credit? : US$ 5,000.=
Client since? : Sv years	Terms? : 30 days	Performance? : Prompt

Supplier: IMPRESORA OLA	Tel.: (507) 2215150	Country: PANAMA
Goods/Services? : Printing services
Highest credit? : US$ 3,000
Client since? : Sv.years	Terms? : 30 days	Performance? : Prompt

Comments : Monthly average

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country
RODELAG	PANAMA
TSE WEEI	TAIWAN
EP PLUS	HONG KONG
UNIFI	U.S.A.
BURLINGTON CHEMICAL	U.S.A.

CREDIT BUREAU COMMENTS

No bad were found in databases we could access to.

Comments:

No bank accounts were found in databases and other sources we accessed to.

GENERAL INFORMATION

REPUTATION
NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.24
UK Pound	1	Rs.84.30
Euro	1	Rs.71.36

INFORMATION DETAILS

Report Prepared by :

NIT

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.