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Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
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Name : |
MAYS ZONA LIBRE S.A. |
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Registered Office : |
Calle 14, Avenida Roosevelt (al costado de Banco Nacional de Panamá) |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.12.1976 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Subject is engaged in import and re-export of different products, such
as apparel for women, men and children; toys; footwear, bags; household
items; hardware items, school supplies, bathroom accessories, automotive
accessories, suitcases, furniture, motorcycles, electronics, glasses,
umbrellas, cutlery, decoration items, giftware, swimming pool, kitchen,
tableware, coolers, plastics among others. |
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No. of Employees : |
1,250 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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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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 |
Source
: CIA
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CORRECT COMPANY NAME |
MAYS ZONA LIBRE
S.A. |
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TAXPAYER REGISTRATION |
RUC 2803797165 |
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MAIN ADDRESS |
Calle 14, Avenida Roosevelt (al costado de
Banco Nacional de Panamá) |
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POSTAL CODE |
9075 |
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DEPT/PROV/REGION/STATE |
Colón / Colón |
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COUNTRY |
PANAMA |
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TELEPHONE |
(507) 4339900 |
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CORPORATE E-MAIL |
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WEB |
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Date of foundation |
1976 |
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Capital stock |
100,000,000.= |
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Shareholders' equity |
202,392,840.00 US$ Dollars (31DEC2012) |
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Annual revenues |
US$ 288,705,277.00 US$ Dollars (31DEC2012)
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Profits (loss) |
31,440,902.00 US$ Dollars (31DEC2012) |
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permanent employees |
1,250 |
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Chief Executive |
HAMOUI HOMSANY, EZRA |
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Disposition |
Moderate. Some data and figures were
confirmed. |
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Payments policy |
Usually to terms / good |
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Credit (**) |
With no Risk, Reliable, Solvent,
Profiatble, Good Financial Situation. |
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Number of times that this company was
required: 18 |
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
21DEC1976 |
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PLACE OF REGISTRY |
Panama |
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NOTARY OFFICE |
5th in the Circuit |
DURATION |
Perpetual |
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REGISTRATION |
File Card 7165, Roll 280, Frame 379 |
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INITIAL CAPITAL |
US$450,000.= Dollars |
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CURRENT PAID-IN CAPITAL |
100,000,000.= |
LAST CAPITAL INCREASE |
12/2002 |
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SHAREHOLDERS EQUITY |
202,392,840.00 US$ Dollars (31DEC2012) |
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CURRENT EXCHANGE RATE (US$) |
B/.1.= Balboa per 1 USD |
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COMMENTS |
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The Registered Agent is Rubio, Alvarez Solís & Abrego. |
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FULL NAMES / COMPANY NAME |
TITLE |
%PART. |
SINCE |
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HAMOUI HOMSANY, EZRA |
Executive President |
33.34% |
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CHREIM SASSO, MOISES |
Vice President |
33.33% |
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AZRAK ATIE, VICTOR |
Director |
33.33% |
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HERRERA CORDOVA, CESAR |
Controller |
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RUBIO, ALVAREZ, SOLIS & ABREGO |
Registered Agent |
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HAMOUI HOMSANY,
EZRA |
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TITLE |
Executive President |
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NATIONALITY |
Panamanian |
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D.O.B. |
1942 |
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CIVIL STATUS |
Married |
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BACKGROUND INFORMATION |
He is referred to participate in the following companies in Panama:- HAMOUI HERMANOS SA- GRUPO ALIADO SA- VERIN SA- MALAGA BUSINESS CORP- BANCO ALIADO SA- MODAS DORAL SA- MAY'S PLAZA- RENATO ZONA LIBRE SA- ABC ZONA LIBRE SA |
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CHREIM SASSO,
MOISES |
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TITLE |
Vice President |
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NATIONALITY |
Panamanian |
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D.O.B. |
1950 |
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CIVIL STATUS |
Married |
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RUBIO, ALVAREZ,
SOLIS & ABREGO |
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TITLE |
Registered Agent |
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TELEPHONE |
2690777 |
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BACKGROUND INFORMATION |
This is a well-known law firm located in Av. Federico Boyd y Calle 51, Torre Universal, 3er. Piso - Panama. |
ASSOCIATED AS PER OUR DATABASE TO
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COMPANY |
TITLE |
TAX REG |
COUNTRY |
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TELCA CENTROAMERICA S.A. |
Registered Agent |
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COSTA RICA |
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ZAPHIRO INTERNATIONAL INC. |
Registered Agent |
3492181417319 |
PANAMA |
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E.T. VEHICLE S.A. |
Registered Agent |
46909147305448 |
PANAMA |
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SECURITY DEVICES TRADING CORPORATION |
Registered Agent |
3086241411156 |
PANAMA |
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KARMA FINANCIAL INC. |
Registered Agent |
18677371716507 |
PANAMA |
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ALTRIX DE PANAMA S.A. |
Registered Agent |
242540042211917 |
PANAMA |
MAY'S ZONA LIBRE is a company founded in 1976 as a result of the interest of three enterprising young men. Today, Subject Company has a business track record of over 30 years and has become one of the most solid companies of the commercial sector in Panama and worldwide. MAY'S goods arrive to more than 25 countries in the American continent and at all social levels and types of business. Subjec's management policies are based on its clients, offering excellent quality products at affordable and competitive prices for all commercial levels. It supplies from a small family-owned store to the broadest chain of department stores, supermarkets or hardware stores. Ezra Hamoui, Moisés Chreim and Victor Azrak Atie signed the articles of incorporation. |
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COMPANY NAME |
COUNTRY |
TAX REG. |
RELATION % |
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BANCO ALIADO S.A. |
PANAMA |
35090124258812 |
Related |
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SIC Classification |
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Main activity |
Subject is engaged in import and reexport of different products, such as apparel for women, men and children; toys; footwear, bags; household items; hardware items, school supplies, bathroom accessories, automotive accesories, suitcases, furrniture, motorcycles, electronics, glasses, umbrellas, cutlery, decoration items, giftware, swimming pool, kitchen, tableware, coolers, plastics among others. |
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OPERATIONS |
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Import |
Yes |
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Country |
Hong
Kong, USA, China, Taiwan, Korea, Thailand. |
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Export |
Yes |
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COUNTRY |
South
America, Central America and Caribbean Islands |
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% CASH SALES / METHOD |
40% |
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% Credit SALES / Terms |
60% |
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% Ventas exterior (Paises) |
90% |
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% FOREIGN PURCHASES |
100% |
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SELLING TerritorY |
10%
Domestic market |
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EMPLOYEES |
1,250 |
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LOCATION |
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PREMISES |
Rented |
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OTHER PREMISES |
The Head offices are located in the main address.WAREHOUSE: Calle 17 y Avenidas 1 y 2 France Field, Panama. Tel.: (507)4307766, Fax:(507)4307897. Area: 15,000 m2. Rented premises. Subject also has a storage warehouse.Subject is strategically located in the central part of the American continent, Atlantic sector of Panama, province of Colón. The Colon Free Trade Zone is the most important multimodal logistical center in the Western Hemisphere, offering product redistribution service to Latin America and the Caribbean; it is the second largest free trade zone in the world, following Hong Kong. |
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Comments |
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Subject has around 50,000 different items in stock.
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Disposition |
Moderate. Some data and figures were
confirmed. |
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Interviewee(s) |
Cesar Herrera Cordova |
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Position(s) |
Controller |
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Information provided |
Mr. Herrera validated operating information and provided the Balance Sheet as of 31/12/2012, figures expressed in US Dollars.As information of interest, we have included the Balance Sheets as of 31/12/2011, 31/12/2009 and 31/12/2008 (12 months each), expressed in Dollars. No figures as of 31/12/2010 are included. |
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Balance sheet date |
31DEC2012 |
31DEC2011 |
31DEC2009 |
31DEC2008 |
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Type of balance sheet |
Annual |
Annual |
Annual |
Annual |
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Period |
12 months |
12 months |
12 months |
12 months |
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Currency |
US$ Dollars |
US$ Dollars |
US$ Dollars |
US$ Dollars |
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Exchange rate per US$ |
1 |
1 |
1 |
0 |
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ASSETS |
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Current Assetsd |
283,164,299.00 |
234,640,004.00 |
175,311,989.00 |
222,463,924.00 |
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Fixed |
104,936,479.00 |
88,680,936.00 |
106,702,102.00 |
106,357,467.00 |
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Total Assets |
388,100,778.00 |
323,320,940.00 |
282,014,091.00 |
328,821,391.00 |
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LIABILITIES |
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Current liabilities |
121,712,074.00 |
101,390,503.00 |
21,009,085.00 |
93,832,195.00 |
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Long term |
63,995,864.00 |
65,385,441.00 |
164,976,909.00 |
25,134,348.00 |
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TOTAL LIABILITIES |
185,707,938.00 |
166,775,944.00 |
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SHAREHOLDERS
EQUITY |
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Total shareholders equity |
202,392,840.00 |
156,544,996.00 |
96,028,097.00 |
209,854,848.00 |
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Total Liab. / Sh. equity |
388,100,778.00 |
323,320,940.00 |
282,014,091.00 |
328,821,391.00 |
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Sales |
288,705,277.00 |
290,289,005.00 |
232,054,872.00 |
337,215,393.00 |
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Profit (Loss) |
31,440,902.00 |
27,137,368.00 |
15,182,534.00 |
33,306,000.00 |
RATIO
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Liquidity ratio |
2.33 |
Current assets / Current liabilities |
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Debt-to-equity ratio |
166.29
% |
(Shareholders' equity / Current
liabilities %) |
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Profitability margin |
10.89
% |
(Profits / Sales %) |
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Working capital |
161,452,225.00 |
(Current assets - Current liabilities) |
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FINANCIAL SITUATION |
GOODAccording to the last Financial Statement, the company's Financial Standing is considered to be SATISFACTORY as it has an adequate higher-than-average liquidity ratio. Working capital is positive and allows it an orderly fulfillment of payments. Debt-to-equity ratio is acceptable. Economic results have been satisfactory. |
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INSURANCE |
||||||||
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(Confidential
Information)
TRADE REFERENCES
|
Supplier: ELECTRICIDAD CASTELLANOS |
Tel.: (507) 2619255 |
Country: PANAMA |
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Goods/Services?
: Electrical material |
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Highest credit?
: US$ 20,000.= |
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Client since? : 1995 |
Terms? : 30 days |
Performance? : Prompt |
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Supplier: FORMAS IMPRESAS S.A. |
Tel.: (507) 3235744 |
Country: PANAMA |
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Goods/Services?
: Continuous forms |
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Highest credit?
: US$ 1,000.= |
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Client since? : 2009 |
Terms? : 30 days |
Performance? : Prompt |
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Comments : Occasional
Client |
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Note: Other suppliers
did not provide information or could not be consulted.
|
Supplier |
Country |
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DHL. |
PANAMA |
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ECOMSA TELECOMUNICACIONES |
PANAMA |
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COPA AIRLINES |
PANAMA |
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GONZALES ASOCIETE |
U.S.A. |
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SMERWICK |
HONG KONG |
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MULTEX CO. |
HONG KONG |
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FORMULARIOS CONTÍNUOS SA |
PANAMA |
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GENERAL EXPORT CO. |
HONG KONG |
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DAVICK ENTERPRISE |
HONG KONG |
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DARGON |
HONG KONG |
CREDIT BUREAU COMMENTS
No adverse have been found in the consulted sources.
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Comments
The names of the banks where Subject holds accounts could not be obtained.\
Explanation about
commercial reputation
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.57 |
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1 |
Rs.100.63 |
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Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
-- |
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.