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Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
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Name : |
CINNABAR NETWORK
ASSETS INC. |
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Registered Office : |
MMG Tower, Piso 16, Calle 53 E, Marbella |
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Country : |
Panama |
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Date of Incorporation : |
05.03.2007 |
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Legal Form : |
Offshore Company |
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Line of Business : |
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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 : |
Offshore company |
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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
Source
: CIA
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CORRECT COMPANY
NAME |
CINNABAR NETWORK ASSETS INC. |
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TAXPAYER
REGISTRATION |
RUC 10957331558358 |
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MAIN ADDRESS |
MMG Tower, Piso 16, Calle 53 E, Marbella |
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DEPT/PROV/REGION/STATE |
Panamá |
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COUNTRY |
PANAMA |
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TELEPHONE |
(507) 2657777 |
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COMMENTS |
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The address on your order belong to the offices of the former Registered Agent of the Company. Former Registered Agent was QUIJANO Y ASOCIADOS, domiciled at Edificio Salduba, Piso 3, Calle 53 Este, Urbanización Marbella. Tel. (507) 269-2641 Both the above address and telephone number belong to the offices of the Registered Agent. This is an Offshore Company, duly registered Panama but operating elsewhere. The information herein was obtained from third-party sources and official. |
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LEGAL STATUS |
Offshore Company |
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DATE OF
INCORPORATION |
05MAR2007 |
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PLACE OF
REGISTRY |
Panama |
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NOTARY OFFICE |
4th of the Circuit |
DURATION |
Perpetual |
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REGISTRATION |
File 558358, Vol 2007, Entry 38038 (08/03/07) |
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INITIAL CAPITAL |
US$.10,000.= Dollars |
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CURRENT PAID-IN
CAPITAL |
US$.10,000.= Dollars |
LAST CAPITAL
INCREASE |
No increase reported |
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CURRENT EXCHANGE
RATE (US$) |
B/.1.00 per USD.1.00 |
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The authorized share capital amounts to ten thousand dollars, divided into one hundred common shares, with a value equal to one hundred dollars each one, to the bearer or registered, changeable each other at shareholder's decision. The President acts as Legal Representative or any other member designated by the Board of Directors. Found no information about the shareholders. There was not historical records concerning the starting of activities of the Company. No information was available either about the Parent Company and/or the related companies. |
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Current Registered Agent: MORGAN & MORGAN The Company was incorporated in compliance with Notarial Act 3207 dated March 5th, 2007. Julio Antonia Quijano Urrila and Julio Antonio Quijano Berbey signed the Articles of Incorporation. |
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BUSINESS |
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Main activity |
This is an offshore Company It has been created to carry out in Panama or in any other country, colony or foreign lands, business activities related to: purchase, sell, transfer, dispose, negotiate, finance, exchange, possess, manage, grant or request loans, give or take commissions, mortgage, pledge lease, use, enjoyment, or antichresis any kind of property whether they are real estate, chattels, shares or rights and to enter into contracts, and carry out all actions, commercial operations and transactions by virtue of Law. |
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O P E R A T I O N S |
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Import |
No |
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Export |
No |
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No payroll was reported in the country. |
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Disposition |
REPORT PREPARED FROM OUTSIDE SOURCES. |
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Information
provided |
No information could be obtained from the Company. On the other hand and as previously mentioned, the above phone number belongs to the offices of the Registered Agent. We called and they said we should send an email to roberto.lewis@morimor.com; nevertheless, so far, he has not replied. It is important to comment that Registered Agents are not allowed to disclose information about their clients under strict confidentiality agreements. Hence, we have had to prepare this report based on the information from third-party sources and official records.
Discretion is advised in case of doing business with the Company. Since no historical records about its operations are available, international commercial activities can neither be determined nor guaranteed. |
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SALES |
US$ 0.00 () |
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FINANCIAL
SITUATION |
UNDETERMINED Financial situation of the Company is indeterminate since no accounting elements were available to assess this Company results at present. |
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TRADE REFERENCES |
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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.63.06 |
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1 |
Rs.101.15 |
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Euro |
1 |
Rs.84.95 |
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.