MIRA INFORM REPORT

 

 

Report Date :

19.11.2013

 

IDENTIFICATION DETAILS

 

Name :

TRICON OVERSEAS INC.

 

 

Registered Office :

East 53rd Street, Second Floor, Swiss bank Towers

 

 

Country :

Panama

 

 

Date of Incorporation :

31.03.2009

 

 

Legal Form :

Offshore Company 

 

 

Line of Business :

Subject 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.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Offshore company

Payment Behaviour :

Unknown

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

 

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

TRICON OVERSEAS INC.

TAXPAYER REGISTRATION

RUC 15516331657469

MAIN ADDRESS

East 53rd Street, Second Floor, Swiss bank Towers Panama

DEPT/PROV/REGION/STATE

Panamá

COUNTRY

PANAMA

TELEPHONE

(507) 2153150

COMMENTS

 

This Company has been not found.  It seems to be an OFFSHORE company.

 

No telephone number was given on your order.

 

The above address belongs to its Registered Agent.

Hence, this report has been entirely prepared based on data from public sources.

 

EXECUTIVE SUMMARY

Date of foundation

2009

Capital stock

US$.10,000.= Dollars

Chief Executive

TORRAS, IGNACIO

Disposition

REPORT PREPARED FROM OUTSIDE SOURCES.

Number of times that this company was required: 2

 

 

LEGAL STRUCTURE

 

LEGAL STATUS

***

 

 

DATE OF INCORPORATION

31MAR2009

 

 

PLACE OF REGISTRY

Panama

 

 

NOTARY OFFICE

5th of the Circuit

DURATION

Perpetual

REGISTRATION

Card 657469, Doc 1551633, Not. Act 6136

 

 

CURRENT PAID-IN CAPITAL

US$.10,000.= Dollars

 

 

CURRENT EXCHANGE RATE (US$)

B/.1.= per USD.1.00

 

 

COMMENTS

 

Registered Agent:  ALEMAN CORDERO GALINDO & LEE

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

TORRAS, IGNACIO

President

 

 

FARRELL, RICHARD D.

Director/Treasurer

 

 

FRY, ANDREW

Director/Secretary

 

 

 

 

WHO IS WHO?

 

TORRAS, IGNACIO

TITLE

President

NATIONALITY

Panamanian

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

TRICON ENERGY INC.

President

5013394317245

PANAMA

 

 

 

 

FARRELL, RICHARD D.

TITLE

Director/Treasurer

NATIONALITY

Panamanian

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

TRICON ENERGY INC.

Vice President/Treasurer

5013394317245

PANAMA

 

 

 

 

 

BUSINESS HISTORY

EDGARDO ELOY DIAZ and FERNANDO ANTONIO GIL signed the Articles of Incorporation.

 

 

 

BUSINESS

 

Main activity

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.

LOCATION

OTHER PREMISES

Although the Company has established its registered office at the domicile of ALEMAN CORDERO GALINDO & LEE., the Company neither operates nor has offices in this country.

 

The Registered Agent is authorized to keep and send information to the Company.

 

 

FINANCIAL INFORMATION

 

Disposition

TF: REPORT PREPARED FROM OUTSIDE SOURCES.

Information provided

Since this is an offshore company, access to the information relative to its activities and financials is restricted.

  

We tried to get more information from its Registered Agent (ALEMAN CORDERO GALINDO & LEE) but results were not successful. It is important to comment that Registered Agents are not allowed to divulge information about their clients under strict confidentiality agreements.

 

Under such circumstances, we searched through different sources to obtain information for this report.

 

In short, Subject Company has been duly registered in Panama but it does not have premises, offices (and usually no business) in said country.

This kind of companies have been created to take advantage of the Panamanian tax system which exempts from taxes companies registered in the territory and operating elsewhere.

 

 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

UNDETERMINED

Financial Condition of the Company is considered to be INDETERMINED since no accounting figures were available to assess its current results.

Absence or insufficient credit experience does not show its creditworthiness.

 

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

 

(Confidential Information)

TRADE REFERENCES

 

Comments :

Banks, credit entities and other sources consulted like the Panamanian Credit Association, reported that the Company does not have credit experience of any kind.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.63

UK Pound

1

Rs.101.06

Euro

1

Rs.84.56

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)