MIRA INFORM REPORT

Report Date :

22.10.2013

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 :	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.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 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

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	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.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.