MIRA INFORM REPORT

 

 

Report Date :

29.10.2013

 

IDENTIFICATION DETAILS

 

Name :

VIBRANT IMPORT CORP.

 

 

Registered Office :

Edificio Servicios Aeroportuarios Of. 53, Piso 4 

 

 

Country :

Panama

 

 

Date of Incorporation :

06.05.2003

 

 

Legal Form :

Joint-Stock Company           

 

 

Line of Business :

Wholesale trade-non-durable goods. (Papers, Perfumes, drugs, hardware, Groceries, apparel, food, dairy products, beverages.)

 

 

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 :

Moderate

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

VIBRANT IMPORT CORP.

TAXPAYER REGISTRATION

RUC 4635191433228

MAIN ADDRESS

Edificio Servicios Aeroportuarios Of. 53, Piso 4

DEPT/PROV/REGION/STATE

Panamá / Panamá

COUNTRY

PANAMA

TELEPHONE

(507) 4461110

CORPORATE E-MAIL

maruti@psi.net.pas

 

EXECUTIVE SUMMARY

Date of foundation

2003

Capital stock

US$.50,000.00 Dollars

Chief Executive

CHAWLA, AMBUJ

Disposition

Poor. Very few information was given. Politely.

Payments policy

(P5) Without rating (No payment experience traced)

Credit (**)

UNDETERMINED RISK.(Insufficient or Non existent information).

Number of times that this company was required: 3

 

REPUTATION

NOTHING AGAINST COMPANY

 

 

LEGAL STRUCTURE

 

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

06MAY2003

 

 

PLACE OF REGISTRY

Panama

 

 

NOTARY OFFICE

No. 2

DURATION

Perpetual

REGISTRATION

Index Card 433228, Vol 2003, Entry 47989(08/05/03)

 

 

CURRENT PAID-IN CAPITAL

US$.50,000.00 Dollars

 

 

CURRENT EXCHANGE RATE (US$)

B/.1.= per USD.1.00

 

 

COMMENTS

 

Organized in accordance with Notarial Act 3152 dated 06/05/2003..

 

According to the Bylaws, the President shall act as Legal Representative and in his absence, the person designated by the Board of Directors.

 

Registered Agent:

CASTRO Y CASTRO S.C.

Law Firm

San Francisco Calle los Fundadores y Calle Mario Guardia Jaen

Apartado  0830-1630 Panama

Tel.(507) 270-0155

Fax (507) 270-0173

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

CHAWLA, AMBUJ

President/Secretary

 

08/05/03

MORALES, MELKYS SAVIER

Treasurer

 

08/05/03

CHAVEZ, LENIGDIO XAVIER

Director

 

08/05/03

 

 

 

WHO IS WHO?

 

CHAWLA, AMBUJ

TITLE

President/Secretary

NATIONALITY

Indian

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

JAY BEE MAA CAPITAL S.A.

Director

 

PANAMA

J.B. MAA S.A.

Director

 

PANAMA

MARUTI OVERSEAS CORP

Director

 

PANAMA

J.B. GLOBAL S.A.

Director

 

PANAMA

 

BUSINESS HISTORY

 

Lenigdio Xavier Chávez and Melkys Savier Morales signed the Articles of Incorporation.

 

 

BUSINESS

SIC Classification
5 1 - WHOLESALE TRADE-NON-DURABLE GOODS. (Papers, Perfumes, drugs, hardware, Groceries, apparel, food, dairy products, beverages.)

Main activity

Distribution of jeans for men and women. Representative of foreign brands.

LOCATION

OTHER PREMISES

The Registered office operates at the address shown in the heading.

Comments

 

The number of employees was not specified.

 

 

FINANCIAL INFORMATION

 

Disposition

C: Poor. Very few information was given. Politely.

Interviewee(s)

Ambuj Chawla

Position(s)

President

Information provided

Mr. Chawla merely confirmed some information and commented this is a small-sized company and for security reasons and competition he could not give more information.

 

It is worth mentioning that in Panama financial information is only obtained from public companies. Contrarily, private companies are not required to publish its financials, being able to do it voluntarily.

 

 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

NN: UNDETERMINED

Financial situation is indeterminate.  No balance sheets or estimated accounting figures were available to assess this Company's current results.

Main fixed assets of the company (general detail)

 

Information unavailable.

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

 

TRADE REFERENCES

Subject is very reserved. Payment policy is unknown. Consulted suppliers do not have credit experience with Subject.

 

Comments :

The names of the banks were not specified. Under the Bank Secrecy Act, banks in Panama are not allowed to disclose information regarding their client's accounts..

 

 

 

GENERAL INFORMATION

 

Explanation about commercial reputation

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.50

UK Pound

1

Rs.99.49

Euro

1

Rs.84.88

 

 

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%)

 

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.