MIRA INFORM REPORT

Report Date :

16.09.2013

IDENTIFICATION DETAILS

Name :	INTERNATIONAL TRADE AND SALES INC.

Registered Office :	Calle 53 y Ave. Ricardo Arango, Snob Plaza, 1er. Piso Local 1-A, Urbanización Obarrio,

Country :	Panama

Date of Incorporation :	06.06.2003

Legal Form :	Joint-Stock 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 :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Undetermined
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

Company name and address

IDENTIFICATION

CORRECT COMPANY NAME

INTERNATIONAL TRADE AND SALES INC.

TRADE NAME

INTRASA

TAXPAYER REGISTRATION

RUC 4746311434809

MAIN ADDRESS

Calle 53 y Ave. Ricardo Arango, Snob Plaza, 1er. Piso Local 1-A, Urbanización Obarrio,

DEPT/PROV/REGION/STATE

Panamá

COUNTRY

PANAMA

TELEPHONE

(507) 2640871/2648600

CORPORATE E-MAIL

panama@cedeymen.com

COMMENTS

Be advised both the above name and address belong to the offices of the Resident Agent of the Company.

EXECUTIVE SUMMARY
Date of foundation	2003
Capital stock	US$10,000.= Dollars
Disposition	REPORT PREPARED FROM OUTSIDE SOURCES.
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

CREDIT OPINION
Requested credit	Maximum Credit
(*) Opinion after analyzing different factors and other opinions.

LEGAL STRUCTURE

LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	06JUN2003
PLACE OF REGISTRY	Panama
NOTARY OFFICE	11th of the Circuit	DURATION	Perpetual
REGISTRATION	Card 434809, Doc.474631,Not. Act 3756 (09.06.2003)
INITIAL CAPITAL	US$10,000.= Dollars
CURRENT PAID-IN CAPITAL	US$10,000.= Dollars	LAST CAPITAL INCREASE	No increase
CURRENT EXCHANGE RATE (US$)	B/.1.= per 1 USD
COMMENTS
The President acts as Legal Representative and in his absence, the Secretary.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
AVILA VASQUEZ, ANAYANSI	President
SEGUNDO, ZANYA	Director/Treasurer
SAAVEDRA, IRIS	Director / Secretary

BUSINESS HISTORY

Irma Lorena Murillo and Miguel Angel Cedeño signed the Articles of incorporation.

Registered Agent: CEDEÑO & MENDEZ

Panamanian law firm

BUSINESS

Main activity

The Company does not operate in Panama.

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

As we previously mentioned, the above written address belongs to the Registered Agent offices. The Company has established its domicile in said address for incorporation purposes only.

Registered Agent is responsible for sending the Company's correspondence.

FINANCIAL INFORMATION

Disposition	REPORT PREPARED FROM OUTSIDE SOURCES.
Information provided	Since INTERNATIONAL TRADE AND SALES INC. is an offshore company, we could not access to the information relative to its activities and financials, even though we consulted other independent sources. We tried to get more information from its Registered Agent (CEDEÑO & MENDEZ) but results were not successful. It is important to comment that Registered Agents are not allowed to disclose information about their clients under strict confidentiality agreements. Finally, it should be mentioned that INTRASA is an offshore and as many other companies of this class, it has been registered in the Panamanian territory to take advantages of the tax system which exempts from taxes companies registered in said country but operating elsewhere.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	NN: UNDETERMINED Financial condition is considered indeterminate as no accounting elements were available to assess its current results. No trade or bank references were available either showing its payment record and creditworthiness.
Insurance Comments
Unknown.

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

GENERAL INFORMATION

Explanation about commercial reputation

CREDIT OPINION

Consulted Credit Amount :

Maximum Credit

Since no balance sheets and trade references were available and other information is unknown, unfortunately, we cannot give a credit opinion.

NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.79
UK Pound	1	Rs.100.70
Euro	1	Rs.84.67

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.