MIRA INFORM REPORT

Report Date :

23.08.2014

IDENTIFICATION DETAILS

Name :	UNIVERSAL ZONA LIBRE S.A.
Registered Office :	Calle 15, Local 3
Country :	Panama
Date of Incorporation :	26.12.2000
Legal Form :	Joint Stock Company
Line of Business :	Importation, sale, wholesale of all kinds of dry goods and items: fans, ornaments, hair, accessories
No of Employees :	21

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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Panama	B1	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 one-fourth of the population lives in poverty; however, from 2006 to 2012 poverty was reduced by 10 percentage points, while unemployment dropped from 12% to 4.5% of the labor force in 2013. 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

UNIVERSAL ZONA LIBRE S.A.

TAXPAYER REGISTRATION

RUC 1872511393284

MAIN ADDRESS

Calle 15, Local 3

DEPT/PROV/REGION/STATE

Panamá / Panamá

COUNTRY

PANAMA

TELEPHONE

(507) 4330238

CORPORATE E-MAIL

contabilidad@uinversalzonalibre.com

COMMENTS

Fax: 4330239

EXECUTIVE SUMMARY
Date of foundation	2000
Capital stock	US$1,000,000.= Dollars
permanent employees	21
Chief Executive	MIRPURI PARVANI DE CHABLANI, SARITA KUMAR
Disposition	FAIR
Payments policy	Without rating (No payment experience traced)
Credit (**)	MODERATE RISK. (Acceptable financial situation but limited).
Number of times that this company was required: 2

REPUTATION

NOTHING AGAINST COMPANY

LEGAL STRUCTURE
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	26DEC2000
PLACE OF REGISTRY	Panama
NOTARY OFFICE	8	DURATION	Indefinite
REGISTRATION	Card 393284, Document 187251
CURRENT PAID-IN CAPITAL	US$1,000,000.= Dollars
CURRENT EXCHANGE RATE (US$)	B/.1.= per USD1.00
COMMENTS
Established by Deed No.10908 dated 26/12/2000 It was agreed to increase the capital share capital of the company at US$1,000,000. = divided into 1,000 common nominative shares, convertible bearer and vice versa at US$10 = c / u. According to its statutes, the legal representative of the company is Mr. Navin Hargobind Chablani on condition of President-Secretary of the society, in his absence it will be Sarita Kumar Mirpuri de Chablani in her capacity as Vicepresident - Treasurer and in the absence of both will be the person designated by the board.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
MIRPURI PARVANI DE CHABLANI, SARITA KUMAR	President
PARVANI DE MIRPURI, INDRABAI THANWERDAS	Vice President
MIRPURI, VEERKUMAR LEKHRAJ	Treasurer
QUIROS DE CHALHOUB, RUBI	Registered agent

WHO IS WHO?

MIRPURI PARVANI DE CHABLANI, SARITA KUMAR

TITLE

President

NATIONALITY

Hindu

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
MUNDIAL OVERSEAS S.A.			PANAMA
EXPORTADORA MUNDIAL S.A.			PANAMA
INMOBILIARIA SHAYLA S.A.			PANAMA

PARVANI DE MIRPURI, INDRABAI THANWERDAS

TITLE

Vice President

NATIONALITY

Hindu

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
EXPORTADORA MUNDIAL S.A.			PANAMA

MIRPURI, VEERKUMAR LEKHRAJ

TITLE

Treasurer

NATIONALITY

Hindu

BACKGROUND INFORMATION

In UNIVERSAL ZONA LIBRE S.A serves as Treasurer and Secretary.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
EXPORTADORA MUNDIAL S.A.			PANAMA
KADUM S.A.			PANAMA
SUNRISE BUILDING INC.			PANAMA
MIRACLE REAL ESTATE INC			PANAMA
INVERSIONES S.A.V.I. S.A			PANAMA
INMOBILIARIA QUETTA S.A.			PANAMA
BIENES RAICES PADU S.A.			PANAMA
BIENES RAICES GIRISH S.A			PANAMA
INMOBILIARIA JAMUDI S.A.			PANAMA
INVERSIONES HAQUIA S.A.			PANAMA
INMOBILIARIA SHAYLA S.A.			PANAMA
MUNDIAL OVERSEAS S.A.			PANAMA

BUSINESS HISTORY

Navin Hargobind Chablani and Sarita Kumar Mirpuri de Chablani signed the Articles of Incorporation.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
EXPORTADORA MUNDIAL S.A.	PANAMA		Related

BUSINESS

SIC Classification

L - INDUSTRIA MANUFACTURERA DIVERSA - CONFECCIONES Y COMERCIALIZACION DE LOS MISMOS. (Industria y comercio de diversos de productos y artículos de consumo y utilitarios, vestidos, camisas, confecciones)

Main activity

Importation, sale, wholesale of all kinds of dry goods and items: fans, ornaments, hair, accessories

OPERATIONS

Import

Yes

Country

China, India

Export

Yes

COUNTRY

Free Zone

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% (Terms: 30, 180 days)

% FOREIGN PURCHASES

YES

EMPLOYEES

21

LOCATION
OTHER PREMISES	The Headquarters operates at the heading address.

FINANCIAL INFORMATION
Disposition	Poor. Very few information was given. Politely.
Interviewee(s)	Gregorio Portugal
Position(s)	Accountant
Information provided	The interviewee indicated general information and indicated that the internal policy of the company is not allowed to disclose financial figures because its business operations are cash via wire transfer. In any way, said he would consult with management to see if they can agree to provide some figures. If positive we will let you know immediately, otherwise, consider this as final. Furthermore, through inquiries made on various external sources we get additional elements except for balance sheets and/or reference accounting data. We recall that in Panama we can only access the financial information of public companies; in the case of private companies get is only feasible if they are given voluntarily.
SALES	US$ 0.00 ()
FINANCIAL SITUATION	FAIR Despite having no financial statements available, we could know that this is an established company in 2000. So far there is no problems in its development.
INSURANCE
COMPANY HSBC SEGUROS
Main fixed assets of the company (general detail)
Without further details.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country
MAERSK SEALAND	PANAMA
UNIGREEN	PANAMA

BANKERS

BANCO GENERAL S.A.

Conducts its financial operations through the said bank.

Because in the banking system in Panama is governed by the principle of bank secrecy, we have not been able to obtain information on the accounts of the company

GENERAL INFORMATION

Explanation about commercial reputation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.77
UK Pound	1	Rs.100.72
Euro	1	Rs.80.55

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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.