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Report Date : |
26.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Calle 17 y Avenida Paseo Gorgas, Edif. 31, Zona Libre de
Colón, Locales 3 y 4 Colón / Colón |
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Country : |
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Date of Incorporation : |
26.01.1998 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Import and marketing of clothing and footwear : Fine clothing, shoes and accessories for men |
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No. of Employees |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Panama |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 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
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Source
: CIA |
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CORRECT COMPANY
NAME |
SPORT ZONE S.A. |
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TAXPAYER
REGISTRATION |
RUC 5812453340826 |
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MAIN ADDRESS |
Calle 17 y Avenida Paseo Gorgas, Edif. 31, Zona Libre de Colón, Locales 3 y 4 |
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DEPT/PROV/REGION/STATE |
Colón / Colón |
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COUNTRY |
PANAMA |
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TELEPHONE |
(507) 4412500 - 4412659 - 4417278 |
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CORPORATE E-MAIL |
canizalez@gspanama.net |
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WEB |
www.sportzonesa.com |
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COMMENTS |
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The correct company name is as shown on the header of the report. |
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NOTE |
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The address on your order is incorrect. The correct address is as above-written. |
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EXECUTIVE SUMMARY
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Date of foundation |
1998 |
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Capital stock |
US$.1,000,000.= Dollars. |
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permanent
employees |
50 |
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Chief Executive |
SAKER DARWICH, JAMAL YUSEF |
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Disposition |
SATISFACTORY |
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Payments policy |
Usually to terms / good |
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Number of times that this company was required: 4 |
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REPUTATION |
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NOTHING AGAINST COMPANY |
LEGAL STRUCTURE
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF
INCORPORATION |
26JAN1998 |
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PLACE OF
REGISTRY |
Panama. |
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NOTARY OFFICE |
1st. of Circuit |
DURATION |
Perpetual. |
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REGISTRATION |
Card 340826, Volume 263, Entry 8011. |
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INITIAL CAPITAL |
US$.10,000.= Dollars. |
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CURRENT PAID-IN
CAPITAL |
US$.1,000,000.= Dollars. |
LAST CAPITAL
INCREASE |
No increases registered. |
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CURRENT EXCHANGE
RATE (US$) |
B/.1.= per USA Dollar |
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MEMBERSHIP |
Tthe Colon Free Zone Users' Association (AU). |
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COMMENTS |
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Incorporated in compliance with Deed No. 757 dated 26/01/1998. The authorized capital amounts to US$.1,000,000. = Divided into 1,000 shares with a par value of US$ 1,000. = each. Its Resident Agent is CARMEN TAPIA. |
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DIRECTORS - EXECUTIVES –
SHAREHOLDERS
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WHO IS WHO?
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SAKER DARWICH, JAMAL YUSEF |
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TITLE |
President |
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NATIONALITY |
Panamanian |
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D.O.B. |
19AUG1965 |
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ID |
CI N-20521 |
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ASSOCIATED AS
PER OUR DATABASE TO |
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SAKER OMAIS, KALED AHMED |
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TITLE |
Director / Secretary |
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NATIONALITY |
Panamanian |
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D.O.B. |
26JUN1971 |
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ID |
CI N-19708 |
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ASSOCIATED AS
PER OUR DATABASE TO |
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SAKER OMAIS, BILAL AHMED |
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TITLE |
Director / Treasurer |
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NATIONALITY |
Panamanian |
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D.O.B. |
30MAR1980 |
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ID |
CI 37062041 |
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ASSOCIATED AS
PER OUR DATABASE TO |
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BUSINESS HISTORY
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As the subscribers to the corporate Agreement are listed: Danilo Toro and José Abrego. In 1968, the father of Messrs. Saker founded a company together with his brothers called Importadora Universal S.A. , dedicated to the import and export of kitchenware. The company started with only 4 employees. Today Importadora Universal has over 80 employees and has expanded its business to other product lines. It is in 1998, his sons started what is now Sport Zone, S.A. and Grupo Sport Panama, S.A. Over the years have become the exclusive distributors of major brands, creating their flagship stores: "Outodoor Adventures" and "Brown Shoe Company". |
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RELATED
COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER |
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BUSINESS |
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SIC Classification |
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Main activity |
Import and marketing of clothing and footwear, particularly: Fine clothing, shoes and accessories for men. |
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O P E R A T I O N S |
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Import |
Yes |
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Country |
USA and China. |
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Export |
No |
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% CASH SALES /
METHOD |
50% |
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% Credit SALES /
Terms |
50%Terms: 30 days. |
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% FOREIGN
PURCHASES |
100% |
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SELLING
TerritorY |
National market. |
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EMPLOYEES |
50 |
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Comments |
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Brands sold: "CATERPILLAR", "HARLEY DAVIDSON", "TIMBUK 2", "WORVERINE" Sales are performed 100% on wholesale basis. It should be mentioned the workers payroll for the group is paid by the firms GRUPO SPORT PANAMA S.A. and SPORT ZONE S.A. |
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FINANCIAL INFORMATION
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Disposition |
TF: REPORT PREPARED FROM OUTSIDE SOURCES. |
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Interviewee(s) |
External sources |
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Information
provided |
This report has been compiled through third-party sources such as databases and, because of reluctance of company executives to provide information. |
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SALES |
US$ 0.00 () |
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FINANCIAL
SITUATION |
SATISFACTORY This a company established in 1998, against which do not arise negative remarks. |
TRADE REFERENCES, CREDIT
BUREAU, LAWSUITS, BANKS
(Confidential Information) |
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TRADE REFERENCES |
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Note : Other suppliers did not provide information or could not be consulted |
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No adverse information was found against this Company in the sources consulted. |
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GENERAL INFORMATION
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Explanation about
commercial reputation |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.42 |
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1 |
Rs.100.11 |
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Euro |
1 |
Rs.79.74 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.