MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	INTERNATIONAL TRADE AND SALES, INC.

Registered Office :	Urbanización Obarrio, Calle 60 PH Obarrio Piso 13,Ciudad de Panamá, República de Panamá

Country :	Panama

Date of Incorporation :	09.06.2003

Legal Form :	International Business Company

Line of Business :	Subject is an International Business Company incorporated in Panama for tax purposes.

No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 50 000

Status :	International Business 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

company identification details

Legal Name:	INTERNATIONAL TRADE AND SALES, INC.
Trade Name:	INTRASA
ID	434809
Date Created:	2003
Date Incorporated:	09/06/2003
Legal Address:	Urbanización Obarrio Calle 60 PH Obarrio Piso 13 Ciudad de Panamá, República de Panamá
Operative Address:	Urbanización Obarrio Calle 60 PH Obarrio Piso 13 Ciudad de Panamá, República de Panamá
Telephone:	(507) 264-0871
Fax:	507) 264-8600
Legal Form:	International Business Company (IBC)
Email:	info@cedeymen.com
Registry Office:	Panama
Website:	www.cedeymen.com
Manager:	Cedeño y Méndez
Staff:	0
SIC Codes:	NA
NAICS Codes:	NA
BANKS
Name
	This information was not verified by the registered agent.
HISTORY
	The company was incorporated in 2003
PRINCIPAL ACTIVITY
	INTERNATIONAL TRADES & SALES INC .is an International Business Company incorporated in Panama for tax purposes. The company uses the registrant address but does not carry any operation in the country. It is not registered in Panama as being a local business company. It is not listed with the Panama commercial pages.
Products/Services description:	NA
It employs	The company does not have any employee in Panama.
Sales are:	NA
Clients:	NA
Competitors:	NA
Suppliers:	NA
The company imports from	NA
The company exports to	NA
Payments:	Unknown

LOCATION
Headquarters :	The company does not operate in the country. It would use its address for tax purposes.
Size:	NA
Property:	NA
Branches:	NA
Business Overview:	NA

GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders	The company is owned by foreign shareholders. Despite our long search, we could not confirm its major holders.
Management:	It is administrated by the registered agent.
	Manager: Anayansi Avila Vasquez Cedeño y Méndez Urbanización Obarrio Calle 60 PH Obarrio Piso 13 Ciudad de Panamá, República de Panamá (507) 264-0871 (507) 264-8600 (507) 264-2434 info@cedeymen.com
FINANCIAL INFORMATION
	This is a private International Business Company (IBC) company which does not make its financial statements public.
	The following information has been provided by our private sources.
USD 2013
Turnover	0
Operating Income	3 400 000
Net Income	750 000
Net Worth	4 800 000
Bank Liabilities	0
Cash Flow	Normal
LEGAL FILINGS
	There are no adverse legal information connected to the company.
Requested Credit Amount	Maximum
Maximum Credit Provided	USD 50 000
FINAL REVIEW
	This is an International Business Company which belongs to a company located in Panama. It is registered in Panama for tax purposes and does not operate within the country. It is managed by a resident registration agent.
RISK INFORMATION
Indebtedness	Controlled
Payments	Unknown
Cash	Normal
ADVISED CREDIT	USD 50 000

CALL
Interviewee	Agent
Position	Attorney
Comments	The person contacted refused to confirm data about this company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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.