MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	G-QUILT INC.
Registered Office :	Calle 50/Santo Domingo Edifm, Torre Global Bank of 3303
Country :	Panama
Date of Incorporation :	01.10.2009
Legal Form :	International Business Company
Line of Business :	This is an International Business Company (IBC)
No. of Employees :	NIL

RATING & COMMENTS

MIRA’s Rating :

Ca

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

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	A2	A2

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 Name and address
Legal Name:	G-QUILT INC.
Trade Name:	NA
ID	676648
Date Created:	2009
Date Incorporated:	01/10/2009
Legal Address:	Calle 50/Santo Domingo Edifm, Torre Global Bank OF 3303, PANAMA,
Operative Address:	Calle 50/Santo Domingo Edifm, Torre Global Bank OF 3303, PANAMA,
Telephone:	(507) 2635400
Fax:	(507) 2693589
Legal Form:	International Business Company
Email:	info@dudleyasociados.com
Registry Office:	Panama
Website:	www.dudleyasociados.com
Manager:	DUDLEY & ASOCIADOS
Staff:	0
Activity:	This is an International Business Company (IBC)
SIC Codes:	NA
NAICS Codes:	NA
BANKS
Name	Bank of Panama
	This information was not verified by the registered agent.
HISTORY
The company was incorporated in 2009.
PRINCIPAL ACTIVITY
G-QUILT 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:	TECNOQUIMICAS SA Colombia
The company imports from	Colombia, India
The company exports to	NA
Payments:	NA
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.
	Directors LEONOR AIDA CORREDOR GUSTAV ANTON FRANZ LOHLE ANDRES FELIPE LOHLE ESCOBAR Subscribers VALENTIN MARTINEZ VASQUEZ ESPERANZA FONG DE PALACIOS
FINANCIAL INFORMATION
This is a private 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	2 300 000
Net Income	500 000
Net Worth	3 500 000
Bank Liabilities	0
Cash Flow	Normal
LEGAL FILINGS
There are no adverse legal information connected to the company.
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
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 :	NIT

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%)

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