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Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
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Name : |
RELIANCE INTERNATIONAL ZONA LIBRE S.A. |
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Registered Office : |
Jose Dominador Bazan, Edif. Cofrisa 9, Local 4 y 4A, Mz.29, Zona Libre de Colón |
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Country : |
Panama |
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Date of Incorporation : |
24.02.1995 |
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Com. Reg. No.: |
1596, Index Card 299009, Vol.236, Entry 5114 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Engaged to the marketing of textiles, fabrics for furniture, curtains. |
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No of Employees : |
31 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Panama |
B1 |
B1 |
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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 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 |
IDENTIFICATION
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CORRECT COMPANY NAME |
RELIANCE
INTERNATIONAL ZONA LIBRE S.A. |
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TAXPAYER REGISTRATION |
RUC 45180074299009 |
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MAIN ADDRESS |
Jose Dominador Bazan, Edif. Cofrisa 9,
Local 4 y 4A, Mz.29 |
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DEPT/PROV/REGION/STATE |
Zona Libre de Colón |
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COUNTRY |
PANAMA |
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TELEPHONE |
(507) 4311400 - 4311409 - 4311413 |
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CORPORATE E-MAIL |
info@reliancezlsa.com |
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WEB |
www.reliancezlsa.com |
EXECUTIVE SUMMARY
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Date of foundation |
1995 |
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Capital stock |
US$2,500,000 Dollars |
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permanent employees |
31 |
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Chief Executive |
NARAYAN, RAVI SHANKAR |
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Disposition |
Poor. Very few information was given.
Politely. |
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Payments policy |
Usually to terms / good |
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Credit (**) |
MODERATE RISK. (Acceptable financial
situation but limited). |
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Number of times that this company was
required: 6 |
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LEGAL STRUCTURE
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
24FEB1995 |
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PLACE OF REGISTRY |
Panama |
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NOTARY OFFICE |
10th. of Circuit. |
DURATION |
Perpetual |
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REGISTRATION |
1596, Index Card 299009, Vol.236, Entry
5114 |
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CURRENT PAID-IN CAPITAL |
US$2,500,000 Dollars |
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CURRENT EXCHANGE RATE (US$) |
B/.1.= per USD1 |
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COMMENTS |
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Company was established on 13/02/1995 pursuant Deed 1596. By Deed 1583 dated 26/11/2009 executed at the First notary of Circuit,
was resolved to sign a merger agreement between the companies RELIANCE
INTERNATIONAL ZONA LIBRE S.A. (surviving company) andy ESTEEM INTERNACIONAL
S.A. (merged company). Merger Agreement registered on 18/12/2009 under scanned
document 1697234.
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FULL NAMES / COMPANY NAME |
TITLE |
%PART. |
SINCE |
|
NARAYAN, RAVI
SHANKAR |
Executive Chairman |
100% |
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BEGUR, RAGHU |
Treasurer |
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MELKOTE, RAVINDRA |
Administrative Manager |
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WALTER, TANIA |
General Accountant |
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WHO IS WHO?
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NARAYAN, RAVI
SHANKAR |
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TITLE |
Executive Chairman |
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NATIONALITY |
Indian |
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D.O.B. |
1964 |
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BEGUR, RAGHU |
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TITLE |
Treasurer |
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NATIONALITY |
Indian |
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MELKOTE,
RAVINDRA |
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TITLE |
Administrative Manager |
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NATIONALITY |
Indian |
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Narayan Ravi Shankar and Haresh Mulchund Nawani signed the articles of
incorporation.
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COMPANY NAME |
COUNTRY |
RELATION % |
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DIVINE S.A. |
PANAMA |
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Related |
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Main activity |
The subject is engaged to the marketing of textiles, fabrics for furniture, curtains.Products sold include: yarns and sweaters, denim fabrics, stretch denim, white dacron fabric and in colors, patterned fabrics and polyester, embroideries, apparel for men, women and children, casual and sport shoes. |
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OPERATIONS |
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Import |
Yes |
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Country |
India, Korea, Thailand, Taiwan, Pakistan,
Hong Kong |
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Export |
Yes |
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COUNTRY |
Puerto Rico and South America. |
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% CASH SALES / METHOD |
50% |
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% Credit SALES / Terms |
50% |
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% Ventas exterior (Paises) |
100% |
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% FOREIGN PURCHASES |
100% |
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EMPLOYEES |
31 |
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PREMISES |
Own Settled |
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AREA |
1,500 m2 |
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OTHER PREMISES |
The company operates from owned premises in the heading address, consisting of its head offices and tax domicile.Other premises: Calle 16, Edificio 40, Local 2, Apartado 0302-00043, Zona Libre, Colón-Panamá. |
Subject is said to have associated offices in India, Hong Kong and Taiwan. Representative of manufacturing firms from India and the Far East. IMPORTANT CLIENT: Lumicentro Puerto Rico Inc (PUERTO RICO) |
Disposition |
Poor. Very few information was given.
Politely. |
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Interviewee(s) |
Tania Walter |
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Position(s) |
Accountant |
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Information provided |
Very politely and quickly the general accountant only confirmed only general and operational business details. Indicated that figures are confidential. |
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SALES |
US$ 0.00 () |
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FINANCIAL SITUATION |
FAIRIn commercial media do not arise contrary notes. |
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COMPANY |
AGAINST |
EXPIRATION |
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Aseguradora
Mundial |
Various
risks |
Yearly |
TRADE REFERENCES
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Supplier: APL DE PANAMÁ SA |
Tel.: 507 4302030 |
Country: PANAMA |
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Goods/Services?
: Logistics service |
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Highest credit?
: US$ 5,000.= |
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Client since? : 2009 |
Terms? : 30 days |
Performance? : Prompt |
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Supplier: CHINA SHIPPING |
Tel.: 507 2651190 |
Country: PANAMA |
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Goods/Services?
: Shipping services. |
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Highest credit?
: Not specified |
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Client since? : 2009 |
Terms? : 7 - 15 days |
Performance? : Prompt |
Note : Other suppliers did not provide information or could not be
consulted
|
Supplier |
Country |
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P & O NEDLLOYD |
PANAMA |
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MAERSK SEALAND |
PANAMA |
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CSAV COMPAÑÍA SURAMERICANA DE VALORES S.A. |
PANAMA |
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EVERGREEN MARINE |
PANAMA |
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LONGWELL TEXTILES LIMITED |
HONG KONG |
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J&S INT.(H.K)CORP.LTD A 5C LANTIAN |
CHINA |
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DIAMOND IMP. & EXP |
INDIA |
Comments:
BANCO GENERAL BANCO MULTIBANK BANCO HSBC The Subject is a client of said banks,
which when consulted told us that according to current legal regulations,
cannot provide information of their movements out of respect to bank secrecy.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.50 |
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|
1 |
Rs. 101.91 |
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Euro |
1 |
Rs. 84.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
-- |
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.