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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TOP FASHION INT'L Z.L. S.A. |
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Registered Office : |
Calle 17C, Edificio Dismercol (Calle de los Textiles), Zona Libre de
Colón |
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Country : |
Panama |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.03.2002 |
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Legal Form : |
Joint-Stock Company |
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Line of Business : |
Subject is engaged in the Import, sale and export of textile products
(fabrics in general). |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source
: CIA |
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CORRECT COMPANY NAME |
TOP FASHION INT'L Z.L. S.A. |
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TAXPAYER REGISTRATION |
RUC 3323831414973 |
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MAIN ADDRESS |
Calle 17C, Edificio Dismercol (Calle de los Textiles) |
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DEPT/PROV/REGION/STATE |
Zona Libre de Colón |
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COUNTRY |
PANAMA |
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TELEPHONE |
(507) 4414849 - 4414115 |
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CORPORATE E-MAIL |
contabilidadtopfashion@tcarrier.net |
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COMMENTS |
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Please be advised the correct legal name of this company is as stated
in the identification of report. |
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Date of foundation |
2002 |
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Capital stock |
B/.500,000.= Balboas |
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Shareholders' equity |
1,883,450.93 US$ Dollars (31DEC2011) |
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Annual revenues |
US$ 9,925,134.39 US$ Dollars (31DEC2011) |
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Profits (loss) |
303,194.51 US$ Dollars (31DEC2011) |
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permanent employees |
17 |
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Chief Executive |
KASSAB, EZRA |
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Disposition |
Poor. Very few information was given. Politely. |
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Payments policy |
Always to terms or early |
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Number of times that this company was required: 5 |
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LEGAL STATUS |
Joint-Stock Company |
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DATE OF INCORPORATION |
21MAR2002 |
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PLACE OF REGISTRY |
Colon |
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NOTARY OFFICE |
2nd. of Circuit |
DURATION |
Perpetual |
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REGISTRATION |
414973, Document 332383(01/04/02),Notarial
Act 185 |
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INITIAL CAPITAL |
B/.500,000.= Balboas |
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CURRENT PAID-IN CAPITAL |
B/.500,000.= Balboas |
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SHAREHOLDERS EQUITY |
1,883,450.93 US$ Dollars (31DEC2011) |
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CURRENT EXCHANGE RATE (US$) |
B/.1.= per USA Dollar |
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COMMENTS |
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By Notarial Act No.1005, dated 16/07/2008, at First Notary Office in
the Circuit, it was decided to sign a merger agreement between the company
TOP FASHION INTERNACIONAL Z.L. S.A. (merging company) and the company EMORY
PROPERTIES S.A. (merged company). This merger agreement was recorded on
23/12/2008, under Digitalized Document No.1493404. Subject's Registered Agent is CRUZ & CRUZ. |
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FULL NAMES / COMPANY NAME |
TITLE |
%PART. |
SINCE |
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KASSAB, EZRA |
Chief Executive Officer |
50% |
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TOTAH DE KASSAB, LILIANE |
Director |
25% |
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KASSAB, MARK |
General Manager |
25% |
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HAMID HIM |
Accountant |
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KASSAB, EZRA |
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TITLE |
Chief Executive Officer |
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NATIONALITY |
Israeli |
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CIVIL STATUS |
Married to Liliane Totah |
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PROFESSION |
Businessman |
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BACKGROUND INFORMATION |
Mr. Mark Kassab's father. He takes part as Director of the following companies: - EMORY PROPERTIES,S.A. - CORNEL CAPITAL,S.A. - TOP FASHION INT'L Z.L., S.A. - BELLISIMA, INC. Subscriber: - INVERSIONES DALLAS, S.A. |
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TOTAH DE KASSAB, LILIANE |
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TITLE |
Director |
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NATIONALITY |
Israeli |
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CIVIL STATUS |
Married to Ezra Kassab |
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KASSAB, MARK |
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TITLE |
General Manager |
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NATIONALITY |
Israeli |
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D.O.B. |
1975 |
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FATHER'S NAME |
Ezra Kassab |
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HAMID HIM |
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TITLE |
Accountant |
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NATIONALITY |
Panamanian |
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PROFESSION |
Public Accountant |
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As subscribers to the Corporate Agreement are listed: Vicente Morales
Rodríguez and Brandon Cruz Padilla.
Subject is not
related to any other companies.
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SIC Classification 5 1 - WHOLESALE TRADE-NON-DURABLE GOODS. (Papers, Perfumes, drugs,
hardware, Groceries, apparel, food, dairy products, beverages.) |
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Main activity |
Import, sale and export of textile products (fabrics in general). |
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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 |
China, India, Japan. |
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Export |
Yes |
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COUNTRY |
Colombia, Nicaragua, Dominican Republic |
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% CASH SALES / METHOD |
20% |
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% Credit SALES / Terms |
80% (Terrms: 30, 90 Days) |
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% DOMESTIC PURCHASES |
20% |
% FOREIGN PURCHASES |
80% |
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SELLING TerritorY |
Domestic and international market |
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EMPLOYEES |
17 |
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Disposition |
Poor. Very few information was given. Politely. |
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Interviewee(s) |
HAMID HIM |
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Position(s) |
Accountant |
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Information provided |
Kindlly delivered to us operational data but declined financial
figures claiming he did not have authorization from his superiors. From previous research we have the main accounts of their latest Balance
Sheet available as of 31/12/2011 (12 months), which are shown as reference: |
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FINANCIAL SITUATION |
FAIR TOP FASHION INT'L Z.L. S.A. is a mediumsized company in its field,
which conducts its business under an upward trend. |
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INSURANCE |
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(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 restraints, claims, summons, bankruptcy, auctions, disqualification
/ account closure, or defaulting transactions were found against the Company. |
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Explanation about commercial reputation
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.27 |
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1 |
Rs.103.47 |
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Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
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.