MIRA INFORM REPORT

Report Date :

21.07.2014

IDENTIFICATION DETAILS

Name :	SANSIM INC.

Registered Office :	Calle 16C, Edif. 41, Local 6B, Zona Libre de Colón, 0302-00526, Colon

Country :	Panama

Date of Incorporation :	15.03.2001

Legal Form :	Joint Stock Company

Line of Business :	Import and Export of Textile Products, Items of Clothing and Other Products in General.

No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Panama

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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

IDENTIFICATION

CORRECT COMPANY NAME	SANSIM INC.
TAXPAYER REGISTRATION	RUC 2137831397383
MAIN ADDRESS	Calle 16C, Edif. 41, Local 6B, Zona Libre de Colón
POSTAL CODE	0302-00526
DEPT/PROV/REGION/STATE	Colón
COUNTRY	PANAMA
TELEPHONE	(507) 4470793
CORPORATE E-MAIL	sansiminc@yahoo.com

EXECUTIVE SUMMARY

Date of foundation	2001
Capital stock	US$300,000 Dollars(100 shares)
permanent employees	4
Chief Executive	KAMDAR, SANJAY GIRISH
Disposition	FAIR
Financial Situation	Declined. For security reasons and/or competition.
Payments policy	Usually to terms / good
Number of times that this company was required: 5

LEGAL STRUCTURE

LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	15MAR2001
PLACE OF REGISTRY	Colon Free Trade Zone
NOTARY OFFICE	2	DURATION	Perpetual
REGISTRATION	Index Card 397383, /Document 213783
CURRENT PAID-IN CAPITAL	US$300,000 Dollars(100 shares)
CURRENT EXCHANGE RATE (US$)	1.00 per USD1.00
COMMENTS
Organized in accordance with Notarial Act 1245 dated 15/03/2001, entered in the Mercantile Register of of Panama under Index Card 397383, Document 213783 dated 26/03/2001. According to the Bylaws, the President shall act as Legal Representative and in his absence, the Secretary, and in turn, in his absence, the Treasurer or any other person appointed by the Board of Directors. The shareholders of the investigated company are from India and living in Panama since 2000.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
KAMDAR, SANJAY GIRISH	General Manager	34%
KAMDAR, ASIM	Secretary	33%
RADHIKA PANDE	Treasurer	33%

WHO IS WHO?

KAMDAR, SANJAY GIRISH
TITLE	General Manager
NATIONALITY	Indian
ID	CI E-8-91557

KAMDAR, ASIM
TITLE	Secretary
NATIONALITY	Indian
D.O.B.	31AUG1977
ID	CI E-8-91329

RADHIKA PANDE
TITLE	Treasurer
NATIONALITY	Indian
D.O.B.	24AUG1977
ID	CI E-8-91558

BUSINESS HISTORY

According to the Notarial Act, Lenigdio Xavier Chávez and José Angel Pimentel signed the Articles of Incorporation.

BUSINESS

Main activity

Import and export of textile products, items of clothing and other products in general.

Import and trading of flat fabric, garments for men, jackets, etc.

Brands: "RADZ", "CREATIONS"

OPERATIONS

Import

Yes

Country

China and India

Export

Yes

COUNTRY

Central America, Venezuela, Guatemala, Honduras and El Salvador

% CASH SALES / METHOD

95%

% Credit SALES / Terms

05% (Terms: 30 days)

% Foreign sales (countries)

96%

SELLING TerritorY

04% Nationally

EMPLOYEES

LOCATION

PREMISES	Own Settled
AREA	220 m2

Comments

Subject's main customers are importers, distributors and garment makers.

FINANCIAL INFORMATION

Disposition

Declined. For security reasons and/or competition.

Information provided

It should be noted that the data in this report was obtained from various indirect sources (public sources, our own files, etc).

It is also important to mention in Panama, it is possible to obtain financial statements of publicly-listed companies only. Privately-held companies have no obligation to publish their figures, therefore the only way to obtain said information is through the company itself.

SALES

US$ 0.00 ()

FINANCIAL SITUATION

FAIR

During the course of our research we have found nothing that can adversely affect their development.

INSURANCE

COMPANY	AGAINST	AMOUNT
KAM Y ASOCIADOS	All risk	US$200,000.=
CIA. DE SEGUROS AXA	All risk
CIA. DE SEGUROS GENERALI	All risk

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

Supplier: APL	Tel.: (507) 2363200	Country: PANAMA
Goods/Services? : Maritime freight services
Highest credit? : US$ 15,000
Client since? : 2001	Terms? : Cash	Performance? : No experience

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country	Comment
CROWLEY	PANAMA
LONSEA DENIM	CHINA
SHAOXING COZY PLUS	CHINA
SS CHINA	CHINA
ATLAS EXPORTS	INDIA
AMBER EXPORTS	INDIA
DENIM ONLINE EXPORTS PVT.LTD	INDIA
BHASKAR INDUSTRIES LTD.	INDIA
JEANS ONLINE EXPORTACIONES PVT. LTD.	INDIA

THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

No reported banking debt.

CREDIT BUREAU COMMENTS

Local do not show financial restraints, bank account disqualification, delinquencies, litigation, suit, bankruptcy or judgement filed against this company.

BANK DEBT REPORTED BY SUPERINTENDENCY OF BANK & INSURANCE (SBS)

No reported banking debt.

GENERAL COMMENT

BANCO GENERAL

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.33
UK Pound	1	Rs.103.18
Euro	1	Rs.81.58

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	TPT

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.