MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	ALKAREN S.A.

Registered Office :	Entre Av 3 Y Calle 1 Mz. 55 Lote 11 Y 12 France Field, Zn Libre de Colón

Country :	Panama

Date of Incorporation :	29.06.2004

Legal Form :	Joint-Stock Company

Line of Business :	Women's clothing, kids, and babies.

No. of Employees	Not Available

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

ALKAREN S.A.

TAXPAYER REGISTRATION

RUC 6341971456944

MAIN ADDRESS

Entre Av 3 Y Calle 1 Mz. 55 Lote 11 Y 12 France Field, Zn Libre de Colón.

DEPT/PROV/REGION/STATE

Colón

COUNTRY

PANAMA

TELEPHONE

(507) 2632641

CORPORATE E-MAIL

aakerman@nautica-latin.com

EXECUTIVE SUMMARY
Date of foundation	2004
Disposition	Declined. For security reasons and/or competition.
Payments policy	Without rating (No payment experience traced)
Credit ()**	UNDETERMINED RISK.(Insufficient or Non existent information).
Number of times that this company was required: 2

LEGAL STRUCTURE


LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	29JUN2004
PLACE OF REGISTRY	Colon
NOTARY OFFICE	DECIMA DEL CIRCUITO
INITIAL CAPITAL	US$10,000.=

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*DE COHEN, SANDY*	President
DAYAN SAFRA, KAREN	Treasurer
DE DAYAN, CAMILLE	Secretary
AKERMAN, ABRAHAM	General Manager

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.
DAYAN ENTERPRISES CORP.	PANAMA	(AC) 25717180220056
PLAZAL S.A.	PANAMA	8846721511784
SAKAHI S.A.	PANAMA	9339931522265

BUSINESS

SIC Classification
0 - ACTIVIDAD NO BIEN IDENTIFICADA (Actividades No bien especificadas y/o mixtas no determinadas.) Activities not adequately defined and / or mixed undetermined

Main activity

Women's clothing, kids, and babies.

O P E R A T I O N S

Import

Yes

Country

India, USA.

LOCATION
PREMISES	Rented
OTHER PREMISES	-Vía España, Edf. Torre Nautica - Administrative offices

Comments

Brand: NAUTICA

FINANCIAL INFORMATION


Disposition	Declined. For security reasons and/or competition.
Information provided	That is why we have used various sources to prepare this report.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	UNDETERMINED We estimate that Subject's financial Situation is INDETERMINATE, since we do not have financial statements that allow an accurate analysis of its results in its last financial year.
Main fixed assets of the company (general detail)
N/D

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Subject does not register local credit experiences since it carries out mainly importing activities.

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

Supplier	Country
URBAN ROPA	INDIA

CREDIT OPINION


Consulted Credit Amount :	Maximum?
Given the refusal of providing balances, not knowing their payment references and other information, we regret not being able to provide a credit opinion. NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.22
UK Pound	1	Rs.101.68
Euro	1	Rs.83.45

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	PDT

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.