MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	DAYAN ENTERPRISES CORP.
Registered Office :	Vía España, Torre Náutica, entre Boutique "Estampa" y el Centro de Apuestas "Tour"
Country :	Panama
Date of Incorporation :	15.03.1989
Com. Reg. No.:	Card 220056 R.P.C., Notarial Act 2826 (02.27.1989)
Legal Form :	Corporation
Line of Business :	engaged in import and export of items of clothing (We tried to confirm / obtain the detailed activity but the same is not available from any sources.)
No of Employees :	180

RATING & COMMENTS

MIRA’s Rating :

B

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	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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	DAYAN ENTERPRISES CORP.
TRADE NAME	NAUTICA
TAXPAYER REGISTRATION	RUC 25717180220056
MAIN ADDRESS	Vía España, Torre Náutica, entre Boutique "Estampa" y el Centro de Apuestas "Tour"
DEPT/PROV/REGION/STATE	Panamá
COUNTRY	PANAMA
TELEPHONE	(507) 2632641
CORPORATE E-MAIL	caleman@nautica-latin.com

COMMENTS

The address stated in your order belongs to Subject's warehouse.

NOTE

The address on your order is incorrect. The correct address is as above-written.

EXECUTIVE SUMMARY
Date of foundation	1989
Capital stock	US$2,000,000.= Dollars
permanent employees	180
Disposition	Poor. Very few information was given. Politely.
Payments policy	Without rating (No payment experience traced)
Credit (**)	MODERATE RISK. (Acceptable financial situation but limited).
Number of times that this company was required: 2

LEGAL STRUCTURE
LEGAL STATUS	Corporation
DATE OF INCORPORATION	15MAR1989
PLACE OF REGISTRY	Panama
NOTARY OFFICE	3ra. del Circuito	DURATION	Perpetual
REGISTRATION	Card 220056 R.P.C., Notarial Act 2826 (02.27.1989)
INITIAL CAPITAL	US$2,000,000.= Dollars
CURRENT PAID-IN CAPITAL	US$2,000,000.= Dollars	LAST CAPITAL INCREASE	No specified
CURRENT EXCHANGE RATE (US$)	B/.1.= per 1USD
COMMENTS
No personal data of Subject's members was available. We only learnt they are Panamanian. Registered Agent: GARRIDO & GARRIDO.

DIRECTORS

EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
DAYAN, VICTOR	President	Yes
DAYAN, ALBERTO V.	Treasurer/Director	Yes
DE DAYAN, CAMILLE	Secretary/Director	Yes
ACKERMAN, ABRAHAM	General Manager
ALEMAN, CARLOS	Controller

WHO IS WHO?

DAYAN, ALBERTO V.

TITLE

Treasurer/Director

NATIONALITY

Panamanian

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
PIAZZA INTERNACIONAL S.A.	Accountant	15952105152529	PANAMA

BUSINESS HISTORY

Founders:
- Jose Francisco Vega
- Roberto Villegas
 
Subject is not related to any company of the market.

BUSINESS
SIC Classification L - INDUSTRIA MANUFACTURERA DIVERSA - CONFECCIONES (Industria manufacturera diversa de productos y artículos de consumo y utilitarios, vestidos, camisas, confecciones) (L - MISCELLANEOUS MANUFACTURING - PACK (Manufacturing various products and commodities and utilities, dresses, shirts, clothing))
Main activity	Subject is engaged in import and export of items of clothing. Authorized representative of the brand NAUTICA.

OPERATIONS

Import

Yes

Export

No

% CASH SALES / METHOD

50%

% Credit SALES / Terms

50% (Short-term facilities)

% FOREIGN PURCHASES

100%

SELLING TerritorY

Domestic market

EMPLOYEES

180

LOCATION
PREMISES	Rented
OTHER PREMISES	Offices and production plant operate in the address stated in the identification field. Warehouse: Zona Libre de Colón, entre la Av. 3era. y Calle 1era. Mz.55. Rented premises. Store/Warehouse: Av. Roosevelt, Zona Libre de Colón, Colón. Tel. 433.0783. Rented premises.

Comments

Exclusive distributor for Mexico, Central America and South America of Nautica brand.

FINANCIAL INFORMATION
Disposition	Poor. Very few information was given. Politely.
Interviewee(s)	Carlos Aleman
Position(s)	Controller
Information provided	Mr. Carlos Aleman provided operating data, except for financial figures.
SALES	US$ 0.00 ()
FINANCIAL SITUATION	FAIR Subject is a long-standing and well-managed company which operates without problems. Subject's members are well qualified persons who meet the regular development of Subject's activities.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

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

Supplier	Country
D.H.L. PANAMÁ	PANAMA
MAERSK LOGISTIC	PANAMA
P & O NEDLLOYD	PANAMA
UNIGREEN MARINE	PANAMA

CREDIT BUREAU COMMENTS

No inhibitions, demands, notices, bankruptcies, auction, forfeiture of accounts, delinquent operations were found.

Comments :

Due to the Panamanian financial system ruled by the bank secrecy act, it was impossible to obtain information about the Company's accounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.22
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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.