MIRA INFORM REPORT

Report Date :

21.05.2014

IDENTIFICATION DETAILS

Name :	MAGIC TRADING S.A.

Registered Office :	Obarrio Avenida Samuel Lewis Calle 57

Country :	Panama

Date of Incorporation :	09.09.1989

Legal Form :	Joint-Stock Company

Line of Business :	Import and marketing of garments for men, women and children.

No. of Employees	95

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

MAGIC TRADING S.A.

TAXPAYER REGISTRATION

RUC 1987126180856

MAIN ADDRESS

Obarrio Avenida Samuel Lewis Calle 57

DEPT/PROV/REGION/STATE

Panamá / Panamá

COUNTRY

PANAMA

TELEPHONE

(507) 3005100

COMMENTS

Fax: 3005103

EXECUTIVE SUMMARY
Date of foundation	1989
Capital stock	US$500,000.= Dollars
permanent employees	95
Chief Executive	ATTIE HUSNYS, SALOMON
Disposition	Moderate. Some data and figures were confirmed.
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

REPUTATION

NOTHING AGAINST COMPANY

LEGAL STRUCTURE


LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	09SEP1989
NOTARY OFFICE		DURATION	Panama
REGISTRATION	Record 180856
CURRENT PAID-IN CAPITAL	US$500,000.= Dollars
CURRENT EXCHANGE RATE (US$)	B/.1.= per USA Dollar
MEMBERSHIP	Users Association of Colon Free Zone
COMMENTS
Its share capital amounts to US$.500,000. = Represented by 500 registered common shares with a value each of US$ 1,000. =. The shares must be issued in registered form. According to its statutes, the legal representation is exercised by the President, in his absence by the Vice President, the Treasurer or the Secretary of the company. Its resident agent is KATZ & LOPEZ. No shareholding structure of the company was obtained.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*ATTIE HUSNYS, SALOMON*	President
ATTIE DE ZEBEDE, FRIDA	Treasurer
ATTIE DE SASSON, TERRY ANN	Secretary

WHO IS WHO?


ATTIE HUSNYS, SALOMON
TITLE	President
NATIONALITY	Panamanian
BACKGROUND INFORMATION	Education: He studied at the University of Pennsylvania - The Wharton School.


ATTIE DE ZEBEDE, FRIDA
TITLE	Treasurer
NATIONALITY	Panamanian


ATTIE DE SASSON, TERRY ANN
TITLE	Secretary
NATIONALITY	Panamanian

BUSINESS HISTORY


As subscribers to the Corporate Agreement are listed: Doriela Paz de Ortega and Carmen María Zambrano Sánchez.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
TEJIDOS Y CONFECCIONES S.A.	PANAMA	(AC) 481151045276	Related

BUSINESS

SIC Classification
Y - TEXTILES- HILANDERIA- TEJEDURIA Y CONEXOS (Industria textil: Hilanderia, tejeduria y teñido de telas. Producción y comercialización de textiles en general. No confeccion.)

Main activity

Import and marketing of garments for men, women and children.

Brands sold:   "TED", "LAPIDUS", "BUFFALO", "SIXTY" "NINE", "RELIC".

O P E R A T I O N S

Import

Yes

Country

China, USA, India

Export

% Credit SALES / Terms

100% Terms: 90, 120 Days

% FOREIGN PURCHASES

100%

EMPLOYEES

LOCATION

PREMISES

Rented

OTHER PREMISES

The Administrative Offices operate from rented premises at the above address.

Subject has a shop in the Colon Free Zone:  Av. Roosevelt y Calle 14, Edificio Kobesa

FINANCIAL INFORMATION

Disposition

Moderate. Some data and figures were confirmed.

Interviewee(s)

Ariel Castillo

Position(s)

Finance Manager

Information provided

The interviewed person co-operatedwith general business information and stated sales in 2013 amounted to US$13,900,000. = (DollarS). Regarding our request for further financial data, he indicated that he will request authorization to send such figures. If we receive them, we will send you immediately a supplemental report; otherwise, please consider this report as a final report.

At the same time, we performed queries on various external sources where we supplemented the information in report.

It is 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

B: FAIR

Despite having no financial statements available. It is public knowledge that the company operates without problems.

Sales History in US$ (of Balance Sheet, statement of third parties)

Date	Sales (US$)
31/12/2013	13,900,000.00

Property of company comments

Subject is referred to be the owner of business premises located in the Colon Free Zone: Av. Roosevelt y Calle 14, Edificio Kobesa.

INSURANCE

COMPANY

CIA. NACIONAL DE SEGUROS

Main fixed assets of the company (general detail)

No further details available.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

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

Supplier	Country
MAESRS SEALAND	PANAMA
APL	PANAMA
EVERGREEN	PANAMA

CREDIT BUREAU COMMENTS

We found no adverse information against this Company in the different sources researched.

Comments :

They deal with BANCO ALIADO MULTIBANK GLOBAL BANK BANISTMO CAPITAL BANK It is worth stressing since the banking system in Panama is governed by the principle of bank secrecy, it has not been possible to obtain information on the accounts of the company.

GENERAL INFORMATION


Explanation about commercial reputation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.74
UK Pound	1	Rs.98.77
Euro	1	Rs.80.52

INFORMATION DETAILS

Analysis Done by :	KAR

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.