MIRA INFORM REPORT

Report No. :	334961
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	SURRENDRA OVERSEAS (PANAMA) INC
Registered Office :	Paseo Roberto Motta, Capital Plaza, Floor 8, Costa del Este, Panama, P.O. Box 0819-05911
Country :	Panama
Date of Incorporation :	20.07.2004
Legal Form :	Corporation for Profit
Line of Business :	Subject is an International Business Company
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	International business company
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Panama	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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 Trade 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 2016 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 completed a metro system in Panama City, valued at $1.2 billion in 2014. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $17 billion in 2014 because of excessive government spending and public works projects. Foreign direct investment 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. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.

Source : CIA

STATUTORY INFORMATION
Legal Name:	SURRENDRA OVERSEAS (PANAMA) INC
Trade Name:	SURRENDRA OVERSEAS (PANAMA) INC
ID:	458742
Date Created:	2004
Date Incorporated:	20/07/2004
Legal Address:	Paseo Roberto Motta
	Capital Plaza, Floor 8
	Costa del Este, Panama
	P.O. Box 0819-05911
	Panama, Republic of Panama
Operative Address:	Paseo Roberto Motta
	Capital Plaza, Floor 8
	Costa del Este, Panama
	P.O. Box 0819-05911
	Panama, Republic of Panama
Telephone:	(507) 306-9600
Fax:	(507) 263-7887
Legal Form:	Corporation for Profit
Email:	info@pmalawyers.com
Registered in:	Panama
Website:	www.pmalawyers.com
Contact:	PRESIDENT, KARAN PAUL
Staff:	0
Activity:	International Business Company
BANK DATA
Central Bank of Panama
The company does not make its banking data public
HISTORY
The company was established in 2004
PRINCIPAL ACTIVITY
SURRENDRA OVERSEAS (PANAMA) INC .is an International Business Company incorporated in Panama for tax purposes.
The company uses the registrant address but does not carry any operations in the country.
It is not registered in Panama as being a local business company.
It is not listed with the Panama commercial pages.
Products/Services description:	NA
Brands:	NA
Clients:	NA
Suppliers:	NA
Operations area:	NA
The company imports from	NA
The company exports to	NA
The subject employs	0
Payments:	Unknown
LOCATION
Headquarters :	The company does not operate in the country. It would use its address for tax purposes.
Branches:	NA
Related Companies:	NA

GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NA
Capital:	USD 55,010,000.00
Shareholders %:	The company's major holder would be:
	Apeejay Surrendra Group
	Apeejay House
	15 Park Street
	Kolkata, 700016
	India
Management:	PRESIDENT, KARAN PAUL
	TREASURY, TUSHAR RANJAN NEOGY
	SECRETARY, BHASKARJYOTI DUTTA
	Directors
	KARAN PAUL
	TUSHAR RANJAN NEOGY
	SHUBHRANSHU SHEKHAR MAHAPATRA
	Suscribers
	ORIEL FRANCISCO KENNION
	BERTA ACOCA DE PATTON
Agent:	PATTON MORENO & ASVAT
Related Companies:	Surrendra Overseas (Singapore) Pte Limited
FINANCIAL INFORMATION
The company does not make its financial statements public.
There are no financial connected to the subject.

LEGAL FILINGS
There are no legal connected to the subject
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Unknown
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	NA
POSITION	Agent
COMMENTS	They refused to confirm information on the subject ofr privacy reasons.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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.