MIRA INFORM REPORT

Report No. :	304952
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	WORKOUT INC.
Registered Office :	Zona Libre De Colon Calle 20, Galera Manzana 35 Local 1
Country :	India
Date of Incorporation :	22.07.2002
Legal Form :	Corporation For Profit
Line of Business :	Clothes Store Wholesale
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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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

STATUTORY INFORMATION
Legal Name:	WORKOUT INC.
Trade Name:	WORKOUT INC.
ID:	420274
Date Created:	2002
Date Incorporated:	22-07-2002
Legal Address:	Zona Libre De Colon Calle 20, Galera Manzana 35 Local 1, Panama
Operative Address:	Zona Libre De Colon Calle 20, Galera Manzana 35 Local 1, Panama
Telephone:	(507) 215-7862
Fax:	(507) 215-7828
Legal Form:	Corporation for Profit
Email:	NA
Registered in:	Zona Libre de Colon, Panama
Website:	NA
Manager:	Ronaldus Johannes Van Hal, Chairman Of The Board
Staff:	10
Activity:	Clothes Store Wholesale
BANKS	Banco Central de Panama
	The company does not make its banking data public
HISTORY
	The company started business in 2002.
PRINCIPAL ACTIVITY	The company is dedicated to the commerce of clothing, accessories, and sports shoes.
Products/Services description:	Interior and Lingerie, Clothing for Men, Sportswear, Youth Apparel.
Brands:	Puma
Sales are:	Wholesale
Clients:	INVERSIONES JUBILEE S.A. Colombia ISLAND ORIGINAL CLOTHING STORE UK KEMSA COMERCIAL INDUSTRIAL SA Paraguay
Suppliers:	FOOTEX SAS Colombia
Operations area:	National and International
The company imports from	Colombia
The company exports to	UK, Colombia, Paraguay
The subject employs	10 employees
Payments:	Regular
LOCATION
Headquarters :	ZONA LIBRE DE COLON CALLE 20, GALERA MANZANA 35 LOCAL 1, Panama
Branches:	The company does not have branches
Industry:	Companies in this industry operate physical retail establishments that sell clothing and accessories. Personal income and fashion trends drive demand for clothing. The profitability of individual companies depends heavily on effective merchandising and marketing. Large companies can offer wide selections of clothing and have advantages in purchasing, distribution, and marketing. Small stores can compete by offering unique merchandise, targeting a specific demographic, providing superior customer service, or serving a local market. The clothing retail industry includes stores specializing in women's clothing (50 percent of industry revenue) or men's clothing (20 percent). Stores may also specialize in children's clothing (nearly 10 percent of sales) or accessories. Children's clothing stores include infant wear. Accessory stores may specialize in hats or caps, costume jewelry, gloves, handbags, ties, wigs, or belts. Within their specialty, stores typically sell a full range of items including clothing, outerwear, and underwear. Many clothing stores also sell shoes, accessories, makeup, and perfumes.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	USD 10 000
Shareholders %:	Directors: SEBASTIEN VAN HAL OLIVER APPELBOOM RONALDUS JOHANNES VAN HAL
Management:	PRESIDENT, SEBASTIEN VAN HAL TREASURY, OLIVER APPELBOOM SECRETARY, RONALDUS JOHANNES VAN HAL
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public. The following information has been provided by outside sources.
USD 2013
Revenue	2 500 000
Cash Flow	Normal
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	This is a Panamanian company dedicated to the wholesale of clothes, mainly sport clothes of Puma brand. The company has 12 years of experience in the market with a small sized structure. It is active in business without negative data. The company is located at a strategic zone for tax purposes.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	Tomas
POSITION	Sales
COMMENTS	He confirmed address and activity. He refused to confirm more information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.