MIRA INFORM REPORT

Report No. :	303022
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	ALKAREN S.A.
Registered Office :	Entre Ave. 3 Y Calle 1 Manzana 55 Lote 11 Y, 12 France Field, Zona Libre De Colon, Colon
Country :	Panama
Date of Incorporation :	29.06.2004
Legal Form :	Public Company
Line of Business :	Wholesalers of Clothes.
No. of Employee :	4

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 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
Order:	ALKAREN S.A.
Address in the order:	ENTRE AVE. 3 Y CALLE 1 MANZANA 55 LOTE 11 Y, 12 FRANCE FIELD, ZONA LIBRE DE COLON, COLON, REP. DE PANAMA
Legal Name:	ALKAREN S.A.
Trade Name:	ALKAREN
ID:	456944
Date Created:	2004
Date Incorporated:	29-06-2004
Legal Address:	ENTRE AVE. 3 Y CALLE 1 MANZANA 55 LOTE 11 Y, 12 FRANCE FIELD, ZONA LIBRE DE COLON, COLON, REP. DE PANAMA
Operative Address:	ENTRE AVE. 3 Y CALLE 1 MANZANA 55 LOTE 11 Y, 12 FRANCE FIELD, ZONA LIBRE DE COLON, COLON, REP. DE PANAMA
Telephone:	507-263-2641
Fax:	507-263-2641
Legal Form:	Public Company
Email:	NA
Registered in:	Panama
Website:	No website
Manager:	COHEN, VASSILOPULOS & ASOCIADOS
Staff:	4
Activity:	Clothes Wholesale
BANKS	Banco Central de Panama
	The company does not make its banking data public
HISTORY
	The company started business in 2004
PRINCIPAL ACTIVITY	Alkaren SA is dedicated to the import and sale of clothes for Ladies and Gentlemen of Buffalo brand.
Products/Services description:	Men and Women Apparel
Brands:	Buffalo
Sales are:	Retail & Wholesale
Clients:	General Clients / Clothes Stores
Suppliers:	NA
Operations area:	National
The company imports from	Europe
The company exports to	No exports
The subject employs	4 employees
Payments:	Unknown
LOCATION
Headquarters :	ENTRE AVE. 3 Y CALLE 1 MANZANA 55 LOTE 11 Y, 12 FRANCE FIELD, ZONA LIBRE DE COLON, COLON, REP. DE PANAMA
Branches:	The company does not have branches
Industry:	Companies in this sector serve as wholesale distributors of nondurable or durable goods, typically specializing by product. For most distributors, demand is closely linked to local economic activity. The profitability of individual companies depends on efficient inventory management and order fulfillment operations. Large companies can supply customers with a wider range of goods and in more markets, but smaller distributors can compete successfully by carrying specialty products or providing add-on services. The major segments of the US wholesale sector are distribution of nondurable goods (55 percent of industry revenue) and durable goods (45 percent). Leading categories of nondurable goods segments are groceries, petroleum products, and drugs. The largest durable goods categories are professional and commercial equipment, motor vehicles and parts, machinery, and electrical goods.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	USD 10,000.00
Shareholders %:	Directors: SANDY DE COHEN CAMILLE DE DAYAN KAREN DAYAN SAFRA
Management:	PRESIDENT, SANDY DE COHEN TREASURY, KAREN DAYAN SAFRA SECRETARY, CAMILLE DE DAYAN Subscribers: MARANYELI ABREGO JOHANNA PONS
Related Companies:	ALKAREN INTERNATIONAL DISTRIBUTION, S.A. (ALIDSA). (PANAMA)
FINANCIAL INFORMATION
	This is a private company which does not make its financials public.
	Despite our long search, there are no financial found for the subject
LEGAL FILINGS
	There are nolegal found for the subject
SUMMARY
	Alkaren is a clothes wholesaler located in Panama and distributing nationally. The company works with the brand Buffalo. It has a small sized structure and 10 years of experience in business. However, the company has a quite low commercial profile, withouth webpage and not listed in the yellow pages. It mainly works as an importer and wholesaler. We suggest working with a low credit line and monitoring the company considering its low commercial profile and the fact that we could not contact the company.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Unknown
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We reached the company's answering machine and left a message asking to return our call.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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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