MIRA INFORM REPORT

Report No. :	303158
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	SPORT ZONE, S.A.
Registered Office :	Sportzone, SA 17th Street, Paseo Gorgas, Building No.31, Local No.3, Colon Free Zone
Country :	Panama
Date of Incorporation :	30.01.1998
Legal Form :	Public Company
Line of Business :	Wholesale Men's Apparel in Colon
No. of Employee :	40

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 :

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:	SRI APPARELS - PANAMA
Address in the order:	SPORTZONE, SA 17TH STREET, PASEO GORGAS, BUILDING NO.31, LOCAL NO.3, COLON FREE ZONE, COLON REPUBLIC OF PANAMA
Legal Name:	SPORT ZONE, S.A.
Trade Name:	SPORTZONE
ID:	340826
Date Created:	1968
Date Incorporated:	30-01-1998
Legal Address:	Avenida Paseo Gorgas y Calle 17, Manzana 3B, Free Colon Zone Panama
Operative Address:	Avenida Paseo Gorgas y Calle 17, Manzana 3B, Free Colon Zone Panama
Telephone:	(507) 441-2500, 441-2659
Fax:	(507) 441-2897
Legal Form:	Sociedad Anónima
Email:	info@sportzonesa.com
Registered in:	Panama
Website:	www.sportzonesa.com
Manager:	Jamal Yusef Saker Darwich
Staff:	40
Activity:	Wholesale Men's Apparel in Colon
BANKS	Banco Central de Panama
	The company does not make its banking data public
HISTORY
	In 1968, the father of the current owners of the company founded Importadora Universal S.A. dedicated to the import of kitchen items. In 1998, the brothers started 2 more companies: SPORT ZONE SA. & GRUPO SPORT PANAMÁ S.A.
PRINCIPAL ACTIVITY	Located in the Colon Free Zone Sport Zone, SA is a retail and wholesale distributor of shoes. Sport Zone benefits from being part of the Colon Free Zone. This international import and export zone offers companies a low-cost center for importing products from manufacturers and offers its customers worldwide. This allows the company to reduce transportation costs and in turn, offer lower prices to their customers.
Products/Services description:	Shoes for women, men and kids
Brands:	Caterpillar, Harley-Davidson, Timbuk 2 and Wolverine
Sales are:	Retail & Wholesale
Clients:	Euro Caribe IMPORTADORA Y COMERCIALIZADORA GLOBAL TENNIS S.A.S.
Suppliers:	Dominican Wolverine Shoe Co. Dominical Republic
Operations area:	National and International
The company imports from	Dominican Republic
The company exports to	Caribbean
The subject employs	40 employees
Payments:	Regular
LOCATION
Headquarters :	Avenida Paseo Gorgas y Calle 17, Manzana 3B, Free Colon Zone Panama
Stores:	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 10,000.00
Shareholders %:	This is a private company. The shareholders are: JAMAL YUSEF SAKER DARWISH BILAL AHMED SAKER OMAIS KALED AHMED SAKER OMAIS
Management:	PRESIDENT, JAMAL YUSEF SAKER DARWISH TREASURY, BILAL AHMED SAKER OMAIS SECRETARY, KALED AHMED SAKER OMAIS
Related Companies:	Sister Company: Grupo Sport Panama S.A.
FINANCIAL INFORMATION
	This is a private company which does not make its financials public.
2013 USD
Revenue	1 500 000
Cash Flow	Good
LEGAL FILINGS
	There are nolegal found for the subject
SUMMARY
	SPORT ZONE S.A. is a Panamenian company located strategically at the Free Tax Colon Zone. It imports and sells shoes from well known brands. The company was founded by a group of brothers who also own a big sized company called Grupo Sport Panama .S.A witha capital of USD 1 000 000. There are no negative for the subject.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	Sales
COMMENTS	The person contacted confirmed owners, activity, brands and sister company. He refused to confirm financial data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.73.33
Euro	1	Rs.71.49

INFORMATION DETAILS

Analysis Done by :	SUB
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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