MIRA INFORM REPORT

Report No. :	323816
Report Date :	22.05.2015

IDENTIFICATION DETAILS

Name :	TWS TRADING ZONA LIBRE, S.A.
Registered Office :	Calle 6, Avenue 3 Edificio 2b Colon
Country :	Panama
Date of Incorporation :	22.02.2008
Legal Form :	Sociedad Anónima
Line of Business :	Wholesale of wood items.
No. of Employee :	6 employees

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 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:	TWS TRADING ZONA LIBRE, S.A.
Trade Name:	TWS TRADING ZONA LIBRE
ID:	604564
Date Created:	2008
Date Incorporated:	22/02/2008
Legal Address:	Calle 6, Avenue 3 Edificio 2b Colon, Panama, Panama
Operative Address:	Calle 6, Avenue 3 Edificio 2b Colon, Panama, Panama
Telephone:	507-213-9378
Fax:	507-213-9378
Legal Form:	Sociedad Anónima
Email:	NA
Registered in:	Panamá
Website:	No website
Contact:	Milton Alfonso Scantlebury Sanford, President
Staff:	6
Activity:	Wood Industry
BANK DATA
	Banco Central de Panamá
	The company does not make its banking data public
HISTORY
	The company started business in 2008
PRINCIPAL ACTIVITY
	The company is dedicated to the wholesale of wood items
Products/Services description:	Wood items
Brands:	NA
Clients:	ARQUIDECORADOS MAJOLICA NORTE SA Colombia
Suppliers:	FORTUNE GLOBAL TRADING FGT S.A Mexico
Operations area:	National and International
The company imports from	Mexico
The company exports to	Colombia
The subject employs	6 employees
Payments:	No Complaints
LOCATION
Headquarters :	Calle 6, Avenue 3 Edificio 2b Colon, Panama, Panama
Branches:	The company does not have branches
Industry:	Companies in this industry manufacture dimensional lumber; veneers, plywood, engineered wood members, or reconstituted wood products; wood windows and doors, wood flooring, or other millwork; wood containers; pallets; prefabricated wood buildings; or manufactured homes. Demand is closely tied to the level of home construction. The profitability of individual companies depends on efficient operations, because many products are commodities. Large companies enjoy economies of scale in purchasing. Small companies can often compete successfully by focusing on a local market. Major products include lumber (30 percent of industry revenue); wood windows, doors, flooring, and other millwork (25 percent); plywood, veneers, and engineered wood products (20 percent); wood containers and pallets (10 percent); and manufactured homes (5 percent).
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	USD 10,000.00
Shareholders %:	This is a private company
Management:	Milton Alfonso Scantlebury Sanford, President Roger Manuel Alvarado, Director Katen Reyes, Financials Joel Bonilla, Operations
Related Companies:	Same president: TRANSWORLD LOGISTIC & FREIGHT FORWARD, CORP.
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by outside sources.
2013
Revenue	123 253 000
Net Income	289 000
Total Equity	1 837 400
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	TWS TRADING ZONA LIBRE, S.A.  is a company dedicated to the import and wholesale of Wood ítems. The company has 7 years of experience in the market with a small sized structure. Its financial figures are positive; however, quite high for its size. There are no negative for the subject. Despite this, it has a quite low comercial profile.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We called the company several times but received no answer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.70
UK Pound	1	Rs.98.92
Euro	1	Rs.70.67

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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.