MIRA INFORM REPORT

Report No. :	488427
Report Date :	29.01.2018

IDENTIFICATION DETAILS

Name :	GGTEX, S. A.
Registered Office :	Calle 15 Y Av Roosevelt Edificio Sirena, Piso 6, Oficina 8 Zona Libre De Colon Colon
Country :	Panama
Date of Incorporation :	15.10.1998
Legal Form :	Anonymous Society
Line of Business :	Subject is a small organization in the textile manufacturers industry.
No. of Employees :	8

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Panama	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 and Panama is a center for offshore banking. Panama's transportation and logistics services sectors, along with infrastructure development projects, have boosted economic growth; however, public debt surpassed $37 billion in 2016 because of excessive government spending and public works projects. The US-Panama Trade Promotion Agreement was approved by Congress and signed into law in October 2011, and entered into force in October 2012.

Future growth will be bolstered by the Panama Canal expansion project that began in 2007 and was completed in 2016 at a cost of $5.3 billion - about 10-15% of current GDP. The expansion project more than doubled the Canal's capacity, enabling it to accommodate high-capacity vessels such as tankers and neopanamax vessels that are too large to traverse the existing canal. The US and China are the top users of the Canal.

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.

Source : CIA

STATUTORY INFORMATION

Legal Name:

GGTEX, S. A.

Trade Name:

GGTEX, S. A.

Reg Number:

(MERCANTIL) Folio Nº 352076 (S)

Date Created:

1998

Date Incorporated:

15/10/1998

Legal Address:

PROVINCIA COLÓN

PANAMÁ

Operative Address:

Calle 15 Y Av Roosevelt

Edificio Sirena, Piso 6, Oficina 8

Zona Libre De Colon

Colon, Panamá

Telephone:

(507) 445-3346

(507) 445-3638

Fax:

(507) 441-3055

Legal Form:

ANONYMOUS SOCIETY

Email:

textiles@ggtexpanama.net

Registered in:

PANAMÁ

Website:

The company does not have a website

Contact:

Luz Adriana De Tolani, Secretary, Subscriber and Director

Gul Madhavdas Tolani, Subscriber, Director and President

Lynnette Arosemena Cedeño, Resident Agent

Staff:

8

Activity:

NAICS 1: Fiber, Yarn, and Thread Mills

SIC 1: Textile Goods, Nec, Nec

BANKS

The company does not make its banking data public

HISTORY

The company was founded in 1998

PRINCIPAL ACTIVITY

Gg Tex Sa is a small organization in the textile manufacturers industry located in Zona Libre De Colon, Panama.

Products/Services description:

Telephones, shoes, clothes, bags, accessories and more.

Brands:

NA

Sales are:

Wholesale and Retail

Clients:

PRODUCTORA DE TEXTILES DE TOCANCIPA S A TOPTEX S A

Colombia

SEMEK S. A.

Colombia

Arcacol S A S.

Colombia

Suppliers:

Sheng Hung Industrial Co., Ltd.

Taiwan

Liberty Tex Co., Ltd.

Taiwan

C&F Tex Co., Ltd.-

Taiwan

Qingdao Newstar-tex International Trading Co,.Ltd

China

Operations area:

National and International

The company imports from

Taiwan and China

The company exports to

Colombia

The subject employs

8 employees

Payments:

No Complaints

LOCATION

Headquarters :

Calle 15 Y Av Roosevelt

Edificio Sirena, Piso 6, Oficina 8

Zona Libre De Colon

Colon, Panamá

Comments:

NA

Branches:

The company does not have branches

Related Companies:

NA

Main Competitors:

Gsl Limited Sa

C/O Arias , Fabrega & Fabrega

Textiles Universales Sa

Edificio 42 Y 16 Calle 16,

Saphiro Intercontinental, S.A.

Calle 17 Con 18. Edf. Pancol

Empresa De Suministros Internacionales Sa

Ave Roosevelt Edificio Milenium Cuarto Piso

Coral Import And Export, S.A.

Calle 16 Y Ave. Roosevelt

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:

NO

Capital:

USD 100,000.00

Shareholders:

This is a private company. This is a private company. The company does not disclose information on shareholders.

Management:

Luz Adriana De Tolani, Secretary, Subscriber and Director

Gul Madhavdas Tolani, Subscriber, Director and President

Monica Julieth Tolani Correa, Director and Treasurer

Preeeti Rochelle Tolani Correa, Sub-Treasurer and Director

Gaurav Kumar, Subscriber

Lynnette Arosemena Cedeño, Resident Agent

FINANCIAL INFORMATION

This is a private company which does not make its financial figures public. Despite our long search, we could not confirm financial information related to the company.

LEGAL FILINGS

CASES

No found

RENEWAL HISTORY

No of Entry	Type of Entry	Act	State
7473/271 (0)	Registration	PACT, Qualification Rights	Marked as finished in Emulator
9322/2004 (0)	Registration	PACT, Qualification Rights	Ready for delivery as Expended Procedure
39354/2009 (0)	Registration	ACT, Qualification Rights	Marked as finished in Emulator
53475/2009 (0)	Registration	ACT, Qualification Rights	Ready for delivery as Expended Procedure
55600/2009 (0)	Registration	ACT, Qualification Rights	Ready for delivery as Expended Procedure
57229/2012 (0)	Registration	ACT, Qualification Rights	Ready for delivery as Expended Procedure
189535/2015 (0)	Registration	Minutes of the Mercantile Society, Qualification Rights	Delivered as Processed Out of Stock

OFAC

Sanctions List Search

The company is not listed in the OFAC list.

SUMMARY

Founded in 1998, Gg Tex Sa is a small organization in the textile manufacturers industry located in Zona Libre De Colon, Panama.

It has approximately 8 full-time employees.

The company imports from Taiwan and China, and exports to Colombia, operating within national and international markets.

This has been an ACTIVE company incorporated in PANAMA in 1998.

RISK INFORMATION

DEBTS

Controlled

PAYMENTS

No Complaints

CASH FLOW

Normal

STATUS

ACTIVE

INTERVIEW

NAME

Elbia

POSITION

Operator

COMMENTS

She confirmed legal name, trade name and telephone.

She said that the company´s address is:

Calle 15 Y Av Roosevelt

Edificio Sirena, Piso 6, Oficina 8

Zona Libre De Colon

Colon, Panamá

She provided this email: textiles@ggtexpanama.net

She explained that the company does not have a website.

She refused to provide further information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07
PAB	1	INR 63.61

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	DNS

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.