MIRA INFORM REPORT

Report No. :	511970
Report Date :	31.05.2018

IDENTIFICATION DETAILS

Name :	GRIGLE TEXTILES S.A.
Registered Office :	Obarrio 60 Piso 11 Oficina A República De
Country :	Panama
Date of Incorporation :	05.12.2005
Legal Form :	Sociedad Anonima
Line of Business :	Subject is engaged in import, wholesale and retail sale of textile products.
No. of Employees :	Not Available

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 (30.09.2017)	Current Rating (31.12.2017)
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	GRIGLE TEXTILES S.A.
Trade Name	GRIGLE TEXTILES S.A.
ID	Reg. Number
ID Details	(MERCANTIL) Folio Nº 510573 (S)
Creation Date	2005
Incorporation Date	05/12/2005
Legal Address	Obarrio 60 Piso 11 Oficina A República De Panamá
Operative Address	Obarrio 60 Piso 11 Oficina A República De Panamá
Telephone	263-7164
Fax	263-7164
Legal Form	SOCIEDAD ANONIMA
E-Mail	info@grigle.com
Registered In	PANAMA
Website	The company does not have a website
Contact	QUERUBE C. DE NUÑEZ, Director / President
Staff	NA
Activity	Import and sale of textile products

Banks
Name of Bank	Reported Amount
There are not informed banks
Description	The company does not make its banking data public.

History
History	The company was founded in 2005
Key Developments	NA
Parent Company	NA

Principal Activity

General Description

GRIGLE TEXTILES S.A. is dedicated to the import, wholesale and retail sale of textile products.

Service/Product Description

Textile products

Sales

Wholesale and Retail

Operations Area

National and International

Imports From

Taiwan and India

Export To

Colombia

Employees

NA

Payments With Suppliers

No Complaints

Brands
Brand	Comments
There are not informed brands

Clients
Name of Client	Country	Comments
PRIMATELA SAS	Colombia	NA

Comments

NA

Suppliers
Supplier Name	Country	Comments
Jr-tex Co.,ltd	TAIWAN	NA
Bhaskar Global Enterprises	INDIA	NA
Shraddha Synthetics Pvt.Ltd	INDIA	NA
Nahar Textiles Private Limited	INDIA	NA
Arvind Limited	INDIA	NA

Comments

NA

Location
Headquarters	Obarrio 60 Piso 11 Oficina A República De Panamá
Branches	The company does not have branches

Group Structure and Subdiary Companies
Listed at the stock exchange	NO
Capital	USD 10,000.00
Shareholders (%)	This is a private company. The company does not disclose information on shareholders. Despite our long search, we could not confirm major holders.
Management	QUERUBE C. DE NUÑEZ, Director / President LINETH PONCE, Director / Secretary VIANCA CAMPAGNANI, Director / Treasurer JOSE EUGENIO SILVA RITTER, Subscriber DIANETH ISABEL MATOS DE OSPINO, Subscriber MORGAN AND MORGAN, Resident Agent
Subsidiary Companies	NA
Related Companies	NA

Financial Information
General Description	The company does not make its financial statements public. Despite our long search, we could not confirm financial figures for the subject.

Legal Filings
Lawsuits	No records found
Trademarks	No records found
Patents Registered	No records found
Renewals	Entry Number 186168/2005 (0) Type of entry Registry Kind of Procedure Constitution, Qualification Rights State Ready for delivery as Expended Procedure Entry Number 53053/2011 (0) Type of entry Registry Kind of Procedure ACT, Qualification Rights State Ready for delivery as Expended Procedure Entry Number 17953/2014 (0) Type of entry Registry Kind of Procedure MODIFICATION TO THE CONSTITUTION OF SOCIETY OR FOUNDATION, Qualification Rights State Ready for delivery as Expended Procedure Entry Number 495805/2015 (0) Type of entry Registry Kind of Procedure Minutes of the Mercantile Society, Qualification Rights State Delivered as Processed Out of Stock

Summary
Summary	Founded in 2005, GRIGLE TEXTILES S.A. is dedicated to the import, wholesale and retail sale of textile products. It mainly imports from Taiwan and India, and exports to Colombia, operating within national and international markets. This has been an ACTIVE company incorporated in PANAMA in 2005.

Risk Information
Debts	Controlled
Payments	No Complaints
Cash Flow	Normal
State	ACTIVE

Interview
Comments	Despite we tried to contact the company several times, it did not answer, so we could not confirm further information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.62
UK Pound	1	INR 89.70
Euro	1	INR 78.19
PAB	1	INR 67.43

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

INFORMATION DETAILS

Analysis Done by :	PRI
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.