MIRA
INFORM REPORT
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Report Date : |
27th June 2006 |
IDENTIFICATION DETAILS
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Name : |
SEATANKERS
MANAGEMENT CO. LIMITED |
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Registered
Office : |
Promachon
Eleftherias, Deana Beach Apts, Block 1, Flat 411 53562 -
Limassol Agios
Athanasios Area Limassol |
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Country : |
Cyprus |
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Financials (as
on) : |
2006-Target |
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Date of
Incorporation : |
1986 |
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Legal Form : |
Private Limited Liability Company |
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Line of
Business : |
Provide ship management services (i.e.
Administration, Accounting, Cash Management, tax planning, Insurance and
claims’ procedures, financing, etc.). |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NAME & ADDRESS
Name Inquired
Under: SEATANKERS MANAGEMENT CO. LTD
Correct
Registered Name: SEATANKERS MANAGEMENT CO. LIMITED
Street: Promachon Eleftherias, Deana Beach Apts, Block 1,
Flat 411
Postal Code: 4103 – Agios Athanasios
P.O.Box: 53562 - Limassol
Postal Code: 3399 - Limassol
Locality: Agios Athanasios Area
Town: Limassol
Tel : 25326111/25325151
Fax: 25323770
E-Mail: seatank@logos.cy.net
Telex: 5606 SEATANK CY
seatank@cytanet.com.cy
LEGAL STATUS
Private Limited Liability Company
(IBC-International Business Company)
Legal Status
(Cont.):
Date Founded: 1986
Trade
Registration No. & Town: 26412 - Nicosia
Date Registered:
08/03/1986
PRINCIPALS
Shareholders/Partners/Proprietor
Name Equity Nationality
Constellation Holding Inc. 15.000 80, Broad Street
Monrovia,
Liberia.
Directors/Managers
Name Position
Mr. Demetrios
Channas Director/Financial
Manager
Mr. John
Fredriksen Director
Mr. Costas
Pallaris Director/Manager
(Insurance/Claims)
Mr. Tor Olav
Troim Director
Mrs. Chrystalla
Mylona Alternate
Director for Mr. Olar Troim
Mrs. Dora
Koliandri Alternate
Director for John Fredriksen
Savemar
Secretarial Services Ltd Secretary
RELATED COMPANIES
Parent/Subsidiary/Sister/Associate:
None
OPERATIONS
Mode of
Operation:
Shipping Company.
Activities:
Services: Ship management services (i.e.
Administration, Accounting, Cash Management, tax planning, Insurance and
claims’ procedures, financing, etc.).
No of Employees
(Categorise): 12 persons.
AGENCIES
Name Country Product
Not applicable.
TRADE SUPPLIERS
Name Country Product
Not applicable.
Import From: Not
applicable.
Import Terms: Not
applicable.
Export To: Not
applicable.
Export Terms: Not
applicable.
DESCRIPTION OF PREMISES
Headquarters:
The present company operates from owned offices,
which are located at the address given overleaf. Offices are shared with
associate companies.
Branches: None.
BANKERS
Bank of Cyprus Ltd
International Business Unit – 385
Thessalonikkis, Nicolaou Pentadromos Center
Flat 206, 3025 Limassol
Tel.: 25341910, Fax: 25358768
FINANCES
Currency: As indicated.
Registered Capital: CYP 50.000
Paid Up Capital: CYP 15.000
Annual Sales Turnover: US$
1.500.000 (2003)
US$
1.500.000 (2004)
US$
1.500.000 (2005)
US$
1.500.000 (2006-Target)
Economic Results:
Unknown.
Charges:
16/03/90 Fixed charge CYP 175.000 in f/o General
De Credit (Cyprus) Ltd
30/07/04 Tax of Deposit USD 50.000 in f/o Nordea
Bank Finland Plc
No further
detailed Financial Information is available.
PAYMENT
Comments: Given
that the present is an International Business company and all its activities
are carried out outside Cyprus, coupled with the fact that no further detailed
financial information was provided, we feel unable to express a safe and
reliable opinion on their creditability and payment records.
GENERAL COMMENTS
The present is an International Business company registered in Cyprus.
It was incorporated on 08/03/1986 and operates as a ship management and
chartering concern, providing it services to foreign shipping companies.
Their clientele includes the follow companies:
“Frontline Ltd” – Petroleum company based in Oslo, having offices and operations in
other parts of the world.
“Golar LLG Ltd” – Transportation of Natural gaz, based in London, having offices and
operations in other parts of the world.
“Northern Off-shore
Ltd” – Off-shore drillings for petroleum. The
concern is registered in Bermudas.
“Aktiv Kapital ASA” – Based in Oslo.
“Northern Oil ASA” – Based in Oslo involved in the oil field industry.
“Seadrill Limited"- Based in Oslo.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an
extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit
risk exists. Caution needed to be exercised |
Credit not
recommended |