MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARSAM CORPORATION |
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Registered Office : |
Trust Company Complex Ajeltake Island Majuro |
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Country : |
Marshall Island |
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Date of Incorporation : |
09.01. 2007 |
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Legal Form : |
International Business
Company |
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Line of Business : |
Finance and Investment |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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REQUIRED CREDIT |
ADVISED CREDIT |
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MAXIMUM |
600,000 USD |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Presidential Republic
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CURRENCY BRANCH SITUATION |
USD Stable |
IDENTIFICATION
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Company Name: |
HARSAM
CORPORATION |
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Address: |
TRUST
COMPANY COMPLEX AJELTAKE
ISLAND MAJURO MARSHALL
ISLANDS |
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Phone: Fax: ID: State: Managers: |
N.A. N.A. 21795 MRSHALL ISLANDS N.A. |
Date founded: |
January 9, 2007 International Business Company N.A. N.A. Nil |
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Legal form: |
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Stock: Value: |
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Staff: |
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Business: |
Finance and Investment |
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Country
overview
Germany purchased the
Marshall Islands from Spain in 1899. Japan seized the Islands in 1914,
governing them under a League of Nations mandate until the U.S. Navy occupied
them in 1945. In 1947, the islands became part of the U.S. Trust Territory of
the Pacific Islands under United Nations trusteeship. The Constitution of the
Marshall Islands entered into force on May 1, 1979, at which time the
parliament chose Amata Kabua to be the country’s first president. In 1983, the
Marshall Islands signed a Compact of Free Association with the United States,
which entered into force in 1986. Under the Compact, the country is fully
sovereign in domestic and foreign affairs, but gives responsibility for defense
to the United States.
The government of
the Marshall Islands operates under a mixed parliamentary- presidential system,
which includes a head of state—the President, who is also the head of
government—and a bicameral parliament—the Council of Iroij (the upper house)
and Nitijela (the elected lower house).
The RMI is classified by the United Nations as a Small Island Developing State. The economy remains relatively small, with an estimated current-dollar Gross Domestic Product of about US$100 million as of 2003. The economy relies heavily on RMI Government and US military expenditure and employment, but has seen some growth in commercial and small-scale fisheries, mariculture/aquaculture, agriculture, traditional crafts manufacturing (handicrafts), and tourism.
Business Licenses
For a foreign
investor to do business in the Marshall Islands as an individual, a
partnership, a joint venture, or a corporation (domestic or foreign), the
investor must first obtain a Foreign Investment Business License.
Application forms
for a Foreign Investment Business License may be obtained from the Registrar of
Foreign Investment in the Office of the Attorney General.
Applications are
then reviewed by the sectoral Ministries and Agencies.
The process of
review and approval normally takes no longer than four to six weeks (often
less).
The National
Government does not require foreign investors to obtain any other licenses,
unless they are involved in regulated activities (e.g., the practice of law,
the practice of medicine, banking, fishing, fishing base operation, etc.).
If a business entity
has a Foreign Investment Business License, it need not obtain a business
license from the local government in whose jurisdiction it operates for a
period of one year from the date of issuance of the foreign investment
license.
If an investor
chooses to do business in the Marshall Islands through a foreign corporation,
partnership, trust, unincorporated association, or other entity, he/she can
file with the Registrar of Corporations an Application for Registration of a
Foreign Entity to do Business in the Marshall Islands.
BANKS
MARSHALL AND ILSLEY BANK
BUSINESS
At the address requested is located the office of The Trust Company of
the Marshall Islands, which is the registered agent for all the foreign
companies incorporated in the Marshall Islands.
From an interview with Denise M. Francis
of The Trust Company of the Marshall Islands:
The of our Marshall Islands correspondent, The Trust Company of the
Marshall Islands, Inc. indicate the above corporation commenced legal existence on January 9, 2007 and remains an existing
corporation at this time. The Trust Company of the Marshall Islands, Inc
acts as registered agent and is located at the Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, MH 96960.
In 1990, Trust
Company of the Marshall Islands, Inc. and Marshall Islands Maritime &
Corporate Administrators, Inc. entered into a legislatively endorsed joint
venture agreement with the Government of the Republic of the Marshall Islands
to administer the maritime and corporate programs.
HARSAM CORPORATION is an International
Business Company / Offshore Company incorporated in The Marshall Islands for
tax purposes.
However the company does
not carry any operation in The Marshall Islands
It is not registered with
The Marshall Islands Chamber of Commerce as being an active business.
It is not listed with The
Marshall Islands yellow pages.
It is not listed with the
major local credit bureaus.
The company does not have any employee
in The Marshall Islands. It uses the registered agent staff.
Trade
references : In virtue of the nature of its business
activities its local transactions are seldom. Therefore, commercial sources
consulted in the marketplace report that they are unable to establish subject's
payment performance and general reputation regarding commitments contracted as
same it is UNKNOWN as making use of
credit facilities.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The company is owned by foreign
shareholders.
It is locally managed by the
registered agent mentioned above.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
The Subject Company is registered as an International Business Company/ Offshore
Company in The Marshall Islands and
is therefore exempt from filing and/or publishing Annual Audited Accounts at
the Registrar of Companies, under The Marshall Islands Law. In addition, due to
the laws of privacy governing disclosure of BANKING INFORMATION, we are unable
to demand a copy of the subject’s Latest FINANCIAL STATEMENTS.
However our financial sources could
provide us with the following information:
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Fiscal Year |
12/31/2007 |
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Turnover
in USD |
0 |
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Operating
income in USD |
17 million |
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Net
income in USD |
17 million |
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Net
Worth in USD |
50 million |
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Liabilities
in USD |
0 |
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Debentures/Mortgages/Charges:
Our Legal searches
in the Credit Bureau Data Base of The Marshall Islands and the Companies registration file have revealed no evidence of any current
registered Mortgage, Chattel Mortgage or Debentures filed in the name of the
Company.
Other
relevant data:
With reference to your request dated May 19th
2008 for a Business Credit Report on the above Subject, we hereby advise that according
to the Credit Bureau files there are no reports of any Credit Delinquencies
registered in the name of the subject Company in The Marshall Islands.
In addition, there was no record of any High
Court or Petty Civil Court Judgments entered against the Company in any civil
suit and/or litigation matter in The Marshall Islands during the period of our
Judgment searches (6 years).
Based on our credit Bureau Data Base
investigations we have found no evidence of any Reported Credit Delinquency or
delay /default /caution on this subject Company’s part in meeting any past
trade or financial obligation strictly in accordance with terms in The Marshall
Islands.
RATING
Local credit bureau did not rate this company.
The cash is very good.
Payments are made cash.
Our Final opinion:
We are reporting
an offshore company which belongs to foreign shareholders. Although it is
registered in The
Marshall Islands, it uses such territory only as its legal
and administrative address, but all its operations are carried out abroad. It
is managed by a resident registration agent and it is unknown in the
marketplace, so its commercial morality and general reputation cannot be
assessed, although nothing detrimental is noted upon subject.
A credit line may be considered for USD 600,000.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
GOOD NIL VERY GOOD |
PUBLIC RECORDS PAYMENTS |
NO CASH |
ADVISED
CREDIT
600,000 USD
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)