MIRA INFORM REPORT

Report Date :

29.04.2011

IDENTIFICATION DETAILS

Name :	FAIRHAVEN SHIPYARD COMPANIES, INC.

Formerly Known As :	FAIRHAVEN SHIPYARD & MARINA, INC.

Registered Office :	50 Fort Street, Fairhaven Ma, 02719

Country :	United States

Date of Incorporation :	18.10.2005

Legal Form :	Corporation for Profit

Line of Business :	Shipyard Services

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 90,000
Status :	Satisfactory
Payment Behaviour :	Regular
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, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United States

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	Fairhaven Shipyard Companios Inc
Address in the order:	32 Water Street, Fairhaven MA 02719
Comments on data supplied:	Please note that the address provided is that of a company`s location. The headquarters address is listed below. The correct company`s name is "FAIRHAVEN SHIPYARD COMPANIES, INC."
Legal Name:	FAIRHAVEN SHIPYARD COMPANIES, INC.

Legal Address	50 FORT STREET, FAIRHAVEN MA, 02719, USA

Telephone:	(508) 999-1600	ID :	000907752
Fax:	(508) 999-1650	Legal Form:	Corporation for Profit
Email:	kevin@fairhavenshipyard.com	Registered in:	Massachusetts
Website:	http://www.fairhavenshipyard.com/	Date Created:	2005
Manager:	Kevin Mclaughlin, President	Date Incorporated:	October 18th, 2005
Staff:	110	Stock:	20,000
		Value:	NA
Activity:	Shipyard services.

BANKS

Name of the Bank	WELLS FARGO BANK
Location	300 TRI STATE INTL STE 400 LINCOLNSHIRE IL 60069- 4417

BUSINESS

HISTORY
	The company was created in 2004. The company`s previous name was FAIRHAVEN SHIPYARD & MARINA, INC.
PRINCIPAL ACTIVITY
	The company in engaged in Shipyard services.
Products/Services description:
	The services for yachts and boats include: Refit Hauling Painting Welding Mechanical / Electrical Carpenty Dockage Vessel construction
Sales are:
	Retail
Clients:
	General clientele
Operations area:
	Local
The subject employs 110 employee(s)
PAYMENTS
	regular
LOCATION
Headquarters
	The company is headquartered at: 50 FORT STREET, FAIRHAVEN MA, 02719, USA
Branches:
	The company has a branch: 32 Water Street, Fairhaven MA, 02719, USA

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The company is privately held. The Isaken family appears to be one of the shareholders. However, this information was not verified by the company.
Management:
	Kevin Mclaughlin, President Max Isaksen, Vice President Gail Isaksen, Treasurer

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted the company and left a message which kept unanswered.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Currency	DATE
USD	2010
Turnover	6,100,000
The cash flow is	normal

Legal Fillings

There are 3 UCC** files listed with the Secretary of State of Massachusetts.

There are no legal filings listed with the District Court.

The last annual report was filed on 3/10/2011.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a correct credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a medium sized American company. It employs 110 people and has been in business for 5 years.

A credit line may be considered for USD 90,000

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Comments
	We called the company several times but could not speak to any representative. We left a message which kept unanswered.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.33
UK Pound	1	Rs.74.14
Euro	1	Rs.65.78

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%)

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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.