MIRA INFORM REPORT

-

 

Report Date :

21.07.2011

 

IDENTIFICATION DETAILS

 

Name :

PROVIDENCE SHIPPING CORPORATION

 

 

Registered Office :

55th Street, El Cangrejo Building, Renaissance 15B

 

 

Country :

Panama

 

 

Date of Incorporation :

18.09.2007

 

 

Com. Reg. No.:

File card 584059,Vol. 2007,Entry 171195 (21.09.07)

 

 

Legal Form :

Not Available

 

 

Line of Business :

Offshore Company

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31st, 2010

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Panama

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Date of the request

                                                                                                                     

CLIENT

:

3004

ORDER

:

12JUL2011      PRIORITY : T1

NRO ORDER

:

N/A

S/REFERENCE

:

148242

HOW WAS IT REQUESTED ?

:

PROVIDENCE SHIPPING CORPORATION

Correct ?

:

Yes

 

 

Identification

                                                                                                                            

CORRECT COMPANY NAME

:

PROVIDENCE SHIPPING CORPORATION

TRADE NAME

:

N/A"

TAXPAYER REGISTRATION

:

RUC 12100851584059

MAIN ADDRESS

:

55th Street, El Cangrejo Building, Renaissance 15B

POSTAL CODE

:

N/A

CITY

:

Panama

DEPARTMENT/STATE

:

Panama

COUNTRY

:

PANAMA

TELEPHONE

:

N/A

FAX

:

N/A

WEB SITE

:

N/A

 

 

COMMENTS

 

Both the address and the telephone numbers shown at the identification heading belong to the Company's Registered Agent.

 

Based on the investigation, this would be an Offshore company that is legally registered in the country but with no business activities in Panama.

 

The enclosed (only available) information was gathered from third-party sources and official.

 

 

SUMMARY

           

FOUNDATION               : 2007

LAST CAPITAL            : US$10,000 Dollars

SALES                         : 0.00

PAYMENTS                  : (No payment experience traced)

CHIEF EXECUTIVE       : GRIFFIN, BOYCE RICHARD

DISPOSITION                : Report prepared through third-party sources.

           


Legal background

                                                                                                                           

LEGAL ESTATUS

:

N/A

DATE OF INCORPORATION

:

18SEP2007

START OF OPERATIONS

:

N/A

REGISTERED IN

:

Panama

NOTARY OFFICE

:

No 43, Décima del circuito.

DURATION

:

Perpetual

REGISTRATION

:

File card 584059,Vol. 2007,Entry 171195 (21.09.07)

INITIAL CAPITAL

:

US$10,000 Dollars

CURRENT PAID-IN CAPITAL

:

US$10,000 Dollars

LAST CAPITAL INCREASE

:

No increase reported

SHAREHOLDERS' EQUITY

:

N/A

TYPE OF SHARES

:

Registered and/or Bearer

LISTED AT STOCK EXCHANGE

:

No

SHARE VALUE

:

US$1.00 Dollar

CURRENT EXCHANGE RATE

:

B/.100 Balboa per USD1

MEMBERSHIP

:

N/A

 

 

COMMENTS

 

The President acts as Legal Representative, and in his absence, the Secretary or any other person appointed by the Board of Directors will substitute for the president.

 

No information about the shareholders is disclosed.

 

No history files related to the beginning of the company's operations are available in the country.

 

No information on the parent company and/or related companies was available.

 

 

Directors / executive / shareholders

                                                                                                                          

 

FULL NAMES / COMPANY NAME

TITLE

GRIFFIN, BOYCE RICHARD

President

SAMANIEGO, ERNESTINA

Treasurer

GUEVARA, ALFONSO E.

Secy./Registered Agent

 

 

Who is who ?

 

GUEVARA, ALFONSO E.

NATIONALITY                           : Panamanian

DOC OF IDENT.                                    : CI 8-420-497

PROFESSION                                       : Lawyer

 

 

Business history

                                                                                                                       

Subject Company was established on September 18, 2007 pursuant to Public Deed 15738.

Boyce Richard Griffin and Ernestina Samaniego signed the Articles of Incorporation.

 

No other historic files are available.

 

 

Related companies to subject company or to majority sahareholder

                                                                                                                              

BUSINESS

                                                                                                                       

MAIN ACTIVITY .-

Offshore Company

A Company established in order to be engaged in purchasing, selling, transferring, arranging, negotiating, financing, swapping, owning, managing, lending or borrowing money, giving or taking on a commission basis, mortgage, pledge, leasing, usage, usufruct or antichresis, any kind of property, either movable or immovable property, shares or rights, as well as entering into any act, contract, operation, business and legal business transactions in the Republic of Panama or in any other country, foreign territory or district.

% CASH SALES/METHOD

:

N/A

% CREDIT SALES/TERMS

:

N/A

% FOREIGN SALES (COUNTRIES)

:

N/A

% DOMESTIC PURCHASES

:

N/A

% FOREIGN PURCHASES

:

The President acts as Legal Representative, and in his absence, the Secretary or any other person appointed by the Board of Directors will substitute for the president.  No information about the shareholders is disclosed.  No history files related to the beginning of the company's operations are available in the country.  No information on the parent company and/or related companies was available.

SELLING TERRITORY

:

N/A

EMPLOYEES

:

N/A

 

LOCATION .-

Premises

:

N/A

Monthly Amount

:

N/A

Time Occupied

:

N/A

Area

:

N/A

Floors

:

N/A

 

Remarks and other Premises .-

The address mentioned at the beginning belongs to the registered office established by the Company when it was incorporated in Panama. In practice, the office of its Registered Agent ALFONSO GUEVARA, which is in charge of sending Subject the mail.

 

 

FINANCIAL INFORMATION

                                                                                                                               

Interviewee(s)

:

N/A

Position(s)

:

N/A

Cooperation

:

Report prepared through third-party sources.

Information Provided

:

Based on the investigations, this would be an Offshore Company. In this kind of companies, the access to information is rather limited.  The address 55th Street, El Cangrejo Building, Renaissance 15B, Panamá, belongs to the Law Firm of  ALFONSO GUEVARA, which is the Company's Registered Agent. We began investigating in this firm, but as it is usual with these organizations, they refused to provide every kind of information due to internal policies and in order to protect confidentiality agreements signed with their clients.    According to the gathered information, PROVIDENCE SHIPPING CORPORATION is a company registered in Panama, but it has neither facilities nor offices (and generally no businesses either) under its name in the country. This kind of companies are basically established to take advantage of the Panamanian tax system, which does not levy taxes to activities from companies registered in Panama and whose business activities could be carried out outside the Panamanian territory.

 

FINANCIAL SITUATION             :           UNDETERMINED

The company's Financial Standing is considered to be Undetermined since there is no financial information that allows us to asses its results.

 

 

PAYMENTS RECORD

 

CREDIT HISTORY .-

No records on commercial credits or financing granted to Subject were found in the inquiry made in local circles. Therefore its payment history cannot be established.

 

LAWSUITS .-

No records on inhibitions, lawsuits, notices, bankruptcies, judicial auctions, account disqualifications, delinquent transactions have been found under the company's name.

 

 

BANKING INFORMATION

 

No information on accounts opened by Subject in the country was found.

Credit opinión

                                                                                                                              

Requested Credit :        Maximum

A credit opinion can not be given due to the lack of financials and payment experience.

NOTE: The Opinion given is confidential referential and with out liability

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.46

UK Pound

1

Rs.71.67

Euro

1

Rs.62.94

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.