MIRA INFORM REPORT
|
Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
INTER REC PRODUCTS LTD |
|
|
|
|
Registered Office : |
P O Box N-8326 Nassau |
|
|
|
|
Country : |
Bahamas |
|
|
|
|
Year of Establishment : |
2004 |
|
|
|
|
Legal Form : |
International Business Company |
|
|
|
|
Line of Business : |
Offshore Company |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Bahamas |
b2 |
b2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
GEOPOLITICS - BAHAMAS
|
POLITICAL DATA |
ECONOMIC DATA |
|
Form of Government: Commonwealth Realm -
Parliamentary system
|
Currency: 100.00 USD = 100.000 BSD |
IDENTIFICATION
|
Ordered as: |
Inter Rec Products Ltd |
||
|
Address in the order: |
P O Box N-8326 Nassau |
||
|
Legal Name: |
Inter Rec Products Ltd |
||
|
Legal Address |
P O Box N-8326 Nassau Bahamas. |
||
|
Telephone: |
+1 (242) 325-7355 |
ID : |
NA |
|
Fax: |
+1 (242) 326-5602 |
Legal Form: |
International Business Company |
|
Email: |
NA |
Registered in: |
Bahamas |
|
Website: |
NA |
Date Created: |
2004 |
|
Manager: |
NA |
Date Incorporated: |
NA |
|
Staff: |
0 |
Stock: |
NA |
|
|
|
Value: |
NA |
|
Activity: |
Offshore company |
||
BANKS
Name of the Bank Scotia Bank
BUSINESS
|
PRINCIPAL ACTIVITY |
|
|
|
Inter Rec Products Ltd is an international business company / offshore
company incorporated in Bahamas for tax purposes. However the company does not carry any operation in Bahamas. It is not registered with the Bahamas chamber of commerce as being an
active business. It is not listed with the Bahamas yellow pages. It is not listed with the major local credit bureaus. The company does not have any employee in Bahamas. 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. |
|
PAYMENTS |
|
|
|
made on a 30 days basis - monitored over the last 12 months |
Shareholders - Manager - Related Companies
|
Shareholders Parent Company(ies): |
|
|
|
The subject is owned by foreign shareholders |
|
Management: |
|
|
|
It is locally managed by the registered agent mentioned above. The agent declined to give any information on the subject, who is
protect4ed by the law of non disclosure. |
Financials - COMMERCIAL TRENDS AND FORECAST
|
The subject company is registered as an International business company
/ offshore company in Bahamas and is therefore exempt from filing and / or
publishing annual audited accounts at the registar of companies, under
Bahamas 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 data. Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
|
Currency |
DATE |
|
USD |
2010 |
|
Turnover |
0 |
|
Operating Income |
1,300,000 |
|
Net Income |
1,300,000 |
|
Net worth |
5,000,000 |
|
Bank liabilities |
0 |
|
The cash flow is |
Normal |
|
|
|
The
sources consulted record no detrimental legal or labor court information. |
Rating
|
Local credit bureau did not rate this
company. |
|
|
Final Opinion |
|
|
|
Payments are: Made on a 40 day basis -
monitored over the last 12 months. The cash flow is normal. We are reporting an offshore company which
belongs to foreign shareholders. Although it is registered in Bahamas, 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 request. A credit line may be considered for USD
1,000,000 |
SUMMARY
|
|
|
||
|
Profitability |
CORRECT |
Public |
NO |
|
Indebtedness |
NIL |
Payments |
REGULAR |
|
Cash |
NORMAL |
|
|
APPENDIX
|
Person Interviewed |
|
|
|
Ronald Atkinson |
|
Comments |
|
|
|
He refused to provide us any information about the company, on grounds
of confidentiality. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.43 |
|
UK Pound |
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.63.41 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.