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Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ADVANCED DISTRIBUTION COMPANY LTD |
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Registered Office : |
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 |
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Country : |
Marshall Islands |
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Date of Incorporation : |
26.01.2011 |
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Com. Reg. No.: |
45530 |
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Legal Form : |
International Business Company |
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Line of Business : |
Offshore Company |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Offshore Company |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Marshall Islands |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
MARSHALL ISLANDS - ECONOMIC OVERVIEW
US assistance and lease payments for the use of Kwajalein Atoll as a US military base are the mainstay of this small island country. The Marshall Islands received roughly $1 billion in aid from the US in 1986-2001 under the original Compact of Free Association (Compact). In 2002 and 2003, the US and the Marshall Islands renegotiated the Compact's financial package for a 20-year period, from 2004 to 2024. Under the amended Compact, the Marshall Islands will receive roughly $1.5 billion in direct US assistance. Agricultural production, primarily subsistence, is concentrated on small farms; the most important commercial crops are coconuts and breadfruit. Industry is limited to handicrafts, tuna processing, and copra. Tourism holds some potential. The islands and atolls have few natural resources, and imports exceed exports. Under the amended Compact, the US is also funding, jointly with the Marshall Islands, a Trust Fund for the people of the Marshall Islands that will provide an income stream beyond 2024 when direct Compact aid is to end.
Source
: CIA
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IDENTIFICATION |
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Legal Name: |
ADVANCED DISTRIBUTION
COMPANY LTD |
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|
Legal Address |
Trust Company Complex, Ajeltake Road, Ajeltake
Island, Majuro, Marshall Islands MH96960 |
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Telephone: |
N.A. |
Registration Number : |
45530 |
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Fax: |
N.A. |
Legal Form: |
International Business
Company |
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Email: |
N.A. |
Registered in: |
Marshall Islands |
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Website: |
N.A. |
Date Created: |
January 26, 2011 |
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Manager: |
N.A. |
Date Incorporated: |
January 26, 2011 |
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Staff: |
0 |
Stock: |
N.A. |
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Value: |
N.A. |
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Activity: |
Offshore company |
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Management: |
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It is locally managed by
the registered agent mentioned above. The agent refused to provide
any information on the company which is protected by the laws of non
disclosure. |
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Legal Filings |
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The sources consulted record no detrimental
legal or labor court information. |
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Public |
NO |
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Shareholders |
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Listed at the stock
exchange: |
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NO |
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Shareholders Parent
Company(ies): |
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The company is owned by
foreign shareholders. |
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Payments |
REGULAR |
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Related Companies: |
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We have found the
following companies with a similar name. However, we could not confirm if
there is a link between them and the subject: Advanced Distribution
Co., LTD. 1D Pho Quang Street, Ward
2, Tan Binh District, Ho Chi Minh, Viet Nam Advance Distribution
Company Limited 28a Church Lane Marple
Stockport Cheshire United Kingdom SK6 6DE Advanced Distribution Co
Ltd Kissack Court 29,
Parliament Street Ramsey, Isle of Man |
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Financials - COMMERCIAL
TRENDS AND FORECAST |
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As a private company the
subject does not publish any financial statements. |
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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. |
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Currency |
DATE |
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USD |
2012 |
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Turnover |
0 |
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Operating Income |
760,000 |
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Net Income |
760,000 |
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Net worth |
2,000,000 |
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Bank liabilities |
0 |
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The cash flow is |
NORMAL |
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FINANCIAL SUMMARY |
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Profitability |
GOOD |
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Indebtedness |
NIL |
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Cash |
NORMAL |
N/a
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GEOPOLITICS - MARSHALL
ISLANDS |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government:
Republic
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Currency: USD |
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BANKS |
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Name of the Bank |
CITIBANK |
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BUSINESS |
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PRINCIPAL ACTIVITY |
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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
Tanya Lawson of The Trust Company of the Marshall Islands: In accordance with the of
the Trust Company of the Marshall Islands, Inc., The Republic of the Marshall
Islands Registrar of Corporations, the above Corporation filed Articles of
Incorporation on January 26, 2011 and remains an existing Corporation. The registered address
of the Corporation in the Marshall Islands is Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The name of the corporation's registered
agent at such address is The Trust Company of the Marshall Islands, Inc. Pursuant to the Marshall
Islands Business Corporations Act, Marshall Islands non-resident domestic
corporations are not required to publicly file information with the Registrar
of Corporations regarding the company's business activities, accounts,
directors, officers, or shareholders. As such the Trust Company of the
Marshall Islands, Inc. is unable to produce any such information. ADVANCED DISTRIBUTION
COMPANY LTD 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. |
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Trade References: |
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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. |
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The subject employs 0
employee(s) |
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Comments on staff: |
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The company does not
have any employee in The Marshall Islands. It uses the registered agent
staff. |
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PAYMENTS |
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made on a 30 days basis
- monitored over the last 12 months |
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Business Overview: |
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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. Foreign Corporations: 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. |
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Rating |
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Local credit bureau did
not rate this company. The company is in Good Standing.
This means that all local and federal taxes were paid on due date. |
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Final Opinion |
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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 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.03 |
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|
1 |
Rs.82.43 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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-- |
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.