MIRA INFORM REPORT

 

 

Report Date :

06.12.2013

 

IDENTIFICATION DETAILS

 

Name :

SAILLOCK LTD

 

 

Registered Office :

50 Shirley Street, Nassau

 

 

Country :

Bahamas

 

 

Date of Incorporation :

07.02.1997

 

 

Com. Reg. No.:

53654B

 

 

Legal Form :

International Business Company

 

 

Line of Business :

Offshore Company

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

TATUS

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 :

Offshore Company

 

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Bahamas

B2

B1

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Bahamas ECONOMIC OVERVIEW

 

The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% of GDP and directly or indirectly employs half of the archipelago's labor force. Financial services constitute the second-most important sector of the Bahamian economy and, when combined with business services, account for about 36% of GDP. Manufacturing and agriculture combined contribute less than a 10th of GDP and show little growth, despite government incentives aimed at those sectors. The economy of The Bahamas shrank at an average pace of 0.8% annually between 2007-11, and tourism, financial services, and construction - pillars of the national economy - remained weak. These challenges, coupled with a growing public debt, increases in government expenditures, a narrow revenue base, and heavy dependence on customs and property taxes have led to prospects of limited growth for The Bahamas.

 

Source : CIA

 

 

GEOPOLITICS

BAHAMAS

POLITICAL DATA

ECONOMIC DATA

Form of Government: Commonwealth Realm - Parliamentary system


Economic Risk: Low

Currency: 100.00 BSD = 100.000 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Saillock Ltd

Address in the order:

Lagoon Court Office Service Olde,Towne Sandyport Box,SP 63123, Nassau,BAHAMAS

Comments on data supplied:

We were unable to link the address in the order to the company. It belongs to a subject called Sandy Port.

Legal Name:

SAILLOCK LTD

Legal Address

50 Shirley Street

Postal Town

NASSAU

Post Code

N.A.

Primary Geographic Area

N.A.

Country

BS

Telephone:

+1 (242) 322-2670

Registration Number :

53654B

Fax:

N.A.

Legal Form:

International Business Company

Email:

N.A.

Registered in:

BS

Website:

N.A.

Date Created:

N.A.

Manager:

N.A.

Date Incorporated:

February 7th, 1997

Staff:

0

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Offshore company.

 

 

 

BANKS

 

Name of the Bank

First Caribbean International Bank

Comments

This information was not verified by the company.

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

Saillock 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.

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.

The subject employs 0 employee(s)

Comments on staff:

 

The company does not have any employee in Bahamas. It uses the registered agent staff.

PAYMENTS

 

Unknown

LOCATION

Headquarters

 

Harry B. Sands, Lobosky & Company, Shirley House, 50 Shirley Street, Nassau, Bahamas

Comments on location:

 

 The Address mentioned above is that of the registered agent:

 

The agent declined to give any information on the subject, who is protected by the law of non disclosure.

 

 

Shareholders

 

Manager - Related Companies

Shareholders Parent Company(ies):

 

The company 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 protected 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 Registrar 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.

 

Currency

DATE

USD

2012

Turnover

0

Operating Income

3 900 000

Net Income

3 900 000

Net worth

40 800 000

Bank liabilities

0

The cash flow is

Normal

 




Comments on the financial data: This information was not verified by the company.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

Rating

 

Local credit bureau did not rate this company.

 

 

 

 Final Opinion

 

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 subject.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public

NO

Indebtedness

NIL

Payments

REGULAR

Cash

NORMAL

 

 

 

 

 

APPENDIX

 

Comments

 

We contacted the registry of Bahamas and talked to a representative who kindly disclosed the information on the registration number, address, date and legal form.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.101.08

Euro

1

Rs.84.07

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.
 
 

 

 

 

 


MIRA INFORM REPORT

 

 

Report Date :

06.12.2013

 

IDENTIFICATION DETAILS

 

Name :

SAILLOCK LTD

 

 

Registered Office :

50 Shirley Street, Nassau

 

 

Country :

Bahamas

 

 

Date of Incorporation :

07.02.1997

 

 

Com. Reg. No.:

53654B

 

 

Legal Form :

International Business Company

 

 

Line of Business :

Offshore Company

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

TATUS

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 :

Offshore Company

 

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Bahamas

B2

B1

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Bahamas ECONOMIC OVERVIEW

 

The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% of GDP and directly or indirectly employs half of the archipelago's labor force. Financial services constitute the second-most important sector of the Bahamian economy and, when combined with business services, account for about 36% of GDP. Manufacturing and agriculture combined contribute less than a 10th of GDP and show little growth, despite government incentives aimed at those sectors. The economy of The Bahamas shrank at an average pace of 0.8% annually between 2007-11, and tourism, financial services, and construction - pillars of the national economy - remained weak. These challenges, coupled with a growing public debt, increases in government expenditures, a narrow revenue base, and heavy dependence on customs and property taxes have led to prospects of limited growth for The Bahamas.

 

Source : CIA

 

 

GEOPOLITICS

BAHAMAS

POLITICAL DATA

ECONOMIC DATA

Form of Government: Commonwealth Realm - Parliamentary system


Economic Risk: Low

Currency: 100.00 BSD = 100.000 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Saillock Ltd

Address in the order:

Lagoon Court Office Service Olde,Towne Sandyport Box,SP 63123, Nassau,BAHAMAS

Comments on data supplied:

We were unable to link the address in the order to the company. It belongs to a subject called Sandy Port.

Legal Name:

SAILLOCK LTD

Legal Address

50 Shirley Street

Postal Town

NASSAU

Post Code

N.A.

Primary Geographic Area

N.A.

Country

BS

Telephone:

+1 (242) 322-2670

Registration Number :

53654B

Fax:

N.A.

Legal Form:

International Business Company

Email:

N.A.

Registered in:

BS

Website:

N.A.

Date Created:

N.A.

Manager:

N.A.

Date Incorporated:

February 7th, 1997

Staff:

0

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Offshore company.

 

 

 

BANKS

 

Name of the Bank

First Caribbean International Bank

Comments

This information was not verified by the company.

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

Saillock 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.

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.

The subject employs 0 employee(s)

Comments on staff:

 

The company does not have any employee in Bahamas. It uses the registered agent staff.

PAYMENTS

 

Unknown

LOCATION

Headquarters

 

Harry B. Sands, Lobosky & Company, Shirley House, 50 Shirley Street, Nassau, Bahamas

Comments on location:

 

 The Address mentioned above is that of the registered agent:

 

The agent declined to give any information on the subject, who is protected by the law of non disclosure.

 

 

Shareholders

 

Manager - Related Companies

Shareholders Parent Company(ies):

 

The company 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 protected 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 Registrar 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.

 

Currency

DATE

USD

2012

Turnover

0

Operating Income

3 900 000

Net Income

3 900 000

Net worth

40 800 000

Bank liabilities

0

The cash flow is

Normal

 




Comments on the financial data: This information was not verified by the company.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

Rating

 

Local credit bureau did not rate this company.

 

 

 

 Final Opinion

 

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 subject.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public

NO

Indebtedness

NIL

Payments

REGULAR

Cash

NORMAL

 

 

 

 

 

APPENDIX

 

Comments

 

We contacted the registry of Bahamas and talked to a representative who kindly disclosed the information on the registration number, address, date and legal form.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.101.08

Euro

1

Rs.84.07

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.