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Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
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Name : |
BORIS SHIPPING LTD TRUST |
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Registered Office : |
Company Complex Ajeltake Rd Ajelkte Island Majure MH 96960 |
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Country : |
Marshall Islands |
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Date of Incorporation : |
04.05.2012 |
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Com. Reg. No.: |
54703 |
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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 : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
International Business 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 (31.03.2012) |
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 Government assistance is the mainstay of this tiny
island economy. The Marshall Islands received more than $1 billion in aid from
the US from 1986-2002. Agricultural production, primarily subsistence, is
concentrated on small farms; the most important commercial crops are coconuts
and breadfruit. Small-scale industry is limited to handicrafts, tuna
processing, and copra. The tourist industry, now a small source of foreign
exchange employing less than 10% of the labor force, remains the best hope for
future added income. The islands have few natural resources, and imports far
exceed exports. Under the terms of the Amended Compact of Free Association, the
US will provide millions of dollars per year to the Marshall Islands (RMI)
through 2023, at which time a Trust Fund made up of US and RMI contributions
will begin perpetual annual payouts. Government downsizing, drought, a drop in
construction, the decline in tourism, and less income from the renewal of
fishing vessel licenses have held GDP growth to an average of 1% over the past
decade
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Source
: CIA |
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IDENTIFICATION |
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Ordered as: |
Boris Shipping Ltd Trust |
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Address in the order: |
Company Complex Ajeltake Rd Ajelkte Island
Majure MH 96960 |
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Legal Name: |
Boris Shipping 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 : |
54703 |
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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: |
May 4, 2012 |
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Manager: |
N.A. |
Date Incorporated: |
May 4, 2012 |
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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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Shareholders Parent Company(ies): |
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The company is owned by foreign
shareholders. |
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N/a
N/a
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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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Comments on the financial data: The 2012
financial figures are not available yet. |
N/a
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BANKS |
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Name of the Bank |
HSBC |
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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 May 4, 2012 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. Boris Shipping 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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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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Listed at the stock exchange: |
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NO |
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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. The company was created less than a year
ago. No financial data or payment experience is
available yet. We suggest caution and monitoring the
evolution. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.48 |
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1 |
Rs.82.71 |
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Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.