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Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SALEM SEAWAYS INC |
|
|
|
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Registered Office : |
80
Broad Street, Monrovia |
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|
|
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Country : |
Liberia |
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Date of Incorporation : |
03.06.2009 |
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|
|
|
Legal Form : |
International Business Company (IBC) |
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|
|
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Line of Business : |
Shipping Company |
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No. of Employees : |
3 |
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 |
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Status : |
Moderate |
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|
|
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Payment Behaviour : |
Unknown |
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|
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Liberia |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LIBERIA - ECONOMIC
OVERVIEW
Liberia is a low income country heavily reliant on foreign assistance for revenue. Civil war and government mismanagement destroyed much of Liberia's economy, especially the infrastructure in and around the capital, Monrovia. Many businesses fled the country, taking capital and expertise with them, but with the conclusion of fighting and the installation of a democratically elected government in 2006, several have returned. Liberia has the distinction of having the highest ratio of direct foreign investment to GDP in the world. Richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, Liberia had been a producer and exporter of basic products, primarily raw timber and rubber and is reviving those sectors. Local manufacturing, mainly foreign-owned, had been small in scope. President JOHNSON SIRLEAF, a Harvard-trained banker and administrator, has taken steps to reduce corruption, build support from international donors, and encourage private investment. Embargos on timber and diamond exports have been lifted, opening new sources of revenue for the government and Liberia shipped its first major timber exports to Europe in 2010. The country reached its Heavily Indebted Poor Countries initiative completion point in 2010, and nearly $5 billion of international debt was permanently eliminated. This new status will enable Liberia to establish a sovereign credit rating and issue bonds. Liberia's Paris Club creditors agreed to cancel Liberia's debt as well. The IMF has completed the sixth review of Liberia's extended credit facility, bringing total disbursements to over $379 million. The African Development Bank approved a grant of $48 million in 2011 to support economic governance and competitiveness. Rebuilding infrastructure and raising incomes will depend on generous financial and technical assistance from donor countries and foreign investment in key sectors, such as infrastructure and power generation. The country has achieved high growth during 2010-12 due to favorable world prices for its commodities.
|
Source
: CIA |
|
Registered Name: |
SALEM SEAWAYS
INC |
|
Requested Name: |
SALEM SEAWAYS INC |
|
Other Names: |
None |
|
Physical Address: |
80
Broad Street, |
|
|
Monrovia, |
|
Country: |
Liberia |
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Phone: |
231-77000400 |
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Fax: |
231-77000422 |
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Email: |
corporate@liscr.com |
|
Website: |
www.liberiancorporations.com |
|
Legal Form: |
International Business Company (IBC) |
|
|
Date Incorporated: |
03-June-2009 |
|
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Reg. Number: |
Monrovia, Liberia |
|
|
Nominal Capital |
LRD. 1,000,000 |
|
|
Subscribed Capital |
LRD. 1,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Undisclosed |
Directors |
|
|
The LISCR Trust Company |
Agent |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Shipping Company |
|
|
Imports: |
Undisclosed |
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Exports: |
Undisclosed |
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Trademarks: |
Undisclosed |
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Terms of sale: |
Undisclosed |
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|
|
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Main Customers: |
Undisclosed |
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Employees: |
3 employees. |
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Vehicles: |
Undisclosed |
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Territory of sales: |
Liberia |
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Location: |
Undisclosed |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
|
|
|
|
Currency Reported: |
Liberian Dollar (LRD.) |
|
Approx. Ex. Rate: |
1 US Dollar = 80.48
Liberian Dollar |
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Fiscal Year End: |
December 31, 2012 |
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2012 was of 13%. |
|
|
|
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Financial Information not
Submitted |
|
|
Bank Name: |
International
Bank |
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Branch: |
Liberia |
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Comments: |
None |
|
This information was
obtained from outside sources other than the subject company itself. This Company is an
International Business Company (IBC), which is registered in Liberia; According
to the Liberian statutory law, The LISCR Trust Company (“the Registered
Agent”) acts as the exclusive Registered Agent for all Liberian non-resident
corporate entities.It is difficult to investigate such a Company due to the
Liberian regulations protecting the non disclosure of the name of the
shareholders. According to Liberian
business regulation, an International Business Company, is under no
obligation to state its directors, officers and shareholders, also it’s under
no obligation to file annual returns, prepare or submit company accounts to
any authority. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.58 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.70 |
INFORMATION DETAILS
|
Report Prepared by
: |
NNA |
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.