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Report Date : |
03.03.2014 |
IDENTIFICATION DETAILS
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Name : |
ADVANCED DISTRIBUTION COMPANY LTD |
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Registered Office : |
Trust Company Complex,
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Country : |
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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 : |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 during 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
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Source
: CIA |
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Ordered as: |
ADVANCE DISTRIBUTION CO LTD |
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Address in the order: |
Trust Company Complex, Ajeltake Road, Ajeltake Island Majuro Marshall Island MH 96960 Marshall Islands |
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Comments on data supplied: |
The correct name of the company is ADVANCED DISTRIBUTION COMPANY LTD. |
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Legal Name: |
ADVANCED
DISTRIBUTION COMPANY LTD |
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Legal Address |
Trust Company Complex, Ajeltake Road |
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Postal Town |
Ajeltake Island |
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Post Code |
MH96960 |
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Primary Geographic Area |
Majuro |
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Country |
MH |
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Location Status |
Legal Address, |
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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: |
MH |
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Website: |
N.A. |
Date Created: |
January 26, 2011 |
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MANAGERS: |
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 Fillings |
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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 - RELATED COMPANIES |
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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 |
RELATED COMPANIES:
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. (distributor for fast moving consumer goods (FMCG) and pharmaceutical products.)
1D Pho Quang Street, Ward 2, Tan Binh District, Ho Chi Minh, Viet Nam
Advance Distribution Company Limited (Distributor of Computer peripheral products.)
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 |
Comments on the financial data: As of today, more recent financial data are not available yet.
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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 Economic Risk: Nil |
Currency: USD |
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BANKS |
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Name of the Bank |
CITIBANK |
PRINCIPAL ACTIVITY
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 330 days basis - monitored over the last 12 months |
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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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.62.07 |
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|
1 |
Rs.103.61 |
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Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.