MIRA INFORM REPORT

 

 

Report Date :

10.09.2014

 

IDENTIFICATION DETAILS

 

Name :

SALEM SEAWAYS INC.

 

 

Registered Office :

80 Broad Street, Monrovia,

 

 

Country :

Liberia

 

 

Date of Incorporation :

03.06.2009

 

 

Legal Form :

International Business Company (IBC)

 

 

Line of Business :

Shipping Company

 

 

No. of Employees

03

 

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

 

Status :

International Business 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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Liberia

C1

B2

 

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 that relies heavily on foreign assistance. 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 is richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, and iron ore and rubber have driven growth in recent years. Liberia is also reviving its raw timber sector and is encouraging oil exploration. President JOHNSON SIRLEAF, a Harvard-educated banker and administrator, has taken steps to reduce corruption, build support from international donors, and encourage private investment. Rebuilding infrastructure and raising incomes will depend on financial and technical assistance from donor countries and foreign investment in key sectors, such as infrastructure and power generation. The country achieved high growth during 2010-13 due to favorable world prices for its commodities. In the future, growth will depend on global commodity prices, on sustained foreign aid, trade, investment, and remittances, on the development of infrastructure and institutions, but mostly on maintaining political stability and security

 

Source : CIA

 

 

 

Company name and address

 

Registered Name:

SALEM SEAWAYS INC.

Requested Name:

SALEM SEAWAYS INC.

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

80 Broad Street,

 

Monrovia,

Country:

Liberia

Phone:

231-77000400

Fax:

231-77000422

Email:

corporate@liscr.com

Website:

www.liberiancorporations.com

 

LEGAL

           

Legal Form:

International Business Company (IBC)

Date Incorporated:

3-June-2009

Reg. Number:

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

 

 

 

RELATED COMPANIES

                                                                    

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

OPERATIONS

 

Shipping Company

Imports:

Undisclosed

Exports:

Undisclosed

Trademarks:

None

Terms of sale:

Undisclosed

 

 

Main Customers:

Undisclosed

Employees:

3 employees.

Vehicles:

Undisclosed

Territory of sales:

Liberia

Location:

Undisclosed

 

AUDITORS AND INSURANCE  

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

FINANCE

           

Currency Reported:

Liberian Dollar (LRD.)

Approx. Ex. Rate:

1 US Dollar = 84.51 Liberian Dollar

Fiscal Year End:

December 31, 2013

Inflation:

According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

 

Financial Information not Submitted

 

 

 

BANK

                                                                    

Bank Name:

International Bank

Branch:

Liberia

Comments:

None

 

COMMENTS / ADDITIONAL INFORMATION

           

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.60.42

UK Pound

1

Rs.97.24

Euro

1

Rs.77.92

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.