MIRA
INFORM REPORT
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Report Date : |
05.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIDEAST SHIPPING AND TRADING LIMITED |
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Registered Office : |
P.O. Box 556, Hunkins Plaza, Main Street, Charlestown |
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Country : |
St.Kitts and Nevis |
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Date of Incorporation : |
08.09.2000 |
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Com. Reg. No.: |
C 18001 |
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Legal Form : |
International Business Company |
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Line of Business : |
Finance and Investment |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 40,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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BANK(S)
Name
of the Bank
FIRST BANK
BUSINESS
Activity:
MIDEAST SHIPPING AND TRADING LIMITED is an International Business Company /
Offshore Company incorporated in The Cayman Islands for tax purposes.
However the company does not carry any operation in St Kitts & Nevis.
It is not registered with The St Kitts & Nevis Chamber of Commerce as being
an active business.
It is not listed with The St Kitts & Nevis yellow pages.
It is not listed with the major local credit bureaus.
The company does not have any employee in St Kitts & Nevis. It uses the
registered agent staff.
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.
Location:
The Address provided by the client is that of the registered agent:
Morning Star Holdings Limited
P.O. Box 556, Hunkins Plaza
Main Street
Charlestown
Nevis
SHAREHOLDERS - MANAGERS - RELATED
COMPANIES
Shareholders
Parent Companies:
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 International Business Company in Nevis and is
therefore exempt from filing and/or publishing Annual Audited Accounts at the
Registrar of Companies, under Nevis Law. In addition, due to the laws of
privacy governing disclosure of BANKING INFORMATION, we are unable to demand a
copy of the subjects Latest FINANCIAL STATEMENTS.
However, our financial sources could provide us with the following figures:
Currency Date
USD 2007
Turnover 0
Operating Income 879,000
Net Income 879,000
Net Worth 1,500,000
Liabilities 0
Debentures/Mortgages/Charges:
Our Legal searches in the Credit Bureau Data Base of Nevis, and the Companies
registration file have revealed no evidence of any current registered Mortgage,
Chattel Mortgage or Debentures filed in the name of the Company or any of its
given Directors.
Other relevant data:
With reference to your request for a Business Credit Report on the above
Subject, we hereby advise that according to the Credit Bureau files there are
no reports of any Credit Delinquencies registered in the name of the subject
Company or its given Directors in Nevis.
In addition, there was no record of any High Court or Petty Civil Court
Judgments entered against the Company or its Directors in any civil suit and/or
litigation matter during the period of our Judgment searches (6 years).
Based on our credit Bureau Data Base investigations we have found no evidence
of any Reported Credit Delinquency or delay /default /caution on this Company.
RATING
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.
Payments are: made on a 30 days basis - monitored over the last 12 months.
The cash flow is GOOD.
We are reporting an offshore company which belongs to foreign shareholders.
Although it is registered in St Kitts & Nevis, 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.
A credit line may be considered for USD 40,000.
SUMMARY
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ADVISED CREDIT 40,000 USD |
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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.44.37 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.63.41 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)