MIRA INFORM REPORT

 

 

Report Date :

25.01.2011

 

IDENTIFICATION DETAILS

 

Name :

NICAPAHAR INC

 

 

Registered Office :

89 Nexus Way, 2nd Floor, Camana Bay, P.O. Box 31105, Grand Cayman KY1-1205

 

 

Country :

Cayman Islands

 

 

Year of Establishment :

2001

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

International Business Company

 

 

Line of Business :

Offshore Company        

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1,000,000

Status :

Satisfactory

Payment Behaviour :

Regular

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 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Cayman Islands

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

GEOPOLITICS - CAYMAN ISLANDS

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: British overseas territory - Parliamentary system


Economic Risk: Nil

Currency: 100.00 KYD = 122.953 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Nicaphar Inc

Address in the order:

C/O Citco Trustees (Calyman) Limited Windward 12nd Floor, Regatta Office Park West Bay Roadgeroge Town GR Cayman, Cayman Islands

Comments on data supplied:

The address provided is that for:

Citco Transparency Platform Limited

 

The correct address for the company Citco Trustees (Calyman) Limited is 89 Nexus Way, 2nd Floor, Camana Bay, P.O. Box 31105, Grand Cayman KY1-1205 - Cayman Islands

Legal Name:

NICAPAHAR INC

 

 

Legal Address

89 Nexus Way, 2nd Floor, Camana Bay, P.O. Box 31105, Grand Cayman KY1-1205 - Cayman Islands

 

 

Telephone:

NA

Registration Number :

NA

Fax:

NA

Legal Form:

International Business Company

Email:

NA

Registered in:

Cayman islands

Website:

NA

Date Created:

2001

Manager:

Judith Patrick, Office Clerck at Citco Bank and Trust Company Limited

Date Incorporated:

NA

Staff:

NA

Stock:

NA

 

 

Value:

NA

Activity:

Offshore company

 

BANKS

 

Name of the Bank

NCB LTD

Name of the Bank

COUTTS BANK

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

NICAPAHAR INC is an International Business Company / Offshore Company incorporated in Cayman Islands for tax purposes.

 

However the company does not carry any operation in Bermuda.

 

It is not registered with the Cayman Islands Chamber of Commerce.

 

It is not listed with the Cayman Islands yellow pages.

 

It is not listed with the major local credit bureaus.

 

The subject uses its parent company as registered agent.

 

The address provided is that for:

 

Citco Transparency Platform Limited

 

The correct address for the company Citco Trustees (Calyman) Limited is 89 Nexus Way, 2nd Floor, Camana Bay, P.O. Box 31105, Grand Cayman KY1-1205 - Cayman Islands

+1 345 945 3838

+1 345 945 3888

cayman-bank@citco.com

 

We have contacted the phone number stated upwards and contacted Mrs. Judith Patrick, Office Clerck at Citco Bank and Trust Company Limited and told us that she couldn’t provide any information on grounds of confidentiality

 

PAYMENTS

 

made on a 30 days basis - monitored over the last 12 months

 

Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

The company is owned by foreign shareholders.

Management:

 

It is locally managed by the registered agent mentioned above.

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

We have contacted Judith Patrick, Office Clerck at Citco Bank and Trust Company Limited, who refused to provide us any financial data on grounds of confidentiality

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.

 

Currency

DATE

USD

2009

Turnover

0

Operating Income

4,800,000

Net Income

4,800,000

Net worth

30,000,000

Bank liabilities

0

The cash flow is

LARGE

 

 

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

Rating

 

Local credit bureau gave a correct credit rate.

 

 Final Opinion

 

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in the Cayman 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.

 

A credit line may be considered for USD 1,000,000



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public

NO

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

NORMAL

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.79

Euro

1

Rs.62.01

 

 

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

 

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.