MIRA INFORM REPORT

Report Date :

01.06.2011

IDENTIFICATION DETAILS

Name :	KARINA SHIPPING LTD

Registered Office :	The Financial Services Centre, PO Box 1823, Kingstown Park, St. Vincent and the Grenadines

Country :	St. Vincent and the Grenadines

Year of Establishment :	2000

Com. Reg. No.:	Not Available

Legal Form :	International Business Company

Line of Business :	Offshore Company

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	70,000.00 USD
Status :	Moderate
Payment Behaviour :	Usually Correct
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 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

St. Vincent and the Grenadines

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

GEOPOLITICS

SAINT VINCENT AND THE GRENADINES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Commonwealth Realm - Parliamentary system

Economic Risk: Nil

Currency: St Vincent and the Grenadines (XCD)

100.00 XCD = 37.03 USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	Karina Shipping Ltd
Address in the order:	P O Box 1823 Paul’s Avenue Kingstown

Legal Name:	Karina Shipping Ltd

Legal Address	The Financial Services Centre, PO Box 1823, Kingstown Park, St. Vincent and the Grenadines (Reg. Agent's add.)

Telephone:	(784) 457-0548 Registered Agent Number	Registration Number :	N.A.
Fax:	(784) 451-2672 Registered Agents Fax	Legal Form:	International Business Company
Email:	N.A.	Registered in:	Saint Vincent & Grenadines
Website:	N.A.	Date Created:	2000
Manager:	N.A.	Date Incorporated:	N.A.
Staff:	0	Stock:	N.A.
		Value:	N.A.
Activity:	Offshore Company

BANKS

Name of the Bank

HSBC

BUSINESS

PRINCIPAL ACTIVITY
	KARINA SHIPPING LIMITED is an International Business Company incorporated in Saint Vincent and the Grenadines for tax purposes. However the company does not carry any operation in Saint Vincent and the Grenadines. It is not registered with the Saint Vincent and the Grenadines Chamber of Commerce as being an active business. It is not listed with the Saint Vincent and the Grenadines yellow pages. It is not listed with the major local credit bureaus. The company does not have any employee in Saint Vincent and the Grenadines. 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.
Comments on location:
	The Address mentioned above is that of the registered agent: Trend Bank Ltd. The Financial Services Centre, PO Box 1823, Kingstown Park, St. Vincent and the Grenadines

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.

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	2008
Turnover	0
Operating Income	1,300,000
Net Income	1,300,000
Net worth	4,000,000
Bank liabilities	0
The cash flow is	Correct

Comments on the financial data: We are currently waiting on financial data from our banking sources. As soon as received we will send them to you in a complementary report.

Please keep in mind that the new information may modify our current opinion.

Legal Fillings

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

Rating

Local credit bureau did not rate this company.

Final Opinion

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in St. Vincent and the Grenadines, 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.

We are currently waiting on financial data from our banking sources. As soon as received we will send them to you in a complementary report.

Please keep in mind that the new information may modify our current opinion.

In the meantime, we suggest caution and a credit line may be considered for 70,000.00 USD

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	NIL	Payments	REGULAR
Cash	CORRECT

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.