MIRA INFORM REPORT

 

 

Report Date :           

03.11.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SHAMROCK SHIPPING AND TRADING LIMITED

 

 

Registered Office :

Comarine Building, Office 3, 18, Anastasi Shoukri Street, 3105 Limassol

 

 

Country :

Cyprus 

 

 

Financials (as on) :

2010

 

 

Date of Incorporation :

19.09.2006

 

 

Com. Reg. No.:

C184126 Nicosia

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Petroleum and Petroleum Products Wholesalers, Except Bulk Stations and Terminals

 

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

 

Status :

Satisfactory

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Cyprus

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

company Name & Address

 

NAME INQUIRED UNDER:

: Slamrock Shipping And Tredg Ltd.

 

Correct Registered Name:

SHAMROCK SHIPPING AND TRADING LIMITED

 

Address:

Comarine Building, Office 3, 18, Anastasi Shoukri Street
3105 Limassol CYPRUS

 

Telephone:

+357-25875202
357-25-875202

 

Fax:

+357-25875206

 

Email:

shamrock@shamrock.com.cy
shamrock@shamrock.com.cy

 

Web:

www.shamrock.com.cy
shamrock.com.cy

 

Business address:

Comarine Building, Office 3, 18, Anastasi Shoukri Street
3105 Limassol CYPRUS

 

 

Payment

 

PAYMENT HABITS:

No Complaints

 

Comment:

A check against all available information sources revealed that no late payment incidents against Subject Company exist.

 

 

Commercial Morality:

Good

 

Financial Strength:

Good

 

 

 

Legal Status

 

Legal Form:

Private Limited Liability Company / International Business Company (IBC) (offshore)

The term International Business Company came to substitute the term offshore company. Following the latest changes in the Cyprus Tax laws, a Cyprus registered company is taxed at 10% on its net profits provided that the company has management and control in Cyprus. An IBC may be operated from abroad or may have a fully-fledged office in Cyprus.

 

Registration number and city:

C184126 Nicosia

 

Registration date:

19.09.2006

 

 

National ID: C184126

 

 

Company Status

 

Registration status: 19.09.2006 - registered company
Activity status: 19.09.2006 - Company is active

 

 

 

Principals

 

Shareholders

 

 

Full Name

Personal ID

Function

Nationality

Equity

Address

Portlock Holdings Limited
Registration: BELIZE

 

Shareholder

 

100.00%
1,000 Ordinary

2nd Floor, 2,Regent Street
Belize BELIZE

 

Management

 

 

Full Name

Personal ID

Age

Function

Nationality

Qualification

Experience

Address

MEDITERRANEAN SECRETARIES LIMITED
19.09.2006 - Present

 

 

Secretary

 

 

 

Agios Dometios, 20, Grigori Afxentiou Street
Nicosia CYPRUS

Mr. Paraskevas Zacharoulis
07.09.2007 - Present

694842

42

Director

CYPRUS

Non Retrievable

Also associated with: EAST RETAIL ENTERPRISES LIMITED, WESTEC FOUR WINDS LIMITED, FLICKER INVESTMENTS LIMITED, LEDRA FIDUCIARIES LIMITED, DIXY HOLDING LIMITED, MLCIS FINANCE COMPANY LIMITED.

Aradippou, 8, Georgiou Karaiskaki Street
Larnaca CYPRUS

Mr. Christodoulos Vassiliades G.
19.09.2006 - Present

529498

54

Director

CYPRUS

LLB Degree from the University of Athens

Also associated with: MELANOURIS CO LIMITED, S. & H. PARAYIALIA ESTATES LIMITED, LEDRA SECRETARIAL SERVICES LIMITED, MARMED INVESTMENTS LIMITED, LEDRA TRUSTEES LIMITED, S & T EQUITY (OVERSEAS) LIMITED,LINDE (OVERSEAS) LIMITED.

Egkomi, 10, Doiranis Street
Nicosia
Nicosia CYPRUS

Mr. Sergey Galin
19.09.2006 - Present

 

36

Director

RUSSIAN FEDERATION

Non Retrievable

Non Retrievable

Germasogia, 18A, Agnooumenon Avenue
4044 Limassol CYPRUS

 

 

Activities

 

Activities:

Services

 

Operations:


SIC
  main activity
  5172 Petroleum and Petroleum Products Wholesalers, Except Bulk Stations and Terminals

  2911 Petroleum Refining
  4213 Trucking, Except Local (general freight, truckload)
  5172 Petroleum and Petroleum Products Wholesalers, Except Bulk Stations and Terminals
  4731 Arrangement of Transportation of Freight and Cargo (except freight rate auditors and tariff consultants)

Shamrock Shipping and Trading Ltd is a privately held diversified company engaged in a wide range of petroleum industry operations, including refining, marketing, trading and shipping of crude oil and petroleum products. 

The company is a primary trader of oil and oil products from Russia and the former Soviet Union with vast experience, in-depth knowledge and well established relations within the industry sectors. It also has storage and transmission capacities for base and industrial oils and gasoline in the North West Europe region. 

From its offices in Moscow, Limassol and Geneva it provides world-wide coverage and coordination of its trading and logistics operations in the international market. 

The company's activities include: 

- storage and transshipment capacities 

- shipping and logistic solutions 

- trading and services 

According to the person interviewed the subject in question has major
contracts of 10000MT of base oils - Value: $14 Million.

Business Activities
Trade of crude oil & petroleum

Industry Classifications – NAICS
» All Other Petroleum and Coal Products Manufacturing
» Petroleum Refineries

Detailed Description of Industry Classifications
All Other Petroleum and Coal Products Manufacturing (NAICS # 324199)
Petroleum Refineries (NAICS # 32411)

 

Imports:

RUSSIAN FEDERATION
Payment terms: 
Special Agreements

 

Exports:

Reportedly, the subject exports internationally.

Normal exporting terms are net 70 days, cash against documents.

 

Agencies:

Non Retrievable

 

Trade Suppliers:

Non Retrievable

 

 

Workforce:

Number Of Employees:

11


Non Retrievable

 

Description Of Premises:

 

Address:

Ledra House, 15,Agiou Pavlou Street
1105 Nicosia CYPRUS

Type of premises:

Registered Address

Address:

Office 3, 18, Anastasi Soukri Street
3105 Limassol CYPRUS

Type of premises:

Premises

Type of ownership:

rented

 

Headquarters:

The company is operating from the rented offices of the address given overleaf, covering approximately 120 square metres.

 

Branches:

The company maintains offices in Moscow and Geneva in order to provide world-wide coverage and coordination of their trading and logistics operations in the international market.

They also maintain storage and transmission capacities for base and industrial oils and gasoline in the North West Europe region.

 

Related Companies:

Parent Company
Portlock Holdings Limited , BELIZE

Affiliated Company
SHAMROCK SHIPPING AND TRADING LIMITED , SWITZERLAND

*PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:

"Portlock Holdings Limited" - Parent Company registered in Belize. Further information was not available.

"SHAMROCK SHIPPING AND TRADING LIMITED" - Affiliated company registered in Switzerland.

 

Bankers:

BANK OF CYPRUS PUBLIC COMPANY LIMITED
2002 Nicosia, 51, Stasinou Street, Ayia Paraskevi, Strovolos

BNP PARIBAS (SUISSE) SA

Credit Agricole Indosuez (Suisse) S A
46, Rue Du Rhone, Geneva.


Account numbers are not disclosed.

An overdraft facility is available and utilised.

 

Press:

18.02.2010, http://www.shamrock.com.cy/news/
Shamrock maintains its goal to become a well-known brand on the B2B lubricants market. In line with these efforts it has reached agreement to sponsor all ICIS base oil conferences taking place worldwide, which are: The ICIS Middle East Base Oils Conference This conference targets the base oils and lubricants markets in the Middle East, Africa and India.

 

06.07.2010, http://www.shamrock.com.cy/news/
Flexi Tanks Features and benifits Converts a 20’ dry ocean shipping container to a 21 ton base oil carrier High space utilization - Replaces 80-88 drums (200 l each) or 18-20 IBCs (1000 l each) Environmentally friendly - 100% polyethylene More economical than ISO tankers, drums and IBCs Lowest possible trip cost Multi-skin maximizes product protection - no risk of cargo contamination Easy to fit into container, dispose

 

13.07.2010, http://www.shamrock.com.cy/news/
UEIL is the pre-eminent Trade Association in Europe representing the interests of companies involved in the lubricants industry. With members in over 10 European Member States and a unique collective experience of lubricants and the lubricants market, UEIL is the strongest representative body for independent manufacturers of lubricants in Europe.

 

Auditors / Accountants:

Auditors: Ernst and Young Cyprus, Ernst & Young House, 27 Spyrou Kyprianou, Mesa
Yitonia, 4003 Limassol, Cyprus.

 

Share Capital:

Registered capital:

EUR 8,550.00 since 01.01.2008

Number of Ordinary:

5,000

Value per share of Ordinary:

EUR 1.71

 

Issued capital:

EUR 1,710.00 since 01.01.2008

Number of Ordinary:

1000

Value per share of Ordinary:

EUR 1.71

 

Paid-up capital:

EUR 1,710.00 since 01.01.2008

 

Charges:

06.10.2007

See description

 

Assignment of rights on products, cash & other payables to the company coming from the liabilities charge of the company (current or future) - Any amount that is owned today or from time to time

in f/o:Credit Agricole (Suisse) SA

01.10.2007

See description

 

Assignment of rights on products, cash & other payables to the company coming from the liabilities charge of the company (current or future) - Any amount that is owned today or from time to time

in f/o:Credit Agricole (Suisse) SA

 

 

Finance

 

Amounts shown in US Dollar (USD) 

2010

2009

 



PROFIT & LOSS

 

Sales Turnover

127,306,936.00

12,545,046.00

 

Cost of Sales

-121,981,930.00

-11,492,579.00

 

Gross Profit

5,325,006.00

1,052,467.00

 

Other Operating Income

 

78,084.00

 

Selling / Distribution / Promotional Expenses

-3,400,000.00

-408,702.00

 

Administrative Expenses

-694,342.00

-447,615.00

 

Other Operating Expenses

-42,528.00

 

 

Operational Profit

1,188,136.00

274,234.00

 

Finance Costs

-99,312.00

-171,438.00

 

Financial Income

32,284.00

141.00

 

Profit Before Taxation

1,121,108.00

102,937.00

 

Corporate Income Tax

-121,712.00

-15,812.00

 

Net Profit

999,396.00

87,125.00

 



BALANCE SHEET

 

FIXED ASSETS

41,843.00

16,036.00

 

Other Financial Fixed Assets

294,763.00

 

 

Total Fixed Assets

336,606.00

16,036.00

 

CURRENT ASSETS

29,255.00

78,084.00

 

Inventory / Stock

2,013,190.00

1,153,482.00

 

Trade Debtors (receivables from customer)

11,281,853.00

4,662,306.00

 

Taxation Receivable

 

10,149.00

 

Cash in Hand & at Bank

1,968,152.00

1,178,906.00

 

Total Current Assets

15,292,450.00

7,082,927.00

 

Total Assets

15,629,056.00

7,098,963.00

 

Retained Profit / Earnings) for the year

1,321,808.00

466,828.00

 

Total Equity

1,324,007.00

469,027.00

 

Trade Creditors

13,969,092.00

191,205.00

 

Short - Term Borrowings, Loans

290,564.00

2,734,741.00

 

Taxation Due

45,393.00

298.00

 

Bank Overdraft

 

3,703,692.00

 

Total Current Liabilities

14,305,049.00

6,629,936.00

 

Total Equity & Liabilities

15,629,056.00

7,098,963.00

 

SHARE CAPITAL

2,199.00

2,199.00


Please note that the financials were provided by the subject.

 

Ratios:

 

2010

2009

Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice
Current Assets / Current Liabilities

1.07

1.07

Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good
(Current Assets - Inventory) / Current Liabilities

1.07

1.07

Return on assets ( ROA ) 
Net Profit After Tax / Total assets

0.06

0.01

Return on equity ( ROE )
Net Profit After Tax / Total Equity

0.75

0.19

Return on sales ( ROS )
Net Profit x 100 / Sales Turnover

0.79

0.69

Day's supply in inventory
Sales Turnover / Inventory

63.24

10.88

Collection Period Ratio (in days)
Accounts Receivable x 365 / Sales Turnover

32.35

135.65

Cash Liquidity Ratio
Liquid Assests / Current Liabilities x 100

13.76

17.78

Receivables Ratio (%)
Accounts Receivable / Current Liabilities x 100

78.87

70.32

Current Assets Ratio (%)
(Current Assets - Accounts Receivable) / Current Liabilities x 100

106.90

106.83

Shareholder Equity Increase Ratio (%)
Total Equity / Share Capital x 100

60,209.50

21,329.10

 

GENERAL COMMENTS:

MAIN SOURCES OF INFORMATION - FOR THIS REPORT

i. Visited Official Companies’ Registry

ii. Interview with Company / Correspondence 

iii. Desk Research 

iv. Search through Internet Subscription Databases (Business Information) 

v. Specialized Media Search Global & Local

vi. Search through internet Social Networks 

vii. Infocredit Negative Record Database

viii. Relationship/Directorship Search through Infocredit Database


The present is an International Business Company - IBC (ex - Offshore Company) registered in Cyprus on 27.04.2005 with offices in Cyprus. Shamrock Shipping and Trading Ltd is a privately held diversified company engaged in a wide range of petroleum industry operations, including refining, marketing, trading and shipping of crude oil and petroleum products. 

IBC companies, being covered by the law of confidentiality, may use nominee shareholders that hold the shares in trust for beneficial owners. Until recently beneficial owners were made known only to the Central Bank of the Republic of Cyprus that used to grant the permission for the company’s registration in Cyprus. After Cyprus accession in the EU this practice changed. Beneficial owners of an IBC are now known to the Lawyers and / or Auditors that undertake the registration of such companies in Cyprus.

In the past IBC’s (ex offshore companies & offshore branches) used to be benefited from a corporation tax rate on their profits of 4.25%. However, according to new tax legislation which has been in effect as of 1st January 2003, there is no longer a distinction between local companies and International Business Companies (IBC’s) and thus, the net profits of all companies registered in Cyprus are taxed at the rate of 10%.

Further more, in the past the law required the IBC’s (ex offshore companies & offshore branches), beneficial owners to be non-Cypriot residents and the business activities to be carried out, outside Cyprus only. Currently, this law has changed. IBC entities may have activities worldwide, including Cyprus. However, in order for an IBC entity to have activities locally, their Memorandum and Articles of Association should provide for that. Most of the IBC entities that were registered before the change of the law have already proceeded with the amendments in their Memorandum and Articles of Association.

We contacted the subject in question and talked with Ms. Celine Boutier
Company Finance Manager who confirmed the above information. 

A check against our records revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonoured cheques and utility bills, bankruptcies exist etc.

 

Contact information:

Email address:

shamrock@shamrock.com.cy

Web-site:

shamrock.com.cy

Telephone number:

357 25 875202

Ms Celine Boutier, company finance manager

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.78.73

Euro

1

Rs.67.64

 

 

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.