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Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
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Name : |
COMPASS SHIPPING AND TRADING LIMITED |
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Registered Office : |
P.O. Box 556, Charlestown |
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Country : |
St Kitts and Nevis |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
International Business Company |
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Line of Business : |
Offshore Company |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Offshore Company |
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Payment Behaviour : |
Unknown |
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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 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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St Kitts and Nevis |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SAINT KITTS AND NEVIS - ECONOMIC
OVERVIEW
The economy of Saint Kitts and Nevis depends on tourism; since the 1970s tourism has replaced sugar as the traditional mainstay of the economy. Following the 2005 harvest, the government closed the sugar industry, after several decades of losses. To compensate for lost jobs, the government has embarked on a program to diversify the agricultural sector and to stimulate other sectors of the economy, such as export-oriented manufacturing and offshore banking. Roughly 200,000 tourists visited the islands in 2009, but reduced tourism arrivals and foreign investment led to an economic contraction in 2009 and 2010. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. A mild recovery began in 2011. The current government is constrained by one of the world's highest public debt burdens -equivalent to roughly 200% of GDP in 2011 - largely attributable to public enterprise losses.
Source
CIA
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Commonwealth Realm -
Parliamentary system
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Currency: 100 XCD = 38.38 USD
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Legal Name: |
Compass Shipping and Trading Limited |
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Legal Address |
P.O. Box 556, Charlestown St Kitts and Nevis |
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Telephone: |
N.A. |
Registration Number : |
N.A. |
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Fax: |
N.A. |
Legal Form: |
International Business Company |
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Email: |
N.A. |
Registered in: |
St. Kitts and Nevis |
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Website: |
N.A. |
Date Created: |
N.A. |
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Manager: |
N.A. |
Date Incorporated: |
- |
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Staff: |
0 |
Stock: |
N.A. |
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Value: |
N.A. |
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Activity: |
Offshore company |
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Name of the Bank |
HSBC |
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PRINCIPAL ACTIVITY |
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COMPASS SHIPPING AND TRADING LIMITED is an International Business
Company / Offshore Company incorporated in St. Kitts and Nevis for tax
purposes. However the company does not carry any operation in St. Kitts and
Nevis. It is not registered with the St. Kitts and Nevis Chamber of Commerce
as being an active business. It is not listed with the St. Kitts and Nevis yellow pages. It is not listed with the major local credit bureaus. The company does not have any employee in St. Kitts and 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. |
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PAYMENTS |
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made on a 20 days basis - monitored over the last 12 months |
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COMMERCIAL TRENDS AND FORECAST
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Currency |
DATE |
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USD |
2011 |
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Turnover |
0 |
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Operating Income |
768,000 |
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Net Income |
768,000 |
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Net worth |
4,000,000 |
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Liabilities |
0 |
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The cash flow is |
good |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
0 |
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Operating Income |
321,000 |
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Net Income |
321,000 |
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Net worth |
2,700,000 |
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Liabilities |
0 |
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The cash flow is |
CORRECT |
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Comments on the financial data: The Subject Company is registered as an
International Business Company in St. Kitts and Nevis and is therefore exempt
from filing and/or publishing Annual Audited Accounts at the Registrar of
Companies, under the St. Kitts and Nevis Law. In addition, due to the laws of
privacy governing disclosure of BANKING INFORMATION, we are unable to demand
a copy of the subject's Latest FINANCIAL STATEMENTS. |
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Local credit bureau did not rate this company. |
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Final Opinion |
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Final opinion: We are reporting an offshore company which
belongs to foreign shareholders. Although it is registered in St. Kitts and
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. |
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Profitability |
CORRECT |
Public |
NO |
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Indebtedness |
NIL |
Payments |
REGULAR |
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Cash |
SUFFICIENT |
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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.54.39 |
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UK Pound |
1 |
Rs.87.78 |
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Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.