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Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
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Name : |
BALTANAS SHIPPING COMPANY LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
10.01.2007 |
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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 : |
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 500,000.00 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
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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 = 37.03 USD |
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Ordered as: |
Baltanas Shipping Ltd |
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Address in the order: |
P O Box 556 Charlestown Nevis |
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Legal Name: |
Baltanas Shipping Company
Limited |
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Legal Address |
Main Street Charles Town, P.O. Box 556 St. Kitts and Nevis
(Registered Agents Address) |
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Telephone: |
(869) 469-1817 (Registered Agents Number) |
Registration Number : |
C 31511 |
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Fax: |
(869) 469-1794 (Registered Agents Fax) |
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: |
January 10, 2007 |
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Manager: |
N.A. |
Date Incorporated: |
- |
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Staff: |
0 |
Stock: |
1,000 Registered Shares without par value |
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Value: |
N.A. |
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Activity: |
Offshore company |
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Name of the Bank |
SCOTIA BANK |
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Account Number |
Confidential. |
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Comments |
N.A. |
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BUSINESS
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PRINCIPAL ACTIVITY |
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BALTANAS SHIPPING LIMITED is an International Business
Company / Offshore Company incorporated in St Kitts & Nevis for tax
purposes. However the company does not carry any operation in the
Islands of 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. |
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Trade References: |
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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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The subject employs 0 employee(s) |
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Comments on staff: |
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The company does not have any employee in St Kitts &
Nevis. It uses the registered agent staff. |
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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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LOCATION |
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Headquarters |
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The address provided by the client is that of the
registered agent: Morning Star Holdings Limited Hunkins Plaza, P.O. Box 556 Main Street, Charlestown St. Kitts and Nevis Tel: 1(869) 469-1817 Fax: 1(869) 469-1794 Email: mornings@caribsurf.com
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Shareholders - Manager -
Related Companies |
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Shareholders Parent Company(ies): |
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The company is owned by foreign shareholders. |
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Management: |
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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. |
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Related Companies: |
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Through outside sources we could learn that the subject would
be related to: Baltanas Shipping Ltd Swan & Hunter Tyneside Shipsbuilders, United Kingdom (#2029) However, the subject being an offshore company, the link
could not be verified. |
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As a private company the subject does not publish any
financial statements. |
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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. |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
0 |
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Operating Income |
5,000,000 |
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Net Income |
5,000,000 |
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Net worth |
21,000,000 |
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Bank liabilities |
0 |
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The cash flow is |
normal |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
0 |
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Operating Income |
3,500,000 |
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Net Income |
3,500,000 |
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Net worth |
10,000,000 |
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Liabilities |
0 |
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The cash flow is |
normal |
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Currency |
DATE |
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USD |
2007 |
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Turnover |
0 |
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Operating Income |
2,500,000 |
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Net Income |
2,480,000 |
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Net worth |
7,000,000 |
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Liabilities |
0 |
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The cash flow is |
good |
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Comments on the financial
data: The company being an offshore, it was not posible to
verify the financial figures with the registered agent. |
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Legal Fillings |
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The sources
consulted record no detrimental legal or labor court information. |
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Local credit bureau did not rate this company. |
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Final Opinion |
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We are reporting an offshore company which belongs to
foreign shareholders. Although it is registered in the 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 500,000.00 |
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Profitability |
GOOD |
Public |
NO |
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Indebtedness |
NIL |
Payments |
REGULAR |
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Cash |
NORMAL |
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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.50.90 |
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1 |
Rs.80.77 |
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Euro |
1 |
Rs67.40 |
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 |
-- |
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.