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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MIDEAST SHIPPING AND TRADING LTD |
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Registered Office : |
Hunkins Plaza, Main Street, Suite 556, Charlestown, Nevis |
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Country : |
St. Kitts and Nevis |
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Date of Incorporation : |
08.09.2000 |
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Com. Reg. No.: |
C 18001 |
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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 2009-2012, and the economy has not yet returned to growth. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. Furthermore, the government is constrained by one of the world's highest public debt burdens - equivalent to roughly 140% of GDP in 2012 - largely attributable to public enterprise losses.
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Source : CIA |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Commonwealth Realm -
Parliamentary system Economic Risk: Nil |
Currency: 100.00 XCD = 37.0370 USD |
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Legal Name: |
MIDEAST SHIPPING AND TRADING LTD |
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Legal Address |
Hunkins Plaza Main Street Suite 556 Charlestown, Nevis (Register Agent) |
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Telephone: |
N/A |
Registration Number : |
C 18001 |
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Fax: |
N/A |
Legal Form: |
International Business Company |
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Email: |
N/A |
Registered in: |
Saint Kitts and Nevis |
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Website: |
N/A |
Date Created: |
2000-09-08 |
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Manager: |
N/A |
Date Incorporated: |
2000-09-08 |
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Staff: |
0 |
Stock: |
1000 shares |
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Value: |
USD 1000 |
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Activity: |
Offshore company. |
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Name of the Bank |
FIRST BANK |
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PRINCIPAL ACTIVITY |
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MIDEAST SHIPPING AND TRADING LTD is an international business company
/ offshore company incorporated in Saint Kitts and Nevis for tax purposes. However the company does not carry any operation in Saint Kitts and
Nevis. It is not registered with the Saint Kitts and Nevis chamber of
commerce as being an active business. It is not listed with the Saint Kitts and Nevis yellow pages. It is not listed with the major local credit bureaus. The company does not have any employee in Saint Kitts and Nevis. It
uses the registered agent staff. |
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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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PAYMENTS |
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made on a 30 days basis - monitored over the last 12 months |
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Comments on location: |
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The address mentioned above is that of the registered agent: Morning Star Holdings Limited 1-869-469-1817 Tel 1-869-469-1794 Fax The agent declined to give any information on the subject, who is
protected by the law of non disclosure. |
Manager - Related
Companies
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Shareholders Parent Company(ies): |
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The subject would be related to the company
Mideast Ship Trading FZE., in the Dubai. However, the subject being an offshore,
the link with Mideast Ship Trading FZE., could not be verified. Mideast Ship Trading FZE., is located at
Suite No.308, Block J, The Square, Al Mamzar, Dubai – UAE. and is engaged in
the ship recycling market. |
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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. |
Commercial Trends And Forecast
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The subject company is registered as an International business company
/ offshore company in Saint Kitts and Nevis and is therefore exempt from
filing and / or publishing annual audited accounts at the registrar of companies,
under Saint 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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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 |
2012 |
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Turnover |
0 |
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Operating Income |
3,000,000 |
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Net Income |
3,000,000 |
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Net worth |
N/A |
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Bank liabilities |
0 |
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Currency |
DATE |
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USD |
2007 |
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Turnover |
0 |
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Operating Income |
879,000 |
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Net Income |
879,000 |
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Net worth |
1,500,000 |
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Bank liabilities |
0 |
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Legal Filings |
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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 Saint 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 request. |
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Profitability |
CORRECT |
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.54.03 |
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UK Pound |
1 |
Rs.82.43 |
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Euro |
1 |
Rs.70.49 |
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.