MIRA INFORM REPORT

Report Date :

05.12.2013

IDENTIFICATION DETAILS

Name :	MICKY SHIPPING LIMITED
Registered Office :	112 Trust House Bonadie Street Kingstown ST Vicent
Country :	St Vincent and the Grenadines
Date of Incorporation :	2011
Legal Form :	International Business Company
Line of Business :	Offshore company
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Offshore company
Payment Behaviour :	Unknown
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
St Vincent and the Grenadines	B2	B2

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

ST VINCENT AND THE GRENADINES - ECONOMIC OVERVIEW

Success of the economy hinges upon seasonal variations in agriculture, tourism, and construction activity as well as remittance inflows. Much of the workforce is employed in banana production and tourism, but persistent high unemployment has prompted many to leave the islands. This lower-middle-income country is vulnerable to natural disasters - tropical storms wiped out substantial portions of crops in 1994, 1995, and 2002. In 2008, the islands had more than 200,000 tourist arrivals, mostly to the Grenadines, a drop of nearly 20% from 2007. Saint Vincent is home to a small offshore banking sector and has moved to adopt international regulatory standards. The government's ability to invest in social programs and respond to external shocks is constrained by its high public debt burden, which was 68% of GDP at the end of 2011. GDP grew on average 6% annually from 2002-07, but contracted between 2008-10 as a result of the global economic downturn; growth remains slow

Source : CIA

POLITICAL DATA	ECONOMIC DATA
Form of Government: Commonwealth Realm - Parliamentary system Economic Risk: Present	Currency: 100.00 XCD = 37.0370 USD Branch Situation:Stable

IDENTIFICATION

Ordered as:	MICKY SHIPPING LIMITED
Address in the order:	112 Trust House Bonadie Street Kingstown ST Vicent
Legal Name:	MICKY SHIPPING LIMITED
Legal Address	Trust House 112 Bonadie St
Postal Town	Kingstown
Post Code	N.A.
Primary Geographic Area	N.A.
Country	VC
Telephone:	N.A.	Registration Number :	N.A.
Fax:	N.A.	Legal Form:	International Business Company
Email:	N.A.	Registered in:	VC
Website:	N.A.	Date Created:	N.A.
Manager:	N.A.	Date Incorporated:	2011
Staff:	0	Stock:	N.A.
		Value:	N.A.
Activity:	Offshore company.

BANKS

Name of the Bank

FIRST BANK

BUSINESS

PRINCIPAL ACTIVITY

	MICKY SHIPPING LIMITED is an international business company / offshore 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.
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.
The subject employs 0 employee(s)
Comments on staff:
	The company does not have any employee in Saint Vincent and the Grenadines. It uses the registered agent staff.

PAYMENTS

	made on a 20 days basis - monitored over the last 12 months
Comments on location:
	The address mentioned above is that of the registered agent: St Vincent Trust Service Ltd Trust House 112 Bonadie St Box 613 Kingstown 784-457-1145 784-457-1027 784-457-1961 www.saint-vincent-trust.com trusthouse@st-vincent-trust.com stvtrust@vincysurf.com The agent declined to give any information on the subject, who is protected by the law of non disclosure.
Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The subject is owned by foreign shareholders.
Management:
	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.
Related Companies:
	The subject would be related to the company Micky Shipping Ltd in the United Arab Emirates. However, the subject being an offshore, the link with Micky Shipping Ltd could not be verified. Micky Shipping Ltd is located at PO Box 1049, Fujairah, United Arab Emirates.
Financials - COMMERCIAL TRENDS AND FORECAST
The subject company is registered as an International business company / offshore company in Saint Vincent and the Grenadines and is therefore exempt from filing and / or publishing annual audited accounts at the registrar of companies, under Saint Vincent and the Grenadines 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.
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		2012
Turnover		0
Operating Income		4 050 000
Net Income		4 050 000
Net worth		8 500 000
Bank liabilities		0
The cash flow is		Normal
Legal Fillings
The sources consulted record no detrimental legal or labor court information.

Rating
Local credit bureau did not rate this company.
Final Opinion
	Payments are: Made on a 20 day basis - monitored over the last 12 months. The cash flow is Normal. We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in Saint 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 request.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	GOOD	Public	NO
Indebtedness	NIL	Payments	UNKNOWN
Cash	NORMAL

APPENDIX

Comments
	We called the Registered Agent and reached a female representative who agreed to confirm they are the incorporators of the company. She also provided the year of incorporation (2011), but refused to provide us any further information on grounds of confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.102.18
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.