MIRA INFORM REPORT

 

 

Report Date :

03.06.2013

 

IDENTIFICATION DETAILS

 

Name :

TEKTRADE LIMITED

 

 

Registered Office :

Cayon St Bassetere

 

 

Country :

St. Kitts and Nevis

 

 

Date of Incorporation :

2004

 

 

Legal Form :

International Business Company

 

 

Line of Business :

Offshore company

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

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 :

--

 

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, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

St. Kitts and Nevis

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

ST. 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.

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

IDENTIFICATION

Ordered as:

TEKTRADE LIMITED

Address in the order:

Cyon Street Basseterre Street St. Kitts West Indies / St. Kitts and Nevis

 

 

Legal Name:

Tektrade Ltd

 

 

Legal Address

Cayon St Bassetere St Kitts West Indies / St. Kitts and Nevis

 

 

Telephone:

(869) 469-1016

Registration Number :

N.A.

Fax:

(869) 469-0826

Legal Form:

International Business Company

Email:

N.A.

Registered in:

St. Kitts and Nevis

Website:

N.A.

Date Created:

2004

Manager:

N.A.

Date Incorporated:

-

Staff:

0

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Offshore company

 

 

DIRECTORS/MANAGEMENT

 

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.

 

 

NEGATIVE INFORMATION

 

Legal Filings

 The sources consulted record no detrimental legal or labor court information.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Shareholders - Manager - Related Companies

Shareholders Parent Company(ies):

 

The company is owned by foreign shareholders.

 

 

PAYMENT INFORMATION

 

PAYMENTS

 

made on a 30 days basis - monitored over the last 12 months

 

 

DEBT COLLECTIONS AND PAYMENTS

 

Public

NO

Payments

REGULAR

Indebtedness

N.A.

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Related Companies:

 

Through outside sources we could learn that the subject might be related to:

 

Tektrade is an internatinal trading company active in import and export based in Sydney Australia.

 

P.O. Box: 546, Beecroft,

Sydney-Australia

Zip: 2000

Tel: 61-433-178228

Fax: 61-2-99403745

 

 

FINANCIAL INFORMATION

 

Financials - COMMERCIAL TRENDS AND FORECAST

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.

 

However our financial sources could provide us with the following data (estimates):

 

Currency

DATE

USD

2009

Turnover

0

Operating Income

760,000

Net Income

760,000

Net worth

4,000,000

Bank liabilities

0

The cash flow is

large

 

 

FINANCIAL SUMMARY

 

Profitability

N.A.

Cash

N.A.

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

BANKS

Name of the Bank

Scotia Bank

Comments

This information has not been confirmed with the company

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

TEKTRADE LTD 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.

 

Comments on location:

 

The address mentioned above is that of the registered agent:

 

Despen Trust Ltd

P.O. Box 625

Midtown Building

Main Street, Charlestown

Nevis

Tel: (869) 469-1016

Fax: (869) 469-0826

Email: despen@sisterisles.kn

 

 

NOTES & COMMENTS

 

Rating

Local credit bureau did not rate this company.

 

 

 Final Opinion

 

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in the 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.

 

We are currently waiting for some financial information from our banking sources.

 

As soon as received we will send you a completed report.

 

Please be aware that the current opinion may be modified when we receive the financial data.

 

In the meantime, we suggest working with guarantees until we provide the financial information.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.49

UK Pound

1

Rs.86.81

Euro

1

Rs.73.68

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.