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Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
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Name : |
NAVAMOSA NAVIGATION SA |
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Registered Office : |
Hunkins Waterfront Plaza P.O. Box 556 Main Street Charlestown, St.
Kitts and Nevis |
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Country : |
St Kitts and Nevis |
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Date of Incorporation : |
2005 |
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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 : |
Moderate |
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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 |
A1 |
A1 |
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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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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: |
Navamosa Navigation SA |
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Address in the order: |
P O Box 556 Charlestown Nevis |
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Legal Name: |
Navamosa Navigation SA |
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Legal Address |
Hunkins Waterfront Plaza P.O. Box 556 Main Street Charlestown, St.
Kitts and Nevis (Registered Agents Address) |
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Telephone: |
(869) 469-1333 (Registered Agents Number) |
Registration Number : |
N.A. |
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Fax: |
(869) 469-0968 (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: |
2005 |
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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 |
BUSINESS
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PRINCIPAL ACTIVITY |
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NAVAMOSA NAVIGATION SA 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 the St. 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 subjects 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 45 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: Meridian Trust Company Limited Hunkins Plaza Main Street P.O. Box 556 Charlestown, St. Kitts and Nevis Tel: 1-869-469-1333 Fax: 1-869-469-0968 Email: info@meridiantrustnevis.com |
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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: Navamosa Navigation SA PO Box 12924, c/o DTA Ship Trading LLC Dubai, United Arab Emirates Phone: +971 4 227 7429 Fax: +971 4 227 7459 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 |
750,000 |
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Net Income |
750,000 |
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Net worth |
3,000,000 |
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Bank liabilities |
0 |
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The cash flow is |
normal |
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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 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 |
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.54.09 |
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|
1 |
Rs.82.46 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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.