|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
Pino Shipping Limited |
|
|
|
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Registered Office : |
P O Box 556 Mainstreet Charlestown |
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|
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Country : |
Saint Kitts and Nevis |
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|
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Date of Incorporation : |
Not Available |
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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 |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Saint 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 |
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.
Source
: CIA
|
IDENTIFICATION |
|||
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Ordered as: |
Pino Shipping Limited |
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Address in the
order: |
P O Box 556
Mainstreet Charlestown |
||
|
Legal Name: |
Pino Shipping
Limited |
||
|
Legal Address |
PO Box 556
Mainstreet Charlestown |
||
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Operative Address |
PO Box 556
Mainstreet Charlestown |
||
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Telephone: |
1-869-469-1817
(Reg. Agent) |
Registration
Number : |
NA |
|
Fax: |
1-869-469-1794
(Reg. Agent) |
Legal Form: |
International Business
Company |
|
Email: |
NA |
Registered in: |
St Kitts and
Nevis |
|
Website: |
NA |
Date Created: |
NA |
|
Manager: |
NA |
Date
Incorporated: |
NA |
|
Staff: |
0 |
Stock: |
NA |
|
|
|
Value: |
NA |
|
Activity: |
Offshore Company. |
||
|
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 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. The company's
profitability is correct, its debts are controlled. |
|
Management: |
|
|
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It is locally
managed by the registered agent mentioned above. |
|
Legal Filings |
|
The sources consulted record no detrimental legal or labor court information. |
|
Shareholders Parent
Company (ies): |
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|
|
The company is owned by foreign shareholders. |
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|
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Public |
NO |
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Payments |
REGULAR |
Na
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Financials - COMMERCIAL TRENDS AND FORECAST |
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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 |
|
|
USD |
2012 |
|
|
Turnover |
0 |
|
|
Operating Income |
3,100,000 |
|
|
Net Income |
3,100,000 |
|
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Net worth |
10 000 000 |
|
|
Bank liabilities |
0 |
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The cash flow is |
GOOD |
|
|
|
|
|
Profitability |
CORRECT |
|
Indebtedness |
NIL |
|
Cash |
GOOD |
Na
|
BANKS |
|
|
Name of the Bank |
Scotiabank |
|
Comments |
This information has not been confirmed with the company |
|
BUSINESS |
|
|
PRINCIPAL ACTIVITY |
|
|
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Pino Shipping Limited is an International Business 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 St Kitts and Nevis Chamber of Commerce as being an active business. It is not listed with 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. |
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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 subject uses the staff of the registered agent. |
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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 Hunkins Plaza Main Street P.O. Box 556 Charlestown, Nevis, West Indies |
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Listed at the stock exchange: |
|
|
|
NO |
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.