MIRA INFORM REPORT
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Report Date : |
13.05.2013 |
IDENTIFICATION DETAILS
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Name : |
VINCENTE INVESTMENTS INC |
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Registered Office : |
P O Box 556 Main Street Charlestown Vevis |
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Country : |
Saint Kitts and Nevis |
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Year of Establishment : |
2003 |
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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 : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Saint 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.
Source
: CIA
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IDENTIFICATION |
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Ordered as: |
Vincente Investments Inc |
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Address in the order: |
P O Box 556 Main Street Charlestown Vevis Nevis |
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Legal Name: |
Vincente Investments Inc |
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Legal Address |
Hunkins Plaza Main Street P.O. Box 556 Charlestown, Nevis, West
Indies. |
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Telephone: |
+1( 869) 469-1817 (Registered agent) |
Registration Number : |
NA |
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Fax: |
+1 (869) 469-1794 (Registered agent) |
Legal Form: |
International Business Company |
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Email: |
NA |
Registered in: |
ST. KITTS AND NEVIS |
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Website: |
NA |
Date Created: |
2003 |
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Manager: |
NA |
Date Incorporated: |
NA |
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Staff: |
0 |
Stock: |
NA |
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Value: |
NA |
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Activity: |
Offshore company. |
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Management: |
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It is locally managed by the registered agent mentioned above. |
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Legal
Filings |
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The sources consulted record no
detrimental legal or labor court information. |
Na
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PAYMENTS |
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made on a 20 days basis - monitored over the last 12 months |
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Shareholders - Manager - Related Companies |
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Shareholders Parent Company(ies): |
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The subject is owned by foreign shareholders. |
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Financials
- COMMERCIAL TRENDS AND FORECAST |
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The subject company is registered as an International business company
/ offshore company in ST. KITTS AND NEVIS and is therefore exempt from filing
and / or publishing annual audited accounts at the registrar of companies,
under 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. |
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We have contacted a male representaitve who refused to provide us any
financial data without knowing the name of the inquiring party. |
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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 |
3,100,000 |
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Net Income |
3,100,000 |
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Net worth |
14,600,000 |
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Bank liabilities |
0 |
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The cash flow is |
Good |
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Comments on the financial data: The figures had not been disclosed by
the company. They were conciliated with our private sources and from a
particular analysis of the company’s structure. |
Na
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POLITICAL
DATA |
ECONOMIC
DATA |
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Form of Government: Commonwealth Realm -
Parliamentary system
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Currency: 100.00 XCD = 37.0370 USD |
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BANKS |
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Name of the Bank |
Scotia Bank |
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BUSINESS |
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PRINCIPAL ACTIVITY |
Vincente Investments Inc 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. |
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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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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 Suite 556 Charlestown, Nevis, West Indies. Phone: +1 (869) 469-1817 Fax: +1 (869) 469-1794 info@morningstarnevis.com www.morningstarnev.com The agent declined to give any information on the subject, who is
protected by the law of non disclosure. |
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Rating |
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Local credit bureau did not rate this company. |
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SUMMARY |
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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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ADVISED CREDIT |
Rating |
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USD 440 000 |
12/20 |
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Final
Opinion |
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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 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 request. |
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Person
Interviewed |
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Male representative from Morning Star Holdings Limited. |
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Comments |
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The person contacted was unwilling to cooperate with the interview without
knowing the name of the inquiring party. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.54 |
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1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.