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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
GOLD APEX INC |
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Registered Office : |
60 Market Square, P. O. Box 364, Belize City, Belize, C.A. |
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Country : |
Belize |
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Date of Incorporation : |
2005 |
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Legal Form : |
Corporation for Profit |
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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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Belize |
B2 |
B2 |
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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 |
BELIZE - ECONOMIC OVERVIEW
Tourism is the number
one foreign exchange earner in this small economy, followed by exports of
marine products, citrus, cane sugar, bananas, and garments. The government's
expansionary monetary and fiscal policies, initiated in September 1998, led to
GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered
this growth. Exploration efforts have continued and production has increased a
small amount. Growth slipped to 0% in 2009, and has remained at just over 2%
per year during 2010-2012, as a result of the global slowdown, natural
disasters, and a temporary drop in the price of oil. With weak economic growth
and a large public debt burden, fiscal spending is likely to be tight. In
September 2012, the government paid half of a $23 million interest payment that
had been due in August 2012. In January 2013, the government announced that it
had reached a deal with creditors to restructure its $544 million commercial
external debt, commonly referred to as the "superbond." The superbond
represents one half of the country's public debt. A key government objective
remains the reduction of poverty and inequality with the help of international
donors. Although Belize has the second highest per capita income in Central
America, the average income figure masks a huge income disparity between rich
and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people
live in poverty. The sizable trade deficit and heavy foreign debt burden
continue to be major concerns
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Source
: CIA |
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IDENTIFICATION |
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Ordered as: |
GOLD APEX INC |
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Address in the order: |
60 Market Square P O Box 364 Belize City |
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Comments on data supplied: |
The subject is an International Business Company (IBC),
the address provided is that of the Registered Agent, Arias Fabrega &
Fabrega (Belize) Ltd |
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Legal Name: |
APEX GOLD INC |
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Legal Address |
60 Market Square (Registered Agent) |
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Postal Town |
Belize City |
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Post Code |
P. O. Box 3 |
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Country |
BZ |
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Operative Address |
60 Market Square, P. O. Box 364 Belize City, Belize, C.A. (Registered Agent) |
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Telephone: |
501-227-2567 (Registered Agent) |
Registration Number : |
N.A. |
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Fax: |
501-227-7018 (Registered Agent) |
Legal Form: |
Corporation for Profit |
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Email: |
N.A. |
Registered in: |
BZ |
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Website: |
services@belizecompanies.com (Registered Agent) |
Date Created: |
2005 |
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Manager: |
N.A. |
Date Incorporated: |
2005 |
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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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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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Legal Fillings |
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The sources
consulted record no detrimental legal or labor court information. |
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Shareholders - Manager -
Related Companies |
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Listed at the stock exchange: |
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NO |
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PAYMENTS |
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made on a 30 days basis - monitored over the last 12
months |
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Shareholders Parent Company(ies): |
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The company is managed by foreign shareholders. Despite our long searches it has not been possible to identify
the shareholders. |
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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 |
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USD |
2012 |
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Turnover |
0 |
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Operating Income |
1 270 000 |
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Net Income |
1 270 000 |
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Net worth |
5 400 000 |
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Bank liabilities |
0 |
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The cash flow is |
Normal |
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Comments on the financial data: The company being an
offshore, it was not possible to verify the financial figures with the
registered agent. |
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: Belize (BZD) 100(BZD)=50.25(USD) |
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BANKS |
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Name of the Bank |
First Caribbean International Bank |
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Location |
Belize |
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Comments |
This information could not be verified with the subject
company. |
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BUSINESS PRINCIPAL ACTIVITY |
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APEX GOLD INC is an International Business Company /
Offshore Company incorporated in the Belize for tax purposes. However the company does not carry any operation in the
Belize. It is not registered with the Belize Chamber of Commerce
as being a local business. It is not listed with the Belize yellow pages. It is not listed with the major local credit bureaus. |
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Suppliers: |
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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 company does not have any employee in the Bahamas. It
uses the registered agent staff. |
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LOCATION |
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Headquarters |
The address belongs to the Registered Agent, Arias Fabrega
& Fabrega (Belize) Ltd: 60 Market Square P. O. Box 364 Belize City, Belize, C. A. Telephone: 501-227-2567 Fax: 501-227-7018 E-mail: services@belizecompanies.com |
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Rating |
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Local credit bureau gave a normal credit rate. The company is in Good Standing. This means that all local
and federal taxes were paid on due date. |
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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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Final Opinion |
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We are reporting an offshore company which belongs to
foreign shareholders. Although it is registered in the Bahamas, 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. A credit line may be considered for USD 200,000, based on
the financial information received from our banking sources. |
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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.63.37 |
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1 |
Rs.100.85 |
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Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
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.