MIRA INFORM REPORT

Report Date :

17.07.2014

IDENTIFICATION DETAILS

Name :	MIDEAST SHIPPING AND TRADING LTD

Registered Office :	Hunkins Plaza, Main Street, Suite 556, Charlestown

Country :	Saint Kitts and Nevis

Date of Incorporation :	08.09.2000

Com. Reg. No.:	C 18001

Legal Form :	International Business Company

Line of Business :	Subject is an Offshore Company

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 :	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 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Saint Kitts and Nevis

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 returned to growth only in 2013. Like other tourist destinations in the Caribbean, St. Kitts and Nevis is vulnerable to damage from natural disasters and shifts in tourism demand. The government has made notable progress on reducing its public debt—from 154% of GDP in 2011 to 83% in 2013—although it still faces one of the highest levels in the world, largely attributable to public enterprise losses.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

IDENTIFICATION
Comments on data supplied:	The subject is an International Business Company (IBC), the address provided is that of the Registered Agent, Morning Star Holdings Limited

Legal Name:	MIDEAST SHIPPING AND TRADING LTD

Legal Address	Hunkins Plaza, Main Street, Suite 556 Charlestown, Nevis(Registered Agent)

Country	KN
Telephone:	1-869-469-1817 (Registered Agent)	Registration Number :	C 18001

Fax:	1-869-469-1794 (Registered Agent)	Legal Form:	International Business Company
Email:	info@morningstarnevis.com (Registered Agent)	Registered in:	KN
Website:	www.morningstarnev.com (Registered Agent)	Date Created:	2000
MANAGERS:	N.A.	Date Incorporated:	September 8, 2000
Staff:	0	Stock:	1000
		Value:	USD 1000
Activity:	Offshore company - International Business 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 Fillings

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

PAYMENT INFORMATION

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

GROUP STRUCTURE & AFFILIATED COMPANIES

Shareholders - MANAGERS - RELATED COMPANIES
Shareholders Parent Company(ies):
	The company is managed by foreign shareholders. Despite our long searches it has not been possible to identify the shareholders.

RELATED COMPANIES:	The subject would be related to the company Mideast Ship Trading FZE., in the Dubai. However, the subject being an offshore, the link with Mideast Ship Trading FZE. could not be verified. Mideast Ship Trading FZE., is located at Suite No.308, Block J, The Square, Al Mamzar, Dubai – UAE. and is engaged in the ship recycling market. However, the subject being an offshore company, the link could not be verified.

FINANCIAL INFORMATION

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

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.

Currency	DATE
USD	2013
Turnover	0
Operating Income	3 995 000
Net Income	3 995 000
Net worth	17 500 000
Bank liabilities	0

Currency	DATE
USD	2012
Turnover	0
Operating Income	3 000 000
Net Income	3 000 000
Net worth	N.A.
Bank liabilities	0

Currency	DATE
USD	2007
Turnover	0
Operating Income	879 000
Net Income	879 000
Net worth	1 500 000
Bank liabilities	0

ADDITIONAL INFORMATION

POLITICAL DATA

ECONOMIC DATA

Form of Government: Commonwealth Realm - Parliamentary system

Economic Risk: Nil

Currency: 100.00 XCD = 37.0370 USD

Branch Situation: Stable

BANKS
Name of the Bank	First Caribbean International Bank
Location	Saint Kitts and Nevis
Comments	This information could not be verified with the subject company.

BUSINESS PRINCIPAL ACTIVITY
	MIDEAST SHIPPING AND TRADING LTD is an international business company - offshore company incorporated in Saint Kitts and Nevis for tax purposes. However the company does not carry any operation in Saint Kitts and Nevis. It is not registered with the Saint Kitts and Nevis chamber of commerce as being an active business. It is not listed with the Saint Kitts and Nevis yellow pages. It is not listed with the major local credit bureaus. The company does not have any employee in Saint Kitts and Nevis.
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.
The subject employs 0 employee(s)
Comments on staff:	It uses the registered agent staff.

LOCATION
Headquarters
	The address mentioned above is that of the registered agent: Morning Star Holdings Limited 1-869-469-1817 Tel 1-869-469-1794 Fax info@morningstarnevis.com
RATING
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.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	NIL	Payments	REGULAR
Cash	NORMAL

NOTES & COMMENTS

Final Opinion

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.14
Euro	1	Rs.81.66

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	MNL

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%)

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