MIRA INFORM REPORT

 

 

Report Date :

28.07.2014

 

IDENTIFICATION DETAILS

 

Name :

TEKRADE LTD

 

 

Registered Office :

Cayon Street, P.O. Box 1425

 

 

Country :

Saint Kitts & Nevis

 

 

Year of Establishments :

2003

 

 

Legal Form :

International Business Company

 

 

Line of Business :

·         Subject is an International Business Company - Offshore Company incorporated in St. Kitts and Nevis for tax purposes.

Subject Company does not carry any operation in the Saint Kitts and Nevis.

 

 

No of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

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 & Nevis

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SAint Kitts & 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, Pelican Trust Company Limited (St. Kitts)

Legal Name:

Tekrade Ltd

Legal Address

Cayon Street, P.O. Box 1425, (Registered Agent)

Postal Town

Basseterre

Country

KN

Telephone:

+423 236 14 60 (Registered Agent)

Registration Number :

N.A.

Fax:

+423 236 14 61 (Registered Agent)

Legal Form:

International Business Company

Email:

info@pelican-trust.com   (Registered Agent)

Registered in:

KN

Website:

www.pelican-trust.com   (Registered Agent)

Date Created:

2003

MANAGERS:

N.A.

Date Incorporated:

2003

Staff:

0

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Offshore company – International Business Company

 

 

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.

 

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.

 

Public

NO

 

SHARE & SHARE CAPITAL INFORMATION

 

Shareholders - RELATED COMPANIES

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

The company is managed by foreign shareholders.

Despite our long searches it has not been possible to identify the shareholders.

 

PAYMENT INFORMATION

 

Payments

Unknown 

 

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

895 000

Net Income

895 000

Net worth

3 500 000

Bank liabilities

0

The cash flow is

normal

 

Comments on the financial data: The company being an offshore, it was not possible to verify the financial figures with the registered agent.

 

FINANCIAL SUMMARY

Profitability

CORRECT

Indebtedness

NIL

Cash

NORMAL

 

ADDITIONAL INFORMATION

 

GEOPOLITICS - SAINT KITTS AND NEVIS

POLITICAL DATA

ECONOMIC DATA

Form of Government: Commonwealth Realm - Parliamentary system

Economic Risk: Present

Currency: USD

Branch Situation: Stable

 

BANKS

Name of the Bank

HSBC

Location                                   

St. Kitts and Nevis

Comments

This information was not verified by the registered agent.

 

BUSINESS

 

PRINCIPAL ACTIVITY

Tekrade Ltd 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 the St. Kitts and Nevis.

It is not registered with the St. Kitts and Nevis Chamber of Commerce as being a local business.

It is not listed with the St. Kitts and Nevis yellow pages.

It is not listed with the major local credit bureaus.

 

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 subjects 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:

 

The company does not have any employee in St. Kitts and Nevis. It uses the registered agent staff.

PAYMENTS

 

Unknown 

LOCATION

Headquarters

 

The address belongs to the Registered Agent:

Pelican Trust Company St. Kitts

Cayon Street, P.O. Box 1425, Basseterre, St. Kitts, West Indies.

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.14

UK Pound

1

Rs.102.22

Euro

1

Rs.81.02

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.