MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	NAVRAMAR NAVIGATION SA

Registered Office :	C/O Morning Star Holdings Limited. Hunkins Plaza, Main Street, P.O. Box 556, Postal Town Charlestown

Country :	Saint Kitts & Nevis

Year of Establishment :	2001

Com. Reg. No.:	Not Available

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 :	International Business 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

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 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
Legal Name:	NAVRAMAR NAVIGATION SA
Legal Address	C/O Morning Star Holdings Limited. Hunkins Plaza, Main Street, P.O. Box 556
Postal Town	Charlestown
Post Code	N.A.
Primary Geographic Area	Nevis
Country	KN
Operative Address	N.A.
Telephone:	+1-869-469-1817 (registered agent number)	Registration Number :	N.A.
Fax:	+1-869-469-1794 (registered agent number)	Legal Form:	International Business Company
Email:	N.A.	Registered in:	KN
Website:	N.A.	Date Created:	2001
MANAGERS:	N.A.	Date Incorporated:	N.A.
Staff:	0	Stock:	N.A.
		Value:	N.A.
Activity:	Offshore 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.

SHARE & SHARE CAPITAL INFORMATION

Shareholders - MANAGERS - RELATED COMPANIES
Listed at the stock exchange:
	NO

PAYMENT INFORMATION

PAYMENTS
	made on a 20 days basis - monitored over the last 12 months

GROUP STRUCTURE & AFFILIATED COMPANIES

Shareholders Parent Company(ies):
	The subject is owned by foreign shareholders.
RELATED COMPANIES:
	The subject would be related to the company Vineta Bereederungsgesellschaft mbH in Germany. However, the subject being an offshore, the link with Vineta Bereederungsgesellschaft mbH could not be verified. Vineta Bereederungsgesellschaft mbH is located at Große ElbstraBe 138, 22767 Hamburg, Germany (Tel: +49 40 37673707) and is engaged in operation and commercialization of vessels.

FINANCIAL INFORMATION

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

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.

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	3 000 000
Net Income	3 000 000
Net worth	9 600 000
The cash flow is	Normal

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 market approach regarding the subject scope of business.

ADDITIONAL INFORMATION

POLITICAL DATA		ECONOMIC DATA
Form of Government: Commonwealth Realm - Parliamentary system Economic Risk: Present		Currency: 100.00 XCD = 37.0370 USD Branch Situation: Stable
BANKS
Name of the Bank	FIRST BANK
Comments	This information was not verified by the company.

BUSINESS PRINCIPAL ACTIVITY
	NAVRAMAR NAVIGATION SA 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.
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.
LOCATION
Headquarters	The address mentioned above is that of the registered agent: *Morning Star Holdings Limited. Hunkins Plaza, Main Street, P.O. Box 556 Charlestown, Nevis, St. Kitts and Nevis. Tel: +1-869-469-1817 Fax: +1-869-469-1794 The agent declined to give any information on the subject, who is protected by the law of non disclosure.

RATING

Local credit bureau did not rate this company.

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

NOTES & COMMENTS

Final Opinion

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Analysis Done by :	DIV

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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