MIRA INFORM REPORT

Report Date :

05.11.2014

IDENTIFICATION DETAILS

Name :	GUNEHR SHIPPING LIMITED
Registered Office :	C/O Morning Star Holdings Limited Hunkins Plaza, Main Street, Suite 556, Charlestown
Country :	Nevis
Date of Incorporation :	2006
Legal Form :	Limited Company
Line of Business :	Subject is an International Business Company (IBC) [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
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 :	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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Nevis	C1	C1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

STATUTORY INFORMATION
Legal Name:	GUNEHR SHIPPING LIMITED
ID	NA
Date Created:	2006
Date Incorporated:	2006
Legal Address:	C/O Morning Star Holdings Limited Hunkins Plaza, Main Street, Suite 556, Charlestown, Nevis
Operative Address:	NA
Telephone:	1-869-469-1817
Fax:	1-869-469-1794
Legal Form:	Limited Company
Email:	info@morningstarnevis.com
Registry Office:	Nevis
Website:	NA
Manager:	Morning Star Holdings Limited
Staff:	0
Activity:	This is an International Business Company (IBC)
SIC Codes:	NA
NAICS Codes:	NA
BANKS
Name	Barclays Bank
	This information was not verified by the registered agent.
HISTORY
	The company was incorporated in 2003. Press Release:
	1/11/2012 Goldenport scraps bulk carrier Tilos Goldenport Holdings Inc. ("Goldenport" or "the Company"), (LSE: GPRT) the international shipping company that owns and operates a fleet of container and dry bulk vessels announces that it has concluded the sale of the 1991-built bulk carrier 'Tilos', to an unaffiliated third party "Gunehr Shipping Limited" of Charlestown, Nevis, for a cash consideration of US$ 5.9 million. The vessel was delivered to the new owners on 31 October 2012. Goldenport expects to realize a book loss of US$ 2.2 million, after accounting for brokerage commission, book value and the unamortized balance of dry-docking expenditure. The vessel was initially acquired in 2004 for a total consideration of US$14.8 million and has traded successfully for the Company over the last nine years. The net proceeds of this sale increases the cash reserves available to the Company for funding the future acquisition of vessels when suitable opportunities arise. Following the replacement of older tonnage, the Company's young bulk carrier fleet will operate with greater cash flow generating efficiency when the freight market recovers.
PRINCIPAL ACTIVITY
	GUNEHR SHIPPING LIMITED , is an International Business Company incorporated in Nevis for tax purposes. The company uses the registrant address but does not carry any operation in the country. It is not registered in Nevis as being a local business company. It is not listed with the Nevis commercial pages.
Products/Services description:	NA
It employs	The company does not have any employee in Nevis.
Sales are:	NA
Clients:	NA
Competitors:	NA
Suppliers:	NA
The company imports from	NA
The company exports to	NA
Payments:	Regular
LOCATION
Headquarters :	The company does not operate in the country. It uses its address for tax purposes.
Size:	NA
Property:	NA
Branches:	NA
Business Overview:	NA
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders	The company is owned by foreign shareholders. According to our search, the subject would be related to a bulk carrier buyer operating as Gunehr Shipping Ltd.
Management:	It is administrated by the registered agent.
	Morning Star Holdings Limited Hunkins Plaza, Main Street, Suite 556 Charlestown, Nevis, West Indies Tel: 1-869-469-1817 Fax: 1-869-469-1794 Email: info@morningstarnevis.com
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements publish.
DATE	2013
CURRENCY	USD
TURNOVER	0
OPERATING INCOME	10 000 000
NET INCOME	10 000 000
NET WORTH	60 000 000
THE CASH FLOW	GOOD
BANK LIABILITIES	0
	This information could not be confirmed with the agent.
LEGAL FILINGS
	There are no adverse registered for this company.
FINAL REVIEW
	This is an International Business Company which belongs to a company located in Nevis. It is registered in Nevis for tax purposes and does not operate within the country. It is managed by a resident registration agent.
RISK INFORMATION
Indebtedness	Controlled
Payments	Unknown
Cash	Normal
CALL
Interviewee	Agent
Position	Attorney
Comments	The person contacted confirmed registration but refused to provide any added information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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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