MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	CAPE BLANC SHIPPING LIMITED
Registered Office :	Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro
Country :	Marshall Islands
Date of Incorporation :	04.08.2009
Com. Reg. No.:	36553
Legal Form :	International Business Company
Line of Business :	Engaged as an Offshore company
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Marshall Islands	C1	C2

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

Marshall Islands ECONOMIC OVERVIEW

US assistance and lease payments for the use of Kwajalein Atoll as a US military base are the mainstay of this small island country. The Marshall Islands received roughly $1 billion in aid from the US during 1986-2001 under the original Compact of Free Association (Compact). In 2002 and 2003, the US and the Marshall Islands renegotiated the Compact's financial package for a 20-year period, from 2004 to 2024. Under the amended Compact, the Marshall Islands will receive roughly $1.5 billion in direct US assistance. Agricultural production, primarily subsistence, is concentrated on small farms; the most important commercial crops are coconuts and breadfruit. Industry is limited to handicrafts, tuna processing, and copra. Tourism holds some potential. The islands and atolls have few natural resources, and imports exceed exports. Under the amended Compact, the US is also funding, jointly with the Marshall Islands, a Trust Fund for the people of the Marshall Islands that will provide an income stream beyond 2024 when direct Compact aid is to end.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

IDENTIFICATION
Ordered as:	Cape Blanc Shipping Limited
Address in the order:	Trust Company Complex Ajeltake Road, Ajeltake Island MH96960 Majuro Marshall Island Marshall Islands
Legal Name:	CAPE BLANC SHIPPING LIMITED
Legal Address	Trust Company Complex, Ajeltake Road
Postal Town	Ajeltake Island
Post Code	MH96960
Primary Geographic Area	Majuro
Country	MH
Location Status	Legal Address,
Telephone:	N.A.	Registration Number :	36553
Fax:	N.A.	Legal Form:	International Business Company
Email:	N.A.	Registered in:	MH
Website:	N.A.	Date Created:	2009
MANAGERS:	N.A.	Date Incorporated:	August 4, 2009
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 refused to provide any information on the company which is protected by the laws 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 25 days basis - monitored over the last 12 months

GROUP STRUCTURE & AFFILIATED COMPANIES

Shareholders Parent Company(ies):
	The company is owned by foreign shareholders.
RELATED COMPANIES:
	The subject could be the owner of the vessel: Vessel's name: Cape Blanc IMO number: 9179127 Flag: Marshall Island Call sign: V7SR6 Port of Registry: MAJURO Summer DWT: 33540 MT Type of vessel: Oil /Chemical tanker,type 3 Built: Nov 30, 1998 Type of hull: Double Hull Owner: CAPE BLANC SHIPPING LIMITED Class Society: Germanischer Lloyd Operator: COLUMBIA SHIPMANAGEMENT (DEUTSCHLAND) GMBH However, as it is 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	3 600 000
Net Income	3 600 000
Net worth	11 600 000
Bank liabilities	0
The cash flow is	normal

ADDITIONAL INFORMATION

	POLITICAL DATA		ECONOMIC DATA
	Form of Government: Republic Economic Risk: Nil		Currency: USD Branch Situation: Stable
BANKS
Name of the Bank		BOMI BANK
BUSINESS
PRINCIPAL ACTIVITY		At the address requested is located the office of The Trust Company of the Marshall Islands, which is the registered agent for all the foreign companies incorporated in the Marshall Islands. From The Trust Company of the Marshall Islands: In accordance with the of the Trust Company of the Marshall Islands, Inc., The Republic of the Marshall Islands Registrar of Corporations, the above Corporation filed Articles of Incorporation on August 4, 2009 and remains an existing Corporation. The registered address of the Corporation in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The name of the corporation's registered agent at such address is The Trust Company of the Marshall Islands, Inc. Pursuant to the Marshall Islands Business Corporations Act, Marshall Islands non-resident domestic corporations are not required to publicly file information with the Registrar of Corporations regarding the company's business activities, accounts, directors, officers, or shareholders. As such the Trust Company of the Marshall Islands, Inc. is unable to produce any such information. CAPE BLANC SHIPPING LIMITED is an International Business Company / Offshore Company incorporated in The Marshall Islands for tax purposes. However the company does not carry any operation in The Marshall Islands. It is not registered with The Marshall Islands Chamber of Commerce as being an active business. It is not listed with The Marshall Islands 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 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:		The company does not have any employee in The Marshall Islands. It uses the registered agent staff.
Business Overview:
		Business Licenses: For a foreign investor to do business in the Marshall Islands as an individual, a partnership, a joint venture, or a corporation (domestic or foreign), the investor must first obtain a Foreign Investment Business License. Application forms for a Foreign Investment Business License may be obtained from the Registrar of Foreign Investment in the Office of the Attorney General. Applications are then reviewed by the sectoral Ministries and Agencies. The process of review and approval normally takes no longer than four to six weeks (often less). The National Government does not require foreign investors to obtain any other licenses, unless they are involved in regulated activities (e.g., the practice of law, the practice of medicine, banking, fishing, fishing base operation, etc.). If a business entity has a Foreign Investment Business License, it need not obtain a business license from the local government in whose jurisdiction it operates for a period of one year from the date of issuance of the foreign investment license. Foreign Corporations: If an investor chooses to do business in the Marshall Islands through a foreign corporation, partnership, trust, unincorporated association, or other entity, he/she can file with the Registrar of Corporations an Application for Registration of a Foreign Entity to do Business in the Marshall Islands.

RATING
Local credit bureau did not rate this company. 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	GOOD	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 The Marshall Islands, 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.61.87
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

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