MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PACIFIC INTERNATIONAL (OVERSEAS) LTD. |
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Registered Office : |
International Trust Bldg., Whickhams Cay, Road Town, Tortola |
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Country : |
British Virgin Islands (B.V.I.) |
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Date of Incorporation : |
02.10.2000 |
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Com. Reg. No.: |
409.888 |
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Legal Form : |
IBC/International Business Company |
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Line of Business : |
Engage either in the Virgin Islands or abroad, in the purchase,
sell, disposal, dealing, transfer, barter, ownership, negotiate, finance,
administration to grant guaranties in favor of obligation of third parties
with or without mortgage or pledge of the corporation assets, give or
borrowing money in loan, giving or taking in commission, mortgage, security,
lease, use, usufruct, or receivership, any kind of property, whether real or
personal stock or rights, and make and accept all kinds of deals, contracts,
operations, business and transactions of lawful commerce. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
-- |
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Litigation : |
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Company's style
PACIFIC
INTERNATIONAL (OVERSEAS) LTD.
Trade
Name : Same
Trading Address
International Trust Bldg., Whickhams Cay,
Town : ROAD TOWN
Island :
TORTOLA
Mailing address
P.O.Box 659
Telephone :
(284)494 2434
Fax :
(284)494 3574
Country : BRITISH VIRGIN ISLANDS
(B.V.I.)
BACKGROUND INFORMATION & BUSINESS
PROFILE
LEGAL
DATA
Legal form :
IBC/International Business Company
Date established
: 02.10.2000
Co. Register Number : #
409.888
REGULATORY FRAMEWORK: The British Virgin Islands ("BVI")
are a British Colony located in the Caribbean. The BVI are independent from the
United Kingdom, except with respect to their external matters, defense and
internal safety. Its legal system is based on the English Common Law. English
is their official language and their official currency is the U.S. dollar.
There are no exchange controls nor requirements to file corporate reports of
any nature, therefore the islands offer multiple tax advantages to the
non-resident that organizes companies therein.
BVI International Business Companies (IBCs) are the off-shore
companies with a great number of advantages, such as:
1. Exemption from payment of any income tax;
2. Can conduct most business transactions (except conducting
banking and insurance activities and other
businesses with residents
of the BVI; or to possess real estate in BVI);
3. Requires a minimum of only one shareholder and one director;
4. The directors and shareholders can be entities or individuals
resident in any country;
5. The shares can be issued to the bearer or registered;
6. The Board of Directors can meet in any part of the world and
even by telephone;
7. The payment of minimum capital is not required, and the shares
can be issued at par or non par value;
8. The names of the Directors, Officers and shareholders do not
need to be registered in a public record
9. No need to file annual reports nor tax returns;
10. Can transfer its domicile and continue existing as a company
incorporated under the laws of a jurisdiction
outside of BVI; a
foreign company can also become a BVI IBC;
11. Neither the minutes book nor the shares book need to be
certified by any authority of BVI;
12. It is not necessary to carry out Directors or shareholder
meetings on a regular basis.
13. The name of the company must include the word 'Limited',
'Corporation' or 'Incorporation', or the abbreviation
'Ltd.', 'Corp.',
'Inc.' or 'S.A.'. Names in Chinese characters may also be recorded.
14. It is not necessary to issue shares of the company, unless the
Board of directors decides so. The shares
should be paid in
full at the time of issuance, and they can be issued for money, services or
properties
received. The name of
the shareholder must be registered in the shares book, which is not open to the
public.
The meetings of the
shareholders will be conducted whenever the Directors consider it necessary or
desirable
or through written
request of the shareholders that represent more than 50% of the votes. The
resolutions of
the shareholders can be
approved by telephone or in a duly convened meeting, and they can also be
adopted
through written
consent. The company must have a registered office and agent in BVI.
15. The IBC can be dissolved by resolution of the Board of
directors, if no shares have been issued. In case that
the shares have been
issued, the company must be dissolved through a shareholders resolution.
16. All the dividends, interest, rents, royalties, compensations
and other amounts paid by company established
under the IBC Act to
persons that are non-residents of BVI are exempt from payment of income tax.
The
capital gains earned
from the sale of whatever shares or other securities of an IBC are also exempt
from
payment of any tax.
CAPITAL STRUCTURE : AUTHORIZED
NOMINAL CAPITAL : USD 50.000
ISSUED CAPITAL :
USD 50.000
PAID-IN CAPITAL :
USD 50.000
Its stock is divided into bearer and ordinary no par-value shares.
It is a privately-owned company whose shares are no traded on the Stock
Exchange, and whose controlling shareholders are a group of undisclosed
non-resident Chinese investors. The total investor's anonimity and business
secrecy is granted by the British Virgin Islands legislation.
REGISTRATION AGENT:
TRIDENT TRUST COMPANY (B.V.I) LTD.
It is a law firm hired by subject's foreign owners to run the
company on their behalf. Such agent was consulted about the identity of
subject's foreign owners, but he declined to disclose such information arguing
not to be authorized by them to provide any data about the company
LINE OF BUSINESS : FINANCE & INVESTMENT COMPANY
Subject
has the following purposes and objects: The principal object is to engage
either in the Virgin Islands or abroad, in the purchase, sell, disposal,
dealing, transfer, barter, ownership, negotiate, finance, administration to
grant guaranties in favor of obligation of third parties with or without
mortgage or pledge of the corporation assets, give or borrowing money in loan,
giving or taking in commission, mortgage, security, lease, use, usufruct, or
receivership, any kind of property, whether real or personal stock or rights,
and make and accept all kinds of deals, contracts, operations, business and
transactions of lawful commerce.
The corporation could engage also in fullfilling all activities,
contracts, operations, business or transactions allowed by Law to the
Corporation.
In particular it is engaged in financial intermediation operations,
participation in overseas companies, shareholdings, overseas investments in
general, etc.
According to informed by subject's resident agent, it is legally
registered in the British Virgin Islands, with head offices inn Hong Kong.
It means that subject uses the British Virgin Islands territory
only as its legal and administrative address, but all its operations are
carried out abroad.
It is under the same condition as many companies that are
established in the British Virgin Islands, founded in order to protec their
shareholder's investments and, to avail of tax exemption laws in that country.
Subject's annual business volume is not disclosed by its Resident
Agent.
STAFF : nil. It uses the registration
agent's staff
BANKERS : No bank relations
in BVI
TANGIBLE FIXED ASSETS, INVESTMENTS, ETC.
PHYSICAL ASSET HOLDINGS : No properties in the British Viring
Islands. Possible properties are
unknown.
CREDIT STANDING
TRADE REFERENCES SURVEY : 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.
Negative facts : Nothing detrimental. No collection claims,
returned checks, or legal suits are recorded against subject.
FINAL OPINION
We are reporting upon a finance & investments company which
belongs to undisclosed foreign shareholders. Although it is registered in the
Virging 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. As there are no visible assets, and taking
into account also that it is unknown as making use of credit facilities, credit
in general must be regarded as a matter of confidence, and amounts of certain
importance would have to be secured by collateral.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)