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Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
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Name : |
EXCELCHEM INTERNATIONAL LIMITED |
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Registered Office : |
P.o. Box 1377, Victoria,
Mahé |
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Country : |
Seychelles |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
International Business Company (IBC) |
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Line of Business : |
Not Available |
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No. of Employees : |
02 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Seychelles |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
seychelles - ECONOMIC OVERVIEW
since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the pre-independence, near-subsistence level, moving the island into the upper-middle income group of countries. Growth has been led by the tourist sector, which employs about 30% of the labor force and provides more than 70% of hard currency earnings, and by tuna fishing. In recent years, the government has encouraged foreign investment to upgrade hotels and other services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, and small-scale manufacturing. The Seychelles rupee was allowed to depreciate in 2006 after being overvalued for years and fell by 10% in the first 9 months of 2007. Despite these actions, the Seychelles economy struggled to maintain its gains and in 2008 suffered from food and oil price shocks, a foreign exchange shortage, high inflation, large financing gaps, and the global recession. In July 2008 the government defaulted on a Euro amortizing note worth roughly US$80 million, leading to a downgrading of Seychelles credit rating. In an effort to obtain loans to service its debt, Seychelles in November 2008 signed a standby arrangement with the IMF that mandated floating the exchange rate, removing foreign exchange controls, cutting government spending, and tightening monetary policy. In response to Seychelles' successful implementation of these policies, the IMF upgraded Seychelles to a three-year extended fund facility (EFF) of $31 million in December 2009. In 2008, GDP fell more than 1% due to declining tourism and the initial effects of liberalization, but the economy recovered in 2010-11 after the reforms took hold and tourism increased. Seychelles is attempting to implement further structural reforms, including overhauling the tax system, reorganizing of state enterprises, and deregulating the finance and communications sectors.
Source
cia
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COMPANY REPORTED: |
EXCELCHEM INTERNATIONAL LIMITED |
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Principal Address: |
P.o. Box 1377, Victoria, Mahé, Seychelles |
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Telephone: |
+248-4321377 |
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Fax: |
+248-4324777 |
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Email: |
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Internet: |
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Established: |
Undisclosed |
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Registration: |
Undisclosed |
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Legal Form: |
International Business Company (IBC) |
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Stock Listing: |
Not Listed |
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Workforce: |
2011 |
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2 |
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Office & Factories |
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Head offices |
Suite 13, 1st Floor, Oliaji Trade Center, Francis Rachel Street,
Victoria, Mahe, Seychelles |
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Branches |
None |
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Management/
Directors |
Not Indicated |
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Credit Check of
Subject, President & CEO (as of report date) |
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Payment Morale: |
In the documents at our disposal nothing adverse has been shown so
far. |
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CREDIT RATING: |
Financial situation could not be ascertained |
No negative information found.
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Company Profile: |
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Nominal Capital |
SCR. 30,000 |
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Paid in Capital |
SCR. 30,000 |
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Subscribed Capital |
SCR. 30,000 |
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Shareholders |
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Name |
Position |
Amount
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Ratio |
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Undisclosed |
Directors |
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A.C.T. Offshore
Limited |
Agent |
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Total |
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100.00% |
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Affiliated Companies |
None in Seychelles |
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Exchange Rate |
US$ 1 = SCR. 13.08 |
COMMENTS
This Company is an International Business Company (IBC), which is registered in Seychelles; It is difficult to investigate such a Company due to the Seychelles regulations protecting the non-disclosure of the name of the shareholders.
According to Seychelles business regulation, an International Business Company, is under no obligation to state its directors, officers and shareholders, also it’s under no obligation to file annual returns, prepare or submit company accounts to any authority.
The company is incorporated with an agent who is also the legal officer who represents the company.
It is difficult to investigate due to the Seychelles regulations protecting the non-disclosure of the name of the shareholders.
Our sources were able to know that the shareholders of company are businesses from Asia.
In the absence of a payment pattern and financial information, we would recommend that all dealings with the subject be on a secured basis. We recommend secured transaction only
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.39 |
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UK Pound |
1 |
Rs.87.78 |
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Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.