MIRA INFORM REPORT

 

 

Report Date :

29.11.2012

 

IDENTIFICATION DETAILS

 

Name :

CHANGSHU JINFENG CHEMICALS CO LIMITED

 

 

Registered Office :

Level 5 Development bank of Samoa Building Beach Road Apia

 

 

Country :

Samoa

 

 

Date of Incorporation :

08.11.2010

 

 

Com. Reg. No.:

47298

 

 

Legal Form :

International Business Company (IBC) 

 

 

Line of Business :

Consultancy firm

 

 

No. of Employees :

01 employee

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Samoa

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Samoa - ECONOMIC OVERVIEW

 

The economy of Samoa has traditionally been dependent on development aid, family remittances from overseas, agriculture, and fishing. The country is vulnerable to devastating storms. Agriculture employs two-thirds of the labor force and furnishes 90% of exports, featuring coconut cream, coconut oil, and copra. The manufacturing sector mainly processes agricultural products. One factory in the Foreign Trade Zone employs 3,000 people to make automobile electrical harnesses for an assembly plant in Australia. Tourism is an expanding sector accounting for 25% of GDP; 122,000 tourists visited the islands in 2007. In late September 2009, an earthquake and the resulting tsunami severely damaged Samoa, and nearby American Samoa, disrupting transportation and power generation, and resulting in about 200 deaths. The Samoan Government has called for deregulation of the financial sector, encouragement of investment, and continued fiscal discipline, while at the same time protecting the environment. Observers point to the flexibility of the labor market as a basic strength for future economic advances. Foreign reserves are in a relatively healthy state, the external debt is stable, and inflation is low.

 

Source : CIA

 

 

SUBJECT'S NAME   

 

Registered Name:                                    CHANGSHU JINFENG CHEMICALS CO LIMITED

Requested Name:                                    CHANGSHU JINFENG CHEMICALS CO LIMITED

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Level 5 Development bank of Samoa Building Beach Road Apia

Postal Address:                                       P. o. Box 204

                                                              Apia

Country:                                                  Samoa

Phone:                                                    685-32684/35685

Fax:                                                       685-32683

Email:                                                     samoa@mossfon.com

Website:                                                 None

 

 

CREDIT OPINION

 

Financial Index as of December 2011 shows subject firm with a medium risk of credit.

 

 

LEGAL

 

Legal Form:                                                      International Business Company (IBC) 

Date Incorporated:                                            08/11/2010

Reg. Number:                                                   47298

Nominal Capital                                                WST. 10,000

Subscribed Capital                                            WST. 10,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Undisclosed                                                     Directors                         

Mossack Fonseca & Co. (Samoa) Ltd                Agent                              

 

 

RELATED COMPANIES  

 

None                                                               Parent company.

None                                                               Subsidiary company.

None                                                               Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

OPERATIONS

 

Consultancy firm

Imports:                                                           Undisclosed

Exports:                                                           Undisclosed

Trademarks:                                                     None

Terms of sale:                                                  Undisclosed

                                                                      

Main Customers:                                              firms and organizations  

Employees:                                                      1 employee.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              offshore

Location:                                                          Rented premises, 500 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                           Samoa Tala (WST.)

Approx. Ex. Rate:                                             1 US Dollar = 2.28 Samoa Tala

Fiscal Year End:                                               December 31, 2011

Inflation:                                                           According to information given by independent sources, the

                                                                       inflation at December 31st, 2011 was of 13%.

 

Financial Information not Submitted                   

                                                                      

 

BANK 

 

Bank Name:                                                     ANZ BANK

Branch:                                                            Apia, Samoa

Comments:                                                      None

                                                                      

                                                                      

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself

 

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/Agent who represents the company.

 

This company is located in the Seychelles Islands only for taxes purposes; it is difficult to investigate due to the Seychelles regulations protecting the non-disclosure of the name of the shareholders.

           

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

INFORMATION DETAILS

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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