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Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
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Name : |
LOVETEX INTERNATIONAL LTD. |
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Registered Office : |
Offshore
Chambers, G/F NPF Building, Beach Road, Apia |
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Country : |
Samoa |
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Year of Establishments: |
2009 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Consultancy firm |
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No. of Employees : |
02 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Samoa |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
|
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 |
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 |
Registered Name: LOVETEX INTERNATIONAL LTD.
Requested Name: LOVETEX
INTERNATIONAL LTD.
Other Names: None
Physical Address: Offshore Chambers, G/F NPF
Building, Beach Road, Apia,
Postal Address: P. o. Box 217
Apia
Country: Samoa
Phone: 685-21751
Fax: 685-24166
Email: info@stevensons-offshore.com
Website: www.offshore-inc.com
Legal Form: Limited Corporation
Date Incorporated: 2009
Reg. Number: Samoa
Nominal Capital WST. 1,000
Subscribed Capital WST. 1,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Director
Offshore
Incorporations (Samoa) Limited Trustee/Agent
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Consultancy firm
Imports: None
Exports: None
Trademarks: None
Terms of sale: Undisclosed
Main Customers: Undisclosed
Employees: 2
employees.
Vehicles: Undisclosed
Territory of
sales: Samoa
Location: Undisclosed
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Samoa Tala (WST.)
Approx. Ex. Rate: 1 US Dollar = 2.29 Samoa Tala
Fiscal
Year End: December 31, 2012
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2012 was of 13%.
Financial Information not Submitted
Bank Name: ANZ Amerika
Branch: Samoa
Comments: None
Experiences: Good
None
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
Samoas; It is difficult to investigate such a Company due to the Samoa
regulations protecting the non disclosure of the name of the shareholders.
According
to Samoa 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 Samoa regulations protecting the non
disclosure of the name of the shareholders.
In the
absence of a payment pattern and financial information, we would recommend that
all dealings with the subject be on a secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.