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Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
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Name : |
GOOD FAITH TRADING LIMITED |
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Registered Office : |
Mossack Fonseca & Co (Seychelles) Ltd., Francis Rachel Street, 1st Floor, Oliaji Trade Centre, Suite 13, 983, Zip code/City: Victoria, Mahe |
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Country : |
Seychelles |
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Date of Incorporation : |
22.02.2013 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject is an International Business Company |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment Behaviour : |
--- |
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Litigation : |
--- |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Seychelles |
B2 |
B2 |
|
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.
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. Growth
slowed again in 2012 with flagging tourism from Russia and the United Arab
Emirates. 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 |
Good Faith Trading Limited
ADDRESSES:
Main Address: Mossack Fonseca
& Co (Seychelles) Ltd., Francis Rachel Street, 1st Floor, Oliaji Trade
Centre, Suite 13, 983
Zip code/City: Victoria, Mahe,
Seychelles
Telephone: +248 324866
Fax: +248 324867
E-mail: seychelles@mossfon.com
WIN Worldbox No.: SC0000020109
Profile
Established: 2013
Banks: Not
disclosed.
Employees: 0
CNPJ: -
Public
information:
State Register: 119967
Legal form: Limited
Liability Company
Incorporation date: 22.02.2013
Balance sheet filing date: -
Tax Contributor Number
(CNPJ): -
Legal status: active
Responsible Register: State Register of Seychelles
Entry Deleted Name
active Good Faith Trading
Limited
Entry Deleted Address
active Mossack Fonseca &
Co (Seychelles) Ltd., 1st Floor, Oliaji Trade Centre, Suite 13, Francis Rachel
Street, Victoria, Mahe, Seychelles/SC
Entry Deleted Capital
active Share Capital USD
50'000, paidup USD 50'000
Import
and Export:
-
Payment
history:
Local payment experience is
not obtainable.
Good Faith Trading Limited
is registered in the Seychelles as an International Business Company. This
means it is an 'Offshore Company' and is not permitted to trade in the
Seychelles.
From local enquiries it has
not been possible to learn the extent of the company's operations and where
they actually take place.
Owners/-s:
No shareholder information
available.
Financial
information:
Seychelles registered
companies are not required to publish or disclose Balance Sheets.
The company's registered
agent has declined to provide any financial information as they are prohibited
by the prevailing laws of secrecy from releasing any such information regarding
their clients.
No hypothecation, mortgage
or charge has been registered by the company.
Official registration fees
next due on 21 February 2014.
The company is in "Good
Standing".
Exchange
rate:
US$ 1,00 = SCR
11,0551 - Official rate on 29.05.2013
Main
Activities:
As an International Business Company the subject is not allowed to engage in any business activity in the Seychelles and from local enquiries it has not been possible to learn where operations actually take place.
Operations and
branches:
At the address, Mossack Fonseca & Co (Seychelles) Ltd., 1st Floor, Oliaji Trade Centre, Suite 13, Francis Rachel Street, P.O. Box : 983, Victoria, Mahe, Seychelles, we find the company's registered office.
Main operational address could not be obtained; there used to be several companies by the name of Good Faith Trading based in Hong Kong. In 2013 a new company by that name was established. However, due to the lack of insight into the on the Seychelles and the recent foundation of the one in Hong Kong we cannot clearly trace a link between these companies.
Staff:
0
Company's
Background:
The company was incorporated
in the Seychelles under the International Business Companies Act 1994 on 22 February
2013.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.24 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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.