MIRA INFORM REPORT

 

 

Report Date :

08.11.2013

 

IDENTIFICATION DETAILS

 

Name :

CHANGSHU JINFENG CHEMICALS CO LIMITED

 

 

Registered Office :

Level 5 Development bank of Samoa Building Beach Road Apia

 

 

Country :

Samoa

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

08.11.2010

 

 

Com. Reg. No.:

47298

 

 

Legal Form :

International Business Company

 

 

Line of Business :

Offshore Company

 

 

No. of Employees :

01

 

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 :

Offshore company

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 roughly 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. In December 2012, extensive flooding and wind damage from Tropical Cyclone Evan killed four people, displaced over 6,000, and damaged or destroyed an estimated 1,500 homes in Samoa's Upolu island. 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:

www.mossfon.com

 

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 = 2.33 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

                              

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

This Company is an International Business Company (IBC), which is registered in Samoa; 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.

 

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in the Samoa 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. However our banking sources confirm that the company has good financial standing and payments are regular.

 

This company is located in the Samoa Islands only for taxes purposes, i twas difficult to investigate due to the Samoa regulations protecting the non-disclosure of the name of the shareholders.

The company is incorporated with an agent who is also the legal officer who represents the company.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.57

UK Pound

1

Rs.100.63

Euro

1

Rs.84.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.