MIRA INFORM REPORT

Report Date :

05.12.2014

IDENTIFICATION DETAILS

Name :	MICROPART INTERNATIONAL LTD
Registered Office :	303 Aarti Chambers Mont Fleuri, P. o. Box 983, Victoria, Mahe
Country :	Seychelles
Date of Incorporation :	02.05.2007
Legal Form :	International Business Company
Line of Business :	Consultancy Firm
No of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	International Business 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Seychelles	C1	B2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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 2008, having depleted its foreign exchange reserves, Seychelles defaulted on interest payments due on a $230 million Eurobond, requested assistance from the International Monetary Fund (IMF), and immediately enacted a number of significant structural reforms, including liberalization of the exchange rate, reform of the public sector to include layoffs, and the selling of some state assets. In December 2013, the IMF declared that Seychelles had successfully transitioned to a market-based economy with full employment and a fiscal surplus.

Source : CIA

Company Name
Registered Name:	MICROPART INTERNATIONAL LTD
Requested Name:	MICROPART INTERNATIONAL LTD
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	303 Aarti Chambers Mont Fleuri
Postal Address:	P. o. Box 983
	Victoria, Mahe,
Country:	Seychelles
Phone:	248-4225555
Fax:	248-4225999
Email:	ocra@ocra-seychelles.com
Website:	www.ocra.com
CREDIT OPINION
In the absence of a payment pattern and financial information, we would recommend that all dealings with the subject be on a secured basis.
LEGAL
Legal Form:		International Business Company (IBC)
Date Incorporated:		02-May-2007
Reg. Number:		Seychelles
Nominal Capital		SCR. 5,000
Subscribed Capital		SCR. 5,000
Subscribed Capital is Subscribed in the following form:
		Position	Shares
Information not availed		Directors
OCRA (Seychelles) Limited		Trustee/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:		Undisclosed
Employees:		2 employees.
Vehicles:		Undisclosed
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:		Seychelles Rupee (SCR.)
Approx. Ex. Rate:		1 US Dollar = 14.17 Seychelles Rupee
Fiscal Year End:		December 31, 2013
Inflation:		According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.
Financial Information not Submitted
BANK
Bank Name:		BARCLAYS BANK
Branch:		Mahe Branch
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 who represents the company. It is difficult to investigate due to the Seychelles 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 Seychelles 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. This company is located in the Seychelles Islands only for taxes purposes; it was difficult to investigate due to the Seychelles 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. Our sources were able to know that the shareholders of company are businesses from Asia. The ultimate shareholders would be Indian investors.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.97.02
Euro	1	Rs.76.13

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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%)

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