MIRA INFORM REPORT

Report Date :

08.12.2014

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 :	2001
Legal Form :	International Business Company (IBC)
Line of Business :	Consultancy firm
No of Employees :	01

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Samoa	B1	B1

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
Country:	Samoa
Phone:	685-32684
Fax:	685-32683
Email:	samoa@mossfon.com
Website:	www.mossackfonseca.com
LEGAL
Legal Form:		International Business Company (IBC))
Date Incorporated:		2001
Reg. Number:		Samoa
Nominal Capital		WST. 10,000
Subscribed Capital		WST. 10,000
Subscribed Capital is Subscribed in the following form:
		Position	Shares
Information not availed		Director
Mossack fonseca & co. (samoa) ltd		Trustee
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:		1 employee.
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:		Samoan Tala (WST.)
Approx. Ex. Rate:		1 US Dollar = 2.42 Samoan Tala
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:		Westpac Samoa
Branch:		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 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 Chinese investors.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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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