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Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
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Name : |
ZEE YENG COMPANY LIMITED |
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Registered Office : |
Second Floor, |
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Country : |
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Date of Incorporation : |
11.01.2005 |
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Com. Reg. No.: |
25856 |
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Legal Form : |
International Business Company(IBC) |
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Line of Business : |
Subject
operate as a consultancy firm |
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No. of Employees : |
02 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
International
Business Company |
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Payment Behaviour : |
Unknown |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Seychelles |
B2 |
C1 |
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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
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Source
: CIA |
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SUBJECT'S NAME |
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Registered Name: |
ZEE YENG COMPANY LIMITED |
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Requested Name: |
ZEE YENG COMPANY LIMITED |
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Other Names: |
None |
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Physical Address: |
Second Floor, Capital City, Independence Avenue, Offshore
Incorporations Centre, Victoria, Mahe, |
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Postal Address: |
P. o. Box 1239 |
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Victoria, Mahe, |
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Country: |
Seychelles |
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Phone: |
248-4438868/+8618006213067 |
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Fax: |
248-4438800 |
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Email: |
oil.reg.sey@offshore-inc.com |
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Website: |
www.offshore-inc.com |
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Legal Form: |
International Business Company(IBC) |
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Date Incorporated: |
11-Jan-2005 |
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Reg. Number: |
25856 |
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Nominal Capital |
SCR. 30,000 |
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Subscribed Capital |
SCR. 30,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
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Undisclosed |
Directors |
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Offshore Incorporations (Seychelles) Ltd |
Trustee/Agent |
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject firm. |
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None |
Branches of the firm |
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Registered to operate as a consultancy firm |
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Imports: |
Undisclosed |
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Exports: |
Undisclosed |
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Trademarks: |
None |
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Terms of sale: |
Undisclosed |
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Main Customers: |
Undisclosed |
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Employees: |
2 employees. |
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Vehicles: |
Undisclosed |
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Territory of sales: |
Seychelles |
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Location: |
Undisclosed |
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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Currency Reported: |
Seychelles Rupee (SCR.) |
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Approx. Ex. Rate: |
1 US Dollar = 12.07 Seychelles Rupee |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation at December 31st, 2013 was of 13%. |
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Financial Information not Submitted |
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Bank Name: |
Barclays Bank |
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Branch: |
Seychelles |
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Comments: |
None |
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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. 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, although nothing detrimental is noted
upon subject. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.19 |
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|
1 |
Rs.102.14 |
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Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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-- |
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.