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Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
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Name : |
KING HONOR INTERNATIONAL LTD |
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Registered Office : |
Suite # 13, 1st Floor, Oliaji Trade Centre Francis Rachel Street,
Victoria Mahe P. o. Box 1377 Victoria Mahe |
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Country : |
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Date of Incorporation : |
11.03.2010 |
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Legal Form : |
International Business Company (IBC) |
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Line of Business : |
Subject
is engaged in 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 : |
Moderate |
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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 |
B2 |
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Risk Category |
ECGC
Classification |
|
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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Registered Name: |
KING HONOR INTERNATIONAL LTD |
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Requested Name: |
KING HONOR INTERNATIONAL LTD |
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Other Names: |
None |
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Physical Address: |
Suite # 13, 1st Floor, Oliaji Trade Centre Francis Rachel Street, Victoria
Mahe |
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Postal Address: |
P. o. Box 1377 |
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|
Victoria Mahe |
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Country: |
Republic of Seychelles |
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Phone: |
248-4321377/+86-13804956021 |
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Fax: |
248-4324777 |
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Email: |
email@actseychelles.com |
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Website: |
www.actoffshore.com |
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Legal Form: |
International Business Company (IBC) |
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Date Incorporated: |
11-March-2010 |
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Reg. Number: |
Seychelles |
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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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A.C.T.- OFFSHORE LIMITED |
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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___________________________________________________________________________ |
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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: |
Several motor vehicles. |
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Territory of sales: |
Republic of 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 = 12.09 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: |
MCB |
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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. 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. Our sources were able to know that the shareholders of
company are businesses from China |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
|
|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.83.42 |
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 |
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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 |
|
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 |
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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.