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Report Date : |
19.03.2014 |
IDENTIFICATION DETAILS
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Name : |
PACIFIC INTERNATIONAL (OVERSEAS) INC |
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Registered Office : |
International Trust Bldg., PO Box 659, Town Road, VG1110, Tortola |
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Country : |
British Virgin Islands |
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Year of Establishment : |
2004 |
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Com. Reg. No.: |
409888 |
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Legal Form : |
International Business Company |
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Line of Business : |
Subject is engaged in financial intermediation operations,
participation in overseas companies, shareholdings, overseas investments in
general |
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No of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Offshore 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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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British Virgin Islands |
A1 |
A1 |
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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 |
BRITISH VIRGIN ISLANDS - ECONOMIC OVERVIEW
The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism generating an estimated 45% of the national income. More than 934,000 tourists, mainly from the US, visited the islands in 2008. In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. Roughly 400,000 companies were on the offshore registry by yearend 2000. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business. Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959.
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Source
: CIA |
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IDENTIFICATION |
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Legal Name: |
Pacific International (Overseas) Inc |
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Legal Address |
International Trust Bldg. PO Box 659 |
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Postal Town |
Town Road |
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Post Code |
VG1110 |
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Primary Geographic Area |
Tortola |
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Country |
VG |
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Location Status |
Single Location,Legal Address, |
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Mailing Address |
PO Box 659 Road Town, Tortola British Virgin Islands |
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Telephone: |
1-284-494-3216 |
Registration Number : |
409888 |
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Fax: |
1-284-494-3215 |
Legal Form: |
International Business Company |
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Email: |
N.A. |
Registered in: |
VG |
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Website: |
N.A. |
Date Created: |
2004 |
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MANAGERS: |
N.A. |
Date Incorporated: |
N.A. |
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Staff: |
0 |
Stock: |
N.A. |
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SIC Code: |
6719 |
Value: |
50 000 USD (authorized) |
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Activity: |
Offshore company |
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Management: |
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It is locally managed by the registered agent mentioned above. The agent declined to give any information on the subject, who is
protected by the law of non disclosure. |
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Legal Fillings |
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The sources consulted record no detrimental legal or labor court
information. |
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Public |
NO |
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Shareholders - RELATED COMPANIES |
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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The company is owned by foreign shareholders. |
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Payments |
REGULAR |
N/a
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FINANCIALS - COMMERCIAL TRENDS AND FORECAST |
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As a private company the subject does not publish any financial
statements. |
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However our financial sources could provide us with the following
data. Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
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Currency |
DATE |
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USD |
2012 |
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Turnover |
0 |
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Operating Income |
1 450 000 |
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Net Income |
1 450 000 |
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Net worth |
5 800 000 |
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Bank liabilities |
0 |
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The cash flow is |
Good |
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Currency |
DATE |
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USD |
2011 |
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Turnover |
0 |
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Operating Income |
1 055 000 |
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Net Income |
1 055 000 |
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Bank liabilities |
0 |
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The cash flow is |
Good |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
0 |
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Operating Income |
895 000 |
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Net Income |
895 000 |
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Bank liabilities |
0 |
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The cash flow is |
Good |
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Currency |
DATE |
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USD |
2007 |
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Turnover |
0 |
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Operating Income |
354 000 |
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Net Income |
354 000 |
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Bank liabilities |
0 |
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The cash flow is |
Good |
Comments on the financial data: Despite our searches we were unable to find recent financial Information for the company.
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FINANCIAL SUMMARY |
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Profitability |
GOOD |
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Indebtedness |
NIL |
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Cash |
GOOD |
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N/a
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GEOPOLITICS - BRITISH VIRGIN ISLANDS |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: British overseas territory - Parliamentary system Economic Risk: Nil |
Currency: USD
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BANKS |
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Name of the Bank |
Habib Bank Ag Zurich |
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Comments |
Main branch. Deira Dubai |
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BUSINESS
PRINCIPAL ACTIVITY
Pacific International (Overseas) Limited is an International Business
Company / Offshore Company incorporated in the British Virgin Islands for tax
purposes.
However the company does not carry any operation in the British Virgin
Islands.
LINE OF BUSINESS : Finance and investment
Subject has the following purposes and objects: The principal object is
to engage either in the Virgin Islands or abroad, in the purchase, sell,
disposal, dealing, transfer, barter, ownership, negotiate, finance,
administration to grant guaranties in favor of obligation of third parties with
or without mortgage or pledge of the corporation assets, give or borrowing
money in loan, giving or taking in commission, mortgage, security, lease, use,
usufruct, or receivership, any kind of property, whether real or personal stock
or rights, and make and accept all kinds of deals, contracts, operations,
business and transactions of lawful commerce.
The corporation could engage also in fulfilling all activities,
contracts, operations, business or transactions allowed by Law to the
Corporation.
In particular it is engaged in financial intermediation operations,
participation in overseas companies, shareholdings, overseas investments in general.
According to informed by subject's resident agent, it is legally
registered in the British Virgin Islands, with head offices abroad.
It means that subject uses the British Virgin Islands territory only as
its legal and administrative address, but all its operations are carried out
abroad.
It is under the same condition as many companies that are established in
the British Virgin Islands, founded in order to protect their shareholder's
investments and, to avail of tax exemption laws in that country.
Subject's annual business volume is not disclosed by its
Resident Agent.
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Trade References: |
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In virtue of the nature of its business activities its local
transactions are seldom. Therefore, commercial sources consulted in the
marketplace report that they are unable to establish subject's payment
performance and general reputation regarding commitments contracted as same
it is UNKNOWN as making use of credit
facilities. |
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The subject employs 0 employee(s) |
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Comments on staff: |
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The subject uses the staff of the registered Agent. |
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PAYMENTS |
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made on a 20 days basis - monitored over the last 12 months |
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LOCATION |
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Headquarters |
The Address mentioned above is that of the registered agent:
Aramo Trust Co. Limited
International Trust Bldg.
PO Box 659 Road Town, Tortola
British Virgin Islands
Tel#: 1-284-495-3216
Fax#: 1-284-495-3215
PHYSICAL ASSET HOLDINGS: No properties in the British Virgin
Islands. Possible properties abroad are
unknown.
Business
Overview:
BVI International Business Companies (IBCs) are the off-shore companies
with a great number of advantages, such as:
1)
Exemption from payment of any income tax;
2)
Can conduct most business transactions (except
conducting banking and insurance activities and other businesses with residents
of the BVI; or to possess real estate in BVI);
3)
Requires a minimum of only one shareholder and one
director;
4)
The directors and shareholders can be entities or
individuals resident in any country;
5)
The shares can be issued to the bearer or
registered;
6)
The Board of Directors can meet in any part of the
world and even by telephone;
7)
The payment of minimum capital is not required, and
the shares can be issued at par or non par value;
8)
The names of the Directors, Officers and
shareholders do not need to be registered in a public record
9)
No need to file annual reports nor tax returns;
10)
Can transfer its domicile and continue existing as
a company incorporated under the laws of a jurisdiction outside of BVI; a
foreign company can also become a BVI IBC;
11)
Neither the minutes book nor the shares book need
to be certified by any authority of BVI;
12)
It is not necessary to carry out Directors or
shareholder meetings on a regular basis.
13)
The name of the company must include the word
'Limited', 'Corporation' or 'Incorporation', or the abbreviation 'Ltd.',
'Corp.', 'Inc.' or 'S.A.'. Names in Chinese characters may also be recorded.
14)
It is not necessary to issue shares of the company,
unless the Board of directors decides so.
15)
The IBC can be dissolved by resolution of the Board
of directors, if no shares have been issued. In case that the shares have been
issued, the company must be dissolved through a shareholders resolution.
16) All the dividends, interest, rents, royalties, compensations
and other amounts paid by company established under the IBC Act to persons that
are non-residents of BVI are exempt from payment of income tax. The capital
gains earned from the sale of whatever shares or other securities of an IBC are
also exempt from payment of any tax.
Final Opinion
We are reporting upon a finance and investments company which belongs to
foreign shareholders. Although it is registered in the British Virgin 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. As there are no visible assets, and taking into account also that
it is unknown as making use of credit facilities, credit in general must be
regarded as a matter of confidence, and amounts of certain importance would
have to be secured by collateral.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 60.94 |
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1 |
Rs. 101.37 |
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Euro |
1 |
Rs. 84.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.