|
Report No. : |
312296 |
|
Report Date : |
17.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHIUNG CORPORATION |
|
|
|
|
Registered Office : |
C/O Sealight Trust Limited P. O. Box 3321 Road Town VG1110 Tortola |
|
|
|
|
Country : |
British Virgin Islands |
|
|
|
|
Date of Incorporation : |
23.09.2004 |
|
|
|
|
Com. Reg. No.: |
616025 |
|
|
|
|
Legal Form : |
International Business Company |
|
|
|
|
Line of Business : |
Finance and investment [Note: We tried to confirm
/ obtain the detailed activity but the same is not available from any
sources] |
|
|
|
|
No. of Employee : |
Not Available |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
British Virgin Islands |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
|
IDENTIFICATION |
|||
|
Ordered as: |
SHIUNG
CORPORATION |
||
|
Address in the order: |
PO BOX 3321 ROAD TOWN TORTOLA British Virgin Islands |
||
|
Comments on data supplied: |
The telephone numbers provided are in China, not in the Marshall
Islands. |
||
|
Legal Name: |
Shiung Corporation |
||
|
Legal Address |
C/O Sealight Trust Limited P. O. Box 3321 |
||
|
Postal Town |
Road Town |
||
|
Post Code |
VG1110 |
||
|
Primary Geographic Area |
Tortola |
||
|
Country |
VG |
||
|
Location Status |
Single Location,Legal Address, |
||
|
Mailing Address |
C/O Sealight Trust Limited P. O. Box 3321 Road Town, Tortola British Virgin Islands |
||
|
Telephone: |
1-284-494-4541 |
Registration Number: |
616025 |
|
Fax: |
1-284-494-3016 |
Legal Form: |
International Business Company |
|
Email: |
N.A. |
Registered in: |
VG |
|
Website: |
N.A. |
Date Created: |
2004 |
|
MANAGERS: |
N.A. |
Date Incorporated: |
September 23, 2004 |
|
Staff: |
0 |
Stock: |
N.A. |
|
SIC Code: |
6719 |
Value: |
50,000 USD |
|
Activity: |
Offshore company |
||
|
Management: |
|
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. |
|
Legal Filings |
|
The sources consulted record no
detrimental legal or labor court information. |
|
Public |
NO |
|
Listed at the stock exchange: |
|
|
|
NO |
|
Shareholders Parent Company(ies): |
|
|
|
The company is owned by foreign shareholders. |
|
Trade References: |
|
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. |
|
PAYMENTS |
|
Made on a 5 days basis - monitored over the last 12 months |
|
DEBT COLLECTIONS
AND PAYMENTS |
|
|
Payments |
REGULAR |
|
RELATED
COMPANIES: |
|
|
|
The company would be related to: Shiung Corporation http://www.shiungcorporation.com However, the subject being an offshore, the link could not be
verified. |
|
FINANCIALS -
COMMERCIAL TRENDS AND FORECAST |
|
As a private company the subject does not publish any financial
statements. |
|
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. |
|
Currency |
DATE |
|
USD |
2014 |
|
Turnover |
0 |
|
Operating Income |
8 440 000 |
|
Net Income |
8 440 000 |
|
Net worth |
71 500 000 |
|
Bank liabilities |
0 |
|
The cash flow is |
normal |
|
Currency |
DATE |
|
USD |
2011 |
|
Turnover |
0 |
|
Operating Income |
6 900 000 |
|
Net Income |
6 900 000 |
|
Net worth |
37 000 000 |
|
Bank liabilities |
0 |
|
The cash flow is |
Normal |
|
Currency |
DATE |
|
USD |
2010 |
|
Turnover |
0 |
|
Operating Income |
6 600 000 |
|
Net Income |
6 600 000 |
|
Net worth |
30 000 000 |
|
Bank liabilities |
0 |
|
The cash flow is |
Normal |
|
Currency |
DATE |
|
BRL |
2008 |
|
Turnover |
0 |
|
Operating Income |
5 900 000 |
|
Net Income |
5 900 000 |
|
Net worth |
23 000 000 |
|
Bank liabilities |
0 |
|
The cash flow is |
Very Good |
|
FINANCIAL
SUMMARY |
|
|
Profitability |
GOOD |
|
Indebtedness |
NIL |
|
Cash |
NORMAL |
N/a
|
GEOPOLITICS -
BRITISH VIRGIN ISLANDS |
|
|
POLITICAL DATA |
ECONOMIC DATA |
|
Form of Government: British overseas territory - Parliamentary system
|
Currency: USD |
|
BANKS |
|
|
Name of the Bank |
HSBC |
PRINCIPAL ACTIVITY
Shiung Corporation 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, etc.
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.
|
The subject employs 0 employee(s) |
|
|
Comments on staff: |
|
|
|
The subject uses the staff of the registered Agent. |
|
LOCATION |
|
|
Headquarters |
|
|
|
The Address mentioned above is that of the registered agent: Sealight Trust Limited P. O. Box 3321 Road Town, Tortola British Virgin Islands Tel#: 1-284-495-4541 Fax#: 1-284-495-3016 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. A credit line may be considered for USD 1 000 000. |
Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
·
More broadly, the downgrade reflects
our view that the effectiveness, stability, and predictability of American
policymaking and political institutions have weakened at a time of ongoing fiscal
and economic challenges to a degree more than we envisioned when we assigned a
negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
·
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The
transfer and convertibility (T&C) assessment of the U.S.--our assessment of
the likelihood of official interference in the ability of U.S.-based public-
and private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the rating
was prompted by our view on the rising public debt burden and our perception of
greater policymaking uncertainty, consistent with our criteria (see "Sovereign
Government Rating Methodology and Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal
government's other economic, external, and monetary credit attributes, which
form the basis for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The
political brinksmanship of recent months highlights what we see as America's
governance and policymaking becoming less stable, less effective, and less
predictable than what we previously believed. The statutory debt ceiling and
the threat of default have become political bargaining chips in the debate over
fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S. population's
demographics and other age-related spending drivers closer at hand (see "Global
Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada,
France, Germany, and the U.K.--we also observe, based on our base case
scenarios for each, that the trajectory of the U.S.'s net public debt is
diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has deteriorated
modestly, we see little indication that official interference of this kind is
entering onto the policy agenda of either Congress or the Administration.
Consequently, we continue to view this risk as being highly remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Analysis Done by
: |
|
|
|
|
|
Report Prepared
by : |
ANK |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.