MIRA INFORM REPORT

 

 

Report No. :

497238

Report Date :

10.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SINOASIAN TRADING INTERNATIONAL LTD

 

 

Registered Office :

Oliaji Trade Centre 1st Floor,  P. O. Box 1377, Victoria, Mahe

 

 

Country :

Seychelles

 

 

Date of Incorporation :

24.09.2006

 

 

Com. Reg. No.:

31956

 

 

Legal Form :

International Business Company (IBC)

 

 

Line of Business :

Dealers in general merchandise such as chemicals, plastics, ethanolamine, petroleum products, rubber and solvents

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

C

 

Credit Rating

 

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

Status :

International Business Company (IBC)

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

--

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Seychelles

B1

B1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 2008, having depleted its foreign exchange reserves, Seychelles defaulted on interest payments due on a $230 million Eurobond, requested assistance from the IMF, and immediately enacted a number of significant structural reforms, including liberalization of the exchange rate, reform of the public sector to include layoffs, and the sale of some state assets. In December 2013, the IMF declared that Seychelles had successfully transitioned to a market-based economy with full employment and a fiscal surplus. Effective 1 January 2017, Seychelles will no longer be eligible for trade benefits under the US African Growth and Opportunities Act after having gained developed country status. Seychelles grew at 4.9% in 2016 because of a strong tourist sector and low commodity prices; its fiscal surplus reached 3% of GDP. The Seychellois Government met the IMF’s performance criteria for 2016 but recognizes a need to make additional progress to combat high poverty levels, estimated at 39% in 2013.

 

Source : CIA

 

 

Company name

 

Registered Name:

SINOASIAN TRADING INTERNATIONAL LTD

Requested Name:

SINOASIAN TRADING INTERNATIONAL LTD

Other Names:

STI

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Oliaji Trade Centre 1st Floor,

Postal Address:

P. O. Box 1377

 

Victoria, Mahe,

Country:

Seychelles

Phone:

248-4321377/2521333

Fax:

248-4324777

Email:

email@actseychelles.com  / info@sinoasian.com

Website:

www.actoffshore.com

 

 

CREDIT OPINION

 

We suggest controlling that business for each large transaction.

 

 

LEGAL

 

Legal Form:

International Business Company (IBC)

Date Incorporated:

24-Sept-2006

Reg. Number:

31956 Seychelles

Nominal Capital

SCR. 30,000

Subscribed Capital

SCR. 30,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Jiang Zemin

MD

 

Mr. Arslan Abid

Manager

 

A.C.T.- Offshore Limited

Trustee/Agent

 

 

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Dealers in general merchandise such as chemicals, plastics, ethanolamine, petroleum products, rubber and solvents

Imports:

None Stated

Exports:

Worldwide

Trademarks:

None

Terms of sale:

Undisclosed

 

 

Main Customers:

Undisclosed

Employees:

3 employees.

Vehicles:

Undisclosed

Territory of sales:

Seychelles

Location:

Undisclosed

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

 

FINANCE

 

Currency Reported:

Seychelles Rupee (SCR.)

Fiscal Year End:

December 31, 2016

Inflation:

According to information given by independent sources, the inflation at December 31st, 2016 was of 13%.

 

Financial Information not Submitted

 

 

 

BANK

 

Bank Name:

MCB BANK

Branch:

Seychelles

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 identities and personal details of the beneficial owners, directors and shareholders are Not part of public record for a Seychelles IBC. At registration of a new IBC, the Registrar of Companies does not require any data whatsoever on who is the actual beneficial owner of the new company. This information is only known to the licensed Registered Agent of the company and is kept on internal file by the company. The internal corporate files of the IBC, like the Register of Members, Register of Directors and all Minutes and Resolutions, are kept at the offices of the Registered Agent.

 

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. However our banking sources confirm that the company has good financial standing and payments are regular.

 

According to the law, an International Business Company (IBC) is not subject to any tax or duty on income or profits. A shareholder of a Seychelles IBC is also not subject to any tax on his income derived from the IBC. These provisions are found in Article 109.(1) of the Seychelles IBC Act, and states the following:

 

109.(1) A company incorporated under this Act or a shareholder thereof shall not be subject to any tax or duty on income or profits accruing to or deriving from such company or in connection with any transaction to which that company or shareholder, as the case may be, is a party.

 

Similarly, a Seychelles IBC is also exempt from any stamp duties on all transactions relating to its business, in particular on any transfers of property to or by the company, and on any transactions in respect of the shares, debt obligations or other securities of the IBC.

 

Essentially, a Seychelles IBC is a completely tax-free offshore corporation, insofar as it complies with a few simple rules of operation. The main requirement is that a Seychelles IBC should not pursue business within the territory of the Seychelles (except, it may enter into business with any other Seychelles IBC`s). The law provides that all exemptions for a Seychelles IBC shall remain in force for a period of twenty years from the date of incorporation of the IBC.

 

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.

 

Our sources were able to know that the shareholders of company are businesses from Asia.

 

The ultimate shareholders would be IPC Group of Companies (Pakistan).

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.08

UK Pound

1

INR 89.85

Euro

1

INR 80.16

SCR

1

INR 4.85

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TRU

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.