MIRA
INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
BASF STYRENICS HOLDING COMPANY |
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Registered Office : |
Care of Multiconsult
Limited, Frere Felix de
Valois Street No. 10, P. O. Box 799, Port Louis |
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Country : |
Mauritius |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Believed to be a holding and investment company. |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Status : |
Offshore Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COmpany NAME
BASF STYRENICS HOLDING
COMPANY
ADDRESS
Care of : Multiconsult Limited
Street : Frere Felix de Valois Street No. 10
P.O. Box :
799
Town : Port Louis
Country : Mauritius
Telephone :
(230) 202 3000
Fax : (230) 212 5265
E-Mail : multico@intnet.mu
PAYMENTS
Subject is registered in
Mauritius as Category 1 Global Business Licence Company (fmly Offshore Company)
with offshore status under the Mauritius Offshore Business Activities Act 1992.
The subject company has
offshore status and as such does not trade in Mauritius with Mauritian
companies.
Opinion on maximum credit
: In view of the above we have insufficient basis on which to speak for
unsecured credit and recommend dealing on fully secured terms for all
transactions.
Trade risk assessment: No
classification
It is normal accepted
practice for international suppliers to deal on secured terms with Mauritian
importers.
SIGNIFICANT CHANGES
In
late 2001 Mauritius Offshore Business Activities Authority (MOBAA) was replaced
by a newly established Financial Services Commission (FSC). At the same time
two types of offshore companies have been renamed. Offshore Company (registered
with offshore status under the Mauritius Offshore Business Activities Act 1992)
has been renamed as Category 1 Global Business Licence Company and
International Company registered under International Companies Act 1994 has
been renamed as Category 2 Global Business Licence Company.
PRINCIPAL BANKERS
Subject has declined to
name its bankers.
FINANCIAL INFORMATION
Under Mauritius Offshore
Business activities Law the companies are not required to publish or disclose
Balance Sheets.
Subject's registered
agents (also known as Management Company) have declined to provide any
financial information as they are prohibited by the prevailing laws of secrecy
from releasing any such details regarding their clients.
LEGAL STATUS AND
HISTORY
Date Started : not given *
C.R. No. : not given *
Capital : not given. No minimum capital
requirement except for Offshore Management Companies,
investment management and advisory companies and companies providing
trusteeship,
offshore banking, offshore insurance, reinsurance and
captive insurance services *
Limited Liability Company
(Category 1 Global Business Licence Company, fmly Offshore Company) with the
following shareholders :
The names of directors
and shareholders have not been disclosed. *
Only registered and par
value shares are allowed. Redeemable preference shares may be issued while only
investment companies may issue ordinary redeemable shares.
Shares may be subscribed by
nominees but names of beneficial owners should be disclosed.
Shareholders may be both
individual and body corporate.
Management
Category 1 Global
Business Licence Company (fmly Offshore Company) must be managed by at least
two Directors who may not be resident in Mauritius.
Corporate Directors are
not allowed.
* Section 15 of the
Mauritius Offshore Business Authority Act 1992 stipulates:
1. The Authority and
every member, officer or employee shall deal with all documents and other
information in its
possession or under its control concerning
protected persons and all matters concerning such persons in
respect of their offshore business
activities, as secret and confidential, and shall not seek to identify these
persons.
2. In this section
"protected persons"
2.1 means
an offshore company the beneficial owner and shareholder of the company
lawfully carrying on
offshore business activities
under this Act.
2.2 includes
any person having an interest in such lawful activities whether as client,
customer or an
employee or officer of an offshore
company.
Limited Life Company
(LLC)
Category 1 Global
Business Licence Company (fmly Offshore Company) may also be incorporated as an
LLC. These are characterised by :
(i)
limited duration
(ii)
immediate dissolution on the occurrence of a specified event
(iii) decentralised management
(iv)
restriction on the transferability of shares or other interests in the
company. LLCs are considered as tax
transparent vehicles under US fiscal
laws and benefit from favourable tax treatments similar to those of
partnerships.
Migration
A foreign company, where
it is so authorised by the laws under which it is incorporated, may continue
into Mauritius as if it has been incorporated under the Companies Act, l984.
Likewise, Category 1 Global Business Licence Company (fmly Offshore Company)
may migrate out to another jurisdiction.
ACTIVITIES
The Company is involved
in the following activities :
Believed to be a holding
and investment company.
>From local enquiries
it has not been possible to determine the exact nature or the extent of the
company's operations and where they are actually conducted.
Category
1 Global Business Licence Company (fmly Offshore Company) is a company which
holds a valid offshore certificate and which carries on an approved offshore
business activity such as international trading, shipping and ship management,
aircraft leasing and registration, investment holding and operational
headquarters. For activities such as offshore banking, offshore insurance,
reinsurance captive insurance, fund management or activities involving the
raising of funds from the public and requiring investors' protection, the
Offshore Company is a prerequisite.
Category
1 Global Business Licence Company (fmly Offshore Company) may be set up either
by direct incorporation or by way of continuation. A foreign company may also
register a branch in Mauritius and apply for an offshore certificate.
The
legal framework for Category 1 Global Business Licence Company (fmly Offshore
Company) is the Companies Act, l984, the Mauritius Offshore Business Activities
Act, l992 (as amended) and the regulations made under it.
Investment Company
An
Investment Company is an Offshore Company which invests its shareholders' fund
mainly in securities with a view of spreading risk and achieving long term
capital growth. Such companies benefit from special redemption provisions in that
they may, apart from realised or unrealised profits, gains or revenue, also
redeem their shares out of capital and the law shall not deem this to be
reducing the amount of authorised capital.
FACILITIES
The Company has the
following facilities :
The company's registered
office is care of :
Multiconsult Limited,
Port Louis.
Main operational address
could not be obtained.
Local Presence
Category
1 Global Business Licence Company must at all times have a resident secretary
who may be an individual or a body corporate.
Category 1 Global
Business Licence Company must at all times have a registered office in
Mauritius.
Category
1 Global Business Licence Company must appoint a Management Company as resident
secretary to deal with the FSC and other public sector agencies.
GENERAL INFORMATION
Under
the Mauritius Law there are four types of offshore companies in Mauritius,
Category 1 Global Business Licence Company (fmly Offshore Company) and Category
2 Global Business Licence Company (fmly International Company), Protected Cell
Company, Offshore Trust and Offshore Societe. These companies are registered
with Mauritius Services Commission (FSC) which replaced Mauritius Offshore
Business Activities Authority (MOBAA).
According
to the law Financial Services Commission (FSC) and every member, officer or
employee shall deal with all documents and other information in its possession
or under its control concerning protected persons (*) and all matters
concerning such persons in respect of their offshore business activities, as
secret and confidential, and shall not seek to identify these persons.
(*)
"Protected person" means an offshore company, the beneficial owner
and the shareholder of an offshore company lawfully carrying in offshore
business activities under this Act. The term "Protected person"
includes any person having an interest in such lawful activities whether as
client, customer or an employee or officer of an offshore company.
No
member, officer, or employee of the Authority shall be required to produce or
divulge to any court, tribunal, committee of enquire or other authority in
Mauritius or elsewhere any document, information or other matter coming to his
notice, or being in his possession or control for any reason.
Notwithstanding
any other enactment, the Court shall not make an order for disclosure or
production of any confidential information except on the application of the
Director of Public Prosecutions, and on proof beyond reasonable doubt that the
confidential information is bona fide required for the purpose of any enquiry
or trial into or relating to the trafficking of narcotics and dangerous drugs,
arms trafficking or money laundering.
SPECIAL NOTE
As
subject is a Category 1 Global Business Licence Company (formerly Offshore
Company), only limited information are available at the Companies' Registry.
Subject's
registered agents (also known as Management Company) have declined to provide
any financial information as they are prohibited by the prevailing laws of
secrecy from releasing any such details regarding their clients.
Due to the above our
sources were unable to establish, confirm or obtain :
- That subject's former
name was 'Pusha Holdings (Mauritius)
Company'.
- The subject's
foundation date.
- The name of subject's
President.
- Subject's address.
Subject's registered
agent address is as per heading.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)