MIRA INFORM
REPORT
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Report Date : |
08.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MANDALAY GROUP HOLDINGS CORPORATION |
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Registered Office : |
3076, Sir Francis Drake’s Highway, |
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Country : |
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Date of Incorporation : |
29.10.1999 |
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Com. Reg. No.: |
350.344 |
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Legal Form : |
IBC/International Business Company |
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Line of Business : |
Finance and Investment Company |
RATING & COMMENTS
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MIRA’s Rating : |
NR |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Undetermined |
Company's style
MANDALAY GROUP HOLDINGS CORPORATION
Trade Name
Same
Trading Address
3076, Sir Francis Drake's Highway,
Town :
Island :
Mailing address :
Telephone : (284) 494-1100
Fax :
(284) 494-1199
Country :
BACKGROUND
INFORMATION & BUSINESS PROFILE
LEGAL STRUCTURE
Legal Status : IBC/International Business Company
Date established : 29.10.1999
REGULATORY FRAMEWORK:
The British Virgin Islands
("BVI") are a British Colony located in the
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 neither 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 minute’s 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. The shares should be paid in
full at the time of issuance, and they can be issued for money, services or
properties received. The name of the shareholder must be registered in the
shares book, which is not open to the public. The meetings of the shareholders
will be conducted whenever the Directors consider it necessary or desirable or
through written request of the shareholders that represent more than 50% of the
votes. The resolutions of the shareholders can be approved by telephone or in a
duly convened meeting, and they can also be adopted through written consent.
The company must have a registered office and agent in BVI.
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.
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.
CAPITAL STRUCTURE: AUTHORIZED
NOMINAL CAPITAL : USD 50.000
ISSUED CAPITAL :
USD 50.000
PAID-IN CAPITAL :
USD 50.000
Its stock is divided into bearer and
ordinary no par-value shares. It is a privately-owned company whose shares are
no traded on the Stock Exchange, and whose controlling shareholders are
undisclosed foreign investors.
The total investor's anonymity and
business secrecy is granted by the
REGISTRATION AGENT: ATU GENERAL
TRUST (BVI) LTD
It is a law firm hired by subject's
foreign owners to run the company on their behalf. Such agent was consulted
about the identity of subject's foreign owners, but he declined to disclose
such information arguing not to be authorized by them to provide any data about
the company
LINE OF BUSINESS: FINANCE & INVESTMENT COMPANY
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
It means that subject uses the
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.
STAFF : Nil. It uses the registration
agent's staff
BANKERS : No bank relations in BVI
TANGIBLE FIXED
ASSETS, INVESTMENTS, ETC.
PHYSICAL ASSET HOLDINGS: No properties in the
abroad are unknown.
CREDIT STANDING
TRADE REFERENCES SURVEY:
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.
Negative facts: Nothing detrimental. No
collection claims, returned checks, or legal suits are recorded against
subject.
FINAL OPINION
We are reporting upon a finance &
investments company which belongs to undisclosed foreign shareholders. Although
it is registered in the
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%)