MIRA
INFORM REPORT
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Report Date : |
5th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SHAKTI OVERSEAS PTE LTD |
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Registered Office : |
303 Kuala Lumpur Centre, Corner Abbattoir & Olivier Street, Port
Louis, Mauritius |
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Country : |
Mauritius |
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Date of Incorporation : |
2001 |
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Legal Form : |
Offshore
Company |
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Line of Business : |
Manufacturers of all types of timber and heavy metal scraps. |
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
SHAKTI
OVERSEAS PTE LTD
ADDRESS
Building
: 303 Kuala Lumpur Centre
Street : Corner Abbattoir & Olivier Street
Town : Port Louis
Country : Mauritius
Telephone :
(230) 217 0200 / 217 0201 / 217 0852
Fax : (230) 217 0200
E-Mail : soplmu@intnet.mu
SENIOR COMPANY PERSONNEL
Name Position
1.
Mangesh Kumar General Manager
2.
Vishal Tabarath Financial Manager
Total
Employees : 15
PAYMENTS
Local
payments experience has not been traced.
Subject
is registered in Mauritius as a Category 1 Global Business Licence Company
(formerly Offshore Limited Liability 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 the circumstances we have insufficient basis on which to
speak for unsecured credit and recommend dealing on fully secured terms for all
international transactions.
Trade
risk assessment : No classification
It
is normal accepted practice for international suppliers to deal on secured
terms with Mauritian importers.
PRINCIPAL BANKERS
NAME :
THE MAURITIUS COMMERCIAL BANK LTD
Branch :
Sir William Newton Street
Town :
Port Louis
Telephone : (230) 202 5000
FINANCIAL INFORMATION
Under
Mauritius Offshore Business activities Law the companies are not required to
publish or disclose Balance Sheets.
Subject's
registered agents 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 : 2001
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 *
Offshore
company with the following sole shareholder :
Shakti
Lumbres (I) PVT Ltd
N/H
Road Outside, Railway Crossing
Gandhidham
370201
Telephone
: (91) 2836 20723
Fax :
(91) 2836 20723
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 :
Manufacturers
of all types of timber and heavy metal scraps.
Imports
from India.
FACILITIES
The
Company has the following facilities :
Office
premises and warehouse located at the heading addres
GENERAL INFORMATION
Under
the Mauritius Law there are four types of offshore companies in Mauritius
registered with an Ordinary Status, Exempt Status, International Companies and
Trusts and Banks.
We
understand "exempt status" companies are being phased out over a
period and replaced with either international companies or ordinary status
companies.
According
to the law Mauritius Offshore Business Activities Authority (MOBAA) 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.
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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