MIRA
INFORM REPORT
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Report Date : |
12.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
DB ZWIRN MAURITIUS |
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Registered Office : |
Care
of :
Abacus Management Solutions Ltd, Level 6, One Cathedral Square, Jules
Koenig Street, Port Louis |
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Country : |
Mauritius |
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Date of Incorporation : |
10
November 2004 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Investment
company in emerging markets including India. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Status : |
Undetermined
– Offshore Company |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
COmpany NAME
DB ZWIRN MAURITIUS (Correct)
D B
ZWIRN MAURITIUS (Requested)
ADDRESS
Care
of : Abacus Management Solutions Ltd
Building
: Level 6, One Cathedral Square
Street : Jules Koenig Street
Town : Port Louis
Country : Mauritius
Telephone :
(230) 207 1000 / 207 1030
Fax : (230) 208 7949 / 207 1000
E-Mail :
abacus@abaxservices.com
PAYMENTS
Current
trade experience of payments has not been traced.
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 : 10 November 2004
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 directors and shareholders :
Directors
The
names of directors have not been disclosed. *
Shareholders
DB Zwirn
Special Opportunities Fund, L.P.
100 %
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.
Affiliated companies of DB Zwirn Mauritius :
Subsidiaries
Dhandapani
Finance Limited (DFL)
141
Linghi Chetty Street
Chennai
600 001
India
Tel: (91
44) 2826 8285
Fax: (91
44) 2828 4280
ACTIVITIES
The
Company is involved in the following activities :
Investment
company in emerging markets including India.
>
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 :
Abacus
Management Solutions Ltd, 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.
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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