MIRA
INFORM REPORT
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Report Date : |
06.07.2007 |
IDENTIFICATION DETAILS
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Name : |
RADIANT SOLUTION |
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Registered Office : |
Care of : OCRA ( |
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Country : |
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Legal Form : |
Offshore 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
RADIANT SOLUTION
ADDRESS
Care of : OCRA (
Building :
2nd Floor,
Street : Remy
Town :
Country :
Telephone :
(230) 217 5100
Fax : (230) 217 5400
E-Mail : ocra@ocra-mauritius.com
PAYMENTS
Subject is registered in
The subject company has
offshore status and as such does not trade in
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
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 License Company and
International Company registered under International Companies Act 1994 has
been renamed as Category 2 Global Business License Company.
PRINCIPAL BANKERS
NAME :
BARCLAYS BANK PLC
Branch :
International Banking Division
Building : 8th Floor,
Street :
P.O. Box : 1192
Town :
Telephone : (230) 207 1960
Fax :
(230) 2084095/2119350
E-mail :
barclays.mauritius@barclays.com / barobumau@intnet.mu
Acc. No. : 7515112
FINANCIAL INFORMATION
Under Mauritius Law
Category 2 Global Business License Company (fmly International Company) is 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 : not given
*
C.R. No. : not given *
Capital : not given.
Category 2 Global
Business Licence Company (Limited Liability Company) with the following
shareholders :
Category
2 Global Business Licence Company as well as shareholders or beneficial owners
are treated as "protected persons" under the Act and therefore all
information or documents concerning them or their activities are to be treated
as confidential.
The
regulation, incorporation, operation and taxation of Category 2 Global Business
License Company (fmly International Companies) are governed by the provisions
of the International Companies Act l994.
Category 2 Global
Business Licence Company (fmly International Company) does not :
1. carry on business with
residents in
2. carry on any dealings
in Mauritian currency
3. own any interest in
immovable property situation in
4. hold any shares,
debentures or other interest in any domestic
company or other entities other than an
Offshore Company and
5. have as beneficial
owner of its shares a person resident in
As regards Category 2
Global Business Licence Company (fmly International Company) the confidentially
clause is embodied in section 130 of the International Companies Act 1994 which
reads :
1. The Registrar and any officer or person
assisting him or exercising any of his powers or to whom the powers of
the registrar are delegated, shall deal
with all documents and other information in their possession or under
their control concerning protected persons
and all matters concerning such person in respect of their business
activities, as secret and confidential,
except to the extend the company consents to its disclosure.
2. In this section "protected person"
means an international company, the beneficial owners, shareholders,
members of an international company, or
any trustee holding shares in an international company, carrying on
lawful business activities under this Act.
Limited Life Company
(LLC)
Category 2 Global
Business Licence Company (fmly International Company) may also be incorporated
as an LLC. These are characterized by :
1. limited duration
2. immediate dissolution
on the occurrence of a specified event.
3. decentralized
management and
4. 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.
However, LLCs incorporated
under the International Companies Act are not allowed to avail of relief from
double taxation available under Double Taxation Agreements in force in
Migration
A company incorporated
under the Companies Act l984 satisfying the requirement of section 5 of the
International Companies Act l994 or a foreign company, notwithstanding any
provision to the country in the laws under which it is incorporated, may
continue into Mauritius as Category 2 Global Business Licence Company (fmly
International Company). Likewise an International Company may migrate out to
another jurisdiction.
Conversion
Category
2 Global Business Licence Company (fmly International Company) may be converted
into Category 1 Global Business Licence Company (fmly Offshore Company). By
doing so, its name will be struck off the Register of Companies.
It
is also possible for Category 1 Global Business Licence Company (fmly Offshore
Company) to be converted into Category 2 Global Business Licence Company (fmly
International Company).
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.
The business and affairs
of the company have to be managed by a Board of Directors consisting of at
least one Director who may be an individual or a body corporate. Directors need
not reside in
FACILITIES
The Company has the
following facilities :
The company's registered
office is care of :
OCRA (
2nd Floor,
Remy
Main operational address
could not be obtained.
Category
2 Glocal Business Licence Company (fmly International Company) must at all
times have in
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 Financial Services Commission (FSC) which replaced Mauritius Offshore
Business Activities Authority (MOBAA).
SPECIAL NOTE
The address you provided
'Level 7 Happy World House,
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%)