MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ETHYPHARM ASIA CO. LTD |
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Registered Office : |
Care of Legis International (Financial & Management)
Services Ltd, 3rd Floor, |
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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 : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Offshore Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
COmpany NAME
ETHYPHARM ASIA CO. LTD
(Correct)
ETHYPHARMA ASIA CO. LTD
(Requested)
ADDRESS
Care of : Legis International (Financial & Management)
Services Ltd
Building :
3rd Floor,
Street :
Town :
Country :
Telephone :
(230) 210 6100 / 208 7930
Fax : (230) 210 9100
E-Mail : ledesma@legis.intnet.mu
PAYMENTS
Subject is registered in
The subject company has
offshore status and as such does not trade in
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.
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
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
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
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 realized or unrealized profits, gains or revenue,
also redeem their shares out of capital and the law shall not deem this to be
reducing the amount of authorized capital.
FACILITIES
The Company has the
following facilities :
The company's registered office
is care of :
Legis International
(Financial & Management) Services Ltd,
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
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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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%)