MIRA
INFORM REPORT
|
Report Date : |
19.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PROJECT MANAGEMENT INTERNATIONAL
LTD. |
|
|
|
|
Registered Office : |
Chruchill Blvd. and Front Street,
Grand Turk |
|
|
|
|
Country : |
Turks
& Caicos Islands (British West Indies) |
|
|
|
|
Date of Incorporation : |
2005 |
|
|
|
|
Legal Form : |
Exempt Company |
|
|
|
|
Line of Business : |
Engage either in Turks & caicos
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. |
RATING &
COMMENTS
|
MIRA’s Rating : |
NR |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
Status : |
Undetermined |
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
Litigation : |
-- |
Company's style
PROJECT MANAGEMENT INTERNATIONAL
LTD.
Trading name : Same
Trading Address
Chruchill Blvd. and Front Street
Town :
GRAND TURK
Mailing address : P.O.Box 170,
Telephone : (649)946 2050
Fax :
(649)946 1953
Country : TURKS & CAICOS ISLANDS
(British West Indies)
BACKGROUND INFORMATION & BUSINESS
PROFILE
LEGAL DATA
Legal Form : Exempt Company
Date Established : 2005
GENERAL INFORMNATION ABOUT THE COUNTRY:
The
Turks and Caicos Islands are a group of twenty tropical Islands situated in the
North Atlantic Ocean, south-east off the archipelago of The Bahamas. The total
landmass extends to some 430 sq. km. Six of the Islands are inhabited, Grand
Turk, South Caicos, Middle Caicos, North Caicos, Providenciales and Salt Cay.
Until 1962 The Turks and Caicos Islands were a dependency of Jamaica. Then they
were annexed by the Bahamas, and in 1973 became a British Crown protectorate,
with HM Queen Elizabeth II acting as Head of State. A Governor represents the
Queen. The Government system consists of a single house. The Legislative
Council has twenty seats, of which thirteen are elected by universal suffrage
every four years and ex-officio members. The Executive Council consists of a
Chief Minister, four ministers appointed by the Governor and three ex-officio
members, including the Governor. The US Dollar is the official currency in the
Islands.
GENERAL FEATURES & REGULATORY
FRAMEWORK: The Exempt Companies Act 2000
regulated the incorporation of Exempt Companies in Turks & Caicos Islands.
The advantages of incorporating in Turks & Caicos includes the
following:
- Turks &
caicos levies neither individual nor corporate taxes.
- IBC's
operating from Turks & Caicos (i.e. using local directors and/or
serviced office facilities) are entirely tax exempt.
- There are no
minimum issued share capital requirements.
- Voting,
non-voting, or restricted voting shares may be issued, along with no par
value shares, common, preferred or redeemable shares and options, warrants
or rights.
- Shareholder
details are not kept on public record, but one or more registers of shares
and shareholders must be kept at the registered office of the company in
Turks & Caicos.
- Only one director
is required. A company may serve as director, and the director may be of
any nationality or residency.
- Annual
general meetings are required but may be held in any jurisdiction and can
be concluded by a conference telephone call.
- Directors
have the power to protect assets of the company by transferring them to
trustees, another company, or other legal entities.
- Dividends may
be declared and paid in money, shares and other property.
The normal authorized share capital is USD 5.000; divided into 5.000
shares of US $1, this being the maximum capital for the minimum duty payable at
the time of incorporation and the maximum authorized share capital for the
minimum license fee payable annually. Higher capitalization is reflected in
higher government license fees. The share capital may be expressed in any
currency. The minimum issued capital is either two shares of no par value or
two shares of par value.
CAPITAL STRUCTURE & OWNERSHIP :
(figures in U.S. Dollars)
AUTHORIZED NOMINAL CAPITAL : USD 5.000
ISSUED CAPITAL :
USD 5.000
PAID-IN CAPITAL :
USD 5.000
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 a group
of undisclosed non-resident foreign investors. The total investor's anonimity
and business secrecy is granted by Turks & Caicos legislation. Transfer of
shares is tax free.
REGISTERED AGENT: SOVEREIGN TRUST (TCI) 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 : OFF-SHORE INVESTMENT COMPANY
PRINCIPAL ACTIVITY : Subject has the
following purposes and objects: The principal object is to engage either in
Turks & caicos 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
fullfilling 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. for the account and on
behalf of its foreign owner
According to sources consulted this
company is legally registered in Turks & Caicos, with head offices abroad.
It means that subject uses the Island territory only as its legal and administrative
address, but all its operations are carried out abroad.
It is under the same condition as many
companies that are established in Turks & Caicos, founded in order to
protec their shareholder's investments and, to avail of tax exemption laws in
that territory.
Subject's annual business volume is not
disclosed by its managers
BANKERS :
No bank relations in Turks & Caicos Islands
TANGIBLE FIXED ASSETS, INVESTMENTS, ETC.
PHYSICAL ASSET HOLDINGS : No properties
CREDIT STANDING
CREDIT REFERENCES & TRADE PAYMENT
ANALYSIS: In virtue of the nature of its business operations its local credit
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 little known as making use of credit facilities, although occasional
commitments have been met promptly and well.
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 Turks & Caicos Islands, it uses such territory only as
its legal and administrative address, but all its operations are carried out
abroad. It is managed by a resident registration agent and it is unknown in the
local marketplace, so its commercial morality and general reputation cannot be
assessed, although nothing detrimental is noted upon subject. As there are no
visible assets, and taking into account also that it is unknown as making use
of credit facilities, credit in general must be regarded as a matter of
confidence, and amounts of certain importance would have to be secured by
collateral.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)