MIRA INFORM REPORT

 

 

 

 

Report Date :

17.12.2008

 

IDENTIFICATION DETAILS

 

Name :

DEVELOPMENT HOLDING ASIA LTD

 

 

Registered Office :

Ansbacher House 2nd Floor East Street P.O. Box N-9934 Nassau

 

 

Country :

Bahamas

 

 

Legal Form :

International Business Company

 

 

Line of Business :

Finance and Investment

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 25,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

REQUIRED CREDIT

ADVISED CREDIT

MAXIMUM

25,000 USD

 

 

GEOPOLITICS

 

POLITICAL DATA

ECONOMIC DATA

FORM OF
GOVERNMENT

Commonwealth Realm - Parliamentary system

ECONOMIC RISK

Nil

CURRENCY

USD

BRANCH
SITUATION

Stable

 

 

IDENTIFICATION

 

Company Name:
Trade Name:

Development Holding Asia Ltd
-

Legal Address

Ansbacher House 2nd Floor East Street P.O. Box N-9934 Nassau, Bahamas

Phone:

1 (242) 322-5448

Facsimile:

1 (242) 323-2300

Email:

N.A.

Website

N.A.

Manager

N.A.

Staff

0

Registration Number:

N.A.

Legal Form

International Business Company

Registered In:

BAHAMAS

Date Created:

1999

Date Incorporated:

-

Stock

N.A.

Value

N.A.

Activity:

Finance and Investment

 

 

BANK(S)

 

Name of the Bank

FIRST CARIBEAN INTERNATIONAL BANK

 

 

BUSINESS

 

Activity:

 


Development Holding Asia Ltd is an International Business Company / Offshore Company incorporated in The Bahamas for tax purposes.

However the company does not carry any operation in The Bahamas.

It is not registered with The Bahamas Chamber of Commerce as being an active business.

It is not listed with The Bahamas yellow pages.

It is not listed with the major local credit bureaus.

The company does not have any employee in The Bahamas. It uses the registered agent staff.


Trade references : In virtue of the nature of its business activities its local 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 UNKNOWN as making use of credit facilities.

Location:

 


The Address provided by the client is that of the registered agent:

STERLING (BAHAMAS) LIMITED
Ansbacher House 2nd Floor East Street
P.O. Box N-9934
Nassau, Bahamas
Tel: 1 (242) 322-5448
Fax: 1 (242) 323-2300

 

 

SHAREHOLDERS - MANAGERS - RELATED COMPANIES

 

Shareholders/Parent Companies:


The company is owned by foreign shareholders.

Management:

 


It is locally managed by the registered agent mentioned above.

The agent declined to give any information on the subject, who is protected by the law of non disclosure.

 

 

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

 

The Subject Company is registered as International Business Company in The Bahamas and is therefore exempt from filing and/or publishing Annual Audited Accounts at the Registrar of Companies, under The Bahamas Law. In addition, due to the laws of privacy governing disclosure of BANKING INFORMATION, we are unable to demand a copy of the subject s Latest FINANCIAL STATEMENTS.

However, our financial sources could provide us with the following figures:

Currency

Date

USD

2007

Turnover

0

Operating Income

745,000

Net Income

745,000

Total Equity

900,000

Liabilities

0



Debentures/Mortgages/Charges:

Our Legal searches in the Credit Bureau Data Base of The Bahamas, and the Companies registration file have revealed no evidence of any current registered Mortgage, Chattel Mortgage or Debentures filed in the name of the Company.

Other relevant data:

With reference to your request for a Business Credit Report on the above Subject, we hereby advise that according to the Credit Bureau files there are no reports of any Credit Delinquencies registered in the name of the subject Company.

In addition, there was no record of any High Court or Petty Civil Court Judgments entered against the Company in any civil suit and/or litigation matter during the period of our Judgment searches (6 years).

Based on our credit Bureau Data Base investigations we have found no evidence of any Reported Credit Delinquency or delay /default /caution on this Company.

 

 

RATING

 


Local credit bureau did not rate this company.


Payments are: made on a 45 days basis - monitored over the last 12 months.


The cash flow is good.


Final opinion:

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in The Bahamas, 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 marketplace, so its commercial morality and general reputation cannot be assessed, although nothing detrimental is noted upon subject.

A credit line may be considered for USD 25,000.

 

 

SUMMARY

 

FINANCIAL SUMMARY

DEBT COLLECTIONS
AND PAYMENTS

PROFITABILITY

GOOD

PUBLIC

NO

INDEBTEDNESS

NIL

PAYMENTS

REGULAR

CASH

GOOD

 

 

 

 

ADVISED CREDIT

25,000 USD

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.82

UK Pound

1

Rs.73.08

Euro

1

Rs.65.56

 

 

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.

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions