MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
VOTORANTRADE N.V. |
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Registered Office : |
Kaya W.F.G. (Jombi) Mensing 14, Curacao Netherland antilles |
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Country : |
Curacao |
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Date of Incorporation : |
11.10.1991 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Finance & Investment Company |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC
RISK |
Overseas territory of The Netherlands - Parliamentary system
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CURRENCY BRANCH
SITUATION |
Netherlands
Antilles Guilders (ANG) 100 ANG = 38.01 EUR Stable |
IDENTIFICATION
Company Name : Votorantrade N.V.
Address : Kaya W.F.G. (Jombi) Mensing 14, Curacao Netherland antilles
Phone : (599-9) 432-7400
Facsimile : (599-9) 432-7590
ID : 57977 (registration number in the chamber of commerce of Curacao)
State : CURACAO
Managers : Orangefield Trust (Antilles) N.V. (registered agent)
Date founded : October 11, 1991
Legal form : Limited Liability Company
Stock : 3,000.000 shares
Value : 1.0 USD
Staff : Nil
Business : Investment Company
BANKS
The company deals with the ABN
AMRO
BUSINESS
Note: The correct name of the company is Votorantrade N.V. in contrast to Votorantrad N.V. which was the name that you provided us
with.
GENERAL INFORMATION ABOUT THE COUNTRY:
The Netherlands Antilles consists of five islands in
the Caribbean. The Leeward Islands, Curacao and Bonaire are approximately 30 km
north of Venezuela. The Windward Islands of St. Maarten, St. Eustatius and Saba
are about 160 km east of Puerto Rico. Curacao is the main island in the
Netherlands Antilles. The total land area is 960 sq. km. Aruba became
independent from the Netherlands Antilles in 1987 but remains part of the
Kingdom of the Netherlands. The population of the Netherlands Antilles is
approximately 200,000, a large proportion of which resides on the Island of
Curacao.
The Netherlands Antilles achieved autonomy in 1954,
although it still forms part of the Kingdom of the Netherlands. Foreign affairs
and defense remain the responsibility of The Netherlands. The Netherlands
Antilles Government functions under a democratic system, which is derived from
European parliamentary systems.
The Netherlands Antilles is regarded as one of the
most stable democracies in the region.
The Netherlands Antilles enjoys a legal system based
on that of The Netherlands: the Civil or Roman law system. Rights of Appeal
exist from the Netherlands Antilles Court of Appeals to the Supreme Court of
the Netherlands, in The Hague.
The Netherlands Antilles enjoys associate status of
the European Union.
Curacao is one of the most developed islands in the
region. The main sources of income are derived from the oil refinery, the Free
Zone and the financial services industry, all on Curacao, as well as tourism in
all five islands.
Since the 1940’s, the Government of the Netherlands
Antilles has created a favorable climate for offshore companies through special
tax provisions and tax treaties, particularly with the Netherlands. The offshore
industry has been extremely important for the economy of the Netherlands
Antilles as this industry not only provides the Government with direct and
indirect revenue, but also creates considerable employment opportunities.
Currently, the Netherlands Antilles is popular for
the incorporation of the following Netherlands Antilles Companies: finance
companies; mutual funds; ultimate holding and finance companies of
multi-national operating corporations; shipping companies; trading companies;
investment companies; Free Zone companies; royalty holding companies; offshore
banks; insurance companies; foundations and limited partnerships.
Netherlands Antilles Companies are known for being
domiciled in a modern and stable jurisdiction.
The official and spoken language is Dutch. However,
English and Spanish are spoken widely and a local dialect, called
"Papiamento", is spoken.
The Netherlands Antilles Florin or Guilder. The US
Dollar is in wide circulation and has a fixed rate of exchange to the
Netherlands Antilles Florin of 0.56.
No Exchange controls. Law based on Dutch Civil Law,
with English Common Law influence.
GENERAL FEATURES & REGULATORY FRAMEWORK:
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PRINCIPAL CORPORATE LEGISLATION: Commercial Code of
the Netherlands Antilles, Articles 33 - 155.
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Offshore Companies incorporated under the commercial
code of the Netherlands Antilles that have received foreign exchange control
permission.
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PROCEDURE TO INCORPORATE: Execution of Deed of
Incorporation before Notary Public. Declaration of no objection to the draft
articles of incorporation needs to be obtained from Ministry of Justice before
incorporation. Once incorporated, an Offshore Company needs to obtain a
Business Licence.
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RESTRICTIONS ON TRADING: Unless a special permit has
been granted an offshore company cannot undertake banking or insurance
activities. It also cannot undertake investment business other than investment
of a company's own assets. It can neither solicit funds from the public nor
offer its shares to the public. It cannot trade within the Netherlands
Antilles.
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POWERS OF COMPANY: A Netherlands Antilles company
has all the powers of a natural person.
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LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS:
English.
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REGISTERED OFFICE REQUIRED: Yes. Must be maintained
in the Netherlands Antilles at the address of a licensed trust and management company, a law firm or accountancy
firm.
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REGISTERED AGENT REQUIRED: Yes.
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NAME APPROVAL REQUIRED: Yes. By formal request to
the Chamber of Commerce.
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SHELF COMPANIES AVAILABLE: Yes.
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TIME TO INCORPORATE: Ten days.
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NAME RESTRICTIONS: A name that is similar to or
identical to an existing company. A well known name that is known to exist
elsewhere. A name that implies illegal activities. A name which in the opinion
of the Registrar is considered undesirable, obscene or offensive. A name that
implies royal or government patronage.
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LANGUAGE OF NAME: The name of the company can be
expressed in any language using the Latin alphabet. The Registrar may request a
Dutch or English translation to ensure that the proposed name does not contravene
name restrictions.
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NAMES REQUIRING CONSENT OR A LICENCE: Bank, building
society, savings, loans, insurance, assurance, reinsurance, fund management,
investment fund, trust, trustees, Chamber of Commerce, co-operation, council,
municipal or their foreign language equivalents or any name in English or a
foreign language that may suggest association with the banking or Insurance
industries.
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SUFFIXES TO DENOTE LIMITED LIABILITY: All
Netherlands Antilles companies must include the words Naamloze Vennootschap or
the abbreviation NV. Where a company’s activities are outside the Netherlands
Antilles and the Articles permit, the suffixes Limited, Ltd, Inc or SA are
allowable.
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DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES:
No requirement.
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COMPLIANCE:
AUTHORISED AND ISSUED SHARE CAPITAL: The minimum authorized share
capital is US$ 30,000, of which at least US$ 6,000 must be issued and fully
paid up.
CLASSES OF SHARES PERMITTED: Registered shares, bearer shares,
preference shares, redeemable shares and shares with or without voting rights.
No par value shares are not permitted.
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BEARER SHARES PERMITTED: Yes, but must be fully paid
up.
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TAXATION: Netherlands Antilles Offshore Companies,
i.e. those that derive all their income from outside the Netherlands Antilles,
are liable to tax rates of between 2.4% and 6%, dependent upon activity.
Investment holding companies pay 2.4% on first US$ 56,000 and 3% on balance
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Trading Companies pay 4.8% on first US$ 56,000 and
6% on balance, subject to tax ruling.
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DOUBLE TAXATION AGREEMENTS: The Netherlands Antilles
has double tax treaty agreements with Norway and The Netherlands.
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LICENCE FEES: Every Netherlands Antilles company
must pay an annual fee to the Chamber of Commerce, which is variable and
dependent on authorized capital. The minimum is US$ 34.
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FINANCIAL STATEMENT REQUIREMENTS: Whilst there is no
requirement to file audited accounts with the Registry, a company is required
to present a tax return and profit and loss statement and balance sheet to the
Netherlands Antilles Tax Inspector.
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DIRECTORS: The minimum number of directors is one.
All Netherlands Antilles companies must appoint at least one resident managing
director. Additional foreign resident directors may be appointed, who may be of
any nationality. Corporate directors are permitted.
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COMPANY SECRETARY: The Netherlands Antilles
Companies Acts do not provide for the appointment of a company secretary.
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SHAREHOLDERS:
The minimum number of shareholders is one.
LINE OF BUSINESS
FINANCE & INVESTMENT COMPANY
Subject has the
following purposes and objects: The principal object is to engage either in the
Netherland Antilles or abroad, in the purchase, sell, disposal, dealing,
transfer, barter, ownership, negotiate, finance, administration to grant
guarantees 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 fulfilling all activities, contracts, operations, business
or transactions allowed by Law to the Corporation.
According to
informed by subject's resident agent, it is legally registered in Curacao,
Netherlands Antilles, with head offices abroad.
It means that
subject uses the Netherland Antilles 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 the Netherlands
Antilles, founded in order to protect their shareholder's investments and, to
avail of tax exemption laws in that country.
In particular it
is engaged in financial intermediation operations, participation in overseas
companies, shareholdings, overseas investments in general, consultancy services
regarding investments, pension funds management, corporate services, etc.
Subject's annual
business volume is not disclosed by its Resident Agent.
STAFF
Nil. It uses the Administrator's staff
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
Votorantrade
N.V. has a parent company named Votorantim,
this is a brazilian group founded in 1918 that currently employs more that
50,000 workers and reported a turnover of 13 billion USD for 2006.
MANAGEMENT
Title description: Managing Director
Name: Antonio Sergio Monteiro da Fonseca
Address:
c/o Prof Jose Lanes 40 Vila Olimpia
Sao Paolo
Brazil
Title description: Managing Director
Name: Mario Bavaresco Junior
Address: Rua Gomes de Carvalho 1356, 15 floor- Vila
Olimpia
04547-005 Sao Paolo
Brazil
Title
description: Managing Director
Name: Paulo Prignolato
Address: Praça Prof. José Lannes 40 11º
Andar Conjunto 111
Sâo Paolo, CEP
04571-100
Brazi
ADMINISTRATOR & RESIDENT AGENT
Orangefield
Trust (Antilles) N.V.
Address: Kaya W.F.G. Mensing 14
Phone: (599-9) 432-7400
Fax: (599-9) 432-7590
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
CAPITAL
STRUCTURE:
Its stock is
divided into bearer and ordinary no par-value shares. It is a privately-owned
company which shares are not traded on the Stock Exchange, and whose
controlling shareholders are the members of Management. The total investor's anonymity and business secrecy is granted by
Curacao legislation.
As a private company, that corporation does not publish any financials.
However, our
financial sources could provide us with the following information:
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Fiscal Year |
2007 |
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Turnover in USD |
0 |
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Net Income in
USD |
4M |
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Net Worth in USD |
10M |
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Liabilities in
USD |
0 |
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The fiscal year is equal to the calendar year.
Note: For additional information, we have attached a complete financial report
on the parent company: Votorantim
RATING
Local credit bureau did not rate this company.
The cash is good.
Payments are made on a 30 days basis.
Final Opinion:
Due to the high net worth of the company and its strong parent company we
consider that business can be done with this company
We estimate that the company does not present any risk.
A credit line may be considered for 300,000 USD
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. |
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%)