MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRIBAC LEAF LTD |
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Registered Office : |
PO Box 3149 Road Town, Tortola |
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Country : |
British Virgin Islands |
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Date of Incorporation : |
1995 |
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Legal Form : |
International Business Company |
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Line of Business : |
Finance and Investment |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
GEOPOLITICS
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POLITICAL DATA |
ECONOMICAL DATA |
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FORM OF GOVERNMENT ECONOMICAL RISK |
British Overseas Territory None |
CURRENCY BRANCH SITUATION |
100 USD = 65 EUR Satisfying |
IDENTIFICATION
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Company Name: |
TRIBAC
LEAF LTD |
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Address: |
PO Box 3149 Road Town, Tortola British Virgin Islands |
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Phone: Facsimile: ID: State: Manager: |
+1 (284) 494-2015 +1 (284) 494-2011 147400 BRITISH VIRGIN ISLANDS N.A. |
Date founded: |
1995 International
Business Company N.A. USD 50,000 Nil |
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Legal form: |
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Stock: Value: |
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Staff: |
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Business: |
Finance and Investment |
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BANKS
HSBC
BUSINESS
REGULATORY
FRAMEWORK: The British Virgin Islands
("BVI") are a British Colony located in the Caribbean. The BVI are
independent from the United Kingdom, except with respect to their external
matters, defense and internal safety. Its legal system is based on the English
Common Law. English is their official language and their official currency is
the U.S. dollar. There are no exchange controls nor do requirements to file
corporate reports of any nature, therefore the islands offer multiple tax
advantages to the non-resident that organizes companies therein.
BVI International
Business Companies (IBCs) are the off-shore companies with a great number of
advantages, such as:
1)
Exemption from payment of any income tax;
2)
Can conduct most business transactions
(except conducting banking and insurance activities and other businesses with
residents of the BVI; or to possess real estate in BVI);
3)
Requires a minimum of only one shareholder
and one director;
4)
The directors and shareholders can be
entities or individuals resident in any country;
5)
The shares can be issued to the bearer or
registered;
6)
The Board of Directors can meet in any
part of the world and even by telephone;
7)
The payment of minimum capital is not
required, and the shares can be issued at par or non par value;
8)
The names of the Directors, Officers and
shareholders do not need to be registered in a public record
9)
No need to file annual reports nor tax
returns;
10) Can transfer its domicile and continue existing as a company
incorporated under the laws of a jurisdiction outside of BVI; a foreign company
can also become a BVI IBC;
11) Neither the minutes book nor the shares book need to be certified by any
authority of BVI;
12) It is not necessary to carry out Directors or shareholder meetings on a
regular basis.
13) The name of the company must include the word 'Limited', 'Corporation'
or 'Incorporation', or the abbreviation 'Ltd.', 'Corp.', 'Inc.' or 'S.A.'.
Names in Chinese characters may also be recorded.
14) It is not necessary to issue shares of the company, unless the Board of
directors decides so. The shares should be paid in full at the time of issuance,
and they can be issued for money, services or properties received. The name of
the shareholder must be registered in the shares book, which is not open to the
public. The meetings of the shareholders will be conducted whenever the
Directors consider it necessary or desirable or through written request of the
shareholders that represent more than 50% of the votes. The resolutions of the
shareholders can be approved by telephone or in a duly convened meeting, and
they can also be adopted through written consent. The company must have a
registered office and agent in BVI.
15) The IBC can be dissolved by resolution of the Board of directors, if no
shares have been issued. In case that the shares have been issued, the company
must be dissolved through a shareholders resolution.
16) All the dividends, interest, rents, royalties, compensations and other
amounts paid by company established under the IBC Act to persons that are
non-residents of BVI are exempt from payment of income tax. The capital gains
earned from the sale of whatever shares or other securities of an IBC are also
exempt from payment of any tax.
TRIBAC LEAF LTD is an International
Business Company / Offshore Company incorporated in the British Virgin Islands
for tax purposes.
However the company does
not carry any operation in the British Virgin
Islands.
STAFF
Nil. It uses the registration agent's staff
REGISTRATION AGENT
Morgan & Morgan Trust Corporation Ltd.
PO Box 3149 Road Town, Tortola
British Virgin Islands
Telephone: +1 (284) 494-2015
Facsimile: +1 (284) 494-2011
LINE OF BUSINESS
Finance and investment
Subject has the
following purposes and objects: The principal object is to engage either in the
Virgin Islands 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 fulfilling 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.
According to
informed by subject's resident agent, it is legally registered in the British
Virgin Islands, with head offices abroad.
It means that
subject uses the British Virgin Islands 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 British Virgin
Islands, founded in order to protect their shareholder's investments and, to
avail of tax exemption laws in that country.
Subject's annual business volume is not disclosed by its Resident Agent.
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.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
CAPITAL STRUCTURE
Authorized
capital: USD 50,000
The company is owned by foreign shareholders.
It is locally managed by the registered agent mentioned above.
Through outside sources we could obtain the following information:
Tribac Leaf Ltd in the BVI is the offshore company for Tribac Leaf Ltd in the United Kingdom.
Tribac Leaf Ltd in the UK operates as a trader of tobacco, maintaining several subsidiaries around the world.
TRIBAC LEAF LTD
Unit 4, Thames Court
High Street,
Goring-on-Thames
Oxon, RG8 9AQ
UNITED KINGDOM
Tel: (44) 01491 871754
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
The Subject
Company is registered as an
International Business Company/ Offshore Company in the British Virgin
Islands and is therefore exempt
from filing and/or publishing Annual Audited Accounts.
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 |
3.6 million |
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Liabilities in
USD |
0 |
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PHYSICAL ASSET HOLDINGS: No properties in the British Virgin Islands. Possible properties abroad are unknown.
RATING
Local credit bureau did not rate this company.
The cash flow is good.
Payments are made on a 25 days basis – monitored over the last 12
months.
Final Opinion:
We are reporting
upon a finance & investments company which belongs to foreign shareholders.
Although it is registered in the Virgin 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
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.
On March 11th 2008 the company was in good
standing with the BVI authorities.
A credit line may be considered for a
maximum of EUR 80,000.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
GOOD NIL GOOD |
PUBLIC PAYMENTS |
NO REGULAR |
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ADVISED CREDIT |
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80,000 EUR |
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%)