MIRA INFORM REPORT

 

 

Report Date :

05.05.2012

 

IDENTIFICATION DETAILS

 

Name :

VG OVERSEAS LTD.

 

 

Registered Office :

4th Floor Ebene Skies Rue De Iinstitute, Ebene

 

 

Country :

Mauritius

 

 

Date of Incorporation :

04.03.2010

 

 

Com. Reg. No.:

C093710

 

 

Legal Form :

Global Business Category 1

 

 

Line of Business :

Consultancy Firm

 

 

No. of Employees :

2 employees.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Offshore company

Payment Behaviour :

Unknown

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Mauritius

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

SUBJECT'S NAME

 

Registered Name:

VG OVERSEAS LTD.

Requested Name:

VG OVERSEAS LTD.

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

4th Floor Ebene Skies Rue De Iinstitute, Ebene

Postal Address:

4th Floor Ebene Skies Rue De Iinstitute, Ebene

Country:

Mauritius

Phone:

230-4048000

Fax:

230-4042188

Email:

info@mitco.mu

Website:

www.mitco.mu

 

 

LEGAL

 

 

Legal Form:

GLOBAL BUSINESS CATEGORY 1

Date Incorporated:

04-March-2010

Reg. Number:

C093710

Nominal Capital

MUR. 100,000

Subscribed Capital

MUR. 100,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Undisclosed

Director

 

Mauritius International Trust Co Ltd

Agent

 

 

 

RELATED COMPANIES

 

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as a consultancy firm.

Imports:

None

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 30 days (60%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

2 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Mauritius

Location:

Rented premises, 2.000 square feet,

 

 

AUDITORS AND INSURANCE

 

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

Mauritius Rupee (MUR.)

Approx. Ex. Rate:

1 US Dollar = 29.06 Mauritius Rupee

Fiscal Year End:

December 31, 2011

Inflation:

According to information given by independent sources, the inflation at December 31st, 2011 was of 13%.

 

Financial Information Submitted

MUR.

 

Undisclosed

 

 

BANK

 

 

Bank Name:

MCB Bank

Branch:

Ebene

Comments:

None

 

 

TRADE REFERENCES

 

 

Experiences:

Good

 

 

NOTARIAL BONDS

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION

 

 

This information was obtained from outside sources other than the subject company itself.

 

This company is a GLOBAL BUSINESS CATEGORY 2 (GBL 2) which is registered in Mauritius; It is difficult to investigate such a Company due to the Seychelles regulations protecting the non-disclosure of the name of the shareholders. It is a tax exempt company therefore has no access the network of Double Taxation Agreements of Mauritius. It cannot carry out business of company formation, administration and management or provide professional nominee or trusteeship services. It is furthermore prevented from raising capital from the public and offer of provide financial services or other services as fiduciary in any investment fund or any collective investment scheme.

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in the Mauritius Islands, it uses such territory only as its legal and administrative address, but all its operations are carried out abroad.

 

Confidentiality is strictly observed in terms of the FSD Act. No person or body is authorized to disclose information or present documentation to any court, tribunal, committee of inquiry or other authority in Mauritius unless ordered to do so by a Court of Law on application by the Director of Public Prosecution for inquiry into the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering as defined under existing legislation.

 

The identity of the beneficial owner needs to be disclosed only to the registered agent and to the banker if a bank account is required in Mauritius. The kept by the Registrar of Companies may only be inspected by the shareholders of the company.

A GBL2 may be locally incorporated or registered as a branch of a foreign company.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.72

UK Pound

1

Rs.86.98

Euro

1

Rs.70.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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

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

--

NB

                                       New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.