MIRA INFORM REPORT

 

 

Report Date :

27.09.2012

 

IDENTIFICATION DETAILS

 

Name :

MASTERFOODS LTD

 

 

Registered Office :

P.O. Box 445 Suite 5, Garden City Plaza Mountain view Boulevard City of Belmopan Belize (Registered Agent)

 

 

Country :

Belize

 

 

Date of Incorporation :

2006

 

 

Legal Form :

International Business Company

 

 

Line of Business :

Offshore company

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Belize

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BELIZE - ECONOMIC OVERVIEW

 

Tourism is the number one foreign exchange earner in this small economy, followed by exports of marine products, citrus, cane sugar, bananas, and garments. The government's expansionary monetary and fiscal policies, initiated in September 1998, led to GDP growth averaging nearly 4% in 1999-2007. Oil discoveries in 2006 bolstered this growth. Exploration efforts have continued and production has increased a small amount. In February 2007, the government restructured nearly all of its public external commercial debt, which helped reduce interest payments and relieved some of the country's liquidity concerns. Growth slipped to 0% in 2009, 2.7% in 2010, and 2.5% in 2011 as a result of the global slowdown, natural disasters, and a temporary drop in the price of oil. With weak economic growth and a large public debt burden, fiscal spending is likely to be tight. A key government objective remains the reduction of poverty and inequality with the help of international donors. Although Belize has the second highest per capita income in Central America, the average income figure masks a huge income disparity between rich and poor. The 2010 Poverty Assessment shows that more than 4 out of 10 people live in poverty. The sizable trade deficit and heavy foreign debt burden continue to be major concerns.

Source : CIA

GEOPOLITICS – BELIZE

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Commonwealth Realm - Parliamentary system


Economic Risk: High

Currency: 100 BZD = 52.95 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Masterfoods Ltd

Address in the order:

Suite 5 Geadren City Plaza Mountain View Blvd City of Belmopan

 

 

Legal Name:

Masterfoods Ltd

 

 

Legal Address

P.O. Box 445 Suite 5, Garden City Plaza Mountainview Boulevard City of Belmopan Belize (Registered Agent)

 

 

Telephone:

(501) 822-2990 (Registered Agent)

Registration Number :

N.A.

Fax:

(501) 822-2989 (Registered Agent)

Legal Form:

International Business Company

Email:

N.A.

Registered in:

Belize

Website:

N.A.

Date Created:

2006 (not verified)

Manager:

N.A.

Date Incorporated:

N.A.

Staff:

0

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Offshore company

 

 

BANKS

 

Name of the Bank

Banco Popular

Account Number

Confidential

Comments

This information was not verified by the registered agent.

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

MASTERFOODS LTD is an International Business Company / Offshore Company incorporated in Belize for tax purposes.

 

However the company does not carry any operation in Belize.

 

It is not registered with the Belize Chamber of Commerce as being an active business.

 

It is not listed with the Belize yellow pages.

 

It is not listed with the major local credit bureaus.

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.

 

The subject employs 0 employee(s)

Comments on staff:

 

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

 

PAYMENTS

 

made on a 30 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The address mentioned above is that of the registered agent:

 

Belize Offshore Services Limited

P.O. Box 445

Suite 5, Garden City Plaza

Mountainview Boulevard

City of Belmopan Belize

Tel: 501-822-2990

Fax: 501-822-2989

Email: enquiries@bosl.com

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

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.

Related Companies:

 

Through outside sources we could learn that the subject would be related to:

 

Masterfoods Ltd., trading as Mars Confectionery, produces snacks and confectionery. The company offers chocolate snacks, pasta, rice, sauces, ice cream, and pet food products.

 

Masterfoods Ltd. operates as a subsidiary of Mars, Incorporated.

 

3D Dundee Road

Slough, SL1 4LG

United Kingdom

Phone: 44 1664 410 000

 

However, the subject being an offshore company, the link could not be verified.

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

Currency

DATE

 

 

USD

2011

 

 

Turnover

0

 

 

Operating Income

1,500,000

 

 

Net Income

1,500,000

 

 

Bank liabilities

0

 

 

The cash flow is

normal

 

 

 

Comments on the financial data: The company being an offshore, it was not possible to verify the financial figures with the registered agent.

Legal Filings

 The sources consulted record no detrimental legal or labor court information.

 

 

Rating

 

Local credit bureau did not rate this company.

 

 

 Final Opinion

 

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in the Belize, 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.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

GOOD

Public

NO

 

Indebtedness

NIL

Payments

REGULAR

 

Cash

NORMAL

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.57

UK Pound

1

Rs.86.60

Euro

1

Rs.68.93

 

 

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.