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Report Date : |
23.09.2013 |
IDENTIFICATION DETAILS
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Name : |
Quality Power Inc |
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Registered Office : |
4th Floor Ellen Skelton Building, P.O. Box 3444, Post Code: VG1110,
Tortola |
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Country : |
British Virgin Islands |
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Date of Incorporation : |
06.07.2005 |
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Com. Reg. No.: |
665561 |
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Legal Form : |
International Business Company |
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Line of Business : |
Finance and Investment |
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No. of Employees : |
Nil |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Offshore Company |
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Payment Behaviour : |
Unknown |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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British Virgin Islands |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
BRITISH VIRGIN
ISLANDS - ECONOMIC OVERVIEW
The economy, one of the most
stable and prosperous in the Caribbean, is highly dependent on tourism generating
an estimated 45% of the national income. More than 934,000 tourists, mainly
from the US, visited the islands in 2008. In the mid-1980s, the government
began offering offshore registration to companies wishing to incorporate in the
islands, and incorporation fees now generate substantial revenues. Roughly
400,000 companies were on the offshore registry by yearend 2000. The adoption
of a comprehensive insurance law in late 1994, which provides a blanket of
confidentiality with regulated statutory gateways for investigation of criminal
offenses, made the British Virgin Islands even more attractive to international
business. Livestock raising is the most important agricultural activity; poor
soils limit the islands' ability to meet domestic food requirements. Because of
traditionally close links with the US Virgin Islands, the British Virgin
Islands has used the US dollar as its currency since 1959.
Source
: CIA
IDENTIFICATION
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Ordered as: |
Quality Power
Inc |
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Address in the order: |
Portcullis TrustNet Chambers, Road, Town, Tortola, British Virgin
Islands, British Virgin Islands |
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Legal Name: |
Quality Power Inc |
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Legal Address |
4th Floor Ellen Skelton Building P.O. Box 3444 |
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Postal Town |
Road Town |
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Post Code |
VG1110 |
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Primary Geographic Area |
Tortola |
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Country |
VG |
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Location Status |
Legal Address, |
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Mailing Address |
P.O. Box 3444 Road Town Tortola VG1110 VIRGIN ISLANDS, BRITISH |
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Telephone: |
+1-284-494-5296 |
Registration Number: |
665561 |
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Fax: |
+1-284-494-5283 |
Legal Form: |
International Business Company |
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Email: |
N.A. |
Registered in: |
VG |
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Website: |
N.A. |
Date Created: |
2005 |
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Manager: |
N.A. |
Date Incorporated: |
06 July, 2005 |
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Management: |
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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. |
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Legal Fillings |
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The sources consulted record no detrimental
legal or labor court information. |
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Shareholders
Parent Company(ies): |
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The company is
owned by foreign shareholders. |
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PAYMENTS |
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made on a 20
days basis - monitored over the last 12 months |
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DEBT COLLECTIONS AND
PAYMENTS |
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Public |
NO |
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Payments |
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Trade References: |
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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. |
N/a
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Financials - COMMERCIAL TRENDS AND FORECAST |
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As a private
company the subject does not publish any financial statements. |
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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. |
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Currency |
DATE |
|
USD |
2012 |
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Turnover |
0 |
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Operating Income |
6 300 000 |
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Net Income |
6 300 000 |
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Net worth |
25 000 000 |
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Bank liabilities |
0 |
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The cash flow is |
Good |
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Profitability |
GOOD |
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Indebtedness |
NIL |
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Cash |
GOOD |
N/a
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Staff: |
0 |
Stock: |
N.A. |
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SIC Code: |
6719 |
Value: |
50 000 USD |
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Activity: |
Offshore
company |
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BANKS |
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Name of the Bank |
HSBC |
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BUSINESS PRINCIPAL ACTIVITY |
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Quality Power Inc 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.
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. |
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Comments on staff: |
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The subject uses the staff of the registered Agent. |
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LOCATION |
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Headquarters |
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The Address
mentioned above is that of the registered agent: Portcullis
TrustNet (BVI) Limited 4th Floor
Ellen Skelton Building P.O. Box 3444 Road Town Tortola VG1110 British Virgin
Islands Tel#:
1-284-494-5296 Fax#:
1-284-494-5283 PHYSICAL ASSET
HOLDINGS: No properties in the British Virgin Islands. Possible properties
abroad are unknown. |
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Business
Overview: |
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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. 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. |
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Listed at the
stock exchange: |
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NO |
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Final Opinion |
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We are reporting
upon a finance and investments company which belongs to foreign shareholders.
Although it is registered in the British 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. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
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|
1 |
Rs.99.90 |
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Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.