MIRA INFORM REPORT

Report No. :	353549
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	SAVARO LTD
Registered Office :	Drake Chambers, P.O. Box 3321 Road Town Tortola VG1110
Country :	British Virgin Islands
Date of Incorporation :	09.04.2003
Com. Reg. No.:	541325
Legal Form :	International Business Company
Line of Business :	Activities of holding companies [Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employee :	Not Available

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 :	International Business 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
British Virgin Islands	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

Company Summary

Business Name	Savaro Ltd
Country	VIRGIN ISLANDS, BRITISH
Company Registration Number	541325
Main Activity Code	6420
Main Activity Description	Activities of holding companies
Company Status	(Active)
Latest Turnover Figure	--
Latest Shareholder Equity Figure	--

Basic Information

Business Name	Savaro Ltd
Registered Company Name	Savaro Ltd
Company Registration Number	541325
Country	VIRGIN ISLANDS, BRITISH
VAT Registration Number
VAT Registration Date
Date of Company Registration	2003-04-09
Date of Starting Operations	2003-04-09
Commercial Court
Legal Form	International Business Company
Type of Ownership
Company Status	(Active)
Principal Activity Code
Principal Activity Description
Contact Telephone Number	1-284-494-4541

Main Address

Address	Country	Telephone
Drake Chambers, P.O. Box 3321 Road Town Tortola VG1110	VIRGIN ISLANDS, BRITISH	1-284-494-4541

Other Address

Address	Country	Telephone
No other addresses for this company.

Previous Address

Address	Country
No previous addresses for this company.

Activities

Activity Code	Activity Description
6420	Activities of holding companies

Email Addresses

No email for this company.

Web Pages

No web pages for this company.

Employee Information

Date Reported Number of Employees

2015 0

Banker Information

Banker Name	Banker Address	Phone Number
CHASE BANK

Advisors Information

Auditor Name Solicitor Name

No advisor information for this company.

Miscellaneous Information

Fax Number	1-284-494-3016
Export Countries
Import Countries
Additional Business Information	Savaro 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.
Additional Rating Information	Local credit bureau did not rate this company. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Additional Payment Information	made on a 35 days basis - monitored over the last 12 months
Additional Financial Information	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. (USD 2014) Turnover: 0; Operating Income: 1,880,000; Net Income: 1,880,000; Net worth: 14,680,000; Bank Liabilities: 0; The cash flow is Normal.
Number of Employees at Address	0
Number of Employees at Group
Number of Employees at Factory

Additional Miscellaneous Information

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.
Comments on staff	The subject uses the staff of the registered Agent.
Physical Asset Holdings	No properties in the British Virgin Islands. Possible properties abroad are unknown.
Business Overview	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 canbe 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.
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	The subject would be related to: Savaro Ltd Suite 351 10 Great Russell Street London WC1B 3BQ United Kingdom However, the subject being an offshore, the links could not be verified.
Final Opinion	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. A credit line maybe considered for USD 200,000.

Financial Information

No financial information for this company.

Directors/Managers

No directors information for this company

Share Capital Structure

Nominal Share Capital 50.000

Issued Share Capital

Shareholders

Shareholder Address % Shares Held

No Shareholders for this company.

Group Structure

No group structure information for this company

Negative Information

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10
USD	1	Rs.67.06

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	ANK

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%)

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