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Report No. : |
312615 |
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Report Date : |
23.03.2015 |
IDENTIFICATION DETAILS
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Name : |
HARDCASTLE WAUD LTD |
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Registered Office : |
C/O Mossack, Fonseca & Co. (BVI) Ltd Akara Building, 24 De Castro Street, Wickhams Cay 1, P.O. Box 3136, Town Road, VG1110, Tortola |
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Country : |
British Virgin Islands |
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Date of Incorporation : |
26.02.2010 |
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Com. Reg. No.: |
1573074 |
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Legal Form : |
International Business Company |
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Line of Business : |
Engaged in Finance and investment |
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No of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
International Business Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
---- |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
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Source : CIA |
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IDENTIFICATION |
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Ordered
as: |
HARDCASTLE
WAUD LTD |
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Address
in the order: |
AKARA BLDG,
24 DE CASTRO STREET WICKHAMS CAY 1, ROAD TOWN, TORTOLA British
Virgin Islands |
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Legal
Name: |
HARDCASTLE
WAUD LTD |
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Legal
Address |
C/O
Mossack, Fonseca & Co. (BVI) Ltd Akara
Building, 24 De Castro Street Wickhams
Cay 1 P.O. Box
3136 |
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Postal
Town |
Town Road |
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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 |
Single
Location,Legal Address, |
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Mailing
Address |
C/O
Mossack, Fonseca & Co. (BVI) Ltd P.O. Box
3136 Road
Town, Tortola British
Virgin Islands |
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Telephone: |
1-284-494-4840 |
Registration
Number : |
1573074 |
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Fax: |
1-284-494-4841 |
Legal
Form: |
International
Business Company |
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Email: |
N.A. |
Registered
in: |
VG |
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Website: |
N.A. |
Date
Created: |
2010 |
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MANAGERS: |
N.A. |
Date
Incorporated: |
February
26, 2010 |
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Staff: |
0 |
Stock: |
50 000
shares |
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SIC Code: |
6719 |
Value: |
N.A. |
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Activity:
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Engaged in Finance and investment |
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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
Filings |
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The sources consulted record no detrimental legal
or labor court information. |
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Shareholders - RELATED COMPANIES |
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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The company is owned by foreign shareholders. |
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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. |
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PAYMENTS |
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Unknown |
DEBT COLLECTIONS AND PAYMENTS
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Public |
NO |
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Payments |
Unknown |
RELATED COMPANIES:
The company would be related to:
Hardcastle & Waud Manufacturing Company Limited
Brabourne
Stadium, 87 Veer Narim
MUMBAI 400020
India
However, the subject being an offshore, the link could not be verified.
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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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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 |
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USD |
2014 |
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Turnover |
0 |
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Operating
Income |
2 700 000 |
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Net
Income |
2 700 000 |
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Net worth |
8 600 000 |
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Bank
liabilities |
0 |
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The cash
flow is |
good |
FINANCIAL
SUMMARY
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Profitability |
GOOD |
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Indebtedness |
NIL |
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Cash |
GOOD |
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GEOPOLITICS - BRITISH VIRGIN ISLANDS |
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POLITICAL
DATA |
ECONOMIC
DATA |
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Form of
Government: British overseas territory - Parliamentary system
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Currency:
USD |
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BANKS |
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Name of
the Bank |
BARCLAYS
BANK |
PRINCIPAL ACTIVITY
HARDCASTLE
WAUD 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.
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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The
subject employs 0 employee(s) |
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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 |
The Address
mentioned above is that of the registered agent:
MOSSACK FONSECA & CO. (B.V.I.) LTD.
Akara Building, 24 de Castro Street
Wickhams Cay 1
P.O. Box 3136
Road Town, Tortola
British Virgin Islands
TEL.: 1-284-494-4840
FAX: 1-284-494-4841
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 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.
RATING
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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. |
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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
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Indian Rupees |
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US Dollar |
1 |
Rs.62.29 |
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UK Pound |
1 |
Rs.93.02 |
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Euro |
1 |
Rs.67.36 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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 |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.