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Report No. : |
344110 |
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Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
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Name : |
MTC ELECTRONIC CO LIMITED |
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Registered Office : |
Sea Meadow House,Black Burne Highway, P.O. Box 116, Town Road, VG1110, Tortola |
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Country : |
British Virgin Islands |
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Date of Incorporation : |
10.02.2011 |
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Com. Reg. No.: |
1631603 |
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Legal Form : |
International Business Company |
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Line of Business : |
Offshore Company |
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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 : |
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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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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Legal Name: |
MTC Electronic Co Limited |
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Legal Address |
Sea Meadow House,Black Burne Highway P.O. Box 116 |
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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 |
P.O. Box 116 Road Town Tortola VG1110 British Virgin Islands |
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Telephone: |
1-284-494-3399 |
Registration Number : |
1631603 |
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Fax: |
1-284-494-3041 |
Legal Form: |
International Business Company |
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Email: |
N.A. |
Registered in: |
VG |
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Website: |
N.A. |
Date Created: |
2011 |
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MANAGERS: |
N.A. |
Date Incorporated: |
February 10,2011 |
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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: |
Offshore company |
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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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Public |
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. |
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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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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DATE |
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USD |
2013 |
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Turnover |
0 |
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Operating Income |
1 800 000 |
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Net Income |
1 800 000 |
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Net worth |
3 000 000 |
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Bank liabilities |
0 |
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The cash flow is |
Good |
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FINANCIAL
SUMMARY |
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Profitability |
GOOD |
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Indebtedness |
NIL |
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Cash |
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N/A
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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 Economic Risk: Nil |
Currency: USD Branch Situation:Stable |
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BANKS |
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Name of the Bank |
HSBC |
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BUSINESS Registration Change: |
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The company was registered in February 10,2011 under the name MTC
(BVI) CO LIMITED . In July 6 ,2011 the company changed their legal name to the one stated
in the report. |
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PRINCIPAL
ACTIVITY |
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MTC Electronic Co Limited 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 |
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The Address mentioned above is that of the registered agent: Corporate Registrations Limited Sea Meadow House,Black Burne Highway P.O. Box 116 Road Town Tortola VG1110 British Virgin Islands Tel#: 1-284-494-3399 Fax#: 1-284-494-3041 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.
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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. |
N/A
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.26 |
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1 |
Rs.99.53 |
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Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
ASH |
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.