MIRA INFORM REPORT

 

 

Report Date :

22nd November, 2006

 

IDENTIFICATION DETAILS

 

Name :

EMKAY OVERSEAS LTD

 

 

Registered Office :

6, Icery Road, Forest Side

 

 

Country:

Mauritius

 

 

Financials (as on) :

30.06.2005

 

 

Date of Incorporation :

30.11.2004

 

 

Com. Reg. No.:

53610

 

 

Legal Form :

Private

 

 

Line of Business :

Importer and distributor of stones, diamonds and jewelleries

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

      

Company name

 

EMKAY OVERSEAS LTD

                            

 

Address

 

6, Icery Road

Forest Side

Tel:       (230) 465-4426

Fax:      (230) 465-4468

 

 

INCORPORATED

 

30.11.04

 

 

STATUS

 

Private

 

 

CO. NO.

 

53610

 

 

DIRECTORS

 

Mr. Daby Makoond Kishor

Mr. Daby Vikash Kishor

Mrs. Daby Roma

 

 

SHAREHOLDERS                 SHARES

 

Mr. Daby Makoond Kishor                                                                      60

Mr. Daby Vikash Kishor                                                                          20

Mrs. Daby Roma                                                                                    20

           

 

ISSUED CAPITAL

 

RS 25,000

 

 

ACTIVITIES

 

Importer and distributor of stones, diamonds and jewelleries.

 

 

SIZE

 

Company offices is situated in Quatre Bornes.

 

 

IMPORTS

 

Subject imports from sources in South Africa and India.

 

 

EMPLOYMENT

 

5 – 10

 

 

FINANCE 

 

(2005)

Turnover:           813,820

Loss:                5,102

 

 

PRODUCT RANGE

 

 

 

OBSERVATION

 

The company specialises and trades in precious, semi-precious and synthetic stones, diamonds & jewelleries. They deal in importation and export, wholesaler/distributor of diamonds and jewelleries.

However, on account of the relatively new creation of this concern and the poor trading performance resulting from its first year trading activities, it is advisable top proceed cautiously when contemplating credit grants to the extent of your enquiry.

 

 

BANKERS

 

State Bank of Mauritius Ltd

 

FINANCIAL SUMMARY FOR THE PERIOD FROM 30 NOVEMBER 2004 TO 30 JUNE 2005

 

PROFIT AND LOSS STATEMENT

 

 

RS

Turnover

813,820

Less:

 

Cost of sales

797,662

Management & Administrative expenses

21,260

 

-

 

----------------------------

Net Loss for the year period

(5,102)

 

==============

 

 

ASSETS

 

NON CURRENT ASSETS

 

Tangible fixed assets

-

 

 

CURRENT ASSETS

 

Stock

475,285

Accounts receivable

12,500

Cash in hand and at bank

125,425

 

----------------------------

Total Assets

613,210

 

==============

EQUITY AND LIABILITIES

 

Capital & Reserves

 

Share Capital

25,000

Profit and Loss Account

(5,102)

 

----------------------------

 

19,898

 

----------------------------

CURRENT LIABILITIES

 

Shareholders loan

467,757

Accounts payable

125,555

 

----------------------------

Total equity and liabilities

613,210

 

==============

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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