MIRA
INFORM REPORT
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Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
STATE INVESTMENT CORPORATION |
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Registered Office : |
15th Flr Mauritius Centre, John
Kennedy Street, Port Louis |
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Country : |
Mauritius |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
X1759 |
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Legal Form : |
Limited
Liability Company, Limited by shares |
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Line of Business : |
Holding and
investment company |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
STATE INVESTMENT CORPORATION
Principal Address
15th Flr Mauritius Centre, John Kennedy Street, Port Louis, Mauritius
Telephone: +230-2028900, 2081577
Fax: +230-2088948
Email: contactsic@stateinvestment.com
Internet: www.stateinvestment.com
Established
1984
Registration
No. X1759 Port Louis, Mauritius
Legal Form
limited Liability company,
Limited by shares
Stock Listing
Not Listed
Workforce
2006
40
Office & Factories
Head offices 15th Flr Mauritius Centre, John Kennedy Street, Port Louis, Mauritius
Branches None
Company Profile
Paid in Capital MUR. 1,000,000
Subscribed Capital MUR. 1,000,000
Shareholders
Name Position Amount
Ratio
Mr. Raj D N
Ringadoo Chairman
Mr. Muhammad I M
Hasham CEO
Mrs. Banoomatee
Veerasamy Director
Mr. Randhir
Mannick Director
Mr. Ishwurlal
Golam Director
Government Of
Mauritius Shareholder 100.00%
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 250,000 is recommendable
Affiliated Companies
Company (1) BEACH CASINOS LTD
Company (2) CAPITAL ASSET
MANAGEMENT LTD
Company (3) CARGO HANDLING CORPORATION
LTD
Company (4) CASINO DE MAURICE
LTEE
Company (5) DOMAINE LES
PAILLES LTD
Company (6) GAME LINK
Company (7) LAKEPOINT LTD
Company (8) LE CAUDAN
WATERFRONT CASINO LTD
Company (9) LE GRAND CASINO DU
DOMAIN LTEE
Company (10) LE VAL DEVELOPMENT
CO LTD
Company (11) NATIONAL HOUSING
DEVELOPMENT CO LTD
Company (12) PRIME REAL ESTATE
LTD
Company (13) SIC FUND
MANAGEMENT LTD
Company (14) STATE INVESTMENT
FINANCE CORPORATION LTD
Company (15) SUN CASINOS LTD
Management/ Directors
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President/
CEO (1) |
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Name |
Mr. Raj D N Ringadoo |
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Work Experience |
20 years in this line of business |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. Muhammad I M Hasham |
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Education |
Graduated from Harvard, MBA(Major : Accounts and finance) |
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Work Experience |
15 years in this line of business |
Þ Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.
Business Activities
Holding and
investment company
Terms of payment
Buying terms N/a
Selling terms N/a
Suppliers
None
Customers
Local agencies, stores and
outlets
Recent Sales
MUR. 2,800,000,000
(2006)
Banking relationship
Main Banks State Bank
Credit Check of Subject,
President & CEO
(as of report date)
Payment Morale : In the documents at our
disposal nothing adverse has been shown so far.
CREDIT RATING : Financial situation is
average.
COMMENTS
Maximum credit we recommend is USD 250,000 outstanding at any one time.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)