MIRA INFORM REPORT

 

 

Report Date :

28.06.2007

 

IDENTIFICATION DETAILS

 

Name :

SEYCHELLES MARKETING BOARD

 

 

Registered Office :

P. O Box 634, Mahe

 

 

Country :

Seychelles

 

 

Date of Incorporation :

5/9/1984

 

 

Legal Form :

State Company

 

 

Line of Business :

National trade promotion centre, production and exports of black tiger prawns, food products and export import regulation agency etc

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

COMPANY REPORTED

 

SEYCHELLES MARKETING BOARD

 

 

Other Name

 

SCB

 

 

Principal Address

 

P. O Box 634, Mahe, Seychelles

Telephone:        +248-285151/28500/ 285000/ 285259

Fax:                  +248- 224735

Email:               mail@smb.sc / exportsunit@smb.sc

Internet:            www.smb.sc

 

 

Established

 

5/9/1984

 

 

Registration

 

No. 2170 Mahe, Seychelles

 

 

Legal Form

 

State company

 

 

Stock Listing

 

Not Listed

 

 

Workforce

 

2006                                                                                         

200                                                                                           

 

 

 

 

 

 

Office & Factories  

 

Head offices      Latanier House, Latanier Road , Victoria, Mahe , Seychelles

Branches          None

 

 

Company Profile

 

Paid in Capital                               SCR. 100,000,000

 

 

Shareholders     

 

Name                                       Position                       Amount            Ratio

Mr. Mukesh Valabhji                  Managing Director                     

Mr. A Sharaf                              Director            

Government of Seychelles          Shareholder                                           100.00%

Total                                                                                                     100.00%

 

Credit Opinion:   Our proposed credit amount of USD 100,000 is recommendable

 

 

Affiliated Companies

 

None

 

 

Management/ Directors    

 

President/ CEO (1)

 

Name

Mr. Mukesh Valabhji

Work Experience

25 years in this line of business

Remarks

Top Decision Maker

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 

 

National trade promotion centre, production and exports of black tiger prawns, food products and export import regulation agency etc

 

 

Terms of payment

 

Buying terms                     On bid

Selling terms                     80% in cash, 20% on credit

 

                                       

Suppliers   

 

Various organizations

 

 

Customers 

 

Investors, distribution stores, importers and exporters etc

 

                                       

Recent Sales

 

SCR. 680,000,000  (2006)

 

 

Exports

 

Asia, USA, EU and Africa

Export Ratio                      50.0%

Import Ratio                       50.0%

Domestic Market Share      40.0%

 

 

Banking relationship  

 

Main Banks                      SCB Bank, Mahe

 

 

COMMENTS

 

Maximum credit we recommend is USD 100,000 outstanding at any one time. There have been cases of the company evading taxes & government duty in the past, however the payments and penalties paid have not affected the smooth running of the company.

 

 

 

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

 

 

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%)

 

 

 

 

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