MIRA INFORM REPORT

 

 

Report Date :

05.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

CHEM-PLUS LTD

 

 

Registered Office :

P O Box 236, Royal Road, Fond Du Sac

 

 

Country :

Mauritius

 

 

Date of Incorporation :

10/9/1998

 

 

Com. Reg. No.:

No. 49922  Mauritius

 

 

Legal Form :

Limited Liability Company, Limited by shares

 

 

Line of Business :

Retailers of chemical and Allied materials

 

 

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.

Small

 

Maximum Credit Limit :

USD 50,000

 

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

COMPANY REPORTED  

 

CHEM-PLUS LTD

 

 

Principal Address

 

P O Box 236, Royal Road, Fond Du Sac, Mauritius

Telephone:                                      +230-2493100/ 3417

Fax:                                               +230-2493417

Email:                                             None

Internet:                                          None

 

 

Established    

 

10/9/1998

 

 

Registration  

 

No. 49922  Mauritius

 

 

Legal Form

 

Limited Liability Company, Limited by shares

 

 

Stock Listing

 

Not Listed

 

 

Workforce

 

2007                                                                                           

60                                                                                              

 

 

Office & Factories  

 

Head offices                                    Royal Road, Fond Du Sac, Mauritius

 

Branches                                        None

 

 

Company Profile 

 

Paid in Capital                                MUR. 1,000,000

 

Subscribed Capital                         MUR. 1,000,000

 

 

Shareholders     

 

Name                                             Position                          Amount                  Ratio

 

Mr. Nababsing Ganoo                      Director                                                         

Mr. Gelibter Abboobakar                   Director                                                         

Total                                                                                                                    100.00%

 

 

Credit Opinion     

 

Our proposed credit amount of USD 50,000 is recommendable

 

 

Affiliated Companies   

 

None

 

 

Management/ Directors    

 

President/ CEO (1)             

Name                                 Mr. Nababsing Ganoo

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 

 

Retailers of chemical and Allied materials

 

 

Terms of payment

 

Buying terms                       30% in cash, 70% on credit

 

Selling terms                       50% in cash, 50% on credit

                                        

 

Suppliers   

 

SASOL, Chemical Manufacturers etc

 

 

Customers 

 

Industries & companies

                                         

 

Recent Sales  

 

MUR. 160,000,000  (2007)

 

 

Exports

 

Neighboring countries

 

 

Export Ratio  

 

<30.0%

 

 

Import Ratio  

 

40.0%

 

 

Domestic Market Share    

 

15.0%

 

 

Banking relationship  

 

Main Banks                        State Bank of Mauritius

 

 

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 50,000 outstanding at any one time.

 

 

 

 

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.

 

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