MIRA INFORM REPORT

 

 

Report Date :           

04.10.2011

 

IDENTIFICATION DETAILS

 

Name :

HAREL MALLAC EXPORT LTD

 

 

Registered Office :

18, Edith Cavell street, Port Louis

 

 

Country :

Mauritius

 

 

Financials (as on) :

31.12.2010 (Group)

 

 

Date of Incorporation :

31.08.2010                                                      

 

 

Com. Reg. No.:

C10097450

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as Freeport activity

 

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

 

Maximum Credit Limit :

USD 50,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Mauritius

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUBJECT'S NAME   

 

Registered Name:                                    HAREL MALLAC EXPORT LTD

Requested Name:                                    HAREL MALLAC EXPORT LTD

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Fort George, Port Louis

Registered Address                                 18, Edith Cavell street, Port Louis

Postal Address:                                       P.o Box 36

                                                              Port Louis

Country:                                                  Mauritius

Phone:                                                    230-2163965

Fax:                                                       230-2425321

Email:                                                     ho@harelmallac.com   

Website:                                                 www.harelmallac.com

 

 

CREDIT OPINION

 

Financial Index as of December 2010 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments. We recommend Credit of USD 50,000 on 90 days.

 

 

LEGAL

 

Legal Form:                                                      Limited Corporation 

Date Incorporated:                                            31-Aug-2010

Reg. Number:                                                   C10097450

Nominal Capital                                                MUR. 25,000

Subscribed Capital                                            MUR. 25,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Antoine L. Harel                                          Chairman                        

Mr. Christopher E. Boland                                 CEO                               

Mr. Charles P.l. Harel                                        Director                           

Mr. A.H. Kine S. S. Hock Meen                         Director                           

Mr. R.J. Paul Clarenc                                        Director                           

Mr. Patrick M.J. Giblot ducray                           Director                           

Mr. Anwar A.H. Moollan                                    Director                           

Ms. L.J. Michel Rivalland                                   Director                           

Mr. Alain Ah-Sue                                              Director                           

Mr. M.A.Guy Harel                                            Director                           

Mr. Harold Ng Kwing King                                  Director                           

Harel Mallac Group                                           Holding Company              100%

 

 

RELATED COMPANIES  

 

Harel Mallac Group                                           Parent company.

None                                                               Subsidiary company.

Listed Below                                                    Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

 

OPERATIONS

 

Registered to operate Freeport activity

 

Imports:                                                           Europe, Asia and South Africa

Exports:                                                           Neighboring countries

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              Group companies, firms and organizations

Employees:                                                      20 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Mauritius

Location:                                                          Rented/ Owned premises, 50.000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          BDO DE CHAZAL DU MEE

Insurance Brokers:                                            AIG

                                                                      

 

FINANCE 

 

Currency Reported:                                           Mauritius Rupee (MUR.)

Approx. Ex. Rate:                                             1 US Dollar = 29.03 Mauritius Rupee

Fiscal Year End:                                               December 31, 2010

Inflation:                                                           According to information given by independent sources, the

                                                                       inflation at December 31st, 2010 was of 13%.

 

Group Financial Information Submitted below       

                                                                       

 

BANK 

 

Bank Name:                                                     State Bank of Mauritius

Branch:                                                            Trade Finance Division, Level 3, State bank Tower, 1 Queen

                                                                       Elizabeth Avenue

Comments:                                                      Other Banks: Mauritius Commercial Bank

                                                                      

 

TRADE REFERENCES    

 

Experiences:                                                    Good

                                                                      

 

NOTARIAL BONDS   

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

                                                                      

 

AFFILIATED COMPANIES

·         ACTIVELINE LTD

·         ARCHEMICS LTD

·         BUREAUTIC SERVICES SAS

·         BYCHEMEX LIMITED

·         CHEMCO LIMITED

·         CLIMAPRO LTEE

·         COOLKOTE ENTERPRISES LTD

·         CYBERYDER LTD

·         COMPAGNIE DES MAGASINS POPULAIRES LIMITEE

·         DISTRISOFT LTD

·         EDITH ENTERPRISES LTD

·         FONDATION HAREL MALLAC LTD

·         HAMAC EXPORT SERVICES LTD

·         HAREL MALLAC AVIATION LTD

·         HAREL MALLAC BUREAUTIQUE LTD

·         HAREL MALLAC DISTRIBUTION SARL

·         HAREL MALLAC ENGINEERING LTD

·         HAREL MALLAC INTERNATIONAL LTD

·         HAREL MALLAC LEASING LTD

·         HAREL MALLAC OUTSOURCING LTD

·         HAREL MALLAC REPROGRAPHICS LTD

·         HAREL MALLAC (TANZANIA) LIMITED

·         HAREL MALLAC TECHNOLOGIES LTD

·         HAREL MALLAC TRAINING INSTITUTE LTD

·         HAREL MALLAC TRAVEL & LEISURE LTD

·         H. M. COMMUNICATIONS LTD

·         HM ELECTRONICS LTD

·         H M FREEPORT LTD

·         HM SECRETARIES LTD

·         INDIALLEY LTD

·         INFOCOM SAS INFORMATICS BUSINESS SOLUTIONS LTD

·         INFOSYSTEMS BUSINESS TECHNOLOGIES SARL

·         LOGIMA LTEE

·         ORINUX (MAURITIUS) LTD

·         ORINUX (RWANDA) SARL

·         MAURITIUS COMPUTING SERVICES LIMITED

·         M.C.F.I. (FREEPORT) LIMITED

·         MCFI INTERNATIONAL (ZAMBIA) LTD

·         MCFI INTERNATIONAL & CO. LTD

·         MICIL LIMITEE

·         PHARMALLAC SARL PORTUS LTD

·         SOCIETE GARE DU NORD

·         SOCIETE SICAREX

·         STANDARD CONTINUOUS STATIONERY LIMITED

·         STRAFIN GLOBAL SERVICES LTD

·         TECHNO CITY LTD

·         THE MAURITIUS CHEMICAL AND FERTILIZER INDUSTRY LIMITED

 

   

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.42

UK Pound

1

Rs.76.72

Euro

1

Rs.65.85

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.