MIRA
INFORM REPORT
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Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
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Name : |
IRELAND BLYTH LTD. |
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Registered Office : |
5th Floor, IBL House, Caudan,
Port Louis |
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Country : |
Mauritius |
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Financials (as on) : |
30.06.2012 (Group) 30.06.2012 (Subject Company) |
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Date of Incorporation : |
14.07.1972 |
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Com. Reg. No.: |
C2052 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as a Holding company |
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No. of Employees : |
3,000 employees |
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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Mauritius |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
mauritius - ECONOMIC OVERVIEW
Since independence in 1968, Mauritius has developed from a low-income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, annual growth has been in the order of 5% to 6%. This remarkable achievement has been reflected in more equitable income distribution, increased life expectancy, lowered infant mortality, and a much-improved infrastructure. The economy rests on sugar, tourism, textiles and apparel, and financial services, and is expanding into fish processing, information and communications technology, and hospitality and property development. Sugarcane is grown on about 90% of the cultivated land area and accounts for 15% of export earnings. The government's development strategy centers on creating vertical and horizontal clusters of development in these sectors. Mauritius has attracted more than 32,000 offshore entities, many aimed at commerce in India, South Africa, and China. Investment in the banking sector alone has reached over $1 billion. Mauritius, with its strong textile sector, has been well poised to take advantage of the Africa Growth and Opportunity Act (AGOA). Mauritius' sound economic policies and prudent banking practices helped to mitigate negative effects from the global financial crisis in 2008-09. GDP grew more than 4% per year in 2010-11, and the country continues to expand its trade and investment outreach around the globe.
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Source : CIA |
SUBJECT'S NAME
Registered Name: IRELAND BLYTH LTD.
Requested Name: IRELAND
BLYTH LTD.
Other Names: None
ADDRESS AND TELECOMMUNICATION
Head office Address: 5th Floor, IBL House, Caudan,
Port Louis,
Postal Address: P. o. Box 56,
Port Louis,
Country: Mauritius
Phone: 230-2080388/2032000/2032004/2032227
Fax: 230-2032001/232001/2032016
Email: iblinfo@iblgroup.com
Website: www.iblgroup.com
CREDIT OPINION
Financial Index as of December 2011 shows subject firm with a medium risk
of credit. However, bank and credit information obtained reveal a history of
prompt payments.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 14-July-1972
Reg. Number: C2052
Nominal Capital MUR.
71,438,300
Subscribed Capital MUR.
71,438,300
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Thierry
Lagesse Chairman
Mr. Nicolas
Maigrot CEO
Mr. Gaetan Lan Hun
Kuen CFO
Mr. Simon-Pierre
Rey COO
Mr. François
Desmarais COO
Mr. Fabrizio Merlo COO
Mr. Christian de
Juniac Director
Mr. Bertrand Hardy Director
Mr. Jason Harel Director
Mr. J. Cyril
Lagesse Director
Mr. Arnaud Lagesse Director
Mr. Louis
Rivalland Director
Mr. Michel Guy
Rivalland Director
Belle Mare Holding
Ltd (BMH) Shareholder 10.88%
Anglo Mauritius
Assurance Society Ltd Shareholder 13.82%
Public Shareholder 27.01%
Gml Investissement
Ltee (GML) Shareholder 48.29%
RELATED COMPANIES
None Parent company.
None Subsidiary company.
Listed Below Affiliated companies.
None Shareholder of subject firm.
Various in Mauritius such as
Royal Road Cassis, Mauritius Branches of the firm
OPERATIONS
Registered to operate as a Holding company
operating through four sectors and supported by five corporate units.
Retail Division: Manufacture of domestic appliances, distribution and
maintenance of specialized high-tech electronic equipment in medical and other
fields, manufacture of colour TVs, freezers and autocycles.
Commercial Division: Sale of building materials, Good Year tyres, pharmaceuticals
and fruits. Engineering Division: Production of agricultural and construction
equipment.
Chemical and Equipment Division: Agrochemicals, contracting and service,
electrical and Irrigation.
Tourism Division: car hires, tours, travel services, tour operators and
resorts. Shipping Division: ship owning, shipping agencies, air cargo, clearing
and forwarding.
Services and Finance Division: Computer and
communications, inspection and laboratory services and insurance
Imports: Asia,
South Africa And Europe
Exports: Neighboring countries
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: Stores
and outlets
Employees: 3,000
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mauritius
Location: Rented
premises, 100.000 square feet,
AUDITORS AND INSURANCE
Auditors: Deloitte
Insurance
Brokers: Information not available.
FINANCE
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.69 Mauritius Rupee
Fiscal Year End: December
31, 2011
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2011 was of 13%.
Financial Information Submitted Below
BANK
Bank Name: The
Mauritius Commercial Bank Ltd
Branch: Mauritius
Comments: Other Banks Barclays
Bank PLC
Hong Kong and
Shanghai Banking Corporation
State Bank of
Mauritius Ltd
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.
ASSOCIATED
COMPANIES |
|
ADAM & CO LTD |
|
AIR MASCAREIGNES LIMITÉE |
|
AUSTRALAIR GENERAL SALES |
|
AGENCY LTD |
|
AUSTRALAIR GSA COMORES SARL |
|
AUSTRALAIR GSA MADA SA |
|
BLYCHEM LTD |
|
BLYTH BROTHERS & CO LTD |
|
BLYTRONICS LTD |
|
CASSIS LTD |
|
CATOVAIR COMORES SARL |
|
CERVONIC LTD |
|
CHANTIER NAVAL DE L'OCÉAN |
|
INDIEN LTD |
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CONSTRUCTION & MATERIAL |
|
HANDLING COMPANY LTD |
|
DTOS LTD |
|
DTOS INTERNATIONAL LTD |
|
DTOS TRUSTEES LTD |
|
EQUIP AND RENT COMPANY LTD |
|
EQUITY AVIATION INDIAN OCEAN LTD |
|
FIT-OUT (MAURITIUS) LTD |
|
FROID DES MASCAREIGNES LIMITED |
|
GRAPEVINE LTD |
|
GSP CO LTD |
|
IBL AVIATION COMORES SARL |
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IBL BIOTECHNOLOGY INTERNATIONAL LTD |
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IBL COMORES GSA ANJOUAN SARL |
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IBL COMORES SARL |
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IBL CONSUMER HEALTH PRODUCTS LTD |
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IBL ENTERTAINMENT LTD |
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IBL ENTERTAINMENT HOLDING LTD |
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IBL EQUIPMENT SERVICES LTD |
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IBL FINANCIAL SERVICES HOLDING LTD |
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IBL FISHING COMPANY LTD |
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IBL FOREX COMPANY LTD |
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IBL FOUNDATION |
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IBL INTERNATIONAL LTD |
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IBL MADAGASIKARA SA |
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IBL PROPERTIES LTD |
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IBL REGIONAL DEVELOPMENT LTD |
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IBL REUNION SAS |
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IBL SANTÉ SARL |
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IBL TRAINING SERVICES LTD |
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IBL TRAVEL LTD |
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IBL TRAVEL SARL |
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IBL UGANDAN HOLDINGS LIMITED |
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I-CONSULT LTD |
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INDIAN OCEAN DREDGING LIMITED |
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INDIAN OCEAN LOGISTICS LIMITED |
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INDICO CANNING LTD |
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INSTYLE BY MS LTD |
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INTERFACE MANAGEMENT SERVICES LIMITED |
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INTERFACE INTERNATIONAL LTD |
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IRELAND BLYTH (SEYCHELLES) LTD |
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IRELAND FRASER & CO LTD |
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IRELAND FRASER (MADAGASCAR) LTD |
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I-TELECOM LTD |
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KNIGHTS & JOHNS MANAGEMENT LTD |
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LOGIDIS LTD |
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MADA AVIATION SARL |
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MAD COURRIER SARL |
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MANSER SAXON ALUMINIUM LTD |
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MANSER SAXON CONTRACTING LTD |
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MANSER SAXON DUBAI LLC |
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MANSER SAXON INTERIORS LLC |
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MANSER SAXON OPENINGS LTD |
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MANSER SAXON PLUMBING LTD |
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MARINE BIOTECHNOLOGY PRODUCTS LTD |
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MAURITIAN EAGLE INSURANCE COMPANY LTD |
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MAURITIAN EAGLE LEASING COMPANY LTD |
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MAURITIAN EAGLE LIFE COMPANY LTD |
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MEDICAL TRADING COMPANY LTD |
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MEDICAL TRADING INTERNATIONAL LTD |
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NEW COLD STORAGE CO LTD |
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PICK AND BUY LIMITED |
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PINES LTD |
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RICHE TERRE DEVELOPMENT LTD |
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SAXON INTERNATIONAL LTD |
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SCOMAT LTÉE |
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SEAFOOD HUB LTD |
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SEAWAYS MARINE SUPPLIES LTD |
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SOCIÉTÉ DE TRAITEMENT ET D'ASSAINISSEMENT DES MASCAREIGNES LTÉE |
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SOCIÉTÉ DE TRANSIT AÉRIEN ET MARITIME SARL |
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SOCIÉTÉ IMMOBILIÈRE IBL TANA SARL |
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SOCIÉTÉ MAURICIENNE DE NAVIGATION LTÉE |
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SOMATRANS SDV LOGISTICS LTD |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.74 |
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UK Pound |
1 |
Rs.89.02 |
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Euro |
1 |
Rs.72.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.