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Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
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Name : |
ELECON TRANSMISSION INTERNATIONAL LTD. |
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Registered Office : |
1st Floor Felix House, |
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Country : |
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Date of Incorporation : |
29.09.2010 |
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Com. Reg. No.: |
C098062 |
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Legal Form : |
Global Business Category 1 |
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Line of Business : |
Power transmission engineering firm |
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No. of Employees : |
3 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 : |
Satisfactory |
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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 (31.03.2011) |
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.
Source : CIA
Registered Name: ELECON TRANSMISSION INTERNATIONAL LTD.
Requested Name: ELECON
TRANSMISSION INTERNATIONAL LTD.
Other Names: None
Physical Address: 1st Floor Felix House, 24 Dr
Joseph Riviere Street, Port Louis
Postal Address: 1st Floor Felix House, 24 Dr
Joseph Riviere Street,
Port Louis
Country: Mauritius
Phone: 230-2400771
Fax: 230-2400772
Email: None
Website: None
Financial Index as of December 2011 shows subject firm with a medium
risk of credit.
Legal Form: GLOBAL BUSINESS CATEGORY 1
Date Incorporated: 29-Sept-2010
Reg. Number: C098062
Nominal Capital MUR. 1,000,000
Subscribed Capital MUR. 1,000,000
Subscribed Capital is Subscribed
in the following form:
Position Shares
Undisclosed Director
Elecon Engineering
Co. Ltd Holding Co. 100%
Elecon Engineering
Co. Ltd Parent company.
None Subsidiary company.
None Affiliated companies.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as power transmission engineering firm
Imports: Asia
Exports: None
Stated
Trademarks: None
Stated
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 3
employees.
Vehicles: Not
Indicated
Territory of
sales: Mauritius
Location: Undisclosed
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.55 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 not Submitted
Bank Name: Barclays Bank
Branch: Mauritius
Comments: None
This information was obtained
from outside sources other than the subject company itself.
As defined under the
Financial Services Development Act 2001, a Global Business Category 1 (GBL1) is
a company engaged in qualified global business and which is carried on from
within Mauritius with persons all of whom are resident outside Mauritius.
It is the recommended
structure for individuals, body corporate, trust or partnership including
limited liability partnership or a société for investment and other high
profile business. A GBL1 may be locally incorporated or may be registered as a
branch of a foreign company. Public companies, those engaged in banking,
insurance and fund management, and companies wishing to benefit from the
provisions of Double Taxation Agreements (DTAs), can only be incorporated as
GBL1 companies.
Confidentiality is strictly observed in terms of the Financial Services
Development Act 2001(FSD Act). No person or body is authorized to disclose
information or present documentation to any court, tribunal, committee of
inquiry or other authority in Mauritius unless ordered to do so by a Court of
Law on application by the Director of Public Prosecution for inquiry into the
trafficking of narcotics and dangerous drugs, arms trafficking or money
laundering as defined under existing legislation. Upon application to the FSC,
full disclosure is required on the beneficial owners of the company. However,
such information is not available for public inspection.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.85 |
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1 |
Rs.88.39 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.