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Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
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Name : |
ESSAR GLOBAL LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1993 |
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Legal Form : |
International Business Company |
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Line of Business : |
Offshore company |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
International Business company |
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Payment Behaviour : |
Unknown |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Cayman Islands |
A1 |
A1 |
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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 |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: British overseas territory -
Parliamentary system
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Currency: 100 KYD = 122.65
USD
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Ordered as: |
Essar Global Limited |
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Address in the order: |
Clifton House, 75 Fort Street, P O Box No-1350, GT,
George Town, Grand Cayman Cayman Islands |
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Legal Name: |
ESSAR GLOBAL LIMITED |
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Legal Address |
Clifton House 75 Fort Street, P.O. Box 190, Grand Cayman
KY1-1104 Cayman Islands (Registered Agents Address) |
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Telephone: |
(345) 949-4900 (Registered
Agents Number) |
Registration Number : |
154766 |
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Fax: |
(345) 949-4901 (Registered Agents Fax) |
Legal Form: |
International Business Company |
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Email: |
N.A. |
Registered in: |
Cayman Islands |
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Website: |
http://www.essar.com/ (at group level) |
Date Created: |
1993 |
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Manager: |
Mr. Shashi Ruia - Chairman Essar Group |
Date Incorporated: |
- |
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Staff: |
0 |
Stock: |
N.A. |
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Value: |
N.A. |
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Activity: |
Offshore company |
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Name of the Bank |
HSBC |
BUSINESS
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PRINCIPAL ACTIVITY |
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ESSAR GLOBAL LIMITED is an International Business
Company / Offshore Company incorporated in Cayman Islands for tax purposes. However the company does not carry any operation in
Cayman Islands. It is not registered with the Cayman Islands Chamber of
Commerce as being an active business. It is not listed with the Cayman Islands yellow pages. It is not listed with the major local credit bureaus. The company does not have any employee in Cayman
Islands. It uses the registered agent staff. |
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Trade References: |
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In virtue of the nature of its business activities its
local transactions are seldom. Therefore, commercial sources consulted in the
marketplace report that they are unable to establish subject's payment
performance and general reputation regarding commitments contracted as same
it is UNKNOWN as making use of credit facilities. |
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PAYMENTS |
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Made on a 40 days basis - monitored over the last 12
months |
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Comments on location: |
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The Address mentioned above is that of the registered
agent: Appleby Clifton House, 75 Fort Street, P.O. Box 190 Grand Cayman KY1-1104 Cayman Islands Tel +1 345 949 4900 Fax +1 345 949 4901 Email: cayman@applebyglobal.com www.applebyglobal.com |
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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The company is owned by foreign shareholders. |
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Management: |
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It is locally managed by the registered agent mentioned
above. The agent declined to give any information on the
subject, who is protected by the law of non disclosure. |
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Related Companies: |
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Through outside sources we could learn that the subject
would be related to: Essar Global Limited, through its subsidiaries, engages
in steel, oil and gas, power, communications, shipping and logistics, and
construction businesses primarily in India, Canada, and the United States. It
also has projects/investments in Africa, the Middle East, the Caribbean, and
the South East Asia. The company is based in Mumbai, India. Essar Global
Limited operates as a subsidiary of Essar Group. Essar House 11 Keshavrao Khadye Marg Mahalaxmi Mumbai, 400 034 India Phone: 91 22 5001 1100 Fax: 91 22 6660 1809 However, the subject being an offshore company, the link
could not be verified. |
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Financials - COMMERCIAL TRENDS
AND FORECAST
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As a private company the subject does not publish any
financial statements. |
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However our financial sources could provide us with the
following data. Those figures are estimates provided by confidential
banking and financial institutions working with the company. |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
0 |
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Operating Income |
7,000,000 |
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Net Income |
7,000,000 |
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Net worth |
34,000,000 |
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Bank liabilities |
0 |
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The cash flow is |
good |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
0 |
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Operating Income |
5,800,000 |
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Net Income |
5,800,000 |
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Net worth |
21,000,000 |
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Bank liabilities |
0 |
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The cash flow is |
good |
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Comments on the financial data:
Our financial sources also indicate that the company’s 2011 financials are
believed to remain in the same range with the ones in 2010. |
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Legal Fillings |
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The sources consulted record no detrimental legal or labor
court information. |
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Local credit bureau did not rate this company. |
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Final Opinion |
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We are reporting an offshore company which belongs to
foreign shareholders. Although it is registered in the Cayman Islands, it uses
such territory only as its legal and administrative address, but all its
operations are carried out abroad. It is managed by a resident registration
agent and it is unknown in the marketplace, so its commercial morality and
general reputation cannot be assessed, although nothing detrimental is noted
upon subject. |
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Profitability |
GOOD |
Public |
NO |
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Indebtedness |
NIL |
Payments |
REGULAR |
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Cash |
GOOD |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.55 |
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1 |
Rs.85.47 |
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Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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 |
-- |
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.