MIRA INFORM REPORT

Report Date :

30.03.2012

IDENTIFICATION DETAILS

Name :	STAR KNITWEAR GROUP LTD.
Registered Office :	La Clemence Riviere Du Rempart Mauritius
Country :	Mauritius
Date of Incorporation :	03.010.1989
Com. Reg. No.:	C8295
Legal Form :	Limited Corporation
Line of Business :	Manufacture and export of knitted garments
No. of Employees :	3000 Employees.

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 200,000
Status :	Good
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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:	STAR KNITWEAR GROUP LTD.
Requested Name:	STAR KNITWEAR GROUP LTD
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Block 17/18, Industrial Zone, Coromandel Port Louis
Registered Address:	La Clemence Riviere Du Rempart Mauritius
Postal Address:	Block 17/18, Industrial Zone, Coromandel
	Port Louis
Country:	Mauritius
Phone:	230-4127418
Fax:	230-4127890
Email:	starknit@intnet.mu vivek.skt@intnet.mu
Website:	None
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. We recommend Credit of USD 200,000
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		3-Oct-1989
Reg. Number:		C8295
Nominal Capital		MUR. 100,000,000 Divided into shares 1,000,000 each MUR. 1000
Subscribed Capital		MUR. 100,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Ali Mohamed Saleh Parkar		MD		200,000
Ahmed Parkar		Director		300,000
Faisal Parkar		Director		250,000
Salima Robens		Director		250,000
Vivek S Chadha		Manager
_______________________________________________________________________
RELATED COMPANIES
None		Parent company.
Star Knit International ltd		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate manufacture and export of knitted garments
Imports:		Asia, Middle East, China
Exports:		Europe, USA and Africa
Trademarks:		None
Terms of sale:		Cash (40%) and 60 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		3000 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Mauritius
Location:		Owned premises, 10.000 square feet,
AUDITORS AND INSURANCE
Auditors:		PricewaterhouseCoopers
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Mauritius Rupee (MUR.)
Approx. Ex. Rate:		1 US Dollar = 32 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
Profit and Loss (expressed in MUR.)
			2011
Sales			485,000,000
BANK
Bank Name:		The Mauritius Commercial Bank Ltd
Branch:		Sir William Newton Street, Port Louis, Mauritius
Comments:		None
Other Bankers		Batclays Bank, HSBC 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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.14
UK Pound	1	Rs.81.41
Euro	1	Rs.68.22

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%)

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