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Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
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Name : |
GLOBEAGRO HOLDINGS |
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Registered Office : |
Level 2, |
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Country : |
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Date of Incorporation : |
20.04.2007 |
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Com. Reg. No.: |
C070565 |
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Legal Form : |
Global Business Category 2 |
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Line of Business : |
Subject
operate in the floricultural industry dealing with production and supply of
flowers |
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No. of Employees : |
5 employees |
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RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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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 – 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: GLOBEAGRO HOLDINGS
Requested Name: GLOBEAGRO
HOLDINGS
Other Names: None
Physical Address: Level 2, Max City Building, Remy
Ciller Street, Port Louis
Postal Address: Level 2, Max City Building, Remy
Ciller Street
Port Louis
Country: Mauritius
Phone: 230-2175100
Fax: 230-2175400
Email: ocra@ocra-mauritius.com
Website: www.ocra-mauritius.com
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 Form: GLOBAL BUSINESS CATEGORY 2
Date Incorporated: 20/04/2007
Reg. Number: C070565
Nominal Capital MUR. 1,000,000
Subscribed Capital MUR. 1,000,000
Subscribed Capital
is Subscribed in the following form:
Position Shares
Undisclosed Directors
OCRA (MAURITIUS) LIMITED Agent
None Parent company.
Alliance Flowers Plc,
Holetta Roses Plc,
Oromia Wonders Plc. Subsidiary companies.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate in the floricultural industry
dealing with production and supply of flowers
Imports: None
Stated
Exports: None
Stated
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: None
Stated
Employees: 5
employees.
Vehicles: Several
motor vehicles.
Territory of sales: Mauritius
Location: Rented
premises, 1,000 square feet,
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 31.05 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 MUR.
Undisclosed
Bank Name: Barclays Bank
Branch: Mauritius
Comments: None
Experiences: Good
None
This information was
obtained from outside sources other than the subject company itself.
The company is a Global
Business Category 2 (GBL 2), it provides for greater flexibility and is a
suitable vehicle for holding and managing private assets.
It is a tax exempt company
therefore has no access the network of Double Taxation Agreements of Mauritius.
It cannot carry out business of company formation, administration and
management or provide professional nominee or trusteeship services. It is furthermore
prevented from raising capital from the public and offer of provide financial
services or other services as fiduciary in any investment fund or any
collective investment scheme. A GBL2 may be locally incorporated or registered
as a branch of a foreign company.
The identity of the
beneficial owner needs to be disclosed only to the registered agent and to the
banker if a bank account is required in Mauritius.
Confidentiality is strictly
observed in terms of the 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.
The identity of the beneficial owner needs to be
disclosed only to the registered agent and to the banker if a bank account is
required in Mauritius. The kept by the Registrar of Companies may only be
inspected by the shareholders of the company. The identity of the beneficial
owners can remain confidential.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.59 |
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1 |
Rs.85.81 |
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Euro |
1 |
Rs.69.91 |
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.