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Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
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Name : |
WILEMINA FINANCE CORPORATION |
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Registered Office : |
C/O Abax Corporate Services Ltd. (Corporate Secretaries) 6th Floor, Tower A, 1 Cyber City, Ebene |
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Country : |
Mauritius |
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Date of Incorporation : |
07.01.2011 |
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Com. Reg. No.: |
C100157 |
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Legal Form : |
Global Business Category 1 |
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Line of Business : |
Subject operate as a General Trading company |
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No. of Employees : |
3 employees. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 this
period, annual growth has been on the order of 5% to 6%. This 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 of the global financial crisis in 2008-09. GDP grew in the
3-4% per year range in 2010-12, and the country continues to expand its trade
and investment outreach around the globe.
Source
: CIA
Registered Name: WILEMINA FINANCE CORPORATION
Requested Name: WILEMINA
FINANCE CORPORATION
Other Names: None
Physical Address: C/O
Abax Corporate Services Ltd. (Corporate Secretaries)
6th
Floor, Tower A, 1 Cyber City, Ebene, Mauritius
Postal Address: 6th
Floor, Tower A, 1 Cyber City, Ebene, Mauritius
Port Louis
Country: Mauritius
Phone: 230-4036000/6016
Fax: 230-4036060
Email: abax@abaxservices.com
Website: www.abaxservices.com
Financial Index as of December 2012 shows subject firm with a high risk
of credit.
Legal Form: Global Business Category 1
Date Incorporated: 07-01-2011
Reg. Number: C100157
Nominal Capital MUR. 100,000
Subscribed Capital MUR. 100,000
Subscribed Capital is Subscribed in the following
form:
Position Shares
Ms. Nousrath
Bhugeloo Trustee
Ms. Anjeelee
Chinamal Trustee
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as a General Trading company
Imports: Undisclosed
Exports: Undisclosed
Trademarks: Undisclosed
Terms of sale: Undisclosed
Main Customers: firms
and organizations
Employees: 3
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mauritius
Location: Rented
premises, 2,000 square feet,
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.85 Mauritius Rupee
Fiscal Year End: December
31, 2012
Inflation:
According
to information given by independent sources, the inflation at December
31st, 2012 was of 13%.
Financial Information Submitted
MUR.
Undisclosed
Profit and Loss (expressed in MUR.)
2010
Sales Undisclosed
Bank Name: Barclays Bank
Comments: None
This information was
obtained from outside sources other than the subject company itself.
A Global Business Catgory 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
and where business is conducted in a currency other than the Mauritian rupee.
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
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.60.80 |
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|
1 |
Rs.94.21 |
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Euro |
1 |
Rs.81.03 |
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 |
-- |
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.