|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
BL NAIDU & SONS LTD |
|
|
|
|
Registered Office : |
No.91, Viti Levu, Sigatoka |
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|
|
|
Country : |
Fiji |
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|
|
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Date of Incorporation : |
18.02.2006 |
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|
|
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Com. Reg. No.: |
24063 |
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|
|
|
Legal Form : |
Limited
Liability Company |
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|
|
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Line of Business : |
Importer and Retailer of food products, sanitary and toiletries products |
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|
|
|
No. of Employees : |
07 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Unknown |
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|
|
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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) |
|
Fiji |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Fiji ECONOMIC OVERVIEW
Fiji, endowed with forest,
mineral, and fish resources, is one of the most developed of the Pacific island
economies though still with a large subsistence sector. Sugar exports,
remittances from Fijians working abroad, and a growing tourist industry - with
400,000 to 500,000 tourists annually - are the major sources of foreign
exchange. Fiji's sugar has special access to European Union markets but will be
harmed by the EU's decision to cut sugar subsidies. Sugar processing makes up
one-third of industrial activity but is not efficient. Fiji's tourism industry
was damaged by the December 2006 coup and is facing an uncertain recovery time.
In 2007 tourist arrivals were down almost 6%, with substantial job losses in
the service sector, and GDP dipped. The coup has created a difficult business
climate. The EU has suspended all aid until the interim government takes steps
toward new elections. Long-term problems include low investment, uncertain land
ownership rights, and the government's inability to manage its budget. Overseas
remittances from Fijians working in Kuwait and Iraq have decreased
significantly. Fiji's current account deficit peaked at 23% of GDP in 2006, and
declined to 12.5% of GDP in 2012.
|
Source : CIA |
Company Name: BL Naidu & Sons Ltd
Contact
Information
|
Address |
No.91, Viti Levu, Sigatoka, Fiji |
|
Postal
Address |
Box 303,
Sigatoka, Fiji |
|
Telephone |
+ 679 6500834 +679 6500824 |
|
Fax |
+ 679
6520192 |
|
Email |
Registration Data
|
Date of Registration |
18/02/2006 |
|
Registration number |
24063 |
|
Legal address |
No.91, Viti Levu, Sigatoka,
Fiji |
|
Legal Form |
Limited
Liability Company |
|
Authorized Capital |
65,000.00 FJD |
Board/Executive
|
Name |
Mr. Nadan Reddy |
|
Position within the company |
Director |
|
Country of Birth |
Fiji |
|
Nationality |
Fijian |
|
Can fluently speak |
English |
|
Name |
Mr.
Sekoula Morgan |
|
Position within the company |
Manager |
|
Country of Birth |
Fiji |
|
Nationality |
Fijian |
|
Can fluently speak |
English |
|
Name |
Mrs.
Ulamila Marama |
|
Position within the company |
Office Manager |
|
Country of Birth |
Fiji |
|
Nationality |
Fijian |
|
Can fluently speak |
English |
Litigation, Remarks on Payment
|
Litigation |
None
Recorded |
|
Remarks on Payment |
No
Complaints |
Shareholders with Shares
|
Shareholder Names |
Share% |
|
Mr. Nadan Reddy family |
100% |
Export/Import ( Countries, goods and total values
for the period)
|
Imports From |
Australia |
|
Importing Terms |
Letters of Credit |
|
Import % and type of product |
100%- Finished Goods
|
|
Exports To |
Asian
countries |
|
Exporting Terms |
Letters of Credit |
|
Export % and type of product |
10%- Finished Goods |
Suppliers, Partners
|
Suppliers |
- |
|
Partners |
- |
Financial Information
It declined it.
N/a
Changes in Registration Data
None recorded
Activities ( realistic and officials)
Importer
and Retailer of food products, sanitary and toiletries products.
Staff
|
Number of
staff employed |
7 |
Facilities
|
Rented |
Office, Warehouses |
|
Premises Size |
- |
Bankers
|
Bank |
Fiji Bank
|
|
Branch |
- |
|
Address |
- |
|
Telephone |
- |
Representation
|
Auditors |
- |
|
Solicitors |
- |
Reporter Comments
|
Comments |
In the interview conducted with Mrs. Ulamila Marama , she refused to cooperate with us completely. |
|
Local Reputation |
The company being investigated is believed by local reporters to be a Medium
Trade Risk and to be fair. |
|
Owner/Shareholders Comments |
All of
the owners / shareholders have an active participation in
the running of the business. |
|
Age of Business |
Old Business |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.42 |
|
UK Pound |
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.