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Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
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Name : |
REDRIBBON MODULEX BUILDING LIMITED |
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Registered Office : |
C/O Premier Financial Services Limited Suite 612, 6th Floor, St. James Court, St. Denis Street, Port Louis |
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Country : |
Mauritius |
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Date of Incorporation : |
02.02.2010 |
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Com. Reg. No.: |
C092985 |
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Legal Form : |
Global Business Category 1 |
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Line of Business : |
Consultancy Firm |
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No. of Employees : |
2 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 – 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: REDRIBBON MODULEX BUILDING LIMITED
Requested Name: REDRIBBON
MODULEX BUILDING LIMITED
Other Names: None
Physical Address: C/O Premier Financial Services
Limited
Suite
612, 6th Floor, St. James Court, St. Denis Street, Port Louis
Postal Address: Suite 612, 6th Floor, St. James
Court, St. Denis Street
Port Louis
Country: Mauritius
Phone: 230-2456703
Fax: 230-2456704
Email: contact@premier.mu
Website: www.premier.mu
Financial Index as of December 2012 shows subject firm with a high risk
of credit.
Legal Form: GLOBAL BUSINESS CATEGORY 1
Date Incorporated: 02-Feb-2010
Reg. Number: C092985
Nominal Capital MUR. 50,000
Subscribed Capital MUR. 50,000
Subscribed Capital is Subscribed in the
following form:
Position Shares
Undisclosed Directors
Premier Financial Services
Limited Trustee/Agent
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Consultancy firm
Imports: None
Stated
Exports: None
Stated
Trademarks: None
Terms of sale: None
Stated
Main Customers: None
Stated
Employees: 2
employees.
Vehicles: None
Stated
Territory of
sales: Mauritius
Location: Undisclosed
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.61 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 not Submitted
Bank Name: Bank One Mauritius
Branch: Mauritius
Comments: None
This information was
obtained from outside sources other than the subject company itself.
As defined under the
Financial Services Development Act 2001, a Global Business Category 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
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Indian Rupees |
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US Dollar |
1 |
Rs.54.82 |
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|
1 |
Rs.87.99 |
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Euro |
1 |
Rs.72.83 |
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.