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Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SEETUL & SEETUL SAREE PALACE LTD. |
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Registered Office : |
Market Road, 1st Floor, Arcade
Galaxy, Central Flacq |
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Country : |
Mauritius |
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Date of Incorporation : |
08.04.2010 |
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Com. Reg. No.: |
C094454 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
dealers in textiles
and garments |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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) |
|
Mauritius |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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: SEETUL & SEETUL SAREE PALACE LTD.
Requested Name: SEETUL
& SEETUL SAREE PALACE LTD.
Other Names: None
Physical Address: Market Road, 1st Floor, Arcade
Galaxy, Central Flacq
Postal Address: Market Road, 1st Floor, Arcade
Galaxy, Central Flacq
Country: Mauritius
Phone: 230-2910920
Fax: 230-2910920
Email: None
Website: None
Financial Index as of December 2012 shows subject firm with a medium
risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 8-April-2010
Reg. Number: C094454
Nominal Capital MUR. 50,000
Subscribed Capital MUR. 50,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. P. Seetul Director
Mrs. N. Seetul Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as dealers in textiles and garments
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(70%) and 25-90 days (30%), invoices.
Main Customers: General
Public
Employees: 15
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mauritius
Location: Leased
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.76 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
Profit and Loss (expressed in MUR.)
2012
Sales 40,000,000
Bank Name: Bank One Mauritius
Branch: Mauritius
Comments: None
Experiences: Good
None
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.57.74 |
|
UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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.