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Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
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Name : |
RT KNITS LTD |
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Registered Office : |
Peupliers
Ave., SLDC New Industrial Park PTE Aux Sables, |
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Country : |
Mauritius |
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Date of Incorporation : |
13.02.2007 |
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Com. Reg. No.: |
C068818 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Suppliers of textiles and
garments mainly cut and sewn jersey garments |
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No. of Employees : |
800 employees. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
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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.
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Source : CIA |
COMPANY NAME
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Registered Name: |
RT KNITS LTD |
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Requested Name: |
RT KNITS LTD |
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Other Names: |
None |
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ADDRESS AND
TELECOMMUNICATION
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Physical Address: |
Peupliers
Ave., SLDC New Industrial Park PTE Aux Sables, |
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Country: |
Mauritius |
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Phone: |
230-2068888/2517899 |
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Fax: |
230-2332751 |
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Email: |
jean.l@rtknits.com/ paul.g@rtknits.com/
info@rtknits.com/ kendall.t@rtknits.com/ geraldine.s@rtknits.com/
rohit.s@rtknits.com |
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Website: |
www.rtknits.com |
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CREDIT OPINION
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Financial Index as of
December 2012 shows subject firm with a medium risk of credit. However, bank
and credit information obtained reveal a history of prompt payments. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
13-Feb-2007 |
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Reg. Number: |
C068818 |
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Nominal Capital |
MUR.
1,000,000 |
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Subscribed Capital |
MUR.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Paul Terence Griffin |
MD |
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Mr. Kendall Tang |
Director |
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Mrs. Jean Li Wan Po |
Director |
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Mrs. Geraldine Sing Fat |
Manager |
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Mr. Rohit Sultanti |
Manager |
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RELATED COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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RT KNITS (UK) LTD |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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OPERATIONS
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Registered to operate as
suppliers of textiles and garments mainly cut and sewn jersey garments |
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Imports: |
UK |
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Exports: |
Europe, UK, South Africa, |
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Trademarks: |
None |
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Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
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Main Customers: |
Distributors, stores, outlets, firms and organzations |
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Employees: |
800 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Mauritius |
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Location: |
Owned premises, 100,000 square feet, |
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AUDITORS AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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Currency Reported: |
Mauritius Rupee (MUR.) |
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Approx. Ex. Rate: |
1 US Dollar = 30.55
Mauritius Rupee |
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Fiscal Year End: |
December 31, 2012 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2012 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in MUR.) |
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2012 |
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Sales |
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320,000,000 |
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BANK
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Bank Name: |
Barclays
Bank |
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Branch: |
Mauritius |
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Comments: |
None |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
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COMMENTS /
ADDITIONAL INFORMATION
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian
Rupees |
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US Dollar |
1 |
Rs.63.65 |
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UK Pound |
1 |
Rs.101.16 |
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Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)