MIRA INFORM REPORT

 

 

Report Date :

04.10.2013

 

IDENTIFICATION DETAILS

 

Name :

CONSOLIDATED FABRICS LTD

 

 

Registered Office :

Royal Road,  Solitude, Triolet

 

 

Country :

Mauritius

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

29.12.1993

 

 

Com. Reg. No.:

C12137

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate production and supply of dyed fabrics, woven fabrics and cotton blends for the knitting

 

 

No. of Employees :

600

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Regular

 

 

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

Restricted

 

C2

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

 

 

SUBJECT'S NAME   

 

Registered Name:                                   CONSOLIDATED FABRICS LTD

Requested Name:                                   CONSOLIDATED FABRICS LTD

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Royal road,  Solitude, Triolet,

Postal Address:                                      Royal road,  Solitude, Triolet,

Country:                                                 Mauritius

Phone:                                                   230-2041670

Fax:                                                       230-2615845

Email:                                                     info@consolidated-fabrics.com/cfl@intnet.mu

Website:                                                 www.cielgroup.com

 

 

CREDIT OPINION

 

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.

 

 

LEGAL

 

Legal Form:                                                     Limited Corporation 

Date Incorporated:                                           29-December-1993

Reg. Number:                                                  C12137

Nominal Capital                                                MUR. 1,000,000

Subscribed Capital                                           MUR. 1,000,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. P. Arnaud Dalais                                        Group Chairman              

Mr. Harold Mayer                                             CEO                               

Mr. Eric Dorchies                                             Director                          

Mr. Jean-Baptiste de Spéville                           Director                          

Mr. Albert Rousset                                           Director                          

Mr. Pascal Walter                                             Director                          

Mr. Jean-Pierre Dalais                                      Director                          

Mr. Patrick de Labauve d'Arifat                         Director                          

Mr. Jérôme de Chasteauneuf                            Finance                           

CIEL TEXTILE GROUP                                     Holding Co.                     100%

RELATED COMPANIES  

 

CIEL TEXTILE GROUP                                     Parent company.

None                                                               Subsidiary company.

Given Below                                                    Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

 

OPERATIONS

 

Registered to operate production and supply of dyed fabrics, woven fabrics and cotton blends for the knitting

 

industry

Imports:                                                           Asia

Exports:                                                          Europe

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              Industries, firms and organizations  

Employees:                                                     600 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                             Mauritius

Location:                                                         Leased premises, 8,000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                         PricewaterhouseCoopers

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                          Mauritius Rupee (MUR.)

Approx. Ex. Rate:                                            1 US Dollar = 30.67 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%.

 

Group Financial Information Submitted Below   

                                                                      

 

BANK 

 

Bank Name:                                                     MCB

Branch:                                                            Mauritius

Comments:                                                      None

                                                                      

 

TRADE REFERENCES    

 

Experiences:                                                    Good

                                                                      

 

NOTARIAL BONDS   

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

                                                                      

 

AFFILIATED COMPANIES

AZUR FINANCIAL SERVICES LTD

CIEL CAPITAL LIMITED

CAMARNEY

BANK ONE LIMITED

AQUARELLE CLOTHING LIMITED

CONSOLIDATED DYEING & FABRICS LIMITED

CTL RETAIL LTD

CIEL INVESTMENT LIMITED

FERNEY SPINNING MILLS LIMITED

EXECOM LTD

FLOREAL KNIWEAR LTD

FLAGSTONE PROPERTY MANAGEMENT LTD

NEW ISLAND CLOTHING LTD

MITCO

INVESTMENT PROFESSIONALS LTD

NOVEPRIM LTD

NOVEPRIM EUROPE LTD

TROPIC KNITS LIMITED

ALTEO

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.100.44

Euro

1

Rs.84.24

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.