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Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
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Name : |
STAR KNITWEAR GROUP LTD. |
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Registered Office : |
La Clemence
Riviere Du Rempart |
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Country : |
Mauritius |
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Date of Incorporation : |
03.10.1989 |
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Com. Reg. No.: |
C8295 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
manufacturer and exporter of knitted garments |
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No. of Employees : |
3050 |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Mauritius |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
Registered Name: STAR KNITWEAR GROUP LTD.
Requested Name: STAR
KNITWEAR GROUP LTD
Other Names: None
Physical Address: Block
17/18, Industrial Zone, Coromandel Port Louis
Registered Address: La Clemence
Riviere Du Rempart Mauritius
Postal Address: Block
17/18, Industrial Zone, Coromandel
Port Louis
Country: Mauritius
Phone: 230-4127418/258544
Fax: 230-4127890/94112435205
Email: starknit@intnet.mu / vivek.skt@intnet.mu
Website: None
Financial Index as of December 2011 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 3-Oct-1989
Reg. Number: C8295
Nominal Capital MUR. 100,000,000 Divided into
shares 1,000,000 each MUR. 1000
Subscribed Capital MUR. 100,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Ali Mohamed Saleh
Parkar MD 200,000
Ahmed Parkar Director 300,000
Faisal Parkar Director 250,000
Salima Robens Director 250,000
Vivek S Chadha Manager
None Parent company.
Star Knit International ltd Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate manufacture and export of knitted garments
Imports: Asia, Middle East,
China
Exports: Europe, USA and
Africa
Trademarks: None
Terms
of sale: Cash (40%) and 60
days (60%), invoices.
Main
Customers: firms and
organizations
Employees: 3050 employees.
Vehicles: Several motor
vehicles.
Territory
of sales: Mauritius
Location: Owned
premises, 10.000 square feet,
Auditors: PricewaterhouseCoopers
Insurance
Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.79 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 492,000,000
Bank Name: The Mauritius Commercial Bank
Ltd
Branch: Sir William Newton Street, Port Louis, Mauritius
Comments: Other Banks
Barclays
Bank, HSBC Bank
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.65.86 |
|
UK Pound |
1 |
Rs.102.52 |
|
Euro |
1 |
Rs.87.06 |
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 |
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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 |
|
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.