MIRA INFORM REPORT

 

 

Report Date :

30.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AIR MAURITIUS LTD

 

 

Registered Office :

Mauritius Station, 1st Floor, Air Mauritius Centre, Port Louis

 

 

Country :

Mauritius

 

 

Financial Data :

31.03.2014

 

 

Date of Incorporation :

06.06.1967

 

 

Com. Reg. No.:

C07001600

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as a National air carrier of Mauritius, transporting Passengers and Cargo

 

 

No. of Employees :

2,500

 

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 :

Slow but correct

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. Mauritius has achieved steady and strong growth over the last several decades, resulting 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 2010-13, and the country continues to expand its trade and investment outreach around the globe.

 

Source : CIA

 

Company name and address

 

Registered Name:

AIR MAURITIUS LTD

Requested Name:

AIR MAURITIUS

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Mauritius Station, 1st Floor, Air Mauritius Centre, Port Louis

Registered Address:

19th Floor of Air Mauritius Centre, John Kennedy Street,

Operation Address:

Procurment Office Cabin Service Complex, SSR International Airport Plasiance

 

Port Louis

Country:

Mauritius

Phone:

230-6033758/2077070/7575/7800/6033030

Fax:

230-2088331/2116151/4014/6373266/6033019/ 3060/1

Email:

contact@airmauritius.intnet.mu/ reservations_mru@airmauritius.com

Website:

www.airmauritius.com

 

LEGAL

           

Legal Form:

Limited Corporation 

Date Incorporated:

6-Jun-1967

Reg. Number:

C07001600

Tax Number

72170

Nominal Capital

MUR. 200,000,000

Subscribed Capital

Euros. 41,724,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Appalsamy Thomas

Chairman

 

Mr. Viljoen Andries Nathaniel

President/CEO

 

Mr. Kremchand Beegoo

Director

 

Mr. Dheerendra Kumar Dabee

Director

 

Mr. Philippe Espitalier-Noël

Director

 

Mr. Rohit Nandan

Director

 

Mr. Ramapatee Gujadhur

Director

 

Mr. François Woo Shing Hai

Director

 

Mr. Raj Ringadoo

Director

 

Mr. Gerard Espitalier-Noël

Director

 

Mr. Suresh Seeballuck

Director

 

Mr. Jean Michel Louis Rivalland

Director

 

Mr. Etienne Rachou

Director

 

Mrs. Aisha Timol

Director

 

Mr. Fooad Nooraully

Director

 

Mauritius Development Inv Trust Co. Ltd

Shareholder

1.10%

Port Louis Fund

Shareholder

3.80%

National Pension Fund

Shareholder

2.00%

Air India

Shareholder

2.60%

Compagnie Nationale Air France

Shareholder

2.80%

British Airways Associated Companies Ltd

Shareholder

3.80%

Rogers and Company Ltd

Shareholder

4.30%

The State Investment Corporation Ltd

Shareholder

4.70%

The Government of Mauritius

Shareholder

4.50%

Air Mauritius Holding Ltd

Holding Company

51.00%

 

 

 

Other Investors

Shareholder

19.40%

 

RELATED COMPANIES  

 

None

Parent company.

Air Mauritius (S.A.) (Proprietary) Limited,

Air Mauritius Holidays (Pty) Limited (Australia),

Air mate Ltd,

Mauritian Holidays Ltd (UK),

Mauritius Helicopter Limited,

Mauritius Estate Development Corporation Limited (MEDCOR),

Pointe Coton Resort Hotel Company Limited.

Subsidiary companies.

None

Affiliated company.

None

Shareholder of subject firm.

Worldwide Regional Offices, and Several in Mauritius

Branches of the firm

 

OPERATIONS

 

Registered to operate as a National air carrier of Mauritius, transporting Passengers and Cargo etc

Imports:

Italy, China, India and South Africa

Exports:

Services Worldwide

Trademarks:

None

Terms of sale:

Cash (80%) and 25-90 days (20%), invoices.

 

 

Main Customers:

Local agencies, General public and companies etc

Employees:

2,500 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Mauritius

Location:

Rented premises, 20,000 square feet,

 

AUDITORS AND INSURANCE  

 

Auditors:

ERNST & YOUNG

Insurance Brokers:

Information not available.

 

FINANCE

           

Currency Reported:

Mauritian Rupee (MUR.)

Approx. Ex. Rate:

1 US Dollar = 33.13 Mauritian Rupee

Fiscal Year End:

December 31, 2013

Inflation:

According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

 

Financial Information Submitted Below

 

 

 

BANK

    

Bank Name:

BANK OF MAURITIUS,

Branch:

Port Louis, Mauritius

 

 

Comments:

Other Banks

 

COMMERCIAL BANK OF MAURITIUS, Port   Louis, Mauritius

 

 

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.

 

   

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.65

UK Pound

1

Rs.99.14

Euro

1

Rs.77.60

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.