MIRA INFORM REPORT
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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
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Name : |
THE ARVIND OVERSEAS (MAURITIUS) LTD |
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Registered Office : |
La
Tour Koenig, Pointe Aux Sables |
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Country : |
Mauritius |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
10.08.1994 |
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Com. Reg. No.: |
C13159 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacturer and Supplier
of textiles and garments |
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No of Employees : |
500 |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 |
SUBJECT'S NAME
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Registered Name: |
THE ARVIND
OVERSEAS (MAURITIUS) LTD |
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Requested Name: |
ARVIND OVERSEAS (MAURITIUS) LTD |
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Other Names: |
None |
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ADDRESS AND TELECOMMUNICATION
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Physical Address: |
La
Tour Koenig, Pointe Aux Sables, |
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Country: |
Mauritius |
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Phone: |
230-2345000/2346483 |
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Fax: |
230-2345005 |
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Email: |
feedback@arvind.com/ aoml@intnet.mu |
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Website: |
www.arvindmills.com |
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CREDIT OPINION
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Financial Index as of
December 2013 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: |
10-Aug-1994 |
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Reg. Number: |
C13159 |
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Nominal Capital |
MUR.
100,000 |
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Subscribed Capital |
MUR.
100,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Sanjay S. Lalbhai |
Chairman |
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Mr. Aamir Akhtar |
CEO |
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Mr. Jayesh Shah |
CFO |
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Mr. Punit Lalbhai |
Director |
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Mr. Kulin Lalbhai |
Director |
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Mr. Sudhir Mehta |
Director |
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Mr. Bakul H. Dholakia |
Director |
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Mr. Munesh Khanna |
Director |
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Ms. Renuka Ramnath |
Director |
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Mr. Prabhakar R. Dalal |
Director |
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The Arvind Mills Ltd |
Holding
Co. |
100% |
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RELATED COMPANIES
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The Arvind Mills Ltd |
Parent company. |
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None |
Subsidiary company. |
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None |
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
manufacture and supply of textiles and garments |
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Imports: |
Middle East |
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Exports: |
USA, Europe |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Distributors, firms and organizations |
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Employees: |
500 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Mauritius |
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Location: |
Owned premises, 10,000 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 = 30.12
Mauritius Rupee |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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Group Financial Information
Submitted Below |
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BANK
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Bank Name: |
Bank
One Mauritius |
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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. 62.16 |
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1 |
Rs. 103.44 |
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Euro |
1 |
Rs. 85.26 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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%)