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Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
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Name : |
CMT SPINNING MILLS LIMITED |
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Registered Office : |
DBM Industrial Estate, Phoenix |
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Country : |
Mauritius |
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Financials (as on) : |
31.07.2012 |
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Date of Incorporation : |
28.03.2003 |
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Com. Reg. No.: |
C45528 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
suppliers of
textiles and garments |
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No. of Employees : |
750 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
Source
: CIA
Registered Name: CMT SPINNING MILLS LIMITED
Requested Name: CMT
SPINNING MILLS LIMITED
Other Names: COMPAGNIE
MAURICIENNE DE TEXTILE LTÉE
Physical Address: DBM Industrial Estate,
Phoenix,
Country: Mauritius
Phone: 230-6018888
Fax: 230-6971818/6967937
Email: info@cmt.mu
Website: www.cmt.mu
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.
Legal Form: Limited Corporation
Date Incorporated: 28-March-2003
Reg. Number: C45528
Nominal Capital MUR. 3,000,000,000 shares 3,000,000 each MUR. 1000
Subscribed Capital MUR. 100,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Laval Ah Kine Chairman
Mr. François Woo
Shing Hai Gosk MD
Mr. Louis Lai Fat
Fur Gosk MD
Mr. Francois Woo
Shing Hai Director
Mrs. Marie-Claire
Woo Shing Hai Director
Vinay Gole Manager
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as suppliers of textiles and garments
Imports: Asia,
Middle East
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Local
agencies, stores, firms and organizations
Employees: 750
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mauritius
Location: Rented
premises, 200,000 square feet,
Auditors: KEMP
CHATERRIS
Insurance
Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.13 Mauritius 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 Name: STATE BANK OF MAURITIUS
Branch: Mauritius
Comments: Other Banks
BARCLAYS BANK PLC
HSBC BANK (MAURITIUS) LIMITED
MAURITIUS COMMERCIAL BANK LIMITED
Experiences: Good
None
This
information was obtained from outside sources other than the subject company
itself and confirmed the above subject.
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BALANCE SHEET AS AT |
31-Jul-12 |
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YEAR2012 |
YEAR2011 |
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NON CURRENT ASSETS |
1,895,133,593.00 |
1,971,614,594.00 |
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CURRENT ASSETS |
1,502,982,100.00 |
1,620,236,359.00 |
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(CURRENT LIABILITIES) |
(60,691,686.00) |
(53,153,659.00) |
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NET ASSETS (1+2-3) |
3,337,424,007.00 |
3,538,697,294.00 |
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CAPITAL AND RESERVES |
3,337,424,007.00 |
3,538,697,294.00 |
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NON CURRENT LIABILITEIS |
- |
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TOTAL 4+5 |
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3,337,424,007.00 |
3,538,697,294.00 |
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SALES |
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1,508,590,896.00 |
1,509,639,389.00 |
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GROSS PROFIT |
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(194,335,967.00) |
306,386,593.00 |
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NET PROFIT |
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(201,273,287.00) |
297,788,041.00 |
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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.62.33 |
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1 |
Rs.101.99 |
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Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
-- |
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.