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Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
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Name : |
FIRSTLAND HOLDINGS
LIMITED |
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Registered Office : |
River |
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Country : |
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Date of Incorporation : |
28.12.2007 |
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Com. Reg. No.: |
C076560 |
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Legal Form : |
Global Business Category 1 |
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Line of Business : |
Subject operate as a consultancy firm |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Slow but correct |
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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
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
|
Source
: CIA |
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SUBJECT'S NAME |
|
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Registered Name: |
FIRSTLAND HOLDINGS
LIMITED |
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Requested Name: |
FIRSTLAND HOLDINGS
LIMITED |
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Other Names: |
None |
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Physical Address: |
River Court St Denis St, |
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|
Port Louis, |
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Country: |
Mauritius |
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Phone: |
230-2136970/2136987/2082142 |
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Fax: |
230-2136970 |
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Email: |
info@rivercourt.mu |
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Website: |
www.rivercourt.mu |
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Legal Form: |
GLOBAL BUSINESS CATEGORY 1 |
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Date Incorporated: |
28-Dec-2007 |
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Reg. Number: |
C076560 |
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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 |
|
Undisclosed |
Directors |
|
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River Court
Administartors Limited |
Trustee/Agent |
|
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None |
Parent company. |
|
None |
Subsidiary company. |
|
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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Registered to operate as a consultancy firm |
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Imports: |
None |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 30
days (60%), invoices. |
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Main Customers: |
firms and
organizations |
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Employees: |
4 employees. |
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Vehicles: |
Several motor
vehicles. |
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Territory of
sales: |
Mauritius |
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Location: |
Rented premises,
2.500 square feet, |
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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Currency Reported: |
Mauritian Rupee (MUR.)
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Approx. Ex. Rate: |
1 US Dollar = 30.19 Mauritian 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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|
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Financial Information not Submitted |
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Bank Name: |
BARCLAYS BANK |
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Branch: |
Port Louis, Mauritius |
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Comments: |
None |
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This information was obtained from outside sources
other than the subject company itself . AGlobal Business Category 1 (GBL1) is a company
engaged in qualified global business and which is carried on from within Mauritius
with persons all of whom are resident outside Mauritius and where business is
conducted in a currency other than the Mauritian rupee. It is the recommended structure for individuals,
body corporate, trust or partnership including limited liability partnership
or a société for investment and other high profile business. A GBL1 may be
locally incorporated or may be registered as a branch of a foreign company.
Public companies, those engaged in banking, insurance and fund management,
and companies wishing to benefit from the provisions of Double Taxation
Agreements (DTAs), can only be incorporated as GBL1 companies. Confidentiality is strictly observed in terms of the
Financial Services Development Act 2001(FSD Act). No person or body is
authorized to disclose information or present documentation to any court,
tribunal, committee of inquiry or other authority in Mauritius unless ordered
to do so by a Court of Law on application by the Director of Public
Prosecution for inquiry into the trafficking of narcotics and dangerous
drugs, arms trafficking or money laundering as defined under existing
legislation. Upon application to the FSC, full disclosure is required on the
beneficial owners of the company. However, such information is not available
for public inspection. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.59 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.