|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
RT KNITS LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
13.02.2007 |
|
|
|
|
Com. Reg. No.: |
C068818 |
|
|
|
|
Legal Form : |
Limited
Corporation |
|
|
|
|
Line of Business : |
Subject operate
as suppliers of textiles and garments mainly cut and sewn jersey garments |
|
|
|
|
No. of Employees |
820 |
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 : |
No complaints |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
|
SUBJECT'S NAME |
|
|
Registered Name: |
RT KNITS LTD |
|
Requested Name: |
RT KNITS LTD |
|
Other Names: |
None |
|
_______________________________________________________________________ |
|
|
Physical Address: |
Peupliers Ave., SLDC New Industrial Park PTE Aux Sables, |
|
Country: |
Mauritius |
|
Phone: |
230-2068888/2517899 |
|
Fax: |
230-2332751 |
|
Email: |
jean.l@rtknits.com/ paul.g@rtknits.com/ info@rtknits.com/ kendall.t@rtknits.com/ geraldine.s@rtknits.com/ rohit.s@rtknits.com |
|
Website: |
www.rtknits.com |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
13-Feb-2007 |
|
|
Reg. Number: |
C068818 |
|
|
Nominal Capital |
|
|
|
Subscribed Capital |
|
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Paul Terence Griffin |
MD |
|
|
Mr. Kendall Tang |
Director |
|
|
Mrs. Jean Li Wan |
Director |
|
|
Mrs. Geraldine Sing Fat |
Manager |
|
|
Mr. Rohit Sultanti |
Manager |
|
|
_______________________________________________________________________ |
||
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
RT KNITS
( |
Affiliated company. |
|
None |
Shareholder of subject firm. |
|
None |
Branches of the firm |
|
___________________________________________________________________________ |
|
|
Registered to operate as suppliers of textiles and garments mainly cut and sewn jersey garments |
|
|
Imports: |
|
|
Exports: |
Europe, |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
|
|
|
|
Main Customers: |
Distributors, stores, outlets, firms and organzations |
|
Employees: |
820 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
|
|
Location: |
Owned premises, 100,000 square feet, |
|
Auditors: |
Information not available. |
|
Insurance Brokers: |
Information not available. |
|
Currency Reported: |
|
|
|
Approx. Ex. Rate: |
1 US
Dollar = 30.55 |
|
|
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 |
||
|
|
|
2013 |
|
Sales |
|
365,000,000 |
|
Bank Name: |
Barclays Bank |
|
Branch: |
|
|
Comments: |
None |
|
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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.