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Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
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Name : |
HINDUJA
FOUNDARIES HOLDING LIMITED, MAURITIUS |
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Registered Office : |
3rd
Floor, 3B, Citius Building, 31, Cybercity |
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Country : |
Mauritius |
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Date of Incorporation : |
13.12.2013 |
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Com. Reg. No.: |
C119999 |
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Legal Form : |
Global Business Category 2 |
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Line of Business : |
Subject operates as a Consultancy Firm |
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No of Employees : |
01 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
Registered Name: HINDUJA FOUNDARIES HOLDING LIMITED, MAURITIUS
Requested Name: HINDUJA
FOUNDARIES HOLDING LIMITED, MAURITIUS
Other Names: None
Physical Address: 3rd Floor, 3B, Citius Building,
31, Cybercity
Postal Address: P. o. Box
Ebene
Country: Mauritius
Phone: 230-2087575
Fax: 230-2087574
Email: hbsmru@intnet.mu
Website: None
Projected
Financial Index as of December 2014 shows subject firm with a High risk of
credit. We recommend Secured Credit.
Legal Form: GLOBAL BUSINESS CATEGORY 2
Date Incorporated: 13-Dec-2013
Reg. Number: C119999
Nominal Capital MUR. 100,000
Subscribed Capital MUR. 100,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Undisclosed Directors
Hbs Trust Services (Mauritius) Ltd Trustee/Agent
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operates as a Consultancy Firm
Imports: None
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 1
employee.
Vehicles: Several
motor vehicles.
Territory of
sales: Mauritius
Location: Rented
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30.27 Mauritius Rupee
Projected
Fiscal Year End: December 31, 2014
Projected
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2014 was of 13%.
Financial Information not Submitted
Bank Name: MCB Bank
Branch: Ebene
Comments: None
This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject.
A GLOBAL BUSINESS CATEGORY 2
(GBL2) is a private company which conducts business with persons all of whom
are resident outside Mauritius and in a currency other than the Mauritian
rupee. A GBL2 provides for greater flexibility and is a suitable vehicle for
holding and managing private assets.
It is a tax exempt company
therefore has no access the network of Double Taxation Agreements of Mauritius.
It cannot carry out business of company formation, administration and
management or provide professional nominee or trusteeship services. It is
furthermore prevented from raising capital from the public and offer of provide
financial services or other services as fiduciary in any investment fund or any
collective investment scheme. A GBL2 may be locally incorporated or registered
as a branch of a foreign company.
Confidentiality is strictly
observed in terms of the 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.
The identity of the beneficial
owner needs to be disclosed only to the registered agent and to the banker if a
bank account is required in Mauritius. The kept by the Registrar of Companies
may only be inspected by the shareholders of the company. The identity of the
beneficial owners can remain confidential.
However our sources were able to know that the shareholders of company
are businesses from India.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
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|
1 |
Rs.102.40 |
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Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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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 |
|
<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.