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Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
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Name : |
PALMAR LIMITEE |
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Registered Office : |
Mon Loisir Industrial Zone,
Riviere Du Rempart |
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Country : |
Mauritius |
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Date of Incorporation : |
29.08.1980 |
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Com. Reg. No.: |
C3344 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
manufacturer and exporter of textile, garments
and knitted fabrics products |
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No of Employees : |
1,650 |
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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Mauritius |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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: PALMAR LIMITEE
Requested Name: PALMAR
LIMITEE
Trade Names: PALMAR
APPAREL
Physical Address: Mon Loisir Industrial Zone,
Riviere Du Rempart
Country: Mauritius
Phone: 230-4017030/3
Fax: 230-4017031/41
Email: gheller@palmar.intnet.mu
Website: www.palmarapparel.com
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: 29-Aug-1980
Reg. Number: C3344
Nominal Capital MUR. 1,000,000
Subscribed Capital MUR. 1,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Thierry
Lagesse Chairman
Mr. Yves Robert
Lamusse Director
Mr. Stephane
Lagesse Director
Mr. Nasser Makoon Finance
Mrs. Elizabeth
Winchester Manager
Mr. Joël Jeantou Manager
None Parent company.
None Subsidiary company.
Palmar Trading Ltd,
Palmar
International Ltd. Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate manufacture and export of textile, garments and
knitted fabrics products
Imports: Asia,
Middle East
Exports: Europe,
USA & South Africa
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: firms
and organizations
Employees: 1,650
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mauritius
Location: Leased
premises, 10,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 29.98 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 not Submitted
Profit and Loss (expressed in MUR.)
2013
Sales 1,250,000,000
Bank Name: THE MAURITIUS COMMERCIAL BANK
LIMITED
Branch: Mauritius
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.