MIRA
INFORM REPORT
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Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
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Name : |
IRELAND BLYTH LTD
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Registered Office : |
15 Reserves Street, Les
Salines |
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Country : |
Mauritius |
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Financials (as on) : |
30.06.2013 (Group) 30.06.2013 (Company) |
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Date of Incorporation : |
14.07.1972 |
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Com. Reg. No.: |
C2052 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operates as a Holding company
operating through four sectors and supported by five corporate units. Retail Division:
Manufacturer of domestic appliances, distribution and maintenance of
specialized high-tech electronic equipment in medical and other fields,
manufacture of colour TVs, freezers and autocycles. Commercial
Division: Sale of building materials, Good Year tyres, pharmaceuticals and
fruits. Engineering Division: Production of agricultural and construction
equipment. Chemical and
Equipment Division: Agrochemicals, contracting and service, electrical and Irrigation. Tourism
Division: car hires, tours, travel services, tour operators
and resorts. Shipping
Division: ship owning, shipping agencies, air cargo,
clearing and forwarding. Services
and Finance Division: Computer and communications, inspection and laboratory services and insurance |
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No of Employees : |
7,200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
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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.
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Source
: CIA |
SUBJECT'S NAME
Registered Name: IRELAND BLYTH LTD
Requested Name: IRELAND
BLYTH LTD
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address: 15 Reserves Street, Les Salines
Postal Address: P. o. Box 640,
Port Louis
Country: Mauritius
Phone: 230-2035500/2111961/2082811/2032000/2032004/ 2032227
Fax: 230-2081014/2032001/232001/2032016
Email: pdhotman@ibl.intnet.mu
Website: www.iblgroup.com
CREDIT OPINION
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
Legal Form: Limited Corporation
Date Incorporated: 14-July-1972
Reg. Number: C2052
Nominal Capital MUR.
71,438,300
Subscribed Capital MUR.
71,438,300
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Arnaud Lagesse Chairnan
Mr. Nicolas Maigrot CEO
Mr. Christian de
Juniac Director
Mr. J. M. Bertrand
Hardy Director
Mr. Jason Harel Director
Mr. J. Cyril Lagesse Director
Mr. Jean Ribet Director
Mr. Louis Rivalland Director
Mr. Michel Guy
Rivalland Director
Mr. Thierry Lagesse Director
Mr. Gaetan Lan Hun
Kuen Secretary
Belle Mare Holding
Ltd (BMH) Shareholder 10.88%
Anglo Mauritius
Assurance Society Ltd Shareholder 13.82%
Public Shareholder 27.01%
Gml Investissement
Ltee (GML) Shareholder 48.29%
RELATED COMPANIES
None Parent company.
None Subsidiary company.
Listed Below Affiliated companies.
None Shareholder of subject firm.
Branches of the firm
Reunion Island,
Comoros, Madagascar, Mayotte, Morocco, Seychelles, India, Gabon, Uganda, Dubai,
France and China
OPERATIONS
Registered to operate as a Holding company
operating through four sectors and supported by five corporate units.
Retail Division: Manufacture of domestic appliances, distribution and
maintenance of specialized high-tech electronic equipment in medical and other
fields, manufacture of colour TVs, freezers and autocycles.
Commercial Division: Sale of building materials, Good Year tyres,
pharmaceuticals and fruits. Engineering Division: Production of agricultural
and construction equipment.
Chemical and Equipment Division: Agrochemicals, contracting and service,
electrical and Irrigation.
Tourism Division: car hires, tours, travel services, tour operators and
resorts. Shipping Division: ship owning, shipping agencies, air cargo, clearing
and forwarding.
Services and Finance Division: Computer and
communications, inspection and laboratory services and insurance
Imports: Asia,
South Africa And Europe
Exports: Neighboring
countries
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: Stores
and outlets
Employees: 7,200
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Mauritius
Location: Rented
premises, 100.000 square feet,
AUDITORS AND INSURANCE
Auditors: Deloitte
Insurance
Brokers: Information not available.
FINANCE
Currency Reported: Mauritius Rupee (MUR.)
Approx. Ex. Rate: 1 US Dollar = 30 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
Bank Name: MCB Bank
Branch: Port Louis, Mauritius
Comments: Other Banks Barclays
Bank PLC
Hong Kong and
Shanghai Banking Corporation
State Bank of
Mauritius Ltd
TRADE REFERENCES
Experiences: Good
NOTARIAL
BONDS
None
COMMENTS / ADDITIONAL INFORMATION
This
information was obtained from outside sources other than the subject company
itself and confirmed the above subject.
ASSOCIATED COMPANIES
· ADAM & CO LTD
AIR
MASCAREIGNES LIMITÉE
AUSTRALAIR
GENERAL SALES
AGENCY
LTD
AUSTRALAIR
GSA COMORES SARL
AUSTRALAIR
GSA MADA SA
BLYCHEM
LTD
BLYTH
BROTHERS & CO LTD
BLYTRONICS
LTD
CASSIS
LTD
CATOVAIR
COMORES SARL
CERVONIC
LTD
CHANTIER
NAVAL DE L'OCÉAN
INDIEN
LTD
CONSTRUCTION
& MATERIAL
HANDLING
COMPANY LTD
DTOS
LTD
DTOS
INTERNATIONAL LTD
DTOS
TRUSTEES LTD
EQUIP
AND RENT COMPANY LTD
EQUITY
AVIATION INDIAN OCEAN LTD
FIT-OUT
(MAURITIUS) LTD
FROID
DES MASCAREIGNES LIMITED
GRAPEVINE
LTD
GSP
CO LTD
IBL
AVIATION COMORES SARL
IBL
BIOTECHNOLOGY INTERNATIONAL LTD
IBL
COMORES GSA ANJOUAN SARL
IBL
COMORES SARL
IBL
CONSUMER HEALTH PRODUCTS LTD
IBL
ENTERTAINMENT LTD
IBL
ENTERTAINMENT HOLDING LTD
IBL
EQUIPMENT SERVICES LTD
IBL
FINANCIAL SERVICES HOLDING LTD
IBL
FISHING COMPANY LTD
IBL
FOREX COMPANY LTD
IBL
FOUNDATION
IBL
INTERNATIONAL LTD
IBL
MADAGASIKARA SA
IBL
PROPERTIES LTD
IBL
REGIONAL DEVELOPMENT LTD
IBL
REUNION SAS
IBL
SANTÉ SARL
IBL
TRAINING SERVICES LTD
IBL
TRAVEL LTD
IBL
TRAVEL SARL
IBL
UGANDAN HOLDINGS LIMITED
I-CONSULT
LTD
INDIAN
OCEAN DREDGING LIMITED
INDIAN
OCEAN LOGISTICS LIMITED
INDICO
CANNING LTD
INSTYLE
BY MS LTD
INTERFACE
MANAGEMENT SERVICES LIMITED
INTERFACE
INTERNATIONAL LTD
IRELAND
BLYTH (SEYCHELLES) LTD
IRELAND
FRASER & CO LTD
IRELAND
FRASER (MADAGASCAR) LTD
I-TELECOM
LTD
KNIGHTS
& JOHNS MANAGEMENT LTD
LOGIDIS
LTD
MADA
AVIATION SARL
MAD
COURRIER SARL
MANSER
SAXON ALUMINIUM LTD
MANSER
SAXON CONTRACTING LTD
MANSER
SAXON DUBAI LLC
MANSER
SAXON INTERIORS LLC
MANSER
SAXON OPENINGS LTD
MANSER
SAXON PLUMBING LTD
MARINE
BIOTECHNOLOGY PRODUCTS LTD
MAURITIAN
EAGLE INSURANCE COMPANY LTD
MAURITIAN
EAGLE LEASING COMPANY LTD
MAURITIAN
EAGLE LIFE COMPANY LTD
MEDICAL
TRADING COMPANY LTD
MEDICAL
TRADING INTERNATIONAL LTD
NEW
COLD STORAGE CO LTD
PICK
AND BUY LIMITED
PINES
LTD
RICHE
TERRE DEVELOPMENT LTD
SAXON
INTERNATIONAL LTD
SCOMAT
LTÉE
SEAFOOD
HUB LTD
SEAWAYS
MARINE SUPPLIES LTD
SOCIÉTÉ
DE TRAITEMENT ET D'ASSAINISSEMENT DES MASCAREIGNES LTÉE
SOCIÉTÉ
DE TRANSIT AÉRIEN ET MARITIME SARL
SOCIÉTÉ
IMMOBILIÈRE IBL TANA SARL
SOCIÉTÉ
MAURICIENNE DE NAVIGATION LTÉE
SOMATRANS
SDV LOGISTICS LTD
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.88 |
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1 |
Rs.100.98 |
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Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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 |
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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 |
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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.