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Report Date : |
10.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELECON TRANSMISSION INTERNATIONAL LIMITED |
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|
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Registered Office : |
1st
Floor Felix House, 24 Dr Joseph Riviere Street, Port Louis, P. O. Box 80,
Port Louis |
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Country : |
Mauritius |
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Date of Incorporation : |
29.09.2010 |
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Com. Reg. No.: |
C098062 |
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Legal Form : |
Global Business Category
1 |
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Line of Business : |
Subject operate as power
transmission engineering firm |
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No. of Employees : |
4 employees. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
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 – 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 |
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Moderate |
B1 |
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High |
B2 |
|
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. 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: |
ELECON
TRANSMISSION INTERNATIONAL LIMITED |
|
Requested Name: |
ELECON TRANSMISSION INTERNATIONAL LIMITED |
|
Other Names: |
None |
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Physical Address: |
1st
Floor Felix House, 24 Dr Joseph Riviere Street, Port Louis |
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Postal Address: |
P.o.
Box 80 |
|
|
Port
Louis |
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Country: |
Mauritius |
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Phone: |
230-2168800/2400771 |
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Fax: |
230-4058818/2400772 |
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Email: |
christianli@cklb.com |
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Website: |
www.cklb.com |
|
Legal Form: |
GLOBAL BUSINESS CATEGORY
1 |
|
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Date Incorporated: |
29-Sept-2010 |
|
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Reg. Number: |
C098062 |
|
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Nominal Capital |
MUR.
1,000,000 |
|
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Subscribed Capital |
MUR.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Undisclosed |
Director |
|
|
Cklb International Management Ltd |
Trustee |
|
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Elecon Engineering Co. Ltd |
Holding
Co. |
100% |
|
Elecon Engineering Co. Ltd |
Parent company. |
|
None |
Subsidiary company. |
|
Elecon UK Transmission Ltd, Elecon USA Transmission Ltd. |
Affiliated companies. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
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Registered to operate as
power transmission engineering firm |
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Imports: |
Asia |
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Exports: |
None Stated |
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Trademarks: |
None Stated |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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|
|
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Main Customers: |
firms and organizations |
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Employees: |
4 employees. |
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Vehicles: |
Not Indicated |
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Territory of sales: |
Mauritius |
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Location: |
Undisclosed |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Mauritius Rupee (MUR.) |
|
Approx. Ex. Rate: |
1 US Dollar = 30.55
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%. |
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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: |
Mauritius |
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Comments: |
None |
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This information was
obtained from outside sources other than the subject company itself. A Global 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. The company is
incorporated with an agent who is also the legal officer who represents the
company. It is difficult to
investigate due to the Mauritius regulations protecting the non disclosure of
the name of the shareholders. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.76.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
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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.