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Report Date : |
07.11.2014 |
IDENTIFICATION DETAILS
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Name : |
PROTEA CHEMICALS EASTERN AFRICA LTD |
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Registered Office : |
Suite 205 & 206, 2nd Floor, Tower A 1 Cybercity Building, Ebene, |
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Country : |
Mauritius |
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Date of Incorporation : |
06.11.1996 |
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Com. Reg. No.: |
C17183 |
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Legal Form : |
Global Business Category 1 |
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Line of Business : |
Consultancy firm |
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No. of Employees : |
02 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Mauritius |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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: |
PROTEA CHEMICALS
EASTERN AFRICA LTD |
|
Requested Name: |
PROTEA CHEMICALS
EASTERN AFRICA LTD |
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Other Names: |
None |
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Physical Address: |
Suite
205 & 206, 2nd Floor, Tower A 1 Cybercity Building, |
|
|
Ebene, |
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Country: |
Mauritius |
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Phone: |
230-4036016 |
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Fax: |
230-4036016 |
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Email: |
Nousrath.Bhugeloo@abaxservices.com |
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Website: |
www.abaxservices.com |
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Legal Form: |
GLOBAL BUSINESS CATEGORY
1 |
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Date Incorporated: |
06-Nov-1996 |
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Reg. Number: |
C17183 |
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Nominal Capital |
MUR.
100,000 |
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Subscribed Capital |
MUR.
100,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
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Director |
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Abax Corporate Services |
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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___________________________________________________________________________ |
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Consultancy firm |
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Imports: |
None Stated |
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Exports: |
None Stated |
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Trademarks: |
None |
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Terms of sale: |
Undisclosed |
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Main Customers: |
Undisclosed |
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Employees: |
2 employees. |
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Vehicles: |
Undisclosed |
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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. |
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Currency Reported: |
Mauritius Rupee (MUR.) |
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Approx. Ex. Rate: |
1 US Dollar = 31.39
Mauritius Rupee |
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Fiscal Year End: |
December 31, 2013 |
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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
undisclosed |
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Bank Name: |
MCB
BANK |
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Branch: |
Ebene,
Mauritius |
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Comments: |
None |
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Experiences: |
Good |
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.61.39 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
|
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 |
|
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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 |
|
|
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 |
-- |
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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.