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Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
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Name : |
GENERICS LIMITED |
|
|
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Registered Office : |
IFS
House 28 Cybercity, Ebene |
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|
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Country : |
Mauritius |
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Date of Incorporation : |
16.07.1998 |
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Com. Reg. No.: |
C32004 Mauritius |
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|
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Legal Form : |
Global Business Category
2 |
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Line of Business : |
Consultancy firm |
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No. of Employees : |
1 Employee. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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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|
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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: |
GENERICS LIMITED |
|
Requested Name: |
GENERICS LIMITED |
|
Other Names: |
None |
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Physical Address: |
IFS
House 28 Cybercity, |
|
|
Ebene, |
|
Country: |
Mauritius |
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Phone: |
230-4673000 |
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Fax: |
230-4673000 |
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Email: |
info@ifs.se |
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Website: |
www.ifstrustees.com |
|
Legal Form: |
GLOBAL BUSINESS CATEGORY
2 |
|
|
Date Incorporated: |
16-July-1998 |
|
|
Reg. Number: |
C32004 Mauritius |
|
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Nominal Capital |
MUR. 10,000 |
|
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Subscribed Capital |
MUR. 10,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Ms.Genevieve Roopnaraine |
Manager |
|
|
IFS Trustee Services |
Trustee |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Consultancy firm |
|
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Imports: |
Undisclosed |
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Exports: |
Undisclosed |
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Trademarks: |
None |
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Terms of sale: |
Undisclosed |
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|
|
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Main Customers: |
Undisclosed |
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Employees: |
1 employee. |
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Vehicles: |
Undisclosed |
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Territory of sales: |
Offshore |
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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 = 31.33
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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Financial Information not
Submitted |
|
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Bank Name: |
MCB |
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Branch: |
Mauritius |
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Comments: |
None |
|
Experiences: |
Good |
None
|
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. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
|
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.