MIRA INFORM REPORT

 

 

Report Date :

03.09.2014

 

IDENTIFICATION DETAILS

 

Name :

OCL GLOBAL LTD.

 

 

Registered Office :

44, Saint George Street Port Louis, 44, Saint George Street, Port Louis

 

 

Country :

Mauritius

 

 

Date of Incorporation :

17.01.2006

 

 

Com. Reg. No.:

60429

 

 

Legal Form :

Global Business Category 2

 

 

Line of Business :

Subject operate as a company dealing in steel and allied products

 

 

No of Employees :

105

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Mauritius

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

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

 

 

 

Company Name

 

 

Registered Name:

OCL GLOBAL LTD.

Requested Name:

OCL GLOBAL LTD.

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

44, Saint George Street Port Louis

Postal Address:

44, Saint George Street

 

Port Louis

Country:

Mauritius

Phone:

230-2101867/3386

Fax:

230-2105922

Email:

Fideco@intnet.mu

Website:

www.fidecoglobal.com

 

CREDIT OPINION

 

 

Financial Index as of December 2013 shows subject firm with a medium risk of credit.

 

LEGAL

 

 

Legal Form:

Global Business Category 2

Date Incorporated:

17-Jan-2006

Reg. Number:

60429

Nominal Capital

MUR. 100,000

Subscribed Capital

MUR. 100,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Shri Pradip Kumar Khaitan

Group CEO/Chairman

 

Shri Gaurav Dalmia

Group MD

 

Shri Damodar Das Atal

Group Director

 

OCL India Limited

Shareholder

100%

Mr. Nowsad Nauthoo (on behalf of Fideco Global Business Services Ltd.)

Agent

 

 

RELATED COMPANIES

 

OCL India Limited

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

OPERATIONS

 

Registered to operate as a company dealing in steel and allied products

Imports:

China, India and South Africa

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 30 days (60%), invoices.

 

 

Main Customers:

firms and organizations  

Employees: (Group)

105 employees

Vehicles:

Several motor vehicles.

Territory of sales:

Mauritius

Location:

Rented premises, 8.000 square feet,

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

FINANCE

 

 

Currency Reported:

Mauritius Rupee (MUR.)

Approx. Ex. Rate:

1 US Dollar = 30.98 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

MUR.

 

Undisclosed

 

BANK

 

 

Bank Name:

Mauritius Commercial Bank

Comments:

None

 

TRADE REFERENCES

 

Experiences:

Good

 

 

 

NOTARIAL BONDS

 

None

 

COMMENTS / ADDITIONAL INFORMATION

 

This information was obtained from outside sources other than the subject company itself.

 The company is a (GLOBAL BUSINESS CATEGORY 2 ) limited company, 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.

 

However our sources were able to know that the shareholders of company are businesses from Asia, provided above.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.61

UK Pound

1

Rs.100.49

Euro

1

Rs.79.56

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.