MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	LAXMI TRADING
Registered Office :	Providence Industrial Estate, Mont Fleuri, Mahe, P. o. Box 1212, Mahe
Country :	Seychelles
Date of Incorporation :	20.07.2001
Com. Reg. No.:	B849551
Legal Form :	Sole Proprietorship
Line of Business :	Subject operate as dealers in power tools, hardware, building materials, timber products
No of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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)
Seychelles	C1	B2

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

SEYCHELLES - ECONOMIC OVERVIEW

Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the pre-independence, near-subsistence level, moving the island into the upper-middle-income group of countries. Growth has been led by the tourist sector, which employs about 30% of the labor force and provides more than 70% of hard currency earnings, and by tuna fishing. In recent years, the government has encouraged foreign investment to upgrade hotels and other services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, and small-scale manufacturing. In 2008, having depleted its foreign exchange reserves, Seychelles defaulted on interest payments due on a $230 million Eurobond, requested assistance from the International Monetary Fund (IMF), and immediately enacted a number of significant structural reforms, including liberalization of the exchange rate, reform of the public sector to include layoffs, and the selling of some state assets. In December 2013, the IMF declared that Seychelles had successfully transitioned to a market-based economy with full employment and a fiscal surplus.

Source : CIA

Company Name
Registered Name:	LAXMI TRADING
Requested Name:	LAXMI TRADING
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Providence Industrial Estate, Mont Fleuri,Mahe,
Postal Address:	P. o. Box 1212
	Mahe,
Country:	Seychelles
Phone:	248-4374288
Fax:	248-4374288
Email:	info@shreeji.sc
Website:	None
CREDIT OPINION
Financial Index as of December 2013 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Sole Proprietorship
Date Incorporated:		20-July-2001
Reg. Number:		B849551
Nominal Capital		SCR. 500,000
Subscribed Capital		SCR. 500,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Keshra Bhudia		MD		100%
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as dealers in power tools, hardware, building materials, timber products
Imports:		Asia, Europe, UK
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, firms and organizations
Employees:		25 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Seychelles
Location:		Owned premises, 10,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Seychelles Rupee (SCR.)
Approx. Ex. Rate:		1 US Dollar = 12.95 Seychelles 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
Profit and Loss (expressed in SCR.)
			2013
Sales			125,000,000
BANK
Bank Name:		Crédit du Congo (CDC)
Branch:		Seychelles
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 and confirmed the above subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.83
UK Pound	1	Rs.98.15
Euro	1	Rs.78.65

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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