MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	SMP LINEN LTD
Registered Office :	DMB Industrial Estate Zone 1 , Building No. 2 Coromondel
Country :	Mauritius
Date of Incorporation :	18.07.2014
Com. Reg. No.:	C2698
Legal Form :	Limited Corporation
Line of Business :	Subject operate as dealers of textiles and garments
No of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
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 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
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

Company Name
Registered Name:	SMP LINEN LTD
Requested Name:	SMP LINEN LTD
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	DMB Industrial Estate Zone 1 , Building No. 2 Coromondel
Country:	Mauritius
Phone:	230-4057001
Fax:	230-4057001
Email:	None
Website:	None
CREDIT OPINION
Projected Financial Index as of December 2014 shows subject firm with a high risk of credit.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		18-July-2014
Reg. Number:		C2698
Nominal Capital		MUR. 50,000
Subscribed Capital		MUR. 50,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Sham Sunder Panjabi		Director
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
Smp International Ltd		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as dealers of textiles and garments
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (80%) and 25-90 days (20%), invoices.
Main Customers:		firms and organizations
Employees:		5 employees.
Vehicles:		2 motor vehicles.
Territory of sales:		Mauritius
Location:		Rented premises, 1,500 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 = 31.25 Mauritius Rupee
Projected Fiscal Year End:		December 31, 2014
Projected 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 MUR.)
			2014
Projected Sales			20,000,000
BANK
Bank Name:		Habib Bank
Branch:		Mauritius
Comments:		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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

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%)

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