MIRA INFORM REPORT

Report No. :	337090
Report Date :	21.08.2015

IDENTIFICATION DETAILS

Name :	ELECON TRANSMISSION INTERNATIONAL LIMITED
Registered Office :	1st Floor Felix House, 24 Dr Joseph Riviere Street, Port Louis, P. O. Box 80, Port Louis
Country :	Mauritius
Date of Incorporation :	29.09.2010
Com. Reg. No.:	C098062
Legal Form :	Global Business Category 1
Line of Business :	Subject Operate as Power Transmission Engineering Firm.
No. of Employees :	5

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 undergone a remarkable economic transformation from a low-income, agriculturally based economy to a diversified, upper middle-income economy with growing industrial, financial, and tourist sectors. Mauritius has achieved steady 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’ textile sector has taken advantage of the Africa Growth and Opportunity Act, with Mauritian exports to the US growing by 400% from 2001-2012. 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 2010-14, and the country continues to expand its trade and investment outreach around the globe.

Source : CIA

Company Name
Registered Name:	ELECON TRANSMISSION INTERNATIONAL LIMITED
Requested Name:	ELECON TRANSMISSION INTERNATIONAL LIMITED
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	1st Floor Felix House, 24 Dr Joseph Riviere Street, Port Louis
Postal Address:	P. O. Box 80,
	Port Louis,
Country:	Mauritius
Phone:	230-2168800/2400771
Fax:	230-4058818/2400772
Email:	christianli@cklb.com
Website:	www.cklb.com
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a high risk of credit.
LEGAL
Legal Form:		Global Business Category 1
Date Incorporated:		29-Sept-2010
Reg. Number:		C098062
Nominal Capital		MUR. 1,000,000
Subscribed Capital		MUR. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position	Shares
Undisclosed		Directors
Cklb International Management Ltd		Trustee/Agent
Elecon Engineering Co. Ltd		Holding Co.	100%
RELATED COMPANIES
Elecon Engineering Co. Ltd		Parent company.
None		Subsidiary company.
Elecon UK Transmission Ltd, Elecon USA Transmission Ltd.		Affiliated companies.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as power transmission engineering firm
Imports:		Asia
Exports:		None Stated
Trademarks:		None Stated
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		5 employees.
Vehicles:		Not Indicated
Territory of sales:		Mauritius
Location:		Undisclosed
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Mauritius Rupee (MUR.)
Approx. Ex. Rate:		1 US Dollar = 35.41 Mauritius Rupee
Fiscal Year End:		December 31, 2014
Inflation:		According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.
Financial Information not Submitted
BANK
Bank Name:		Barclays Bank
Branch:		Mauritius
Comments:		None
COMMENTS / ADDITIONAL INFORMATION
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.65.23
UK Pound	1	Rs.102.20
Euro	1	Rs.72.57

INFORMATION DETAILS

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