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Report No. : |
329474 |
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Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
STATE TRADING CORPORATION |
|
|
|
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Registered Office : |
3eme
Etage, Immediate Fon Fing 12, |
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|
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Country : |
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|
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Date of Incorporation : |
24.10.1982 |
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Legal Form : |
State Corporation |
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Line of Business : |
Import and Distribution
of Long Grain White Rice, Basmati Rice, Wheaten Flour and Petroleum Products (Mogas,
Dual Purpose Kerosene, Gas Oil, Fuel Oil). |
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|
|
|
No. of Employees : |
325 Employees. |
RATING & COMMENTS
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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 |
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|
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Payment Behaviour : |
No Complaints |
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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 – 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 |
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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 |
|
Registered Name: |
STATE TRADING
CORPORATION |
|
Requested Name: |
STATE TRADING CORPORATION |
|
Other Names: |
None |
|
Physical Address: |
3eme
etage, Immediate FonFing 12, Edith Cavell St |
|
|
Port
Louis |
|
Country: |
Mauritius |
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Phone: |
230-2085440/2086179/2124493/2088161/2085636/ 2085639/2133227 |
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Fax: |
230-2088359 |
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Email: |
stc@stcmu.com |
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Website: |
www.stc.intnet.mu |
|
Legal Form: |
State Corporation |
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Date Incorporated: |
24-Oct-1982 |
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Date Started: |
01-Jan-1983 |
|
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Budget Capital |
MUR.
10,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Dr. Ramchandra Bheenick |
Chairman |
|
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Mr. F. Chuttan |
Director |
|
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Mr. I. Bonomaully |
Director |
|
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Mr. V. Gondeea |
Director |
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Mr. R. Mungur |
Director |
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Mr. C. Rogbeer |
Director |
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Mr. C. Pooneeth |
Director |
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Mr. F. Jeetoo |
Director |
|
|
Mr. E. Lamarque |
Director |
|
|
Mr. H. Hoolash |
Acting
GM |
|
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Mr. R. R. Bapamah |
Finance
Manager |
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Mr. I. Peermamode |
Manager |
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Mr. R. Gungoo |
Manager |
|
|
Mr. K. D. Jugoo |
Manager |
|
|
Mr. P. Soobarah |
Manager |
|
|
Mr. K. Ramdenee |
Manager |
|
|
Mr. P. Udhin |
Manager |
|
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Government of Mauritius |
Parent |
100% |
|
Government of Mauritius |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate
import and distribution of long grain white rice, basmati rice, wheaten flour
and petroleum products (Mogas, Dual Purpose Kerosene, Gas Oil, Fuel Oil) |
|
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Imports: |
Worldwide |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices.& tenders |
|
|
|
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Main Customers: |
Local agencies, stores, outlets, distributors etc |
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Employees: |
325 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Mauritius |
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Location: |
Owned premises, 100,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Mauritius Rupee (MUR.) |
|
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Approx. Ex. Rate: |
1 US Dollar = 35.15
Mauritius Rupee |
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Fiscal Year End: |
December 31, 2014 |
|
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
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||
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Financial Information not
Submitted |
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|
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Profit and Loss
(expressed in USD.) |
||
|
|
|
2014 |
|
Income |
|
50,000,000 |
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Bank Name: |
State
Bank of Mauritius |
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Branch: |
Mauritius |
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Comments: |
None |
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Experiences: |
Good |
|
None |
|
|
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.63.62 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
|
|
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 |
|
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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.