MIRA INFORM REPORT

Report No. :	485501
Report Date :	15.01.2018

IDENTIFICATION DETAILS

Name :	CENTRAL ELECTRICITY BOARD
Registered Office :	Rue Du Savoir, Cybercity, Ebène
Country :	Mauritius
Date of Incorporation :	02.04.1952
Com. Reg. No.:	F07000041
Legal Form :	State Owned
Line of Business :	Mandate to prepare and carry out development schemes with the general object of promoting, coordinating and improving the generation, transmission, distribution and sale of electricity.
No. of Employees :	120

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Mauritius	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 currently depends on sugar, tourism, textiles and apparel, and financial services, but 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, a preferential trade program that allows duty free access to the US market, with Mauritian exports to the US growing by 40% from 2000 to 2014.

Mauritius' sound economic policies and prudent banking practices helped mitigate negative effects of the global financial crisis in 2008-09. GDP grew in the 3-4% per year range in 2010-16, and the country continues to expand its trade and investment outreach around the globe. Growth in the US and Europe fostered goods and services exports, including tourism, while lower oil prices kept inflation low in 2016. Mauritius continues to rank first in sub-Saharan Africa on the World Bank’s Doing Business Report.

Source : CIA

SUBJECT'S NAME
Registered Name:	CENTRAL ELECTRICITY BOARD
Requested Name:	CENTRAL ELECTRICITY BOARD
Other Names:	CEB
ADDRESS AND TELECOMMUNICATION
Physical Address:	Rue du Savoir, Cybercity,
	Ebène
Country:	Mauritius
Phone:	230-4042000/6011100
Fax:	230-4547630/4547632/6757958
Email:	ceb@intnet.mu/mpu@mail.gov.mu/ ctc@ceb.intnet.mu
Website:	www.ceb.intnet.mu
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		State Owned
Date Incorporated:		02-April-1952
Reg. Number:		F07000041
VAT Number:		VAT22000591
Budget Capital		MUR. 10,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Mootoosamy Naidoo		Chairman
Mr. Kesnalall Balgobin		CFO
Mr. Rajcoomar Bikoo		Director
Mr. Claude Wong So		Director
Mrs. Sadna Appanah		Director
Dr Yousouf Ismael		Director
Mr. Ally Damree		Director
Mr. Harryduth Chummun		Director
Mr. Shamshir Mukoon		Acting GM
Mr. Hassen Fakim		Deputy GM
Mr. Rajden Chowdharry		Manager
Mr. Chavan Dabeedin		Manager
Mr. Shiam Krisht Thannoo		Manager
Mr. Jayram Luximon		Manager
Mr. Shyam Abacousnac		Manager
Government of Mauritius		Parent		100%
RELATED COMPANIES
Government of Mauritius		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
P.o. Box 40 Royal Road, Curepipe, Mauritius		Branches of the firm
OPERATIONS
Mandate to prepare and carry out development schemes with the general object of promoting, coordinating and improving the generation, transmission, distribution and sale of electricity.
Imports:		Asia, Europe
Exports:		None
Trademarks:		None
Terms of sale:		100% tenders
Main Customers:		General Public
Employees:		120 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Mauritius
Location:		Owned premises, 15,000 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 = 33.48 Mauritius Rupee
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in MUR.)
			2017
Budget Income			865,000,000
BANK
Bank Name:		Bank of Mauritius
Branch:		Mauritius
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	INR 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53
MUR	1	INR 1.91

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.