MIRA INFORM REPORT

 

 

Report No. :

511513

Report Date :

29.05.2018

 

 

 

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 :

8

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

Status :

Global Business Category 1

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

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 11% of exports. 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 2010-17, 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 as one of the most business-friendly environments on the continent, and in mind-2017 passed a Business Facilitation Act to improve competitiveness and long-term growth prospects.

 

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 2017 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:

8 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.)

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

 

 

 

 

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

INR 67.44

UK Pound

1

INR 89.89

Euro

1

INR 79.00

MUR

1

INR 1.96

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

TRU

                                                


 

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.