MIRA
INFORM REPORT
|
Report Date : |
20th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
CELLPLUS MOBILE COMMUNICATIONS LTD |
|
|
|
|
Registered Office : |
Telecom Tower 17th Fl. Ediith Cavell St Port Louis |
|
|
|
|
Country : |
Mauritius |
|
|
|
|
Date of Incorporation : |
14.03.1996 |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
(i) Provides telecommunication services in all fields of cellular telecommunication technologies (ii) Operates a mobile telecommunication network |
RATING & COMMENTS
|
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
|
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
NAME OF COMPANY
CELLPLUS MOBILE COMMUNICATIONS LTD
ADDRESS
TELECOM TOWER
17TH FL. EDIITH CAVELL ST
PORT LOUIS
TEL: (230) 203-7500
FAX: (230) 211-6996
EMAIL: cellplus@cellplus.mu
INCORPORATED
14.03.1996
STATUS
Private
CO NO
16140
DIRECTORS
Dr. Paramhamsa NABABSING
Mr. Jean Leung See You LEUNG UI KO
Mr. Premcoomar BEEHARRY
Mr. Gilles VAILLANT
SHAREHOLDERS SHARES
Mauritius Telecom Ltd 20,000,000
ISSUED CAPITAL
RS 200,000,000
SIZE
The company’s registered office is located at 17th Floor, Telecom Tower, Edith Cavell Street, Port Louis. Subject has its head office and administrative department at 9th Floor, Telecom Tower, Edith Cavell Street, Port Louis.
ACTIVITIES
(iii) Provides telecommunication services in all fields of cellular telecommunication technologies
(iv) Operates a mobile telecommunication network
OBSERVATION
The company is operative since nearly a decade now and has acquired a considerable share of the market for mobile telephony. Subject has a wide customer portfolio and is constantly investing in new technologies. Moreover, concern has contracted business agreements with more than 238 operators in 104 countries. In 2004, a marked improvement was noted in the co’s sales revenue figure which increased by more than 16% to attain the Rs1.8 billion figure. Profits passed from Rs272.9 million to reach Rs599.06 million.
RELATED CONCERNS
The company is 100% subsidiary of the Mauritius Telecom Ltd. Other subsidiaries forming the group are:
(i) Telecom Plus Ltd
(ii) Call Services Ltd
(iii) Tele Services Ltd
FINANCE
Year 2004 Year 2003
Revenue RS 1.8 billion RS 1.5 billion
Profits RS 599.06 million RS 272.9 million
CREDITWORTHINESS
Financially sound and of good standing, buyer is considered good for the applicable credit figure of US $ 100,000.
BANKERS
- The Mauritius Commercial Bank Ltd
- The State Bank of Mauritius Ltd
- The Hong-Kong and Shanghai Banking Corp
|
CELLPLUS MOBILE
COMMUNICATIONS LTD |
|
|
INCOME STATEMENT FOR THE
YEAR ENDED 31 DECEMBER 2004 |
|
|
|
RS |
|
Revenue |
1,825,847,900 |
|
Cost of sales |
(366,311,039) |
|
|
------------------------------- |
|
Gross Profit |
1,459,536,861 |
|
Other operating income |
16,136,184 |
|
Distribution costs |
(121,537,365) |
|
Administrative expenses |
(63,867,011) |
|
Other operating expenses |
(490,145,675) |
|
|
------------------------------- |
|
Profit for the year from
operations |
800,122,994 |
|
Finance Costs |
(37,200,772) |
|
|
------------------------------ |
|
Profit for the year
before tax |
762,922,222 |
|
Income tax expenses |
(163,852,476) |
|
|
------------------------------- |
|
Profit for the year after
tax |
599,069,746 |
|
|
=============== |
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET AT 31
DECEMBER 2004 |
|
|
|
RS |
|
ASSETS |
|
|
NON CURRENT ASSETS |
|
|
Property, plant and
equipment |
1,111,945,465 |
|
|
|
|
CURRENT ASSETS |
|
|
Inventories |
34,828,482 |
|
Trade debtors |
420,223,997 |
|
Other receivables and
prepayments |
808,011 |
|
Amount due by holding
company |
236,094,200 |
|
Cash at bank and in hand |
218,363,335 |
|
|
------------------------------- |
|
|
910,318,025 |
|
|
------------------------------ |
|
Total Assets |
2,022,263,490 |
|
|
=============== |
|
EQUITY AND LIABILITIES |
|
|
Capital & Reserves |
|
|
Share Capital |
100,000,000 |
|
Accumulated Profits |
760,692,047 |
|
|
------------------------------- |
|
|
860,692,047 |
|
NON CURRENT LIABILITIES |
|
|
Shareholder's loan |
250,000,000 |
|
Retirement benefit
obligations |
1,070,000 |
|
Deferred tax liabilities |
103,393,821 |
|
|
------------------------------ |
|
|
354,463,821 |
|
CURRENT LIABILITIES |
|
|
Trade and other payables |
650,919,990 |
|
Amount due to holding
company |
- |
|
Taxation |
156,187,632 |
|
|
------------------------------- |
|
|
807,107,622 |
|
|
------------------------------ |
|
Total equity and
liabilities |
2,022,263,490 |
|
|
=============== |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |