MIRA INFORM REPORT
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Report Date : |
11th May 2006 |
IDENTIFICATION DETAILS
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Name : |
IQBAL
MANJOO AND CO LTD |
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Registered Office : |
Leoville L’homme Street Rose
Hill |
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Date of Incorporation : |
24.07.00 |
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Legal Form : |
Private |
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Line of Business : |
The
company imports goods for re-sale of the local market, be it textile, textile
piece-goods, furnishing fabrics or any other household materials |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
NAME OF COMPANY
IQBAL MANJOO AND CO LTD
ADDRESS
LEOVILLE L’HOMME STREET
ROSE HILL
TEL : (230) 467-7152 / 467-9026
INCORPORATED
24.07.00
STATUS
Private
CO NO
25170
DIRECOTRS
Mr. Ebrahim Ahmed ESSACK
Mr. Iqbal Ahmad Mahmode MANJOO
Mr. Shabbir Mahmode MANJOO
Mr. Parvez Mohamed MANJOO
SHAREHOLDERS
SHAREHOLDERS SHARES
Mr. Ebrahim Ahmed ESSACK 250
Mr. Iqbal Ahmad Mahmode MANJOO 250
Mr. Shabbir Mahmode MANJOO 250
Mr. Parvez Mohamed MANJOO 250
ISSUED CAPITAL
RS 100,000
SIZE
The company’s registered office is located at 12, Sir Seewoosagur Ramgoolam Street, Port Louis. Subject has its outlet located at Leoville L’Homme Street, Port Louis.
ACTIVITIES
The company imports goods for re-sale of the local market, be it textile, textile piece-goods, furnishing fabrics or any other household materials.
OBSERVATION
The concern of Iqbal Manjoo is one of the many business enterprises, offshoot of the Manjoo Enterprises initially in operation since the early 1930’s. This is to assert the concern’s undeniable share of the market as far as textile and interior decoration materials are concerned and which is actually the buyer’s line of business.
FINANCE
Comparative figures for the latest financial data respecting the affairs of this buyer clearly indicate a rather precarious trend as evidenced by a registered fall in sales of nearly 50% and heavy losses incurred. We do not have the reasons for this situation. However, we do believe that these must be some understandable causes and therefore reject all idea that the company’s present picture may have any adverse effect as buyer is known on the market as a reliable dealer, trustworthy and generally prompt in the fulfillment of all contractual business obligations.
CREDITWORTHINESS
We would recommend buyer for normal business engagement.
BANKERS
The Mauritius Commercial Bank Ltd
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IQBAL MANJOO & CO LTD |
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INCOME STATEMENT FOR THE YEAR ENDED 30TH JUNE
2004 |
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RS |
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Turnover |
6,331,921 |
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Cost of sales |
4,312,038 |
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----------------------------
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Gross Profit |
2,019,883 |
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Other income |
571 |
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Administrative expenses |
2,156,277 |
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Operating (Loss)/ Profit |
(135,823) |
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Financial charges |
348,814 |
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(Loss)/ Profit before taxation |
(484,637) |
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Taxation |
- |
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----------------------------
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Net (Loss)/ Profit for the year |
(484,637) |
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============== |
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(Loss)/ Earnings per share |
RS (484.64) |
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============== |
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BALANCE SHEET AS AT 30TH JUNE 2004 |
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RS |
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ASSETS EMPLOYED |
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Plant and equipment |
575,729 |
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CURRENT ASSETS |
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Inventories |
6,823,330 |
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Trade and other receivables |
327,617 |
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Cash in hand |
9,000 |
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---------------------------- |
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7,159,947 |
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---------------------------- |
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CURRENT LIABILITIES |
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Trade and other payables |
6,028,718 |
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Borrowings |
1,258,423 |
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Current tax liabilities |
- |
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---------------------------- |
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7,287,141 |
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---------------------------- |
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Net Current (Liabilities)/ Assets |
(127,194) |
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---------------------------- |
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Net Assets |
448,535 |
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============== |
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CAPITAL & RESERVES |
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Share Capital |
100,000 |
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Retained (Loss)/ Profit |
(176,465) |
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---------------------------- |
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(76,465) |
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Borrowings |
525,000 |
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--------------------------- |
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448,535 |
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============== |
RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |