MIRA
INFORM REPORT
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Report Date : |
15th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
M
HASSAMAL & COMPANY |
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Registered Office : |
10, Corderie Street, Port Louis |
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Country : |
Mauritius |
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Financials (as on) : |
30.06.2005 |
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Date of Incorporation : |
11.12.1968 |
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Com. Reg. No.: |
1707 |
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Legal Form : |
Private Company |
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Line of Business : |
Importation, wholesale and retail of
ready-made garments, mostly ladies oriental dresses and fancy goods. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
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 : |
Usually
Correct |
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Litigation : |
Clear |
Company Name
M HASSAMAL & CO.
REGISTERED AS: HASSAMAL LTD
Address
10, CORDERIE STREET, PORT LOUIS
Tel. No. :(230) 208-0022 / 454-9835
Fax No. :(230) 208-9963
Incorporated
11.12.68
Status
Private
Co. No.
1707
Directors/Shareholders Shares
Mr. Mohan HASSAMAL 60
Mr. Harkishin HASSAMAL 15
Mr. Rupchand HASSAMAL 15
Issued Capital
RS 90,000
Size
The company’s registered office is located at Corner Queen / Remono Streets, Rose Hill. Subject has also an outlet at 10, Corderie Street, Port Louis.
Activities
Importation, wholesale and retail of ready-made garments, mostly ladies oriental dresses and fancy goods.
Importation
Mainly from India, Singapore, Malaysia and other Far East Countries.
Observation
From the company’s financials made available at June 2005, the company’s income as rent only reflects the exploitation of the company’s property. It is however, commonly known that subject company owes and manages other associated parent enterprises. Concern has a well-diversified business portfolio also currently undertaking import activities on a large scale, transacting businesses in various fields of commercial activities. “Hassamal Shopping Centre” is a large surface shop selling general household goods, ready-made garments and fancy items.
Finance
As per attached sheets.
Creditworthiness
Buyer has the financial capability to accommodate for the applicable credit figure.
Bankers
- Barclays Bank PLC
- Bank of Baroda
- The State Bank of Mauritius Ltd
FINANCIAL SUMMARY
- ACCOUNTING PERIOD FROM 01.07.2004 TO 30.06.2005
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RS |
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Rent |
237,168.00 |
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Deduct expenses:- |
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Financial charges |
560.75 |
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Other operating expenses |
233,661.94 |
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---------------------------- |
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234,222.69 |
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Net Profit for the year |
2,945.31 |
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BALANCE SHEET AS AT 30.06.2005 |
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RS |
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ASSETS |
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NON CURRENT ASSETS |
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Plant and equipment |
54,389.00 |
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Land and building |
7,760,648.31 |
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CURRENT ASSETS |
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Other assets |
174,478.80 |
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Cash and bank balance |
17,269.09 |
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191,747.89 |
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Total Assets |
8,006,785.20 |
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EQUITY AND LIABILITIES |
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Capital & Reserves |
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Issued Capital |
90,000.00 |
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Retained earnings |
(2,317,735.46) |
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NON CURRENT LIABILITIES |
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Loan |
7,228,977.73 |
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CURRENT LIABILITIES |
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Creditor |
3,005,542.93 |
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Total equity and liabilities |
8,006,785.20 |
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RATING EXPLANATIONS
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RATING |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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