MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
IRELAND BLYTH LTD |
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Registered Office : |
Fifth Floor, Ibl House – Caudan, Port Louis |
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Country : |
Mauritius |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14.07.1972 |
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Com. Reg. No.: |
2052 |
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Legal Form : |
Public |
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Line of Business : |
Subject is engaged
in a wide range of sectors as under : Consumer goods and durables, Financial services, Pharmaceuticals, Fish storage and processing, Logistics, Fertilizers and pesticides, Aviation and shipping, Mechanical and electrical engineering |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME OF COMPANY
IRELAND BLYTH LTD
ADDRESS
FIFTH FLOOR
IBL HOUSE – CAUDAN
PORT LOUIS
TEL : (230) 203-2000 / 203-2009
FAX : (230) 208-1014
EMAIL : iblinfo@iblgroup.com
INCORPORATED
14.07.1972
STATUS
Public
CO NO
2052
DIRECTORS
Mr. Thierry Pierre LAGESSE (Chairman)
Mr. Patrice D’HOTMAN DE VILLIERS
Mr. Arnaud DALAIS
Mr. Guy Christian DALAIS
Mr. Jean Pierre DALAIS
Mr. François DE GERSIGNY
Mr. J M Bertrand HARDY
Mr. J Cyril LAGESSE
Mr. Arnaud LAGESSE
Mr. Jean JUPIN DE FONDAUMIERE
Mr. L.M Adolphe VALLET
SHAREHOLDERS (Main) SHARES
Blyth Green Jourdain & Co Ltd 18,653,426
Investments Holding Co Ltd 13,914,191
Joint Economic Trading Co Ltd 12,849,420
Ste D’Investissement & de Dev 10,541,298
ISSUED CAPITAL
RS 714,401,390
ACTIVITIES
Subject is present
in a wide range of sectors:
Consumer goods and durables
Financial services
Pharmaceuticals
Fish storage and processing
Logistics
Fertilizers and pesticides
Aviation and shipping
Mechanical and electrical engineering
SIZE
The company operates
as follows:
Head Office: 5th
Floor, IBL House, Caudan, Port Louis
Agriculture & Construction: Royal
Road, Cassis, Port Louis
Food &
Distribution : IBL
Complex No2, Riche Terre
IT: 2nd
Floor, IBL House, Caudan
Agrochemicals: Dr Ferriere Street,
Port Louis
IMPORTS
Mainly China, South
Africa, India, Far East and EU.
FINANCE (2006)
Turnover: MUR 2,020m
Profit: MUR 162m
EPS: MUR 2.27
BUSINESS ANTECEDANT
Incorporated as a private
company on 14th July 1972, following the merger of Blyth Brothers & Co. Ltd
and Ireland Fraser & Co. Ltd, both of which had been trading in Mauritius
since the early nineteenth century.
The shares of IBL
are listed on the Stock Exchange of Mauritius since 1994. Today IBL is a major
business group in Mauritius. Since April 2006, a new organisation structure is
in place and IBL operates through a Head Office made up of five corporate
units:
Corporate Affairs
Finance
Human Resources & Communication
Information Technology
Projects & Property Management
And four activity
pillars through its subsidiaries:
- Commerce
- Engineering
- Financial Services
- Marine, Logistics & Aviation
SOME SUBSIDIARIES
Blychem Ltd
DTOS Ltd
Scomat Ltee
Thon des
Mascareignes Ltee
Froid des
Mascareignes Ltd
OBSERVATION
2006 has been a good
year for the company. Revenue increased from MUR 1,946m to MUR 2.020m during
the period ending 31st Dec 2006. Profit dropped by 16% to record
only MUR 162m.
However, the IBL Group
managed to show a growth in turnover of 30% in the period 2006, mainly due to
the Seafood Hub and the performance of its associated companies.
PROSPECTS
The group has put up
a medium term strategic plan whereby areas of growth have been identified,
namely in the seafood sector, retail and financial services.
REMARKS
The other activities
of the Group are expected to grow steadily and perform satisfactorily. 2007 has
started reasonably well and prospects are looking good with the economic
reforms adopted by Government.
CREDITWORTHINESS
Buyer is trustworthy
for normal business engagement.
BANKERS
The Mauritius
Commercial Bank Ltd
Hong Kong &
Shanghai Banking Corp
Barclays Bank PLC
State Bank of Mauritius Ltd
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IRELAND BLYTH LIMITED |
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BALANCE SHEETS AT 31 DECEMBER 2006 |
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THE GROUP |
THE COMPANY |
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RS'000 |
RS'000 |
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ASSETS |
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NON CURRENT ASSETS |
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Property, plant and equipment |
3,607,516 |
1,025,584 |
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Investment property |
505,364 |
- |
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Intangible assets |
247,908 |
16,870 |
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Investments |
1,538,017 |
1,647,274 |
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Finance lease receivables |
842,691 |
- |
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6,741,496 |
2,689,728 |
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CURRENT ASSETS |
5,498,926 |
3,679,668 |
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--------------------------- |
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12,240,422 |
6,369,396 |
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TOTAL ASSETS |
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EQUITY AND LIABILITIES |
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Equity attributable to equity holders of the |
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parent |
2,988,245 |
1,914,072 |
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Minority interest |
422,925 |
- |
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Life assurance fund |
249,858 |
- |
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Non Current Liabilities |
2,173,782 |
1,036,248 |
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Current Liabilities |
6,405,612 |
3,419,076 |
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TOTAL EQUITY AND LIABILITIES |
12,240,422 |
6,369,396 |
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INCOME STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 |
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THE GROUP |
THE COMPANY |
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RS'000 |
RS'000 |
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Turnover |
10,028,505 |
2,020,722 |
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Profit from operations |
710,128 |
331,221 |
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Share of profits less losses of associates |
266,579 |
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Net finance costs |
(461,529) |
(168,876) |
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Profit before taxation |
515,178 |
162,345 |
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Taxation |
(33,555) |
- |
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Retained profit for the year |
481,623 |
162,345 |
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Earnings per share (Rs) |
Rs 5.98 |
Rs 2.27 |
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Net Assets per share (Rs) |
Rs 41.83 |
Rs 26.79 |
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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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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)