MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
PENINSULA RICE MILLING LTD |
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Registered Office : |
Innodis Building, Caudan – Port Louis |
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Country : |
Mauritius |
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Date of Incorporation : |
06.03.00 |
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Com. Reg. No.: |
24000 |
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Legal Form : |
Private |
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Line of Business : |
Importer, grain,
rice milling and packing. |
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 : |
Usually correct |
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Litigation : |
Clear |
NAME OF COMPANY
PENINSULA RICE MILLING LTD
ADDRESS
INNODIS BUILDING
CAUDAN – PORT LOUIS
TEL: (230) 465-1075
FAX: (230) 465-1671
EMAIL: info@innodis.mu
INCORPORATED
06.03.00
STATUS
Private
CO NO
24000
DIRECTORS
Mr. Jean HOW HONG
Mr. Victor SEEYAVE
SHAREHOLDERS SHARES
INNODIS LTD 2,500
ISSUED CAPITAL
RS 250,000
ACTIVITIES
Importer, grain,
rice milling and packing.
SIZE
Company’s offices and
facilities are located at Industrial Zone, Trianon.
IMPORTS
Subject imports
mainly from sources in Pakistan, India and Thailand, which makes up to 80% of
its total purchases.
EMPLOYMENT
25 – 50
BUSINESS ANTECEDANT
Peninsula Rice Milling
was set up in 2000 and the rice-milling activities started in 2004. This
project required investments of MUR 90m. The rice is being imported in bulk
mainly from sources in Pakistan/India and is being treated and packed in
packets of 2.5/5.0 kg locally and marketed under its own brand name. The rice
is being distributed by Innodis Ltd, the holding company, a leading distributor
of foodstuffs in Mauritius.
The mill has a
capacity of 40,000 tons yearly and uses Japanese technology.
RELATED CONCERN
- Innodis Ltd
PRODUCTS
- Basmati Rice
- “Long grain” Rice
FINANCIALS Year 2006
Revenue: MUR
55.8m
Profit: MUR
4.1m
As per the data
collected, it appears that the company has been trading normally and
satisfactorily during the period ending 30th June 2006, recording a
revenue of MUR 55.8m and a profit before tax of MUR 2.6m (2004: Loss – MUR
2.8m).
It must be noted
that the market is very competitive with many rice distributors, importing
polished and packed rice.
PROSPECTS
The actual yearly consumption
of basmati rice is around 45,000 tons and the directors are confident that this
figure will continue to rise in the coming years.
CREDITWORTHINESS
Buyer is reliable
for normal business engagements.
BANKERS
The Hong Kong &
shanghai Banking Corp
State Bank of
Mauritius Ltd
The Mauritius
Commercial Bank Ltd
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PENINSULA RICE MILLING
LTD |
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INCOME STATEMENT FOR THE
YEAR ENDED 30 JUNE 2006 |
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RS |
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Revenue |
55,894,495 |
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Cost of sales |
(49,169,765) |
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---------------------------- |
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Gross Profit |
6,724,730 |
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Other income |
13,108,063 |
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---------------------------- |
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19,832,793 |
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Manufacturing and storage
expenses |
(4,955,076) |
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Selling and distribution
expenses |
(2,078,745) |
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Administrative expenses |
(3,021,042) |
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---------------------------- |
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Profit from operating
activities |
9,777,930 |
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Net finance costs |
(7,126,866) |
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---------------------------- |
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Profit/ (Loss) before
income tax |
2,651,064 |
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Income tax credit |
1,540,839 |
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---------------------------- |
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Profit/ (Loss) for the
year |
4,191,903 |
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============== |
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BALANCE SHEET AT 30 JUNE
2006 |
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RS |
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ASSETS |
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NON CURRENT ASSETS |
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Property, plant and
equipment |
66,303,836 |
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Investment in subsidiary |
7,850,000 |
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Loan to subsidiary |
4,750,000 |
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Deferred tax assets |
5,691,732 |
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84,595,568 |
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CURRENT ASSETS |
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Inventories |
21,284,429 |
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Receivables and
prepayments |
2,294,984 |
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Cash at bank |
34,805 |
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23,614,218 |
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---------------------------- |
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Total Assets |
108,209,786 |
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============== |
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EQUITY AND LIABILITIES |
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Shareholders' equity |
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Share Capital |
250,000 |
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Revenue reserve |
(1,163,631) |
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Share application monies |
39,750,000 |
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---------------------------- |
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38,836,369 |
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NON CURRENT LIABILITIES |
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Loan from holding company |
9,200,000 |
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Interest bearing
borrowings |
12,472,510 |
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---------------------------- |
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21,672,510 |
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---------------------------- |
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CURRENT LIABILITIES |
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Trade and other payables |
37,075,893 |
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Interest bearing
borrowings |
5,301,986 |
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Bank overdraft |
5,323,028 |
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47,700,907 |
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Total liabilities |
69,373,417 |
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Total equity and liabilities |
108,209,786 |
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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%)