MIRA
INFORM REPORT
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Report Date : |
20th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MUKSHA DIAMOND DISTRIBUTORS LTD |
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Registered Office : |
5/6
Icery Road, Forest Side |
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Country : |
Mauritius |
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Financials (as on) : |
30.06.2001 |
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Date of Incorporation : |
17.08.1998 |
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Com. Reg. No.: |
21230 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Dealers in all types of gemstones. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NAME OF COMPANY
MUKSHA DIAMOND DISTRIBUTORS LTD
ADDRESS
5/6
ICERY ROAD
FOREST
SIDE
TEL
(230)
637-6181
FAX
230)
433-0879
EMAIL
INCORPORATED
17.08.1998
STATUS
Private
CO. NO.
21230
DIRECTORS
Mr. Makoond Kishor Daby
Mrs.
Roma Daby
Miss
Sushila Seetaram
SHAREHOLDERS SHARES
Mr.
Makoond Kishor Daby 500
Mr.
Pradeep Mishra Daby
50
ISSUED CAPITAL
RS55,000.-
ACTIVITIES
Dealers in all types of gemstones.
SIZE
Company operates at Freeport Warehouse, SSR International Airport,
Plaine Magnien.
IMPORTS
Subject sources mainly from South Africa and India.
EMPLOYMENT
Less than 5
FINANCE (2001)
Turnover: MUR 11.5m
Profit: MUR 1.8m
EPS: MUR 3,427
No accounts have been filed with the ROC for 2002 onwards.
OBSERVATION
The company operates in the Freeport of Mauritius, specializing in the
import/export of all types of gemstones. Subject exports mainly to Europe and
USA.
During the period ending 30th June 2001, subject recorded a
turnover figure of MUR 11.5m and a profit before tax of MUR 1.8m.
REMARKS
In 2006, the ROC issued a notice for the possible striking off of the
company’s name from the register. Subsequently, in Sept 2006, the company’s
accountants objected to the striking off and informed the ROC that accounts
will be filed in due course.
CREDIT OPINION
We have not been able to gather further information on the company’s
actual financial situation. It appears that concern is still trading. However,
we would recommend security measures.
BANKERS
State Bank of Mauritius Ltd
INCOME SATEMENT YEAR ENED 30TH
JUNE 2001
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RS |
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TURNOVER |
11,500,142
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Cost of sales |
9,261,900
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----------------------------- |
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2,238,242
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Administrative and selling expenses |
197,252
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Depreciation and amortisation |
2,308
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----------------------------- |
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199,560
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Profit from operations |
2,038,682
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Other income |
6,420
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Net finance costs |
(160,028) |
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Profit before taxation |
1,885,074
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Taxation |
- |
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Profit after taxation |
1,885,074
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Dividends |
- |
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Net profit for the year |
1,885,074
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=============== |
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E.P.S |
RS 3 427 |
BALANCE SHEET AS AT 30TH JUNE
2001
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RS |
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EMPLOYMENT OF FUNDS |
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Non Current Assets |
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Tangible fixed
assets |
17,627 |
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CURRENT ASSETS |
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Stocks |
4,861,084 |
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Trade and other
receivables |
587,000 |
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Cash at bank and in
hand |
826,751 |
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6,294,835 |
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CURRENT LIABILITIES |
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Bank overdraft |
2,474,954 |
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Trade and other
payables |
329,910 |
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2,804,864 |
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Net Current Assets |
3,469,971 |
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Total Assets less
Current liabilities |
3,487,598 |
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============== |
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FINANCED BY |
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Capital and Reserves |
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Share capital |
55,000 |
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Reserves |
2,887,898 |
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Shareholder's
interst |
2,942,898 |
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Shareholder's loan |
544,700 |
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3,487,598 |
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=============== |
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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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