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MIRA
INFORM REPORT
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Report Date : |
20th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
YOUNG BROS (PLASTICS) CO LTD |
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Registered Office : |
Pailles en Queue Road, Elizabethville, Tombeau Bay |
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Country : |
Mauritius |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
22.05.1998 |
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Com. Reg. No.: |
19769 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer
and distributor of plastic products for industrial and household use. |
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
YOUNG BROS (PLASTICS) CO LTD
ADDRESS
Pailles en Queue Road
ELIZABETHVILLE,
TOMBEAU BAY
TEL
(230) 247-2114
FAX
(230) 247-2156
EMAIL
INCORPORATED
22.05.1998
STATUS
Private
CO. NO.
19769
DIRECTORS
Mr. Laval Nu Nam Young
Mr. Goerges Yuim Cheung Nu Nam Young
Mr. Lindsay Toy Chung Nu Nam Young
Mr. Gerard Eddy Nu Nam Young
Mr. Patrick Clifford Nu Nam Young
Mrs. Jeanine Colette Rizzo
SHAREHOLDERS SHARES
Mr. Laval Nu Nam Young
Mr. Goerges Yuim Cheung Nu Nam Young 14,950
Mr. Lindsay Toy Chung Nu Nam Young 14,960
Mr. Gerard Eddy Nu Nam Young 11,960
Mr. Patrick Clifford Nu Nam Young 11,960
Mrs. Jeanine Colette Rizzo 11,960
ISSUED CAPITAL
RS7,774,000.-
ACTIVITIES
Importer
and distributor of plastic products for industrial and household use.
SIZE
Subject
operates at Elizabethville, Tombeau Bay.
IMPORTS
Company
currently imports from South Africa, India and China.
EMPLOYMENT
50 - 75
FINANCE (2006)
Turnover: MUR 79.5m
Profit: MUR 3.6m
EPS: MUR 1,405
BUSINESS ANTECEDANT
Young
Bros (Plastics) Co Ltd is a leading importer and distributor of plastic
products in Mauritius. The company imports a wide range of products which it
distributes through its retail/wholesale outlets and also through a network of
retailers and supermarkets. Subject has as part of its growth strategy
diversified its product lines and turned to sources from India.
PRODUCT LINES
- Household Plastic Products
- Outdoor Plastic Products
- Multi Purpose Food-savers
PRODUCT RANGE
- Plastic Furniture
- Industrial Crates
- Flower Pots
- Dust Bin etc
BRANDS
- Addis
- Nilkamal
OBSERVATION
The
company has been trading quite satisfactorily during the financial year ending
30th June 2006. Despite the competitive environment, the subject has
been able to achieve a sales of MUR 79.5m almost at par with 2004. However,
profit recorded was MUR 3.6m as compared to a deficit of MUR 640,280 in 2005.
The company is set to do even better in 2007 as it is reported that sales have
been as per budgeted.
CREDIT OPINION
Buyer is
a reliable player on the market and is generally prompt with payments.
BANKERS
The
Mauritius Commercial Bank Ltd
Barclays
Bank PLC
INCOME STATEMENT FOR THE YEAR
ENDED 30 JUNE 2006
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RS |
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Turnover |
79,548,610 |
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Cost of sales |
(52,897,746) |
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Gross Profit |
26,650,864 |
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Exchange difference |
371,959 |
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Interest received |
10,669 |
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Insurance claim
received |
141,074 |
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Profit on disposal
of non current assets |
22,615 |
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27,197,181 |
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Staff & labour
costs |
7,729,228 |
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Full time directors'
emoluments |
4,284,689 |
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Auditors'
remuneration |
42,000 |
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Administrative
expenses |
1,424,812 |
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Selling and
distribution costs |
6,334,586 |
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Operating expenses |
850,950 |
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Depreciation |
1,486,871 |
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(22,153,136) |
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Profit from
operations |
5,044,045 |
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Finance costs |
(1,391,647) |
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Provision for
retirement benefits |
- |
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Profit/ (Loss) for
the year |
3,652,398 |
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Earnings per share |
1,405 |
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Dividend per share |
- |
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BALANCE SHEET - 30 JUNE 2006
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RS |
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ASSETS |
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NON CURRENT ASSETS |
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Land |
4,573,657 |
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Motor vehicles |
739,554 |
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Furniture, fittings
and equipment |
2,362,532 |
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Electronic equipment |
635,611 |
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8,311,354 |
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CURRENT ASSETS |
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Inventories |
18,761,919 |
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Trade and other
receivables |
6,265,819 |
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Cash and cash
equivalents |
533,357 |
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25,561,095 |
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--------------------------- |
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Total Assets |
33,872,449 |
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EQUITY AND LIABILITIES |
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Capital &
Reserves |
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Stated Capital |
7,774,000 |
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Accumulated losses |
(3,369,003) |
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Revaluation reserve |
2,270,204 |
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6,675,201 |
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NON CURRENT
LIABILITIES |
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Interest bearing
borrowings |
242,151 |
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Provision for
retirement benefits |
4,421,304 |
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4,663,455 |
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CURRENT LIABILITIES |
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Current portion of
interest bearing borrowings |
200,004 |
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Bank overdrafts -
(secured) |
4,348,820 |
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Trade and other
payables |
17,984,969 |
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22,533,793 |
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Total equity and
liabilities |
33,872,449 |
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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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