MIRA INFORM REPORT

 

 

Report Date :

10.01.2007

 

IDENTIFICATION DETAILS

 

Name :

KOOL FOOD LIMITED

 

 

Registered Office :

56, Avenue Des Goyaviers, Quatre Bornes

 

 

Country :

Mauritius

 

 

Financials (as on) :

30.06.2005

 

 

Date of Incorporation :

29.03.01

 

 

Com. Reg. No.:

26543

 

 

Legal Form :

Private

 

 

Line of Business :

Importer and distributor of frozen foods, meat products and alimentary goods.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

NAME OF COMPANY

 

KOOL FOOD LIMITED

                            

 

ADDRESS

 

56, AVENUE DES GOYAVIERS

QUATRE BORNES

TEL: (230) 427-7840

 

 

INCORPORATED

 

29.03.01

 

 

STATUS

 

Private

 

 

CO NO

 

26543

 

 

DIRECTORS

 

Mr. Sanjeev Kumar Ramchurn

Mr. Jyoti Ramchurn

 

 

SHAREHOLDERS                 SHARES

Mr. Sanjeev Kumar Ramchurn                                                     990

Mr. Jyoti Ramchurn                                                                   10

 

 

ISSUED CAPITAL

 

RS100,000

 

 

SIZE

 

Company operates at Royal Road, Mon Desir, Vacoas.

 

 

EMPLOYMENT

 

10-20

 

 

ACTIVITIES

 

Importer and distributor of frozen foods, meat products and alimentary goods.

 

 

IMPORT

 

South Africa, India, Malaysia

 

 

 

OBSERVATION

 

Kool Food is a well established business, involved in the import/distribution of various types of frozen foofstuffs.  Lately management has been consolidating their marketing ao as to be in a better position to face the competition in the sector. 

 

From the data  collected, it appears that subject has been trading fairly well during the period ending 30th June 2005.  Turnover increased from RS25 Million to Rs32.7 million and profit before tax increased appreciably during the period.

 

 

FINANCE          : 2005

TURNOVER      : Rs 32.7 Million

PROFIT : RS 409,699

EPS                 : RS 410

 

 

MAIN CUSTOMERS

 

 

 

CREDITWORTHINESS

 

Buyer is trustworthy for normal business engagement, quite sound financially and generally prompt in settlement of their business contractual obligations.

 

 

BANKERS

 

THE STATE BANK OF MAURITIUS LIMITED

 

 

KOOL FOOD LIMITED

 

 

INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2005

 

 

2,005

 

Turnover

32,710,493

 

Cost of sales

(28,810,039)

 

 

-----------------------------

Gross profit

3,900,454

 

Administrative expenses

(2,061,220)

 

 

-----------------------------

Operating profit

1,839,233

 

Finance costs

(1,367,171)

 

 

-----------------------------

Profit before taxation

472,062

 

Taxation

(62,363)

 

 

------------------------------

Profit after taxation

409,699

 

 

===============

Earnings per share

410

 

 

===============

 

 

 

BALANCE SHEET AS AT 30 JUNE 2005

 

 

ASSETS

 

 

Non-current assets

 

 

Property,plant and equipment

1,362,405

 

 

 

 

CURRENT ASSETS

 

 

Stocks

3,146,385

 

Trade and other receivables

3,807,608

 

 

-----------------------------

 

6,953,993

 

 

----------------------------

Total assets

8,316,398

 

 

===============

Equity and liabilities

 

 

Capital and resources

100,000

 

Retained profits

969,297

 

 

-----------------------------

 

1,069,297

 

 

-----------------------------

Non-current liabilities

 

 

Long-term loans

282,545

 

 

-----------------------------

CURRENT LIABILITIES

 

 

Bank overdrafts

506,347

 

Trade and other payables

6,458,208

 

 

-----------------------------

 

6,964,555

 

 

-----------------------------

Total equity and liabilities

8,316,398

 

 

===============

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions