MIRA
INFORM REPORT
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Report Date : |
18.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
ILLOVO SUGAR IRELAND |
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Registered Office : |
Aib International Centre, Ifsc, Dublin, Co. Dublin |
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Country : |
Ireland
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
14/08/2001 |
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Com. Reg. No.: |
IE346629 |
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Legal Form : |
Private Unlimited with share capital |
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Line of Business : |
-- |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company
Identification Details
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Subject Reported on |
ILLOVO SUGAR IRELAND |
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Risk Score |
73 out of 100 |
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Low Risk - There is a high degree of confidence this company
will prove good for the assigned Credit Limit |
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Credit Limit |
USD 7,441,700 |
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Selling to this company? The Credit Limit is the recommended
maximum outstanding debtor exposure at any one time. |
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Contract Limit |
USD 47,366,200 |
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Buying from this company? The Contract Limit is the recommended
aggregate annual value for supply contracts. |
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Official Company Data
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Legal Form |
Private Unlimited with share capital |
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Registration Number |
IE346629 |
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Date of Incorporation |
14/08/2001 |
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Registered Office |
AIB INTERNATIONAL CENTRE, IFSC, DUBLIN, CO. DUBLIN. . |
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History |
14//- : Change of name from ILLOVO GROUP HOLDINGS |
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Date of Last Annual Return to Registry |
31/12/2005 |
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Activities |
- - - |
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Accounts |
The last filed accounts cover the period to 31/03/2005 and were
presented to Companies House on |
Recently Filed
Documents
Details of the most recent documents
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Date Received |
Description |
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It
should be noted that there is no legal requirement to file satisfaction
details of mortgages/charges at Companies House. |
Known Directors
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DIRECTOR |
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Occupation |
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Address |
389
CLONTARF ROAD , DUBLIN 3. , |
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Date
of Birth |
08/06/1964 |
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Appointment
Date |
19/10/2001 |
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DIRECTOR |
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Occupation |
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Address |
65
CHARTWELL DRIVE , DURBAN 4320 , SOUTH AFRICA , |
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Date
of Birth |
18/08/1955 |
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Appointment
Date |
19/10/2001 |
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DIRECTOR |
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Occupation |
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Address |
50
WINDSOR PARK , CO.DUBLIN , |
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Date
of Birth |
06/05/1966 |
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Appointment
Date |
19/10/2001 |
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Other
Appointments |
DCD
ENGINEERING INTERNATIONAL LIMITED |
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DIRECTOR |
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Occupation |
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Address |
26
LOUVAIN , CLONSKEAGH , DUBLIN 14 , |
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Date
of Birth |
21/03/1951 |
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Appointment
Date |
19/06/2002 |
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DIRECTOR |
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Occupation |
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Address |
28
, CLONTARF , DUBLIN 3. , |
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Date
of Birth |
08/01/1968 |
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Appointment
Date |
02/05/2002 |
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Other
Appointments |
BARRICK
LEASING CORPORATION |
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DIRECTOR |
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Occupation |
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Address |
24
LANSDOWNE DRIVE , SOUTH AFRICA , |
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Date
of Birth |
29/01/1964 |
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Appointment
Date |
27/06/2003 |
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DIRECTOR |
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Occupation |
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Address |
7
AMBLESIDE BELLERIVE VILLAGE , DURBAN , SOUTH AFRICA , |
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Date
of Birth |
29/08/1972 |
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Appointment
Date |
25/11/2005 |
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DIRECTOR |
DON
MACLEOD |
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Occupation |
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Address |
2
KIRTLINGTON PARK , HILLCREST , 3610 , |
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Date
of Birth |
02/03/1947 |
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Appointment
Date |
25/11/2005 |
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SECRETARY
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Address |
, AIB
INTERNATIONAL CENTRE , DUBLIN 1 , IRELAND , |
Recently Resigned
Directors (last 3)
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DIRECTOR |
JOHN
TERENCE RUSSELL |
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Address |
, 1
COLIN GROVE , SOUTH AFRICA , - - |
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Date
of Birth |
04/07/1948 |
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Resignation
Date |
25/11/2005 |
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DIRECTOR |
JOHN
MORRIS |
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Address |
, 12
BALLINTEER GROVE , DUBLIN 16 , - - |
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Date
of Birth |
14/03/1946 |
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Resignation
Date |
19/10/2001 |
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DIRECTOR |
ANTHONY
SHARPE |
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Address |
, 77
GRAND CANAL VIEW , DUBLIN 8 , - - |
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Date
of Birth |
20/10/1960 |
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Resignation
Date |
19/10/2001 |
Share Summary
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Share
information is not held for this company. |
Mortgages and Charges
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There
are no mortgages |
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Public Record
Information
Summary
of CCJ's/Scottish Decrees
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There are no unsatisfied CCJs against the company. |
Operations
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Activities |
-
- - |
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Sic
Code |
Description |
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7415 |
Management
activities of holding companies |
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Auditors |
Deloitte
& Touche |
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Auditors
Notes |
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Financial Data
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Profit
and Loss |
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The
following figures are shown in units of USD '000 |
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Number
of Weeks |
52 |
52 |
35 |
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Accounts
Date |
31/03/2005 |
31/03/2003 |
31/03/2002 |
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Currency |
USD '000 |
USD '000 |
USD '000 |
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Consolidated? |
No |
No |
No |
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SALES |
101,479 |
79,254 |
74,041 |
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Cost
of goods sold |
-49,113 |
-10,578 |
-48,258 |
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GROSS
PROFIT |
52,366 |
68,676 |
25,783 |
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Other
Expenses |
-29,361 |
-42,885 |
-9,776 |
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Depreciation |
- |
-1,555 |
-1,772 |
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Operating
Profit |
23,005 |
25,791 |
16,007 |
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Exceptional
Items |
-54 |
-27 |
- |
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Interest
Payable |
160 |
3,360 |
3,995 |
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PRE
TAX PROFIT |
22,899 |
24,013 |
13,784 |
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Taxation |
-6,466 |
-5,289 |
-2,738 |
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Dividends
Payable |
-6,900 |
- |
- |
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RETAINED
PROFITS |
7,618 |
17,236 |
9,925 |
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Balance
Sheet |
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The
following figures are shown in units of USD '000 |
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Number
of Weeks |
52 |
52 |
35 |
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Accounts
Date |
31/03/2005 |
31/03/2003 |
31/03/2002 |
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Currency |
USD '000 |
USD '000 |
USD '000 |
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Consolidated? |
No |
No |
No |
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TOTAL
FIXED ASSETS |
33,624 |
19,715 |
20,699 |
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Tangible
Assets |
33,624 |
19,715 |
20,699 |
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Fixed
Assets |
22,002 |
19,715 |
20,699 |
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Intermediate
Assets |
11,622 |
- |
- |
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TOTAL
CURRENT ASSETS |
68,400 |
37,707 |
31,288 |
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Total
Debtors |
18,284 |
3,630 |
6,645 |
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Trade
Debtors |
16,317 |
1,384 |
4,877 |
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Other
Debtors |
1,967 |
2,246 |
1,739 |
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Stocks/WIP |
9,367 |
23,172 |
20,007 |
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Stocks |
9,367 |
23,172 |
20,007 |
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Cash |
11,552 |
8,436 |
2,303 |
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Other
Current Assets |
29,197 |
2,469 |
2,333 |
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TOTAL
ASSETS |
102,024 |
57,422 |
51,987 |
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TOTAL
CURRENT LIABILITIES |
32,961 |
27,570 |
35,657 |
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Trade
creditors |
6,878 |
3,366 |
1,738 |
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Bank
Overdraft |
- |
2,892 |
5,679 |
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Corporation
Tax |
4,414 |
2,274 |
1,810 |
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Other
Current Liabilities |
21,669 |
19,038 |
26,430 |
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WORKING
CAPITAL |
35,439 |
10,137 |
-4,369 |
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TOTAL
LONG TERM LIABS |
14,164 |
15,507 |
15,762 |
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Long
Term Loans |
- |
- |
3,239 |
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Other
Liabilities |
- |
1,800 |
700 |
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Total
Provisions |
9,980 |
8,529 |
7,344 |
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NET
ASSETS/(LIABILITIES) |
53,287 |
16,172 |
2,182 |
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SHARE
CAPITAL + RESERVES |
53,287 |
16,172 |
2,182 |
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Profit
and Loss account |
62,063 |
26,407 |
9,925 |
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Sundry
Reserves |
-8,776 |
-10,235 |
-7,743 |
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SHAREHOLDERS
FUNDS |
53,287 |
16,172 |
2,182 |
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CAPITAL
EMPLOYED |
63,267 |
26,501 |
13,465 |
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Key
Credit Ratios |
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Accounts
Date |
31/03/2005 |
31/03/2003 |
31/03/2002 |
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Current
Ratio |
2.08 |
1.37 |
0.88 |
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Long
Term Debt/T.N.W (%) |
1873.00 |
6387.00 |
51708.99 |
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Profit
Before Tax |
0.23 |
0.35 |
0.24 |
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Debtors
Days (D.S.O) |
25.00 |
16.00 |
9.00 |
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Creditors
Days (D.P.O) |
25.00 |
16.00 |
9.00 |
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Quick
Ratio |
0.00 |
0.00 |
0.00 |
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Return
on Assets |
0.69 |
0.87 |
0.39 |
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T.N.W/Total
Assets |
162.40 |
83.16 |
9.16 |
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Return
on Capital |
0.00 |
0.00 |
0.00 |
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Rtn
on Shareholders Funds |
0.43 |
1.48 |
6.32 |
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Working
Capital/Sales |
0.35 |
0.13 |
0.00 |
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Borrowing
Ratio |
0.81 |
2.34 |
21.51 |
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Equity
Gearing |
1.62 |
0.59 |
0.06 |
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Stock
Turnover |
0.00 |
0.00 |
0.00 |
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Financial
Comparison |
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The
following figures are shown in units of USD '000 |
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Number
of Weeks |
52 |
52 |
35 |
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Accounts
Date |
31/03/2005 |
31/03/2003 |
31/03/2002 |
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Currency |
USD '000 |
USD '000 |
USD '000 |
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Other
Deferred Liabs |
- |
1,800 |
700 |
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Tangible
Net Worth(T.N.W) |
53,287 |
16,172 |
2,182 |
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Equity |
53,287 |
16,172 |
2,182 |
Financial Summary
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Turnover |
Turnover
increased by more than 28% in the period. Turnover totalled
USD 101,479,000 for the period. |
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Operating
Profit |
Totalled
USD 23,005,000 In the period prior a profit of USD 25,791,000 was
achieved. |
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Pre
Tax |
The
subject made a profit of USD 22,899,000 compared with a profit of
USD 24,013,000 in the previous period. |
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Working
Capital |
The
company's working capital improved in the period by 250% |
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Tangible
Net Worth |
Net
worth increased by 37,115,000 during the period and now stands at
USD 53,287,000 |
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Fixed
Assets |
The
subjects fixed assets increased during the period by USD 13,909,000 to
USD 33,624,000 and are now 33% of total assets compared with 34% in the
previous period |
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Long
Term Liabilities |
The
company's long term liabilities reduced during the period by 9% and are now
27% of net worth compared with 96% in the previous period |
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Long
Term Liabilities |
Long
term liabilities are now 14% of total assets compared with 27% in the
previous period |
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Long
Term Liabilities |
Long
term liabilities are 22% of capital employed a decrease of 36% over the
previous period |
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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