MIRA
INFORM REPORT
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Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
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Name : |
FTM ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
22.05.75 |
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Com. Reg. No.: |
2493 |
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Legal Form : |
Private |
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Line of Business : |
Importer, distributor and wholesaler of pharmaceutical products,
medical equipments, chemicals and disposables. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NAME OF COMPANY
FTM (
ADDRESS
TEL: (230) 286-0660
FAX: (230) 286-0661
EMAIL: ftm@intnet.mu
INCORPORATED
22.05.75
STATUS
Private
CO NO
2493
DIRECTORS
Mrs. Aneeta MISRI
Mrs. Kaushalya DABYDOYAL
Mr. Subhash DABYDOYAL
Mr. Sudhir MISRI
Mrs. Maya VENCADASAMY
SHAREHOLDERS SHARES
Mrs. Aneeta MISRI 12,375
Mrs. Kaushalya DABYDOYAL 12,375
Mr. Subhash DABYDOYAL 37,625
Mr. Sudhir MISRI 37,625
ISSUED CAPITAL
RS 1,000,000
CHARGES
Total indebtedness as
at12.02.07 amounted to RS 85,678,000.
ACTIVITIES
Importer, distributor and
wholesaler of pharmaceutical products, medical equipments, chemicals and
disposables.
LOCATION
Company’s business
address is at
IMPORTS
Subject imports from
sources in
EMPLOYMENT
30 – 50
BUSINESS ANTECEDANT
FTM (
DISTRIBUTOR FOR
•
• Medic
•
OBSERVATION
The
company is a leading supplier to many different industries and sectors,
•
•
•
•
•
• Himalaya Drugs,
• Fresenius Ltd,
Subject
has been associated with the installation of high-tech medical equipments and
offers servicing & maintenance. The company is focused on supplying
advanced-technology medical devices to hospitals and health care professionals.
FINANCE (2006)
Revenue:
Loss:
During
the financial year ending 30th June 2006, company’s revenue fell from MUR 80.6m
to
CREDIT OPINION
Buyer is trustworthy and
is a reliable player in the sector.
BANKERS
Union International Bank
Ltd
Bank of
State Bank of Mauritius Ltd
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FTM ( |
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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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Furniture, fixtures, fittings and office equipment |
4,602,151 |
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Motor vehicles |
7,804,479 |
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Land |
1,380,400 |
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13,787,030 |
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Deposit on investment |
12,300,000 |
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CURRENT ASSETS |
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Inventories |
22,884,099 |
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Trade and other receivables |
35,259,306 |
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Cash and cash equivalents |
357,449 |
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58,500,854 |
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Total Assets |
84,587,884 |
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EQUITY AND LIABILITIES |
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Capital & Reserves |
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Stated Capital |
1,000,000 |
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Accumulated (losses) / Profits |
(2,091,888) |
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(1,091,888) |
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Cash on application for shares |
9,450,000 |
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Shareholders' funds |
8,358,112 |
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NON CURRENT LIABILITIES |
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Obligation under finance leases |
7,317,153 |
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Interest bearing borrowings |
479,000 |
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Retirement benefit obligations |
3,775,300 |
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11,571,453 |
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CURRENT LIABILITIES |
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Bank overdrafts and LC Loans (secured) |
26,091,642 |
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Obligation under finance leases |
3,431,626 |
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Interest bearing borrowings |
420,955 |
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Trade and other payables |
34,590,680 |
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Taxation |
123,416 |
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64,658,319 |
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Total equity and liabilities |
84,587,884 |
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INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2006 |
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RS |
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Revenue |
76,215,567 |
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Cost of sales |
(61,795,286) |
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Gross Profit |
14,420,281 |
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Interest income |
1,419,129 |
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Other income |
5,985,299 |
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Profit/ (Loss) on disposal of non current assets |
391,864 |
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Sundry income |
3,989,855 |
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26,206,428 |
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Full time directors' emoluments |
4,030,000 |
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Administrative and other expenses |
11,687,783 |
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Staff costs |
7,491,653 |
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Auditors' remuneration |
175,000 |
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(23,384,436) |
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Profit from operations before:- |
2,821,992 |
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Finance costs |
(4,296,486) |
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Depreciation |
(4,679,792) |
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Provision for retirement benefit obligation |
(400,000) |
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Loss for the year |
(6,554,286) |
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Loss per share |
66 |
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Dividend per share |
- |
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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%)