MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ONSIONG BROTHERS & CO LTD |
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Registered Office : |
14 Louts |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
22.05.1984 |
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Com. Reg. No.: |
4348 |
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Legal Form : |
Limited |
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Line of Business : |
Importer and distributor of consumer goods, building
materials and allied products |
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 : |
Regular |
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Litigation : |
Clear |
NAME OF COMPANY
ONSIONG BROTHERS & CO LTD
ADDRESS
TEL : (230) 242-0030
FAX : (230) 242-1139
EMAIL : onsiong@intnet.mu
INCORPORATED
22.05.1984
STATUS
Private
CO NO
4348
DIRECTORS
Mr. Atchiap Onsiong
Mr. Lee Meng How Onsiong
Mr. Man Shung Onsiong
SHAREHOLDERS: SHARES:
Mr. Atchiap Onsiong 3,750
Mr. Lee Meng How Onsiong 3,750
Succession Ah Meow Onsiong 2,400
ISSUED CAPITAL
RS 990,000
ACTIVITIES
Importer and distributor of consumer goods, building materials and allied products.
SIZE
Company operates at
IMPORTS
Company imports from sources in Europe and
EMPLOYMENT
5 – 10
BUSINESS ANTECEDANTS
Onsiong Brothers is a well-established business operative since 1984. The company is involved in import and distribution of building materials and general merchandises. Subject also imports consumer goods for local selling and specialises as procurement contractor for the water/wastewater industries.
SERVICES
Wastewater contracting
FINANCE (2006)
Revenue: MUR 34m
Profit: MUR
0.54m
EPS:
The company has known many developments since 1984 and has been
growing constantly. During the financial year ending 30th June 2006,
sales picked up from MUR 21.7m to MUR 34m and profit amounted to
COMMENTS
This above positive trend is likely to continue for the coming year with the growth in sectors such as the construction and manufacturing. Business during the past few months has also started picking up with the new startup such as small and medium enterprises (SMEs).
CREDITWORTHINESS
Buyer is trustworthy for normal business engagement and is reported sound financially and generally prompt in the fulfillment of all their contractual business obligations.
BANKERS
Hong Kong & Shanghai Banking Corp
The Mauritius Commercial Bank Ltd
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ONSIONG BROTHERS & CO LTD |
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BALANCE SHEET AS AT 30TH JUNE 2006 |
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RS |
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NON CURRENT ASSETS |
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Plant, property & equipment |
445,941 |
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Other non current assets |
1,484,818 |
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Deferred tax associates |
45,421 |
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1,976,180 |
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CURRENT ASSETS |
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Inventories |
2,589,638 |
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Trade receivables |
2,109,821 |
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Other current assets |
3,982,082 |
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Cash & cash equivalents |
1,862,114 |
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10,543,656 |
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TOTAL ASSETS |
12,519,836 |
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EQUITY & LI |
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Equity attributable to equity holders |
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Share capital |
990,000 |
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Retained earnings |
3,577,122 |
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4,567,122 |
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NON CURRENT LI |
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Trade & other payables |
7,335,933 |
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Short term borrowings |
91,557 |
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155,292 |
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7,582,782 |
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TOTAL LI |
7,952,714 |
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TOTAL EQUITY & LI |
12,519,836 |
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INCOME STATEMENT YEAR ENDED 30 JUNE 2006 |
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RS |
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REVENUE |
34,022,518 |
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Cost of sales |
(30,133,886) |
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Gross profit |
3,888,632 |
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Other income |
381,787 |
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Distributing costs |
(3,256,276) |
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Administrative expenses |
(260,602) |
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Other expenses |
(146,808) |
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Finance costs |
(19,115) |
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Profit before tax |
587,618 |
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Income tax expenses |
(45,288) |
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Profit for the period |
542,330 |
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E.P.S |
RS55 |
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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%)