MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
CATHAY PRINTING LIMITED |
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Registered Office : |
La Tour Koenig Industrial Zone, Pointe Aux Sables |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
01.08.1978 |
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Com. Reg. No.: |
3031 |
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Legal Form : |
Private |
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Line of Business : |
Manufacture and
dealer in printed products. Provider of
printing services. |
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
CATHAY PRINTING LIMITED
ADDRESS
LA TOUR KOENIG INDUSTRIAL ZONE
POINTE AUX SABLES
TEL: (230) 234-2668
FAX: (230) 234-2828
EMAIL: cathay@intnet.mu
INCORPORATED
01.08.1978
STATUS
Private
CO NO
3031
DIRECTORS
Mrs. Judy Lan Kwet Hian
Mr. Kim Fong Chung For Yuen
Mr. Kim Koon Chung For Yuen
Mr. Kim Fen Chung For Yuen
Mr. Kui Ching Chong How
Mr. Daniel Ching For Yuen
SHAREHOLDERS SHARES
Mr. Kim Fong Chung For Yuen 178,000
Mr. Kui Ching Chong How
ISSUED CAPITAL
RS20,000,000.-
ACTIVITIES
- Manufacture and dealer in printed
products.
- Provider of printing services.
SIZE
Company’s offices
and facilities are based at La Tour Koenig Industrial Zone, Pointe aux Sables.
IMPORTS
Main sources are
EMPLOYMENT
50 – 75
OBSERVATION
Cathay Printing has been
providing printed products and printing services since 1978. The company
has had a nice developments since. With
the increase in the volume of activities, subject moved into larger premises
and invested into latest printing and graphics equipment. The company provides
a wide range of printing services to both individual customers and corporates.
Cathay Printing has been associated in many projects in the field of book
publishing for local authors etc.
SOME PRODUCTS
Books
Annual Reports
Continuous Paper
Letterheads
Brochures etc.
FINANCE (2006)
Revenue:
Profit:
The company has been
trading quite satisfactorily during the period ending 30th June
2006. Subject posted a revenue of MUR 74.8m as compared to
CREDIT OPINION
Buyer is trustworthy
for normal business engagement.
BANKERS
Hong Kong &
Shanghai Banking Corp
Barclays Bank PLC
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CATHAY PRINTING LIMITED |
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BALANCE SHEET AS AT 30TH
JUNE 2006 |
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RS |
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ASSETS |
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NON CURRENT ASSETS |
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Plant, property and
equipment |
49,413,598 |
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Investment |
320,000 |
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Deferred taxation |
- |
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49,734,398 |
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CURRENT ASSETS |
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Inventories |
18,655,825 |
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Trade & other
receivables |
21,942,386 |
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Cash & cash
equivalents |
13,554 |
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40,611,765 |
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TOTAL ASSETS |
90,346,163 |
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EQUITY AND LIABILITIES |
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Capital & Reserves |
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Share Capital |
20,000,000 |
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Capital Reserve |
271,187 |
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Revenue reserve |
9,930,859 |
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30,202,046 |
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NON CURRENT LIABILITIES |
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Interests, bearings,
borrowings |
18,011,050 |
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Employee benefits |
2,383,678 |
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Deferred taxation |
2,233,652 |
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22,628,380 |
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CURRENT LIABILITIES |
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Trade & other
payables |
27,953,927 |
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Bank overdraft |
2,654,302 |
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Interests, bearings,
borrowings |
6,288,900 |
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Taxation |
618,608 |
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37,515,737 |
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TOTAL LIABILITIES |
60,144,117 |
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90,346,163 |
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INCOME STATEMENT YEAR
ENDED 30TH JUNE 2006 |
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RS |
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REVENUE |
74,817,331 |
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Cost of sales |
(51,943,887) |
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Gross profit |
22,873,444 |
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Administrative expenses |
(14,003,653) |
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Profit before taxation |
8,869,791 |
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Net finance cost |
(4,366,074) |
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Profit before taxation |
4,503,717 |
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Income tax expenses |
(3,147,666) |
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Profit for the year |
1,356,051 |
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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%)