MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
IRELAND BLYTH LTD |
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Registered Office : |
Royal Road, Cassis |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14.07.1972 |
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Com. Reg. No.: |
2052 |
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Legal Form : |
Public |
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Line of Business : |
Subject is present in a wide range of
sectors: Consumer goods and durables,
Pharmaceuticals, Fertilizers and pesticides, Mechanical and electrical
engineering, Financial services, Fish storage and processing, Logistics, Aviation
and shipping, etc. |
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
IRELAND BLYTH LTD
ADDRESS
ROYAL ROAD
CASSIS
TEL : (230) 203-2000 / 203-2009
FAX : (230) 208-1014
EMAIL : iblinfo@iblgroup.com
INCORPORATED
14.07.1972
STATUS
Public
CO NO
2052
DIRECTORS
Mr. Thierry Pierre LAGESSE (Chairman)
Mr. Patrice D’HOTMAN DE VILLIERS
Mr. Arnaud DALAIS
Mr. Guy Christian DALAIS
Mr. Jean Pierre DALAIS
Mr. François DE GERSIGNY
Mr. J M Bertrand HARDY
Mr. J Cyril LAGESSE
Mr. Arnaud LAGESSE
Mr. Jean JUPIN DE FONDAUMIERE
Mr. L.M Adolphe VALLET
SHAREHOLDERS (Main) SHARES
Blyth Green Jourdain & Co Ltd 18,653,426
Investments Holding Co Ltd 13,914,191
Joint Economic Trading Co Ltd 12,849,420
Ste D’Investissement & de Dev 10,541,298
ISSUED CAPITAL
RS 714,401,390
ACTIVITIES
Subject is present in a wide range of sectors:
Consumer goods and
durables
Pharmaceuticals
Fertilizers and
pesticides
Mechanical and
electrical engineering
Financial services
Fish storage and
processing
Logistics
Aviation and shipping
SIZE
The company operates as
follows:
Head Office: 5th
Floor, IBL House, Caudan,
Agriculture & Construction: Royal
Road, Cassis, Port Louis
Food &
Distribution : IBL
Complex No2, Riche Terre
IT: 2nd
Floor, IBL House, Caudan
Agrochemicals:
IMPORTS
Mainly
FINANCE (2006)
Turnover: MUR 2,020m
Profit:
EPS:
BUSINESS ANTECEDANT
Incorporated as a
private company on 14th July 1972, following the merger of Blyth Brothers &
Co. Ltd and Ireland Fraser & Co. Ltd, both of which had been trading in
The shares of IBL are
listed on the Stock Exchange of Mauritius since 1994. Today IBL is a major
business group in
Human Resources & Communication
Projects & Property
Management
And four activity pillars through its subsidiaries:
Commerce
Engineering
Financial Services
Marine, Logistics & Aviation
SOME SUBSIDIARIES
Blychem Ltd
DTOS Ltd
Scomat Ltee
Thon des Mascareignes Ltee
Froid des Mascareignes Ltd
OBSERVATION
2006 has been a good
year for the company. Revenue increased from MUR 1,946m to
However, the IBL
Group managed to show a growth in turnover of 30% in the period 2006, mainly
due to the Seafood Hub and the performance of its associated companies.
PROSPECTS
The group has put up
a medium term strategic plan whereby areas of growth have been identified,
namely in the seafood sector, retail and financial services.
REMARKS
The other activities
of the Group are expected to grow steadily and perform satisfactorily. 2007 has
started reasonably well and prospects are looking good with the economic
reforms adopted by Government.
CREDITWORTHINESS
Buyer is trustworthy
for normal business engagement.
BANKERS
The Mauritius
Commercial Bank Ltd
Hong Kong &
Shanghai Banking Corp
Barclays Bank PLC
State Bank of Mauritius Ltd
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IRELAND BLYTH LIMITED |
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BALANCE SHEETS AT 31 DECEMBER 2006 |
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THE GROUP |
THE COMPANY |
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RS'000 |
RS'000 |
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ASSETS |
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NON CURRENT ASSETS |
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Property, plant and equipment |
3,607,516 |
1,025,584 |
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Investment property |
505,364 |
- |
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Intangible assets |
247,908 |
16,870 |
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Investments |
1,538,017 |
1,647,274 |
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Finance lease receivables |
842,691 |
- |
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6,741,496 |
2,689,728 |
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CURRENT ASSETS |
5,498,926 |
3,679,668 |
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--------------------------- |
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12,240,422 |
6,369,396 |
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TOTAL ASSETS |
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EQUITY AND LIABILITIES |
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Equity attributable to equity holders of the |
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parent |
2,988,245 |
1,914,072 |
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Minority interest |
422,925 |
- |
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Life assurance fund |
249,858 |
- |
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Non Current Liabilities |
2,173,782 |
1,036,248 |
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Current Liabilities |
6,405,612 |
3,419,076 |
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TOTAL EQUITY AND LIABILITIES |
12,240,422 |
6,369,396 |
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INCOME STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 |
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THE GROUP |
THE COMPANY |
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RS'000 |
RS'000 |
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Turnover |
10,028,505 |
2,020,722 |
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Profit from operations |
710,128 |
331,221 |
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Share of profits less losses of associates |
266,579 |
- |
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Net finance costs |
(461,529) |
(168,876) |
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Profit before taxation |
515,178 |
162,345 |
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Taxation |
(33,555) |
- |
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Retained profit for the year |
481,623 |
162,345 |
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Earnings per share (Rs) |
Rs 5.98 |
Rs 2.27 |
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Net Assets per share (Rs) |
Rs 41.83 |
Rs 26.79 |
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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%)