MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MWT PAPER PROCESSING LTD |
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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 : |
01.08.89 |
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Com. Reg. No.: |
8167 |
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Legal Form : |
Private |
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Line of Business : |
Engaged in the importation, processing and distribution of
papers. |
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
MWT PAPER PROCESSING LTD
ADDRESS
PAILLES
TEL: (230) 286-7101
FAX: (230) 286-7102
EMAIL: mwt@intnet.mu
INCORPORATED
01.08.89
STATUS
Private
CO NO
8167
DIRECTORS
Mr. Marie Paul Roland MAUREL
Mr. Marie Jacques Bernard MAUREL
Mr. Gerald John PYPPERS (
Mr. David R. HALDANE (
Mr. Gerard Alexandre Roland MAUREL
Mr. James Mark ROBERT (
SHAREHOLDERS SHARES
Mauvilac & Co Ltd 100,000
Antalis International SAS (France) 100,000
ISSUED CAPITAL
RS 20,000,000
ACTIVITIES
Engaged in the importation, processing and distribution of papers.
SIZE
Company’s offices and facilities are located at
IMPORTS
Subject imports mainly from sources in
EMPLOYMENT
50 - 75
OBSERVATION
M.W.T Paper Processing was incorporated in 1989 as a joint
venture between Mauvilac Ltd and Antalis. The company is a leading distributor
of paper and as such holds a large stock of papers as per customer’s needs.
Subject has developed strong business ties with foreign manufacturers such as
Sappi (
RELATED CONCERN
Mauvilac & Co Ltd
EXPORT MARKETS
The company also exports to the Indian Ocean countries of
Reunion and
Photocopy Paper
Newsprint
Envelope
Carbonless Paper
Packaging Paper etc.
FINANCIALS (2006)
Sales:
Profit:
In 2006, the company achieved a growth in sales of 13.7%.
Profit before tax fell from MUR 27.6m to
DEVELOPMENTS &
PROSPECTS
With the steady growth in the company’s business, a new showroom providing a wide range of paper used in the printing industry was inaugurated in 2005/2006.
The high demand from
CREDITWORTHINESS
Buyer is a reliable and trustworthy player in the sector.
BANKERS
The Mauritius Commercial Bank Ltd
Barclays Bank PLC
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M.W.T. PAPER PROCESSING LIMITED |
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INCOME STATEMENT FOR THE YEAR ENDED JUNE 30, 2006 |
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RS |
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Sales |
261,508,953 |
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Cost of sales |
(229,848,854) |
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Gross Profit |
31,660,099 |
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Other operating income |
12,293,456 |
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Selling and distribution costs |
(17,424,372) |
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Administrative expenses |
(6,531,543) |
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Other operating expenses |
(3,887,914) |
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Operating Profit |
16,109,726 |
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Net finance income |
540,662 |
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Profit before tax |
16,650,388 |
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Income tax |
(2,877,212) |
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Net Profit |
13,773,176 |
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BALANCE SHEET - JUNE 30, 2006 |
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RS |
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ASSETS |
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NON CURRENT ASSETS |
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Plant and equipment |
4,769,446 |
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CURRENT ASSETS |
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Inventories |
49,740,501 |
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Trade and other receivables |
163,391,647 |
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Cash and bank balances |
2,010,946 |
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214,143,094 |
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Total Assets |
219,912,540 |
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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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Retained earnings |
62,776,129 |
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Shareholders' interest |
82,776,129 |
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NON CURRENT LIABILITIES |
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Borrowings |
1,726,890 |
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Deferred tax liabilities |
42,485 |
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Retirement benefit obligations |
2,269,000 |
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4,038,375 |
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CURRENT LIABILITIES |
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Trade and other payables |
86,010,376 |
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Current tax liabilities |
3,005,265 |
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Borrowings |
44,082,395 |
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133,098,036 |
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Total equity and liabilities |
219,912,540 |
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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%)