MIRA INFORM REPORT

 

 

Report Date :

8th March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

MEADERS FEEDS LTD

 

 

Registered Office :

Riche Terre Road, Riche Terre

 

 

Country :

Mauritius

 

 

Financials (as on):

30.09.2005

 

 

Date of Incorporation :

08.12.1992

 

 

Com. Reg. No.:

10746

 

 

Legal Form :

Private

 

 

Line of Business :

Manufacturer of animal feeds and related products.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

NAME OF COMPANY

 

MEADERS FEEDS LTD

 

 

ADDRESS                            

 

RICHE TERRE ROAD

RICHE TERRE

 

TEL      :  (230) 249-3860

FAX      : (230) 248-1837

EMAIL  : meaders@intnet.mu

 

 

INCORPORATED

 

08.12.92

 

 

STATUS

 

Private

 

 

CO. NO.

 

 

10746

 

 

DIRECTORS

 

Mr. Robert Joseph Bernard MONTOCCHIO

Mr. Jean Baptiste WIEHE

Mr. Michel John SCHMITZ

Mr. Jean HOW HONG

Mr. Sven JAGER

Mr. Jean Henri Maurice DE MARASSE ENOUF

 

 

SHAREHOLDERS                SHARES

 

Mr. Robert Joseph Bernard MONTOCCHIO                          337,847

Mr. Jean Baptiste WIEHE                                                  337,849

HAPPY WORLD FOODS LTD                                         2,128,000

ASTRAL FOODS LTD                                                    2,128,000

MONTIDA POULTRY LTD                                                    33,250

CERES LTD                                                                   1,419,052

 

 

ISSUED CAPITAL

 

RS 63,840,000

 

 

CHARGES

 

Total indebtedness as at 15.03.2006 amounted to RS 52,687,096.

 

 

ACTIVITES

 

Manufacturer of animal feeds and related products.

 

 

SIZE

 

Company operates at Riche Terre Road, Riche Terre.

 

 

IMPORTS

 

Subject imports mainly from South Africa, which makes up to around 60% of its total purchases.

 

 

EMPLOYMENT

 

00 - 125

 

 

FINANCE

 

(2005)

Accounts for 2006 has not yet been filed with the ROC.

Turnover:           MUR 489.9m

Profit:                MUR 25.3m

EPS:                MUR 3.97

 

 

OBSERVATION

 

Meaders Feeds Ltd manufactures a large range of quality feeds mainly for poultry farming. The processing is being carried out in its facilities situated at Riche Terre and part of the total production is also exported to countries in the region. The company has known good development during the past few years through better management.

 

Turnover during the period ending 30th September 2005 amounted to MUR 489.9m and resulted into a profit before tax of MUR 28.6m. The poultry market has been growing constantly with consumption going up each year.

 

 

CREDITWORTHINESS

 

Buyer is a reliable partner in the sector and nothing detrimental has been noted in company’s payment behaviour.

 

 

BANKERS

 

The Mauritius Commercial Bank Ltd

Hong Kong & Shanghai Banking Corp

 

 

INCOME STATEMENT

FOR THE YEAR ENDED SEPTEMBER 30, 2005

 

 

RS

Turnover

489,926,829

Cost of sales

(435,863,771)

 

----------------------------

Gross Profit

54,063,058

Other operating income

10,035,854

Distribution and selling costs

(16,904,836)

Administrative expenses

(14,779,185)

 

----------------------------

Operating Profit

32,414,892

Net Finance (costs)/ income

(3,743,308)

 

----------------------------

Profit from ordinary activities before taxation

28,671,584

Taxation

(3,352,195)

 

----------------------------

Retained Profit for the year

25,319,389

 

==============

Earnings per share

RS 3.97

 

==============

 

 

BALANCE SHEET

- SEPTEMBER 30, 2005

 

 

RS

ASSETS

 

NON CURRENT ASSETS

 

Property, plant and equipment

144,289,660

Intangible assets

3,800,000

 

----------------------------

 

148,089,660

 

----------------------------

CURRENT ASSETS

 

Inventories

68,783,411

Trade and other receivables

61,348,918

Cash and bank balances

6,429,206

 

----------------------------

 

136,561,535

 

-----------------------------

Total Assets

284,651,195

 

==============

EQUITY AND LIABILITIES

 

Share Capital

63,840,000

Reserves

72,066,620

 

---------------------------

Shareholders' funds

135,906,620

 

----------------------------

NON CURRENT LIABILITIES

 

Borrowings

21,564,552

Deferred tax

9,740,212

Retirement benefit obligations

2,361,843

 

---------------------------

 

33,666,607

 

----------------------------

CURRENT LIABILITIES

 

Borrowings

40,951,700

Trade and other payables

58,429,500

Dividend payable

12,659,694

Current tax liabilities

3,037,073

 

----------------------------

 

115,077,967

 

----------------------------

Total equity and liabilities

284,651,195

 

==============

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions