MIRA INFORM REPORT

 

 

Report Date :

8th March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

TIRES SPECIALIST TIREMASTER LIMITED

 

 

Registered Office :

Industrial Zone, Pont Fer - Phoenix

 

 

Country :

Mauritius

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

14.03.1995

 

 

Com. Reg. No.:

14285

 

 

Legal Form :

Private

 

 

Line of Business :

The company imports and distributes:

  1. Tyres & motor vehicles spare parts
  2. Foodstuffs & consumer 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

 

Maximum Credit Limit:

USD 150,00

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

NAME OF COMPANY

 

TIRES SPECIALIST TIREMASTER LIMITED

                            

 

ADDRESS                             

 

INDUSTRIAL ZONE

PONT FER - PHOENIX

 

TEL      :  (230) 696-0674

FAX      : (230) 696-0677

EMAIL  : tmaster@intnet.mu

 

 

INCORPORATED

 

14.03.95 

 

 

STATUS

 

Private

 

 

CO. NO.

 

14285

 

 

DIRECTORS

 

Mr. Gayshan RAMDENEE

Mr. Gishore RAMDENEE

Mr. Jay RAMDENEE

Mr. Mohun RAMDENEE

 

 

SHAREHOLDERS                 SHARES

 

Mr. Gayshan RAMDENEE                                                          25,000

Mr. Gishore RAMDENEE                                                            25,000

Mr. Jay RAMDENEE                                                                  25,000

Mr. Roshan RAMDENEE                                                            25,000

 

 

ISSUED CAPITAL

 

RS 5,150,000

 

 

CHARGES

 

Total indebtedness as at 30.06.06 amounted to RS 900,000.

 

 

ACTIVITES

 

The company imports and distributes:

  1. Tyres & motor vehicles spare parts
  2. Foodstuffs & consumer products

 

 

SIZE

 

Subject’s offices and distribution facilities are based at Industrial Zone, Phoenix.

 

 

IMPORTS

 

Imports from different sources, mainly - South Africa, Egypt, Malaysia, Turkey & Singapore.

 

 

EMPLOYMENT

 

30 – 50

 

 

FINANCE

 

(2005)

Revenue:           MUR 384.3m

Profit:                MUR 6.1m

 

 

RELEATED CONCERNS

 

 

 

BUSINESS ANTECEDANT

 

Tires Specialist Tiremaster Ltd is a subsidiary of the Ramdenee Group of companies, which is quite active in different sectors of the economy namely:

  1. Sugar
  2. Trading & Commerce
  3. Building & Construction
  4. Seafood

In 1995 subject started distributing tyres & spare parts while later on diversifying its product range top include foodstuffs (rice, grains & spices) and other consumer products. The company has exclusive representation for tyres and foodstuffs of different brands.

 

 

PRODUCT LINES

 

 

 

SOME BRANDS

 

 

OBSERVATION

 

As per the data collected, it appears that the company has been trading satisfactorily during the period ending 31st December 2005. Subject recorded a revenue figure of MUR 384.3m and a profit before tax of MUR 8m (2004: MUR 275.3m & MUR 1.4m respectively).

 

 

CREDITOPINION

 

Buyer is an important player in the trading sector and is reported good for the applicable credit figure of USD 150,000 as per your enquiry.

 

 

 

BANKERS

 

  1. State Bank of Mauritius Ltd
  2. The Mauritius Commercial Bank Ltd

 

 

BALANCE SHEET

 

AT 31 DECEMBER 2005

 

 

 

RS

ASSETS

 

NON CURRENT ASSETS

 

Property, plant and equipment

30,681,413

Investment in subsidiary

-

 

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

 

30,681,413

 

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

CURRENT ASSETS

 

Inventories

44,626,831

Trade and other receivables

50,047,034

Cash and cash equivalents

18,650,401

 

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

 

113,324,266

 

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

Total Assets

144,005,679

 

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

EQUITY AND LIABILITIES

 

Capital & Reserves

 

Issued Capital

10,000,000

Reserves

11,860,497

 

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

 

21,860,497

 

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

NON CURRENT LIABILITIES

 

Obligations under finance lease

2,448,150

Interest bearning loans

5,699,588

Shareholders' loan

1,241,132

Deferred tax

1,553,362

 

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

 

10,942,232

 

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

CURRENT LIABILITIES

 

Trade and other payables

95,673,952

Bank overdraft

11,401,528

Obligations under finance lease

1,997,113

Interest bearning loans

338,287

Income tax payable

1,792,070

 

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

 

111,202,950

 

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

Total liabilities

122,145,182

 

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

Total equity and liabilities

144,005,679

 

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

 

 

INCOME STATEMENT

 

FOR THE YEAR ENDED 31 DECEMBER 2005

 

 

RS

Revenue

384,344,945

Cost of sales

(329,125,833)

 

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

Gross Profit

55,219,112

Distribution costs

(23,924,635)

Administrative expenses

(24,109,253)

 

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

Profit/ (Loss) from operations

7,185,225

Net finance income

908,222

 

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

Profit before taxation

8,093,447

Taxation

(1,965,075)

 

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

Net Profit for the year

6,128,372

 

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


 

 

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