MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
AIR MAURITIUS |
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Registered Office : |
Air |
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Country : |
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Date of Incorporation : |
June 1967 |
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Com. Reg. No.: |
72170 |
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Legal Form : |
Limited
Liability Company, Limited by shares |
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Line of Business : |
National air
carrier of |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
GBP 2,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY REPORTED
AIR MAURITIUS
Principal Address
Air
Telephone: +230-207-7070
Fax: +230-208-8331
Email: contact@airmauritius.com
Internet: www.airmauritius.com
Established
June 1967
Registration
No. 72170
Legal Form
Limited liability
company, Limited by shares
Stock Listing
Listed on the SEM
as (Code: AIRM)
Workforce
2006
2,500
Office &
Factories
Head offices Air
Mauritius Centre,
Branches Worldwide
Regional Offices, and Several in
Company Profile
Paid in Capital RS. 1,023,050,000 (102,305,000 Shares of Rs. 10
Each)
Subscribed Capital Euros. 41,724,000
Shareholders
Name Position Amount
Ratio
Mr. Sanjay
Bhuckory Chairman
Mr. Nirvan
Veerasamy CEO
Mr. Alan Burnett Director
Mr. Ayub Hussein
Nakhuda Director
Air
The State
Investment Corporation Ltd 4.70%
Port Louis Fund 3.80%
The Government of
Rogers and Company
Ltd 4.30%
British Airways
Associated Companies Ltd 3.80%
Compagnie
Nationale Air
Air
National Pension
Fund 2.00%
Other Investors 19.40%
Total 100.00%
Credit Opinion
Our proposed credit amount of GBP 2,000,000 is recommendable
Affiliated
Companies
Company (1)
Company Name MEDCOR Limited
Head Office
Line of Business Investments company
Relationship The subject has 100% of
shares on this company
Company (2)
Company Name THE
POINTE COTON RESORT HOTEL COMPANY LIMITED
Head Office
Line of Business Hotel and restaurant
Relationship The subject has 100% of
shares on this company
Company (3)
Company Name AIR
Head Office
Line of Business acts as agent for Air Mauritius
Limited.
Relationship The subject has 100% of
shares on this company
Company (4)
Company Name AIR
Head Office
Line of Business Acts as agent for tour operating
business in the
Relationship The subject has 100% of
shares on this company
Company (5)
Company Name AIR
Head Office
Line of Business Acts as agent for tour operating
business in
Relationship The subject has 100% of
shares on this company
Company (6)
Company Name NET
MAURITIUS.COM LTD
Head Office
Line of Business Provider of internet services in
Relationship The subject has 21.05% of
shares on this company
Company (7)
Company Name THE
Head Office
Line of Business acts as Shopping and duty free
Center
Relationship The subject has 41.65% of
shares on this company
Management/
Directors
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President/
CEO (1) |
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Name |
Mr. Sanjay Bhuckory |
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Work Experience |
15 years in this line of business |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. Nirvan Veerasamy |
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Work Experience |
12 years in this line of business |
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Remarks |
Top Decision Maker |
̃ Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.
Business Activities
National air
carrier of
Terms of payment
Buying terms 30% in cash, 70% on 60 day
credit
Selling terms 80% in cash, 20% on 60 day
credit
Suppliers
AIRBUS, NAS etc
Customers
Local agencies, General
public and companies etc
Recent Sales
Euro 182.8 million (Year ending
Sep.31, 2006)
Exports
Services Worldwide
Export Ratio 50.0%
Import Ratio 60.0%
Domestic Market Share 80.0%
Banking
relationship
2. COMMERCIAL BANK
OF
Credit Check of
Subject, President & CEO
(as of report date)
Payment Morale : In the documents at our
disposal nothing adverse has been shown so far.
CREDIT RATING : Financial situation is
average.
COMMENTS
According to the financial information loss was attributed by the raising cost of fuel against the hedging instruments. Maximum credit we recommend is GBP 2,000,000 outstanding at any one time.
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BALANCE SHEET |
(In
€ '000.) |
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AIR MAURITIUS
LIMITED AND ITS SUBSIDIARIES |
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AUDITED ABRIGDED
BALANCE SHEETS AS AT MARCH 31, 2007 |
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2007 |
2006 |
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ASSETS |
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Non-current
assets |
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Property, plant and equipment |
294,822 |
319,708 |
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Investment property |
10,060 |
11,998 |
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Intangible assets |
244 |
452 |
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Investment in subsidiary companies |
- |
- |
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Investment in associated company |
257 |
328 |
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Available-for-sale investments |
1,956 |
1,796 |
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Other financial assets |
- |
1,969 |
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Deferred tax asset |
485 |
770 |
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Long term deposits |
6,579 |
84,063 |
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Long term receivable |
1,397 |
135 |
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315,800 |
421,219 |
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Current assets |
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Inventories |
14,005 |
15,024 |
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Trade and other receivables |
165,154 |
115,578 |
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Other financial assets |
6,774 |
9,075 |
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Cash and cash equivalents |
52,503 |
48,967 |
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238,436 |
188,644 |
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Assets classified as held for sale |
- |
30,748 |
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Total assets |
554,236
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640,611
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EQUITY AND
LIABILITIES |
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Capital and
reserves |
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Share capital |
41,724 |
41,724 |
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Share premium |
18,869 |
18,869 |
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Other reserves |
(10,255) |
(1,172) |
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Retained earnings |
132,116 |
138,915 |
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182,454 |
198,336 |
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Minority interests |
1,715 |
1,851 |
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Total equity |
184,169 |
200,187 |
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Non-current
liabilities |
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Borrowings and financial derivatives |
111,343 |
215,042 |
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Deferred credit |
- |
576 |
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Provisions |
23,827 |
23,330 |
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135,170 |
238,948 |
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Current
liabilities |
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Trade and other payables |
116,747 |
119,310 |
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Borrowings and financial derivatives |
118,150 |
80,784 |
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Dividends |
- |
1,382 |
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234,897 |
201,476 |
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Total equity and
liabilities |
554,236
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640,611 |
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INCOME STATEMENTS |
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2007 |
2006 |
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(In € '000.) |
(In € '000.) |
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Operating
revenue |
414,231 |
416,602 |
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Gross Profit |
26,080 |
30,657 |
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Operating (loss) |
(6,799) |
7,883 |
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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. |
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%)