MIRA
INFORM REPORT
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Report Date : |
25.10.2007 |
IDENTIFICATION DETAILS
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Name : |
A T CARTER AND CO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
No. 201415 |
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Legal Form : |
Limited Liability company, Limited by shares |
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Line of Business : |
Retailers of electronic Products and items 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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Maximum Credit Limit : |
USD 40,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
A T CARTER AND CO
Address
Telephone: +265-1-644819/ 643809/ 824036
Fax: +265-1-644819
Email: None
Internet: None
Established
1992
Registration
No. 201415
Legal Form
Limited Liability company, Limited by shares
Stock Listing
Not Listed
Workforce
2006
40
Office &
Factories
Head offices P
O Box 911,
Branches None
Company Profile
Paid in Capital MWK. 1,000,000
Subscribed Capital MWK. 1,000,000
Shareholders
Name Position Amount Ratio
Mr. A Carter Director
Mr. M Smith Director
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 40,000 is recommendable
Affiliated
Companies
None Stated
Management/
Directors
President/ CEO (1)
Name Mr. A Carter
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
Retailers of electronic Products and items etc
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
None
Customers
Local agencies , stores and outlets
Recent Sales
MWK. 468,000,000 (2006)
Exports
None
Export Ratio
0.0%
Import Ratio
20.0%
Domestic Market
Share
30.0%
Banking
relationship
Main Banks Stanbic Bank
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 its restructuring plan, Simple sample acquired the More Corps making it the largest finance institution in the region, in turn More Corps hold several banking and financing Institutions and other companies, hence has become a highly competitive company.
Maximum credit we recommend is USD 40,000 outstanding at any one time.
BALANCE SHEET
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BALANCE SHEET |
(In 000 MWK.) |
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Dec.31,2006 |
Dec.31,2005 |
Dec.31,2004 |
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CURRENT ASSETS |
883,552 |
988,457 |
920,298 |
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Quick assets |
589,804 |
661,206 |
637,742 |
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Cash & cash equivalents |
7,085 |
24,966 |
10,828 |
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Short-term financial instruments |
30,999 |
69,628 |
184,148 |
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Securities marketable |
24,902 |
0 |
0 |
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Accounts receivable - trade |
370,242 |
337,544 |
274,343 |
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Short-term loans |
84 |
95 |
3,672 |
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Others |
156,492 |
238,973 |
164,751 |
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Inventories |
293,748 |
327,251 |
282,556 |
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Merchandise |
54,234 |
34,958 |
26,711 |
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Finished goods |
105,960 |
110,493 |
96,714 |
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Semi-finished goods |
15,525 |
0 |
0 |
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Work in process |
43,312 |
72,615 |
76,347 |
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Raw materials |
42,420 |
50,944 |
26,021 |
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Others |
32,297 |
58,241 |
56,763 |
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FIXED ASSETS |
2,464,393 |
2,367,538 |
2,278,990 |
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Investments |
799,738 |
998,917 |
942,325 |
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Long-term financial instruments |
15,537 |
13,652 |
21,224 |
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Investment securities |
654,140 |
831,286 |
752,051 |
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Long-term loans |
3,007 |
9,484 |
1,673 |
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Long-term accounts receivable - trade |
5,444 |
0 |
0 |
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Investment in real estates |
0 |
0 |
0 |
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Others |
49,606 |
33,853 |
39,463 |
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Tangible assets |
1,482,287 |
1,196,653 |
1,210,449 |
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Land |
465,044 |
348,803 |
408,954 |
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Buildings |
488,830 |
414,543 |
473,027 |
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Structures |
47,409 |
42,600 |
34,940 |
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Machinery |
20,497 |
29,933 |
42,827 |
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Ships |
0 |
0 |
0 |
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Vehicles & transportation equip. |
2,428 |
2,393 |
2,877 |
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Construction in progress |
18,392 |
27,484 |
17,134 |
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Others |
106,030 |
88,202 |
70,159 |
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Intangible assets |
182,368 |
171,968 |
126,216 |
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Goodwill |
153,187 |
137,685 |
101,796 |
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Intellectual proprietary rights |
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Others |
29,181 |
34,283 |
24,240 |
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TOTAL ASSETS |
3,347,945 |
3,655,995 |
3,199,288 |
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CURRENT LIABILITIES |
1,152,407 |
1,492,568 |
1,156,616 |
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Accounts payable - trade |
185,235 |
233,014 |
243,185 |
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Short-term loans |
331,034 |
574,792 |
321,962 |
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Income tax payable |
44,340 |
0 |
55,664 |
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Dividends payable |
0 |
0 |
0 |
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Current portion of long -term debt |
389,161 |
591,745 |
28,583 |
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Others |
202,637 |
93,017 |
507,222 |
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LONG-TERM LIABILITIES |
1,283,002 |
841,288 |
1,046,437 |
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Bonds |
844,011 |
613,710 |
863,807 |
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Long-term loans |
254,044 |
77,164 |
34,746 |
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Others |
155,576 |
135,902 |
135,026 |
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TOTAL LIABILITIES |
2,435,409 |
2,333,856 |
2,203,053 |
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Paid-in capital |
133,823 |
108,820 |
105,359 |
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Capital surplus |
886,763 |
707,352 |
694,572 |
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Retained earnings |
27,310 |
49,548 |
37,723 |
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Capital adjustment |
-135,360 |
156,419 |
158,581 |
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TOTAL STOCKHOLDERS’ EQUITY |
912,536 |
1,022,139 |
996,235 |
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TOTAL LIAB.& STOCKHOLDERS’ EQUITY |
3,347,945 |
3,355,995 |
3,199,288 |
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INCOME STATEMENTS
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2006 |
2005 |
2004 |
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Sales |
1,783,635 |
1,681,454 |
1,710,874 |
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Cost of sales |
1,289,951 |
1,094,370 |
1,186,944 |
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Beginning inventory of merchandise |
145,451 |
123,425 |
132,342 |
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Purchases / Manufactures during the year |
1,408,401 |
1,298,079 |
1,298,179 |
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Ending inventory of merchandise |
160,194 |
145,451 |
123,425 |
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Gross Profit |
493,684 |
587,084 |
523,930 |
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Selling & Administrative Expenses |
586,021 |
405,125 |
320,862 |
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Salaries |
85,503 |
65,761 |
39,550 |
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Retirement allowance |
8,572 |
9,435 |
4,155 |
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Other employee benefits |
18,473 |
12,471 |
8,751 |
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Rent |
57,389 |
36,493 |
17,614 |
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Entertainment |
0 |
5,673 |
4,907 |
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Depreciation / Amortization |
32,324 |
29,938 |
18,033 |
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Taxes and dues |
9,503 |
5,617 |
5,022 |
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Advertising |
0 |
52,183 |
42,428 |
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Research expenses |
0 |
0 |
0 |
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Others |
374,257 |
190,554 |
180,402 |
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Operating Income |
-92,337 |
181,959 |
203,608 |
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Non- Operating Income |
523,536 |
149,851 |
221,923 |
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Interest income |
15,114 |
15,167 |
0 |
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Dividend income |
1,136 |
1,032 |
2,271 |
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Gain on foreign currency transaction |
0 |
0 |
0 |
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Others |
507,286 |
133,652 |
219,652 |
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Non-Operating Expenses |
420,889 |
312,036 |
360,374 |
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Interest expenses |
215,066 |
232,337 |
268,698 |
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Loss on foreign currency transaction |
0 |
0 |
0 |
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Others |
205,823 |
79,699 |
91,676 |
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Ordinary Income |
10,310 |
19,774 |
64,617 |
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Extraordinary Gains |
0 |
0 |
131,443 |
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Extraordinary Losses |
0 |
0 |
0 |
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Income before Income Tax |
10,310 |
19,774 |
196,060 |
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Income Tax Expenses |
32,549 |
7,949 |
68,742 |
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Net Income |
-22,239 |
11,825 |
127,318 |
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%)