MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
JOONAS AND CO. LTD |
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Registered Office : |
P.O Box133 Port Louis |
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Country : |
Mauritius |
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Date of Incorporation : |
13.05.1974 |
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Com. Reg. No.: |
C2343 Mauritius |
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Legal Form : |
Limited Liability Company, Limited by Shares |
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Line of Business : |
Import and Distribution of Building and Construction Materials |
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 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
JOONAS AND CO. LTD
Principal Address
P.o Box133 Port Louis, Mauritius
Telephone: +230-2400778/9/2423226
Fax: +230-2408285
Email: jonasco@intnet.mu
Internet: none
Established
13/05/1974
Registration
No. C2343
Mauritius
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
60
Office & Factories
Head offices 10, L. Pasteur St.Port Louis, Mauritius
Branches none
Company Profile
Paid in Capital MUR. 100,000
Subscribed Capital MUR. 100,000
Shareholders
Name Position Amount
Ratio
Mr. M. Issack
Joonas CEO
Mr. Shahzad Yusuf
Joonas Director
Mr. Anwar Joonas Director
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 50,000 is recommendable
Affiliated Companies
Company (1) JOONAS SHOWROOM
LIMITED
Company (2) JOONAS METAL
FURNITURE MANUFAC. LIMITED
Company (3) JOONAS INVESTMENTS
LTD
Company (4) JOONAS INDUSTRIES
MARKETING LIMITED
Company (5) JOONAS
(PROPERTIES) LIMITED
Management/ Directors
President/ CEO (1)
Name Mr.
M. Issack Joonas
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr. Anwar Joonas
Þ 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
Import and
distribution of building and construction materials
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 50% in cash, 50% on credit
Suppliers
None
Customers
Nakumatt, Uchumi, Local agencies
,Department stores, it also owns its own chain of stores and outlets
Recent Sales
MUR. 65,000,000
(2007)
Exports
Neighbouring
countries
Export Ratio
0.0%
Import Ratio
10.0%
Domestic Market Share
20.0%
Banking relationship
Main Banks MCB 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
Maximum credit we recommend is USD 50,000 outstanding at any one time.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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%)