MIRA
INFORM REPORT
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Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
IBL LTD |
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Registered Office : |
5th Floor, IBL House, Port Louis |
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Country : |
Mauritius |
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Date of Incorporation : |
14.07.1972 |
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Com. Reg. No.: |
2052 Port Louis, Mauritius |
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Legal Form : |
Limited Liability Company, Limited by Shares |
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Line of Business : |
Provide Aviation, Logistics and Shipping Services |
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
IBL LTD
Principal Address
5th Floor, IBL House, Port Louis, Mauritius
Telephone: +230-2032000/2032004/2032227
Fax: +230-2032001/232001/2032016
Email: iblinfo@iblgroup.com
Internet: www.iblgroup.com
Established
14/07/1972
Registration
No. 2052 Port Louis, Mauritius
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
40
Office & Factories
Head offices Blychem Royal
Road Cassis Post Louis, Mauritius
Branches World wide
Company Profile
Paid in Capital MUR. 1,000,000
Subscribed Capital MUR. 1,000,000
Shareholders
Name Position Amount Ratio
Mr. Patrice
d'Hotman de Villiers CEO
Mr. Arnaud Dalais Chairman
Mr. Derek Wong Wan
Po CFO
Captain François
Brousse de Gersigny COO
Mr. Jean Pierre
Dalais Director
Mr. Christian
Dalais Director
Mr. Madookur Desha Director
Mr. François
Desmarais Director
Mr. Thierry
Lagesse Director
Mr. Arnaud Lagesse Director
Mr. Cyril Lagesse Director
CIEL Investment
Limited Shareholder 32.24%
Compagnie d’Investissement
& de
Développement Ltée Shareholder 13.68%
The Anglo-Mauritius Assurance
Society Limited Shareholder 13.50%
Belle Mare Holding
Limited Shareholder 10.88%
Undisclosed Shareholder 29.70%
Total 100.00%
Credit Opinion
Our proposed
credit amount of USD 50,000 is recommendable
Affiliated Companies
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Company (1) |
AIR MASCAREIGNES LIMITEE |
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Company (2) |
CHANTIER NAVAL DE L’OCEAN INDIEN LTD |
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Company (3) |
CLEAN ENERGY LIMITED |
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Company (4) |
CIE THONIERE DE L'OCEAN INDIEN LTD |
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Company (5) |
EQUITY AVIATION INDIAN OCEAN LTD |
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Company (6) |
FISH PROTEIN PRODUCERS LTD |
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Company (7) |
ISLAND RESORTS MANAGEMENT CO LTD |
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Company (8) |
LA MASCAREIGNES DES EAUX LTD |
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Company (9) |
MARINE ELECTRONICS CO LTD |
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Company (10) |
MAURITIUS COAL AND ALLIED SERVICES CO LTD |
Management/ Directors
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President/
CEO (1) |
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Name |
Mr. Patrice d'Hotman de Villiers |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. Arnaud Dalais |
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
Provide aviation, logistics
and shipping services
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 50% in cash, 50% on credit
Suppliers
Shipping & airlines
Customers
Importers, exporters &
Firms
Recent Sales
MUR. 2,050,258,000
(2007)
Exports
None
Export Ratio
0.0%
Import Ratio
60.0%
Domestic Market Share
30.0%
Banking relationship
Main Banks Investec Bank
(Mauritius) Limited
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 100,000 outstanding at any one time.
BALANCE SHEET
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(In
000 MUR.) |
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THE GROUP |
THE COMPANY |
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Year Ended 31
December |
Year Ended 31
December |
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2007 |
2006 |
2007 |
2006 |
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Assets |
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Non-current assets |
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Property, plant and equipment |
3,676,747 |
3,607,516 |
939.475 |
1,025,584 |
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Investment property |
665 |
505.364 |
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- |
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Intangible assets |
326.789 |
247.908 |
13.953 |
16.87 |
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Investments |
1,860,567 |
1,538,017 |
4,891,277 |
2,869,327 |
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Finance lease receivables |
1,060,547 |
842.691 |
- |
- |
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7,589,650 |
6,741,496 |
5,844,705 |
3,911,781 |
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Current Assets |
5,521,323 |
5,498,926 |
4,026,845 |
3,679,668 |
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Total Assets |
13,110,973 |
12,240,422 |
9,871,550 |
7,591,449 |
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Equity and Liabilities |
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Equity attributable to equity holders of the parent |
3,289,973 |
2,988,245 |
5,088,123 |
3,136,125 |
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Minority interest |
459.229 |
422.925 |
- |
- |
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Life assurance fund |
413.752 |
249.858 |
- |
- |
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Non-current liabilities |
2,742,490 |
2,777,741 |
825.791 |
1,036,248 |
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Current liabilities |
6,205,529 |
5,801,653 |
3,957,636 |
3,419,076 |
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Total Equity and Liabilities |
13,110,973 |
12,240,422 |
9,871,550 |
7,591,449 |
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INCOME STATEMENTS
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THE GROUP |
THE COMPANY |
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Year Ended 31
December |
Year Ended 31
December |
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2007 |
2006 |
2007 |
2006 |
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Income Statement |
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Turnover |
11,693,781 |
10,028,505 |
2,050,258 |
2,020,722 |
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Profit from operations |
663.01 |
710.128 |
317.335 |
331.221 |
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Share of profits less losses of associates |
391.086 |
266.579 |
- |
- |
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Net finance costs |
( 503,851 ) |
(461,529) |
( 156,038) |
( 168,876) |
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Profit before taxation |
550.245 |
515.178 |
161.297 |
162.345 |
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Taxation |
( 44,928 ) |
( 33,555 ) |
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- |
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Profit for the year |
505.317 |
481.623 |
161.297 |
162.345 |
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Attributable to :- |
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Equity holders of the parent |
451.556 |
427.373 |
161.297 |
162.345 |
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Minority interest |
53.761 |
54.25 |
- |
. |
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Retained profit for the year |
505.317 |
481.623 |
161.297 |
162.345 |
CASH FLOW STATEMENTS
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THE GROUP |
THE COMPANY |
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Year Ended 31
December |
Year Ended 31
December |
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2007 |
2006 |
2007 |
2006 |
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Cash generated from operations |
651.807 |
548.903 |
22.447 |
184.914 |
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Interest, taxation and dividends paid |
( 699,296 ) |
(632,413) |
(510,432) |
( 430,709 ) |
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Net cash generated from/(used in) investing activities |
(531,597) |
( 626,894 ) |
152.926 |
( 586,806 ) |
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Net cash generated from/(used in) financing activities |
246.322 |
19.948 |
44.351 |
( 17,252) |
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Net decrease in cash & cash equivalents |
( 332,764 ) |
( 690,456 ) |
( 290,708 ) |
( 849,853 ) |
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Exchange Rate |
US$ 1 = MUR. 27.6 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.72 |
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UK Pound |
1 |
Rs.81.45 |
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Euro |
1 |
Rs.64.47 |
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%)