MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PHOENIX BEVERAGES LIMITED |
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Formerly Known As : |
MAURITIUS BREWERIES LTD |
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Registered Office : |
Pont Fer Phoenix |
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Country : |
Mauritius |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
09.09.1960 |
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Com. Reg. No.: |
C1183 Mauritius |
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Legal Form : |
Limited Liability Company, Limited by shares |
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Line of Business : |
Production, Bottling and Marketing of Alcoholic products, Soft drinks
and Table water, products 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 2,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME: PHOENIX BEVERAGES LIMITED
Former Name MAURITIUS BREWERIES LTD
ADDRESS
Principal Address: Pont Fer Phoenix, Mauritius
Telephone: +230-6012000/
6012200/ 6967044
Fax: +230- 6866920/ 6960455
Email: pbl@pbg.mu
Internet: www.phoenixbeveragesgroup.com
Established
9/9/1960
Registration
No. C1183 Mauritius
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Listed Under code: code: MBLL
Workforce
2007
1,400
Office &
Factories
Head offices Pont Fer Phoenix, Mauritius
Branches None
Company Profile
Paid in Capital MUR. 164,480,000
Subscribed Capital MUR. 164,480,000
Shareholders
Name Position Amount
Ratio
Mr. Richard
Wooding CEO
Mr. J. Cyril
Lagesse Chairman
Mr. Patrick
Rivalland Director
Mr. Jean-Francois
Henri Director
Mr. Benoit De
Coriolis Director
Mr. Antis
Treebhoobun Director
Mr. Thibault
Josseaux Director
Phoenix Investment Company Limited Shareholder 5,101,137 31.01%
Camp Investment
Company Limited Shareholder 2,805,428 17.06%
Public
Shareholders Shareholder 8,541,459 51.93%
Total 16,448,024 100.00%
Credit Opinion: Our proposed credit
amount of USD 2,500,000 is recommendable
Affiliated Companies
v
Phoenix Camp Minerals Ltd
v
RODNIX LTD
v
MAURITIUS GLASS GALLERY LTD
v
MAURITIUS BREWERY OFFSHORE LTD
v
MAURITIUS BREWERIES INTERNATIONAL LTD
v
PHOENIX BEVERAGESOVERSEAS LTD
v
RENNIE ET THONY SARL
Management/ Directors
President/ CEO (1)
Name Mr. Richard Wooding
Date of Birth 1959
Work
Experience 10 years in this
line of business
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr.
J. Cyril Lagesse
Date of Birth 1932
Work Experience 35 years in this line of business
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
Production,
Bottling & marketing of Alcoholic products, Soft drinks and Table Water,
products e.g. Schweppes Phoenix Beer, Blue Marlin, Cidona, Pearona, Malta
Guinness, Coca-Cola, Crystal, and Warsteiner etc
Terms of payment
Buying terms 10% in cash, 90% on credit
Selling terms 70% in cash, 30% on credit
Suppliers
Various companies
Customers
Distributors, chain of
stores and outlets
Recent Sales MUR. 2,400,000,000 (2007)
Exports
Neighboring and
African Countries
Export Ratio 10.0%
Import Ratio
70.0%
Domestic Market Share
20.0%
Banking relationship
Main Banks
v
Barclays Bank PLC
v
HSBC Bank
v
Mauritius Commercial Bank
v
State Bank of Mauritius Ltd
Auditors
BDO De Chazal Du Mée
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 satisfactory.
COMMENTS
The subject is considered equal to US$ 2,500,000 over 30 days and a maximum figure of US$ 3,000,000 over 30 days, unsecured. The subject is considered equal to a maximum of US$ 4,000,000 spread over 180 days.
BALANCE SHEET
(In 000 MUR)
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THE GROUP |
THE COMPANY |
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Year ended June 30, |
2006 |
2005 |
2006 |
2005 |
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ASSETS |
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Non-current
assets |
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Property plant and equipment |
1,418,409 |
1,435,185 |
1,125,436 |
1,107,480 |
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Intangible assets |
6,771 |
4,298 |
6,625 |
4,298 |
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Investments in subsidiary companies |
- |
- |
376,379 |
379,596 |
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Investments in associated companies |
5,059 |
26,223 |
760 |
2,052 |
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Investments in other securities |
575 |
253,404 |
575 |
23,884 |
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Deferred tax assets |
- |
2,049 |
- |
- |
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1,430,814 |
1,721,159 |
1,509,775 |
1,732,266 |
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Current assets |
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Inventories |
253,224 |
225,665 |
145,919 |
1 18,962 |
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Trade and other receivables |
188,703 |
192,485 |
224,403 |
200,649 |
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Bank balances and cash |
67,051 |
38,476 |
28,317 |
13,368 |
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508,978 |
456,626 |
398,639 |
332,979 |
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Non-current assets classified as held for
sale |
52,136 |
_ |
51,234 |
_ |
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Total assets |
1,991,928 |
2,177,785 |
1,959,648 |
2,065,245 |
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EQUITY AND
LIABILITIES |
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Capital and
reserves |
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Share capital |
16,447 |
16,447 |
16,447 |
1 64,470 |
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Share premium |
202,492 |
202,492 |
202,492 |
202,492 |
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Revaluation and other reserves |
176,273 |
345,284 |
313,441 |
474,829 |
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Retained earnings |
63,327 |
467,739 |
58,966 |
44,794 |
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Shareholders' interest |
1,176,505 |
1,179,985 |
1,270,063 |
1,289,731 |
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Minority interest |
8,499 |
7,847 |
- |
- |
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1,185,004 |
1,187,832 |
1,270,063 |
1,289,731 |
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Non-current
liabilities |
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Borrowings |
201,904 |
313,364 |
14,144 |
246,269 |
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Deferred tax liabilities |
97,881 |
1 18,685 |
81,714 |
101,1 64 |
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Retirement benefit obligations |
68,662 |
73,497 |
68,304 |
72,624 |
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368,447 |
505,546 |
291,458 |
420,057 |
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Current
liabilities |
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Trade and other payables |
253,901 |
205,063 |
257,897 |
159,716 |
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Current tax liabilities |
982 |
5,432 |
- |
- |
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Borrowings |
100,745 |
199,901 |
66,219 |
12,173 |
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Proposed dividends |
74,011 |
74,01 1 |
74,011 |
74,01 1 |
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438,477 |
484,407 |
398,127 |
355,457 |
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Total equity and
liabilities |
1,991,928 |
2,177,785 |
1,959,648 |
2,065,245 |
INCOME STATEMENTS
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THE GROUP |
THE COMPANY |
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Year
ended June 30, |
2006 |
2005 |
2006 |
2005 |
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Sales |
2,298,230 |
2,199,598 |
2,146,525 |
2,087,543 |
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Manufacturing costs |
1,176,225 |
1,057,291 |
1,170,331 |
1,086,743 |
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Excise duty |
508,282 |
506,313 |
508,282 |
506,313 |
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Cost of sales |
1,684,507 |
1,563,604 |
1,678,613 |
1,593,056 |
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Gross profit |
613,723 |
635,994 |
467,912 |
494,487 |
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Other income |
23,372 |
22,438 |
73,133 |
8,408 |
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Marketing selling and distribution
expenses |
(340,430) |
(330,498) |
(304,933) |
(305,381) |
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Administrative expenses |
(154,592) |
(154,524) |
(129,584) |
(127,776) |
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142,073 |
17,341 |
106,528 |
14,541 |
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Reorganisation costs |
(87,185) |
(32,079) |
(87,185) |
(32,079) |
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Profit on disposal of securities |
211,929 |
5,148 |
202,626 |
5,148 |
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Finance costs |
(35,748) |
(47,395) |
(25,688) |
(33,901) |
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Share of results of associates |
868 |
6,233 |
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_ |
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Profit before taxation |
231,937 |
105,317 |
196,281 |
84,578 |
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Taxation credit/(charge) |
9,726 |
(8,969) |
1,945 |
(1,708) |
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Profit for the year |
241,663 |
96,348 |
215,731 |
8,287 |
CASH FLOW STATEMENTS
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THE GROUP |
THE COMPANY |
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2006 |
2005 |
2006 |
2005 |
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Cash flows from
operating activities |
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Cash generated from operations |
227,195 |
310,044 |
134,362 |
102,51 6 |
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Interest received |
1,595 |
106 |
933 |
650 |
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Interest paid |
(39,738) |
(48,086) |
(28,430) |
(34,989) |
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Tax paid |
(4,593) |
(5,185) |
- |
- |
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Net cash generated
from operating activities |
184,459 |
257,833 |
106,865 |
68,177 |
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Cash flows from
investing activities |
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Purchase of plant and equipment |
(124,362) |
(137,983) |
(101,318) |
(78,441) |
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Proceeds from disposal of plant and equipment |
6,945 |
3,655 |
5,512 |
526 |
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Purchase of intangible assets |
(3,837) |
(562) |
(3,827) |
(562) |
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Proceeds from disposal of securities |
265,423 |
5,348 |
232,838 |
5,348 |
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Surplus cash on winding up of subsidiary
paid to |
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holding company |
- |
(1) |
- |
- |
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Dividends received |
8,192 |
1 6,672 |
31,718 |
89,301 |
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Net cash
from/(used in) investing activities |
152,361 |
(1 12,871) |
164,923 |
1 6,172 |
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Cash flows from
financing activities |
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Proceeds from long term borrowings |
35,119 |
64 |
- |
30 |
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Proceeds from short term borrowings |
16,438 |
46 |
- |
- |
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Loan received from fellow subsidiary |
- |
298 |
- |
- |
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Repayment of long term borrowings |
(238,044) |
(78,1 10) |
(198,973) |
(26,553) |
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Repayment of short term borrowings |
(23,466) |
(46,000) |
- |
- |
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Loan repaid to fellow subsidiaries |
- |
(29,800) |
- |
- |
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Finance lease principal payments |
(27,195) |
(19,130) |
(16,248) |
(10,989) |
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Dividends paid to minority shareholders |
(1,469) |
(1,964) |
- |
- |
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Dividends paid to company shareholders |
(74,011) |
(80,590) |
(74,011) |
(80,590) |
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Net cash used in
financing activities |
(312,628) |
(1 15,794) |
(289,232) |
(88,1 32) |
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lncrease/(decrease)
in cash and cash equivalents |
24,192 |
29,1 68 |
(17,444) |
(3,783) |
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Movement in cash
and cash equivalents |
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|
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At July 1, |
(1,974) |
(32,527) |
7,672 |
1 1,455 |
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Effect of foreign exchange rate changes |
118 |
1,385 |
- |
- |
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lncrease/(decrease) |
24,192 |
29,1 68 |
(17,444) |
(3,783) |
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At June 30, |
23,398 |
(1,974) |
(9,772) |
7,672 |
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%)