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MIRA
INFORM REPORT
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Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
JETHA
TULSIDAS & SONS (MITUS) LTD |
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Registered Office : |
17 SSR Street, Port Louis |
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Country : |
Mauritius |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15.09.1978 |
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Com. Reg. No.: |
13153 |
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Legal Form : |
Limited
Liability company, Limited by Shares |
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Line of Business : |
Manufacturers of
Clothing for Men’s Wear, Women’s Wear, & Children’s Wear |
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 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
JETHA TULSIDAS
& SONS (MITUS) LTD
Principal Address
17 SSR Street, Port Louis, Mauritius
Telephone: +230-2548925/ 2080175
Fax:+230-2088848
Email
Internet
Established
15/9/1978
Registration
No. 13153 Port Louis, Mauritius
Legal Form
Limited Liability
company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
400
Office & Factories
Head offices17 SSR Street, Port Louis, Mauritius
Branches7 branches in Curepipe and Rosehill
Company Profile
Paid in Capital MUR. 1,000,000
Subscribed Capital MUR. 1,000,000
Shareholders
Name Position Amount
Ratio
Mr. Jetha
Tulsidas CEO 20.00%
Mr. Kishan
Tulsidas Director 20.00%
Mr. Dinesh
Tulsidas Director 20.00%
Mr. Ajit Tulsidas Director 20.00%
Mr. Ashok Tulsidas Director 20.00%
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 100,000 is recommendable
Affiliated Companies
Company (1)
JETHA TULSIDAS
& COMPANY LIMITED
Management/ Directors
President/ CEO (1)
Name Mr. Jetha Tulsidas
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr. Kishan Tulsidas
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
Manufacturers of
Clothing for men’s wear, women’s wear, & children’s wear
Terms of payment
Buying terms 10% in cash, 90% on credit
Selling terms 50% in cash, 50% on credit
Suppliers
Various
Customers
Own Retail Shops, Public
& distributors
Recent Sales
MUR. 230,000,000
(2007)
Exports
African countries
and Europe
Export Ratio
< 40.0%
Import Ratio
10.0%
Domestic Market Share
50.0%
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
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 35,000 outstanding at any one time.
BALANCE SHEET
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(In
000 MUR.) |
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Dec.31,2006 |
Dec.31,2005 |
Dec.31,2004 |
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CURRENT
ASSETS
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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
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2,464,393
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2,367,538
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2,278,990
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Investments
|
799,738
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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
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1,482,287
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1,196,653
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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
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182,368
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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
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3,347,945
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3,655,995
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3,199,288
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CURRENT LIABILITIES
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1,152,407
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1,492,568
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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
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1,283,002
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841,288
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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
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2,435,409
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2,333,856
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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
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3,347,945
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3,355,995
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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 |
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 |
Extraordinary
Losses
|
0
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0
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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 |
Net
Income
|
-22,239
|
11,825
|
127,318
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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 |
|
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%)