MIRA
INFORM REPORT
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Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
IRELAND
BLYTH LIMITED |
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Registered Office : |
5th Floor ,IBL House, Caudan, Port Louis |
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Country : |
Mauritania |
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Financial as on : |
31.12.2007 |
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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 150,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
IRELAND BLYTH
LIMITED
Principal Address
5th Floor,IBL House,Caudan,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
1,000
Office & Factories
Head offices Blychem Royal Road Cassis Post Louis,
Mauritius
Branches none
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
Captain François
Brousse de Gersigny Director
Mr.Arnaud Dalais Director
Mr. Jean Pierre
Dalais Director
Mr. Christian
Dalais Director
Mr. Bertrand Hardy Director
Mr. Jean Jupin de
Fondaumière Director
Mr. Thierry
Lagesse Director
Mr. Arnaud Lagesse Director
Mr. Cyril Lagesse Director
Mr. Jean Ribet Director
Joint Economic Trading
Ltd Shareholder
Investments
Holding Co Ltd Shareholder
Anglo Mauritius
Assurance Society Ltd Shareholder
Consolidated
Investments & Enterprises Shareholder
Total 100.00%
Credit Opinion
Our proposed
credit amount of USD 150,000 is recommendable
Affiliated Companies
Company (1) AIR MASCAREIGNES
LIMITEE
Company (2) CHANTIER NAVAL DE
L’OCEAN INDIEN LTD
Company (3) CLEAN ENERGY
LIMITED
Company (4) CIE THONIERE DE
L'OCEAN INDIEN LTD
Company (5) EQUITY AVIATION INDIAN
OCEAN LTD
Company (6) FISH PROTEIN
PRODUCERS LTD
Company (7) ISLAND RESORTS
MANAGEMENT CO LTD
Company (8) LA MASCAREIGNES
DES EAUX LTD
Company (9) MARINE ELECTRONICS
CO LTD
Company (10) MAURITIUS COAL AND
ALLIED SERVICES CO LTD
Company (11) IRELAND BLYTH
(ENGINEERING ) LIMITED
Company (12) IRELAND BLYTH
(INFORMATICS) LIMITED
Management/ Directors
President/ CEO (1)
Name Mr. Patrice d’Hotman de Villiers
Remarks Top
Decision Maker
President/ CEO (2)
Name Captain François Brousse de Gersigny
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 80% in cash, 20% on credit
Suppliers
Affiliated companies
Customers
stores and outlets
Recent Sales
MUR. 2,020,722,000
(2007)
Exports
None
Export Ratio
20.0%
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 150,000 outstanding at any one time.
BALANCE SHEET (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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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.72 |
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UK Pound |
1 |
Rs.84.81 |
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Euro |
1 |
Rs.67.60 |
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%)