MIRA INFORM REPORT

 

 

Report Date :           

05.08.2011

 

IDENTIFICATION DETAILS

 

Name :

INDUSTRIAL & TECHNICAL SUPPLIES (JAMAICA) LTD

 

 

Registered Office :

22 West King House Road, PO Box 27, Kingston 10

 

 

Country :

Jamaica

 

 

Date of Incorporation :

01.12.1992

 

 

Com. Reg. No.:

43725 

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Scientific, Research and Medical Supplier

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

100,000.00USD

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Jamaica

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 


Comments on the rating:

A Credit line maybe considered

                                                                                                                                   

GEOPOLITICS – JAMAICA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Parliamentary system


Economic Risk: High

Currency: Jamaica (JMD)

100 JMD = 1.17 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Industrial & Technical Supplies Ja Ltd

Address in the order:

22 West King Houser Road Kingston 10, PO Box 27, Jamaica, West Indies

 

 

Legal Name:

INDUSTRIAL & TECHNICAL SUPPLIES (JAMAICA) LTD

 

 

Legal Address

22 West King House Road, PO Box 27, Kingston 10, Jamaica

 

 

Telephone:

1 (876) 929-3690

Registration Number :

43725 

Fax:

1 (876) 929-3069

Legal Form:

Limited Liability Company

Email:

Sales@itsjamaica.com

Registered in:

Jamaica

Website:

www.itsjamaica.com  (under construction)

Date Created:

1992

Manager:

Mr. Dennis Williams Managing Director

Date Incorporated:

Dec 1st, 1992

Staff:

35

Stock:

Unlimited Ordinary Shares

 

 

Value:

1.00 JMD each

Activity:

Scientific, Research and medical supplier.

 

 

 

BANKS

 

Name of the Bank

SCOTIA BANK

Name of the Bank

ROYAL BANK OF CANADA

 

 

BUSINESS

 

HISTORY

 

The company is operating since 1992.

PRINCIPAL ACTIVITY

 

The company is engaged in the distribution of Scientific Laboratory Equipment.

 

Products/Services description:

 

Sterilization and infection control equipment; Testing equipment for asphalt, concrete and soil; Analytical equipments to improve customer process; fine chemicals and laboratory products; Superior analytical & laboratory equipment, chemicals and supplies, healthcare equipment and sundries, incubators, ULT freezers and refrigerators; weighing instruments; microbiological media, laboratory and diagnostic equipment; chemistry analyzers, diagnostic kits and quality control sera, water purification and filtration solutions around the globe; microscopes, diagnostic equipment and efractometers.

 

Sales are:

 

Wholesale

Brands:

 

Tuttnauer, Humboldt, Mtler Toledo, Spectrum, Ohaus, Fisher Scientific, BD, Randox, Millipore, Leica Mycrosystems, and BioMerieux.

Clients:

 

They supply to various institutions, individuals and Government Departments with their products including Health Department.

Suppliers:

 

Pvg International (India)

Rajesh Scientific Works (India)

Scientific Research Council (Jamaica)

Fisher Scientific (Georgia, U.S.A)

Operations area:

 

Local

The company imports from Asia, Caribbean Islands and America

The subject employs 35 employee(s)

 

 

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at:

 

22 West King House Road, Kingston 10, Jamaica

Comments on location:

 

At the above address can be found the Administrative Office, Sales Store and Warehouse/Storage

Branches:

 

The company does not report branches.

 

 

Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

The majority shareholder of the subject is their parent company, with an 88% of ordinary shares, located at:

 

ITS Group Limited

22 West Kings House Road, Jamaica

 

Additional shareholders with less percentage of shares:

Delroy McDonald      1 Ordinary Share

 

William Taylor    

4 Hermes Place,

St Andrew, Jamaica

                     10 Ordinary Shares

 

Dennis Williams

                      1 Ordinary Share

 

Management:

 

Mr. Dennis Williams - Managing Director

Mr. Delroy McDonald

Mr. Delroy McDonald



Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

 

 

Currency

DATE

USD

2007

Turnover

5,172,000

Net Income

910,000

Current Assets

2,230,000

Fixed Assets

1,990,000

Net worth

4,040,000

Liabilities

194,200

The cash flow is

Normal

 

 

Comments on the financial data: As of today, no updated financial data are available from our banking sources.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

Rating

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

The company has more than 15 years of experience.  They currently have the support of 31 employees for this reason it is considered a small sized company. 

 

It has accounts with well known banks. As of today, no updated financial data are available from our banking sources.

 

A credit line may be considered for 100,000.00USD based on its size, sales, experience and type of customers which includes in their portfolio the Jamaican Government.

 

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

VERY GOOD

Public

NO

 

Indebtedness

LOW

Payments

REGULAR

 

Cash

NORMAL

 

 

 

 

 

APPENDIX

 

Position

 

Assistant

 

Comments

 

We tried to contact the sales manager, Ms. Vivienne Cooper-Wright, but she no longer works for the company.  The person contacted provided non confidential information at this time.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.42

UK Pound

1

Rs.72.70

Euro

1

Rs.63.55

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.