|
|
|
MIRA INFORM REPORT
|
Report No. : |
501469 |
|
Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
THE FIJI SUGAR CORPORATION LIMITED |
|
|
|
|
Registered Office : |
Drasa Avenue, Balawa,
Lautoka |
|
|
|
|
Country : |
Fiji |
|
|
|
|
Financials (as on) : |
May 2017 |
|
|
|
|
Date of Incorporation : |
1972 |
|
|
|
|
Com. Reg. No.: |
560 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture of man-made
fibres |
|
|
|
|
No. of Employees : |
2 350 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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.
Company
Summary
|
Business
Name Country |
FSC FIJI |
|
Company
Registration Number |
560 |
|
Main
Activity Code |
2060 |
|
Main
Activity Description |
Manufacture
of man-made fibres |
|
Company
Status |
Active (Active) |
|
Latest
Shareholder Equity Figure |
-217.147.000 |
Basic
Information
|
Business
Name |
FSC |
|
Registered
Company Name |
THE FIJI
SUGAR CORPORATION LIMITED |
|
Company
Registration Number |
560 |
|
Country |
FIJI |
|
VAT
Registration Number |
500062005 |
|
Legal
Form |
Limited
Company |
|
Type of
Ownership |
State-owned |
|
Company
Status |
Active
(Active) |
|
Contact
Telephone Number |
+1 (679)
666-2655 |
Main
Address
|
Address |
Country |
Telephone |
|
Drasa
Avenue, Balawa,Lautoka |
FIJI |
+1 (679)
666-2655 |
Other
Address
|
Address |
Country |
Telephone |
|
Millview Road, PO Box 63, Lautoka Mill,
Lautoka FIJI |
|
|
|
Rarawai Road, PO Box 155, Rarawai Mill, Ba |
FIJI |
|
|
Vulovi Road, PO Box 489, Labasa Mill,
Labasa |
FIJI |
|
|
PO Box 81, Penang Mill, Rakiraki |
FIJI |
|
Previous
Address
No
previous addresses for this company.
Activities
|
Activity Code |
Activity
Description |
|
2060 |
Manufacture
of man-made fibres |
Email Addresses
Web Pages
Employee Information
|
Date Reported |
Number of
Employees |
|
2018 |
2 350
employee(s) |
Banker Information
|
Banker Name |
Banker
Address |
|
ANZ Bank |
Fiji |
Advisors Information
No advisor information for this
company.
Miscellaneous Information
|
Fax Number |
+1 (679) 666-4685 |
|
Export Countries |
Europe, USA, Puerto Rico. |
|
Import Countries |
Europe |
|
Additional Business Information |
History: The Fiji Sugar Corporation Limited (FSC) was incorporated in Fiji by an Act of Parliament in 1972 and commenced operations from the 1st of April 1973.Principal Activity:The company engages in the production of sugar. |
|
Additional Payment Information |
Slow |
|
Additional Financial Information |
Financial Statement Were Prepared As At 2017-05-31 And 2016-05-31. Please find enclosed the financial statements. Financial data obtained from: Publicly accessible source Contact: Deepak Raj refused to disclose any financial data on grounds of confidentiality. Last annual report (dd-mm-yyyy): 31-12-2017. |
|
Number of Employees at Address |
2 350 employee(s) |
Additional
Miscellaneous Information
|
Comments
on data supplied |
The
address in your order was incorrect. We add the correct information in the
report. |
|
Date
Created(yyyy-mm-dd) |
1972-00-00
The Supplies Could Get Only information on Year, not month and Day at this
time. |
|
Date
Incorporated(yyyy-mm-dd) |
1972-00-00
The Supplies Could Get Only information on Year, not month and Day at this
time. |
|
Activity |
Production
of raw sugar |
|
Bank
Comment |
This information was not verified by the company. 1.Name of the Bank :
Reserve Bank of Fiji Location : Fiji Account Number : Confidential Source(s)
:Publicly accessible source This information was not verified by the company.
2.Name of the Bank : Fiji National Provident Fund Location : Fiji Account
Number : Confidential Source(s) : Publicly accessible source This information
was not verified by the company. |
|
Products/Services
Description |
The company is involved in the milling of sugarcane, manufacture and
sale of sugar and molasses produced. The company also involves in the
examination and development of projects relating to the utilization of
natural resources, as well as development of agriculture chemicals. |
|
Sales
Are |
Wholesale |
|
Operations
Area |
National International Local |
|
Clients |
Transaction style: Business-to-business(B2B) 1.Name: Bacardi Corp
Country: Puerto Rico 2.Name: Asr Group Commodities (US) LLC Country: USA
3.Name: Tate & Lyle Country: UK Comments on clients: Refineries in the
European Union markets. |
|
Suppliers |
We could not find suppliers through export and import directories. The
person contacted refused to provide and confirm this information on grounds
of confidentiality. |
|
Comments
On Staff |
The Corporation is one of the largest sector employers with a workforce
of over 2 000 individuals during the peak crushing season. This information
was not verified by the company. |
|
Location |
Comments on location: The administrative office and operations of the
company can be found at the above listed address. Number of branches: 4
Comments: Mills: - Millview Road, PO Box 63, Lautoka Mill, Lautoka -Rarawai
Road, PO Box 155, Rarawai Mill, Ba - Vulovi Road, PO Box 489, Labasa Mill,
Labasa - PO Box 81, Penang Mill, Rakiraki |
|
Listed
At The Stock Exchange |
NO |
|
Shareholders/Parent
Company(Ies) |
The Government of Fiji is a major shareholder which owns 68 percent of
shares while statutory bodies, local companies and individuals own the rest
of the shares. |
|
Related
Companies |
FSC Projects Limited Pacific Cogeneration Limited (Ceased operations
from May 2006) FSC Services Pty Limited |
|
Summary |
Size: Large - over 500 people Experience: Good (>10 years) Group:
National Trade references: N.A. Payments: To be monitored Profitability:
Negative Indebtedness: HighCash: Low Legal Filings: NO General Overview: Bad
The company is based in Fiji and is involved in the milling of sugarcane,
manufacture and sale of sugar and molasses produced. Negative points: - We
could not check any trade reference-Financial figures show negative
profitability / high indebtedness - Negative net worth in 2015, 2016 and 2017
- The company reported a loss for 2015, 2016 and 2017 Based in all the
information gathered and the negative net worth, we suggest not dealing with the subject. |
|
Comments/Data
Confirmed |
Name: Deepak Raj Position: Manager Finance Cooperated: NO The person
contacted refused to disclose any information of the company on grounds of
confidentiality. The information in this report was obtained from third party sources. |
|
Mailing
Address |
Private
Mail Bag, Lautoka, FJ |
Financials
|
Financial Year |
2017-05 |
2016-05 |
|
Number of Weeks |
52 |
52 |
|
Currency |
FJD |
FJD |
|
Consolidated Accounts |
No |
No |
|
Profit and Loss |
|
|
|
Revenue |
144.882.000 |
199.813.000 |
|
Operating Costs |
163.353.000 |
207.547.000 |
|
Operating Profit |
-18.471.000 |
-7.734.000 |
|
Wages & Salaries |
- |
- |
|
Pension Costs |
- |
- |
|
Depreciation |
- |
- |
|
Amortisation |
- |
- |
|
Financial Income |
- |
- |
|
Financial Expenses |
- |
- |
|
Extraordinary Income |
3.958.000 |
18.682.000 |
|
Extraordinary Costs |
30.494.000 |
64.360.000 |
|
Profit before Tax |
-45.007.000 |
-53.412.000 |
|
Tax |
- |
- |
|
Profit after Tax |
-45.007.000 |
-53.412.000 |
|
Dividends |
- |
- |
|
Minority Interests |
- |
- |
|
Other Appropriations |
- |
- |
|
Retained Profit |
-45.007.000 |
-53.412.000 |
|
|
|
|
|
Balance Sheet |
|
|
|
Land & Buildings |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
|
Other Tangible Assets |
164.365.000 |
177.451.000 |
|
Total Tangible Assets |
164.365.000 |
177.451.000 |
|
Goodwill |
0 |
0 |
|
Other Intangible Assets |
0 |
0 |
|
Total Intangible Assets |
0 |
0 |
|
Investments |
0 |
0 |
|
Loans to Group |
0 |
0 |
|
Other Loans |
0 |
0 |
|
Miscellaneous Fixed Assets |
1.225.000 |
2.817.000 |
|
Total Other Fixed Assets |
1.225.000 |
2.817.000 |
|
Total Fixed Assets |
165.590.000 |
180.268.000 |
|
Raw Materials |
0 |
0 |
|
Work in Progress |
0 |
0 |
|
Finished Goods |
0 |
0 |
|
Other Inventories |
15.355.000 |
15.277.000 |
|
Total Inventories |
15.355.000 |
15.277.000 |
|
Trade Receivables |
11.419.000 |
57.594.000 |
|
Group Receivables |
0 |
0 |
|
Receivables Due after 1
year |
0 |
0 |
|
Miscellaneous
Receivables |
0 |
0 |
|
Total Receivables |
11.419.000 |
57.594.000 |
|
Cash |
6.720.000 |
596.000 |
|
Other Current Assets |
475.000 |
473.000 |
|
Total Current Assets |
33.969.000 |
73.940.000 |
|
Total Assets |
199.559.000 |
254.208.000 |
|
Trade Payables |
0 |
0 |
|
Bank Liabilities |
0 |
0 |
|
Other Loans or Finance |
88.991.000 |
82.783.000 |
|
Group Payables |
0 |
0 |
|
Miscellaneous
Liabilities |
39.234.000 |
32.727.000 |
|
Total Current
Liabilities |
128.225.000 |
115.510.000 |
|
Trade Payables After 1
Year |
0 |
0 |
|
Bank Liabilities After 1
Year |
0 |
0 |
|
Other Loans or Finance
due after 1 year |
251.439.000 |
273.894.000 |
|
Group Payables After 1
Year |
0 |
0 |
|
Miscellaneous
Liabilities Due After 1 Year |
37.042.000 |
36.944.000 |
|
Total Long Term
Liabilities |
288.481.000 |
310.838.000 |
|
Total Liabilities |
416.706.000 |
426.348.000 |
|
Called Up Share Capital |
22.200.000 |
22.200.000 |
|
Share Premium |
0 |
0 |
|
Revenue Reserves |
0 |
0 |
|
Other Reserves |
-239.347.000 |
-194.340.000 |
|
Total Shareholders
Equity |
-217.147.000 |
-172.140.000 |
|
Other Financials Contingent Liabilities |
|
|
|
Working Capital |
-94.256.000 |
-41.570.000 |
|
Net Worth |
0 |
0 |
|
|
|
|
|
Ratios |
|
|
|
Pre Tax Profit Margin |
-31.06 |
-26.73 |
|
Return On Capital
Employed |
-63.09 |
-38.51 |
|
Return On Total Assets
Employed |
-22.55 |
-21.01 |
|
Return On Net Assets
Employed |
20.73 |
31.03 |
|
Sales / Net Working
Capital |
-1.54 |
-4.81 |
|
Stock Turnover Ratio |
10.6 |
7.65 |
|
Debtor Days |
28.77 |
105.21 |
|
Creditor Days |
|
|
|
Current Ratio |
0.26 |
0.64 |
|
Liquidity Ratio Or Acid
Test |
0.15 |
0.51 |
|
Current Debt Ratio |
-0.59 |
-0.67 |
|
Gearing |
|
|
|
Equity In Percentage |
|
|
|
Total Debt Ratio |
-1.92 |
-2.48 |
Current Directors
|
Name |
Gender |
Position |
|
Graham John Clark |
Unknown |
Chief Executive Officer |
|
Navin Chandra |
Unknown |
Chief Operating Officer |
|
Deepak Raj |
Unknown |
Manager Finance |
|
Mikaele Biukoto |
Unknown |
General Manager Sugar Operations |
|
Timoci Qio Laqai |
Unknown |
General Manager Human Resources |
|
Vishnu Mohan |
Unknown |
Chairman |
|
Pradeep Lal |
Unknown |
Director |
|
Viliame Gucake |
Unknown |
Director |
|
Arif Ali |
Unknown |
Director |
|
Ratu Wiliame Katonivere |
Unknown |
Director |
|
Arvind Singh |
Unknown |
Director |
|
Tevita Kuruvakadua |
Unknown |
Director |
|
Hari Raniga |
Unknown |
Director |
Previous Directors
No previous directors for this company.
Share Capital Structure
|
Nominal Share Capital |
22.200.000 |
Shareholders
|
Shareholder |
Address |
% Shares
Held |
|
Government |
Fiji |
68 |
Group
Structure
No group
structure information for this company
Negative
Information
OFAC LIST: NO Bankruptcy: NO
Lawsuit(s): NO 1. The Specially Designated Nationals (SDN) List, also known as OFAC
LIST, is a publication of OFAC which lists individuals and organizations with
whom United States citizens and permanent residents are prohibited from doing
business
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.13 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 80.59 |
|
FJD |
1 |
INR 32.13 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.