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MIRA INFORM REPORT

 

 

Report Date :

20.04.2011

 

IDENTIFICATION DETAILS

 

Name :

FINE DIAMOND PTE LTD

 

 

Registered Office :

101 Cecil Street #25-11 Tong Eng Bldg Singapore 069533

 

 

Country :

Singapore 

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

01.06.1981

 

 

Com. Reg. No.:

198102429r

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Wholesale of Jewellery

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

FINE DIAMOND PTE LTD

Registration No

:

198102429R

Date of Registration

:

01/06/1981

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

101 CECIL STREET #25-11 TONG ENG BLDG SINGAPORE 069533

Date of Change of Address

:

15/01/1990

Contact No.

:

6225 7444

Fax No.

:

6225 6667

Website

:

NA

Registered Activities

:

WHOLESALE OF JEWELLERY

Issued Ordinary Capital*

:

$2,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,500,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

MGI MENON & ASSOCIATES

Bankers / Financiers

:

STANDARD CHARTERED BANK

Turnover

:

SINGAPORE, DOLLARS 49,351,756.00 (FY2008)

Net Worth

:

SINGAPORE, DOLLARS 3,816,762.00 (FY2008)

No. of Bank Charges

:

9

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

6.39% (11 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

BAKUL RAMNIKLAL PARIKH

SHAREHOLDER ID

:

S2223347E

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

99 MEYER ROAD #07-02 SOVEREIGN, THE SINGAPORE 437920

NO. OF ORD SHARES

:

2,460,000

% OF SHAREHOLDING

:

98.4%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

SWATI BAKUL PARIKH

SHAREHOLDER ID

:

S2553487E

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

99 MEYER ROAD #07-02 SOVEREIGN, THE SINGAPORE 437920

NO. OF ORD SHARES

:

40,000

% OF SHAREHOLDING

:

1.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

SWARAN SINGH

ADDRESS

:

402 SIN MING AVENUE #15-319 SINGAPORE 570402

POSITION

:

SECRETARY

DATE OF APPT

:

31/03/1990

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1157721J

 

NAME

:

BAKUL RAMNIKLAL PARIKH

ADDRESS

:

99 MEYER ROAD #07-02 SOVEREIGN, THE SINGAPORE 437920

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/1981

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2223347E

 

NAME

:

SWATI BAKUL PARIKH

ADDRESS

:

99 MEYER ROAD #07-02 SOVEREIGN, THE SINGAPORE 437920

POSITION

:

DIRECTOR

DATE OF APPT

:

17/03/1995

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2553487E

 

NAME

:

THIYAGARAJAN MURUGESAN

ADDRESS

:

644 ANG MO KIO AVENUE 4 #02-850 SINGAPORE 560644

POSITION

:

SECRETARY

DATE OF APPT

:

07/09/2007

NATIONALITY

:

INDIAN

I/C PASSPORT

:

S7064651Z

 

 

KEY PERSONNEL PROFILE

 

Name:

BAKUL RAMNIKLAL PARIKH

NRIC Number:

S2223347E

Available Address:

99 MEYER ROAD #07-02 SOVEREIGN, THE  SINGAPORE 437920

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

FINE DIAMOND PTE LTD

DIRECTOR

01/06/1981

2460000

98.40

2

FINE JEWELS PTE LTD

DIRECTOR

10/05/1991

99999

99.99

3

KKPP INVESTMENT PTE. LTD.

DIRECTOR

13/09/2007

1

50.00

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

M

17306

2004

14/07/2004

SGD 5,400.00

-

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

NA

 

                                                                                                                       

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 9 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200702907

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

2)

Charge No.

:

C200702906

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

3)

Charge No.

:

C200702904

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

4)

Charge No.

:

C200702903

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

5)

Charge No.

:

C200702902

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

6)

Charge No.

:

C200702901

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

7)

Charge No.

:

C200700477

 

Date of Registration

:

17/01/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

8)

Charge No.

:

C200700476

 

Date of Registration

:

17/01/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

9)

Charge No.

:

C200301327

 

Date of Registration

:

25/03/2003

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

LITIGATION

 

Clear

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/11/2009

Date of Last AR

:

06/01/2010

Date of A/C Laid At Last AGM

:

31/03/2008

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2008

% Change

MAR 2007

MAR 2006

MAR 2002

MAR 1997

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

49,351,756

14.02

43,284,996

45,882,676

43,151,902

24,980,817

Profit/(Loss) Before Tax

369,933

14.82

322,190

94,509

649,692

(375,440)

Profit After Tax attributable to Shareholders

324,377

22.03

265,825

69,867

649,692

(375,440)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

66,740,145

9.29

61,064,384

44,741,228

31,391,177

22,890,611

Current Assets

60,315,585

13.35

53,211,264

43,063,604

31,065,748

22,533,857

Non Current Assets

6,424,560

-18.19

7,853,120

1,677,624

325,429

356,754

 

 

 

 

 

 

 

Total Liabilities

62,923,383

9.30

57,571,999

41,514,668

29,980,462

21,981,219

Current Liabilities

52,106,674

14.61

45,465,773

33,264,423

29,980,462

21,981,219

Non Current Liabilities

10,816,709

-10.65

12,106,226

8,250,245

0

0

 

 

 

 

 

 

 

Shareholders' Funds

3,816,762

9.29

3,492,385

3,226,560

1,410,715

909,392

Share Capital

2,500,000

0.00

2,500,000

2,500,000

1,250,000

1,250,000

Total Reserves

1,316,762

32.69

992,385

726,560

160,715

(340,608)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2008

MAR 2007

MAR 2006

MAR 2002

MAR 1997

Growth %

 

 

 

 

 

Year-on-Year Growth

14.02

-5.66

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.66

0.61

0.15

1.51

NA

Return on Equity (%)

8.50

7.61

2.17

46.05

NA

Return on Assets (%)

0.49

0.44

0.16

2.07

NA

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

16.49

16.49

12.87

21.25

24.17

Current Debt/Equity (Times)

13.65

13.02

10.31

21.25

24.17

Long Term Debt To Equity (Times)

2.83

3.47

2.56

NA

NA

Total Asset To Total Equity (Times)

17.49

17.49

13.87

22.25

25.17

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.74

0.71

1.03

1.37

1.09

Fixed Assets Turnover (Times)

7.68

5.51

27.35

132.60

70.02

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.16

1.17

1.29

1.04

1.03

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 6.39% (11 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

 

Profitability

The company yielded a rate of net profit on sales of 0.66 per cent in FY08 (FY07: 0.61 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales in FY08, as compared with SINGAPORE, DOLLARS 0.01 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.16 times in FY08 (FY07: 1.17 times). This means that the company has SINGAPORE, DOLLARS 1.16 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

 

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

Total debt-to-equity ratio notched 16.49 times in FY08, as compared with 16.49 times in FY07. This means that the company requires additional external financing of SINGAPORE, DOLLARS 16.49 for every SINGAPORE, DOLLARS injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

Efficiency Ratio

 

 

Return on equity was 8.50 per cent for Subject in the current financial period, as compared to 7.61 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 0.49 per cent (FY07: 0.44 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 0.74 times in FY08 (FY07: 0.71 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.68

UK Pound

1

Rs.72.56

Euro

1

Rs.63.53

 

 

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.