MIRA INFORM REPORT

 

 

Report Date :

12.08.2011

 

IDENTIFICATION DETAILS

 

Name :

HARESH PETROCHEM SINGAPORE PTE. LTD.

 

 

Registered Office :

101 Cecil Street #19-01a Tong Eng Building Singapore 069533

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

07.12.2004

 

 

Com. Reg. No.:

200415768W

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of petrochemical products

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

S$230,000

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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

:

HARESH PETROCHEM SINGAPORE PTE. LTD.

Registration No

:

200415768W

Date of Registration

:

07/12/2004

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

101 CECIL STREET #19-01A TONG ENG BUILDING SINGAPORE 069533

Date of Change of Address

:

18/08/2005

Contact No.

:

6223 4955

Fax No.

:

6223 6932

Website

:

NA

Registered Activities

:

WHOLESALE OF PETROCHEMICAL PRODUCTS

INTERNATIONAL TRADING & DISTRIBUTION OF PETROCHEMICALS AND SOLVENTS

Issued Ordinary Capital*

:

$698,002.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 698,002

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$698,002.00 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

:

SRI MURALI & CO

Bankers / Financiers

:

INDIAN OVERSEAS BANK

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

Turnover

:

SGD - SIN 22,112,321.00 (FY2010)

Net Worth

:

SGD - SIN 2,300,015.00 (FY2010)

No. of Bank Charges

:

5

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

42.74% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$230,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

HARESH PETROCHEM PVT LTD.

SHAREHOLDER ID

:

T05UF1095L

NATIONALITY

:

INDIA

ADDRESS

:

ACME PLAZA, ANDHERI KURLA ROAD, ANDHERI EAST, 404/405 MUMBAI, 400059 INDIA

NO. OF ORD SHARES

:

698,002

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

KUNAL KANAYALAL KASAT

ADDRESS

:

123 MEYER ROAD #09-03 MAKENA, THE SINGAPORE 437934

POSITION

:

DIRECTOR

DATE OF APPT

:

24/06/2005

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G5821308Q

 

NAME

:

SWARNA GURUMUTHY

ADDRESS

:

124 TANJONG RHU ROAD #02-06 CASUARINA COVE SINGAPORE 436916

POSITION

:

SECRETARY

DATE OF APPT

:

14/03/2011

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7269849E

 

 

 

KEY PERSONNEL PROFILE

 

Name:

KUNAL KANAYALAL KASAT

NRIC Number:

G5821308Q

Available Address:

123 MEYER ROAD #09-03 MAKENA, THE  SINGAPORE 437934

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

HARESH PETROCHEM SINGAPORE PTE. LTD.

DIRECTOR

24/06/2005

-

-

 

 

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

No Trace

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

                                                                                                                       

 

 

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 5 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201106345

 

Date of Registration

:

26/05/2011

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

64 CECIL STREET IOB BUILDING SINGAPORE 049711

 

2)

Charge No.

:

C201106341

 

Date of Registration

:

26/05/2011

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

64 CECIL STREET IOB BUILDING SINGAPORE 049711

 

3)

Charge No.

:

C201100654

 

Date of Registration

:

14/01/2011

 

Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C201012595

 

Date of Registration

:

27/12/2010

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

64 CECIL STREET IOB BUILDING SINGAPORE 049711

 

5)

Charge No.

:

C200701200

 

Date of Registration

:

12/02/2007

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

 

 

             

 

 

 

 

 

LITIGATION

 

Clear

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

22/07/2010

Date of Last AR

:

17/08/2010

Date of A/C Laid At Last AGM

:

31/03/2010

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2010

% Change

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

22,112,321

19.32

18,532,628

19,583,455

13,573,441

5,326,931

Profit/(Loss) Before Tax

406,244

-19.15

502,493

492,655

463,580

139,584

Profit After Tax attributable to Shareholders

369,847

-15.14

435,829

427,224

403,611

121,275

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

4,900,734

16.87

4,193,225

4,392,072

3,657,408

1,599,713

Current Assets

4,392,025

6.31

4,131,507

4,391,143

3,648,867

1,585,748

Non Current Assets

508,709

724.25

61,718

929

8,541

13,965

 

 

 

 

 

 

 

Total Liabilities

2,600,718

16.12

2,239,751

2,844,835

2,469,143

765,767

Current Liabilities

2,600,578

16.91

2,224,514

2,844,614

2,466,803

765,104

Non Current Liabilities

140

-99.08

15,237

221

2,340

663

 

 

 

 

 

 

 

Shareholders' Funds

2,300,015

17.74

1,953,474

1,547,238

1,188,265

833,946

Share Capital

612,547

-1.19

619,944

632,032

670,547

712,671

Total Reserves

1,687,468

26.54

1,333,530

915,206

517,718

121,275

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

19.32

-5.37

44.28

154.81

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.67

2.35

2.18

2.97

2.28

Return on Equity (%)

16.08

22.31

27.61

33.97

14.54

Return on Assets (%)

7.55

10.39

9.73

11.04

7.58

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.13

1.15

1.84

2.08

0.92

Current Debt/Equity (Times)

1.13

1.14

1.84

2.08

0.92

Long Term Debt To Equity (Times)

0.00

0.01

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.13

2.15

2.84

3.08

1.92

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.51

4.42

4.46

3.71

3.33

Fixed Assets Turnover (Times)

43.47

300.28

21,080.15

1,589.21

381.45

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.69

1.86

1.54

1.48

2.07

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 42.74% (4 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 1.67 per cent in FY10 (FY09: 2.35 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.02 a year ago.

 

Liquidity

Current ratio stood at 1.69 times in FY10 (FY09: 1.86 times). This means that the company has SGD - SIN 1.69 of current assets for every SGD - SIN 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 1.13 times in FY10, as compared with 1.15 times in FY09. This means that the company requires additional external financing of SGD - SIN 1.13 for every SGD - SIN 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 16.08 per cent for Subject in the current financial period, as compared to 22.31 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 7.55 per cent (FY09: 10.39 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 4.51 times in FY10 (FY09: 4.42 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.45.27

UK Pound

1

Rs.73.34

Euro

1

Rs.64.58

 

 

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.