MIRA INFORM REPORT

 

 

Report Date :

16.02.2011

 

IDENTIFICATION DETAILS

 

Name :

BHAVANI STORES PRIVATE LIMITED

 

 

Registered Office :

214 SYED ALWI ROAD SINGAPORE 207747

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

23.01.1978

 

 

Com. Reg. No.:

197800150Z

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers and Exporters)

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

:

BHAVANI STORES PRIVATE LIMITED

Registration No

:

197800150Z

Date of Registration

:

23/01/1978

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

214 SYED ALWI ROAD SINGAPORE 207747

Date of Change of Address

:

01/04/2008

Contact No.

:

NA

Fax No.

:

NA

Website

:

NA

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$600,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 600,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$600,000.00 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

:

NA

Bankers / Financiers

:

INDIAN BANK

Turnover

:

SINGAPORE, DOLLARS 964,603.00 (FY2006)

Net Worth

:

SINGAPORE, DOLLARS 0.00 (FY2006)

No. of Bank Charges

:

1

No. of Litigation Suits

:

3

 

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

22.79% (4 years)

 

 

credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

RATHINASABAPATHY S/O SACHITHANANTHAM

SHAREHOLDER ID

:

S1062423A

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

30 LUCKY HEIGHTS KATONG SEAVIEW PALACE SINGAPORE 467584

NO. OF ORD SHARES

:

400,000

% OF SHAREHOLDING

:

66.7%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

KALAVATHY RATHINASABAPATHY

SHAREHOLDER ID

:

S2170189J

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

30 LUCKY HEIGHTS SINGAPORE 467584

NO. OF ORD SHARES

:

200,000

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

RATHINASABAPATHY S/O SACHITHANANTHAM

ADDRESS

:

30 LUCKY HEIGHTS KATONG SEAVIEW PALACE SINGAPORE 467584

POSITION

:

DIRECTOR

DATE OF APPT

:

24/01/1978

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1062423A

 

NAME

:

KALAVATHY RATHINASABAPATHY

ADDRESS

:

30 LUCKY HEIGHTS SINGAPORE 467584

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

24/01/1978

24/01/1978

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2170189J

 

 

KEY PERSONNEL PROFILE

 

Name:

RATHINASABAPATHY S/O SACHITHANANTHAM

NRIC Number:

S1062423A

Available Address:

30 LUCKY HEIGHTS KATONG SEAVIEW PALACE  SINGAPORE 467584

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

AFRO ASIAN AGRO PRODUCTS (SINGAPORE) PTE LTD

DIRECTOR

27/08/1992

1774998

98.61

2

BHAVANI STORES PRIVATE LIMITED

DIRECTOR

24/01/1978

400000

66.66

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

PROJECT AND PRODUCTIVITY PTE LTD

STRUCK OFF

DIRECTOR

05/05/1989

-

2

SABAKEN FAR EAST PRIVATE LTD

STRUCK OFF

DIRECTOR

10/04/1979

-

3

SINGAPORE INDIAN CHAMBER OF COMMERCE & INDUSTRY

LIVE COMPANY

DIRECTOR

26/04/1975

21/01/2011

4

VARRUNA SHIPPING PTE. LIMITED

STRUCK OFF

DIRECTOR

18/08/1978

01/11/2009

 

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 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

8800802

 

Date of Registration

:

09/03/1988

 

Chargee

:

INDIAN BANK

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT)

 

To date, there have been 3 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

Bef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

2

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

1858

 

Date of Filing

:

16/05/2001

 

Amount

:

105,479.49

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

TRANSFERRED

 

Plaintiff

:

P.G.P. IMPEX (1998) PTE LTD

 

Last Update Date

:

25/07/2007

 

2)

Court

:

Supreme Court

 

Case No.

:

657

 

Date of Filing

:

30/05/2001

 

Amount

:

773,429.40

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SOUTH INDIA CORPORATION (AGENCIES) LTD

 

Last Update Date

:

25/07/2007

 

3)

Court

:

Supreme Court

 

Case No.

:

1263

 

Date of Filing

:

04/10/2001

 

Amount

:

449,879.49

 

Cause

:

Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

P.G.P. IMPEX (1988) PTE LTD

 

Last Update Date

:

25/07/2007

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/09/2009

Date of Last AR

:

31/10/2009

Date of A/C Laid At Last AGM

:

31/12/2008

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2006

% Change

DEC 2005

DEC 2004

DEC 2003

DEC 2002

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

 

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

964,603

30.19

740,911

743,181

514,085

424,367

Profit/(Loss) Before Tax

34,888

NA

(36,138)

(6,279)

(82,202)

0

Profit After Tax attributable to Shareholders

34,888

NA

(36,138)

(6,279)

(82,202)

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

1,562,745

7.91

1,448,134

1,371,676

1,282,006

1,343,917

Current Assets

1,526,835

8.29

1,409,982

1,309,381

1,210,025

1,260,681

Non Current Assets

35,910

-5.88

38,152

62,295

71,981

83,236

 

 

 

 

 

 

 

Total Liabilities

981,272

8.84

901,549

788,953

693,004

657,433

Current Liabilities

981,272

8.84

901,549

788,953

687,408

657,433

Non Current Liabilities

0

NA

0

0

5,596

0

 

 

 

 

 

 

 

Shareholders' Funds

0

NA

0

0

0

0

Share Capital

7,200,003

0.00

7,200,003

7,200,003

7,200,003

7,200,003

Total Reserves

(6,618,530)

NA

(6,653,418)

(6,617,280)

(6,611,001)

(6,528,799)

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2006

DEC 2005

DEC 2004

DEC 2003

DEC 2002

Growth %

 

 

 

 

 

Year-on-Year Growth

30.19

-0.31

44.56

21.14

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

3.62

-4.88

-0.84

-15.99

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

0.00

Return on Assets (%)

2.23

-2.50

-0.46

-6.41

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.00

0.00

0.00

0.00

0.00

Current Debt/Equity (Times)

0.00

0.00

0.00

0.00

0.00

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.62

0.51

0.54

0.40

0.32

Fixed Assets Turnover (Times)

26.86

19.42

11.93

7.14

5.10

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.56

1.56

1.66

1.76

1.92

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 22.79% (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 3.62 per cent in FY06. The company is now able to book in SINGAPORE, DOLLARS 0.04 of profit for every SINGAPORE, DOLLARS of sales.

 

 

Liquidity

Current ratio stood at 1.56 times in FY06 (FY05: 1.56 times). This means that the company has SINGAPORE, DOLLARS 1.56 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

We are unable to comment on Subject's leverage.

 

 

Efficiency Ratio

 

We are unable to comment on Subject's return on equity.

 

Return on assets stood at 2.23 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 0.62 times in FY06 (FY05: 0.51 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.45.45

UK Pound

1

Rs.72.90

Euro

1

Rs.61.43

 

 

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 Company

----

 

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.