MIRA
INFORM REPORT
|
Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
RHICON CURRENCY MANAGEMENT PTE LTD |
|
|
|
|
Formerly Known As : |
GRUDI CAPITAL PTE LTD |
|
|
|
|
Registered Office : |
80 Tras Street #01-03 Singapore 079019 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
18.07.2000 |
|
|
|
|
Com. Reg. No.: |
200006293M |
|
|
|
|
Legal Form : |
Limited Exempt Private Company |
|
|
|
|
Line of Business : |
Corporate Finance Advisory Services |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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
|
: |
RHICON CURRENCY
MANAGEMENT PTE LTD |
|
|
Registration No |
: |
200006293M |
|
Date of Registration |
: |
18/07/2000 |
|
Former Name |
: |
GRUDI CAPITAL PTE LTD
Eff. date : 18/07/2000 Eff. date : 18/07/2000 |
|
Date of Change of Name |
: |
29/08/2001 |
|
Type of Company |
: |
LIMITED EXEMPT PRIVATE
COMPANY |
|
Registered Address |
: |
80 TRAS STREET #01-03
SINGAPORE 079019 |
|
Date of Change of Address |
: |
06/06/2011 |
|
Contact No. |
: |
NA |
|
Website |
: |
NA |
|
Registered Activities |
: |
CORPORATE FINANCE
ADVISORY SERVICES |
|
Issued Ordinary Capital* |
: |
$1,357,310.00 SINGAPORE,
DOLLARS ,NO. OF SHARE : 1,357,310 |
|
Issued Preference Capital |
: |
NA |
|
Paid-Up Ordinary Capital |
: |
$1,357,310.00 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 |
: |
CROWE HORWATH FIRST TRUST
LLP |
|
Bankers / Financiers |
: |
CITIBANK SINGAPORE
LIMITED |
|
Turnover |
: |
SINGAPORE, DOLLARS
4,119,782.00 (FY2009) |
|
Net Worth |
: |
SINGAPORE, DOLLARS
2,702,114.00 (FY2009) |
|
No. of Bank Charges |
: |
1 |
|
No. of Litigation Suits |
: |
NA |
|
S1000 / SME 500 / FG50
Ranking |
: |
|
|
Compounded Annual Growth
Rate (CAGR) |
: |
NA |
SHAREHOLDER DETAILS
|
: |
CHRISTOPHER ANDREW BRANDON |
|
|
SHAREHOLDER ID |
: |
F5616750K |
|
NATIONALITY |
: |
BRITISH |
|
ADDRESS |
: |
13 BARKER ROAD RESIDENCES AT BARKER, THE SINGAPORE 309932 |
|
NO. OF ORD SHARES |
: |
678,655 |
|
% OF SHAREHOLDING |
: |
50% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
|
|
||
|
NAME |
: |
PETER JACOBSON |
|
SHAREHOLDER ID |
: |
G5884615K |
|
NATIONALITY |
: |
AUSTRALIAN |
|
ADDRESS |
: |
33A ANN SIANG ROAD SINGAPORE 069713 |
|
NO. OF ORD SHARES |
: |
678,655 |
|
% OF SHAREHOLDING |
: |
50% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
|
|
||
OFFICER DETAILS
|
: |
CHRISTOPHER
ANDREW BRANDON |
|
|
ADDRESS |
: |
13 BARKER ROAD
RESIDENCES AT BARKER, THE SINGAPORE 309932 |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
28/07/2000 |
|
NATIONALITY |
: |
BRITISH |
|
I/C PASSPORT |
: |
F5616750K |
|
|
||
|
NAME |
: |
PETER JACOBSON |
|
ADDRESS |
: |
33A ANN SIANG
ROAD SINGAPORE 069713 |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
17/10/2006 |
|
NATIONALITY |
: |
AUSTRALIAN |
|
I/C PASSPORT |
: |
G5884615K |
|
|
||
|
NAME |
: |
LAI FOON KUEN |
|
ADDRESS |
: |
518A TAMPINES
CENTRAL 7 #05-76 SINGAPORE 521518 |
|
POSITION |
: |
SECRETARY |
|
DATE OF APPT |
: |
01/07/2009 |
|
NATIONALITY |
: |
SINGAPORE
CITIZEN |
|
I/C PASSPORT |
: |
S7423122E |
|
|
||
KEY PERSONNEL PROFILE
|
CHRISTOPHER ANDREW BRANDON |
|
|
NRIC Number: |
F5616750K |
|
Available Address: |
13 BARKER ROAD RESIDENCES AT
BARKER, THE SINGAPORE 309932 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
RHICON CURRENCY MANAGEMENT PTE
LTD |
DIRECTOR |
28/07/2000 |
51020 |
50.00 |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known
Inactive Date |
|
AVALANCHE CAPITAL PTE LTD |
STRUCK OFF |
DIRECTOR |
12/08/2000 |
31/12/2003 |
|
|
2 |
AVALANCHE CAPITAL PTE LTD |
STRUCK OFF |
SHAREHOLDER |
- |
- |
Bankruptcy Record
|
Case No. |
Year |
Date of Filing |
Petitioner Name |
Amount |
|
|
|
|
|
Litigation Search – Writ of Summons
|
Court |
Case No. |
Year |
Date of Filing |
Amount |
Cause Category |
|
|
|
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|
|
SUBSIDIARIES AND ASSOCIATE COMPANIES
|
Company |
Shareholdings (%) |
|
|
|
|
|
|
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:
|
Charge No. |
: |
C200710943 |
|
|
|
Date of
Registration |
: |
12/12/2007 |
|
|
Chargee |
: |
CITIBANK
SINGAPORE LIMITED |
|
|
Amount
Secured and Currency |
: |
All Monies |
|
|
Address |
: |
3 TEMASEK AVENUE
#12-00 CENTENNIAL TOWER SINGAPORE 039190 |
LITIGATION
COMPLIANCE RECORDS
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
01/09/2010 |
|
Date of A/C Laid At Last AGM |
: |
31/12/2009 |
FINANCIAL HIGHLIGHTS
|
Financial Figures |
||||||
|
|
DEC 2009 |
% Change |
DEC 2008 |
DEC 2007 |
DEC 2006 |
SEP 2005 |
|
Currency |
SINGAPORE,
DOLLARS |
|
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
|
Profit and Loss Key Figures |
|
|
|
|
|
|
|
4,119,782 |
-73.21 |
15,375,733 |
6,595,742 |
7,121,385 |
4,561,904 |
|
|
Profit/(Loss) Before Tax |
(961,814) |
NA |
10,491,410 |
297,878 |
1,160,616 |
365,385 |
|
Profit After Tax attributable to
Shareholders |
(957,782) |
NA |
9,385,596 |
286,351 |
982,518 |
365,453 |
|
|
|
|
|
|
|
|
|
Balance Sheet Key Figures |
|
|
|
|
|
|
|
Total Assets |
3,036,850 |
-66.76 |
9,136,991 |
5,991,008 |
4,877,744 |
4,183,734 |
|
Current Assets |
2,965,613 |
-67.15 |
9,026,827 |
5,812,652 |
4,695,933 |
4,183,734 |
|
Non Current Assets |
71,237 |
-35.34 |
110,164 |
178,356 |
181,811 |
0 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
334,736 |
-85.94 |
2,381,361 |
4,830,862 |
3,699,985 |
917,911 |
|
Current Liabilities |
334,736 |
-85.91 |
2,376,423 |
4,823,539 |
3,691,985 |
917,911 |
|
Non Current Liabilities |
0 |
-100.00 |
4,938 |
7,323 |
8,000 |
0 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
2,702,114 |
-60.00 |
6,755,630 |
1,160,146 |
1,177,759 |
3,265,823 |
|
Share Capital |
102,040 |
0.00 |
102,040 |
102,040 |
102,040 |
102,040 |
|
Total Reserves |
2,600,074 |
-60.92 |
6,653,590 |
1,058,106 |
1,075,719 |
3,163,783 |
|
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
|
|||||
|
|
DEC 2009 |
DEC 2008 |
DEC 2007 |
DEC 2006 |
SEP 2005 |
|
Growth % |
|
|
|
|
|
|
-73.21 |
133.12 |
-7.38 |
56.11 |
NA |
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
|
|
|
Profit Margin (%) |
NA |
61.04 |
4.34 |
13.80 |
8.01 |
|
Return on Equity (%) |
NA |
138.93 |
24.68 |
83.42 |
11.19 |
|
Return on Assets (%) |
NA |
102.72 |
4.78 |
20.14 |
8.74 |
|
|
|
|
|
|
|
|
Leverage |
|
|
|
|
|
|
Total Debt/Equity (Times) |
0.12 |
0.35 |
4.16 |
3.14 |
0.28 |
|
Current Debt/Equity (Times) |
0.12 |
0.35 |
4.16 |
3.13 |
0.28 |
|
Long Term Debt To Equity (Times) |
NA |
0.00 |
0.01 |
0.01 |
NA |
|
Total Asset To Total Equity (Times) |
1.12 |
1.35 |
5.16 |
4.14 |
1.28 |
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
Total Assets Turnover (Times) |
1.36 |
1.68 |
1.10 |
1.46 |
1.09 |
|
Fixed Assets Turnover (Times) |
57.83 |
139.57 |
36.98 |
39.17 |
NA |
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
8.86 |
3.80 |
1.21 |
1.27 |
4.56 |
|
|
|
|
|
|
|
FINANCIAL
HIGHLIGHTS
|
Financial Figures |
||||||
|
|
DEC 2009 |
% Change |
DEC 2008 |
DEC 2007 |
DEC 2006 |
SEP 2005 |
|
Currency |
SINGAPORE,
DOLLARS |
|
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
|
Profit and Loss Key Figures |
|
|
|
|
|
|
|
* |
NA |
0 |
0 |
0 |
0 |
|
|
Profit/(Loss) Before Tax |
* |
NA |
0 |
0 |
0 |
0 |
|
Profit After Tax attributable to
Shareholders |
* |
NA |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
Balance Sheet Key Figures |
|
|
|
|
|
|
|
Total Assets |
3,036,850 |
-66.71 |
9,123,203 |
5,879,661 |
4,842,918 |
4,144,017 |
|
Current Assets |
2,965,613 |
-66.91 |
8,960,993 |
5,650,111 |
4,594,057 |
4,076,967 |
|
Non Current Assets |
71,237 |
-56.08 |
162,210 |
229,550 |
248,861 |
67,050 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
334,736 |
-87.24 |
2,622,879 |
4,776,391 |
3,621,532 |
812,938 |
|
Current Liabilities |
334,736 |
-87.21 |
2,617,941 |
4,769,068 |
3,613,532 |
812,938 |
|
Non Current Liabilities |
0 |
-100.00 |
4,938 |
7,323 |
8,000 |
0 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
2,702,114 |
-58.43 |
6,500,324 |
1,103,270 |
1,221,386 |
3,331,079 |
|
Share Capital |
102,040 |
0.00 |
102,040 |
102,040 |
102,040 |
102,040 |
|
Total Reserves |
2,600,074 |
-59.36 |
6,398,284 |
1,001,230 |
1,119,346 |
3,229,039 |
|
|
|
|
|
|
|
|
* As per Companies Act, section 201 Accounts, Consolidated accounts and
directors report, sub-section 3A.
FINANCIAL RATIOS
|
|
|||||
|
|
DEC 2009 |
DEC 2008 |
DEC 2007 |
DEC 2006 |
SEP 2005 |
|
Growth % |
|
|
|
|
|
|
NA |
NA |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
|
|
|
Profit Margin (%) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Return on Equity (%) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Return on Assets (%) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
Leverage |
|
|
|
|
|
|
Total Debt/Equity (Times) |
0.12 |
0.40 |
4.33 |
2.97 |
0.24 |
|
Current Debt/Equity (Times) |
0.12 |
0.40 |
4.32 |
2.96 |
0.24 |
|
Long Term Debt To Equity (Times) |
0.00 |
0.00 |
0.01 |
0.01 |
0.00 |
|
Total Asset To Total Equity (Times) |
1.12 |
1.40 |
5.33 |
3.97 |
1.24 |
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
Total Assets Turnover (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Fixed Assets Turnover (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
8.86 |
3.42 |
1.18 |
1.27 |
5.02 |
|
|
|
|
|
|
|
FINANCIAL
COMMENTARY
Profitability
We are unable to comment on Subject's
profitability.
Liquidity
Current ratio stood at 8.86 times in FY09
(FY08: 3.80 times). This means that the group has SINGAPORE, DOLLARS 8.86 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.
FINANCIAL COMMENTARY
Leverage
Total debt-to-equity ratio notched 0.12
times in FY09, as compared with 0.35 times in FY08. This means that the group
requires additional external financing of SINGAPORE, DOLLARS 0.12 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
We are unable to comment on Subject's return on equity.
We are unable to comment on Subject's return on assets.
Total assets turnover ratio logged at 1.36 times in FY09 (FY08: 1.68
times). This ratio measures the group'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.44.99 |
|
|
1 |
Rs.72.60 |
|
Euro |
1 |
Rs.64.01 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.