MIRA INFORM REPORT

 

 

Report Date :           

28.11.2011

 

IDENTIFICATION DETAILS

 

Name :

GOLD MATRIX RESOURCES PTE. LTD.

 

 

Registered Office :

101 Cecil Street #25-12 Tong Eng Building Singapore 069533

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

02.11.2004

 

 

Com. Reg. No.:

200414243h

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade

 

 

No. of Employees :

Not Available

 

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$1,000,000

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

GOLD MATRIX RESOURCES PTE. LTD.

Registration No

:

200414243H

Date of Registration

:

02/11/2004

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

101 CECIL STREET #25-12 TONG ENG BUILDING SINGAPORE 069533

Date of Change of Address

:

14/09/2006

Contact No.

:

6491 1100

Fax No.

:

6220 0400

Website

:

www.goldmatrixresources.com

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

2. OTHER INVESTMENT HOLDING COMPANIES

Issued Ordinary Capital*

:

$14,104,203.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 14,104,203

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$14,104,203.00 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

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

AXIS BANK LIMITED SINGAPORE BRANCH

INDIAN OVERSEAS BANK

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

BANK OF INDIA

Turnover

:

SINGAPORE, DOLLARS 610,741,255.87 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 23,664,659.87 (FY2011)

No. of Bank Charges

:

11

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

666 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

640 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

729 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

34.37% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SINO INVESTMENT GLOBAL LIMITED

SHAREHOLDER ID

:

T05UF2059K

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

PALM GROVE HOUSE, P.O. BOX 438, ROAD TOWN TORTOLA, BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

14,104,203

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CHAN KWANG CHENG

ADDRESS

:

28 MAR THOMA ROAD #10-01 SINGAPORE 328708

POSITION

:

SECRETARY

DATE OF APPT

:

31/05/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0011395F

 

NAME

:

LIM SAI BENG

ADDRESS

:

20 DOVER CRESCENT #12-314 SINGAPORE 130020

POSITION

:

DIRECTOR

DATE OF APPT

:

11/07/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0307980E

 

NAME

:

KHAW YIO LOK

ADDRESS

:

1E CANTONMENT ROAD #39-57 PINNACLE@DUXTON, THE SINGAPORE 085501

POSITION

:

SECRETARY

DATE OF APPT

:

29/09/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1311899Z

 

NAME

:

PINAKI RATH

ADDRESS

:

130 TANJONG RHU ROAD #17-09 PEBBLE BAY SINGAPORE 436918

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

30/08/2005

27/12/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6960871Z

 

 

KEY PERSONNEL PROFILE

 

Name:

PINAKI RATH

NRIC Number:

S6960871Z

Available Address:

130 TANJONG RHU ROAD #17-09 PEBBLE BAY  SINGAPORE 436918

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

GOLD MATRIX RESOURCES PTE. LTD.

DIRECTOR

30/08/2005

-

-

2

GOLD MATRIX RESOURCES PTE. LTD.

MANAGING DIRECTOR

27/12/2005

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

CHAMBERS GLOBAL PTE. LTD.

STRUCK OFF

DIRECTOR

26/01/2010

-

 

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

 

1)

Charge No.

:

C201103266

 

Date of Registration

:

16/03/2011

 

Chargee

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201103262

 

Date of Registration

:

16/03/2011

 

Chargee

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C201012306

 

Date of Registration

:

17/12/2010

 

Chargee

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C201012305

 

Date of Registration

:

17/12/2010

 

Chargee

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C201005957

 

Date of Registration

:

13/07/2010

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

64 CECIL STREET IOB BUILDING SINGAPORE 049711

 

6)

Charge No.

:

C200801558

 

Date of Registration

:

11/02/2008

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

7)

Charge No.

:

C200801557

 

Date of Registration

:

11/02/2008

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

8)

Charge No.

:

C200708741

 

Date of Registration

:

16/10/2007

 

Chargee

:

BANK OF INDIA

 

Amount Secured  and Currency

:

All Monies

 

Address

:

138 ROBINSON ROAD #01-01/02-01/03-01 THE CORPORATE OFFICE SINGAPORE 068906

 

9)

Charge No.

:

C200708725

 

Date of Registration

:

16/10/2007

 

Chargee

:

BANK OF INDIA

 

Amount Secured  and Currency

:

All Monies

 

Address

:

138 ROBINSON ROAD #01-01/02-01/03-01 THE CORPORATE OFFICE SINGAPORE 068906

 

10)

Charge No.

:

C200604511

 

Date of Registration

:

11/07/2006

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

64 CECIL STREET IOB BUILDING SINGAPORE 049711

 

11)

Charge No.

:

C200601594

 

Date of Registration

:

10/03/2006

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

64 CECIL STREET IOB BUILDING SINGAPORE 049711

 

             

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

23/11/2011

Date of Last AR

:

23/11/2011

Date of A/C Laid At Last AGM

:

31/03/2011

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

610,741,256

65.28

369,519,611

293,531,860

277,034,917

187,328,708

Profit/(Loss) Before Tax

6,098,880

110.72

2,894,357

458,259

2,169,748

1,603,193

Profit After Tax attributable to Shareholders

5,489,948

114.31

2,561,630

378,336

1,930,551

1,359,817

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

271,080,742

170.24

100,311,731

39,559,331

44,643,753

46,354,885

Current Assets

226,672,845

127.78

99,512,114

38,545,010

43,402,010

44,815,092

Non Current Assets

44,407,898

5,453.65

799,617

1,014,321

1,241,743

1,539,792

 

 

 

 

 

 

 

Total Liabilities

247,416,082

172.53

90,783,550

32,508,661

37,398,323

40,246,076

Current Liabilities

194,233,446

114.03

90,749,100

32,439,803

37,282,261

38,624,867

Non Current Liabilities

53,182,636

154,276.30

34,450

68,858

116,062

1,621,209

 

 

 

 

 

 

 

Shareholders' Funds

23,664,660

148.36

9,528,182

7,050,670

7,245,430

6,108,809

Share Capital

13,296,677

209.71

4,293,323

4,345,163

4,429,891

4,699,892

Total Reserves

10,367,983

98.06

5,234,859

2,705,507

2,815,539

1,408,917

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

65.28

25.89

5.95

47.89

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.90

0.69

0.13

0.70

0.73

Return on Equity (%)

23.20

26.88

5.37

26.65

22.26

Return on Assets (%)

2.03

2.55

0.96

4.32

2.93

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

10.46

9.53

4.61

5.16

6.59

Current Debt/Equity (Times)

8.21

9.52

4.60

5.15

6.32

Long Term Debt To Equity (Times)

2.25

0.00

0.01

0.02

0.27

Total Asset To Total Equity (Times)

11.46

10.53

5.61

6.16

7.59

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.25

3.68

7.42

6.21

4.04

Fixed Assets Turnover (Times)

13.75

462.12

289.39

223.10

121.66

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.17

1.10

1.19

1.16

1.16

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 34.37% (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 0.90 per cent in FY11 (FY10: 0.69 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.01 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.17 times in FY11 (FY10: 1.10 times). This means that the company has SINGAPORE, DOLLARS 1.17 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 10.46 times in FY11, as compared with 9.53 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 10.46 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 23.20 per cent for Subject in the current financial period, as compared to 26.88 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 2.03 per cent (FY10: 2.55 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 2.25 times in FY11 (FY10: 3.68 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.52.17

UK Pound

1

Rs.80.64

Euro

1

Rs.69.43

 

 

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 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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.