MIRA INFORM REPORT

 

 

Report Date :

27.09.2011

 

IDENTIFICATION DETAILS

 

Name :

JOTHI HOLDINGS PTE LTD

 

 

Formerly Known As :

CHATSWOOD INVESTMENTS PTE LTD

 

 

Registered Office :

1 Campbell Lane Singapore 209882

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

30.08.1991

 

 

Com. Reg. No.:

199104345C

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

--

 

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

:

JOTHI HOLDINGS PTE LTD

Registration No

:

199104345C

Date of Registration

:

30/08/1991

Former Name

:

CHATSWOOD INVESTMENTS PTE LTD Eff. date : 30/08/1991 Eff. date : 30/08/1991

Date of Change of Name

:

25/05/1992

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

1 CAMPBELL LANE SINGAPORE 209882

Date of Change of Address

:

12/05/1992

Contact No.

:

6296 1608

Fax No.

:

NA

Website

:

NA

Registered Activities

:

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

GENERAL TRADING,IMPORTERS & EXPORTERS.

2. REAL ESTATE DEVELOPERS

INVESTMENT COMPANIES & REAL ESTATE DEVELOPERS.

Issued Ordinary Capital*

:

$1,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,000,000.00 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

:

RSM CHIO LIM LLP

Bankers / Financiers

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

OCF INVESTMENTS LIMITED

Turnover

:

SINGAPORE, DOLLARS 2,893,022.00 (FY2008)

Net Worth

:

SINGAPORE, DOLLARS 1,375,662.00 (FY2008)

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

11.82% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

RAJAPPA THANA LETCHIMI

SHAREHOLDER ID

:

S1086199C

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

24 JALAN TAMBUR ISLAND PARK SINGAPORE 576790

NO. OF ORD SHARES

:

333,334

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

MURUGAIA RAMA CHANDRA

SHAREHOLDER ID

:

S0809155B

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

24 JALAN TAMBUR ISLAND PARK SINGAPORE 576790

NO. OF ORD SHARES

:

333,333

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

RAJAKUMAR S/O CHANDRA

SHAREHOLDER ID

:

S1341005D

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

24 JALAN TAMBUR ISLAND PARK SINGAPORE 576790

NO. OF ORD SHARES

:

333,333

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

MURUGAIA RAMA CHANDRA

ADDRESS

:

24 JALAN TAMBUR ISLAND PARK SINGAPORE 576790

POSITION

:

DIRECTOR

DATE OF APPT

:

09/03/1992

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0809155B

 

NAME

:

RAJAPPA THANA LETCHIMI

ADDRESS

:

24 JALAN TAMBUR ISLAND PARK SINGAPORE 576790

POSITION

:

DIRECTOR

DATE OF APPT

:

09/03/1992

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1086199C

 

NAME

:

RAJAKUMAR S/O CHANDRA

ADDRESS

:

24 JALAN TAMBUR ISLAND PARK SINGAPORE 576790

POSITION

:

DIRECTOR

DATE OF APPT

:

09/03/1992

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1341005D

 

NAME

:

YAP PECK KHIM

ADDRESS

:

142 MARSILING ROAD #08-2088 SINGAPORE 730142

POSITION

:

SECRETARY

DATE OF APPT

:

31/05/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7505725C

 

KEY PERSONNEL PROFILE

 

Name:

RAJAPPA THANA LETCHIMI

NRIC Number:

S1086199C

Available Address:

24 JALAN TAMBUR ISLAND PARK  SINGAPORE 576790

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

EMBARCK PTE. LTD.

DIRECTOR

16/04/2007

1

25.00

2

JOTHI HOLDINGS PTE LTD

DIRECTOR

09/03/1992

333334

33.33

3

JOTHI STORE AND FLOWER SHOP

OWNER

12/02/1986

-

-

4

WMALLS PTE. LTD.

DIRECTOR

16/04/2007

1

25.00

 

 

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

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

 

1)

Charge No.

:

9602724

 

Date of Registration

:

14/05/1996

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

2)

Charge No.

:

9202485

 

Date of Registration

:

24/06/1992

 

Chargee

:

OCF INVESTMENTS LIMITED

 

Amount Secured  and Currency

:

3,200,000.00 SINGAPORE, DOLLARS

 

Address

:

---

 

LITIGATION

 

Clear


COMPLIANCE RECORDS

 

Date of Last AGM

:

01/12/2010

Date of Last AR

:

23/12/2010

Date of A/C Laid At Last AGM

:

31/12/2008

 

 FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2008

% Change

DEC 2007

DEC 2006

DEC 2005

DEC 2004

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

2,893,022

-15.31

3,416,038

2,898,301

2,764,234

1,850,489

Profit/(Loss) Before Tax

(185,453)

NA

(75,628)

(58,090)

17,747

50,678

Profit After Tax attributable to Shareholders

(169,650)

NA

(74,053)

(63,022)

(9,120)

47,078

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

5,836,404

0.17

5,826,495

4,708,403

4,692,931

4,581,387

Current Assets

1,861,678

3.03

1,806,912

634,784

554,475

382,265

Non Current Assets

3,974,726

-1.12

4,019,583

4,073,619

4,138,456

4,199,122

 

 

 

 

 

 

 

Total Liabilities

4,460,742

4.19

4,281,183

3,089,038

3,010,544

3,373,543

Current Liabilities

2,757,872

5.65

2,610,454

1,209,296

1,206,241

3,338,543

Non Current Liabilities

1,702,870

1.92

1,670,729

1,879,742

1,804,303

35,000

 

 

 

 

 

 

 

Shareholders' Funds

1,375,662

-10.98

1,545,312

1,619,365

1,682,387

1,207,844

Share Capital

1,000,000

0.00

1,000,000

1,000,000

1,000,000

1,000,000

Total Reserves

375,662

-31.11

545,312

619,365

682,387

207,844

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2008

DEC 2007

DEC 2006

DEC 2005

DEC 2004

Growth %

 

 

 

 

 

Year-on-Year Growth

-15.31

17.86

4.85

49.38

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-5.86

-2.17

-2.17

-0.33

2.54

Return on Equity (%)

-12.33

-4.79

-3.89

-0.54

3.90

Return on Assets (%)

-2.91

-1.27

-1.34

-0.19

1.03

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.24

2.77

1.91

1.79

2.79

Current Debt/Equity (Times)

2.00

1.69

0.75

0.72

2.76

Long Term Debt To Equity (Times)

1.24

1.08

1.16

1.07

0.03

Total Asset To Total Equity (Times)

4.24

3.77

2.91

2.79

3.79

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.50

0.59

0.62

0.59

0.40

Fixed Assets Turnover (Times)

0.73

0.85

0.71

0.67

0.44

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.68

0.69

0.52

0.46

0.11

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 11.82% (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

We are unable to comment on Subject's profitability.

 

Liquidity

 

Current ratio stood at 0.68 times in FY08 (FY07: 0.69 times). This means that the company has SINGAPORE, DOLLARS 0.68 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

FINANCIAL COMMENTARY

 

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 3.24 times in FY08, as compared with 2.77 times in FY07. This means that the company requires additional external financing of SINGAPORE, DOLLARS 3.24 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.

 

 

 

FINANCIAL COMMENTARY

 

Total assets turnover ratio logged at 0.50 times in FY08 (FY07: 0.59 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.49.62

UK Pound

1

Rs.76.68

Euro

1

Rs.66.47

 

 

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.