MIRA INFORM REPORT

 

 

Report Date :

18.04.2012

 

IDENTIFICATION DETAILS

 

Name :

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

 

 

Registered Office :

63 Robinson Road #05-20 Afro Asia Bldg Singapore 068894

 

 

Country :

Singapore 

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

26.04.1984

 

 

Com. Reg. No.:

198401487E

 

 

Legal Form :

Limited Exempt 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$284,000

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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

:

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

Registration No

:

198401487E

Date of Registration

:

26/04/1984

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

63 ROBINSON ROAD #05-20 AFRO ASIA BLDG SINGAPORE 068894

Date of Change of Address

:

08/09/1986

Contact No.

:

6224 5561

Fax No.

:

6225 4932

Website

:

NA

Registered Activities

:

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

2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)

Issued Ordinary Capital*

:

$5,865,200.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 5,865,200

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$5,865,200.00 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

:

PRUDENTIAL PUBLIC ACCOUNTING CORPORATION

Bankers / Financiers

:

INDIAN BANK

Turnover

:

SGD - SIN 126,692,803.00 (FY2008)

Net Worth

:

SGD - SIN 5,685,131.00 (FY2008)

No. of Bank Charges

:

1

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

4.4% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$284,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

TARUN CHAMANLAL MEHTA

SHAREHOLDER ID

:

S2591001Z

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

99 MEYER ROAD #24-01 SOVEREIGN, THE SINGAPORE 437920

NO. OF ORD SHARES

:

2,132,800

% OF SHAREHOLDING

:

36.4%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

SMITA TARUN MEHTA

SHAREHOLDER ID

:

S2591002H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

99 MEYER ROAD #24-01 SOVEREIGN, THE SINGAPORE 437920

NO. OF ORD SHARES

:

1,599,600

% OF SHAREHOLDING

:

27.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

YASH MEHTA

SHAREHOLDER ID

:

F0859649L

NATIONALITY

:

INDIAN

ADDRESS

:

99 MEYER ROAD #24-01 SOVEREIGN, THE SINGAPORE 437920

NO. OF ORD SHARES

:

1,066,400

% OF SHAREHOLDING

:

18.2%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

SHIVANI TARUN MEHTA

SHAREHOLDER ID

:

S7670773A

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

99 MEYER ROAD #24-01 SOVEREIGN, THE SINGAPORE 437920

NO. OF ORD SHARES

:

1,066,400

% OF SHAREHOLDING

:

18.2%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

TARUN CHAMANLAL MEHTA

ADDRESS

:

99 MEYER ROAD #24-01 SOVEREIGN, THE SINGAPORE 437920

POSITION

:

DIRECTOR

MANAGING DIRECTOR

SECRETARY

DATE OF APPT

:

26/04/1984

03/05/1984

03/05/1984

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2591001Z

 

NAME

:

SMITA TARUN MEHTA

ADDRESS

:

99 MEYER ROAD #24-01 SOVEREIGN, THE SINGAPORE 437920

POSITION

:

DIRECTOR

DATE OF APPT

:

14/06/1995

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2591002H

 

 

KEY PERSONNEL PROFILE

 

Name:

TARUN CHAMANLAL MEHTA

NRIC Number:

S2591001Z

Available Address:

99 MEYER ROAD #24-01 SOVEREIGN, THE  SINGAPORE 437920

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ALPHA TRADING & INVESTMENTS PTE. LTD.

DIRECTOR

24/06/2003

1

0.01

2

ALPHA TRADING & INVESTMENTS PTE. LTD.

SECRETARY

21/07/2003

1

0.01

3

ALPHA TRADING & INVESTMENTS PTE. LTD.

SHAREHOLDER

-

1

0.01

4

ERUSHI PTE. LTD.

SECRETARY

18/12/2008

-

-

5

JASMINE DETERMINATION PTE LTD

DIRECTOR

20/11/2001

1

0.00

6

JASMINE DETERMINATION PTE LTD

SECRETARY

20/11/2001

1

0.00

7

JASMINE DETERMINATION PTE LTD

SHAREHOLDER

-

1

0.00

8

SIN TA IMPEX PTE LTD

DIRECTOR

10/06/1991

1000000

50.00

9

SIN TA IMPEX PTE LTD

SECRETARY

01/12/1995

1000000

50.00

10

SOUTH ASIAN EXPORTS PTE LTD

DIRECTOR

10/05/2005

-

-

11

SOUTH ASIAN EXPORTS PTE LTD

SECRETARY

01/12/2005

-

-

12

WAGHJI LAKHMIDAS & CO

MANAGER

15/10/1980

-

-

13

WAGHJI LAKHMIDAS & CO

OWNER

23/10/1987

-

-

14

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

DIRECTOR

26/04/1984

2132800

36.36

15

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

MANAGING DIRECTOR

03/05/1984

2132800

36.36

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

BSS SOFTWARES (SINGAPORE) PTE LTD

LIVE COMPANY

DIRECTOR

10/07/1989

14/09/2003

2

BSS SOFTWARES (SINGAPORE) PTE LTD

LIVE COMPANY

SECRETARY

01/12/1995

14/10/2003

3

GUDAMI INTERNATIONAL PTE. LTD.

LIVE COMPANY

DIRECTOR

26/05/1997

22/06/2000

4

GUDAMI INTERNATIONAL PTE. LTD.

LIVE COMPANY

SECRETARY

26/05/1997

22/06/2000

 

5

LABHM F.E. PTE LTD

STRUCK OFF

DIRECTOR

21/05/2002

10/02/2010

6

NATSYN FIBRES PTE LTD

DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)

DIRECTOR

19/04/1991

01/06/1996

7

NATSYN FIBRES PTE LTD

DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)

SECRETARY

01/12/1995

01/06/1996

8

ROCK HARD PTE. LTD.

STRUCK OFF

DIRECTOR

04/04/2004

19/01/2006

9

ROCK HARD PTE. LTD.

STRUCK OFF

SECRETARY

04/04/2004

19/01/2006

10

ROCK HARD PTE. LTD.

STRUCK OFF

SHAREHOLDER

-

-

11

SINGAPORE INDIAN CHAMBER OF COMMERCE & INDUSTRY

LIVE COMPANY

DIRECTOR

29/04/2000

26/04/2002

12

SOUTH ASIAN COMMODITIES PTE LTD

STRUCK OFF

DIRECTOR

26/05/1993

11/09/1999

13

SOUTH ASIAN COMMODITIES PTE LTD

STRUCK OFF

SHAREHOLDER

-

-

14

STRAITS COTTON COMPANY PTE LTD

IN LIQUIDATION - COMPULSORY WINDING UP (INSOLVENCY)

DIRECTOR

21/05/2002

23/07/2004

15

SWASTIK INTERTRADE PTE LTD

LIVE COMPANY

DIRECTOR

15/02/1999

14/09/2003

16

SWASTIK INTERTRADE PTE LTD

LIVE COMPANY

SECRETARY

15/02/1999

14/10/2003

17

VINMAR OVERSEAS (SINGAPORE) PTE LTD

LIVE COMPANY

DIRECTOR

11/03/1994

25/06/1998

 

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

KEY PERSONNEL PROFILE

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

H

2025

1995

14/11/1995

SGD 115,698.57

Contracts Related

 

 

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.

:

C201003713

 

Date of Registration

:

06/05/2010

 

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 in database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 2 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2010

Past Years

W.e.f 01 Jan 2010

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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

0

0

High (>$250,000)

0

2

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

545

 

Date of Filing

:

05/08/2008

 

Amount

:

434,157.59

 

Cause

:

NA

 

Case Status

:

NA

 

Plaintiff

:

MGA INTERNATIONAL PTE. LTD. (FKA MG FORESTS PTE. LTD.)

 

Last Update Date

:

24/02/2010

 

2)

Court

:

Supreme Court

 

Case No.

:

1575

 

Date of Filing

:

28/09/1994

 

Amount

:

112,500.00

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

YANG ROBERT

GONZALO SY

GLORIA D GO

LEE HAN SANG

 

Last Update Date

:

25/04/2005

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

22/07/2010

Date of Last AR

:

23/07/2010

Date of A/C Laid At Last AGM

:

31/03/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2008

% Change

MAR 2007

MAR 2005

MAR 2004

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

126,692,803

9.09

116,137,811

146,804,389

106,656,673

Profit/(Loss) Before Tax

288,626

194.05

98,157

245,873

135,758

Profit After Tax attributable to Shareholders

224,322

205.82

73,352

195,610

98,000

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

41,766,896

71.09

24,411,674

28,488,750

24,025,709

Current Assets

38,183,377

84.72

20,670,403

26,619,300

22,030,402

Non Current Assets

3,583,519

-4.22

3,741,271

1,869,450

1,995,307

 

 

 

 

 

 

Total Liabilities

36,081,765

92.35

18,758,752

23,395,346

20,304,910

Current Liabilities

34,588,611

100.71

17,233,342

23,395,346

20,304,910

Non Current Liabilities

1,493,154

-2.11

1,525,410

0

0

 

 

 

 

 

 

Shareholders' Funds

5,685,131

0.57

5,652,922

5,093,404

3,720,798

Share Capital

5,068,689

-5.74

5,377,566

4,613,648

3,427,390

Total Reserves

616,442

123.87

275,356

479,756

293,408

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2008

MAR 2007

MAR 2005

MAR 2004

Growth %

 

 

 

 

Year-on-Year Growth

9.09

NA

37.64

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

0.18

0.06

0.13

0.09

Return on Equity (%)

3.95

1.30

3.84

2.63

Return on Assets (%)

0.54

0.30

0.69

0.41

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

6.35

3.32

4.59

5.46

Current Debt/Equity (Times)

6.08

3.05

4.59

5.46

Long Term Debt To Equity (Times)

0.26

0.27

NA

NA

Total Asset To Total Equity (Times)

7.35

4.32

5.59

6.46

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

3.03

4.76

5.15

4.44

Fixed Assets Turnover (Times)

35.35

31.04

78.53

53.45

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.10

1.20

1.14

1.08

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 4.4% (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 0.18 per cent in FY08 (FY07: 0.06 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY08, as compared with SGD - SIN 0.00 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.10 times in FY08 (FY07: 1.20 times). This means that the company has SGD - SIN 1.10 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 6.35 times in FY08, as compared with 3.32 times in FY07. This means that the company requires additional external financing of SGD - SIN 6.35 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 3.95 per cent for Subject in the current financial period, as compared to 1.30 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 0.54 per cent (FY07: 0.30 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 3.03 times in FY08 (FY07: 4.76 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.51.62

UK Pound

1

Rs.81.94

Euro

1

Rs.67.65

 

 

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

 

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.