MIRA INFORM REPORT

 

Preliminary Report

 

 

Report Date :           

20.04.2012

 

IDENTIFICATION DETAILS

 

Name :

FROST GLOBAL PTE. LTD.

 

 

Registered Office :

10 Anson Road #22-11 International Plaza Singapore 079903

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

11.04.2008

 

 

Com. Reg. No.:

200807142h

 

 

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 :

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

 

 Bottom of Form

           

Executive Summary

 

Company Name

:

FROST GLOBAL PTE. LTD.

Registration No

:

200807142H

Date of Registration

:

11/04/2008

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

10 ANSON ROAD #22-11 INTERNATIONAL PLAZA SINGAPORE 079903

Date of Change of Address

:

15/05/2008

Contact No.

:

62278086

Fax No.

:

6227 8086

Website

:

NA

Registered Activities

:

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

2. WHOLESALE OF MINERAL FUELS AND LUBRICANTS

Issued Ordinary Capital*

:

$10,203,246.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 10,203,246

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$10,203,246.00 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

:

STAMFORD ASSOCIATES LLP

Bankers / Financiers

:

INDIAN OVERSEAS BANK

DBS BANK LTD.

UCO BANK

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

BANK OF INDIA

Turnover

:

SGD - SIN 109,877,076.00 (FY2010)

Net Worth

:

SGD - SIN 10,594,987.00 (FY2010)

No. of Bank Charges

:

8

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1613 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

FROST INTERNATIONAL LTD

SHAREHOLDER ID

:

T08UF2578E

NATIONALITY

:

NA

ADDRESS

:

402 KALPANA PLAZA, 24/147B BIRHANA ROAD KANPUR 208001 INDIA

NO. OF ORD SHARES

:

8,152,033

% OF SHAREHOLDING

:

79.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

TODI ASHISH

SHAREHOLDER ID

:

G6146635K

NATIONALITY

:

INDIAN

ADDRESS

:

1 TANJONG RHU ROAD #14-03 WATERSIDE, THE SINGAPORE 436879

NO. OF ORD SHARES

:

2,023,213

% OF SHAREHOLDING

:

19.8%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

SHARMA SUBHASH CHANDRA

SHAREHOLDER ID

:

S2580430I

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

20 PEACH GARDEN PEACH GARDEN SINGAPORE 437618

NO. OF ORD SHARES

:

28,000

% OF SHAREHOLDING

:

0.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

UDAY JAYAM DESAI

ADDRESS

:

D-954 NEW FRIENDS COLONY NEW DELHI 110065 INDIA

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2008

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G1825805

 

NAME

:

TODI ASHISH

ADDRESS

:

1 TANJONG RHU ROAD #14-03 WATERSIDE, THE SINGAPORE 436879

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2008

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G6146635K

 

NAME

:

TODI BHAVNA

ADDRESS

:

1 TANJONG RHU ROAD #14-03 WATERSIDE, THE SINGAPORE 436879

POSITION

:

DIRECTOR

DATE OF APPT

:

15/04/2010

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G6192287W

 

NAME

:

SATISH CHANDER GUPTA

ADDRESS

:

FLAT 8703 POCKET 8 SECTOR C VASANT KUNJ NEW DELHI 110070 INDIA

POSITION

:

DIRECTOR

DATE OF APPT

:

04/03/2011

NATIONALITY

:

INDIAN

I/C PASSPORT

:

H7607452

 

NAME

:

KALYANASUNDARAM MARAN

ADDRESS

:

30 JALAN BAHAGIA #02-380 SINGAPORE 320030

POSITION

:

SECRETARY

DATE OF APPT

:

30/04/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2662120H

 

 

 

KEY PERSONNEL PROFILE

 

Name:

TODI ASHISH

NRIC Number:

G6146635K

Available Address:

1 TANJONG RHU ROAD #14-03 WATERSIDE, THE  SINGAPORE 436879

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

BAT UNIVERSAL PTE. LTD.

DIRECTOR

22/05/2008

2

66.66

2

FE INTERNATIONAL PTE. LTD.

DIRECTOR

15/12/2008

-

-

3

FROST GLOBAL PTE. LTD.

DIRECTOR

30/04/2008

2023213

19.82

4

HORIZEN PARTNERS MANAGEMENT COMPANY PTE. LTD.

DIRECTOR

09/10/2010

10

1.00

5

MELON RESOURCES PTE. LTD.

SHAREHOLDER

-

100000

100.00

6

SPACE MATRIX GLOBAL PTE. LTD.

DIRECTOR

25/11/2010

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MELON RESOURCES PTE. LTD.

LIVE COMPANY

DIRECTOR

21/04/2010

30/03/2011

 

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

 

1)

Charge No.

:

C201107711

 

Date of Registration

:

27/06/2011

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201107708

 

Date of Registration

:

27/06/2011

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C201105336

 

Date of Registration

:

29/04/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C201105332

 

Date of Registration

:

29/04/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C201105289

 

Date of Registration

:

28/04/2011

 

Chargee

:

UCO BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

6)

Charge No.

:

C201102219

 

Date of Registration

:

21/02/2011

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

7)

Charge No.

:

C201000318

 

Date of Registration

:

12/01/2010

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

8)

Charge No.

:

C200808784

 

Date of Registration

:

20/09/2008

 

Chargee

:

BANK OF INDIA

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

17/09/2010

Date of Last AR

:

20/09/2010

Date of A/C Laid At Last AGM

:

31/03/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2010

% Change

MAR 2009

Currency

SGD - SIN

 

SGD - SIN

Profit and Loss Key Figures

 

 

 

Turnover

109,877,076

1,244.03

8,175,169

Profit/(Loss) Before Tax

1,200,176

1,229.95

90,242

Profit After Tax attributable to Shareholders

1,005,728

1,111.76

82,997

 

 

 

 

Balance Sheet Key Figures

 

 

 

Total Assets

51,964,981

1,222.13

3,930,394

Current Assets

49,128,441

1,189.82

3,808,928

Non Current Assets

2,836,540

2,235.25

121,466

 

 

 

 

Total Liabilities

41,369,993

1,348.39

2,856,270

Current Liabilities

38,906,231

1,662.46

2,207,498

Non Current Liabilities

2,463,762

279.76

648,772

 

 

 

 

Shareholders' Funds

10,594,987

886.38

1,074,125

Share Capital

9,507,252

859.24

991,128

Total Reserves

1,087,735

1,210.57

82,997

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2010

MAR 2009

Growth %

 

 

Year-on-Year Growth

1,244.03

NA

 

 

 

Profitability

 

 

Profit Margin (%)

0.92

1.02

Return on Equity (%)

9.49

7.73

Return on Assets (%)

1.94

2.11

 

 

 

Leverage

 

 

Total Debt/Equity (Times)

3.90

2.66

Current Debt/Equity (Times)

3.67

2.06

Long Term Debt To Equity (Times)

0.23

0.60

Total Asset To Total Equity (Times)

4.90

3.66

 

 

 

Asset Management

 

 

Total Assets Turnover (Times)

2.11

2.08

Fixed Assets Turnover (Times)

38.74

67.30

 

 

 

Liquidity

 

 

Current Ratio (Times)

1.26

1.73

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 0.92 per cent in FY10 (FY09: 1.02 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.01 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.26 times in FY10 (FY09: 1.73 times). This means that the company has SGD - SIN 1.26 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 3.90 times in FY10, as compared with 2.66 times in FY09. This means that the company requires additional external financing of SGD - SIN 3.90 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 9.49 per cent for Subject in the current financial period, as compared to 7.73 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 1.94 per cent (FY09: 2.11 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 2.11 times in FY10 (FY09: 2.08 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.51.89

UK Pound

1

Rs.83.18

Euro

1

Rs.68.06

 

 

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.