MIRA INFORM REPORT

 

 

Report Date :           

08.05.2012

 

IDENTIFICATION DETAILS

 

Name :

MGA INTERNATIONAL PTE. LTD.

 

 

Formerly Known As :

MG FORESTS PTE. LTD

 

 

Registered Office :

1 Raffles Place #34-01 One Raffles Place Singapore 048616

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

07.03.2003

 

 

Com. Reg. No.:

200302074N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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

:

MGA INTERNATIONAL PTE. LTD.

Registration No

:

200302074N

Date of Registration

:

07/03/2003

Former Name

:

MG FORESTS PTE. LTD. Eff. date : 07/03/2003 Eff. date : 07/03/2003

Date of Change of Name

:

26/09/2007

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 RAFFLES PLACE #34-01 ONE RAFFLES PLACE SINGAPORE 048616

Date of Change of Address

:

14/12/2011

Contact No.

:

6224 3982

Fax No.

:

62243976

Website

:

NA

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

TIMBER TRADING, IMPORT EXPORT OF GARMENTS, COMMODITES AND CHEMICALS

Issued Ordinary Capital*

:

$4,200,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 4,200,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$4,200,000.00 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

:

MGI MENON & ASSOCIATES

Bankers / Financiers

:

CITIBANK N.A.

INDIAN BANK

Turnover

:

SGD - SIN 224,188,683.00 (FY2011)

Net Worth

:

SGD - SIN 7,487,858.00 (FY2011)

No. of Bank Charges

:

2

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

1020 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

1671 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1566 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

46 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2006/2007)

297 POSITION IN SME 500 Companies Ranked by Net Profit (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

43.92% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

MGA CORPORATION PRIVATE LIMITED

SHAREHOLDER ID

:

T09UF1581H

NATIONALITY

:

NA

ADDRESS

:

PLOT NO: 244/1, N.H. 8-A, P.O. BOX 140 GHANDHIDHAM, KUTCH 370201, GUJARAT, INDIA

NO. OF ORD SHARES

:

2,940,000

% OF SHAREHOLDING

:

70%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

GUPTA MUKESH

SHAREHOLDER ID

:

S2719427C

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

2B RAMSGATE ROAD SINGAPORE 437473

NO. OF ORD SHARES

:

1,260,000

% OF SHAREHOLDING

:

30%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

NANCY JULIA ZEHNDER

ADDRESS

:

58 DAKOTA CRESCENT #02-257 SINGAPORE 390058

POSITION

:

SECRETARY

DATE OF APPT

:

21/06/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0240727B

 

NAME

:

GUPTA MUKESH

ADDRESS

:

2B RAMSGATE ROAD SINGAPORE 437473

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

07/03/2003

21/08/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2719427C

 

NAME

:

GUPTA ANJU MUKESHKUMAR

ADDRESS

:

2B RAMSGATE ROAD SINGAPORE 437473

POSITION

:

DIRECTOR

DATE OF APPT

:

07/03/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2719428A

 

NAME

:

GUPTA SHIVANI MUKESHKUMAR

ADDRESS

:

2B RAMSGATE ROAD SINGAPORE 437473

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S8873609E

 

 

KEY PERSONNEL PROFILE

 

Name:

GUPTA MUKESH

NRIC Number:

S2719427C

Available Address:

2B RAMSGATE ROAD  SINGAPORE 437473

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

GLOBAL EXPORTS PTE. LTD.

DIRECTOR

26/01/2007

50

50.00

2

MGA INTERNATIONAL PTE. LTD.

DIRECTOR

07/03/2003

1260000

30.00

3

MGA INTERNATIONAL PTE. LTD.

MANAGING DIRECTOR

21/08/2003

1260000

30.00

4

SUPREME COLLECTION PTE. LTD.

SHAREHOLDER

-

10

10.00

 

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.

:

C201102722

 

Date of Registration

:

04/03/2011

 

Chargee

:

CITIBANK N.A.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 TEMASEK AVENUE #12-00 CENTENNIAL TOWER SINGAPORE 039190

 

2)

Charge No.

:

C200805330

 

Date of Registration

:

13/06/2008

 

Chargee

:

INDIAN BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

             

 

 

 

LITIGATION

 

there have been 2 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

W.e.f 01 Jan 2012

 

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.

:

850

 

Date of Filing

:

13/11/2008

 

Amount

:

USD 482,393.75

USD 174,965.00

USD 15,384.21

USD 10,229.29

USD 4,592.85

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SOORAJMULL BAIJNATH PVT LTD

 

Last Update Date

:

17/08/2010

 

2)

Court

:

Supreme Court

 

Case No.

:

21

 

Date of Filing

:

11/01/2010

 

Amount

:

167,905.01

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

STEPHENSON HARWOOD (SUING AS A FIRM)

 

Last Update Date

:

17/08/2010

 

COMPLIANCE

 

Date of Last AGM

:

30/09/2011

Date of Last AR

:

02/11/2011

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

224,188,683

115.35

104,105,321

70,161,629

75,537,667

52,256,325

Profit/(Loss) Before Tax

2,076,667

177.30

748,892

594,042

775,798

619,991

Profit After Tax attributable to Shareholders

1,646,600

119.75

749,323

503,174

643,015

510,238

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

28,669,357

19.97

23,897,021

19,714,923

15,127,140

15,532,395

Current Assets

28,569,375

20.23

23,763,023

19,546,500

14,927,300

15,309,974

Non Current Assets

99,982

-25.39

133,998

168,423

199,840

222,421

 

 

 

 

 

 

 

Total Liabilities

21,181,500

20.15

17,628,480

14,129,065

10,698,125

11,515,683

Current Liabilities

21,129,315

20.43

17,545,443

13,964,650

10,494,814

11,355,069

Non Current Liabilities

52,185

-37.15

83,037

164,415

203,311

160,614

 

 

 

 

 

 

 

Shareholders' Funds

7,487,858

19.45

6,268,540

5,585,860

4,429,015

4,016,711

Share Capital

3,305,830

-6.82

3,547,649

3,590,485

2,907,717

3,084,908

Total Reserves

4,182,028

53.70

2,720,891

1,995,375

1,521,298

931,803

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

115.35

48.38

-7.12

44.55

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.73

0.72

0.72

0.85

0.98

Return on Equity (%)

21.99

11.95

9.01

14.52

12.70

Return on Assets (%)

5.74

3.14

2.55

4.25

3.28

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.83

2.81

2.53

2.42

2.87

Current Debt/Equity (Times)

2.82

2.80

2.50

2.37

2.83

Long Term Debt To Equity (Times)

0.01

0.01

0.03

0.05

0.04

Total Asset To Total Equity (Times)

3.83

3.81

3.53

3.42

3.87

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

7.82

4.36

3.56

4.99

3.36

Fixed Assets Turnover (Times)

2,242.29

776.92

416.58

377.99

234.94

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.35

1.35

1.40

1.42

1.35

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 43.92% (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 0.73 per cent in FY11 (FY10: 0.72 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.01 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.35 times in FY11 (FY10: 1.35 times). This means that the company has SGD - SIN 1.35 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 2.83 times in FY11, as compared with 2.81 times in FY10. This means that the company requires additional external financing of SGD - SIN 2.83 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 21.99 per cent for Subject in the current financial period, as compared to 11.95 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 5.74 per cent (FY10: 3.14 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 7.82 times in FY11 (FY10: 4.36 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.53.34

UK Pound

1

Rs.86.09

Euro

1

Rs.69.36

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

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.