MIRA INFORM REPORT

 

 

Report Date :           

29.05.2012

 

IDENTIFICATION DETAILS

 

Name :

GRM RESOURCES PTE. LTD.

 

 

Registered Office :

7 Temasek Boulevard #21-02 Suntec Tower One Singapore 038987

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.11.2004

 

 

Com. Reg. No.:

200415047z

 

 

Legal Form :

Limited Exempt 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 – 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

:

GRM RESOURCES PTE. LTD.

Registration No

:

200415047Z

Date of Registration

:

22/11/2004

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

7 TEMASEK BOULEVARD #21-02 SUNTEC TOWER ONE SINGAPORE 038987

Date of Change of Address

:

03/11/2008

Contact No.

:

6334 6868

Fax No.

:

6334 2232

Website

:

NA

Registered Activities

:

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

2. IRON AND STEEL FOUNDRIES

INCLUDING THAT OF TRADING IN COAL, COKE, MINERALS AND LIASIONING

Issued Ordinary Capital*

:

$15,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 15,281,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$15,000,000.00 U.S. DOLLAR

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

:

7

No. of Local Associates

:

NA

Auditor

:

NA

Bankers / Financiers

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

MALAYAN BANKING BERHAD

BNP PARIBAS

Turnover

:

SGD - SIN 477,093,786.00 (FY2010)

Net Worth

:

SGD - SIN 37,638,647.00 (FY2010)

No. of Bank Charges

:

9

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

763 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

406 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

145 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

Om Prakash Jalan

SHAREHOLDER ID

:

J0108768

NATIONALITY

:

INDIAN

ADDRESS

:

20 C.C, GANGULY SARANI, PO-LALA LAJPAT RAI SARANI PS-BHAWANIPUR, KOLKATTA 700020, WEST BENGAL, INDIA

NO. OF ORD SHARES

:

7,640,500

% OF SHAREHOLDING

:

50%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

Rajeev Maheshwari

SHAREHOLDER ID

:

J0565752

NATIONALITY

:

INDIAN

ADDRESS

:

FLAT #10C, TOWER 1, SOUTH CITY, 375 PRINCE ANWAR SHAH ROAD KOLKATA 700 068, INDIA

NO. OF ORD SHARES

:

7,640,500

% OF SHAREHOLDING

:

50%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

Om Prakash Jalan

ADDRESS

:

20 C.C, GANGULY SARANI, PO-LALA LAJPAT RAI SARANI PS-BHAWANIPUR, KOLKATTA 700020, WEST BENGAL, INDIA

POSITION

:

DIRECTOR

DATE OF APPT

:

22/11/2004

NATIONALITY

:

INDIAN

I/C PASSPORT

:

J0108768

 

NAME

:

Rajeev Maheshwari

ADDRESS

:

FLAT #10C, TOWER 1, SOUTH CITY, 375 PRINCE ANWAR SHAH ROAD KOLKATA 700 068, INDIA

POSITION

:

DIRECTOR

DATE OF APPT

:

22/11/2004

NATIONALITY

:

INDIAN

I/C PASSPORT

:

J0565752

 

NAME

:

NG GEOK LAN (HUANG YULUAN)

ADDRESS

:

573 PASIR RIS STREET 53 #14-30 SINGAPORE 510573

POSITION

:

SECRETARY

DATE OF APPT

:

02/01/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1592193E

 

NAME

:

PALANINATHAN RAVICHANDRAN

ADDRESS

:

68 BAYSHORE ROAD #21-02 COSTA DEL SOL SINGAPORE 469986

POSITION

:

DIRECTOR

DATE OF APPT

:

28/05/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2628609C

 

 

KEY PERSONNEL PROFILE

 

Name:

Om Prakash Jalan

NRIC Number:

J0108768

Available Address:

20 C.C, GANGULY SARANI, PO-LALA LAJPAT RAI SARANI PS-BHAWANIPUR, KOLKATTA 700020, WEST BENGAL, INDIA

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

CROWSNEST RESOURCES PTE. LTD.

DIRECTOR

18/01/2010

-

-

2

GRM COAL (SEA) PTE. LTD.

DIRECTOR

08/02/2011

-

-

3

GRM GOLD AND METALS (SEA) PTE. LTD.

DIRECTOR

08/02/2011

-

-

4

GRM METALS AND MINERALS (SEA) PTE. LTD.

DIRECTOR

08/02/2011

-

-

5

GRM MINING (AFRICA) PTE. LTD.

DIRECTOR

23/02/2011

-

-

6

GRM MINING (SEA) PTE. LTD.

DIRECTOR

08/02/2011

-

-

7

GRM RESOURCES PTE. LTD.

DIRECTOR

22/11/2004

7640500

50.00

8

GRM SHIPPING PRIVATE LIMITED

DIRECTOR

09/05/2008

-

-

 

 

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 (%)

GRM SHIPPING PRIVATE LIMITED

100

GRM GOLD AND METALS (SEA) PTE. LTD.

100

GRM COAL (SEA) PTE. LTD.

100

GRM METALS AND MINERALS (SEA) PTE. LTD.

100

GRM MINING (SEA) PTE. LTD.

100

GRM MINING (AFRICA) PTE. LTD.

100

CROWSNEST RESOURCES PTE. LTD.

75

                                                                                                                       

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 9 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201004803

 

Date of Registration

:

10/06/2010

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

1 RAFFLES QUAY #38-01 ONE RAFFLES QUAY, NORTH TOWER SINGAPORE 048583

 

2)

Charge No.

:

C201001089

 

Date of Registration

:

03/02/2010

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

3)

Charge No.

:

C200905160

 

Date of Registration

:

19/08/2009

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

4)

Charge No.

:

C200808698

 

Date of Registration

:

17/09/2008

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

5)

Charge No.

:

C200805433

 

Date of Registration

:

18/06/2008

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

6)

Charge No.

:

C200701003

 

Date of Registration

:

02/02/2007

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

7)

Charge No.

:

C200608474

 

Date of Registration

:

15/12/2006

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

8)

Charge No.

:

C200600760

 

Date of Registration

:

02/02/2006

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

9)

Charge No.

:

C200503640

 

Date of Registration

:

27/06/2005

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

27/06/2011

Date of Last AR

:

27/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2010

% Change

DEC 2009

DEC 2008

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

 

Profit and Loss Key Figures

 

 

 

 

 

Turnover

477,093,786

13.66

419,749,023

531,093,171

0

Profit/(Loss) Before Tax

2,352,949

-49.90

4,696,256

20,227,643

0

Profit After Tax attributable to Shareholders

1,568,513

-58.96

3,821,889

18,398,314

0

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

75,173,265

-1.90

76,625,842

154,370,898

0

Current Assets

45,756,547

-23.94

60,161,865

139,228,475

0

Non Current Assets

29,416,718

78.67

16,463,977

15,142,423

0

 

 

 

 

 

 

Total Liabilities

37,534,617

-1.36

38,053,847

120,673,214

0

Current Liabilities

34,236,083

5.42

32,476,951

113,730,648

0

Non Current Liabilities

3,298,534

-40.85

5,576,896

6,942,566

0

 

 

 

 

 

 

Shareholders' Funds

37,638,647

-2.42

38,571,995

33,697,684

0

Share Capital

20,411,250

-6.49

21,826,995

916,218

0

Total Reserves

17,227,397

2.88

16,745,000

32,781,466

0

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

MAR 2007

Growth %

 

 

 

 

Year-on-Year Growth

13.66

-20.97

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

0.33

0.91

3.46

NA

Return on Equity (%)

4.17

9.91

54.60

NA

Return on Assets (%)

2.09

4.99

11.92

NA

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

1.00

0.99

3.58

NA

Current Debt/Equity (Times)

0.91

0.84

3.38

NA

Long Term Debt To Equity (Times)

0.09

0.14

0.21

NA

Total Asset To Total Equity (Times)

2.00

1.99

4.58

NA

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

6.35

5.48

3.44

NA

Fixed Assets Turnover (Times)

16.22

25.49

35.07

NA

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.34

1.85

1.22

NA

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

 

Profit and Loss Key Figures

 

 

 

 

 

Turnover

477,093,786

13.66

419,749,023

531,093,171

200,261,940

Profit/(Loss) Before Tax

3,221,238

-31.50

4,702,744

20,232,680

2,444,620

Profit After Tax attributable to Shareholders

2,436,803

-36.35

3,828,378

18,403,351

2,007,366

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

76,050,263

-0.76

76,634,944

154,375,935

70,019,491

Current Assets

59,955,268

-0.12

60,025,454

139,092,414

68,513,007

Non Current Assets

16,094,995

-3.10

16,609,490

15,283,521

1,506,484

 

 

 

 

 

 

Total Liabilities

37,530,358

-1.36

38,049,081

120,673,214

65,027,715

Current Liabilities

34,231,824

5.42

32,472,185

113,730,648

65,027,715

Non Current Liabilities

3,298,534

-40.85

5,576,896

6,942,566

0

 

 

 

 

 

 

Shareholders' Funds

38,519,904

-0.17

38,585,862

33,702,721

4,991,776

Share Capital

20,411,250

-6.49

21,826,995

916,218

1,000,000

Total Reserves

18,108,654

8.05

16,758,867

32,786,503

3,991,776

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

MAR 2007

Growth %

 

 

 

 

Year-on-Year Growth

13.66

-20.97

165.20

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

0.51

0.91

3.47

1.00

Return on Equity (%)

6.33

9.92

54.60

40.21

Return on Assets (%)

3.20

5.00

11.92

2.87

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

0.97

0.99

3.58

13.03

Current Debt/Equity (Times)

0.89

0.84

3.37

13.03

Long Term Debt To Equity (Times)

0.09

0.14

0.21

0.00

Total Asset To Total Equity (Times)

1.97

1.99

4.58

14.03

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

6.27

5.48

3.44

2.86

Fixed Assets Turnover (Times)

29.64

25.27

34.75

132.93

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.75

1.85

1.22

1.05

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The group yielded a rate of net profit on sales of 0.33 per cent in FY10 (FY09: 0.91 per cent). The group is now able to book in SGD - SIN 0.00 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 1.34 times in FY10 (FY09: 1.85 times). This means that the group has SGD - SIN 1.34 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 1.00 times in FY10, as compared with 0.99 times in FY09. This means that the group requires additional external financing of SGD - SIN 1.00 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 4.17 per cent for Subject in the current financial period, as compared to 9.91 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 2.09 per cent (FY09: 4.99 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 6.35 times in FY10 (FY09: 5.48 times). This ratio measures the group'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.55.26

UK Pound

1

Rs.86.80

Euro

1

Rs.69.63

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.