MIRA INFORM REPORT

 

 

Report Date :

24.07.2013

 

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) :

March 2012

 

 

Date of Incorporation :

07.03.2003

 

 

Com. Reg. No.:

200302074N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Timber trading, import export of garments, commodities and chemicals

 

 

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

 

Status :

Moderate  

 

 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Singapore ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

 

Company Name:

Registered Number:

MGA INTERNATIONAL PTE. LTD.

200302074N

 

Date Incorporated:

Registered Office:

Telephone Number:

07/03/2003

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

6224 3982

Age of Company:

Website:

Industry Type:

10

NA

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

2

NA

The entity is paying current to the creditors

No. of Charges(s):
4

Industry DTC

 

23

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

MGA CORPORATION PRIVATE LIMITED

Number that are shareholders

2

No. of Subsidiaries & Associated Companies:

NA

 

 

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

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

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

CITIBANK N.A.

INDIAN BANK

Turnover

:

SGD - SIN 221,141,109.00 (FY2012)

Net Worth

:

SGD - SIN 8,944,985.00 (FY2012)

No. of Bank Charges

:

4

No. of Litigation Suits

:

2

S1000 / SME 1000 / 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)

:

30.81% (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

GG IMPACT PTE LTD

DIRECTOR

01/09/2000

-

NA

2

GLOBAL EXPORTS PTE. LTD.

DIRECTOR

26/01/2007

50

50.00

3

MGA INTERNATIONAL PTE. LTD.

DIRECTOR

07/03/2003

1260000

30.00

4

MGA INTERNATIONAL PTE. LTD.

MANAGING DIRECTOR

21/08/2003

1260000

30.00

5

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.

Transfer

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

 

1)

Charge No.

:

C201303692

 

Date of Registration

:

08/03/2013

 

Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201303687

 

Date of Registration

:

08/03/2013

 

Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

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

 

4)

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 2013

Past Years

Bef 01 Jan 2013

 

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.

:

21

 

Transfer

:

-

 

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

 

2)

Court

:

Supreme Court

 

Case No.

:

850

 

Transfer

:

-

 

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

 

 

COMPLIANCE

 

Date of Last AGM

:

12/10/2012

Date of Last AR

:

15/10/2012

Date of A/C Laid At Last AGM

:

31/03/2012

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING, ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2012

% Change

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

221,141,109

-1.36

224,188,683

104,105,321

70,161,629

75,537,667

Profit/(Loss) Before Tax

2,176,841

4.82

2,076,667

748,892

594,042

775,798

Profit After Tax attributable

 to Shareholders

1,891,288

14.86

1,646,600

749,323

503,174

643,015

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

43,008,018

50.01

28,669,357

23,897,021

19,714,923

15,127,140

Current Assets

42,592,471

49.08

28,569,375

23,763,023

19,546,500

14,927,300

Non Current Assets

415,547

315.62

99,982

133,998

168,423

199,840

 

 

 

 

 

 

 

Total Liabilities

34,063,034

60.82

21,181,500

17,628,480

14,129,065

10,698,125

Current Liabilities

34,036,116

61.08

21,129,315

17,545,443

13,964,650

10,494,814

Non Current Liabilities

26,918

-48.42

52,185

83,037

164,415

203,311

 

 

 

 

 

 

 

Shareholders' Funds

8,944,985

19.46

7,487,858

6,268,540

5,585,860

4,429,015

Share Capital

3,114,152

-5.80

3,305,830

3,547,649

3,590,485

2,907,717

Total Reserves

5,830,833

39.43

4,182,028

2,720,891

1,995,375

1,521,298

 

 

FINANCIAL RATIOS 

 

 

Company

 

MAR 2012

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

-1.36

115.35

48.38

-7.12

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.86

0.73

0.72

0.72

0.85

Return on Equity (%)

21.14

21.99

11.95

9.01

14.52

Return on Assets (%)

4.40

5.74

3.14

2.55

4.25

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.81

2.83

2.81

2.53

2.42

Current Debt/Equity (Times)

3.81

2.82

2.80

2.50

2.37

Long Term Debt To Equity (Times)

0.00

0.01

0.01

0.03

0.05

Total Asset To Total Equity (Times)

4.81

3.83

3.81

3.53

3.42

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

5.14

7.82

4.36

3.56

4.99

Fixed Assets Turnover (Times)

532.17

2,242.29

776.92

416.58

377.99

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.25

1.35

1.35

1.40

1.42

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 30.81% (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 0.86 per cent in FY12 (FY11: 0.73 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.01 a year ago.

 

Liquidity

 

Current ratio stood at 1.25 times in FY12 (FY11: 1.35 times). This means that the company has SGD - SIN 1.25 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 3.81 times in FY12, compared with 2.83 times in FY11. This means that the company requires additional external financing of SGD - SIN 3.81 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 21.14 per cent for Subject in the current financial period, as compared to 21.99 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 4.40 per cent (FY11: 5.74 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 5.14 times in FY12 (FY11: 7.82 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.59.69

UK Pound

1

Rs.91.66

Euro

1

Rs.78.69

 

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.