|
Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
MCS HOLDINGS PTE. LTD. |
|
|
|
|
Formerly Known As : |
QUEST SHIP MANAGEMENT PTE LTD (07/04/2008) |
|
|
|
|
Registered Office : |
9, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
16.03.2007 |
|
|
|
|
Com. Reg. No.: |
200704423-E |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in Mining, Quarrying and Trading of Coal |
|
|
|
|
No. of Employees : |
06 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired by you) |
|
|
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
200704423-E |
|
COMPANY NAME |
: |
MCS HOLDINGS PTE. LTD. |
|
FORMER NAME |
: |
QUEST SHIP MANAGEMENT PTE LTD (07/04/2008) |
|
INCORPORATION DATE |
: |
16/03/2007 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
9, TEMASEK BOULEVARD, 42-01B, SUNTEC TOWER TWO, 038989, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
9, TEMASEK BOULEVARD, 42-01B, SUNTEC TOWER TWO, 038989, SINGAPORE. |
|
TEL.NO. |
: |
65-62209320 |
|
FAX.NO. |
: |
65-62209310 |
|
CONTACT PERSON |
: |
SHABAL MITTAL ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MINING, QUARRYING AND TRADING OF COAL |
|
ISSUED AND PAID UP CAPITAL |
: |
1,256,560.00 ORDINARY SHARE, OF A VALUE OF SGD 1,256,560.00 |
|
SALES |
: |
USD 355,671,948 [2013] |
|
NET WORTH |
: |
USD 31,846,861 [2013] |
|
BANKER (S) |
|
DBS BANK LTD |
|
STAFF STRENGTH |
: |
6 [2013] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
HIGH |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
The SC is a private limited company and is allowed to have a minimum of
one and a maximum of forty-nine shareholders. As a private limited company, the
SC must have at least two directors. A private limited company is a separate
legal entity from its shareholders. As a separate legal entity, the SC is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the equity
they have taken up and the creditors cannot claim on shareholders' personal
assets even if the SC is insolvent. The SC is governed by the Companies Act and
the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) mining, quarrying
and trading of coal.
The immediate holding company of the SC is OORJA HOLDINGS PTE. LTD., a
company incorporated in SINGAPORE.
The ultimate holding company of the SC is MERCATOR LIMITED, a company
incorporated in INDIA.
The intermediate holding company of the SC is MERCATOR INTERNATIONAL
PTE. LTD., a company incorporated in SINGAPORE.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
OORJA HOLDINGS PTE. LTD. |
9, TEMASEK BOULEVARD, 42-02, SUNTEC TOWER TWO, 038989, SINGAPORE. |
200712044H |
1,256,560.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,256,560.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
SHALABH MITTAL |
|
Address |
: |
130, TANJONG RHU ROAD, 07-14, PEBBLE BAY, 436918, SINGAPORE. |
|
IC / PP No |
: |
G5844135Q |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
14/09/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
SHRUTI MITTAL |
|
Address |
: |
130, TANJONG RHU ROAD, 07-14, 436918, SINGAPORE. |
|
IC / PP No |
: |
Z1707842 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
15/03/2008 |
DIRECTOR 3
|
Name Of Subject |
: |
KIRTIPAL SINGH RAHEJA |
|
Address |
: |
BLOCK C, FLAT 10H, IDEAL TOWERS, S7, DIAMOND HARBOUR ROAD, 700023,
KOLKATA, INDIA. |
|
IC / PP No |
: |
Z1789033 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
28/04/2011 |
DIRECTOR 4
|
Name Of Subject |
: |
JAIN RAHUL |
|
Address |
: |
688F, WOODLANDS DRIVE 75, 16-76, 736688, SINGAPORE. |
|
IC / PP No |
: |
G5033162N |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
03/07/2013 |
|
1) |
Name of Subject |
: |
SHABAL MITTAL |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
MYTHILI GIRISH |
|
|
IC / PP No |
: |
S2726671A |
|
|
|
|
|
|
|
Address |
: |
190A, RIVERVALE DRIVE, 08-984, 541190, SINGAPORE. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
DBS BANK LTD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
AXIS BANK LIMITED SINGAPORE BRANCH |
|
|
|
|
|
|
|
|
|
|
|
3) |
Name |
: |
ICICI BANK LTD |
|
|
|
|
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201101699 |
10/02/2011 |
N/A |
ICICI BANK LTD |
N/A |
Unsatisfied |
|
C201102815 |
07/03/2011 |
N/A |
AXIS BANK LIMITED SINGAPORE BRANCH |
N/A |
Unsatisfied |
|
C201104585 |
13/04/2011 |
N/A |
DBS BANK LTD |
N/A |
Unsatisfied |
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
NO |
Percentage |
: |
0% |
|
Overseas |
: |
YES |
Percentage |
: |
100% |
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we conclude
that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
COAL
|
|
|
|
|
|
|
|
Services |
: |
MINING & QUARRYING
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2013 |
|
|||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
6 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) mining, quarrying and
trading of coal.
The SC engaged in trading of coal product and other related product.
However, the SC refuse to reveal detail information regarding to its business
operation.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62209320 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
9 TEMASEK, BOULEVARD, 42-01, SUNTEC TOWER SINGAPORE 038989 |
|
Current Address |
: |
9, TEMASEK BOULEVARD, 42-01B, SUNTEC TOWER TWO, 038989, SINGAPORE. |
|
Match |
: |
NO |
|
|
|
|
Other Investigations
On 29th October 2013 we contacted one of the staff from the SC and she provided
some information on the SC.
The address provided is incomplete.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2010 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
53.11% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
65.09% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The dip in profit could be due to the stiff market
competition which reduced the SC's profit margin. Generally the SC was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the SC's management was efficient in utilising the
assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
63 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
|
|
|
|
|
|
|
|
As the SC is a service oriented company, the SC does not need to keep
stocks. The SC's management was quite efficient in handling its debtors. The SC's
debtors days were at an acceptable range, thus the risk of its debts turning
bad was minimised. The SC had a favourable creditors' ratio where the SC
could be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.37 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.37 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order to
assure its creditors of its ability to meet short term obligations and the SC
was in a good liquidity position. Thus, we believe the SC is able to meet all
its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
11.19 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.25 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the SC was able to service the
interest. The favourable interest cover could indicate that the SC was making
enough profit to pay for the interest accrued. The SC was highly geared, thus
it had a high financial risk. The SC was dependent on loans to finance its
business needs. In times of economic downturn and / or high interest rate,
the SC will become less profitable and competitive than other firms in the
same industry, which are lowly geared. This is because the SC has to service
the interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the SC's turnover and the interest it
needs to pay. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
The SC recorded lower profits as its turnover showed a erratic trend.
The SC's management was unable to control its costs efficiently as its profit
showed a downward trend. The SC was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the SC should be able to repay its short term
obligations. With the favourable interest cover, the SC could be able to
service all the accrued interest without facing any difficulties. The SC's
gearing level was high and its going concern will be in doubt if there is no
injection of additional shareholders' funds in times of economic downturn and
/ or high interest rates. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STABLE |
||||||
|
Major Economic Indicators : |
2008 |
2009 |
2010 |
2011 |
2012 |
|
|
|
|
|
|
|
|
Population (Million) |
4.84 |
4.98 |
5.08 |
5.18 |
5.31 |
|
Gross Domestic Products ( % ) |
1.5 |
<0.8> |
14.5 |
4.9 |
1.3 |
|
Consumer Price Index |
6.6 |
0.6 |
2.8 |
5.2 |
4.6 |
|
Total Imports (Million) |
450,892.6 |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
|
Total Exports (Million) |
476,762.2 |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
2.2 |
3.2 |
2.2 |
2.1 |
2.0 |
|
Tourist Arrival (Million) |
10.12 |
9.68 |
11.64 |
13.17 |
14.37 |
|
Hotel Occupancy Rate (%) |
81.0 |
75.8 |
85.6 |
86.5 |
86.4 |
|
Cellular Phone Subscriber (Million) |
1.31 |
1.37 |
1.43 |
1.50 |
1.52 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
25,327 |
26,414 |
29,798 |
32,317 |
31,892 |
|
Registration of New Companies (%) |
<2.2> |
4.3 |
12.8 |
8.5 |
<1.3> |
|
Liquidation of Companies (No.) |
10,493 |
22,393 |
15,126 |
19,005 |
17,218 |
|
Liquidation of Companies (%) |
13.7 |
113.4 |
<32.5> |
25.6 |
9.4 |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
24,850 |
26,876 |
23,978 |
23,494 |
24,788 |
|
Registration of New Businesses (%) |
0.36 |
8.15 |
<10.78> |
2.02 |
5.51 |
|
Liquidation of Businesses (No.) |
21,150 |
23,552 |
24,211 |
23,005 |
22,489 |
|
Liquidation of Businesses (%) |
<0.8> |
11.4 |
2.8 |
<5> |
<2.2> |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,326 |
2,058 |
1,537 |
1,527 |
1,748 |
|
Bankruptcy Orders (%) |
<15.9> |
<11.5> |
<25.3> |
<0.7> |
14.5 |
|
Bankruptcy Discharges (No.) |
1,500 |
3,056 |
2,252 |
1,391 |
1,881 |
|
Bankruptcy Discharges (%) |
<7.7> |
103.7 |
<26.3> |
<38.2> |
35.2 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
<0.32> |
3.25 |
<0.48> |
4.25 |
3.64 |
|
Fish Supply & Wholesale |
<6.31> |
<1.93> |
<10.5> |
12.10 |
<0.5> |
|
|
|
|
|
|
|
|
Manufacturing * |
74.6 |
71.5 |
92.8 |
100.0 |
100.3 |
|
Food, Beverages & Tobacco |
94.8 |
90.4 |
96.4 |
100.0 |
103.5 |
|
Textiles |
180.1 |
145.9 |
122.1 |
100.0 |
104.0 |
|
Wearing Apparel |
334.6 |
211.0 |
123.3 |
100.0 |
92.1 |
|
Leather Products & Footwear |
128.2 |
79.5 |
81.8 |
100.0 |
98.6 |
|
Wood & Wood Products |
132.0 |
101.4 |
104.0 |
100.0 |
95.5 |
|
Paper & Paper Products |
101.0 |
95.4 |
106.1 |
100.0 |
97.4 |
|
Printing & Media |
118.2 |
100.9 |
103.5 |
100.0 |
93.0 |
|
Crude Oil Refineries |
113.1 |
96.4 |
95.6 |
100.0 |
99.4 |
|
Chemical & Chemical Products |
84.5 |
80.3 |
97.6 |
100.0 |
100.5 |
|
Pharmaceutical Products |
43.7 |
49.1 |
75.3 |
100.0 |
109.7 |
|
Rubber & Plastic Products |
120.1 |
101.2 |
112.3 |
100.0 |
96.5 |
|
Non-metallic Mineral |
96.5 |
91.9 |
92.5 |
100.0 |
98.2 |
|
Basic Metals |
109.8 |
92.6 |
102.2 |
100.0 |
90.6 |
|
Fabricated Metal Products |
101.3 |
90.8 |
103.6 |
100.0 |
104.3 |
|
Machinery & Equipment |
65.0 |
57.3 |
78.5 |
100.0 |
112.9 |
|
Electrical Machinery |
81.7 |
86.8 |
124.1 |
100.0 |
99.3 |
|
Electronic Components |
93.1 |
85.2 |
113.6 |
100.0 |
90.6 |
|
Transport Equipment |
102.0 |
96.0 |
94.0 |
100.0 |
106.3 |
|
|
|
|
|
|
|
|
Construction |
45.90 |
<36.9> |
14.20 |
20.50 |
28.70 |
|
Real Estate |
<11.2> |
1.4 |
21.3 |
25.4 |
31.9 |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
<1.3> |
1.70 |
4.00 |
7.00 |
6.30 |
|
Transport, Storage & Communication |
11.60 |
3.90 |
12.80 |
7.40 |
5.30 |
|
Finance & Insurance |
<5.9> |
<16.4> |
<0.4> |
8.90 |
0.50 |
|
Government Services |
17.40 |
4.50 |
9.70 |
6.90 |
6.00 |
|
Education Services |
0.50 |
0.10 |
<0.9> |
<1.4> |
0.30 |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100) |
|
|
|
|
|
|
(Source : Department of Statistics) |
|
|
|
|
|
|
INDUSTRY : |
ECONOMY |
|
|
|
|
|
|
|
According to Ministry of Trade and Industry (MTI), the Singapore economy
is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is
likely to remain subdued despite macroeconomic conditions stablising in
recent months of 2013. |
|
|
|
|
|
However, the global economic outlook is still clouded with uncertainties.
Notably, concerns remain over the extent of the fiscal cutback with the
budget sequester in the US and potential flareup of the debt crisis in the
Eurozone. Should any of these risks materialise, Singapore's economic growth
could come in lower than expected. |
|
|
|
|
|
Although resilient domestic demand in emerging Asia will provide some
support to global demand, it will not fully mitigate the effects of an
economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented
sectors such as electronics and wholesale trade will continue to perform
poorly, while the financial services sector will be affected by heightened
uncertainties in the external environment. Nevertheless, there will be some
modest support to growth from the biomedical manufacturing cluster and
tourism-related sectors. The former will likely see increased production of
active pharmaceutical ingredients and biologics while the latter will benefit
from rising visitor arrivals from the region. |
|
|
|
|
|
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from
5.2% in 2011, mainly due to weakness in the externally-oriented sectors.
Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to
0.1%. The hudge decline was largely due to a rebound in the output of the
biomedical manufacturing and transport engineering clusters, which together
helped to mitigate part of the fall in output in the electronics cluster. By
contrast, the construction sector growth accelerated from 6.3% to 8.2% in
2012, due to the expansion in both public and private building activities. |
|
|
|
|
|
Growth in the services producing industries also moderated to 1.2% in
2012, compared to 4.6% in 2011. This was mainly due to the slowdown in
wholesale and retail trade, accommodation and food services as well as other
services industries. In particular, the wholesale and retail trade sector
contracted by 0.7%, compared to the 1.6% growth in year 2011. The
accommodation and food services as well as other services industries posted
lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
|
|
|
|
|
|
For the whole of 2012, all sectors, except the wholesale and retail
trade, contributed to growth. Business services was the largest contributor with
0.4 percentage-points, followed by construction with 0.3 percentage-points
and transportation and storage at 0.2 percentagepoints. Besides, growth in
total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was
the key contributor to total demand growth, accounting for 2.2
percentage-points, or over 90 per cent, of the increase. |
|
|
|
|
|
In 2012, total domestic demand rose by 9.7%, following the 6.5%
increase in 2011. The growth in total domestic demand was broad-based across
consumption, gross fixed capital formation (GFCF) and changes in inventories.
The total consumption expenditure in 2012 grew slightly by 0.9%, easing from
the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%,
reversing the 0.5% growth in 2011. Private consumption expenditure registered
a 2.2% gain, moderating from the 4.6% increase in the preceding year. |
|
|
|
|
|
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in
2013. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
MCS HOLDINGS PTE. LTD. |
|
Financial Year End |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
|
TURNOVER |
355,671,948 |
462,785,019 |
290,779,463 |
76,541,546 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
355,671,948 |
462,785,019 |
290,779,463 |
76,541,546 |
|
Costs of Goods Sold |
<332,242,789> |
<440,541,354> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
23,429,159 |
22,243,665 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
18,877,825 |
19,279,409 |
17,492,641 |
1,454,648 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
18,877,825 |
19,279,409 |
17,492,641 |
1,454,648 |
|
Taxation |
<1,964,667> |
<2,496,013> |
<2,001,286> |
<229,070> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
16,913,158 |
16,783,396 |
15,491,355 |
1,225,578 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
18,933,703 |
17,150,307 |
1,658,952 |
433,374 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
18,933,703 |
17,150,307 |
1,658,952 |
433,374 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
35,846,861 |
33,933,703 |
17,150,307 |
1,658,952 |
|
DIVIDENDS - Ordinary (paid & proposed) |
<5,000,000> |
<15,000,000> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
30,846,861 |
18,933,703 |
17,150,307 |
1,658,952 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
Term loan / Borrowing |
1,852,091 |
1,419,174 |
- |
- |
|
Others |
- |
- |
910,921 |
785,358 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,852,091 |
1,419,174 |
910,921 |
785,358 |
|
BALANCE SHEET |
|
MCS HOLDINGS PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
- |
2,623 |
- |
- |
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Deposits |
4,000,000 |
4,000,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
4,000,000 |
4,000,000 |
- |
- |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
4,000,000 |
4,002,623 |
- |
- |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Trade debtors |
61,134,395 |
43,163,898 |
24,538,243 |
5,364,480 |
|
Other debtors, deposits & prepayments |
2,622,438 |
199,257 |
30,212 |
9,310 |
|
Amount due from holding company |
22,720,691 |
4,754,132 |
- |
- |
|
Amount due from related companies |
15,267,770 |
16,307,728 |
29,303,366 |
9,300,709 |
|
Cash & bank balances |
2,199,155 |
11,980,214 |
907,217 |
654,803 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
103,944,449 |
76,405,229 |
54,779,038 |
15,329,302 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
107,944,449 |
80,407,852 |
54,779,038 |
15,329,302 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade creditors |
1,160,007 |
1,523,609 |
1,235,751 |
1,709,655 |
|
Other creditors & accruals |
786,481 |
812,874 |
16,428 |
242,057 |
|
Short term borrowings/Term loans |
71,720,144 |
55,644,287 |
30,457,571 |
- |
|
Amounts owing to holding company |
314,834 |
22,670 |
- |
917,967 |
|
Amounts owing to subsidiary companies |
- |
- |
238,984 |
831,564 |
|
Amounts owing to related companies |
208,648 |
- |
- |
- |
|
Provision for taxation |
1,907,474 |
2,470,709 |
2,006,903 |
287,862 |
|
Other liabilities |
- |
- |
3,636,218 |
9,681,244 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
76,097,588 |
60,474,149 |
37,591,855 |
13,670,349 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
27,846,861 |
15,931,080 |
17,187,183 |
1,658,953 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
31,846,861 |
19,933,703 |
17,187,183 |
1,658,953 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
1,000,000 |
1,000,000 |
36,876 |
1 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,000,000 |
1,000,000 |
36,876 |
1 |
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
Retained profit/(loss) carried forward |
30,846,861 |
18,933,703 |
17,150,307 |
1,658,952 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
30,846,861 |
18,933,703 |
17,150,307 |
1,658,952 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
31,846,861 |
19,933,703 |
17,187,183 |
1,658,953 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
31,846,861 |
19,933,703 |
17,187,183 |
1,658,953 |
|
|
============= |
============= |
============= |
============= |
|
MCS HOLDINGS PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
2,199,155 |
11,980,214 |
907,217 |
654,803 |
|
Net Liquid Funds |
2,199,155 |
11,980,214 |
907,217 |
654,803 |
|
Net Liquid Assets |
27,846,861 |
15,931,080 |
17,187,183 |
1,658,953 |
|
Net Current Assets/(Liabilities) |
27,846,861 |
15,931,080 |
17,187,183 |
1,658,953 |
|
Net Tangible Assets |
31,846,861 |
19,933,703 |
17,187,183 |
1,658,953 |
|
Net Monetary Assets |
27,846,861 |
15,931,080 |
17,187,183 |
1,658,953 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
Total Borrowings |
71,720,144 |
55,644,287 |
30,457,571 |
0 |
|
Total Liabilities |
76,097,588 |
60,474,149 |
37,591,855 |
13,670,349 |
|
Total Assets |
107,944,449 |
80,407,852 |
54,779,038 |
15,329,302 |
|
Net Assets |
31,846,861 |
19,933,703 |
17,187,183 |
1,658,953 |
|
Net Assets Backing |
31,846,861 |
19,933,703 |
17,187,183 |
1,658,953 |
|
Shareholders' Funds |
31,846,861 |
19,933,703 |
17,187,183 |
1,658,953 |
|
Total Share Capital |
1,000,000 |
1,000,000 |
36,876 |
1 |
|
Total Reserves |
30,846,861 |
18,933,703 |
17,150,307 |
1,658,952 |
|
LIQUIDITY (Times) |
|
|
|
|
|
Cash Ratio |
0.03 |
0.20 |
0.02 |
0.05 |
|
Liquid Ratio |
1.37 |
1.26 |
1.46 |
1.12 |
|
Current Ratio |
1.37 |
1.26 |
1.46 |
1.12 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
63 |
34 |
31 |
26 |
|
Creditors Ratio |
1 |
1 |
2 |
8 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
Gearing Ratio |
2.25 |
2.79 |
1.77 |
0.00 |
|
Liabilities Ratio |
2.39 |
3.03 |
2.19 |
8.24 |
|
Times Interest Earned Ratio |
11.19 |
14.58 |
20.20 |
2.85 |
|
Assets Backing Ratio |
31.85 |
19.93 |
466.08 |
1,658,953.00 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
5.31 |
4.17 |
6.02 |
1.90 |
|
Net Profit Margin |
4.76 |
3.63 |
5.33 |
1.60 |
|
Return On Net Assets |
65.09 |
103.84 |
107.08 |
135.03 |
|
Return On Capital Employed |
65.09 |
103.84 |
107.08 |
135.03 |
|
Return On Shareholders' Funds/Equity |
53.11 |
84.20 |
90.13 |
73.88 |
|
Dividend Pay Out Ratio (Times) |
0.30 |
0.89 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.57 |
|
|
1 |
Rs.100.63 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.