MIRA INFORM REPORT

 

 

Report Date :

26.10.2013

 

IDENTIFICATION DETAILS

 

Name :

RALS INTERNATIONAL PTE. LTD.

 

 

 Registered Office :

90, Cecil Street, 15-02, 069531

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

08.10.2005

 

 

Com. Reg. No.:

200514040-K

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of food products

 

 

No. of Employees :

06

 

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 :

 

 

 

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

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200514040-K

COMPANY NAME

:

RALS INTERNATIONAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

08/10/2005

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

90, CECIL STREET, 15-02, 069531, SINGAPORE.

BUSINESS ADDRESS

:

90 CECIL STREET #15-02, 069531, SINGAPORE.

TEL.NO.

:

65-63230741

FAX.NO.

:

65-63230746

EMAIL

:

SANDY@RALS.COM.SG

CONTACT PERSON

:

RAJKUMAR VENKATESAN ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF FOOD PRODUCTS

 

 

 

ISSUED AND PAID UP CAPITAL

:

1,325,001.00 ORDINARY SHARE, OF A VALUE OF USD 1,325,001.00

 

 

 

SALES

:

USD 170,990,127 [2012]

NET WORTH

:

USD 23,554,772 [2012]

 

 

 

STAFF STRENGTH

:

6 [2013]

BANKER (S)

:

STANDARD CHARTERED BANK

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

POOR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

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) trading of food products.

The immediate holding company of the SC is RAJKUMAR IMPEX PRIVATE LIMITED, a company incorporated in INDIA.

 

The major shareholder(s) of the SC are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

RAJKUMAR VENKATESAN +

88, JELLICOE ROAD, 38-22, CITYLIGHTS, 208747, SINGAPORE.

S2762820F

25,000.00

1.89

MRS. RAJKUMAR JAI +

88, JELLICOE ROAD, 38-22, CITYLIGHTS, 208747, SINGAPORE.

S7269471F

1.00

0.00

RAJKUMAR IMPEX PRIVATE LIMITED

B-603. KESHAV DUGAR APARTMENTS, 1, EAST AVENUE OFF GREENWAYS ROAD, KESHAV PRUMAL, PURAM RA PURAM, 600 02, CHENNAI, INDIA.

IN011095

1,300,000.00

98.11

 

 

 

---------------

------

 

 

 

1,325,001.00

100.00

 

 

 

============

=====

+ Also Director

 

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

018668

VIETNAM

RALS INTERNATIONAL VIETNAM CO. LTD.

100.00

31/03/2012

 

 

 

 

 

200411523W

SINGAPORE

RALS SINGAPORE PTE. LTD.

100.00

31/03/2012

 

 

 

 

 



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MRS. RAJKUMAR JAI

Address

:

88, JELLICOE ROAD, 38-22, CITYLIGHTS, 208747, SINGAPORE.

IC / PP No

:

S7269471F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

13/12/2006

 

DIRECTOR 2

 

Name Of Subject

:

RAJKUMAR VENKATESAN

Address

:

88, JELLICOE ROAD, 38-22, CITYLIGHTS, 208747, SINGAPORE.

IC / PP No

:

S2762820F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

08/10/2005

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

RAJKUMAR VENKATESAN

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

MGI SINGAPORE PAC

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SATHIAVAN SINGH @ S.S. DHILLON

 

IC / PP No

:

S0569573B

 

 

 

 

 

Address

:

255, ARCADIA ROAD, 01-23, HILLCREST ARCADIA, 289850, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

STANDARD CHARTERED BANK

 

 

 

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200603677

08/06/2006

N/A

STANDARD CHARTERED BANK

N/A

Unsatisfied

C200805233

10/06/2008

N/A

STANDARD CHARTERED BANK

N/A

Unsatisfied

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

LEGAL ACTION

 

 

 

Code No

:

99

Case No

:

166

Year

:

2013

Place

:

SINGAPORE

Court

:

SESSIONS COURT

 

 

 

Date Filed

:

06/09/2013

 

 

 

Solicitor Ref

:

MRR/JLW/SA/41296/2013(MR)

 

 

 

Solicitor Firm

:

STRAITS LAW PRACTICE LLP

Plaintiff

:

SOCOBIS BISSAU LDA

 

 

 

Defendants

:

RALS INTERNATIONAL PTE. LTD. (200514040)

 

 

 

 

 

Amount Claimed

:

1176494

 

 

 

 

 

 

 

 

Nature of Claim

:

USD

 

 

 

 

 

 

 

 

Remark

:

SALE OF GOODS & SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

 

No winding up petition was found in our databank

 

 

 

 

 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers.

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

[

 

]

 

Good 31-60 Days

[

 

]

 

Average 61-90 Days

[

X

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 



CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

30 - 90 DAYS

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

FOOD PRODUCTS

 

 

 

 

 

Total Number of Employees:

YEAR

2013

2010

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

6

3

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of food products.

The SC sells food products especially cashew nuts.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

6563230741

Current Telephone Number

:

65-63230741

Match

:

YES

 

 

 

Address Provided by Client

:

90 CECIL STREET #15-02 SINGAPORE 069531

Current Address

:

90 CECIL STREET #15-02, 069531, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations


we contacted one of the staff from the SC and she provided some information on the SC.


FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

86.00%

]

 

Profit/(Loss) Before Tax

:

Decreased

[

17.81%

]

 

Return on Shareholder Funds

:

Acceptable

[

14.27%

]

 

Return on Net Assets

:

Favourable

[

31.02%

]

 

 

 

 

 

 

 

 

The increase in turnover could be due to the SC adopting an aggressive marketing strategy.The dip in profit could be due to the stiff market competition which reduced the SC's profit margin. The SC's management had generated acceptable return for its shareholders using its assets.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Unfavourable

[

80 Days

]

 

Debtor Ratio

:

Favourable

[

16 Days

]

 

Creditors Ratio

:

Favourable

[

41 Days

]

 

 

 

 

 

 

 

 

The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the SC. 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

:

Unfavourable

[

0.49 Times

]

 

Current Ratio

:

Unfavourable

[

1.16 Times

]

 

 

 

 

 

 

 

 

A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Unfavourable

[

2.52 Times

]

 

Gearing Ratio

:

Unfavourable

[

1.47 Times

]

 

 

 

 

 

 

 

 

The SC's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. 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 :

 

 

 

 

 

 

Although the SC's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the SC's profit margin. Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. 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 : POOR

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

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 ANALYSIS

 

INDUSTRY :

TRADING

 

 

 

The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

 

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

 

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.

 

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.

 

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2005, the SC is a Private Limited company, focusing on trading of food products. Having been in business for 8 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. To date, the SC's business operation is supported by 6 employees. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

Financially, the SC registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. However, due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Nevertheless, given a positive net worth standing at USD 23,554,772, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC normally.

 

 

 

PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

RALS INTERNATIONAL PTE. LTD.

 

Financial Year End

2012-03-31

2011-03-31

Months

12

12

Consolidated Account

GROUP

GROUP

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

 

 

 

TURNOVER

170,990,127

91,929,666

 

----------------

----------------

Total Turnover

170,990,127

91,929,666

Costs of Goods Sold

<159,802,395>

<84,015,582>

 

----------------

----------------

Gross Profit

11,187,732

7,914,084

 

----------------

----------------

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

4,832,835

5,879,976

 

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

4,832,835

5,879,976

Taxation

<1,471,766>

<446,722>

 

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

3,361,069

5,433,254

 

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

As previously reported

20,279,833

14,846,579

 

----------------

----------------

As restated

20,279,833

14,846,579

 

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

23,640,902

20,279,833

 

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

23,640,902

20,279,833

 

=============

=============

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

Others

3,169,354

714,747

 

----------------

----------------

 

3,169,354

714,747

 

BALANCE SHEET

 

RALS INTERNATIONAL PTE. LTD.

 

ASSETS EMPLOYED:

 

 

FIXED ASSETS

17,011,666

5,885,722

 

 

 

 

----------------

----------------

TOTAL LONG TERM ASSETS

17,011,666

5,885,722

 

 

 

CURRENT ASSETS

 

 

Stocks

37,322,908

16,548,063

Trade debtors

7,269,414

11,935,306

Other debtors, deposits & prepayments

14,676,322

15,207,358

Amount due from holding company

4,140,889

3,696,440

Amount due from director

179,468

298,238

Cash & bank balances

847,883

558,174

 

----------------

----------------

TOTAL CURRENT ASSETS

64,436,884

48,243,579

 

----------------

----------------

TOTAL ASSET

81,448,550

54,129,301

 

=============

=============

 

 

 

CURRENT LIABILITIES

 

 

Trade creditors

17,985,996

7,209,329

Other creditors & accruals

3,847,506

1,374,687

Bank overdraft

69,162

-

Short term borrowings/Term loans

32,433,598

24,541,682

Deposits from customers

83,038

35,693

Amounts owing to holding company

635,381

532,604

Provision for taxation

599,316

271,692

 

----------------

----------------

TOTAL CURRENT LIABILITIES

55,653,997

33,965,687

 

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

8,782,887

14,277,892

 

----------------

----------------

TOTAL NET ASSETS

25,794,553

20,163,614

 

=============

=============

 

 

 

SHARE CAPITAL

 

 

Ordinary share capital

1,325,001

1,325,001

 

----------------

----------------

TOTAL SHARE CAPITAL

1,325,001

1,325,001

 

 

 

RESERVES

 

 

Exchange equalisation/fluctuation reserve

<1,411,131>

<1,441,220>

Retained profit/(loss) carried forward

23,640,902

20,279,833

 

----------------

----------------

TOTAL RESERVES

22,229,771

18,838,613

 

 

 

 

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

23,554,772

20,163,614

 

 

 

LONG TERM LIABILITIES

 

 

Long term loans

2,239,781

-

 

----------------

----------------

TOTAL LONG TERM LIABILITIES

2,239,781

-

 

----------------

----------------

 

25,794,553

20,163,614

 

=============

=============

 

FINANCIAL RATIO

 

RALS INTERNATIONAL PTE. LTD.

 

TYPES OF FUNDS

 

 

Cash

847,883

558,174

Net Liquid Funds

778,721

558,174

Net Liquid Assets

<28,540,021>

<2,270,171>

Net Current Assets/(Liabilities)

8,782,887

14,277,892

Net Tangible Assets

25,794,553

20,163,614

Net Monetary Assets

<30,779,802>

<2,270,171>

BALANCE SHEET ITEMS

 

 

Total Borrowings

34,742,541

24,541,682

Total Liabilities

57,893,778

33,965,687

Total Assets

81,448,550

54,129,301

Net Assets

25,794,553

20,163,614

Net Assets Backing

23,554,772

20,163,614

Shareholders' Funds

23,554,772

20,163,614

Total Share Capital

1,325,001

1,325,001

Total Reserves

22,229,771

18,838,613

LIQUIDITY (Times)

 

 

Cash Ratio

0.02

0.02

Liquid Ratio

0.49

0.93

Current Ratio

1.16

1.42

WORKING CAPITAL CONTROL (Days)

 

 

Stock Ratio

80

66

Debtors Ratio

16

47

Creditors Ratio

41

31

SOLVENCY RATIOS (Times)

 

 

Gearing Ratio

1.47

1.22

Liabilities Ratio

2.46

1.68

Times Interest Earned Ratio

2.52

9.23

Assets Backing Ratio

19.47

15.22

PERFORMANCE RATIO (%)

 

 

Operating Profit Margin

2.83

6.40

Net Profit Margin

1.97

5.91

Return On Net Assets

31.02

32.71

Return On Capital Employed

30.94

32.71

Return On Shareholders' Funds/Equity

14.27

26.95

Dividend Pay Out Ratio (Times)

0.00

0.00

NOTES TO ACCOUNTS

 

 

Contingent Liabilities

0

0




FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.63

UK Pound

1

Rs.99.94

Euro

1

Rs.85.14

 

 

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%)

 

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.