MIRA INFORM REPORT

 

 

Report Date :

31.10.2013

 

IDENTIFICATION DETAILS

 

Name :

MCS HOLDINGS PTE. LTD.

 

 

Registered Office :

QUEST SHIP MANAGEMENT PTE LTD (07/04/2008)

 

 

Country :

9, Temasek Boulevard, 42-01b, Suntec Tower Two, 038989

 

 

Financials (as on) :

Singapore

 

 

Date of Incorporation :

16.03.2007

 

 

Com. Reg. No.:

200704423-E

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Mining, Quarrying and Trading of Coal

 

 

No. of Employees :

6

 

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

 

 

EXECUTIVE SUMMARY

 

 

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
AXIS BANK LIMITED SINGAPORE BRANCH
ICICI 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

 

 

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) 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



DIRECTORS


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



MANAGEMENT

 

 

 

1)

Name of Subject

:

SHABAL MITTAL

 

Position

:

DIRECTOR

 

 

 

 

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MYTHILI GIRISH

 

IC / PP No

:

S2726671A

 

 

 

 

 

Address

:

190A, RIVERVALE DRIVE, 08-984, 541190, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

DBS BANK LTD

 

 

 

 

 

 

 

 

 

2)

Name

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

 

 

 

 

 

 

 

 

3)

Name

:

ICICI BANK LTD

 

 

 

 

 

 

ENCUMBRANCE (S)

 

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

 

 

LEGAL CHECK AGAINST SC


* 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.

PAYMENT RECORD

 

 

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

[

 

]

 

 

 

 

 

 



CLIENTELE

 

Local

:

YES

Percentage

:

40%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

60%

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)

 

 

OPERATIONS

 

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.



CURRENT INVESTIGATION

 

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.


FINANCIAL ANALYSIS

 

 

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

 

 

 

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 :

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



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2007, the SC is a Private Limited company, focusing on mining, quarrying and trading of coal. Having been in business for 6 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 established an extensive clientele base in the market. Besides catering to the local market, the SC has penetrated into other countries. With the contribution of both local and overseas customers, the SC is likely to be exposed to lower commercial risk. Hence, we believe that the SC has better business expansion opportunities in the future. The SC's business operation is supported by 6 employees. The SC has a good management capability. Its capable management team has enabled the SC to keep its business on going. Hence, the future prospect of the SC is bright.


The SC's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. However, the SC manage to generate a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. 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 31,846,861, 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. Investigation revealed that the SC's supplies are 100% sourced from overseas countries. As an imported oriented company, its forex exposure is high. The SC faces foreign currency fluctuation which may affect its overall operating costs.


We regard that the SC's overall payment habit is prompt. The SC had a favourable creditors' ratio as evidenced by its favourable collection days.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.


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



PROFIT AND LOSS ACCOUNT

 

 

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

 

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

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.61.49

UK Pound

1

Rs.98.71

Euro

1

Rs.84.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.