|
Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
FINE DIAMOND PTE LTD |
|
|
|
|
Registered Office : |
101, Cecil Street, 25-11, Tong Eng Building, 069533 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
01.06.1981 |
|
|
|
|
Com. Reg. No.: |
198102429-R |
|
|
|
|
Legal Form : |
Exempt Private Company |
|
|
|
|
Line of Business : |
trader of jewellery |
|
|
|
|
No. of Employees : |
06 [2013] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 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. |
: |
198102429-R |
||||
|
COMPANY NAME |
: |
FINE DIAMOND PTE
LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
01/06/1981 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
EXEMPT PRIVATE |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
101, CECIL STREET, 25-11, TONG ENG
BUILDING, 069533, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
101, CECIL STREET, 25-11, TONG ENG
BUILDING, 069533, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62257444 |
||||
|
FAX.NO. |
: |
65-62256667 |
||||
|
CONTACT PERSON |
: |
BAKUL RAMNIKLAL PARIKH ( MANAGING DIRECTOR
) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF JEWELLERY |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
2,500,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 2,500,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
SGD 51,075,396 [2011] |
||||
|
NET WORTH |
: |
SGD 3,689,262 [2011] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
6 [2013] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The SC is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the SC has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the SC is able to meet all its obligations as and when they fall due. The SC is not required to have their accounts audited. However, the SC will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .
The SC is principally engaged in the (as a / as an) trading of jewellery.
The major shareholder(s) of the SC are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. BAKUL RAMNIKLAL PARIKH + |
48, LAKESHORE VIEW, 098154, SINGAPORE. |
S2223347E |
2,460,000.00 |
98.40 |
|
WASTI BAKUL PARIKH + |
48, LAKESHORE VIEW, 098154, SINGAPORE. |
S2553487E |
40,000.00 |
1.60 |
|
|
|
|
--------------- |
------ |
|
|
|
|
2,500,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
KARAN PARIKH |
|
Address |
: |
48, LAKESHORE VIEW, 098154, SINGAPORE. |
|
IC / PP No |
: |
S8870026J |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
02/01/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
WASTI BAKUL PARIKH |
|
Address |
: |
48, LAKESHORE VIEW, 098154, SINGAPORE. |
|
IC / PP No |
: |
S2553487E |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
17/03/1995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. BAKUL RAMNIKLAL PARIKH |
|
Address |
: |
48, LAKESHORE VIEW, 098154, SINGAPORE. |
|
IC / PP No |
: |
S2223347E |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/06/1981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
BAKUL RAMNIKLAL PARIKH |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
MGI MENNON & ASSOCIATES |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
THIYAGARAJAN MURUGESAN |
|
|
IC / PP No |
: |
S7064651Z |
|
|
|
|
|
|
|
Address |
: |
644, ANG MO KIO AVENUE 4, 02-850, 098154,
SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
STANDARD CHARTERED BANK |
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C200700476 |
17/01/2007 |
N/A |
STANDARD CHARTERED BANK |
N/A |
Unsatisfied |
|
C200700477 |
17/01/2007 |
N/A |
STANDARD CHARTERED BANK |
N/A |
Unsatisfied |
|
C200702901 |
17/04/2007 |
N/A |
STANDARD CHARTERED BANK |
N/A |
Unsatisfied |
|
C200702902 |
17/04/2007 |
N/A |
STANDARD CHARTERED BANK |
N/A |
Unsatisfied |
|
C200702903 |
17/04/2007 |
N/A |
STANDARD CHARTERED BANK |
N/A |
Unsatisfied |
|
C200702904 |
17/04/2007 |
N/A |
STANDARD CHARTERED BANK |
N/A |
Unsatisfied |
|
C200702906 |
17/04/2007 |
N/A |
STANDARD CHARTERED BANK |
N/A |
Unsatisfied |
|
C200702907 |
17/04/2007 |
N/A |
STANDARD CHARTERED BANK |
N/A |
Unsatisfied |
* A check has been conducted in our databank against 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 |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
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 |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|
||
|
|
|
|
|
||
|
Overseas |
: |
YES |
|
||
|
|
|
|
|
||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CASH |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
JEWELLERY
|
|
|
|
|
|
|
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) trading of jewellery.
The SC refused to disclose any information on its business operations.
Latest fresh investigations
carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
65 62256667 |
|
Current Telephone Number |
: |
65-62257444 |
|
Match |
: |
NO |
|
|
|
|
|
Address Provided by Client |
: |
25-11 TONG ENGG BUILDING 101 CECIL STREET
SINGAPORE 069533 |
|
Current Address |
: |
101, CECIL STREET, 25-11, TONG ENG
BUILDING, 069533, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other
Investigations
We contacted a staff from
the SC and she provided some information on the SC.
The telephone number provided is the SC's fax line.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
10.34% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
108.25% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
<8.64%> |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
0.25% |
] |
|
|
|
|
|
|
|
|
|
|
The higher turnover could be attributed to
the favourable market condition and the SC could be gaining the market share
progressively.The SC incurred losses during the year due to the inefficient
control of its operating costs. The SC's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Acceptable |
[ |
56 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
252 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
191 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC kept adequate stocks to meet its
normal business transactions without incurring excessive storage costs. The SC's
debtors ratio was high. The SC should tighten its credit control and improve
its collection period. The unfavourable creditors' ratio could be due to the
SC taking advantage of the credit granted by its suppliers. However this may
affect the goodwill between the SC and its suppliers and the SC may
inadvertently have to pay more for its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.22 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.48 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 |
: |
Unfavourable |
[ |
0.34 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.54 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 lowly geared thus it had a low financial risk. The
SC was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the SC being a lowly geared
company, will be able to compete better than those companies which are highly
geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Although the SC's turnover increased its
profits however showed a reverse trend. The losses could be due to the management's
failure to maintain its competitiveness in the market. 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. 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 as a lowly geared company, will be
more secured compared to those highly geared companies. It has the ability to
meet all its long term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : LIMITED |
||||||
|
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 : |
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 |
|
|
Incorporated in
1981, the SC is a Exempt Private company, focusing on trading of jewellery.
With over 2 decades of experience in the business, the SC has fairly rich experiences
in the business and has achieved a certain market share. The capital standing
of the SC is fair. With an adequate share capital, the SC has the potential
of expanding its business in future. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
FINE DIAMOND PTE
LTD |
|
Financial Year End |
2011-03-31 |
2010-03-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
SGD |
SGD |
|
|
|
|
|
TURNOVER |
51,075,396 |
46,287,135 |
|
Other Income |
663,321 |
1,579,612 |
|
|
---------------- |
---------------- |
|
Total Turnover |
51,738,717 |
47,866,747 |
|
Costs of Goods Sold |
<49,762,986> |
<45,007,920> |
|
|
---------------- |
---------------- |
|
Gross Profit |
1,975,731 |
2,858,827 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
<99,249> |
1,203,689 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
<99,249> |
1,203,689 |
|
Taxation |
<219,623> |
<36,000> |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
<318,872> |
1,167,689 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|
|
|
As previously reported |
1,508,134 |
340,445 |
|
|
---------------- |
---------------- |
|
As restated |
1,508,134 |
340,445 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,189,262 |
1,508,134 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,189,262 |
1,508,134 |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
Bank overdraft |
5,775 |
4,902 |
|
Term loan / Borrowing |
58,433 |
44,288 |
|
Others |
85,562 |
88,350 |
|
|
---------------- |
---------------- |
|
|
149,770 |
137,540 |
|
FINE DIAMOND PTE
LTD |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
266,113 |
276,904 |
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
Investment properties |
5,731,898 |
5,861,494 |
|
Investments |
5,000 |
5,000 |
|
Others |
10,461 |
5,427 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
5,747,359 |
5,871,921 |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
6,013,472 |
6,148,825 |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Stocks |
7,782,506 |
11,106,522 |
|
Trade debtors |
35,313,624 |
40,399,195 |
|
Other debtors, deposits & prepayments |
95,413 |
38,423 |
|
Cash & bank balances |
932,814 |
1,673,855 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
44,124,357 |
53,217,995 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
50,137,829 |
59,366,820 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
25,999,060 |
30,995,200 |
|
Other creditors & accruals |
1,517,465 |
1,611,213 |
|
Short term borrowings/Term loans |
2,000,000 |
4,400,000 |
|
Provision for taxation |
214,362 |
43,766 |
|
Other liabilities |
136,559 |
132,528 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
29,867,446 |
37,182,707 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
14,256,911 |
16,035,288 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
20,270,383 |
22,184,113 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
2,500,000 |
2,500,000 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
2,500,000 |
2,500,000 |
|
|
|
|
|
RESERVES |
|
|
|
Retained profit/(loss) carried forward |
1,189,262 |
1,508,134 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
1,189,262 |
1,508,134 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
3,689,262 |
4,008,134 |
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
Others |
16,581,121 |
18,175,979 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
16,581,121 |
18,175,979 |
|
|
---------------- |
---------------- |
|
|
20,270,383 |
22,184,113 |
|
|
============= |
============= |
|
FINE DIAMOND PTE
LTD |
|
TYPES OF FUNDS |
|
|
|
Cash |
932,814 |
1,673,855 |
|
Net Liquid Funds |
932,814 |
1,673,855 |
|
Net Liquid Assets |
6,474,405 |
4,928,766 |
|
Net Current Assets/(Liabilities) |
14,256,911 |
16,035,288 |
|
Net Tangible Assets |
20,270,383 |
22,184,113 |
|
Net Monetary Assets |
<10,106,716> |
<13,247,213> |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
2,000,000 |
4,400,000 |
|
Total Liabilities |
46,448,567 |
55,358,686 |
|
Total Assets |
50,137,829 |
59,366,820 |
|
Net Assets |
20,270,383 |
22,184,113 |
|
Net Assets Backing |
3,689,262 |
4,008,134 |
|
Shareholders' Funds |
3,689,262 |
4,008,134 |
|
Total Share Capital |
2,500,000 |
2,500,000 |
|
Total Reserves |
1,189,262 |
1,508,134 |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
0.03 |
0.05 |
|
Liquid Ratio |
1.22 |
1.13 |
|
Current Ratio |
1.48 |
1.43 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
Stock Ratio |
56 |
88 |
|
Debtors Ratio |
252 |
319 |
|
Creditors Ratio |
191 |
251 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.54 |
1.10 |
|
Liabilities Ratio |
12.59 |
13.81 |
|
Times Interest Earned Ratio |
0.34 |
9.75 |
|
Assets Backing Ratio |
8.11 |
8.87 |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
<0.19> |
2.60 |
|
Net Profit Margin |
<0.62> |
2.52 |
|
Return On Net Assets |
0.25 |
6.05 |
|
Return On Capital Employed |
0.25 |
6.05 |
|
Return On Shareholders' Funds/Equity |
<8.64> |
29.13 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.86 |
|
UK Pound |
1 |
Rs.102.52 |
|
Euro |
1 |
Rs.87.06 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.