MIRA INFORM REPORT

 

 

Report Date :

06.09.2013

 

IDENTIFICATION DETAILS

 

Name :

HUNTSMAN (SINGAPORE) PTE LTD 

 

 

Registered Office :

150, Beach Road, 37-00, Gateway West, 189720

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

29.06.2000

 

 

Com. Reg. No.:

200005669-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturing of Specialty Chemical Products & Investment Holding.

 

 

No. of Employees :

Not Available

 

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

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200005669-C

COMPANY NAME

:

HUNTSMAN (SINGAPORE) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

29/06/2000

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

150, BEACH ROAD, 37-00, GATEWAY WEST, 189720, SINGAPORE.

BUSINESS ADDRESS

:

150, BEACH ROAD, 37-00, GATEWAY WEST, 189720, SINGAPORE.

TEL.NO.

:

65-63900315

FAX.NO.

:

65-62963368

WEB SITE

:

WWW.HUNTSMAN.COM

CONTACT PERSON

:

PANG AI CHEE ( DIRECTOR )

 

 

 

PRINCIPAL ACTIVITY

:

MANUFACTURING OF SPECIALTY CHEMICAL PRODUCTS & INVESTMENT HOLDING

 

 

 

ISSUED AND PAID UP CAPITAL

:

12,630,230.00 ORDINARY SHARE, OF A VALUE OF SGD 12,630,230.00

SALES

:

USD 340,098,424 [2012]

NET WORTH

:

USD 31,378,625 [2012]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

FAIR

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

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) manufacturing of specialty chemical products & investment holding.

The immediate holding company of the SC is HUNTSMAN INVESTMENTS (NETHERLANDS) B.V., a company incorporated in NETHERLANDS.

The ultimate holding company of the SC is HUNTSMAN CORPORATION, a company incorporated in UNITED STATES.

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

HUNTSMAN INVESTMENTS (NETHERLANDS) B.V.

MERSEYWEG 10 3197 KG BOTLEK, ROTTERDAM, NETHERLANDS.

S95UF0726

12,630,230.00

100.00

 

 

 

12,630,230.00

100.00

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

PAN LU-MIN @ KENNY PAN

Address

:

10-8, 4F-1, LANE 42, ALLEY 180, MIN CHUAN EAST ROAD SECTION 6, TAIPEI CITY, TAIWAN.

IC / PP No

:

216480376

 

 

 

 

 

 

 

 

 

Nationality

:

CHINESE

Date of Appointment

:

23/08/2011

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

PANG AI CHEE

Address

:

51, HILLVIEW AVENUE, 04-06, HILLINGTON GREEN, 669565, SINGAPORE.

IC / PP No

:

S1346928H

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

29/04/2002

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

PAUL GRAHAM HULME

Address

:

138, GRANGE ROAD, 04-02, PARKVIEW ECLAT, 249617, SINGAPORE.

IC / PP No

:

G6262999T

 

 

 

 

 

 

 

 

 

Nationality

:

BRITISH

Date of Appointment

:

18/09/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

STEPHEN JAMES STILLIARD

Address

:

10 PRINSEP LINK, 12-09, SUNSHINE PLAZA, 187948, SINGAPORE.

IC / PP No

:

S2767878E

 

 

 

 

 

 

 

 

 

Nationality

:

BRITISH

Date of Appointment

:

23/06/2005

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

PANG AI CHEE

 

Position

:

DIRECTOR

 

 

 

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN KOK CHYE

 

IC / PP No

:

S0165806I

 

 

 

 

 

Address

:

35, GOODMAN ROAD, 438998, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 



ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

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

:

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

[

 

]

 

Fair 91-120 Days

[

X

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

SPECIALTY CHEMICAL PRODUCTS

 

 

 

Services

:

INVESTMENT HOLDING

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacturing of specialty chemical products & investment holding. 

Huntsman is a global manufacturer and marketer of differentiated chemicals. 


Its Group manufactures products for a variety of global Industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. 



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

65 62973363

Current Telephone Number

:

65-63900315

Match

:

NO

 

 

 

Address Provided by Client

:

150 BEACH ROAD NO. 37-00 GATEWAY WEST SINGAPORE 18920

Current Address

:

150, BEACH ROAD, 37-00, GATEWAY WEST, 189720, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


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


The SC refused to reveal its number of employees and its bankers.


The address provided is incorrect.



FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2010 - 2012

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2012

]

 

Return on Shareholder Funds

:

Unfavourable

[

<8.94%>

]

 

Return on Net Assets

:

Unfavourable

[

<3.96%>

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.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

[

62 Days

]

 

Debtor Ratio

:

Acceptable

[

59 Days

]

 

Creditors Ratio

:

Unfavourable

[

103 Days

]

 

 

 

 

 

 

 

 

The SC kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. 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 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

:

Unfavourable

[

0.66 Times

]

 

Current Ratio

:

Unfavourable

[

1.17 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

[

<1.72 Times>

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The SC incurred losses in the year. It did not generate sufficient income to service its interest. If the situation does not improve, the SC may be vulnerable to default in servicing the interest. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

The SC's losses increased but its turnover showed a fluctuating trend. This indicate the SC was slowly losing its market share due to its competitors. 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. The SC's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.

 

 

 

 

 

 

 

Overall financial condition of the SC : LIMITED

 

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 2000, the SC is a Private Limited company, focusing on manufacturing of specialty chemical products & investment holding. Having been in the industry for over a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect.

 
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. 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. 

Despite the higher turnover, the SC suffered pre-tax losses which reflected a highly competitive business environment. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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. A zero gearing ratio indicates that the SC is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 31,378,625, 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 supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials.

 
The SC's overall payment habit is fair and this clearly implied a weak credit control of the SC. 

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 normally.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

Months

12

12

12

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

FULL

Currency

USD

USD

USD

 

 

 

 

TURNOVER

340,098,424

339,605,269

357,345,299

 

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

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

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

Total Turnover

340,098,424

339,605,269

357,345,299

Costs of Goods Sold

<294,085,315>

<291,237,011>

<310,447,026>

 

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

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

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

Gross Profit

46,013,109

48,368,258

46,898,273

 

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

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

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

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

<3,495,281>

2,665,020

17,140,917

 

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

<3,495,281>

2,665,020

17,140,917

Taxation

688,881

<454,383>

322,676

 

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

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

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

PROFIT/(LOSS) AFTER TAXATION

<2,806,400>

2,210,637

17,463,593

 

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

As previously reported

26,276,439

24,065,802

6,602,209

 

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

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

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

As restated

26,276,439

24,065,802

6,602,209

 

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

23,470,039

26,276,439

24,065,802

RETAINED PROFIT/(LOSS) CARRIED FORWARD

23,470,039

26,276,439

24,065,802

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

Others

1,283,947

1,236,698

-

 

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

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

 

 

1,283,947

1,236,698

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

 

 

 

FIXED ASSETS

36,848,089

38,405,953

35,444,073

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

Deferred assets

220,291

-

949,000

Others

159,239

159,239

159,239

 

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

379,530

159,239

1,108,239

 

 

 

 

 

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

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

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

TOTAL LONG TERM ASSETS

37,227,619

38,565,192

36,552,312

 

 

 

 

CURRENT ASSETS

 

 

 

Stocks

57,454,922

63,429,576

60,497,327

Trade debtors

55,119,476

42,254,035

51,374,138

Other debtors, deposits & prepayments

1,229,757

1,344,282

1,572,040

Amount due from related companies

15,415,079

15,165,572

23,511,740

Cash & bank balances

1,614,494

1,747,655

1,118,261

Others

331,286

461,667

-

 

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

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

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

TOTAL CURRENT ASSETS

131,165,014

124,402,787

138,073,506

 

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

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

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

TOTAL ASSET

168,392,633

162,967,979

174,625,818

 

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

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

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

 

 

 

 

CURRENT LIABILITIES

 

 

 

Trade creditors

83,107,712

89,585,845

104,962,599

Other creditors & accruals

15,481,786

10,906,461

10,128,783

Amounts owing to related companies

13,896,696

4,173,728

2,872,298

Provision for taxation

-

-

574,739

 

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

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

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

TOTAL CURRENT LIABILITIES

112,486,194

104,666,034

118,538,419

 

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

18,678,820

19,736,753

19,535,087

 

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

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

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

TOTAL NET ASSETS

55,906,439

58,301,945

56,087,399

 

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

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

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

 

 

 

 

SHARE CAPITAL

 

 

 

Ordinary share capital

7,908,586

7,908,586

7,908,586

 

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

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

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

TOTAL SHARE CAPITAL

7,908,586

7,908,586

7,908,586

 

 

 

 

RESERVES

 

 

 

Retained profit/(loss) carried forward

23,470,039

26,276,439

24,065,802

 

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

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

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

TOTAL RESERVES

23,470,039

26,276,439

24,065,802

 

 

 

 

 

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

31,378,625

34,185,025

31,974,388

 

 

 

 

LONG TERM LIABILITIES

 

 

 

Retirement benefits provision

59,970

30,643

22,861

Others

24,467,844

24,086,277

24,090,150

 

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

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

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

TOTAL LONG TERM LIABILITIES

24,527,814

24,116,920

24,113,011

 

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

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

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

 

55,906,439

58,301,945

56,087,399

 

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

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

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

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

 

 

 

Cash

1,614,494

1,747,655

1,118,261

Net Liquid Funds

1,614,494

1,747,655

1,118,261

Net Liquid Assets

<38,776,102>

<43,692,823>

<40,962,240>

Net Current Assets/(Liabilities)

18,678,820

19,736,753

19,535,087

Net Tangible Assets

55,906,439

58,301,945

56,087,399

Net Monetary Assets

<63,303,916>

<67,809,743>

<65,075,251>

BALANCE SHEET ITEMS

 

 

 

Total Borrowings

0

0

0

Total Liabilities

137,014,008

128,782,954

142,651,430

Total Assets

168,392,633

162,967,979

174,625,818

Net Assets

55,906,439

58,301,945

56,087,399

Net Assets Backing

31,378,625

34,185,025

31,974,388

Shareholders' Funds

31,378,625

34,185,025

31,974,388

Total Share Capital

7,908,586

7,908,586

7,908,586

Total Reserves

23,470,039

26,276,439

24,065,802

LIQUIDITY (Times)

 

 

 

Cash Ratio

0.01

0.02

0.01

Liquid Ratio

0.66

0.58

0.65

Current Ratio

1.17

1.19

1.16

WORKING CAPITAL CONTROL (Days)

 

 

 

Stock Ratio

62

68

62

Debtors Ratio

59

45

52

Creditors Ratio

103

112

123

SOLVENCY RATIOS (Times)

 

 

 

Gearing Ratio

0.00

0.00

0.00

Liabilities Ratio

4.37

3.77

4.46

Times Interest Earned Ratio

<1.72>

3.15

0.00

Assets Backing Ratio

7.07

7.37

4.44

PERFORMANCE RATIO (%)

 

 

 

Operating Profit Margin

<1.03>

0.78

4.80

Net Profit Margin

<0.83>

0.65

4.89

Return On Net Assets

<3.96>

6.69

30.56

Return On Capital Employed

<3.96>

6.69

30.56

Return On Shareholders' Funds/Equity

<8.94>

6.47

54.62

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

NOTES TO ACCOUNTS

 

 

 

Contingent Liabilities

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 66.04

UK Pound

1

Rs. 103.11

Euro

1

Rs. 86.99

 

 

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.