MIRA INFORM REPORT

 

 

Report Date :

12.09.2013

 

IDENTIFICATION DETAILS

 

Name :

Kothari Products singapore Private Limited 

 

 

Registered Office :

101 Cecil Street # 11-01 Tong Eng Building Singapore 069533

 

 

Country :

Singapore

 

 

Financials (as on) :

March, 2012

 

 

Date of Incorporation :

21.05.2008

 

 

Com. Reg. No.:

200809977K

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers and Exporters)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

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

Company name and address

 

Company Name:

Registered Number:

KOTHARI PRODUCTS SINGAPORE PRIVATE LIMITED

200809977K

 

Date Incorporated:

Registered Office:

Telephone Number:

21/05/2008

101 CECIL STREET #11-01 TONG ENG BUILDING SINGAPORE 069533

62232216

Age of Company:

Website:

Industry Type:

5

NA

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

NA

The entity is paying current to the creditors

No. of Charges(s):

0

Industry DTC

 

36

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

KOTHARI PRODUCTS LIMITED

Number that are shareholders

2

No. of Subsidiaries & Associated Companies:

1

 

 

EXECUTIVE SUMMARY

 

Company Name

:

KOTHARI PRODUCTS SINGAPORE PRIVATE LIMITED

Registration No

:

200809977K

Date of Registration

:

21/05/2008

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

101 CECIL STREET #11-01 TONG ENG BUILDING SINGAPORE 069533

Date of Change of Address

:

19/04/2013

Contact No.

:

62232216

Fax No.

:

62239921

Website

:

NA

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

2. BUSINESS AND MANAGEMENT CONSULTANCY SERVICES

Issued Ordinary Capital*

:

$10,000,020.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 10,000,020

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$10,000,020.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

1

No. of Local Associates

:

NA

Auditor

:

T RAVI & CO.

Bankers / Financiers

:

UNITED OVERSEAS BANK LIMITED

HABIB BANK LIMITED

DBS BANK LTD.

CITIBANK N.A.

INDIAN BANK

INDIAN OVERSEAS BANK

BANK OF INDIA

Turnover

:

SGD - SIN 88,763,958.00 (FY2012)

Net Worth

:

SGD - SIN 12,376,563.00 (FY2012)

No. of Bank Charges

:

0

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

KOTHARI PRODUCTS LIMITED

SHAREHOLDER ID

:

T08UF2112B

NATIONALITY

:

NA

ADDRESS

:

24/19, PAN PARAG HOUSE THE MALL, KANPURE-208001

NO. OF ORD SHARES

:

10,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

SOMESH GANERIWAL

SHAREHOLDER ID

:

S2769756I

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

82 JALAN DAUD #07-04 WINDY HEIGHTS SINGAPORE 419592

NO. OF ORD SHARES

:

20

% OF SHAREHOLDING

:

0%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

SENTHILNATHAN VISWANATHAN

ADDRESS

:

101 CECIL STREET #20-11 TONG ENG BUILDING SINGAPORE 069533

POSITION

:

DIRECTOR

DATE OF APPT

:

16/08/2011

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2687325H

 

NAME

:

SOMESH GANERIWAL

ADDRESS

:

82 JALAN DAUD #07-04 WINDY HEIGHTS SINGAPORE 419592

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

23/09/2010

16/08/2011

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2769756I

 

NAME

:

DEEPAK KOTHARI

ADDRESS

:

24/19, THE MALL KANPUR-208001, INDIA

POSITION

:

DIRECTOR

DATE OF APPT

:

21/05/2008

NATIONALITY

:

INDIAN

I/C PASSPORT

:

Z1174842

 

 

KEY PERSONNEL PROFILE

 

Name:

SOMESH GANERIWAL

NRIC Number:

S2769756I

Available Address:

82 JALAN DAUD #07-04 WINDY HEIGHTS  SINGAPORE 419592

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

No Trace

 

 

 

 

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

KOTHARI PRODUCTS SINGAPORE PRIVATE LIMITED

LIVE COMPANY

SHAREHOLDER

-

22/03/2013

 

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

PINEHILLS (SINGAPORE) PTE. LTD.

100

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 12 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201209627

 

Date of Registration

:

24/08/2012

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

2)

Charge No.

:

C201209625

 

Date of Registration

:

24/08/2012

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

3)

Charge No.

:

C201208154

 

Date of Registration

:

20/07/2012

 

Chargee

:

HABIB BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 PHILLIP STREET #01-03 COMMERCE POINT SINGAPORE 048693

 

4)

Charge No.

:

C201208148

 

Date of Registration

:

20/07/2012

 

Chargee

:

HABIB BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 PHILLIP STREET #01-03 COMMERCE POINT SINGAPORE 048693

 

5)

Charge No.

:

C201206098

 

Date of Registration

:

05/06/2012

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

6)

Charge No.

:

C201206097

 

Date of Registration

:

05/06/2012

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

 

 

 

7)

Charge No.

:

C201205384

 

Date of Registration

:

17/05/2012

 

Chargee

:

CITIBANK N.A.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 TEMASEK AVENUE #12-00 CENTENNIAL TOWER SINGAPORE 039190

 

8)

Charge No.

:

C201205380

 

Date of Registration

:

17/05/2012

 

Chargee

:

CITIBANK N.A.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 TEMASEK AVENUE #12-00 CENTENNIAL TOWER SINGAPORE 039190

 

9)

Charge No.

:

C201204804

 

Date of Registration

:

03/05/2012

 

Chargee

:

INDIAN BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

10)

Charge No.

:

C201110639

 

Date of Registration

:

25/08/2011

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

64 CECIL STREET IOB BUILDING SINGAPORE 049711

 

11)

Charge No.

:

C201110638

 

Date of Registration

:

25/08/2011

 

Chargee

:

INDIAN OVERSEAS BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

64 CECIL STREET IOB BUILDING SINGAPORE 049711

 

12)

Charge No.

:

C200807142

 

Date of Registration

:

01/08/2008

 

Chargee

:

BANK OF INDIA

 

Amount Secured  and Currency

:

All Monies

 

Address

:

138 ROBINSON ROAD #01-01/02-01/03-01 THE CORPORATE OFFICE SINGAPORE 068906

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

31/08/2012

Date of Last AR

:

06/09/2012

Date of A/C Laid At Last AGM

:

31/03/2012

 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

MAR 2012

% Change

MAR 2011

Currency

SGD - SIN

 

SGD - SIN

Profit and Loss Key Figures

 

 

 

Turnover

88,763,958

26.66

70,082,901

Profit/(Loss) Before Tax

1,439,333

7.74

1,335,929

Profit After Tax attributable to Shareholders

1,144,559

0.81

1,135,401

 

 

 

 

Balance Sheet Key Figures

 

 

 

Total Assets

60,324,565

295.79

15,241,501

Current Assets

36,954,196

142.83

15,218,184

Non Current Assets

23,370,369

100,128.88

23,317

 

 

 

 

Total Liabilities

47,948,001

439.67

8,884,608

Current Liabilities

35,168,970

295.84

8,884,608

Non Current Liabilities

12,779,031

NA

0

 

 

 

 

Shareholders' Funds

12,376,563

94.70

6,356,893

Share Capital

9,525,942

89.60

5,024,149

Total Reserves

2,850,621

113.89

1,332,744

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2012

MAR 2011

Growth %

 

 

Year-on-Year Growth

26.66

NA

 

 

 

Profitability

 

 

Profit Margin (%)

1.29

1.62

Return on Equity (%)

9.25

17.86

Return on Assets (%)

1.90

7.45

 

 

 

Leverage

 

 

Total Debt/Equity (Times)

3.87

1.40

Current Debt/Equity (Times)

2.84

1.40

Long Term Debt To Equity (Times)

1.03

NA

Total Asset To Total Equity (Times)

4.87

2.40

 

 

 

Asset Management

 

 

Total Assets Turnover (Times)

1.47

4.60

Fixed Assets Turnover (Times)

3.80

3,005.66

 

 

 

Liquidity

 

 

Current Ratio (Times)

1.05

1.71

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2012

% Change

MAR 2011

MAR 2010

MAR 2009

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

88,763,958

26.66

70,082,901

20,833,819

1,825,920

Profit/(Loss) Before Tax

1,758,838

31.66

1,335,929

189,002

43,542

Profit After Tax attributable

 to Shareholders

1,464,064

28.95

1,135,401

173,326

38,916

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

46,479,421

204.95

15,241,501

7,878,301

2,015,919

Current Assets

34,513,633

126.79

15,218,184

7,871,172

2,015,919

Non Current Assets

11,965,788

51,217.87

23,317

7,129

0

 

 

 

 

 

 

Total Liabilities

34,233,947

285.32

8,884,608

6,683,654

982,267

Current Liabilities

34,233,947

285.32

8,884,608

6,683,654

982,267

Non Current Liabilities

0

NA

0

0

0

 

 

 

 

 

 

Shareholders' Funds

12,245,475

92.63

6,356,893

1,194,647

1,033,653

Share Capital

9,525,942

89.60

5,024,149

982,869

994,737

Total Reserves

2,719,533

104.06

1,332,744

211,778

38,916

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2012

MAR 2011

MAR 2010

MAR 2009

Growth %

 

 

 

 

Year-on-Year Growth

26.66

236.39

1,041.00

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

1.65

1.62

0.83

2.13

Return on Equity (%)

11.96

17.86

14.51

3.76

Return on Assets (%)

3.15

7.45

2.20

1.93

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

2.80

1.40

5.59

0.95

Current Debt/Equity (Times)

2.80

1.40

5.59

0.95

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

3.80

2.40

6.59

1.95

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

1.91

4.60

2.64

0.91

Fixed Assets Turnover (Times)

7.42

3,005.66

2,922.40

0.00

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.01

1.71

1.18

2.05

 

 

FINANCIAL COMMENTARY

 

Profitability

The group yielded a rate of net profit on sales of 1.29 per cent in FY12 (FY11: 1.62 per cent). The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.02 a year ago.

 

Liquidity

 

Current ratio stood at 1.05 times in FY12 (FY11: 1.71 times). This means that the group has SGD - SIN 1.05 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 3.87 times in FY12, as compared with 1.40 times in FY11. This means that the group requires additional external financing of SGD - SIN 3.87 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 9.25 per cent for Subject in the current financial period, as compared to 17.86 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 1.90 per cent (FY11: 7.45 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 1.47 times in FY12 (FY11: 4.60 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.90

UK Pound

1

Rs.100.47

Euro

1

Rs.84.65

 

 

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.