MIRA INFORM REPORT

 

 

Report Date :

16.09.2013

 

IDENTIFICATION DETAILS

 

Name :

KCTEX INTERNATIONAL LIMITED

 

 

Registered Office :

6, Shenton Way, 24-09, Oue Down Town 2, 068809,

 

 

Country :

Singapore.

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

19.07.2006

 

 

Com. Reg. No.:

200610550-N

 

 

Legal Form :

Public (Limited By Share)

 

 

Line of Business :

Trading & Import And Export of Fabrics, Fibre, Polyster Chips And Yarn

 

 

No. of Employees :

20 [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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200610550-N

COMPANY NAME

:

KCTEX INTERNATIONAL LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

19/07/2006

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

6, SHENTON WAY, 24-09, OUE DOWN TOWN 2, 068809, SINGAPORE.

BUSINESS ADDRESS

:

6 SHENTON WAY,#24-09, OUE DOWN TOWN 2, 068809, SINGAPORE.

TEL.NO.

:

65-63255755

FAX.NO.

:

65-63254232

EMAIL

:

INFO@KCTEX.COM.SG

WEB SITE

:

WWW.KCTEXINTERNATIONAL.COM

CONTACT PERSON

:

RANGAREDDY JAYACHANDRAN ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING & IMPORT AND EXPORT OF FABRICS, FIBRE, POLYSTER CHIPS AND YARN

 

 

 

ISSUED AND PAID UP CAPITAL

:

9,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 9,000,000.00

 

 

 

SALES

:

USD 349,513,543 [2012]

NET WORTH

:

USD 32,762,864 [2012]

 

 

 

STAFF STRENGTH

:

20 [2013]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

As a public limited company, the SC must have at least one shareholder but there is no limit on the maximum number of shareholders. The SC must have at least two directors. A public 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. The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) trading & import and export of fabrics, fibre, polyster chips and yarn.

The immediate holding company of the SC is PATTERSON INVESTMENTS LIMITED, a company incorporated in MAURITIUS.

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

PATTERSON INVESTMENTS LIMITED

IFS COURT, TWENTYEIGHT CYBERCITY, EBENE, MAURITIUS.

T06UF1948H

9,000,000.00

100.00

 

 

 

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

------

 

 

 

9,000,000.00

100.00

 

 

 

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

011003

BRAZIL

KCTEX BRASIL ASSESSORIAL LTD

100.00

30/06/2012

 

 

 

 

 

0186274

CANADA

KCTEX CANADA

100.00

30/06/2012

 

 

 

 

 

011007

DENMARK

KCTEX DENMARK

100.00

30/06/2012

 

 

 

 

 

011002

SOUTH AFRICA

KCTEX SOUTH AFRICA PTY LTD

100.00

30/06/2012

 

 

 

 

 

011066

UNITED STATES

KC FABRICS INC

100.00

30/06/2012

 

 

 

 

 

011066

UNITED STATES

KC TEX INC

100.00

30/06/2012

 

 

 

 

 

011113

INDONESIA

PT KARYA INDO ENERGI

99.00

30/06/2012

 

 

 

 

 

011065

INDIA

KEWALRAM TEXTILES PVT LTD

96.00

30/06/2012

 

 

 

 

 

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

RANGAREDDY JAYACHANDRAN

Address

:

3, GRANGE GARDEN, 09-01, GRANGE, THE, 249633, SINGAPORE.

IC / PP No

:

S2220352E

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/07/2006

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

PARASURAMAN RAMESH

Address

:

1, TANJONG RHU ROAD, 20-01, WATERSIDE, THE, 436879, SINGAPORE.

IC / PP No

:

S2683858D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/06/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

THIYAGARAJAN ANAIYAMPATTI SIVASWAMY

Address

:

335, BUKIT TIMAH ROAD, 05-01, WING ON LIFE GARDEN, 259718, SINGAPORE.

IC / PP No

:

S2680972Z

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/07/2006

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

RANGAREDDY JAYACHANDRAN

 

Position

:

DIRECTOR

 

 

 

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

NATHANIEL CHELVARAJAH VANNIASINGHAM

 

IC / PP No

:

S0158629G

 

 

 

 

 

Address

:

501D, WELLINGTON CIRCLE, 10-80, 754501, 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

:

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

[

 

]

 

Good 31-60 Days

[

X

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 



CLIENTELE

 

Local

:

NO

 

 

 

 

 

Overseas

:

YES

Percentage

:

100%

 

 

 

 

 

 

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)
ELECTRONIC TRANSFER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

FABRICS, FIBRE, POLYSTER CHIPS AND YARN

 

 

 

 

 

Total Number of Employees:

YEAR

2013

2010

 

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

20

17

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) trading & import and export of fabrics, fibre, polyster chips and yarn.

SC product portfolio has established us amongst the leaders in every arena that they are in

SC's strategy begins with a passion for the products we provide and a deep understanding of our customers.

The SC import and export the following products:

* Yarn
* Fabric
* Embroidery
* Home textiles


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63255755

Match

:

N/A

 

 

 

Address Provided by Client

:

6 SHENTON WAY DBS BUILDING TOWER 2 24-09 SINGAPORE 068809 SINGAPORE

Current Address

:

6 SHENTON WAY,#24-09, OUE DOWN TOWN 2, 068809, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


On 6th September 2013 we contacted one of the staff from the SC and she provided some information on the SC.

The address provided is incorrect.

The SC refused to disclose its bankers information.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Decreased

[

2.51%

]

 

Profit/(Loss) Before Tax

:

Decreased

[

19.99%

]

 

Return on Shareholder Funds

:

Favourable

[

30.54%

]

 

Return on Net Assets

:

Favourable

[

39.01%

]

 

 

 

 

 

 

 

 

The lower turnover could be due to the unfavourable market conditions.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

:

Favourable

[

21 Days

]

 

Debtor Ratio

:

Favourable

[

52 Days

]

 

Creditors Ratio

:

Favourable

[

13 Days

]

 

 

 

 

 

 

 

 

The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Favourable

[

1.19 Times

]

 

Current Ratio

:

Unfavourable

[

1.52 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

[

10.01 Times

]

 

Gearing Ratio

:

Favourable

[

0.00 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 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 performance deteriorated over the years with lower turnover and profit. 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 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 : 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 :

TRADING

 

 

 

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

 

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

 

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

 

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

 

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2006, the SC is a Public Limited Company, focusing on trading & import and export of fabrics, fibre, polyster chips and yarn. Having been in business for more than 5 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.

The SC focuses only on overseas market. This global approach has enabled the SC to generate a better growth sales. Being an export-oriented company, the SC however is subjected to certain inherent risk of global economy slowdown, foreign currencies fluctuations and stiff competition in the international market. Being a small company, the SC's business operation is supported by 20 employees. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

The SC's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. Based on the higher profitability, the SC has generated 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. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 32,762,864, 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.

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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

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

 




 

PROFIT AND LOSS ACCOUNT

 

 

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

KCTEX INTERNATIONAL LIMITED

 

Financial Year End

2012-06-30

2011-06-30

Months

12

12

Consolidated Account

GROUP

GROUP

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

 

 

 

TURNOVER

349,513,543

358,496,066

Other Income

28,830

6,233

 

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

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

Total Turnover

349,542,373

358,502,299

Costs of Goods Sold

<329,206,529>

<335,554,969>

 

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

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

Gross Profit

20,335,844

22,947,330

 

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

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

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

11,504,974

14,379,315

 

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

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

PROFIT/(LOSS) BEFORE TAXATION

11,504,974

14,379,315

Taxation

<1,487,254>

<1,731,792>

 

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

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

PROFIT/(LOSS) AFTER TAXATION

10,017,720

12,647,523

Minority interests

<12,803>

<7,942>

 

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

10,004,917

12,639,581

 

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

10,004,917

12,639,581

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

As previously reported

22,084,585

12,445,004

 

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

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

As restated

22,084,585

12,445,004

 

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

32,089,502

25,084,585

DIVIDENDS - Preference

<8,000,000>

<3,000,000>

 

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

24,089,502

22,084,585

 

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

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

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

Others

1,276,344

1,322,983

 

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

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

 

1,276,344

1,322,983

 

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

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

 

 

BALANCE SHEET

 

 

 

 

ASSETS EMPLOYED:

 

 

FIXED ASSETS

671,719

630,381

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

Investments

2,004

2,137

Deferred assets

129,097

312,427

 

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

131,101

314,564

 

 

 

 

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

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

TOTAL LONG TERM ASSETS

802,820

944,945

 

 

 

CURRENT ASSETS

 

 

Stocks

20,324,643

32,511,243

Trade debtors

49,606,758

48,285,799

Other debtors, deposits & prepayments

1,087,831

4,108,866

Cash & bank balances

22,232,486

21,426,197

 

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

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

TOTAL CURRENT ASSETS

93,251,718

106,332,105

 

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

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

TOTAL ASSET

94,054,538

107,277,050

 

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

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

 

 

 

CURRENT LIABILITIES

 

 

Trade creditors

11,707,829

26,394,258

Other creditors & accruals

4,789,478

5,985,277

Provision for taxation

965,775

1,429,022

Other liabilities

43,828,592

42,549,230

 

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

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

TOTAL CURRENT LIABILITIES

61,291,674

76,357,787

 

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

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

NET CURRENT ASSETS/(LIABILITIES)

31,960,044

29,974,318

 

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

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

TOTAL NET ASSETS

32,762,864

30,919,263

 

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

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

 

 

 

SHARE CAPITAL

 

 

Ordinary share capital

9,000,000

9,000,000

 

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

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

TOTAL SHARE CAPITAL

9,000,000

9,000,000

 

 

 

RESERVES

 

 

Exchange equalisation/fluctuation reserve

<364,930>

<195,485>

Retained profit/(loss) carried forward

24,089,502

22,084,585

 

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

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

TOTAL RESERVES

23,724,572

21,889,100

 

 

 

MINORITY INTEREST

38,292

30,163

 

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

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

SHAREHOLDERS' FUNDS/EQUITY

32,762,864

30,919,263

 

 

 

 

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

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

 

32,762,864

30,919,263

 

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

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

 

 

FINANCIAL RATIO

 

 

 

 

TYPES OF FUNDS

 

 

Cash

22,232,486

21,426,197

Net Liquid Funds

22,232,486

21,426,197

Net Liquid Assets

11,635,401

<2,536,925>

Net Current Assets/(Liabilities)

31,960,044

29,974,318

Net Tangible Assets

32,762,864

30,919,263

Net Monetary Assets

11,635,401

<2,536,925>

BALANCE SHEET ITEMS

 

 

Total Borrowings

0

0

Total Liabilities

61,291,674

76,357,787

Total Assets

94,054,538

107,277,050

Net Assets

32,762,864

30,919,263

Net Assets Backing

32,762,864

30,919,263

Shareholders' Funds

32,762,864

30,919,263

Total Share Capital

9,000,000

9,000,000

Total Reserves

23,724,572

21,889,100

LIQUIDITY (Times)

 

 

Cash Ratio

0.36

0.28

Liquid Ratio

1.19

0.97

Current Ratio

1.52

1.39

WORKING CAPITAL CONTROL (Days)

 

 

Stock Ratio

21

33

Debtors Ratio

52

49

Creditors Ratio

13

29

SOLVENCY RATIOS (Times)

 

 

Gearing Ratio

0.00

0.00

Liabilities Ratio

1.87

2.47

Times Interest Earned Ratio

10.01

11.87

Assets Backing Ratio

3.64

3.44

PERFORMANCE RATIO (%)

 

 

Operating Profit Margin

3.29

4.01

Net Profit Margin

2.86

3.53

Return On Net Assets

39.01

50.78

Return On Capital Employed

38.97

50.74

Return On Shareholders' Funds/Equity

30.54

40.88

Dividend Pay Out Ratio (Times)

0.00

0.00

NOTES TO ACCOUNTS

 

 

Contingent Liabilities

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.78

UK Pound

1

Rs.100.70

Euro

1

Rs.84.66

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.