|
Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MGA
INTERNATIONAL PTE. LTD. |
|
|
|
|
Formerly Known As : |
MG FORESTS PTE. LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
07.03.2003 |
|
|
|
|
Com. Reg. No.: |
200302074-N |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trdaing of Timber. |
|
|
|
|
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 comaplints |
|
|
|
|
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. The economy
contracted 0.6% in 2009 as a result of the global financial crisis, but
rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to
in 2011-13, 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. 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 |
|
REGISTRATION NO. |
: |
200302074-N |
|
COMPANY NAME |
: |
MGA
INTERNATIONAL PTE. LTD. |
|
FORMER NAME |
: |
MG FORESTS PTE. LTD. (26/09/2007) |
|
INCORPORATION DATE |
: |
07/03/2003 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
1 RAFFLES PLACE, 34-01 ONE RAFFLES PLACE,
048616, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
1 RAFFLES PLACE #34-01 ONE RAFFLES PLACE,,
048616, SINGAPORE. |
|
TEL.NO. |
: |
65-62243982 |
|
FAX.NO. |
: |
65-62243976 |
|
CONTACT PERSON |
: |
GUPTA MUKESH ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
TRADING OF TIMBER |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
4,200,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 4,200,000.00 |
|
|
|
|
|
SALES |
: |
USD 129,136,801 [2013] |
|
NET WORTH |
: |
USD 8,563,540 [2013] |
|
|
|
|
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
The Subject 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 Subject must have at least two directors. A private limited company is a
separate legal entity from its shareholders. As a separate legal entity, the
Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading of
timber.
The immediate and ultimate holding company of the Subject is MGA
CORPORATION PRIVATE LIMITED, a company incorporated in INDIA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
03/07/2014 |
SGD 4,200,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
GUPTA MUKESH + |
2B, RAMSGATE ROAD, 437473, SINGAPORE. |
F3223009 |
1,260,000.00 |
30.00 |
|
MGA CORPORATION PRIVATE LIMITED |
PLOT 244/1, N.H 8-A, P.O BOX 140, GHANDHIDHAM, KUTCH, 370201,
SINGAPORE. |
T09UF1581H |
2,940,000.00 |
70.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
4,200,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
GUPTA SHIVANI MUKESHKUMAR |
|
Address |
: |
2B, RAMSGATE ROAD, 437473, SINGAPORE. |
|
IC / PP No |
: |
S8873609E |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
30/04/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
GUPTA ANJU MUKESHKUMAR |
|
Address |
: |
2B, RAMSGATE ROAD, 437473, SINGAPORE. |
|
IC / PP No |
: |
S2719427C |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
07/03/2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
GUPTA MUKESH |
|
Address |
: |
2B, RAMSGATE ROAD, 437473, SINGAPORE. |
|
IC / PP No |
: |
F3223009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
07/03/2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
GUPTA MUKESH |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
MGI MENON & ASSOCIATES |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
NANCY JULIA ZEHNDER |
|
|
IC / PP No |
: |
S0240727B |
|
|
|
|
|
|
|
Address |
: |
58, DAKOTA CRESCENT, 02 - 257, 390058, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the Subject 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 |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SELANGOR |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
Goods Traded |
: |
TIMBER
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of timber.
The Subject refused to disclose its operation.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62243982 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
1 RAFFLES PLACE 34-01, 1 RAFELES PLACE SINGAPORE 048616 |
|
Current Address |
: |
1 RAFFLES PLACE #34-01 ONE RAFFLES PLACE,, 048616, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
She refused to disclose the number of employees.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
26.95% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
11.69% |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
16.50% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
41.23% |
] |
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the intense market competition.The
dip in profit could be due to the stiff market competition which reduced the
Subject's profit margin. The Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
18 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
76 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
25 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the Subject
could also giving longer credit periods to its customers in order to boost
its sales or to capture / retain its market share. The Subject had a
favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.05 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.25 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they fall
due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
1.65 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.83 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject'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 Subject's gearing was slightly high. The Subject is utilising
the leverage concept to fund its expansion. However, the high gearing has
added financial risks to the Subject. It will be more vulnerable in times of
economy downturn. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
The Subject's performance deteriorated over the years with lower
turnover and profit. The Subject was in good liquidity position with its
total current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. If there is a fall in the Subject's profit or any increase in
interest rate, the Subject may not be able to generate sufficient cash-flow
to service its interest. The Subject's gearing was slightly high and its financial
risk was also high. If no plans are made to reduce its gearing, the Subject's
performance may deteriorate in the coming year. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : FAIR |
||||||
|
|
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100) |
|
|
|
|
|
|
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 2003, the Subject is a Private Limited company, focusing on
trading of timber. Having been in the industry for over a decade, the Subject
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 Subject to
remain competitive despite the challenging business environment. The capital
standing of the Subject is fair. With an adequate share capital, the Subject
has the potential of expanding its business in future.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the Subject to further
enhance its business in the near term. Overall, we regard that the Subject's
management capability is average. This indicates that the Subject has greater
potential to improve its business performance and raising income for the
Subject.
The Subject's business performance showed a reverse trend as both its turnover
and pre-tax profit have decreased compared to the previous year. Return on
shareholders' funds of the Subject was at an acceptable range which indicated
that the management was efficient in utilising its funds to generate income.
The Subject is in good liquidity position with its current liabilities well
covered by it current assets. Hence, it has sufficient working capital to meet
its short term financial obligations. The gearing level of the Subject is
slightly high, therefore it faces moderate financial risk. Given a positive net
worth standing at USD 8,563,540, the Subject should be able to maintain its
business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises.
We regard that the Subject's overall payment habit is prompt. The Subject had a
favourable creditors' ratio as evidenced by its favourable collection days.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the Subject is expected to benefit from the favourable
outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
MGA
INTERNATIONAL PTE. LTD. |
|
Financial Year End |
2013-03-31 |
2012-03-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
|
|
|
|
TURNOVER |
129,136,801 |
176,771,470 |
|
Other Income |
4,000 |
105,177 |
|
|
---------------- |
---------------- |
|
Total Turnover |
129,140,801 |
176,876,647 |
|
Costs of Goods Sold |
(123,116,372) |
(170,306,894) |
|
|
---------------- |
---------------- |
|
Gross Profit |
6,024,429 |
6,569,753 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,536,701 |
1,740,081 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
1,536,701 |
1,740,081 |
|
Taxation |
(123,429) |
(228,260) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
1,413,272 |
1,511,821 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
4,660,938 |
3,149,117 |
|
|
---------------- |
---------------- |
|
As restated |
4,660,938 |
3,149,117 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
6,074,210 |
4,660,938 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
6,074,210 |
4,660,938 |
|
|
============= |
============= |
|
|
|
|
|
Hire purchase |
25,912 |
5,844 |
|
Trust receipts |
2,333,852 |
2,380,635 |
|
|
---------------- |
---------------- |
|
|
2,359,764 |
2,386,479 |
|
|
============= |
============= |
MGA INTERNATIONAL PTE. LTD.
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
1,443,548 |
185,562 |
|
|
|
|
|
Loans & advances - non-current |
- |
146,610 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
146,610 |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,443,548 |
332,172 |
|
|
|
|
|
Stocks |
6,322,085 |
8,763,901 |
|
Trade debtors |
26,821,535 |
18,410,369 |
|
Other debtors, deposits & prepayments |
486,060 |
1,002,930 |
|
Short term deposits |
5,168,965 |
4,288,675 |
|
Cash & bank balances |
344,113 |
330,865 |
|
Others |
725,882 |
1,250,000 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
39,868,640 |
34,046,740 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
41,312,188 |
34,378,912 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
8,288,986 |
5,101,621 |
|
Other creditors & accruals |
433,620 |
190,168 |
|
Hire purchase & lease creditors |
163,488 |
17,924 |
|
Short term borrowings/Term loans |
6,087,971 |
2,602,336 |
|
Provision for taxation |
114,880 |
249,625 |
|
Other liabilities |
16,771,807 |
19,045,453 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
31,860,752 |
27,207,127 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
8,007,888 |
6,839,613 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
9,451,436 |
7,171,785 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
2,489,330 |
2,489,330 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
2,489,330 |
2,489,330 |
|
|
|
|
|
Retained profit/(loss) carried forward |
6,074,210 |
4,660,938 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
6,074,210 |
4,660,938 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
8,563,540 |
7,150,268 |
|
|
|
|
|
Hire purchase creditors |
887,896 |
21,517 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
887,896 |
21,517 |
|
|
---------------- |
---------------- |
|
|
9,451,436 |
7,171,785 |
|
|
============= |
============= |
|
|
|
|
MGA INTERNATIONAL PTE. LTD.
|
TYPES OF FUNDS |
|
|
|
Cash |
5,513,078 |
4,619,540 |
|
Net Liquid Funds |
5,513,078 |
4,619,540 |
|
Net Liquid Assets |
1,685,803 |
(1,924,288) |
|
Net Current Assets/(Liabilities) |
8,007,888 |
6,839,613 |
|
Net Tangible Assets |
9,451,436 |
7,171,785 |
|
Net Monetary Assets |
797,907 |
(1,945,805) |
|
BALANCE SHEET ITEMS |
|
|
|
Total Borrowings |
7,139,355 |
2,641,777 |
|
Total Liabilities |
32,748,648 |
27,228,644 |
|
Total Assets |
41,312,188 |
34,378,912 |
|
Net Assets |
9,451,436 |
7,171,785 |
|
Net Assets Backing |
8,563,540 |
7,150,268 |
|
Shareholders' Funds |
8,563,540 |
7,150,268 |
|
Total Share Capital |
2,489,330 |
2,489,330 |
|
Total Reserves |
6,074,210 |
4,660,938 |
|
LIQUIDITY (Times) |
|
|
|
Cash Ratio |
0.17 |
0.17 |
|
Liquid Ratio |
1.05 |
0.93 |
|
Current Ratio |
1.25 |
1.25 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
18 |
18 |
|
Debtors Ratio |
76 |
38 |
|
Creditors Ratio |
25 |
11 |
|
SOLVENCY RATIOS (Times) |
|
|
|
Gearing Ratio |
0.83 |
0.37 |
|
Liabilities Ratio |
3.82 |
3.81 |
|
Times Interest Earned Ratio |
1.65 |
1.73 |
|
Assets Backing Ratio |
3.80 |
2.88 |
|
PERFORMANCE RATIO (%) |
|
|
|
Operating Profit Margin |
1.19 |
0.98 |
|
Net Profit Margin |
1.09 |
0.86 |
|
Return On Net Assets |
41.23 |
57.54 |
|
Return On Capital Employed |
40.53 |
57.40 |
|
Return On Shareholders' Funds/Equity |
16.50 |
21.14 |
|
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. 61.18 |
|
|
1 |
Rs.102.55 |
|
Euro |
1 |
Rs.81.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
SMT |
|
|
|
|
Report Prepared
by : |
DPT |
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.