MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

IDENTIFICATION DETAILS

 

Name :

S.A. INTERIOR FABRICS PTE. LTD.

 

 

Registered Office :

61, Kaki Bukit Avenue 1, 05-27, Shun Li Industrial Park, 417943

 

 

Country :

Singapore

 

 

Financials (as on) :

30.11.2013

 

 

Date of Incorporation :

11.12.2009

 

 

Com. Reg. No.:

200923153-G

 

 

Legal Form :

Exempt Private Company

 

 

Line of Business :

Engaged in trading of fabrics and textiles. 

 

 

No of Employees :

10 [2014]

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. 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

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200923153-G

COMPANY NAME

:

S.A. INTERIOR FABRICS PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

11/12/2009

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

61, KAKI BUKIT AVENUE 1, 05-27, SHUN LI INDUSTRIAL PARK, 417943, SINGAPORE.

BUSINESS ADDRESS

:

NO 61 KAKI BUKIT AVENUE 1 #05-29 SHUNLI INDUSTRIAL PARK, 417943, SINGAPORE.

TEL.NO.

:

65-68429640

FAX.NO.

:

65-68429582

CONTACT PERSON

:

VIMAL KUMAR PREM BHARWANI ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF FABRICS AND TEXTILES

 

 

 

ISSUED AND PAID UP CAPITAL

:

100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00 

 

 

 

SALES

:

USD 7,947,461 [2013]

NET WORTH

:

USD (283,733) [2013]

 

 

 

STAFF STRENGTH

:

10 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

WEAK

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH



HISTORY / BACKGROUND

 

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

The Subject is principally engaged in the (as a / as an) trading of fabrics and textiles.

 

 

Share Capital History

Date

Issue & Paid Up Capital

11/12/2014

SGD 100,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

VIMAL KUMAR PREM BHARWANI +

JALAN MANGUNSARKORO, 36 RT/RW 001/117, MENTENG, JAKARTA PUSAT, INDONESIA.

P779920

50,000.00

50.00

PREM LALCHAND BHARWANI +

JALAN MERPATI I, 1-2, RT/RW:004/010 GUNUNG SAHARI SLT, KEMAYORAN, PUSAT JAKARTA, INDONESIA.

A2953999

50,000.00

50.00

 

 

 

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

------

 

 

 

100,000.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MARGARET LIM SIEW MUI

Address

:

14, MOONBEAM VIEW, HOLLAND GARDENS, 277268, SINGAPORE.

IC / PP No

:

S1462911D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

11/12/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

VIMAL KUMAR PREM BHARWANI

Address

:

JALAN MANGUNSARKORO, 36 RT/RW 001/117, MENTENG, JAKARTA PUSAT, INDONESIA.

IC / PP No

:

P779920

 

 

 

 

 

 

 

 

 

Nationality

:

INDONESIAN

Date of Appointment

:

11/12/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

PREM LALCHAND BHARWANI

Address

:

JALAN MERPATI I, 1-2, RT/RW:004/010 GUNUNG SAHARI SLT, KEMAYORAN, PUSAT JAKARTA, INDONESIA.

IC / PP No

:

A2953999

 

 

 

 

 

 

 

 

 

Nationality

:

INDONESIAN

Date of Appointment

:

11/12/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

VIMAL KUMAR PREM BHARWANI

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

LEE S F & CO

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SEET SU MENG

 

IC / PP No

:

S1601987I

 

 

 

 

 

Address

:

417, ANG MO KIO AVENUE 10, 09-1021, 560417, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 


ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201213396

20/11/2012

N/A

BANK OF SINGAPORE LIMITED

-

Unsatisfied

C201303641

08/03/2013

N/A

BANK OF SINGAPORE LIMITED

-

Unsatisfied

 

 

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank against 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.


PAYMENT RECORD

 

 

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

[

 

]

 

Good 31-60 Days

[

X

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

ASIA

Credit Term

:

N/A

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




OPERATIONS

 

Goods Traded

:

FABRICS AND TEXTILES

 

 

 

 

 

Total Number of Employees:

YEAR

2014

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

10

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:

The Subject is principally engaged in the (as a / as an) trading of fabrics and textiles. 
The Subject sells textiles and fabrics. 


CURRENT INVESTIGATION


Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6568429640

Current Telephone Number

:

65-68429640

Match

:

YES

 

 

 

Address Provided by Client

:

NO 61 KAKI BUKIT AVE 1#05-27 SHUN INDUSTRIALMPARK, SINGAPORE 417943

Current Address

:

NO 61 KAKI BUKIT AVENUE 1 #05-29 SHUNLI INDUSTRIAL PARK, 417943, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations

We contacted one of the staff from the Subject and she provided some information.

The address provided belongs to the Subject's registered office.


FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2011 - 2013

]

 

Profit/(Loss) Before Tax

:

Increased

[

2011 - 2013

]

 

Return on Shareholder Funds

:

Unfavourable

[

47.78%

]

 

Return on Net Assets

:

Unfavourable

[

44.47%

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.Higher losses before tax during the year could be due to the higher operating costs incurred. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

16 Days

]

 

Debtor Ratio

:

Favourable

[

11 Days

]

 

Creditors Ratio

:

Favourable

[

2 Days

]

 

 

 

 

 

 

 

 

The Subject'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 Subject. 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

:

Unfavourable

[

0.36 Times

]

 

Current Ratio

:

Unfavourable

[

0.48 Times

]

 

 

 

 

 

 

 

 

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Unfavourable

[

(7.97 Times)

]

 

Gearing Ratio

:

Unfavourable

[

(4.87 Times)

]

 

 

 

 

 

 

 

 

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject's gearing was negative during the year as its shareholders' funds was in the red. This means the Subject is running its business using borrowed money. We consider the Subject as facing high financial risks.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

The Subject's losses increased but its turnover showed a  fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. Due to its weak liquidity position, the Subject 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 Subject. The Subject'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 Subject has high financial risks. If its shareholders do not inject more capital into the company or if its business performance does not improve, its going concern may be in question.

 

 

 

 

 

 

 

Overall financial condition of the Subject : POOR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

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)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 



INDUSTRY ANALYSIS

 


INDUSTRY :

TRADING

 

 

 

The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

 

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

 

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

 

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2009, the Subject is an Exempt Private company, focusing on trading of fabrics and textiles. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Being a small company with an issued and a paid up capital of SGD 100,000 contributed from individual shareholders, the Subject does not have strong shareholders' backing. Without a strong backing, the Subject may face difficulties in its attempt to further expand its business in the 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. Being a small company, the Subject's business operation is supported by 10 employees. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business. 

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject 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 Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The Subject has generated an unfavourable gearing ratio indicated that the Subject is in high financial risk. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of SGD -283,733. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations. 

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . 

Overall, the Subject's payment habit is good as the Subject 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. 

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 


PROFIT AND LOSS ACCOUNT

 

 

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

S.A. INTERIOR FABRICS PTE. LTD.

 

Financial Year End

2013-11-30

2012-11-30

2011-11-30

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

SGD

 

 

 

 

TURNOVER

7,947,461

6,063,495

6,656,740

Other Income

9,176

8,418

201,261

 

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

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

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

Total Turnover

7,956,637

6,071,913

6,858,001

Costs of Goods Sold

(7,674,921)

(5,708,832)

(6,685,760)

 

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

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

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

Gross Profit

281,716

363,081

172,241

 

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

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

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

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

(135,556)

(34,774)

(344,738)

 

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(135,556)

(34,774)

(344,738)

 

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(135,556)

(34,774)

(344,738)

 

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

As previously reported

(278,422)

(314,549)

30,189

Prior year adjustment

-

70,901

-

 

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

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

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

As restated

(278,422)

(243,648)

30,189

 

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(413,978)

(278,422)

(314,549)

 

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(413,978)

(278,422)

(314,549)

 

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

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

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

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

Lease interest

1,960

1,389

-

Term loan / Borrowing

13,158

-

-

 

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

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

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

 

15,118

1,389

-

 

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

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

 

 

 

 

BALANCE SHEET

 

 

S.A. INTERIOR FABRICS PTE. LTD.

 

ASSETS EMPLOYED:

 

 

 

FIXED ASSETS

1,271,694

1,287,799

1,547,189

 

 

 

 

 

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

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

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

TOTAL LONG TERM ASSETS

1,271,694

1,287,799

1,547,189

 

 

 

 

Stocks

355,162

128,366

1,246,400

Trade debtors

233,328

243,990

290,973

Other debtors, deposits & prepayments

32,033

14,431

1,908

Amount due from related companies

-

-

4,836,714

Amount due from director

718,706

-

-

Cash & bank balances

98,769

117,431

127,370

 

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

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

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

TOTAL CURRENT ASSETS

1,437,998

504,218

6,503,365

 

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

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

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

TOTAL ASSET

2,709,692

1,792,017

8,050,554

 

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

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

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

 

 

 

 

CURRENT LIABILITIES

 

 

 

Trade creditors

47,190

877,495

6,640,848

Other creditors & accruals

33,424

28,747

26,353

Hire purchase & lease creditors

8,176

7,642

-

Short term borrowings/Term loans

1,359,995

-

-

Amounts owing to related companies

1,531,724

302,833

6,833

Amounts owing to director

-

766,961

1,591,069

 

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

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

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

TOTAL CURRENT LIABILITIES

2,980,509

1,983,678

8,265,103

 

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(1,542,511)

(1,479,460)

(1,761,738)

 

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

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

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

TOTAL NET ASSETS

(270,817)

(191,661)

(214,549)

 

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

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

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

 

 

 

 

SHARE CAPITAL

 

 

 

Ordinary share capital

77,459

77,459

100,000

 

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

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

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

TOTAL SHARE CAPITAL

77,459

77,459

100,000

 

 

 

 

Exchange equalisation/fluctuation reserve

52,786

(12,371)

-

Retained profit/(loss) carried forward

(413,978)

(278,422)

(314,549)

 

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

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

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

TOTAL RESERVES

(361,192)

(290,793)

(314,549)

 

 

 

 

 

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

(283,733)

(213,334)

(214,549)

 

 

 

 

Lease obligations

12,916

21,673

-

 

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

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

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

TOTAL LONG TERM LIABILITIES

12,916

21,673

-

 

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

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

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

 

(270,817)

(191,661)

(214,549)

 

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

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

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

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

S.A. INTERIOR FABRICS PTE. LTD.

 

TYPES OF FUNDS

 

 

 

Cash

98,769

117,431

127,370

Net Liquid Funds

98,769

117,431

127,370

Net Liquid Assets

(1,897,673)

(1,607,826)

(3,008,138)

Net Current Assets/(Liabilities)

(1,542,511)

(1,479,460)

(1,761,738)

Net Tangible Assets

(270,817)

(191,661)

(214,549)

Net Monetary Assets

(1,910,589)

(1,629,499)

(3,008,138)

BALANCE SHEET ITEMS

 

 

 

Total Borrowings

1,381,087

29,315

0

Total Liabilities

2,993,425

2,005,351

8,265,103

Total Assets

2,709,692

1,792,017

8,050,554

Net Assets

(270,817)

(191,661)

(214,549)

Net Assets Backing

(283,733)

(213,334)

(214,549)

Shareholders' Funds

(283,733)

(213,334)

(214,549)

Total Share Capital

77,459

77,459

100,000

Total Reserves

(361,192)

(290,793)

(314,549)

LIQUIDITY (Times)

 

 

 

Cash Ratio

0.03

0.06

0.02

Liquid Ratio

0.36

0.19

0.64

Current Ratio

0.48

0.25

0.79

WORKING CAPITAL CONTROL (Days)

 

 

 

Stock Ratio

16

8

68

Debtors Ratio

11

15

16

Creditors Ratio

2

56

363

SOLVENCY RATIOS (Times)

 

 

 

Gearing Ratio

(4.87)

(0.14)

0.00

Liabilities Ratio

(10.55)

(9.40)

(38.52)

Times Interest Earned Ratio

(7.97)

(24.04)

0.00

Assets Backing Ratio

(3.50)

(2.47)

(2.15)

PERFORMANCE RATIO (%)

 

 

 

Operating Profit Margin

(1.71)

(0.57)

(5.18)

Net Profit Margin

(1.71)

(0.57)

(5.18)

Return On Net Assets

44.47

17.42

160.68

Return On Capital Employed

45.86

18.14

160.68

Return On Shareholders' Funds/Equity

47.78

16.30

160.68

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.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

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.