|
Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
AGARWAL COAL CORPORATION (S) PTE. LTD. |
|
|
|
|
Registered Office : |
101, Cecil Street, 23-12, Tong Eng Building, 069533 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
25.05.2005 |
|
|
|
|
Com. Reg. No.: |
200507123-D |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
·
Trader of Coal ·
importer of non-coking steam coal from Indonesia
& South Africa, |
|
|
|
|
No. of Employees : |
4 [2014] |
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 : |
Slow but correct |
|
|
|
|
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 |
|
REGISTRATION NO. |
: |
200507123-D |
||||
|
COMPANY NAME |
: |
AGARWAL COAL CORPORATION (S) PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
25/05/2005 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
101, CECIL STREET, 23-12, TONG ENG BUILDING, 069533, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
TONG ENG BUILDING #23-12, 101 CECIL STREET, 069533, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-83769757 |
||||
|
FAX.NO. |
: |
N/A |
||||
|
CONTACT PERSON |
: |
NILESH MHATRE ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
·
Trader of Coal ·
importer of non-coking steam coal from
Indonesia & South Africa, |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
1,625,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,625,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 146,555,861 [2013] |
||||
|
NET WORTH |
: |
USD 29,953,414 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
4 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
POOR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY
/ BACKGROUND
|
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
coal.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
21/10/2014 |
SGD 1,625,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
AGARWAL FUEL CORPORATION PVT. LTD. |
AGARWAL HOUSE, 5, YESHWANT COLONY,
INDORE, FLOOR 2, 452003, INDIA. |
T07UF2494 |
633,879.00 |
39.01 |
|
AGARWAL TRANSPORT CORPORATION PVT. LTD. |
AGARWAL HOUSE, 5, YESHWANT COLONY,
INDORE, 2ND FLOOR, 452003, INDIA. |
T13UF0036 |
425,973.00 |
26.21 |
|
AGARWAL COAL CORPORATION PRIVATE LIMITED |
MATRA KRIPA, 2, CHAMELI PARK, NEAR GOYAL
NAGAR, RING ROAD, INDORE, 452001, INDIA. |
T06UF2944 |
380,344.00 |
23.41 |
|
CHAMAK TREXIM PVT. LTD. |
64-B, B.K. PAUL AVENUE, KOLKATA, 700005,
WEST BENGAL, INDIA. |
T07UF2495 |
184,804.00 |
11.37 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,625,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
NILESH MHATRE |
|
Address |
: |
10, PRINSEP LINK, 08-11, SUNSHINE PLAZA, 187948, SINGAPORE. |
|
IC / PP No |
: |
G6091213W |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
07/02/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
SRI MURALI S/O SINNOTHEI RENGANATHAN |
|
Address |
: |
39, CORONATION ROAD, 269450, SINGAPORE. |
|
IC / PP No |
: |
S1331899I/00685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
25/05/2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
NILESH MHATRE |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
VKR PRACTICES |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
SRI MURALI S/O SINNOTHEI RENGANATHAN |
|
|
IC / PP No |
: |
S1331899I/00685 |
|
|
|
|
|
|
|
Address |
: |
39, CORONATION ROAD, 269450, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with:
|
1) |
Name |
: |
UCO BANK |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
INDIAN OVERSEAS BANK |
|
|
|
|
|
|
|
|
|
|
|
3) |
Name |
: |
AXIS BANK LIMITED SINGAPORE BRANCH |
|
|
|
|
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C200710139 |
20/11/2007 |
N/A |
UCO BANK |
- |
Unsatisfied |
|
C201012442 |
21/12/2010 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201012443 |
21/12/2010 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201110511 |
23/08/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201110514 |
23/08/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201111552 |
15/09/2011 |
N/A |
AXIS BANK LIMITED SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201111612 |
15/09/2011 |
N/A |
AXIS BANK LIMITED SINGAPORE BRANCH |
- |
Unsatisfied |
* 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.
|
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 |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
X |
] |
|
|
|
|
|
|
CLIENTELE
|
|
||||
|
Local |
: |
NO |
|
||
|
|
|
|
|
||
|
Overseas |
: |
YES |
Percentage |
: |
100% |
|
Export Market |
: |
INDIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
TELEGRAPHIC TRANSFER (TT) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|||
|
Goods Traded |
: |
COAL
|
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
|||||||
|
|
|||||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
4 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of coal.
subject import non-coking steam coal from Indonesia & South
Africa,
The Subject refused to disclose its operation.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
65 62242589 |
|
Current Telephone Number |
: |
65-83769757 |
|
Match |
: |
NO |
|
|
|
|
|
Address Provided by Client |
: |
TONG ENG BUILDING 23-12, 101 CECIL
STREET,069533 SINGAPORE |
|
Current Address |
: |
TONG ENG BUILDING #23-12, 101 CECIL STREET,
069533, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
We contacted one of the staff from the Subject and he only provided limited
information.
He refused to disclose the fax number.
FINANCIAL
ANALYSIS
|
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
26.66% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
21.30% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
6.62% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.40% |
] |
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the intense market competition.The
Subject's management have been efficient in controlling its operating costs.
The unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
184 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
126 Days |
] |
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the Subject does not
need to keep stocks. The Subject's debtors ratio was high. The Subject should
tighten its credit control and improve its collection period. The
unfavourable creditors' ratio could be due to the Subject taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the Subject and its suppliers and the Subject may inadvertently have
to pay more for its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.37 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.37 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 |
[ |
2.12 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.74 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 was lowly geared thus it had a low financial risk. The Subject
was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the Subject being a lowly
geared company, will be able to compete better than those companies which are
highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Due to the efficient control of its operating costs, the Subject was
able to remain profitable despite lower turnover achieved during the year. 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 as a lowly geared company, will be more secured compared to those
highly geared companies. It has the ability to meet all its long term
obligations. |
||||||
|
|
|
|
|
|
|
|
|
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
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 2005, the Subject is a
Private Limited company, focusing on trading of coal. Having been in business
for 9 years, the Subject has established a remarkable clientele base for itself
which has contributed to its business growth. A paid up capital of SGD
1,625,000 allows the Subject to expand its business more comfortably. With a
strong backing from its holding company, the Subject enjoys timely financial
assistance should the needs arise. Despite the lower turnover, the Subject's
pre-tax profit have increased compared to the previous year. The higher
profit could be due to better control of its operating costs and efficiency
in utilising its resources. The Subject has generated an unfavourable return
on shareholders' funds indicating that the management was inefficient in
utilising its funds to generate return. The Subject is in average 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 lowly geared company, the Subject is exposed to low
financial risk as it is mainly dependent on its internal funds to finance its
business needs. Given a positive net worth standing at USD 29,953,414, 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. The poor payment habit may affect the
goodwill between the Subject and its suppliers and the Subject may
inadvertently have to pay more for its future supplies. 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 normally. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
AGARWAL COAL
CORPORATION (S) 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 |
146,555,861 |
199,818,107 |
|
Other Income |
317,223 |
280,554 |
|
|
---------------- |
---------------- |
|
Total Turnover |
146,873,084 |
200,098,661 |
|
Costs of Goods Sold |
(142,115,754) |
(195,368,391) |
|
|
---------------- |
---------------- |
|
Gross Profit |
4,757,330 |
4,730,270 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,923,760 |
1,672,268 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
391,541 |
236,405 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
2,315,301 |
1,908,673 |
|
Taxation |
(333,163) |
(210,471) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
1,982,138 |
1,698,202 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
27,059,337 |
25,361,135 |
|
|
---------------- |
---------------- |
|
As restated |
27,059,337 |
25,361,135 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
29,041,475 |
27,059,337 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
29,041,475 |
27,059,337 |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
Term loan / Borrowing |
10,455 |
11,151 |
|
Trust receipts |
14,165 |
85,256 |
|
Others |
2,048,240 |
911,012 |
|
|
---------------- |
---------------- |
|
|
2,072,860 |
1,007,419 |
|
|
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
AGARWAL COAL
CORPORATION (S) PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
944,250 |
953,650 |
|
|
|
|
|
Associated companies |
3,183,256 |
2,931,596 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
3,183,256 |
2,931,596 |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
4,127,506 |
3,885,246 |
|
|
|
|
|
Trade debtors |
74,042,967 |
64,772,516 |
|
Other debtors, deposits & prepayments |
357,693 |
637,782 |
|
Short term deposits |
21,537,174 |
38,661,374 |
|
Amount due from associated companies |
305,000 |
305,000 |
|
Cash & bank balances |
1,088,673 |
337,598 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
97,331,507 |
104,714,270 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
101,459,013 |
108,599,516 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
48,892,193 |
65,046,310 |
|
Other creditors & accruals |
236,676 |
12,134 |
|
Short term borrowings/Term loans |
21,600,822 |
15,283,452 |
|
Provision for taxation |
265,000 |
340,118 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
70,994,691 |
80,682,014 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
26,336,816 |
24,032,256 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
30,464,322 |
27,917,502 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
1,198,079 |
500,962 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,198,079 |
500,962 |
|
|
|
|
|
Retained profit/(loss) carried forward |
29,041,475 |
27,059,337 |
|
Others |
(286,140) |
(198,365) |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
28,755,335 |
26,860,972 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
29,953,414 |
27,361,934 |
|
|
|
|
|
Long term loans |
510,908 |
555,568 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
510,908 |
555,568 |
|
|
---------------- |
---------------- |
|
|
30,464,322 |
27,917,502 |
|
|
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
AGARWAL COAL
CORPORATION (S) PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
Cash |
22,625,847 |
38,998,972 |
|
Net Liquid Funds |
22,625,847 |
38,998,972 |
|
Net Liquid Assets |
26,336,816 |
24,032,256 |
|
Net Current Assets/(Liabilities) |
26,336,816 |
24,032,256 |
|
Net Tangible Assets |
30,464,322 |
27,917,502 |
|
Net Monetary Assets |
25,825,908 |
23,476,688 |
|
BALANCE SHEET ITEMS |
|
|
|
Total Borrowings |
22,111,730 |
15,839,020 |
|
Total Liabilities |
71,505,599 |
81,237,582 |
|
Total Assets |
101,459,013 |
108,599,516 |
|
Net Assets |
30,464,322 |
27,917,502 |
|
Net Assets Backing |
29,953,414 |
27,361,934 |
|
Shareholders' Funds |
29,953,414 |
27,361,934 |
|
Total Share Capital |
1,198,079 |
500,962 |
|
Total Reserves |
28,755,335 |
26,860,972 |
|
LIQUIDITY (Times) |
|
|
|
Cash Ratio |
0.32 |
0.48 |
|
Liquid Ratio |
1.37 |
1.30 |
|
Current Ratio |
1.37 |
1.30 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
0 |
0 |
|
Debtors Ratio |
184 |
118 |
|
Creditors Ratio |
126 |
122 |
|
SOLVENCY RATIOS (Times) |
|
|
|
Gearing Ratio |
0.74 |
0.58 |
|
Liabilities Ratio |
2.39 |
2.97 |
|
Times Interest Earned Ratio |
2.12 |
2.89 |
|
Assets Backing Ratio |
25.43 |
55.73 |
|
PERFORMANCE RATIO (%) |
|
|
|
Operating Profit Margin |
1.58 |
0.96 |
|
Net Profit Margin |
1.35 |
0.85 |
|
Return On Net Assets |
14.40 |
10.45 |
|
Return On Capital Employed |
14.40 |
10.45 |
|
Return On Shareholders' Funds/Equity |
6.62 |
6.21 |
|
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.63.58 |
|
|
1 |
Rs.99.98 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.