MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ACETO PTE LTD

 

 

Formerly Known As :

SCHWEIZERHALL PTE LTD

 

 

Registered Office :

371, Beach Road, 24-01, Keypoint, 199597,

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

28.11.1980

 

 

Com. Reg. No.:

198004447-H

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of medicinal and pharmaceutical products.

 

 

No. of Employees :

16 [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 :

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

 

Company name and address

 

 

REGISTRATION NO.

:

198004447-H

COMPANY NAME

:

ACETO PTE LTD

FORMER NAME

:

SCHWEIZERHALL PTE LTD (06/06/2001)
CFS (S) PTE LTD (14/12/1988)

INCORPORATION DATE

:

28/11/1980

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

371, BEACH ROAD, 24-01, KEYPOINT, 199597, SINGAPORE.

BUSINESS ADDRESS

:

371 BEACH ROAD #24-01 KEYPOINT, 199597, SINGAPORE.

TEL.NO.

:

65-62960800

FAX.NO.

:

65-62967077

EMAIL

:

ACETO@ACETO.COM.SG

WEB SITE

:

WWW.ACETO.COM

CONTACT PERSON

:

SNG BEE GUAT PAULINE ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS (WESTERN)

 

 

 

ISSUED AND PAID UP CAPITAL

:

2,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00

 

 

 

SALES

:

USD 25,004,259 [2014]

NET WORTH

:

USD 8,512,873 [2014]

 

 

 

STAFF STRENGTH

:

16 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

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) wholesale of medicinal and pharmaceutical products (western).

 

The immediate holding company of the Subject is ACETO LTD, a company incorporated in UNITED STATES.

The ultimate holding company of the Subject is ACETO CORPORATION, a company incorporated in UNITED STATES.

 

Share Capital History

Date

Issue & Paid Up Capital

24/12/2014

SGD 2,000,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

ACETO LTD

CLARENDON HOUSE, 2, CHURCH STREET, HAMILTON, HMII BERMUDA, UNITED STATES.

80UF0222G

2,000.00

100.00

 

 

 

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

------

 

 

 

2,000.00

100.00

 

 

 

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

VAN EIS JOHANNES MARTINUS

Address

:

ANTHONIESTRAAT, 69, 2011, CP, HAARLEM, NETHERLANDS.

IC / PP No

:

NRR849996

 

 

 

 

 

 

 

 

 

Nationality

:

DUTCH

Date of Appointment

:

05/10/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

SALVATORE JOHN GUCCIONE

Address

:

6, RAMKAY DRIVE, FAIRFIELD, NEW JERSEY, UNITED STATES.

IC / PP No

:

436223009

 

 

 

 

 

 

 

 

 

Nationality

:

AMERICAN

Date of Appointment

:

06/02/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

MS. PAULINE SNG BEE GUAT

Address

:

12, DOVER CLOSE EAST, 19-208, 130012, SINGAPORE.

IC / PP No

:

S1229343G

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/06/2005

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

SNG BEE GUAT PAULINE

 

Position

:

DIRECTOR

 

 

 

 

 

 

 

AUDITOR

 

Auditor

:

BDO LLP

Auditor' Address

:

N/A

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. PAULINE SNG BEE GUAT

 

IC / PP No

:

S1229343G

 

 

 

 

 

Address

:

12, DOVER CLOSE EAST, 19-208, 130012, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LITIGATION CHECK AGAINST SUBJECT


* 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.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

 


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 PACIFIC

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

MEDICINAL AND PHARMACEUTICAL PRODUCTS

 

 

 

 

 

Total Number of Employees:

YEAR

2014

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

16

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of medicinal and pharmaceutical products (western).

Aceto is a global leader in the marketing and distribution of pharmaceutical intermediates and active ingredients, finished dosage form generics, nutraceutical products, agricultural protection products and specialty chemicals.

With business operations in ten countries, the Group distributes more than 1,100 chemical compounds used principally as finished products or raw materials in the pharmaceutical, nutraceutical, agricultural, coatings and industrial chemical consuming industries.

Aceto's global operations, including sourcing staffs in China and India, are distinctive in the industry and enable it to source and supply quality products worldwide. Across its three business segments, Health Sciences, Agricultural Protection Products and Specialty Chemicals, Aceto sources approximately two-thirds of its products from Asia, buying from approximately 500 companies in China and 200 companies in India.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62960800

Match

:

N/A

 

 

 

Address Provided by Client

:

371 BEACH ROAD 24-01 KEYPOINT,199597,SINGAPORE

Current Address

:

371 BEACH ROAD #24-01 KEYPOINT, 199597, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations


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


FINANCIAL ANALYSIS

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2010 - 2014

]

 

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

 

Return on Shareholder Funds

:

Unfavourable

[

4.83%

]

 

Return on Net Assets

:

Unfavourable

[

5.28%

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. 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

:

Favourable

[

26 Days

]

 

Debtor Ratio

:

Unfavourable

[

71 Days

]

 

Creditors Ratio

:

Favourable

[

18 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

[

4.68 Times

]

 

Current Ratio

:

Favourable

[

5.63 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

:

Nil

[

0.00 Times

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

 

 

 

 

 

 

 

Overall financial condition of the Subject : FAIR

 

 

 

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)

 

 

 

 

 



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 1980, the Subject is a Private Limited company, focusing on wholesale of medicinal and pharmaceutical products (western). The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 2,000,000 allows the Subject to expand its business more comfortably. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

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 16 employees. 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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 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 Subject 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 8,512,873, 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 Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

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. 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.

 




PROFIT AND LOSS ACCOUNT

 

 

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

ACETO PTE LTD

 

Financial Year End

2014-06-30

2013-06-30

2012-06-30

2011-06-30

2010-06-30

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

SUMMARY

FULL

Currency

USD

USD

USD

USD

USD

 

 

 

 

 

 

TURNOVER

25,004,259

22,171,940

23,901,050

28,644,969

20,184,682

Other Income

77,191

23,714

-

-

-

 

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

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

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

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

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

Total Turnover

25,081,450

22,195,654

23,901,050

28,644,969

20,184,682

Costs of Goods Sold

(22,294,320)

(19,694,572)

(21,188,388)

-

-

 

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

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

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

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

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

Gross Profit

2,787,130

2,501,082

2,712,662

-

-

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

449,479

249,922

435,273

759,644

243,171

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

449,479

249,922

435,273

759,644

243,171

Taxation

(38,000)

(30,000)

(60,000)

(115,000)

(18,000)

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

411,479

219,922

375,273

644,644

225,171

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

6,825,421

6,605,499

6,230,226

5,585,582

5,360,411

 

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

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

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

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

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

As restated

6,825,421

6,605,499

6,230,226

5,585,582

5,360,411

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

7,236,900

6,825,421

6,605,499

6,230,226

5,585,582

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

7,236,900

6,825,421

6,605,499

6,230,226

5,585,582

 

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

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

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

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

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

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Others

-

-

-

-

25

 

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

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

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

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

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

 

-

-

-

-

25

 

 

 

 

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

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

 

 

 

BALANCE SHEET

 

 

ACETO PTE LTD

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

5,589

8,062

9,371

21,225

55,676

 

 

 

 

 

 

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

5,589

8,062

9,371

21,225

55,676

 

 

 

 

 

 

Stocks

1,759,370

1,534,586

1,925,323

-

2,256,706

Trade debtors

4,875,282

4,707,648

4,387,284

-

2,969,542

Other debtors, deposits & prepayments

130,373

75,533

106,682

-

9,278

Short term deposits

-

1,500,447

1,002,363

-

-

Amount due from director

-

-

-

-

2,895,710

Cash & bank balances

3,577,734

1,956,563

2,342,679

-

-

Others

-

-

-

-

179,315

 

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

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

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

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

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

TOTAL CURRENT ASSETS

10,342,759

9,774,777

9,764,331

9,742,068

8,310,551

 

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

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

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

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

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

TOTAL ASSET

10,348,348

9,782,839

9,773,702

9,763,293

8,366,227

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

1,113,103

1,129,732

1,389,951

-

1,095,962

Other creditors & accruals

466,768

538,199

502,910

-

64,673

Deposits from customers

125,380

31,837

-

-

-

Amounts owing to related companies

54,515

42,465

68,709

-

9,237

Provision for taxation

75,709

35,082

71,236

-

39,610

Other liabilities

-

-

-

-

471,461

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

1,835,475

1,777,315

2,032,806

2,414,685

1,680,943

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

8,507,284

7,997,462

7,731,525

7,327,383

6,629,608

 

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

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

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

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

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

TOTAL NET ASSETS

8,512,873

8,005,524

7,740,896

7,348,608

6,685,284

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

958,771

958,771

958,771

2,000,000

958,771

 

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

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

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

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

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

TOTAL SHARE CAPITAL

958,771

958,771

958,771

2,000,000

958,771

 

 

 

 

 

 

Capital reserve

317,202

221,332

176,626

-

140,931

Retained profit/(loss) carried forward

7,236,900

6,825,421

6,605,499

6,230,226

5,585,582

 

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

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

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

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

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

TOTAL RESERVES

7,554,102

7,046,753

6,782,125

5,348,608

5,726,513

 

 

 

 

 

 

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

8,512,873

8,005,524

7,740,896

7,348,608

6,685,284

 

 

 

 

 

 

 

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

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

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

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

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

 

8,512,873

8,005,524

7,740,896

7,348,608

6,685,284

 

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

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

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

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

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

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

ACETO PTE LTD

 

TYPES OF FUNDS

 

 

 

 

 

Cash

3,577,734

3,457,010

3,345,042

-

0

Net Liquid Funds

3,577,734

3,457,010

3,345,042

-

0

Net Liquid Assets

6,747,914

6,462,876

5,806,202

7,327,383

4,372,902

Net Current Assets/(Liabilities)

8,507,284

7,997,462

7,731,525

7,327,383

6,629,608

Net Tangible Assets

8,512,873

8,005,524

7,740,896

7,348,608

6,685,284

Net Monetary Assets

6,747,914

6,462,876

5,806,202

7,327,383

4,372,902

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

0

0

0

-

0

Total Liabilities

1,835,475

1,777,315

2,032,806

2,414,685

1,680,943

Total Assets

10,348,348

9,782,839

9,773,702

9,763,293

8,366,227

Net Assets

8,512,873

8,005,524

7,740,896

7,348,608

6,685,284

Net Assets Backing

8,512,873

8,005,524

7,740,896

7,348,608

6,685,284

Shareholders' Funds

8,512,873

8,005,524

7,740,896

7,348,608

6,685,284

Total Share Capital

958,771

958,771

958,771

2,000,000

958,771

Total Reserves

7,554,102

7,046,753

6,782,125

5,348,608

5,726,513

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

1.95

1.95

1.65

-

0.00

Liquid Ratio

4.68

4.64

3.86

-

3.60

Current Ratio

5.63

5.50

4.80

4.03

4.94

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

26

25

29

-

41

Debtors Ratio

71

77

67

-

54

Creditors Ratio

18

21

24

-

20

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

0.00

0.00

0.00

-

0.00

Liabilities Ratio

0.22

0.22

0.26

0.33

0.25

Times Interest Earned Ratio

0.00

0.00

0.00

-

9,727.84

Assets Backing Ratio

8.88

8.35

8.07

3.67

6.97

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

1.80

1.13

1.82

2.65

1.20

Net Profit Margin

1.65

0.99

1.57

2.25

1.12

Return On Net Assets

5.28

3.12

5.62

10.34

3.64

Return On Capital Employed

5.28

3.12

5.62

10.34

3.64

Return On Shareholders' Funds/Equity

4.83

2.75

4.85

8.77

3.37

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

-

0.00

NOTES TO ACCOUNTS

 

 

 

 

 

Contingent Liabilities

0

0

0

-

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

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

 

Unlimited

 

71-85

Aa

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

 

Large

 

56-70

A

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

 

Fairly Large

 

41-55

Ba

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

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

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

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

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

 

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

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.