MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SITA IMPEX PTE. LIMITED

 

 

Registered Office :

111, North Bridge Road, 24-01, Peninsula Plaza, 179098

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.09.1967

 

 

Com. Reg. No.:

196700292-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Textiles

 

 

No. of Employee :

10 [2014]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

196700292-W

COMPANY NAME

:

SITA IMPEX PTE. LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

05/09/1967

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

111, NORTH BRIDGE ROAD, 24-01, PENINSULA PLAZA, 179098, SINGAPORE.

BUSINESS ADDRESS

:

111 NORTH BRIDGE ROAD, 24-01 PENINSULA PLAZA, 179098, SINGAPORE.

TEL.NO.

:

65-63395073

FAX.NO.

:

65-63389242

CONTACT PERSON

:

LEK CHUI ENG ( MANAGING DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF TEXTILES

 

 

 

ISSUED AND PAID UP CAPITAL

:

4,000.00 ORDINARY SHARE, OF A VALUE OF SGD 400,000.00 

 

 

 

SALES

:

SGD 3,738,278 [2013]

NET WORTH

:

SGD 455,767 [2013]

 

 

 

STAFF STRENGTH

:

10 [2014]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

Slow but correct

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

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 textiles.

 

The immediate and ultimate holding company of the Subject is UNITED ASIA OVERSEAS PTE LTD, a company incorporated in SINGAPORE

 

 

Share Capital History

 

Date

Issue & Paid Up Capital

24/12/2014

SGD 400,000.00

 

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

UNITED ASIA OVERSEAS PTE LTD

111, NORTH BRIDGE ROAD, 24-01, PENINSULA PLAZA, 179098, SINGAPORE.

198902840K

4,000.00

100.00

 

 

 

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

------

 

 

 

4,000.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS

 

 

DIRECTOR 1

 

Name Of Subject

:

LEK BUAY ENG

Address

:

72, HOUGANG AVENUE, 7, 13-12, THE FLORIDA, 538805, SINGAPORE.

IC / PP No

:

S1674666E

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

18/06/1990

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

LEK CHUI ENG

Address

:

292, HOLLAND ROAD, 278627, SINGAPORE.

IC / PP No

:

S0034792B

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

12/06/1972

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

TOTO HERMIJANTO @ THE TJIN KIM

Address

:

292, HOLLAND ROAD, 278627, SINGAPORE.

IC / PP No

:

S2158827Z

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

22/09/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

LEK CHUI ENG

 

Position

:

MANAGING DIRECTOR

 

 

 

 

 

2)

Name of Subject

:

LEK BUAY ENG

 

Position

:

MANAGER

 

 

 

 

 

 

 

AUDITOR

 

Auditor

:

MEHERVAN SINGH & CO

Auditor' Address

:

N/A

 

 

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

HATIDAH BINTI SALAM

 

IC / PP No

:

S1450483D

 

 

 

 

 

Address

:

263, YISHUN STREET, 22, 07-159, 760263, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

LEK CHUI ENG

 

IC / PP No

:

S0034792B

 

 

 

 

 

Address

:

292, HOLLAND ROAD, 278627, SINGAPORE.

 

 

 

 

 

 

BANKING

Banking relations are maintained principally with :

 

1)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

9202701

09/07/1992

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

9205389

17/12/1992

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

9502203

12/04/1995

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201207401

03/07/2012

N/A

DBS BANK LTD.

-

Unsatisfied

 

 

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

:

N/A

Overseas

:

N/A

 

The Subject refused to disclose its suppliers. 

 

 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A

 

The Subject refused to disclose its clientele.

 

 

OPERATIONS 

 

Goods Traded

:

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 textiles. 


The Subject's products are as follows:


* CLOTH

* FABRICS, WOVEN

 * FIBRES, TEXTILE 

* TEXTILE FIBRES 

 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63395073

Match

:

N/A

 

 

 

Address Provided by Client

:

111 NORTH BRIDGE ROAD,24-01 PENINSULA PLAZA,179098,SINGAPORE

Current Address

:

111 NORTH BRIDGE ROAD,24-01 PENINSULA PLAZA, 179098, SINGAPORE.

Match

:

YES

 

 

 

 

 

Other Investigations


On 23rd December 2014 we contacted one of the staff from the Subject and she provided some information.

 

 

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Decreased

[

2009 - 2013

]

 

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2013

]

 

Return on Shareholder Funds

:

Unfavourable

[

8.17%

]

 

Return on Net Assets

:

Unfavourable

[

8.36%

]

 

 

 

 

 

 

 

 

 

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.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

:

Favourable

[

0 Days

]

 

Creditors Ratio

:

Favourable

[

0 Days

]

 

 

 

 

 

 

 

 

 

As the Subject is a service oriented company, the Subject does not need to keep 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

[

0.15 Times

]

 

Current Ratio

:

Unfavourable

[

0.15 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

:

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 :

 

 

 

 

 

 

 

Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. 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 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 1967, the Subject is a Private Limited company, focusing on trading of textiles. 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. Presently, the issued and paid up capital of the Subject stands at SGD 400,000. 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 weak. 


Being a small company, the Subject's business operation is supported by 10 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. 


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. 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. 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. 


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


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.

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

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

SUMMARY

SUMMARY

SUMMARY

Currency

SGD

SGD

SGD

SGD

SGD

 

 

 

 

 

 

TURNOVER

3,738,278

5,146,572

6,598,776

7,817,643

4,403,323

 

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

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

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

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

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

Total Turnover

3,738,278

5,146,572

6,598,776

7,817,643

4,403,323

Costs of Goods Sold

(3,625,062)

(5,043,746)

-

-

-

 

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

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

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

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

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

Gross Profit

113,216

102,826

-

-

-

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

38,087

25,763

69,857

-

-

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

38,087

25,763

69,857

-

-

Taxation

(833)

-

0

0

0

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

37,254

25,763

69,857

-

-

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

18,513

(7,250)

(77,107)

(77,107)

(77,107)

 

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

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

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

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

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

As restated

18,513

(7,250)

(77,107)

(77,107)

(77,107)

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

55,767

18,513

(7,250)

(77,107)

(77,107)

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

55,767

18,513

(7,250)

(77,107)

(77,107)

 

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

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

22,531

32,501

3,553,663

3,567,098

3,583,960

 

 

 

 

 

 

Investment properties

3,512,821

3,512,821

-

-

-

 

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

3,512,821

3,512,821

-

-

-

 

 

 

 

 

 

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

3,535,352

3,545,322

3,553,663

3,567,098

3,583,960

 

 

 

 

 

 

Other debtors, deposits & prepayments

7,440

2,572

-

-

-

Short term deposits

379,554

363,833

-

-

-

Interest receivable

135

173

-

-

-

Cash & bank balances

175,168

27,834

-

-

-

 

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

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

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

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

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

TOTAL CURRENT ASSETS

562,297

394,412

3,901,097

8,360,582

3,263,583

 

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

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

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

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

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

TOTAL ASSET

4,097,649

3,939,734

7,454,760

11,927,680

6,847,543

 

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

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

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

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

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

 

 

 

 

 

 

Other creditors & accruals

34,537

33,765

-

-

-

Deposits from customers

27,976

23,152

-

-

-

Amounts owing to director

3,578,536

3,464,304

-

-

-

Provision for taxation

833

-

-

-

-

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

3,641,882

3,521,221

7,062,010

11,604,787

6,479,335

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(3,079,585)

(3,126,809)

(3,160,913)

(3,244,205)

(3,215,752)

 

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

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

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

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

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

TOTAL NET ASSETS

455,767

418,513

392,750

322,893

368,208

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

400,000

400,000

4,000

4,000

4,000

 

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

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

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

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

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

TOTAL SHARE CAPITAL

400,000

400,000

4,000

4,000

4,000

 

 

 

 

 

 

Retained profit/(loss) carried forward

55,767

18,513

(7,250)

(77,107)

(77,107)

Others

-

-

396,000

396,000

441,315

 

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

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

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

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

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

TOTAL RESERVES

55,767

18,513

388,750

318,893

364,208

 

 

 

 

 

 

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

455,767

418,513

392,750

322,893

368,208

 

 

 

 

 

 

TOTAL LONG TERM LIABILITIES

-

-

0

0

0

 

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

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

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

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

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

 

455,767

418,513

392,750

322,893

368,208

 

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

TYPES OF FUNDS

 

 

 

 

 

Cash

554,722

391,667

-

-

-

Net Liquid Funds

554,722

391,667

-

-

-

Net Liquid Assets

(3,079,585)

(3,126,809)

(3,160,913)

(3,244,205)

(3,215,752)

Net Current Assets/(Liabilities)

(3,079,585)

(3,126,809)

(3,160,913)

(3,244,205)

(3,215,752)

Net Tangible Assets

455,767

418,513

392,750

322,893

368,208

Net Monetary Assets

(3,079,585)

(3,126,809)

(3,160,913)

(3,244,205)

(3,215,752)

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

0

0

-

-

-

Total Liabilities

3,641,882

3,521,221

7,062,010

11,604,787

6,479,335

Total Assets

4,097,649

3,939,734

7,454,760

11,927,680

6,847,543

Net Assets

455,767

418,513

392,750

322,893

368,208

Net Assets Backing

455,767

418,513

392,750

322,893

368,208

Shareholders' Funds

455,767

418,513

392,750

322,893

368,208

Total Share Capital

400,000

400,000

4,000

4,000

4,000

Total Reserves

55,767

18,513

388,750

318,893

364,208

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

0.15

0.11

-

-

-

Liquid Ratio

0.15

0.11

-

-

-

Current Ratio

0.15

0.11

0.55

0.72

0.50

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

0

0

-

-

-

Debtors Ratio

0

0

-

-

-

Creditors Ratio

0

0

-

-

-

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

0.00

0.00

-

-

-

Liabilities Ratio

7.99

8.41

17.98

35.94

17.60

Times Interest Earned Ratio

0.00

0.00

-

-

-

Assets Backing Ratio

1.14

1.05

98.19

80.72

92.05

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

1.02

0.50

1.06

-

-

Net Profit Margin

1.00

0.50

1.06

-

-

Return On Net Assets

8.36

6.16

17.79

-

-

Return On Capital Employed

8.36

6.16

17.79

-

-

Return On Shareholders' Funds/Equity

8.17

6.16

17.79

-

-

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.63.63

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.