MIRA INFORM REPORT

 

 

Report Date :

29.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TROPICAL GRAINS & FEEDS INDUSTRIES PTE LTD

 

 

Registered Office :

16, Raffles Quay, 39-03, Hong Leong Building, 048581

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

21.03.1996

 

 

Com. Reg. No.:

199601945-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Distribution of Animal Feeds, Fertilizers, Agricultural Chemicals, and Other Farm Supplies

 

 

No. of Employee :

3 [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.

:

199601945-W

COMPANY NAME

:

TROPICAL GRAINS & FEEDS INDUSTRIES PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

21/03/1996

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

16, RAFFLES QUAY, 39-03, HONG LEONG BUILDING, 048581, SINGAPORE.

BUSINESS ADDRESS

:

16 RAFFLES QUAY #39-03 HONG LEONG BUILDING,, 048581, SINGAPORE.

TEL.NO.

:

65-65388233

FAX.NO.

:

65-65361869

CONTACT PERSON

:

LIM BOON HOCK ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

DISTRIBUTION OF ANIMAL FEEDS, FERTILIZERS, AGRICULTURAL CHEMICALS, AND OTHER FARM SUPPLIES.

 

 

 

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00 

 

 

 

SALES

:

USD 464,167,824 [2014]

NET WORTH

:

USD 2,854,509 [2014]

 

 

 

STAFF STRENGTH

:

3 [2014]

BANKER (S)

:

SOCIETE GENERALE

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

MODERATE

PAYMENT

:

SLOW BUT CORRECT

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) distribution of animal feeds, fertilizers, agricultural chemicals, and other farm supplies..

 

The immediate holding company of the Subject is FINGLETON INVESTMENTS LIMITED, a company incorporated in BRITISH INDIAN OCEAN TERRITORY.

 

Share Capital History

 

Date

Issue & Paid Up Capital

24/12/2014

SGD 1,000,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

SUNIL KHANDELWAL +

30, TANAH MERAH KECHIL ROAD, 10-04, EAST MEADOWS, 465558, SINGAPORE.

S6983238E

1.00

0.00

LIM BOON HOCK +

973, HOUGANG STREET, 91, 05-218, 530973, SINGAPORE.

S1625414B

1.00

0.00

FINGLETON INVESTMENTS LIMITED

OFFSHORE INCORPORATION CENTRE ROAD TOWN, TORTOLA, P O BOX 957, BRITISH INDIAN OCEAN TERRITORY.

96UFO367J

999,998.00

100.00

 

 

 

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

------

 

 

 

1,000,000.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

LIM BOON HOCK

Address

:

973, HOUGANG STREET, 91, 05-218, 530973, SINGAPORE.

IC / PP No

:

S1625414B

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

20/04/1998

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

SUNIL KHANDELWAL

Address

:

30, TANAH MERAH KECHIL ROAD, 10-04, EAST MEADOWS, 465558, SINGAPORE.

IC / PP No

:

S6983238E

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/03/1996

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

1)

Name of Subject

:

LIM BOON HOCK

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

NATARAJAN & SWAMINATHAN

Auditor' Address

:

N/A

 

 

 

 

 

 

 

Auditor

:

NATARAJAN & SWAMINATHAN

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

VANGAL RANGARAJAN RANGANATHAN

 

IC / PP No

:

S2662860A

 

 

 

 

 

Address

:

207, SERANGOON CENTRAL, 11-198, 550207, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

SOCIETE GENERALE

 

 

 

 

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

200104800

03/10/2001

N/A

SOCIETE GENERALE

-

Unsatisfied

200205651

24/12/2002

N/A

SOCIETE GENERALE

-

Unsatisfied

C200300329

29/01/2003

N/A

THE ROYAL BANK OF SCOTLAND N.V.

-

Unsatisfied

C200301011

06/03/2003

N/A

SOCIETE GENERALE

-

Unsatisfied

C200604843

25/07/2006

N/A

THE ROYAL BANK OF SCOTLAND N.V.

-

Unsatisfied

C201115086

30/11/2011

N/A

COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.

-

Unsatisfied

C201115087

30/11/2011

N/A

COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.

-

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

:

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

[

 

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

X

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

N/A

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

ANIMAL FEEDS, FERTILIZERS, AGRICULTURAL CHEMICALS, AND OTHER FARM SUPPLIES.

 

 

 

 

 

Total Number of Employees:

YEAR

2014

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

3

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The Subject is principally engaged in the (as a / as an) distribution of animal feeds, fertilizers, agricultural chemicals, and other farm supplies.. 


The Subject refused to disclose its operation. 

 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65388233

Match

:

N/A

 

 

 

Address Provided by Client

:

16, RAFFLES QUAY, #39-03, HONG LEONG BUILDING, SINGAPORE 048581

Current Address

:

16 RAFFLES QUAY #39-03 HONG LEONG BUILDING,, 048581, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations


On 23rd December 2014 we contacted one of the staff from the Subject's registered office and she provided limited information.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2010 - 2014

]

 

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

 

Return on Shareholder Funds

:

Acceptable

[

10.29%

]

 

Return on Net Assets

:

Acceptable

[

14.50%

]

 

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Nil

[

0 Days

]

 

Debtor Ratio

:

Unfavourable

[

82 Days

]

 

Creditors Ratio

:

Unfavourable

[

78 Days

]

 

 

 

 

 

 

 

 

 

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

[

1.02 Times

]

 

Current Ratio

:

Unfavourable

[

1.02 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

:

Acceptable

[

4.27 Times

]

 

Gearing Ratio

:

Unfavourable

[

8.62 Times

]

 

 

 

 

 

 

 

 

 

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

 

 

 

 

 

 

 

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 1996, the Subject is a Private Limited company, focusing on distribution of animal feeds, fertilizers, agricultural chemicals, and other farm supplies. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 1,000,000 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 3 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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 2,854,509, 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. 


The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject. 


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

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

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

USD

USD

SGD

SGD

SGD

 

 

 

 

 

 

TURNOVER

464,167,824

454,729,720

514,651,351

523,611,001

297,424,420

Other Income

1,583

91,972

-

-

-

 

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

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

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

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

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

Total Turnover

464,169,407

454,821,692

514,651,351

523,611,001

297,424,420

Costs of Goods Sold

(463,563,380)

(453,642,839)

-

-

-

 

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

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

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

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

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

Gross Profit

606,027

1,178,853

-

-

-

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

316,970

286,953

317,925

244,068

249,126

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

316,970

286,953

317,925

244,068

249,126

Taxation

(23,300)

(19,509)

(28,973)

(21,838)

(21,053)

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

293,670

267,444

288,952

222,230

228,073

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

1,972,604

1,705,160

1,416,208

1,193,978

965,905

 

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

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

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

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

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

As restated

1,972,604

1,705,160

1,416,208

1,193,978

965,905

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,266,274

1,972,604

1,705,160

1,416,208

1,193,978

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,266,274

1,972,604

1,705,160

1,416,208

1,193,978

 

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

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

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

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

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

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Term loan / Borrowing

90,947

659,726

-

-

-

Trust receipts

5,937

9,641

-

-

-

 

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

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

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

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

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

 

96,884

669,367

-

-

-

 

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

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

 

 

 

 

 

BALANCE SHEET

 

 

 

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

-

-

0

0

0

 

 

 

 

 

 

Trade debtors

104,649,959

101,925,032

-

-

-

Other debtors, deposits & prepayments

20,000,000

25,296,296

-

-

-

Cash & bank balances

2,918,205

6,169,839

-

-

-

 

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

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

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

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

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

TOTAL CURRENT ASSETS

127,568,164

133,391,167

171,231,168

109,218,998

83,048,506

 

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

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

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

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

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

TOTAL ASSET

127,568,164

133,391,167

171,231,168

109,218,998

83,048,506

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

99,010,540

130,292,324

-

-

-

Other creditors & accruals

1,048,090

90,223

-

-

-

Short term borrowings/Term loans

24,620,105

425,067

-

-

-

Provision for taxation

34,920

22,714

-

-

-

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

124,713,655

130,830,328

168,385,982

107,158,516

80,722,198

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

 

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

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

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

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

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

TOTAL NET ASSETS

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

588,235

588,235

1,000,000

1,000,000

1,000,000

 

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

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

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

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

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

TOTAL SHARE CAPITAL

588,235

588,235

1,000,000

1,000,000

1,000,000

 

 

 

 

 

 

Retained profit/(loss) carried forward

2,266,274

1,972,604

1,705,160

1,416,208

1,193,978

Others

-

-

140,026

(355,726)

132,330

 

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

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

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

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

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

TOTAL RESERVES

2,266,274

1,972,604

1,845,186

1,060,482

1,326,308

 

 

 

 

 

 

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

 

 

 

 

 

 

TOTAL LONG TERM LIABILITIES

-

-

-

-

0

 

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

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

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

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

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

 

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

 

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

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

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

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

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

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

 

 

 

 

 

Cash

2,918,205

6,169,839

-

-

-

Net Liquid Funds

2,918,205

6,169,839

-

-

-

Net Liquid Assets

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

Net Current Assets/(Liabilities)

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

Net Tangible Assets

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

Net Monetary Assets

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

24,620,105

425,067

-

-

-

Total Liabilities

124,713,655

130,830,328

168,385,982

107,158,516

80,722,198

Total Assets

127,568,164

133,391,167

171,231,168

109,218,998

83,048,506

Net Assets

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

Net Assets Backing

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

Shareholders' Funds

2,854,509

2,560,839

2,845,186

2,060,482

2,326,308

Total Share Capital

588,235

588,235

1,000,000

1,000,000

1,000,000

Total Reserves

2,266,274

1,972,604

1,845,186

1,060,482

1,326,308

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

0.02

0.05

-

-

-

Liquid Ratio

1.02

1.02

-

-

-

Current Ratio

1.02

1.02

1.02

1.02

1.03

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

0

0

-

-

-

Debtors Ratio

82

82

-

-

-

Creditors Ratio

78

105

-

-

-

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

8.62

0.17

-

-

-

Liabilities Ratio

43.69

51.09

59.18

52.01

34.70

Times Interest Earned Ratio

4.27

1.43

-

-

-

Assets Backing Ratio

4.85

4.35

2.85

2.06

2.33

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

0.07

0.06

0.06

0.05

0.08

Net Profit Margin

0.06

0.06

0.06

0.04

0.08

Return On Net Assets

14.50

37.34

11.17

11.85

10.71

Return On Capital Employed

14.50

37.34

11.17

11.85

10.71

Return On Shareholders' Funds/Equity

10.29

10.44

10.16

10.79

9.80

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.