MIRA INFORM REPORT

 

 

Report Date :

25.02.2014

 

IDENTIFICATION DETAILS

 

Name :

DINOWIC PTE LTD

 

 

Registered Office :

16, Raffles Quay, 27-01A, Hong Leong Building, 048581

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.11.1997

 

 

Com. Reg. No.:

199707495-K

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

·         Trader of Steel & Investment Holding

Subject deals in Prime, Secondary and Scrap Stainless Steel.

Subject deals in all Austenitic, Ferritic and Martenstic Grades.

 

 

No of Employees :

12 [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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, 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, which has sunk to an average of about 1.0% in the last decade. 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

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199707495-K

COMPANY NAME

:

DINOWIC PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

01/11/1997

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

16, RAFFLES QUAY, 27-01A, HONG LEONG BUILDING, 048581, SINGAPORE.

BUSINESS ADDRESS

:

16, RAFFLES QUAY, 27-01A, HONG LEONG BUILDING, 048581, SINGAPORE.

TEL.NO.

:

65-62261191

FAX.NO.

:

65-62261131

WEB SITE

:

WWW.DINOWIC.COM

CONTACT PERSON

:

LIM TIONG BENG ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF STEEL AND INVESTMENT HOLDING

 

 

 

ISSUED AND PAID UP CAPITAL

:

11,396,220.00 ORDINARY SHARE, OF A VALUE OF SGD 11,396,220.00

 

 

 

SALES

:

USD 438,009,122 [2012]

NET WORTH

:

USD 17,676,815 [2012]

 

 

 

STAFF STRENGTH

:

12 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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 steel and investment holding.

Share Capital History

Date

Issue & Paid Up Capital

14/02/2014

SGD 11,396,220.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

UNICORN POWER INTERNATIONAL LIMITED

171, MAIN STREET, P. O. BOX 4041, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.

T10UF0432

11,396,220.00

100.00

 

 

 

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

------

 

 

 

11,396,220.00

100.00

 

 

 

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

=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

200914450R

SINGAPORE

DINOWIC TRADING PTE. LTD.

100.00

31/12/2012

 

 

 

 

 


DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

LIM TIONG BENG

Address

:

2, GUOK AVENUE, 119632, SINGAPORE.

IC / PP No

:

S1073678A

Nationality

:

SINGAPOREAN

Date of Appointment

:

05/02/2010

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

LIM TIONG BENG

 

Position

:

DIRECTOR

 

 

 

 

 

AUDITOR

 

Auditor

:

WU CHIAW CHING & COMPANY

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

JULIANA LOH JOO HUI

 

IC / PP No

:

S2558149J

 

 

 

 

 

Address

:

22, ST. GEORGE'S ROAD, 12 - 182, 321022, SINGAPORE.

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


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

 

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

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

Percentage

:

70%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

30%

Export Market

:

ASIA

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)

 

OPERATIONS

 

Goods Traded

:

STEEL, STAINLESS STEEL

 

 

 

 

Services

:

INVESTMENT HOLDING COMPANIES

 

 

 

 

Ownership of premises

:

LEASED/RENTED

 

 

Total Number of Employees:

 

YEAR

2014

2013

2012

2011

2010

 

 

 

 

GROUP

N/A

N/A

N/A

N/A

N/A

 

 

 

 

COMPANY

12

12

15

15

14

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of steel and investment holding.

The Subject is one of the largest and strongest stainless steel trading company in Singapore.

The Subject deals in Prime, Secondary and Scrap Stainless Steel.

The Subject deals in all Austenitic, Ferritic and Martenstic Grades.

 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6562261191

Current Telephone Number

:

65-62261191

Match

:

YES

 

 

 

Address Provided by Client

:

16 RAFFLES QUAY 27-0/A HONG LEONG BUILDING

Current Address

:

16, RAFFLES QUAY, 27-01A, HONG LEONG BUILDING, 048581, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


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

The address provided is incomplete.

 

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2009 - 2012

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2012

]

 

Return on Shareholder Funds

:

Acceptable

[

11.12%

]

 

Return on Net Assets

:

Acceptable

[

13.15%

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players. The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

1 Days

]

 

Debtor Ratio

:

Favourable

[

50 Days

]

 

Creditors Ratio

:

Favourable

[

33 Days

]

 

 

 

 

 

 

 

 

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Favourable

[

1.20 Times

]

 

Current Ratio

:

Unfavourable

[

1.22 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

:

Favourable

[

24.00 Times

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :

 

 

 

 

 

 

The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 :

2008

2009

2010

2011

2012

 

 

 

 

 

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

(0.8)

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

 

 

 

 

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

 

 

 

 

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

(2.2)

4.3

12.8

8.5

(1.3)

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

(32.5)

25.6

9.4

 

 

 

 

 

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

(10.78)

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

(0.8)

11.4

2.8

(5)

(2.2)

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

(15.9)

(11.5)

(25.3)

(0.7)

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

(7.7)

103.7

(26.3)

(38.2)

35.2

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

(0.32)

3.25

(0.48)

4.25

3.64

Fish Supply & Wholesale

(6.31)

(1.93)

(10.5)

12.10

(0.5)

 

 

 

 

 

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

 

 

 

 

 

Construction

45.90

(36.9)

14.20

20.50

28.70

Real Estate

(11.2)

1.4

21.3

25.4

31.9

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

(1.3)

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

(5.9)

(16.4)

(0.4)

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

(0.9)

(1.4)

0.30

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

 

 

 

According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.

 

However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.

 

Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.

 

For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.

 

Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.

 

For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.

 

In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.

 

Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.

 

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1997, the Subject is a Private Limited company, focusing on trading of steel and investment holding. 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. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. The Subject's business operation is supported by 12 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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. 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 17,676,815, the Subject should be able to maintain its business in the near terms.

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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. With the Subject’s strong capital position, it should have acquired competitive edge from its competitors.

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.

DINOWIC PTE LTD

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

 

 

 

 

 

TURNOVER

438,009,122

579,841,258

463,628,983

292,040,350

Other Income

135,523

591,115

-

-

 

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

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

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

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

Total Turnover

438,144,645

580,432,373

463,628,983

292,040,350

 

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

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

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

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

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

2,229,601

2,539,245

2,359,640

1,423,191

 

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

2,229,601

2,539,245

2,359,640

1,423,191

Taxation

(264,094)

(283,393)

(227,525)

(221,557)

 

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,965,507

2,255,852

2,132,115

1,201,634

 

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

7,756,566

5,500,714

3,368,599

2,166,965

 

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

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

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

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

As restated

7,756,566

5,500,714

3,368,599

2,166,965

 

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

9,722,073

7,756,566

5,500,714

3,368,599

 

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

9,722,073

7,756,566

5,500,714

3,368,599

 

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

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

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

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

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

Trust receipts

96,954

143,044

15,210

26,515

Others

-

-

2,436,368

2,702,087

 

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

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

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

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

 

96,954

143,044

2,451,578

2,728,602

 

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

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

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

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

 

 

 

 

BALANCE SHEET

 

 

DINOWIC PTE LTD

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

5,145,514

4,812,630

18,906

25,969

 

 

 

 

 

 

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

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

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

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

TOTAL LONG TERM ASSETS

5,145,514

4,812,630

18,906

25,969

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Stocks

1,428,431

7,787,160

15,022,950

7,750,183

Trade debtors

59,827,104

35,606,432

19,212,589

12,071,614

Other debtors, deposits & prepayments

1,732,526

23,391,340

121,208

32,204

Short term loans & advances

-

-

2,925,183

550,378

Amount due from related companies

-

-

1,766,288

-

Cash & bank balances

5,748,044

8,501,055

7,442,563

21,513,876

Amount owing by shareholders

10,278

2,004

-

-

Others

15,994

3,100

1,343,348

3,616

 

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

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

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

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

TOTAL CURRENT ASSETS

68,762,377

75,291,091

47,834,129

41,921,871

 

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

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

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

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

TOTAL ASSET

73,907,891

80,103,721

47,853,035

41,947,840

 

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

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

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

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

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade creditors

39,049,200

41,736,025

19,162,965

28,300,672

Other creditors & accruals

3,192,628

1,685,374

1,508,738

1,299,146

Deposits from customers

11,207

20,699,361

12,318,726

242,851

Bill & acceptances payable

-

-

198,685

-

Amounts owing to related companies

13,680,119

-

-

1,546,551

Provision for taxation

285,576

259,307

225,013

225,042

Other liabilities

-

-

980,330

7,665

 

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

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

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

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

TOTAL CURRENT LIABILITIES

56,218,730

64,380,067

34,394,457

31,621,927

 

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

12,543,647

10,911,024

13,439,672

10,299,944

 

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

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

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

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

TOTAL NET ASSETS

17,689,161

15,723,654

13,458,578

10,325,913

 

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

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

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

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

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

7,956,522

7,956,522

7,956,522

6,956,522

 

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

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

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

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

TOTAL SHARE CAPITAL

7,956,522

7,956,522

7,956,522

6,956,522

 

 

 

 

 

RESERVES

 

 

 

 

Exchange equalisation/fluctuation reserve

(1,780)

(1,780)

-

-

Retained profit/(loss) carried forward

9,722,073

7,756,566

5,500,714

3,368,599

Others

-

-

(1,872)

(1,858)

 

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

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

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

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

TOTAL RESERVES

9,720,293

7,754,786

5,498,842

3,366,741

 

 

 

 

 

 

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

17,676,815

15,711,308

13,455,364

10,323,263

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

Deferred taxation

12,346

12,346

3,214

2,650

 

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

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

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

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

TOTAL LONG TERM LIABILITIES

12,346

12,346

3,214

2,650

 

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

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

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

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

 

17,689,161

15,723,654

13,458,578

10,325,913

 

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

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

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

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

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

DINOWIC PTE LTD

 

TYPES OF FUNDS

 

 

 

 

Cash

5,748,044

8,501,055

7,442,563

21,513,876

Net Liquid Funds

5,748,044

8,501,055

7,243,878

21,513,876

Net Liquid Assets

11,115,216

3,123,864

(1,583,278)

2,549,761

Net Current Assets/(Liabilities)

12,543,647

10,911,024

13,439,672

10,299,944

Net Tangible Assets

17,689,161

15,723,654

13,458,578

10,325,913

Net Monetary Assets

11,102,870

3,111,518

(1,586,492)

2,547,111

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

0

0

198,685

0

Total Liabilities

56,231,076

64,392,413

34,397,671

31,624,577

Total Assets

73,907,891

80,103,721

47,853,035

41,947,840

Net Assets

17,689,161

15,723,654

13,458,578

10,325,913

Net Assets Backing

17,676,815

15,711,308

13,455,364

10,323,263

Shareholders' Funds

17,676,815

15,711,308

13,455,364

10,323,263

Total Share Capital

7,956,522

7,956,522

7,956,522

6,956,522

Total Reserves

9,720,293

7,754,786

5,498,842

3,366,741

LIQUIDITY (Times)

 

 

 

 

Cash Ratio

0.10

0.13

0.22

0.68

Liquid Ratio

1.20

1.05

0.95

1.08

Current Ratio

1.22

1.17

1.39

1.33

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

1

5

12

10

Debtors Ratio

50

22

15

15

Creditors Ratio

33

26

15

35

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

0.00

0.00

0.01

0.00

Liabilities Ratio

3.18

4.10

2.56

3.06

Times Interest Earned Ratio

24.00

18.75

1.96

1.52

Assets Backing Ratio

2.22

1.98

1.69

1.48

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

0.51

0.44

0.51

0.49

Net Profit Margin

0.45

0.39

0.46

0.41

Return On Net Assets

13.15

17.06

35.75

40.21

Return On Capital Employed

13.15

17.06

35.75

40.21

Return On Shareholders' Funds/Equity

11.12

14.36

15.85

11.64

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.62.12

UK Pound

1

Rs.103.38

Euro

1

Rs.85.32

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

 

>86

Aaa

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

 

Unlimited

 

71-85

Aa

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

 

Large

 

56-70

A

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

 

Fairly Large

 

41-55

Ba

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

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

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

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

--

NB

New Business

 

--

 

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

 

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

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

 

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

 

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