|
Report Date : |
23.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AGARWAL COAL CORPORATION (S) PTE. LTD. |
|
|
|
|
Registered Office : |
101, Cecil Street, 23-12, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
25.05.2005 |
|
|
|
|
Com. Reg. No.: |
200507123-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trader of Coal |
|
|
|
|
No of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
|
REGISTRATION NO. |
: |
200507123-D |
||||
|
COMPANY NAME |
: |
AGARWAL COAL CORPORATION (S) PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
25/05/2005 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
101, CECIL STREET, 23-12, TONG ENG BUILDING, 069533, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
TONG ENG BUILDING #23-12, 101 CECIL STREET, 069533, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-83769757 |
||||
|
FAX.NO. |
: |
N/A |
||||
|
CONTACT PERSON |
: |
NILESH MHATRE ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COAL |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
1,625,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,625,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 146,555,861 [2013] |
||||
|
NET WORTH |
: |
USD 29,953,414 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
4 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
POOR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is a private limited company
and is allowed to have a minimum of one and a maximum of forty-nine
shareholders. As a private limited company, the Subject must have at least two
directors. A private limited company is a separate legal entity from its
shareholders. As a separate legal entity, the Subject is capable of owning
assets, entering into contracts, sue or be sued by other companies. The
liabilities of the shareholders are to the extent of the equity they have taken
up and the creditors cannot claim on shareholders' personal assets even if the
Subject is insolvent. The Subject is governed by the Companies Act and the
company must file its annual returns, together with its financial statements
with the Registrar of Companies.
The Subject is principally engaged
in the (as a / as an) trading of coal.
Share Capital History
|
Date |
Issue & Paid
Up Capital |
|
15/02/2013 |
SGD 1,625,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
AGARWAL FUEL CORPORATION PVT. LTD. |
AGARWAL HOUSE, 5, TESHWANT COLONY, INDORE-452003, FLOOR 5, INDIA |
T07UF2494B |
633,879.00 |
39.01 |
|
AGARWAL TRANSPORT CORPORATION PVT. LTD. |
AGARWAL HOUSE, 5, YESHWANT COLONY, INDORE 452003, 2ND FLOOR, INDIA |
T13UF0036 |
425,973.00 |
26.21 |
|
AGARWAL COAL CORPORATION PRIVATE LIMITED |
MATRA KRIPA, 2, CHAMELI PARK, NEAR GOYAL NAGAR, RING ROAD,
INDORE-452001, INDIA |
T06UF2944 |
380,344.00 |
23.41 |
|
CHAMAK TREXIM PVT. LTD. |
64-B, B.K. PAUL AVENUE, KOLKATA-700 005, WEST BENGAL, INDIA |
T07UF2495J |
184,804.00 |
11.37 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,625,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+
Also Director
DIRECTOR 1
|
Name Of Subject |
: |
NILESH MHATRE |
|
Address |
: |
10, PRINSEP LINK, 08-11, SUNSHINE PLAZA, 187948, SINGAPORE. |
|
IC / PP No |
: |
G6091213W |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
07/02/2012 |
|
Remark |
: |
ALTERNATE DIRECTOR TO VINOD KUMAR AGARWAL |
DIRECTOR 2
|
Name Of Subject |
: |
VINOD KUMAR AGARWAL |
|
Address |
: |
2, CHAMELI PARK, NR. GOYAL NAGAR, RING ROAD, INDORE, INDIA, 452018,
SINGAPORE. |
|
IC / PP No |
: |
B5555145 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
25/05/2005 |
DIRECTOR 3
|
Name Of Subject |
: |
SRI MURALI S/O SINNOTHEI RENGANATHAN |
|
Address |
: |
39, CORONATION ROAD, 269450, SINGAPORE. |
|
IC / PP No |
: |
S1331899I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
25/05/2005 |
|
1) |
Name of Subject |
: |
NILESH MHATRE |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
VKR PRACTICES |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
SRI MURALI S/O SINNOTHEI RENGANATHAN |
|
|
IC / PP No |
: |
S1331899I |
|
|
|
|
|
|
|
Address |
: |
39, CORONATION ROAD, 269450, SINGAPORE. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
UCO BANK |
|
|
|
|
|
|
2) |
Name |
: |
INDIAN OVERSEAS BANK |
|
|
|
|
|
|
3) |
Name |
: |
AXIS BANK LIMITED SINGAPORE BRANCH |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C200710139 |
20/11/2007 |
N/A |
UCO BANK |
- |
Unsatisfied |
|
C201012442 |
21/12/2010 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201012443 |
21/12/2010 |
N/A |
DBS BANL LTD. |
- |
Unsatisfied |
|
C201110511 |
23/08/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201110514 |
23/08/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201111552 |
15/09/2011 |
N/A |
AXIS BANK LIMITED SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201111612 |
15/09/2011 |
N/A |
AXIS BANK LIMITED SINGAPORE BRANCH |
- |
Unsatisfied |
* A check has been conducted in our databank 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The
Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
X |
] |
|
|
|
|
|
|
|
Local |
: |
NO |
|
||
|
|
|
|
|
||
|
Overseas |
: |
YES |
Percentage |
: |
100% |
|
Export Market |
: |
INDIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
TELEGRAPHIC TRANSFER (TT) |
|||
|
Goods Traded |
: |
COAL
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
|||||||
|
|
|||||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
4 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of coal.
The Subject refused to disclose its operation.
Latest fresh investigations carried out on the
Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-83769757 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
101, CECIL ST R, 23 12, TONG.ENG BLDG,
SINGAPORE 069533 |
|
Current Address |
: |
TONG ENG BUILDING #23-12, 101 CECIL STREET, 069533, SINGAPORE. |
|
Match |
: |
NO |
|
|
|
|
Other Investigations
We contacted one of the staff from the Subject and he only provided limited
information.
The address provided is incomplete.
He refused to disclose the fax number.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
26.66% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
21.30% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
6.62% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.40% |
] |
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the intense market competition.The Subject's
management have been efficient in controlling its operating costs. The
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
184 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
126 Days |
] |
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the Subject does not
need to keep stocks. The Subject's debtors ratio was high. The Subject should
tighten its credit control and improve its collection period. The
unfavourable creditors' ratio could be due to the Subject taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the Subject and its suppliers and the Subject may inadvertently have
to pay more for its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.37 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.37 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in order
to assure its creditors of its ability to meet short term obligations and the
Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
2.12 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.74 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was low. If its profits fall or when interest
rate rises, it may not be able to meet all its interest payment. The Subject
was lowly geared thus it had a low financial risk. The Subject was mainly
financed by its shareholders' funds and internally generated funds. In times
of economic slowdown / downturn, the Subject being a lowly geared company,
will be able to compete better than those companies which are highly geared
in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Due to the efficient control of its operating costs, the Subject was
able to remain profitable despite lower turnover achieved during the year.
The Subject was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. If there is a
fall in the Subject's profit or any increase in interest rate, the Subject
may not be able to generate sufficient cash-flow to service its interest. The
Subject as a lowly geared company, will be more secured compared to those
highly geared companies. It has the ability to meet all its long term
obligations. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : FAIR |
||||||
|
Major Economic Indicators : |
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) |
|
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
The wholesale and retail trade sector contracted by 1.5% in the fourth
quarter of 2012, extending the 0.2% decline in the preceding quarter. For the
whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in
2011. The sector was weighed down primarily by the wholesale trade segment.
In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the
1.4% growth in 2011. Growth of the retail trade segment also moderated to
2.0%, from 3.2% in the year 2011. |
|
|
|
|
|
The domestic wholesale trade index grew by 1.2% in the fourth quarter
of 2012, an improvement from the 5.4% decline in the third quarter. This was partly
due to an increase in the sales of chemicals & chemical products and ship
chandlers & bunkering. For the full year of 2012, the domestic wholesale
trade index contracted by 2.2%, extending the 1.7% decline in 2011. The
foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase
from the 6.6% growth in the third quarter. The expansion was partly due to
resilient sales of petroleum & petroleum products. For the whole of 2012,
the foreign wholesale trade index expanded by 9.1%, faster than the 4.3%
increase in 2011. |
|
|
|
|
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%,
extending the 0.3% decline in the third quarter. Excluding motor vehicles,
retail sales volume grew by 0.4%, a slight moderation compared to the 1.5%
gain in the third quarter of 2012. The sales volume of motor vehicles fell by
11% in the fourth quarter of 2012, after contracting by 6.1% in the third
quarter. The sales of several discretionary items also declined in the fourth
quarter. Besides, the sales of optical goods & books in 2012 fell by
3.6%, while the sales of telecommunications apparatus & computers
declined by 1.4%. |
|
|
|
|
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the
2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail
sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods
& toiletries registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
Incorporated in 2005, the Subject is a Private Limited company, focusing
on trading of coal. Having been in business for more than 5 years, the Subject
has established a remarkable clientele base for itself which has contributed to
its business growth. Having strong support from its shareholder has enabled the
Subject to remain competitive despite the challenging business environment. The
capital standing of the Subject is fair. With an adequate share capital, the
Subject has the potential of expanding its business in future.
The Subject focuses only on overseas market. This global approach has enabled
the Subject to generate a better growth sales. Being an export-oriented
company, the Subject however is subjected to certain inherent risk of global
economy slowdown, foreign currencies fluctuations and stiff competition in the
international market. Being a small company, the Subject's business operation
is supported by 4 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. 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 lowly geared company, the Subject is exposed to
low financial risk as it is mainly dependent on its internal funds to finance
its business needs. Given a positive net worth standing at USD 29,953,414, the
Subject should be able to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises
The poor payment habit may affect the goodwill between the Subject and its
suppliers and the Subject may inadvertently have to pay more for its future
supplies.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the Subject is expected to benefit from the favourable
outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
AGARWAL COAL
CORPORATION (S) PTE. LTD. |
|
Financial
Year End |
2013-03-31 |
2012-03-31 |
|
Months |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
|
|
|
|
TURNOVER |
146,555,861 |
199,818,107 |
|
|
---------------- |
---------------- |
|
Total Turnover |
146,555,861 |
199,818,107 |
|
Costs of Goods Sold |
(142,115,754) |
(195,368,391) |
|
|
---------------- |
---------------- |
|
Gross Profit |
4,440,107 |
4,449,716 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,923,760 |
1,672,268 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED
COMPANIES |
391,541 |
236,405 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
2,315,301 |
1,908,673 |
|
Taxation |
(333,163) |
(210,471) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
1,982,138 |
1,698,202 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|
|
|
As previously reported |
27,059,337 |
25,361,135 |
|
|
---------------- |
---------------- |
|
As restated |
27,059,337 |
25,361,135 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
29,041,475 |
27,059,337 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
29,041,475 |
27,059,337 |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
Term loan / Borrowing |
10,455 |
11,151 |
|
Trust receipts |
14,165 |
85,256 |
|
Others |
2,048,240 |
911,012 |
|
|
---------------- |
---------------- |
|
|
2,072,860 |
1,007,419 |
|
|
============= |
============= |
|
AGARWAL COAL
CORPORATION (S) PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
944,250 |
953,650 |
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
Associated companies |
3,183,256 |
2,931,596 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
3,183,256 |
2,931,596 |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
4,127,506 |
3,885,246 |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Trade debtors |
74,042,967 |
64,772,516 |
|
Other debtors, deposits & prepayments |
662,693 |
942,782 |
|
Short term deposits |
21,537,174 |
38,661,374 |
|
Cash & bank balances |
1,088,673 |
337,598 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
97,331,507 |
104,714,270 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
101,459,013 |
108,599,516 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
48,892,193 |
65,046,310 |
|
Other creditors & accruals |
236,676 |
12,134 |
|
Short term borrowings/Term loans |
21,600,822 |
15,283,452 |
|
Provision for taxation |
265,000 |
340,118 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
70,994,691 |
80,682,014 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
26,336,816 |
24,032,256 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
30,464,322 |
27,917,502 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
1,198,079 |
500,962 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,198,079 |
500,962 |
|
|
|
|
|
RESERVES |
|
|
|
Retained profit/(loss) carried forward |
29,041,475 |
27,059,337 |
|
Others |
(286,140) |
(198,365) |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
28,755,335 |
26,860,972 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
29,953,414 |
27,361,934 |
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
Long term loans |
510,908 |
555,568 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
510,908 |
555,568 |
|
|
---------------- |
---------------- |
|
|
30,464,322 |
27,917,502 |
|
|
============= |
============= |
|
AGARWAL COAL
CORPORATION (S) PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
Cash |
22,625,847 |
38,998,972 |
|
Net Liquid Funds |
22,625,847 |
38,998,972 |
|
Net Liquid Assets |
26,336,816 |
24,032,256 |
|
Net Current Assets/(Liabilities) |
26,336,816 |
24,032,256 |
|
Net Tangible Assets |
30,464,322 |
27,917,502 |
|
Net Monetary Assets |
25,825,908 |
23,476,688 |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
22,111,730 |
15,839,020 |
|
Total Liabilities |
71,505,599 |
81,237,582 |
|
Total Assets |
101,459,013 |
108,599,516 |
|
Net Assets |
30,464,322 |
27,917,502 |
|
Net Assets Backing |
29,953,414 |
27,361,934 |
|
Shareholders' Funds |
29,953,414 |
27,361,934 |
|
Total Share Capital |
1,198,079 |
500,962 |
|
Total Reserves |
28,755,335 |
26,860,972 |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
0.32 |
0.48 |
|
Liquid Ratio |
1.37 |
1.30 |
|
Current Ratio |
1.37 |
1.30 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
Stock Ratio |
0 |
0 |
|
Debtors Ratio |
184 |
118 |
|
Creditors Ratio |
126 |
122 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.74 |
0.58 |
|
Liabilities Ratio |
2.39 |
2.97 |
|
Times Interest Earned Ratio |
2.12 |
2.89 |
|
Assets Backing Ratio |
25.43 |
55.73 |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
1.58 |
0.96 |
|
Net Profit Margin |
1.35 |
0.85 |
|
Return On Net Assets |
14.40 |
10.45 |
|
Return On Capital Employed |
14.40 |
10.45 |
|
Return On Shareholders' Funds/Equity |
6.62 |
6.21 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.92 |
|
|
1 |
Rs. 101.98 |
|
Euro |
1 |
Rs. 83.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial b\ase with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.