|
Report Date : |
17.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
4'C DIAMONDS PTE LTD |
|
|
|
|
Registered Office : |
17, Phillip Street, 05-01, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
25.10.1997 |
|
|
|
|
Com. Reg. No.: |
199707403-N |
|
|
|
|
Legal Form : |
Exempt Private Company |
|
|
|
|
Line of Business : |
Engaged in Trading of diamonds (We tried to confirm / obtain the detailed activity but the same is not
available from any sources.) |
|
|
|
|
No. of Employees |
Not Available |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 |
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
199707403-N |
||||
|
COMPANY NAME |
: |
4'C DIAMONDS PTE
LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
25/10/1997 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
EXEMPT PRIVATE |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
17, PHILLIP STREET, 05-01, GRAND BUILDING,
048695, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
17, PHILLIP STREET, 05-01, GRAND BUILDING,
048695, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65333377 |
||||
|
FAX.NO. |
: |
65-65333227 |
||||
|
CONTACT PERSON |
: |
SHAH PARAG SHASHIKANT ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF DIAMONDS |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
1,000,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 1,000,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
SGD 5,311,941 [2012] |
||||
|
NET WORTH |
: |
SGD 1,995,077 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
FAIR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
N/A |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due.
The Subject is principally engaged in the (as a / as an) trading of diamonds.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
16/07/2014 |
SGD 1,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SHAH PARAG SHASHIKANT + |
102, HAIG ROAD, 10-07, DUNMAN VIEW, 438798, SINGAPORE. |
S7582329J |
500,000.00 |
50.00 |
|
SHETH AMISHKUMAR RAMNIKLAL + |
FLAT A, 8/F, HANG WAN BUILDING, 42-44, GRANVILLE ROAD, TSIMSHATSUI, KOWLOON, HONG KONG. |
F3812291 |
500,000.00 |
50.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
SHAH PARAG SHASHIKANT |
|
Address |
: |
102, HAIG ROAD, 10-07, DUNMAN VIEW, 438798, SINGAPORE. |
|
IC / PP No |
: |
S7582329J |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
25/10/1997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
SHETH AMISHKUMAR RAMNIKLAL |
|
Address |
: |
FLAT A, 8/F, HANG WAN BUILDING, 42-44, GRANVILLE ROAD, TSIMSHATSUI, KOWLOON, HONG KONG. |
|
IC / PP No |
: |
F3812291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
03/04/1998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
SHAH PARAG SHASHIKANT |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRUDENTIAL PUBLIC ACCOUNTING CORPORATION |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
SHAH SWATI PARAG |
|
|
IC / PP No |
: |
S7780433A |
|
|
|
|
|
|
|
Address |
: |
102, HAIG ROAD, 10-07, DUNMAN VIEW, 438798, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained
principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201202732 |
12/03/2012 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
* 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The staff from the registered office refused to disclose the Subject's
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 |
[ |
X |
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
N/A |
|
|
|
|
|
Overseas |
: |
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The staff from the registered office refused to disclose the Subject's
clientele.
|
Goods Traded |
: |
DIAMONDS
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of
diamonds.
The staff from the registered office refused to disclose the Subject's
operation.
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65333377 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
180, PAYA LEBAR ROAD #06-03 YI GUANG FACTORY
BUILDING SINGAPORE-409032 |
|
Current Address |
: |
17, PHILLIP STREET, 05-01, GRAND BUILDING,
048695, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
we contacted one of the staff from the Subject's registered office but she
only provided limited information on the Subject.
She also refused to disclose the number of employees.
She is not aware of the address provided.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
26.67% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
10.55% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
3.81% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
3.62% |
] |
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the intense market competition.The
dip in profit could be due to the stiff market competition which reduced the
Subject's profit margin. 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 |
: |
Unfavourable |
[ |
80 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
174 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
106 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. 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 |
[ |
1.18 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.66 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 |
[ |
9.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.31 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 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 : |
|
|
|
|
|
|
|
The Subject's performance deteriorated over the years with lower
turnover and profit. 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 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 : LIMITED |
||||||
|
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) |
|
|
|
|
|
|
(Source : Department of Statistics) |
|
|
|
|
|
|
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 1997, the Subject is an
Exempt Private company, focusing on trading of diamonds. 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. 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's business performance showed
a reverse trend as both its turnover and pre-tax profit have decreased
compared to the previous year. 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 however 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 SGD 1,995,077, the
Subject should be able to maintain its business in the near terms. 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. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
4'C DIAMONDS PTE
LTD |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
SGD |
SGD |
|
|
|
|
|
TURNOVER |
5,311,941 |
7,244,061 |
|
Other Income |
12,607 |
7,909 |
|
|
---------------- |
---------------- |
|
Total Turnover |
5,324,548 |
7,251,970 |
|
Costs of Goods Sold |
(4,922,014) |
(6,824,641) |
|
|
---------------- |
---------------- |
|
Gross Profit |
402,534 |
427,329 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
83,811 |
93,692 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
83,811 |
93,692 |
|
Taxation |
(7,699) |
(9,390) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
76,112 |
84,302 |
|
|
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
918,965 |
834,663 |
|
|
---------------- |
---------------- |
|
As restated |
918,965 |
834,663 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
995,077 |
918,965 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
995,077 |
918,965 |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
Bank overdraft |
- |
5,847 |
|
Term loan / Borrowing |
10,480 |
25,394 |
|
|
---------------- |
---------------- |
|
|
10,480 |
31,241 |
|
|
============= |
============= |
|
4'C DIAMONDS PTE
LTD |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
985,815 |
1,008,343 |
|
|
|
|
|
Others |
15,493 |
15,493 |
|
|
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
15,493 |
15,493 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,001,308 |
1,023,836 |
|
|
|
|
|
Stocks |
1,166,109 |
1,218,502 |
|
Trade debtors |
2,527,614 |
3,156,776 |
|
Other debtors, deposits & prepayments |
3,580 |
4,932 |
|
Short term deposits |
- |
50,640 |
|
Amount due from related companies |
203,104 |
224,219 |
|
Cash & bank balances |
139,986 |
138,020 |
|
Others |
- |
29,511 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
4,040,393 |
4,822,600 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
5,041,701 |
5,846,436 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
1,432,768 |
2,294,976 |
|
Other creditors & accruals |
61,574 |
4,912 |
|
Short term borrowings/Term loans |
19,082 |
17,901 |
|
Amounts owing to related companies |
479,051 |
495,748 |
|
Amounts owing to director |
430,893 |
469,094 |
|
Provision for taxation |
7,709 |
8,065 |
|
Other liabilities |
8,936 |
- |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
2,440,013 |
3,290,696 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
1,600,380 |
1,531,904 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
2,601,688 |
2,555,740 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
1,000,000 |
1,000,000 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,000,000 |
1,000,000 |
|
|
|
|
|
Retained profit/(loss) carried forward |
995,077 |
918,965 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
995,077 |
918,965 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
1,995,077 |
1,918,965 |
|
|
|
|
|
Long term loans |
606,611 |
636,775 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
606,611 |
636,775 |
|
|
---------------- |
---------------- |
|
|
2,601,688 |
2,555,740 |
|
|
============= |
============= |
|
|
|
|
|
4'C DIAMONDS PTE
LTD |
|
TYPES OF FUNDS |
|
|
|
Cash |
139,986 |
188,660 |
|
Net Liquid Funds |
139,986 |
188,660 |
|
Net Liquid Assets |
434,271 |
313,402 |
|
Net Current Assets/(Liabilities) |
1,600,380 |
1,531,904 |
|
Net Tangible Assets |
2,586,195 |
2,540,247 |
|
Net Monetary Assets |
(172,340) |
(323,373) |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
625,693 |
654,676 |
|
Total Liabilities |
3,046,624 |
3,927,471 |
|
Total Assets |
5,041,701 |
5,846,436 |
|
Net Assets |
2,601,688 |
2,555,740 |
|
Net Assets Backing |
1,995,077 |
1,918,965 |
|
Shareholders' Funds |
1,995,077 |
1,918,965 |
|
Total Share Capital |
1,000,000 |
1,000,000 |
|
Total Reserves |
995,077 |
918,965 |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
0.06 |
0.06 |
|
Liquid Ratio |
1.18 |
1.10 |
|
Current Ratio |
1.66 |
1.47 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
Stock Ratio |
80 |
61 |
|
Debtors Ratio |
174 |
159 |
|
Creditors Ratio |
106 |
123 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.31 |
0.34 |
|
Liabilities Ratio |
1.53 |
2.05 |
|
Times Interest Earned Ratio |
9.00 |
4.00 |
|
Assets Backing Ratio |
1.00 |
1.00 |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
1.58 |
1.29 |
|
Net Profit Margin |
1.43 |
1.16 |
|
Return On Net Assets |
3.62 |
4.89 |
|
Return On Capital Employed |
3.60 |
4.86 |
|
Return On Shareholders' Funds/Equity |
3.81 |
4.39 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February 2013.
Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India
exported $ 1.84 billion worth of polished diamonds in February 2013. A senior
executive of GJEPC said, “Export of cut and polished diamonds started falling
month-wise after the imposition of 2 % of import duty on the polished diamonds.
But February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28 %. It means the industry
is on the track of recovery and round tripping of diamonds has stopped
completely.” Demand has started coming from the US, the UK, Japan and China.
India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following prudent
risk management norms when lending money to gems and jewellery sector. This
follows the implementation of Basel III accord – a global voluntary regulatory
standard on bank capital adequacy, stress testing and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
UK Pound |
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.