|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL MINORE
PTE. LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.01.2011 |
|
|
|
|
Com. Reg. No.: |
201101327-H |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in trading of Iron Ores. (We tried to confirm / obtain the detailed activity but the same is not available from any sources.) |
|
|
|
|
No of Employees : |
03 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. |
: |
201101327-H |
||||
|
COMPANY NAME |
: |
GLOBAL MINORE
PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
13/01/2011 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
1 NORTH BRIDGE ROAD, 19-04/05, HIGH STREET
CENTRE, 179094, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
1 NORTH BRIDGE ROAD, #19-04/05, HIGH
STREET CENTRE, 179094, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63372472 |
||||
|
FAX.NO. |
: |
65-63374070 |
||||
|
CONTACT PERSON |
: |
KUNAL AGARWALA ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF IRON ORES |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
180,001.00 ORDINARY SHARE, OF A VALUE OF
SGD 180,001.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 3,270,850 [2013] |
||||
|
NET WORTH |
: |
USD (260,049) [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
3 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
FAIR |
||||
|
MANAGEMENT CAPABILITY |
: |
WEAK |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
N/A |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
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 iron ores.
The immediate and ultimate holding company of the Subject is GA LOGISTICS PVT. LTD, a company incorporated in INDIA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
24/07/2014 |
SGD 180,001.00 |
The major shareholder(s)
of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
GA LOGISTICS PVT. LTD |
11/1, SUNNY PARK, R1 JUTHIKA APARTMENT, KOLKATA, 700019, INDIA. |
T11UF1889 |
180,000.00 |
100.00 |
|
PEH POH CHIN |
198 BOON LAY DRIVE, 03-51, 640198, SINGAPORE. |
S6840069D |
1.00 |
0.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
180,001.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
KUNAL AGARWALA |
|
Address |
: |
6A, IRONSIDE ROAD, 201A WINDSOR PALACE, KOLKATA, 700019, INDIA. |
|
IC / PP No |
: |
Z2217482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
26/08/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
VANGAL RANGARAJAN RANGANATHAN |
|
Address |
: |
207, SERANGOON CENTRAL, 11-198, 550207, SINGAPORE. |
|
IC / PP No |
: |
S2662860A |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
12/08/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
KUNAL AGARWALA |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
NATARAJAN & SWAMINATHAN |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
VANGAL RANGARAJAN RANGANATHAN |
|
|
IC / PP No |
: |
S2662860A |
|
|
|
|
|
|
|
Address |
: |
207, SERANGOON CENTRAL, 11-198, 550207,
SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BNP PARIBAS |
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201107362 |
17/06/2011 |
N/A |
BNP PARIBAS |
- |
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 any information on 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 any information
on the Subject's clientele.
|
Goods Traded |
: |
IRON ORES
|
|
|
|
|
|
|
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) trading of iron ores.
The staff from the registered office refused to disclose any information on the
Subject's operation.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63372472 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
1 NORTH BRIDGE ROAD #19-04/05 HIGH STREET
CENTRE SINGAPORE 179094 |
|
Current Address |
: |
1 NORTH BRIDGE ROAD, #19-04/05, HIGH STREET
CENTRE, 179094, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the registered office and she only
provided limited information on the Subject.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
95.00% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
105.48% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
4.89% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
4.89% |
] |
|
|
|
|
|
|
|
|
|
|
The shrinking turnover could be the result of more entrants into the
market which eroded the Subject's market share.The Subject incurred losses
during the year due to the inefficient control of its operating costs. The unfavourable
return on shareholders' funds could indicate that the Subject was inefficient
in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
20 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the Subject does not need
to keep stocks. The favourable debtors' days could be due to the good credit
control measures implemented by the Subject. The Subject had a favourable
creditors' ratio where the Subject could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
0.89 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.89 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate that
the Subject's working capital was slightly deficient. The Subject will have
to improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was nil as it did not pay any interest
during the year. The Subject had no gearing and hence it had virtually no
financial risk. The Subject was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the Subject, having
a zero gearing, will be able to compete better than those which are highly
geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
The Subject's losses could be attributed to the lower turnover which
in turn could be the result of unfavourable market conditions. The Subject's
liquidity was at an acceptable range. If the Subject is able to obtain
further short term financing, it should be able to meet all its short term
obligations. The Subject did not make any interest payment during the year.
The Subject was dependent on its shareholders' funds to finance its business
needs. The Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : POOR |
||||||
|
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 2011, the Subject is a Private
Limited company, focusing on trading of iron ores. The Subject has been in
business for 3 years and it has slowly been building up contact with its
clients while competing in the industry. However, it has yet to enjoy a
stable market shares as it need to compete many well established players in
the same field. The capital standing of the Subject is weak. The Subject may
face difficulties to expand its business compared to other large corporation.
Without a strong capital, the business expansion opportunities of the Subject
is limited. Being a small company, the Subject's
business operation is supported by 3 employees. Overall, we regard that the
Subject's management capability is weak. Without capable management, the
Subject is unlikely to be successful and often contribute to unacceptable
levels of accountability. Weak management can affect productivity,
profitability, sales growth and ultimately can result in the failure of a
business. Due to the challenging market conditions,
the Subject's business performance seems to be deteriorating and losses
incurred. 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 managed to maintain an adequate liquidity
level, indicating that the Subject has the ability to meet its financial
obligations. The Subject's unfavourable financial performance over the years
has wiped out its shareholders' funds to a deficit of USD 260,049. Therefore,
the Subject as a going concern is much dependent on its ability to generate
sufficient cash flow and obtain additional financing to meet its future
obligations. Without a strong assets backing, the
Subject may face difficulties in getting loans for its future expansion and
continued growth. The Subject's payment record regarded as
fair. With poor financial condition, the Subject may unable to pay its
creditors on the given period of time. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. However, the Subject
does not take any advantage from this favourable condition as it is making
losses. The Subject should adopt more competitive strategies to retain its
business position in the market. Based on the above unfavourable condition,
we regard granting credit to the Subject to be quite risky. Hence, credit is
not recommended. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
GLOBAL MINORE
PTE. LTD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
|
|
|
|
TURNOVER |
3,270,850 |
65,454,978 |
|
Other Income |
31,310 |
1,847 |
|
|
---------------- |
---------------- |
|
Total Turnover |
3,302,160 |
65,456,825 |
|
Costs of Goods Sold |
(3,202,808) |
(65,142,547) |
|
|
---------------- |
---------------- |
|
Gross Profit |
99,352 |
314,278 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(12,718) |
232,003 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(12,718) |
232,003 |
|
Taxation |
- |
(19,564) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(12,718) |
212,439 |
|
|
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
212,439 |
- |
|
|
---------------- |
---------------- |
|
As restated |
212,439 |
- |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
199,721 |
212,439 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
199,721 |
212,439 |
|
|
============= |
============= |
|
|
|
|
|
GLOBAL MINORE
PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
848 |
- |
|
|
|
|
|
Investments |
416,133 |
- |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
416,133 |
- |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
416,981 |
- |
|
|
|
|
|
Short term quoted/unquoted investments |
920,000 |
- |
|
Trade debtors |
177,963 |
1,052,428 |
|
Other debtors, deposits & prepayments |
3,328,944 |
2,075,000 |
|
Short term deposits |
829,334 |
3,611,841 |
|
Interest receivable |
27,000 |
- |
|
Cash & bank balances |
54,999 |
2,326,718 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
5,338,240 |
9,065,987 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
5,755,221 |
9,065,987 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
12,095 |
8,666,050 |
|
Other creditors & accruals |
6,003,175 |
17,933 |
|
Provision for taxation |
- |
19,564 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
6,015,270 |
8,703,547 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
(677,030) |
362,440 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
(260,049) |
362,440 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
150,001 |
150,001 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
150,001 |
150,001 |
|
|
|
|
|
General reserve |
(609,771) |
- |
|
Retained profit/(loss) carried forward |
199,721 |
212,439 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
(410,050) |
212,439 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
(260,049) |
362,440 |
|
|
|
|
|
|
---------------- |
---------------- |
|
|
(260,049) |
362,440 |
|
|
============= |
============= |
|
|
|
|
|
GLOBAL MINORE
PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
Cash |
884,333 |
5,938,559 |
|
Net Liquid Funds |
884,333 |
5,938,559 |
|
Net Liquid Assets |
(677,030) |
362,440 |
|
Net Current Assets/(Liabilities) |
(677,030) |
362,440 |
|
Net Tangible Assets |
(260,049) |
362,440 |
|
Net Monetary Assets |
(677,030) |
362,440 |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
6,015,270 |
8,703,547 |
|
Total Assets |
5,755,221 |
9,065,987 |
|
Net Assets |
(260,049) |
362,440 |
|
Net Assets Backing |
(260,049) |
362,440 |
|
Shareholders' Funds |
(260,049) |
362,440 |
|
Total Share Capital |
150,001 |
150,001 |
|
Total Reserves |
(410,050) |
212,439 |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
0.15 |
0.68 |
|
Liquid Ratio |
0.89 |
1.04 |
|
Current Ratio |
0.89 |
1.04 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
Stock Ratio |
0 |
0 |
|
Debtors Ratio |
20 |
6 |
|
Creditors Ratio |
1 |
49 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
(23.13) |
24.01 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
|
Assets Backing Ratio |
(1.73) |
2.42 |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
(0.39) |
0.35 |
|
Net Profit Margin |
(0.39) |
0.32 |
|
Return On Net Assets |
4.89 |
64.01 |
|
Return On Capital Employed |
4.89 |
64.01 |
|
Return On Shareholders' Funds/Equity |
4.89 |
58.61 |
|
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.60.00 |
|
UK Pound |
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.