MIRA INFORM REPORT

 

 

Report Date :

06.06.2014

 

IDENTIFICATION DETAILS

 

Name :

AVANI RESOURCES PTE. LTD.

 

 

Registered Office :

143, Cecil Street, 08-03/04 GB Building, 069542

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

07.12.2010

 

 

Com. Reg. No.:

201025904-R

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Commodity Products

 

 

No. of Employees :

10 [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 – 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. 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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

201025904-R

COMPANY NAME

:

AVANI RESOURCES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

07/12/2010

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

143, CECIL STREET, 08-03/04 GB BUILDING, 069542, SINGAPORE.

BUSINESS ADDRESS

:

143 CECIL STREET, 08-03/04, GB BUILDING, 069542, SINGAPORE.

TEL.NO.                            

:

65-62211270

FAX.NO.

:

65-62214560

WEB SITE

:

WWW.AVANI.SG

CONTACT PERSON

:

SHIV RAJ KAPUR ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITY PRODUCTS

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 685,418,476 [2013]

NET WORTH

:

USD 14,398,371 [2013]

STAFF STRENGTH

:

10 [2014]

BANKER (S)

:

DBS BANK LTD
ING BANK N. V.
MALAYAN BANKING BHD
STANDARD CHARTERED BANK
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of commodity products.

 

Share Capital History

Date

Issue & Paid Up Capital

07/02/2014

USD 1,000,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

CHEN ZHIGUO +

ROOM 203, BUILDING 3, 3, YONGDINGMEN STREET WEST, XICHENG DISTRICT, BEIJING, CHINA.

G38056458

180,000.00

18.00

RAJESH JOHAR +

370H, ALEXANDRA ROAD, 09-06, ANCHORAGE CONDOMINIUM, THE, 159961, SINGAPORE.

S7187084G

100,000.00

10.00

SANDEEP BHARGAVA +

12-D, IDEAL TOWERS, 57 DIAMOND, HARBOUR ROAD, KOLKATA, 700023, INDIA.

H8111997

80,000.00

8.00

TERRA MIN RESOURCES PVT LTD

40/7, BALLYGUNGE CIRCULAR ROAD, KOLKATA, 700019, INDIA.

-

640,000.00

64.00

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

------

1,000,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SHIV RAJ KAPUR

Address

:

122, SIMEI STREET 1, 11 - 436, 520122, SINGAPORE.

IC / PP No

:

S2640515G

Nationality

:

SINGAPOREAN

Date of Appointment

:

07/12/2010

DIRECTOR 2

 

Name Of Subject

:

SANDEEP BHARGAVA

Address

:

12-D, IDEAL TOWERS, 57 DIAMOND, HARBOUR ROAD, KOLKATA, 700023, INDIA.

IC / PP No

:

H8111997

Nationality

:

INDIAN

Date of Appointment

:

14/02/2011

 

DIRECTOR 3

 

Name Of Subject

:

RAJESH JOHAR

Address

:

370H, ALEXANDRA ROAD, 09-06, ANCHORAGE CONDOMINIUM, THE, 159961, SINGAPORE.

IC / PP No

:

S7187084G

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/10/2011

 

DIRECTOR 4

 

Name Of Subject

:

CHEN ZHIGUO

Address

:

ROOM 203, BUILDING 3, 3, YONGDINGMEN STREET WEST, XICHENG DISTRICT, BEIJING, CHINA.

IC / PP No

:

G38056458

Nationality

:

CHINESE

Date of Appointment

:

14/02/2011



MANAGEMENT

 

 

1)

Name of Subject

:

SHIV RAJ KAPUR

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

SHANKER IYER & CO

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SHIV RAJ KAPUR

IC / PP No

:

S2640515G

Address

:

122, SIMEI STREET 1, 11 - 436, 520122, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

DBS BANK LTD

 

2)

Name

:

ING BANK N. V.

 

3)

Name

:

MALAYAN BANKING BHD

 

4)

Name

:

STANDARD CHARTERED BANK

 

5)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201110433

22/08/2011

N/A

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C2011111573

15/09/2011

N/A

DBS BANK LTD

-

Unsatisfied

C201111574

15/09/2011

N/A

DBS BANK LTD

-

Unsatisfied

C201111575

15/09/2011

N/A

DBS BANK LTD

-

Unsatisfied

C201202623

08/03/2012

N/A

MALAYAN BANKING BHD

-

Unsatisfied

C201202624

08/03/2012

N/A

MALAYAN BANKING BHD

-

Unsatisfied

C201209796

29/08/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201209797

29/08/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201209798

29/08/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201213577

23/11/2012

N/A

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201315300

14/11/2013

N/A

DBS BANK LTD.

-

Unsatisfied

 

 

LEGAL CHECK AGAINST SUBJECT


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

No legal action was found in our databank.


No winding up petition was found in our databank.

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES


The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

X

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]



CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

INDIA

AFRICA

Credit Term

:

AS AGREED

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

COMMODITY PRODUCTS

 

Total Number of Employees:

YEAR

2014

2013

GROUP

N/A

N/A

COMPANY

10

8

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of commodity products.


The Subject sells the following commodity products.


* Thermal Coal
* Steam Coal
* Anthracite Coal
* Coking Coal
* Iron Ore
* Chrome ore
* Chrome Concentrate
* Manganese Ore
* Ferro Alloys


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62211270

Match

:

N/A

Address Provided by Client

:

143, CECIL STREET, # 08-03/04 GB BUILDING SINGAPORE 159961

Current Address

:

143 CECIL STREET, 08-03/04, GB BUILDING, 069542, SINGAPORE.

Match

:

YES

Other Investigations


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


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

126.31%

]

Profit/(Loss) Before Tax

:

Increased

[

2.82%

]

Return on Shareholder Funds

:

Favourable

[

46.20%

]

Return on Net Assets

:

Favourable

[

45.72%

]

The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The Subject's management have been efficient in controlling its operating costs. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

9 Days

]

Debtor Ratio

:

Favourable

[

26 Days

]

Creditors Ratio

:

Favourable

[

10 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

[

1.03 Times

]

Current Ratio

:

Unfavourable

[

1.15 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

[

9.74 Times

]

Gearing Ratio

:

Favourable

[

0.00 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 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 :

Generally, the Subject's performance has improved with higher 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 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)

INDUSTRY ANALYSIS

 

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



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2010, the Subject is a Private Limited company, focusing on trading of commodity products. The Subject has been in business for less than 5 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. With a weak shareholders' backing, the Subject's capital position is weak. Inadequate capital may be a constraint to the Subject as it limits its ability to expand its business in future. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.

 
Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 10 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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 14,398,371, the Subject should be able to maintain its business in the near terms.

 
Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

 
We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

 
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 promptly.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

 

Financial Year End

2013-03-31

2012-03-31

Months

12

4

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

TURNOVER

685,418,476

302,870,987

Other Income

1,371,141

552,189

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

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

Total Turnover

686,789,617

303,423,176

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

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

PROFIT/(LOSS) FROM OPERATIONS

8,151,833

7,927,905

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

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

PROFIT/(LOSS) BEFORE TAXATION

8,151,833

7,927,905

Taxation

(1,500,000)

(841,000)

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

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

PROFIT/(LOSS) AFTER TAXATION

6,651,833

7,086,905

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

7,086,905

-

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

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

As restated

7,086,905

-

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

13,738,738

7,086,905

DIVIDENDS - Ordinary (paid & proposed)

(500,000)

-

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

13,238,738

7,086,905

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

261,018

-

Others

671,500

576,767

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

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

932,518

576,767

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

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

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

31,016

46,430

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

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

TOTAL LONG TERM ASSETS

31,016

46,430

CURRENT ASSETS

Stocks

16,201,512

17,520,194

Trade debtors

48,205,214

5,527,236

Other debtors, deposits & prepayments

280,459

35,199

Short term deposits

30,978,350

29,800,640

Interest receivable

555,589

651

Cash & bank balances

19,927,355

7,661,690

Others

33,125,986

1,503,442

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

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

TOTAL CURRENT ASSETS

149,274,465

62,049,052

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

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

TOTAL ASSET

149,305,481

62,095,482

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

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

CURRENT LIABILITIES

Trade creditors

18,268,256

4,463,394

Other creditors & accruals

7,771,826

1,862,983

Amounts owing to related companies

1,618,579

900,000

Amounts owing to director

29,100

-

Provision for taxation

1,500,000

841,000

Other liabilities

100,247,127

24,602,778

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

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

TOTAL CURRENT LIABILITIES

129,434,888

32,670,155

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

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

NET CURRENT ASSETS/(LIABILITIES)

19,839,577

29,378,897

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

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

TOTAL NET ASSETS

19,870,593

29,425,327

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

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

SHARE CAPITAL

Ordinary share capital

1,000,000

1,000,000

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

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

TOTAL SHARE CAPITAL

1,000,000

1,000,000

RESERVES

General reserve

159,633

(8,800)

Retained profit/(loss) carried forward

13,238,738

7,086,905

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

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

TOTAL RESERVES

13,398,371

7,078,105

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

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

SHAREHOLDERS' FUNDS/EQUITY

14,398,371

8,078,105

LONG TERM LIABILITIES

Others

5,472,222

21,347,222

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

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

TOTAL LONG TERM LIABILITIES

5,472,222

21,347,222

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

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

19,870,593

29,425,327

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

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

 

FINANCIAL RATIO

 

 

TYPES OF FUNDS

Cash

50,905,705

37,462,330

Net Liquid Funds

50,905,705

37,462,330

Net Liquid Assets

3,638,065

11,858,703

Net Current Assets/(Liabilities)

19,839,577

29,378,897

Net Tangible Assets

19,870,593

29,425,327

Net Monetary Assets

(1,834,157)

(9,488,519)

BALANCE SHEET ITEMS

Total Borrowings

0

0

Total Liabilities

134,907,110

54,017,377

Total Assets

149,305,481

62,095,482

Net Assets

19,870,593

29,425,327

Net Assets Backing

14,398,371

8,078,105

Shareholders' Funds

14,398,371

8,078,105

Total Share Capital

1,000,000

1,000,000

Total Reserves

13,398,371

7,078,105

LIQUIDITY (Times)

Cash Ratio

0.39

1.15

Liquid Ratio

1.03

1.36

Current Ratio

1.15

1.90

WORKING CAPITAL CONTROL (Days)

Stock Ratio

9

21

Debtors Ratio

26

7

Creditors Ratio

10

5

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

Liabilities Ratio

9.37

6.69

Times Interest Earned Ratio

9.74

14.75

Assets Backing Ratio

19.87

29.43

PERFORMANCE RATIO (%)

Operating Profit Margin

1.19

2.62

Net Profit Margin

0.97

2.34

Return On Net Assets

45.72

28.90

Return On Capital Employed

45.72

28.90

Return On Shareholders' Funds/Equity

46.20

87.73

Dividend Pay Out Ratio (Times)

0.08

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.30

UK Pound

1

Rs.99.34

Euro

1

Rs.80.70

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.