MIRA INFORM REPORT

 

 

Report Date :

11.06.2014

 

IDENTIFICATION DETAILS

 

Name :

TOTAL PETROCHEMICALS SOUTH EAST ASIA PTE. LTD

 

 

Formerly Known As :

ATOFINA SOUTH EAST ASIA PTE LTD

 

 

Registered Office :

53, Tuas Crescent, 638732

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.11.1983

 

 

Com. Reg. No.:

198305378-K

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturing of Polystyrene Plastic Raw Materials

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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 0.8% 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 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

 

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

198305378-K

COMPANY NAME

:

TOTAL PETROCHEMICALS SOUTH EAST ASIA PTE. LTD

FORMER NAME

:

ATOFINA SOUTH EAST ASIA PTE LTD (08/10/2004)
ELF ATOCHEM SOUTH EAST ASIA PTE LTD (15/04/2000)
ATOCHEM SOUTH EAST ASIA PTE LTD (01/01/1992)

INCORPORATION DATE

:

12/11/1983

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

53, TUAS CRESCENT, 638732, SINGAPORE.

BUSINESS ADDRESS

:

53 TUAS CRESCENT, 638732, SINGAPORE.

TEL.NO.

:

65-68621228

FAX.NO.

:

65-68623179

WEB SITE

:

WWW.TOTALREFININGCHEMICALS.COM

CONTACT PERSON

:

THIERRY HENRI BOULFROY ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURING OF POLYSTYRENE PLASTIC RAW MATERIALS

ISSUED AND PAID UP CAPITAL

:

83,585,000.00 ORDINARY SHARE, OF A VALUE OF SGD 83,585,000.00

SALES

:

USD 189,748,000 [2011]

NET WORTH

:

USD 12,351,000 [2011]

STAFF STRENGTH

:

N/A

BANKER (S)

:

BNP PARIBAS

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

 

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) manufacturing of polystyrene plastic raw materials.

 

The immediate holding company of the Subject is TOTAL PETROCHEMICALS FRANCE, a company incorporated in FRANCE.

The ultimate holding company of the Subject is TOTAL S.A., a company incorporated in FRANCE.

 

Share Capital History

Date

Issue & Paid Up Capital

31/12/2011

SGD 83,585,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

TOTAL PETROCHEMICALS FRANCE

2, PLACE JEAN MILLIER, LA DEFENSE 6, 92400, COURBEVOIE

T05UF2177

83,585,000.00

100.00

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

------

83,585,000.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

AUSTRALIA

TOTAL PETROCHEMICALS AUSTRALIA PTY LTD

100.00

31/12/2011

669054U

MALAYSIA

TOTAL PETROCHEMICALS MALAYSIA SDN. BHD.

100.00

31/12/2011



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

JEAN, HUGUES, HENRI VIALLEFONT

Address

:

FLAT 2A, 6, HEADLAND ROAD, 1 FLOOR, HONG KONG.

IC / PP No

:

09RF13253

Nationality

:

FRENCH

Date of Appointment

:

01/10/2009

 

DIRECTOR 2

 

Name Of Subject

:

JEAN LUC PELAGIE GILLES LAYON

Address

:

CHEMIN DU PAUVRE, DIABLE 10 1300 MAVRE, BELGIUM.

IC / PP No

:

EH848042

Nationality

:

BELGIAN

Date of Appointment

:

01/04/2010

 

DIRECTOR 3

 

Name Of Subject

:

THIERRY HENRI BOULFROY

Address

:

125, WHITLEY ROAD, 01-14, VILLA DES FLORES, 297820, SINGAPORE.

IC / PP No

:

G5760428Q

Nationality

:

FRENCH

Date of Appointment

:

01/06/2008



MANAGEMENT

 

 

1)

Name of Subject

:

THIERRY HENRI BOULFROY

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TAY TUAN LENG

IC / PP No

:

S7432140B

Address

:

635, PASIR RIS DRIVE 1, 11-600, 510635, SINGAPORE.

 

2)

Company Secretary

:

JOANNA LIM LAN SIM

IC / PP No

:

S1572261D

Address

:

165, TAMPINES STREET 12, 09-305, 521165, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BNP PARIBAS

 

 

 

ENCUMBRANCE (S)


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

 

 

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank 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

Import Countries

:

ASIA




CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)

TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

POLYSTYRENE PLASTIC RAW MATERIALS

 

Total Number of Employees:

YEAR

2013

2012

GROUP

N/A

N/A

COMPANY

100

100

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacturing of polystyrene plastic raw materials.

The Subject, one of the world's leading petrochemicals producers, brings together the petrochemicals activities of the Subject Group: base chemicals and their related polymers (polyethylene, polypropylene and polystyrene).


The Subject is present in Europe, the United States, the Middle East and Asia.


Its products serve numerous consumer and industrial markets, including packaging, construction and the car industry.

To ensure ongoing development, Total Petrochemicals pursues a strategy aimed at improving the competitiveness of its plants in Europe and the United States, at strengthening its position in Asia and at developing projects that benefit from a more favourable access to raw materials, such as ethane in Qatar and in Algeria, or strong synergies with refining (aromatics units on the site of the future Jubail refinery).



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

(65) 6869 0225

Current Telephone Number

:

65-68621228

Match

:

YES

Address Provided by Client

:

NO. 53 TUAS CRESCENT, SINGAPORE 638732

Current Address

:

53 TUAS CRESCENT, 638732, SINGAPORE.

Match

:

YES

 

Other Investigations


On 7th April 2014 we contacted one of the staff from the Subject and she provided some information.


The Subject refused to disclose its number of employees.



FINANCIAL ANALYSIS

 

 

The Subject's latest financial accounts are up to 2011 which is out dated in our opinion. Therefore, our comment on the Subject financial performance is restricted thereto.

Overall financial condition of the Subject : N/A

 

 

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 :

MANUFACTURING

The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.

Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.

Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.

The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.

The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.

The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.

Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.

OVERALL INDUSTRY OUTLOOK : MATURE



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1983, the Subject is a Private Limited company, focusing on manufacturing of polystyrene plastic raw materials. With over 3 decades of experience in the business, the Subject has fairly rich experiences in the business and has achieved a certain market share. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment


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. Overall, we regard that the Subject's management capability is average.

No latest financial accounts were filed with the Registry office during our inspection. Therefore, our comment on the Subject's overall financial performance are restricted thereto


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.


The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

FULL

Currency

USD

USD

USD

TURNOVER

189,748,000

164,768,000

132,302,000

Other Income

605,000

670,000

-

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

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

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

Total Turnover

190,353,000

165,438,000

132,302,000

Costs of Goods Sold

(181,930,000)

(154,762,000)

-

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

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

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

Gross Profit

8,423,000

10,676,000

-

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

3,242,000

6,081,000

3,695,000

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

3,242,000

6,081,000

3,695,000

Taxation

1,177,000

-

-

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

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

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

PROFIT/(LOSS) AFTER TAXATION

4,419,000

6,081,000

3,695,000

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(46,427,000)

(52,508,000)

(56,203,000)

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

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

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

As restated

(46,427,000)

(52,508,000)

(56,203,000)

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(42,008,000)

(46,427,000)

(52,508,000)

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(42,008,000)

(46,427,000)

(52,508,000)

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

1,492,000

616,000

472,000

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

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

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

1,492,000

616,000

472,000

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

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

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

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

16,580,000

16,100,000

13,165,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

26,000

26,000

26,000

Deferred assets

1,177,000

-

-

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

1,203,000

26,000

26,000

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

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

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

TOTAL LONG TERM ASSETS

17,783,000

16,126,000

13,191,000

CURRENT ASSETS

Stocks

24,626,000

17,988,000

10,600,000

Trade debtors

34,572,000

31,027,000

27,004,000

Other debtors, deposits & prepayments

8,513,000

10,868,000

405,000

Short term deposits

161,000

169,000

158,000

Amount due from related companies

1,819,000

2,413,000

1,890,000

Cash & bank balances

1,216,000

959,000

6,420,000

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

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

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

TOTAL CURRENT ASSETS

70,907,000

63,424,000

46,477,000

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

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

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

TOTAL ASSET

88,690,000

79,550,000

59,668,000

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

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

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

CURRENT LIABILITIES

Trade creditors

2,926,000

4,842,000

3,990,000

Other creditors & accruals

7,934,000

5,766,000

3,256,000

Amounts owing to related companies

65,479,000

61,010,000

10,722,000

Other liabilities

-

-

39,849,000

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

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

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

TOTAL CURRENT LIABILITIES

76,339,000

71,618,000

57,817,000

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(5,432,000)

(8,194,000)

(11,340,000)

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

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

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

TOTAL NET ASSETS

12,351,000

7,932,000

1,851,000

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

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

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

SHARE CAPITAL

Ordinary share capital

54,359,000

54,359,000

54,359,000

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

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

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

TOTAL SHARE CAPITAL

54,359,000

54,359,000

54,359,000

RESERVES

Retained profit/(loss) carried forward

(42,008,000)

(46,427,000)

(52,508,000)

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

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

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

TOTAL RESERVES

(42,008,000)

(46,427,000)

(52,508,000)

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

12,351,000

7,932,000

1,851,000

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

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

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

12,351,000

7,932,000

1,851,000

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

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

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

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

1,377,000

1,128,000

6,578,000

Net Liquid Funds

1,377,000

1,128,000

6,578,000

Net Liquid Assets

(30,058,000)

(26,182,000)

(21,940,000)

Net Current Assets/(Liabilities)

(5,432,000)

(8,194,000)

(11,340,000)

Net Tangible Assets

12,351,000

7,932,000

1,851,000

Net Monetary Assets

(30,058,000)

(26,182,000)

(21,940,000)

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

Total Liabilities

76,339,000

71,618,000

57,817,000

Total Assets

88,690,000

79,550,000

59,668,000

Net Assets

12,351,000

7,932,000

1,851,000

Net Assets Backing

12,351,000

7,932,000

1,851,000

Shareholders' Funds

12,351,000

7,932,000

1,851,000

Total Share Capital

54,359,000

54,359,000

54,359,000

Total Reserves

(42,008,000)

(46,427,000)

(52,508,000)

LIQUIDITY (Times)

Cash Ratio

0.02

0.02

0.11

Liquid Ratio

0.61

0.63

0.62

Current Ratio

0.93

0.89

0.80

WORKING CAPITAL CONTROL (Days)

Stock Ratio

47

40

29

Debtors Ratio

67

69

74

Creditors Ratio

6

11

11

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

Liabilities Ratio

6.18

9.03

31.24

Times Interest Earned Ratio

3.17

10.87

8.83

Assets Backing Ratio

0.23

0.15

0.03

PERFORMANCE RATIO (%)

Operating Profit Margin

1.71

3.69

2.79

Net Profit Margin

2.33

3.69

2.79

Return On Net Assets

38.33

84.43

225.12

Return On Capital Employed

38.33

84.43

225.12

Return On Shareholders' Funds/Equity

35.78

76.66

199.62

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.26

UK Pound

1

Rs.99.63

Euro

1

Rs.80.59

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

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