MIRA INFORM REPORT

 

 

Report Date :

13.06.2014

 

IDENTIFICATION DETAILS

 

Name :

GROHE PACIFIC PTE LTD

 

 

Registered Office :

180, Clemenceau Avenue, 01-01/02, Haw Par Centre, 239922

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

25.06.1994

 

 

Com. Reg. No.:

199404485-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

·         Subject is engaged in the Wholesale of Other Specific Commodities

·         Subject is engaged in the trading of bathroom fixtures and sanitary wares

 

 

No. of Employees :

25 [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

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 0.6% 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

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199404485-W

COMPANY NAME

:

GROHE PACIFIC PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

25/06/1994

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

180, CLEMENCEAU AVENUE, 01-01/02, HAW PAR CENTRE, 239922, SINGAPORE.

BUSINESS ADDRESS

:

180 CLEMENCEAU AVENUE #01-01/02 HAW PAR CENTRE, 239922, SINGAPORE.

TEL.NO.

:

65-63113611

FAX.NO.

:

65-67380855

WEB SITE

:

WWW.GROHE.COM/SG

CONTACT PERSON

:

RAINER MUES ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF OTHER SPECIFIC COMMODITIES

ISSUED AND PAID UP CAPITAL

:

700,000.00 ORDINARY SHARE, OF A VALUE OF SGD 6,100,000.00
200,000.00 PREFERENCE SHARE, OF A VALUE OF SGD 2,000,000.00

SALES

:

USD 77,736,532 [2012]

NET WORTH

:

USD 10,495,165 [2012]

STAFF STRENGTH

:

25 [2014]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

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) wholesale of other specific commodities.

 

The immediate holding company of the Subject is GROHE INTERNATIONAL GMBH, a company incorporated in GERMANY.

The ultimate holding company of the Subject is GLACIER PARTNERS, L.P., a company incorporated in CAYMAN ISLANDS.

The intermediate holding company of the Subject is GROHE AG, a company incorporated in GERMANY.

 

Share Capital History

Date

Issue & Paid Up Capital

12/06/2014

SGD 8,100,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

GROHE INTERNATIONAL GMBH
[ORD: 700,000 PRF: 200,000]

AKTIENGESELLSCHAFT POSTFACH, 1361, 58653 HEMER /GERMANY, GERMANY.

S94UF0379

900,000.00

100.00

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

------

900,000.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

CHINA

GROHE (SHANGHAI) SANITARY PRODUCTS CO., LTD

100.00

31/12/2012



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

DETLEF SCHMITZ

Address

:

SCHUTZENSTRASSE 116 I, GERMANY, 46242, BOTTROP, GERMANY.

IC / PP No

:

L7C531L81

Nationality

:

GERMAN

Date of Appointment

:

31/01/2008

 

DIRECTOR 2

 

Name Of Subject

:

RAINER MUES

Address

:

41468 NEUSS, DECHANT-HESSSTRABE 8, GERMANY.

IC / PP No

:

568026165

Nationality

:

GERMAN

Date of Appointment

:

05/09/2007

 

DIRECTOR 3

 

Name Of Subject

:

HO PHAIK FOONG

Address

:

151, STEVENS ROAD, 06-04, THE EQUATORIAL, 257872, SINGAPORE.

IC / PP No

:

S7775040A

Nationality

:

SINGAPOREAN

Date of Appointment

:

14/02/2014

 

DIRECTOR 4

 

Name Of Subject

:

BIJOY MADASSERY

Address

:

8, CUSCADEN WALK 04-01, FOUR SEASONS PARK, 249692, SINGAPORE.

IC / PP No

:

G0480070U

Nationality

:

INDIAN

Date of Appointment

:

01/10/2010

 

DIRECTOR 5

 

Name Of Subject

:

CAI HONG

Address

:

ROOM 1002, BUILDING 19, LANE 9. ZHAOJIABANG ROAD, SHANGHAI, 200032, CHINA.

IC / PP No

:

G49992743

Nationality

:

CHINESE

Date of Appointment

:

14/02/2014

 

 

MANAGEMENT

 

 

1)

Name of Subject

:

RAINER MUES

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

M SIVAANANTHAN

IC / PP No

:

S0181790F

Address

:

101B, LORONG 2, TOA PAYOH, 06-09, 311101, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201212010

08/10/2012

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

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

Percentage

:

100%

Domestic Markets

:

SINGAPORE

Overseas

:

NO

Credit Term

:

N/A

Payment Mode

:

CHEQUES

 

 

OPERATIONS

 

Goods Traded

:

OTHER SPECIFIC COMMODITIES

 

Total Number of Employees:

YEAR

2014

GROUP

N/A

COMPANY

25

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of other specific commodities.


The Subject is engaged in the trading of bathroom fixtures and sanitary wares.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6563113611

Current Telephone Number

:

65-63113611

Match

:

YES

Address Provided by Client

:

180 CLEMENCEAU AVENUE #01-01/02 HAW PAR CENTRE SINGAPORE

Current Address

:

180 CLEMENCEAU AVENUE #01-01/02 HAW PAR CENTRE, 239922, SINGAPORE.

Match

:

NO

 

Other Investigations


On 11th June 2014 we contacted one of the staff from the Subject and she provided some information.

The address provided is incomplete.



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

3.02%

]

Profit/(Loss) Before Tax

:

Increased

[

101.19%

]

Return on Shareholder Funds

:

Favourable

[

35.02%

]

Return on Net Assets

:

Favourable

[

44.48%

]

The lower turnover could be due to the unfavourable market conditions.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

:

Nil

[

0 Days

]

Debtor Ratio

:

Acceptable

[

58 Days

]

Creditors Ratio

:

Favourable

[

0 Days

]

As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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

[

1.77 Times

]

Current Ratio

:

Unfavourable

[

1.77 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

:

Favourable

[

84.71 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :

Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STRONG

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

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)



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 1994, the Subject is a Private Limited company, focusing on wholesale of specific commodities. Its impressive track record shows that the Subject has been able to keep its business going despite the passing of two decades of highs and lows in the local economy. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.

Over the years, the Subject should have build up its clientele base and received supports from its regular customers. Investigation revealed that the Subject's interest lies mostly in the local market. Thus, any adverse changes to the local economy might have a negative impact on the Subject's business performance. The Subject's business operation is supported by 25 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject


Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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 10,495,165, the Subject should be able to maintain its business in the near terms


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

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

USD

USD

TURNOVER

77,736,532

80,159,419

Other Income

2,495,272

2,503,043

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

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

Total Turnover

80,231,804

82,662,462

Costs of Goods Sold

(54,980,650)

(59,176,888)

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

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

Gross Profit

25,251,154

23,485,574

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

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

PROFIT/(LOSS) FROM OPERATIONS

4,632,059

2,302,319

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

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

PROFIT/(LOSS) BEFORE TAXATION

4,632,059

2,302,319

Taxation

(956,835)

(546,422)

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

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

PROFIT/(LOSS) AFTER TAXATION

3,675,224

1,755,897

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,838,180

2,882,283

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

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

As restated

1,838,180

2,882,283

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

5,513,404

4,638,180

DIVIDENDS - Preference

-

(2,800,000)

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

5,513,404

1,838,180

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

55,336

36,312

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

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

55,336

36,312

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

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

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

573,081

809,749

Others

238,806

300,311

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

238,806

300,311

Others

-

30,279

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

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

TOTAL INTANGIBLE ASSETS

-

30,279

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

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

TOTAL LONG TERM ASSETS

811,887

1,140,339

Trade debtors

12,274,723

14,941,191

Other debtors, deposits & prepayments

399,875

664,541

Amount due from subsidiary companies

33,686

31,432

Amount due from related companies

2,815,213

5,222,116

Cash & bank balances

6,907,086

7,470,786

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

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

TOTAL CURRENT ASSETS

22,430,583

28,330,066

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

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

TOTAL ASSET

23,242,470

29,470,405

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

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

Other creditors & accruals

5,271,177

5,780,427

Amounts owing to holding company

5,046,070

13,256,688

Amounts owing to subsidiary companies

879,639

2,765,474

Amounts owing to related companies

177,805

-

Provision for taxation

955,469

470,000

Other liabilities

375,118

283,848

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

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

TOTAL CURRENT LIABILITIES

12,705,278

22,556,437

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

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

NET CURRENT ASSETS/(LIABILITIES)

9,725,305

5,773,629

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

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

TOTAL NET ASSETS

10,537,192

6,913,968

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

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

SHARE CAPITAL

Ordinary share capital

4,981,761

4,981,761

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

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

TOTAL SHARE CAPITAL

4,981,761

4,981,761

Retained profit/(loss) carried forward

5,513,404

1,838,180

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

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

TOTAL RESERVES

5,513,404

1,838,180

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

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

SHAREHOLDERS' FUNDS/EQUITY

10,495,165

6,819,941

Deferred taxation

42,027

94,027

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

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

TOTAL LONG TERM LIABILITIES

42,027

94,027

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

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

10,537,192

6,913,968

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

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

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

6,907,086

7,470,786

Net Liquid Funds

6,907,086

7,470,786

Net Liquid Assets

9,725,305

5,773,629

Net Current Assets/(Liabilities)

9,725,305

5,773,629

Net Tangible Assets

10,537,192

6,883,689

Net Monetary Assets

9,683,278

5,679,602

BALANCE SHEET ITEMS

Total Borrowings

0

0

Total Liabilities

12,747,305

22,650,464

Total Assets

23,242,470

29,470,405

Net Assets

10,537,192

6,913,968

Net Assets Backing

10,495,165

6,819,941

Shareholders' Funds

10,495,165

6,819,941

Total Share Capital

4,981,761

4,981,761

Total Reserves

5,513,404

1,838,180

LIQUIDITY (Times)

Cash Ratio

0.54

0.33

Liquid Ratio

1.77

1.26

Current Ratio

1.77

1.26

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

Debtors Ratio

58

68

Creditors Ratio

0

0

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

Liabilities Ratio

1.21

3.32

Times Interest Earned Ratio

84.71

64.40

Assets Backing Ratio

2.12

1.38

PERFORMANCE RATIO (%)

Operating Profit Margin

5.96

2.87

Net Profit Margin

4.73

2.19

Return On Net Assets

44.48

33.82

Return On Capital Employed

44.48

33.68

Return On Shareholders' Funds/Equity

35.02

25.75

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.59.33

UK Pound

1

Rs.99.68

Euro

1

Rs.80.30

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NNA

 

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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