MIRA INFORM REPORT

 

 

Report Date :

05.03.2014

 

IDENTIFICATION DETAILS

 

Name :

TRAMMO PTE. LTD.

 

 

Formerly Known As :

TRAMMOCHEM ASIA PTE. LTD.

 

 

Registered Office :

12, Marina Boulevard, 26-03, Marina Bay Financial Centre, 018982,

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.11.2008

 

 

Com. Reg. No.:

200821090-N

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of fertilizer and chemicals products

 

 

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 :

Slow but correct

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.8% 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.

:

200821090-N

COMPANY NAME

:

TRAMMO PTE. LTD.

FORMER NAME

:

TRAMMOCHEM ASIA PTE. LTD. (25/01/2013)

INCORPORATION DATE

:

04/11/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

12, MARINA BOULEVARD, 26-03, MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE.

BUSINESS ADDRESS

:

12 MARINA BOULEAVARD #26-03 MARINA BAY FINANCIAL CENTRE TOWER 3, 018982, SINGAPORE.

TEL.NO.

:

65-62200700

FAX.NO.

:

65-62200776

EMAIL

:

SINGAPORE@TRAMMO.COM

WEB SITE

:

WWW.TRANSAMMONIA.COM

CONTACT PERSON

:

ASHOK KUMAR KISHORE ( CEO )

PRINCIPAL ACTIVITY

:

WHOLESALE OF FERTILIZER AND CHEMICALS PRODUCTS

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 2,667,618,000 [2012]

NET WORTH

:

USD 15,739,000 [2012]

STAFF STRENGTH

:

N/A

BANKER (S)

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

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) wholesale of fertilizer and chemicals products.

The immediate holding company of the Subject is TRAMMO, INC., a company incorporated in UNITED STATES.

The ultimate holding company of the Subject is TRANSAMMONIA, INC, a company incorporated in UNITED STATES.

 

Share Capital History

Date

Issue & Paid Up Capital

04/03/2014

SGD 1,000,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

TRAMMO, INC.

320, PARK AVENUE, NEW YORK, NEW YORK 10022-6987, UNITED STATES.

T08UF9713

1,000,000.00

100.00

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

------

1,000,000.00

100.00

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. DUDLEY REX WELLESLEY COX

Address

:

MARINA RESIDENCES 4, APARTMENT 306, THE PALM JUMEIRAH, P O BOX 37901, DUBAI, UNITED ARAB EMIRATES.

IC / PP No

:

510649115

Nationality

:

BRITISH

Date of Appointment

:

01/11/2011

 

DIRECTOR 2

 

Name Of Subject

:

LEE HOSUNG

Address

:

370H, ALEXANDRA ROAD, 09-04, ANCHORAGE CONDOMINIUM, THE , 159961, SINGAPORE.

IC / PP No

:

S7288189C

Nationality

:

KOREAN

Date of Appointment

:

03/04/2013

 

DIRECTOR 3

 

Name Of Subject

:

CHRISTIAN WENDEL

Address

:

ZURCHERSTRASSE 37C, 8852, ALTENDORF, SWITZERLAND.

IC / PP No

:

X0479892

Nationality

:

SWISS

Date of Appointment

:

08/03/2013

 

DIRECTOR 4

 

Name Of Subject

:

ASHOK KUMAR KISHORE

Address

:

ETZELSTRASSE 87, 8808, PFAEFFIKON SZ, SWITZERLAND.

IC / PP No

:

Z2735953

Nationality

:

INDIAN

Date of Appointment

:

01/02/2009



MANAGEMENT

 

 

 

1)

Name of Subject

:

ASHOK KUMAR KISHORE

Position

:

CEO

 

2)

Name of Subject

:

DUDLEY REX WELLESLEY COX

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

JULIANA LOH JOO HUI

IC / PP No

:

S2558149J

Address

:

22, ST. GEORGE'S ROAD, 12 - 182, 321022, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200903544

16/06/2009

N/A

COOPERATIVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK NEDERLAND", NEW YORK

-

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 PACIFIC

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

Type of Customer

:

CHEMICAL INDUSTRY,AGRICULTURE INDUSTRIES

 

OPERATIONS

 

Goods Traded

:

FERTILIZER AND CHEMICALS PRODUCTS

Ownership of premises

:

LEASED/RENTED

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of fertilizer and chemicals products.

The Subject is a leading trader of MTBE, Benzene, Methanol and Olefins.


Petrochemicals merchandised and traded regularly by SC:

- Benzene
- Gasoline Blend Components
- Methanol
- Olefins
- Styrene Monomer
- Toluene
- Xylenes & Isomers
- Ethanol


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

65 6220-0776

Current Telephone Number

:

65-62200700

Match

:

NO

Address Provided by Client

:

12 MARINA BOULEVARD #26-03 MARINA BAY FINANCIAL CENTRE TOWER 3 SINGAPORE 018982

Current Address

:

12 MARINA BOULEAVARD #26-03 MARINA BAY FINANCIAL CENTRE TOWER 3, 018982, SINGAPORE.

Match

:

YES

 

Other Investigations


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

The Subject refused to disclose its number of employees.

The share capital under Balance Sheet section showed nil as its start up capital is only USD68.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2009 - 2012

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2012

]

Return on Shareholder Funds

:

Favourable

[

34.21%

]

Return on Net Assets

:

Favourable

[

45.25%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. 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

[

1 Days

]

Debtor Ratio

:

Favourable

[

19 Days

]

Creditors Ratio

:

Favourable

[

13 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

[

1.07 Times

]

Current Ratio

:

Unfavourable

[

1.10 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

[

5.67 Times

]

Gearing Ratio

:

Unfavourable

[

1.16 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

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's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

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 2008, the Subject is a Private Limited company, focusing on wholesale of fertilizer and chemicals 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. Having strong support from its holding company 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 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. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 15,739,000, the Subject should be able to maintain its business in the near terms.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . 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.

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.

TRAMMO PTE. LTD.

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

14

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

TURNOVER

2,667,618,000

2,264,787,000

1,486,647,000

1,002,824,000

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

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

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

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

Total Turnover

2,667,618,000

2,264,787,000

1,486,647,000

1,002,824,000

Costs of Goods Sold

(2,657,672,000)

(2,258,797,000)

-

-

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

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

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

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

Gross Profit

9,946,000

5,990,000

-

-

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

5,866,000

1,832,000

(594,000)

10,129,000

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

5,866,000

1,832,000

(594,000)

10,129,000

Taxation

(482,000)

(182,000)

193,000

(1,023,000)

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

5,384,000

1,650,000

(401,000)

9,106,000

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

10,355,000

8,705,000

9,106,000

-

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

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

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

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

As restated

10,355,000

8,705,000

9,106,000

-

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

15,739,000

10,355,000

8,705,000

9,106,000

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

15,739,000

10,355,000

8,705,000

9,106,000

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

1,256,000

1,352,000

-

-

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

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

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

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

1,256,000

1,352,000

-

-

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

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

 

 

BALANCE SHEET

 

 

TRAMMO PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

30,000

63,000

93,000

124,000

LONG TERM INVESTMENTS/OTHER ASSETS

Deferred assets

-

45,000

245,000

-

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

45,000

245,000

-

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

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

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

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

TOTAL LONG TERM ASSETS

30,000

108,000

338,000

124,000

CURRENT ASSETS

Stocks

4,273,000

34,313,000

2,891,000

21,968,000

Trade debtors

136,709,000

85,210,000

82,759,000

61,698,000

Other debtors, deposits & prepayments

68,000

58,000

58,000

53,000

Short term deposits

-

-

-

10,150,000

Amount due from agents, brokers & reinsurers

6,000

15,000

-

-

Cash & bank balances

33,388,000

15,674,000

3,703,000

13,429,000

Others

-

194,000

180,000

-

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

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

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

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

TOTAL CURRENT ASSETS

174,444,000

135,464,000

89,591,000

107,298,000

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

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

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

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

TOTAL ASSET

174,474,000

135,572,000

89,929,000

107,422,000

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

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

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

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

CURRENT LIABILITIES

Trade creditors

91,588,000

76,387,000

55,842,000

96,039,000

Other creditors & accruals

752,000

500,000

700,000

1,254,000

Short term borrowings/Term loans

18,200,000

-

24,500,000

-

Amounts owing to related companies

47,744,000

48,330,000

-

-

Provision for taxation

451,000

-

-

1,023,000

Other liabilities

-

-

182,000

-

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

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

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

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

TOTAL CURRENT LIABILITIES

158,735,000

125,217,000

81,224,000

98,316,000

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

15,709,000

10,247,000

8,367,000

8,982,000

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

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

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

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

TOTAL NET ASSETS

15,739,000

10,355,000

8,705,000

9,106,000

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

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

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

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

SHARE CAPITAL

Ordinary share capital

0

0

0

0

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

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

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

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

RESERVES

Retained profit/(loss) carried forward

15,739,000

10,355,000

8,705,000

9,106,000

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

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

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

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

TOTAL RESERVES

15,739,000

10,355,000

8,705,000

9,106,000

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

15,739,000

10,355,000

8,705,000

9,106,000

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

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

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

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

15,739,000

10,355,000

8,705,000

9,106,000

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

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

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

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

 

FINANCIAL RATIO

 

 

TRAMMO PTE. LTD.

 

TYPES OF FUNDS

Cash

33,388,000

15,674,000

3,703,000

23,579,000

Net Liquid Funds

33,388,000

15,674,000

3,703,000

23,579,000

Net Liquid Assets

11,436,000

(24,066,000)

5,476,000

(12,986,000)

Net Current Assets/(Liabilities)

15,709,000

10,247,000

8,367,000

8,982,000

Net Tangible Assets

15,739,000

10,355,000

8,705,000

9,106,000

Net Monetary Assets

11,436,000

(24,066,000)

5,476,000

(12,986,000)

BALANCE SHEET ITEMS

Total Borrowings

18,200,000

0

24,500,000

0

Total Liabilities

158,735,000

125,217,000

81,224,000

98,316,000

Total Assets

174,474,000

135,572,000

89,929,000

107,422,000

Net Assets

15,739,000

10,355,000

8,705,000

9,106,000

Net Assets Backing

15,739,000

10,355,000

8,705,000

9,106,000

Shareholders' Funds

15,739,000

10,355,000

8,705,000

9,106,000

Total Share Capital

0

0

0

0

Total Reserves

15,739,000

10,355,000

8,705,000

9,106,000

LIQUIDITY (Times)

Cash Ratio

0.21

0.13

0.05

0.24

Liquid Ratio

1.07

0.81

1.07

0.87

Current Ratio

1.10

1.08

1.10

1.09

WORKING CAPITAL CONTROL (Days)

Stock Ratio

1

6

1

8

Debtors Ratio

19

14

20

22

Creditors Ratio

13

12

14

35

SOLVENCY RATIOS (Times)

Gearing Ratio

1.16

0.00

2.81

0.00

Liabilities Ratio

10.09

12.09

9.33

10.80

Times Interest Earned Ratio

5.67

2.36

0.00

0.00

Assets Backing Ratio

0.00

0.00

0.00

0.00

PERFORMANCE RATIO (%)

Operating Profit Margin

0.22

0.08

(0.04)

1.01

Net Profit Margin

0.20

0.07

(0.03)

0.91

Return On Net Assets

45.25

30.75

(6.82)

111.23

Return On Capital Employed

45.25

30.75

(6.82)

111.23

Return On Shareholders' Funds/Equity

34.21

15.93

(4.61)

100.00

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.90

UK Pound

1

Rs.103.26

Euro

1

Rs.85.14

 

 

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.