|
Report Date : |
15.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHARTI INTERNATIONAL (SINGAPORE) PTE. LTD. |
|
|
|
|
Registered Office : |
150, Orchard Road , 08-01, Orchard Plaza, 238841 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
18.03.2010 |
|
|
|
|
Com. Reg. No.: |
201005788-R |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the Investment Holding Companies |
|
|
|
|
No. of Employees : |
8 [2014] |
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 : |
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 – 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 |
|
REGISTRATION NO. |
: |
201005788-R |
|
COMPANY NAME |
: |
BHARTI INTERNATIONAL (SINGAPORE) PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
18/03/2010 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
150, ORCHARD ROAD , 08-01, ORCHARD PLAZA, 238841, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
150, ORCHARD ROAD, 08-01, ORCHARD PLAZA, 238841, SINGAPORE. |
|
TEL.NO. |
: |
65-67377808 |
|
FAX.NO. |
: |
65-67384032 |
|
CONTACT PERSON |
: |
MANOJ KUMAR KOHLI ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
INVESTMENT HOLDING COMPANIES |
|
ISSUED AND PAID UP CAPITAL |
: |
1,166,281,089.00 ORDINARY SHARE, OF A VALUE OF USD 1,097,454,086.00 |
|
SALES |
: |
USD 75,731,634 [2013] |
|
NET WORTH |
: |
USD 828,709,070 [2013] |
|
STAFF STRENGTH |
: |
8 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
FAIR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
The Subject is a private limited company and is allowed to have a minimum
of one and a maximum of forty-nine shareholders. As a private limited company,
the Subject must have at least two directors. A private limited company is a
separate legal entity from its shareholders. As a separate legal entity, the
Subject is capable of owning assets, entering into contracts, sue or be sued by
other companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) investment
holding companies.
The immediate and ultimate holding company of the Subject is BHARTI
AIRTEL LIMITED, a company incorporated in INDIA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
12/03/2014 |
USD 1,097,454,086.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BHARTI AIRTEL LIMITED |
BHARTI CRESCENT, 1, NELSON MANDELA ROAD, VASANT KUNJ, PHASE-II, NEW
DELHI, 110070, INDIA. |
T07UF1441 |
593,739,000.00 |
50.91 |
|
BHARTI AIRTEL INTERNATIONAL (MAURITIUS) LTD |
ROGER HOUSE, 5, PRESIDENT JOHN, KENNEDY STREET, PORT LOUIS, MAURITIUS. |
T10UF1400 |
572,542,089.00 |
49.09 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,166,281,089.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
TAN YONG CHOO |
|
Address |
: |
22, PARK VILLAS GREEN, 545430, SINGAPORE. |
|
IC / PP No |
: |
S1650707E |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
20/09/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MANOJ KUMAR KOHLI |
|
Address |
: |
D-5/2, PHASE-1 DLF QUTAB ENCLAVE, GURGAON, HARYANA - 122002, INDIA. |
|
IC / PP No |
: |
G8600455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
24/03/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
VINCENT LIM PUAY CHONG |
|
Address |
: |
43, MIMOSA ROAD, 10-49, MIMOSA PARK, 808005, SINGAPORE. |
|
IC / PP No |
: |
S6921715Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
18/03/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
JANTINA CATHARINA VAN DE VREEDE |
|
Address |
: |
NICOLAAS WITSENKADE 41B, 1017, ZV AMSTERDAM, NETHERLANDS. |
|
IC / PP No |
: |
NMC008PJ9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
DUTCH |
|
Date of Appointment |
: |
18/03/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
MANOJ KUMAR KOHLI |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
VINCENT LIM PUAY CHONG |
|
|
IC / PP No |
: |
S6921715Z |
|
|
|
|
|
|
|
Address |
: |
43, MIMOSA ROAD, 10-49, MIMOSA PARK, 808005, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* 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.
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The Subject is a service provider and it does not deal with trade suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
X |
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
N/A |
|
|
|
|
|
Overseas |
: |
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The staff from the registered office refused to disclose the Subject's
clientele.
|
Services |
: |
INVESTMENT HOLDING COMPANIES
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
|||||||
|
|
|||||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
8 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) investment holding
companies.
The staff from the registered office refused to disclose the Subject's
operation.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-67377808 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
150 ORCHARD ROAD #08-01 ORCHARD PLAZA SINGAPORE 238841 |
|
Current Address |
: |
150, ORCHARD ROAD, 08-01, ORCHARD PLAZA, 238841, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
On 12th March 2014 we contacted one of the staff from the Subject's registered
office and she only provided limited information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
0.09% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
(24.76%) |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(5.56%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
0.38% |
] |
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the unfavourable market
conditions.Higher losses before tax during the year could be due to the
higher operating costs incurred. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
36 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
64 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
unfavourable creditors' ratio could be due to the Subject taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the Subject and its suppliers and the Subject may inadvertently have
to pay more for its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.09 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.09 Times |
] |
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or
injection of fresh capital, it may face difficulties in meeting its short
term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
0.16 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.87 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was low. If its profits fall or when interest
rate rises, it may not be able to meet all its interest payment. 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 : |
|
|
|
|
|
|
|
The Subject's losses could be attributed to the lower turnover which in
turn could be the result of unfavourable market conditions. Due to its weak
liquidity position, the Subject will be faced with problems in meeting all
its short term obligations if no short term loan is obtained or additional
capital injected into the Subject. If there is a fall in the Subject's profit
or any increase in interest rate, the Subject may not be able to generate
sufficient cash-flow to service its interest. 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 : POOR |
||||||
|
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 : |
ECONOMY |
|
|
|
|
|
|
|
According to Ministry of Trade and Industry (MTI), the Singapore
economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global
economy is likely to remain subdued despite macroeconomic conditions
stablising in recent months of 2013. |
|
|
|
|
|
However, the global economic outlook is still clouded with
uncertainties. Notably, concerns remain over the extent of the fiscal cutback
with the budget sequester in the US and potential flareup of the debt crisis
in the Eurozone. Should any of these risks materialise, Singapore's economic
growth could come in lower than expected. |
|
|
|
|
|
Although resilient domestic demand in emerging Asia will provide some
support to global demand, it will not fully mitigate the effects of an economic
slowdown in the advanced economies. Consequently, Singapore's
externally-oriented sectors such as electronics and wholesale trade will
continue to perform poorly, while the financial services sector will be
affected by heightened uncertainties in the external environment.
Nevertheless, there will be some modest support to growth from the biomedical
manufacturing cluster and tourism-related sectors. The former will likely see
increased production of active pharmaceutical ingredients and biologics while
the latter will benefit from rising visitor arrivals from the region. |
|
|
|
|
|
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from
5.2% in 2011, mainly due to weakness in the externally-oriented sectors.
Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to
0.1%. The hudge decline was largely due to a rebound in the output of the
biomedical manufacturing and transport engineering clusters, which together
helped to mitigate part of the fall in output in the electronics cluster. By
contrast, the construction sector growth accelerated from 6.3% to 8.2% in
2012, due to the expansion in both public and private building activities. |
|
|
|
|
|
Growth in the services producing industries also moderated to 1.2% in
2012, compared to 4.6% in 2011. This was mainly due to the slowdown in
wholesale and retail trade, accommodation and food services as well as other
services industries. In particular, the wholesale and retail trade sector
contracted by 0.7%, compared to the 1.6% growth in year 2011. The
accommodation and food services as well as other services industries posted
lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
|
|
|
|
|
|
For the whole of 2012, all sectors, except the wholesale and retail trade,
contributed to growth. Business services was the largest contributor with 0.4
percentage-points, followed by construction with 0.3 percentage-points and
transportation and storage at 0.2 percentagepoints. Besides, growth in total
demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the
key contributor to total demand growth, accounting for 2.2 percentage-points,
or over 90 per cent, of the increase. |
|
|
|
|
|
In 2012, total domestic demand rose by 9.7%, following the 6.5%
increase in 2011. The growth in total domestic demand was broad-based across
consumption, gross fixed capital formation (GFCF) and changes in inventories.
The total consumption expenditure in 2012 grew slightly by 0.9%, easing from
the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%,
reversing the 0.5% growth in 2011. Private consumption expenditure registered
a 2.2% gain, moderating from the 4.6% increase in the preceding year. |
|
|
|
|
|
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in
2013. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
Financial Year
End |
2013-03-31 |
2012-03-31 |
|
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 |
75,731,634 |
75,798,895 |
|
|
---------------- |
---------------- |
|
Total Turnover |
75,731,634 |
75,798,895 |
|
Costs of Goods Sold |
(57,008,304) |
(53,021,275) |
|
|
---------------- |
---------------- |
|
Gross Profit |
18,723,330 |
22,777,620 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(45,045,654) |
(36,106,037) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(45,045,654) |
(36,106,037) |
|
Taxation |
(1,018,052) |
66,399 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(46,063,706) |
(36,039,638) |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
(108,180,436) |
(72,140,798) |
|
|
---------------- |
---------------- |
|
As restated |
(108,180,436) |
(72,140,798) |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(154,244,142) |
(108,180,436) |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(154,244,142) |
(108,180,436) |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
Term loan / Borrowing |
41,739,940 |
44,786,512 |
|
Others |
12,183,928 |
11,181,932 |
|
|
---------------- |
---------------- |
|
|
53,923,868 |
55,968,444 |
|
|
============= |
============= |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
4,915,899 |
5,091,663 |
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
Associated companies |
2,512,570,965 |
2,132,476,299 |
|
Others |
- |
496,984,156 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,512,570,965 |
2,629,460,455 |
|
|
|
|
|
INTANGIBLE ASSETS |
|
|
|
Others |
125,956,983 |
117,920,126 |
|
|
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
125,956,983 |
117,920,126 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
2,643,443,847 |
2,752,472,244 |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Stocks |
349,944 |
- |
|
Trade debtors |
7,418,905 |
11,963,047 |
|
Other debtors, deposits & prepayments |
2,519,591 |
2,165,155 |
|
Amount due from related companies |
3,031,527 |
13,712,511 |
|
Cash & bank balances |
16,415,472 |
4,634,211 |
|
Others |
762,195 |
668,934 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
30,497,634 |
33,143,858 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
2,673,941,481 |
2,785,616,102 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
10,021,152 |
11,185,310 |
|
Other creditors & accruals |
19,052,973 |
13,643,019 |
|
Short term borrowings/Term loans |
146,988,887 |
332,612,339 |
|
Amounts owing to related companies |
152,127,572 |
26,424,073 |
|
Provision for taxation |
138,279 |
- |
|
Other liabilities |
10,320,491 |
9,517,148 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
338,649,354 |
393,381,889 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
(308,151,720) |
(360,238,031) |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
2,335,292,127 |
2,392,234,213 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
982,453,976 |
123,608,890 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
982,453,976 |
123,608,890 |
|
|
|
|
|
RESERVES |
|
|
|
Retained profit/(loss) carried forward |
(154,244,142) |
(108,180,436) |
|
Others |
499,236 |
499,236 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
(153,744,906) |
(107,681,200) |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
828,709,070 |
15,927,690 |
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
Other long term borrowings |
1,400,845,410 |
1,664,268,990 |
|
Deferred taxation |
748,945 |
261,623 |
|
Others |
104,988,702 |
711,775,910 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
1,506,583,057 |
2,376,306,523 |
|
|
---------------- |
---------------- |
|
|
2,335,292,127 |
2,392,234,213 |
|
|
============= |
============= |
|
|
|
|
|
TYPES OF FUNDS |
|
|
|
Cash |
16,415,472 |
4,634,211 |
|
Net Liquid Funds |
16,415,472 |
4,634,211 |
|
Net Liquid Assets |
(308,501,664) |
(360,238,031) |
|
Net Current Assets/(Liabilities) |
(308,151,720) |
(360,238,031) |
|
Net Tangible Assets |
2,209,335,144 |
2,274,314,087 |
|
Net Monetary Assets |
(1,815,084,721) |
(2,736,544,554) |
|
BALANCE SHEET ITEMS |
|
|
|
Total Borrowings |
1,547,834,297 |
1,996,881,329 |
|
Total Liabilities |
1,845,232,411 |
2,769,688,412 |
|
Total Assets |
2,673,941,481 |
2,785,616,102 |
|
Net Assets |
2,335,292,127 |
2,392,234,213 |
|
Net Assets Backing |
828,709,070 |
15,927,690 |
|
Shareholders' Funds |
828,709,070 |
15,927,690 |
|
Total Share Capital |
982,453,976 |
123,608,890 |
|
Total Reserves |
(153,744,906) |
(107,681,200) |
|
LIQUIDITY (Times) |
|
|
|
Cash Ratio |
0.05 |
0.01 |
|
Liquid Ratio |
0.09 |
0.08 |
|
Current Ratio |
0.09 |
0.08 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
2 |
0 |
|
Debtors Ratio |
36 |
58 |
|
Creditors Ratio |
64 |
77 |
|
SOLVENCY RATIOS (Times) |
|
|
|
Gearing Ratio |
1.87 |
125.37 |
|
Liabilities Ratio |
2.23 |
173.89 |
|
Times Interest Earned Ratio |
0.16 |
0.35 |
|
Assets Backing Ratio |
2.25 |
18.40 |
|
PERFORMANCE RATIO (%) |
|
|
|
Operating Profit Margin |
(59.48) |
(47.63) |
|
Net Profit Margin |
(60.82) |
(47.55) |
|
Return On Net Assets |
0.38 |
0.83 |
|
Return On Capital Employed |
0.36 |
0.79 |
|
Return On Shareholders' Funds/Equity |
(5.56) |
(226.27) |
|
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.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.