MIRA INFORM REPORT

 

 

Report Date :

13.05.2014

 

IDENTIFICATION DETAILS

 

Name :

CONCORDIA AGRITRADING PTE LTD

 

 

Formerly Known As :

TRANSPALM AGENCY PTE. LTD. (05/01/1995)

 

 

Registered Office :

135, Cecil Street, 06-01, Myp Plaza, 069536

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

06.03.1985

 

 

Com. Reg. No.:

198500536-M

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Subject is engaged in the trading of commodities product which includes:-

·         Grains: (feed) wheat, corn, sorghum, malting and feed barley, rye, sorghum and oats;

·         Vegetable oil: soybean oil;

·         Oilseed meals: soybean meal, soybeans, rape/canola meal, and palm and copra meal;

·         Other feed ingredients: wheat bran and sugar beet pulp pellets.

 

 

No. of Employees :

66 (2011)

 

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

 

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 0.6% 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

*Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

N/A - Not Applicable

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

198500536-M

COMPANY NAME

:

CONCORDIA AGRITRADING PTE LTD

FORMER NAME

:

TRANSPALM AGENCY PTE. LTD. (05/01/1995)

INCORPORATION DATE

:

06/03/1985

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

135, CECIL STREET, 06-01, MYP PLAZA, 069536, SINGAPORE.

BUSINESS ADDRESS

:

135 CECIL STREET #06-01, LKN BUILDING, 069536, SINGAPORE.

TEL.NO.

:

65-62255325

FAX.NO.

:

65-62255840

CONTACT PERSON

:

LIM BOON KIAT ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITIES PRODUCT

ISSUED AND PAID UP CAPITAL

:

11,410,000.00 ORDINARY SHARE, OF A VALUE OF SGD 11,410,000.00

SALES

:

USD 7,530,336,868 [2012]

NET WORTH

:

USD 125,481,776 [2012]

STAFF STRENGTH

:

66 (2011)

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) trading of commodities product.

 

The immediate holding company of the SC is NIDERA B.V., a company incorporated in NETHERLANDS.

 

The ultimate holding company of the SC is NIDERA HOLDINGS B.V., a company incorporated in NETHERLANDS.

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

NIDERA B.V.

WILLEMSPLEIN, 492-3016, DR ROTTERDAM, THE, NETHERLANDS.

S85UF0101B

11,410,000.00

100.00

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

------

11,410,000.00

100.00

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

=====

 

+ Also Director

 

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No

Country

Company

(%)

As At

011329

CHINA

CONCORDIA TRADING (SHANGHAI) LTD

100.00

30/09/2012

011000

GUINEA

ALIZES DENREES SARL

100.00

30/09/2012

011095

AUSTRALIA

CONCORDIA AGRITRADING PTY LTD (AUSTRALIA)

99.90

30/09/2012

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MARCELO LUIS BIANCHINI MARTINS

Address

:

135, CECIL STREET, 06-01, 069536, SINGAPORE.

IC / PP No

:

G5028992W

Nationality

:

ITALIAN

Date of Appointment

:

15/12/2011

 

DIRECTOR 2

 

Name Of Subject

:

IGOR POPOV

Address

:

VAN BOETZELAERLAAN 4, 2242 SW, WASSENAAR, THE, NETHERLANDS.

IC / PP No

:

51NO.4232701

Nationality

:

RUSSIAN

Date of Appointment

:

09/04/2013

 

DIRECTOR 3

 

Name Of Subject

:

LIM BOON KIAT

Address

:

86, WILKIE ROAD, 01-11, WILKIE STUDIO, 228096, SINGAPORE.

IC / PP No

:

S7030024I

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/05/2011



MANAGEMENT

 

 

 

1)

Name of Subject

:

LIM BOON KIAT

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

STEPHEN LEONG

IC / PP No

:

S1023724F

Address

:

5, JALAN ISHAK, 419321, SINGAPORE.

 

2)

Company Secretary

:

ONG LIAN KIN ESTHER

IC / PP No

:

S1126307J

Address

:

5, JALAN ISHAK, 419321, SINGAPORE.

 

BANKING


No Banker found in our databank. 



ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200905515

02/09/2009

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (TRADING AS RABOBANK INTL), LONDON BRANCH

USD 800,000,000.00

Unsatisfied

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank against the SC 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

Percentage

:

40%

Overseas

:

YES

Percentage

:

60%



The SC 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

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]



CLIENTELE

 

Local

:

YES

Percentage

:

60%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

40%

Export Market

:

WORLDWIDE

Credit Term

:

15 - 30 DAYS,AS AGREED

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)

 

OPERATIONS

 

Goods Traded

:

COMMODITIES PRODUCT

Ownership of premises

:

LEASED/RENTED

 

Total Number of Employees:

YEAR

2011

GROUP

N/A

COMPANY

66

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of commodities product. 


The SC offer wide range of commodities product for their customer.


A combination of food grains, feed grains, specialty grains, oil seeds and oilseed meals provides a very diversified product portfolio to cater to the needs of SC customers.


The SC trades the following products:


* Grains: (feed) wheat, corn, sorghum, malting and feed barley, rye, sorghum and oats;

* Vegetable oil: soybean oil;

* Oilseed meals: soybean meal, soybeans, rape/canola meal, and palm and copra meal;

* Other feed ingredients: wheat bran and sugar beet pulp pellets.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62255325

Match

:

N/A

Address Provided by Client

:

135, CECIL STREET #06-01, LKN BUILDING, SINGAPORE 069536

Current Address

:

135 CECIL STREET #06-01, LKN BUILDING, 069536, SINGAPORE.

Match

:

YES

 

Other Investigations

we contacted one of the SC staff and she provided some information regarding to the SC.

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2009 - 2012

]

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2012

]

Return on Shareholder Funds

:

Unfavourable

[

3.39%

]

Return on Net Assets

:

Unfavourable

[

8.57%

]

The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The management had succeeded in turning the SC into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

15 Days

]

Debtor Ratio

:

Favourable

[

5 Days

]

Creditors Ratio

:

Favourable

[

10 Days

]

The SC'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 SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Unfavourable

[

0.79 Times

]

Current Ratio

:

Unfavourable

[

1.12 Times

]

A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Unfavourable

[

1.79 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The SC'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 SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

The higher turnover had helped to reduce the SC's losses. Due to its weak liquidity position, the SC 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 SC. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.

 

Overall financial condition of the SC : LIMITED

 

 

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)

(Source : Department of Statistics)



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 1985, the SC is a Private Limited company, focusing on trading of commodities product. The SC has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC has strong capital position. We are confident with the SC's business and its future growth prospect. 


Over the years, the SC has established an extensive clientele base in the market. Besides catering to the local market, the SC has penetrated into other countries. With the contribution of both local and overseas customers, the SC is likely to be exposed to lower commercial risk. Hence, we believe that the SC has better business expansion opportunities in the future. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC. 

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. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. Being a zero geared company, the SC 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 125,481,776, the SC should be able to maintain its business in the near terms.



Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC'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 SC has a good control over its resources.


The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts. 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. 

 




PROFIT AND LOSS ACCOUNT

 

 

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

CONCORDIA AGRITRADING PTE LTD

 

Financial Year End

2012-09-30

2011-09-30

2010-09-30

2009-09-30

Months

12

12

12

12

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

7,530,336,868

6,038,788,986

4,020,650,805

2,776,516,107

Other Income

1,150,246

10,099

-

-

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

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

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

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

Total Turnover

7,531,487,114

6,038,799,085

4,020,650,805

2,776,516,107

Costs of Goods Sold

<7,507,537,788>

<6,022,007,236>

-

-

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

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

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

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

Gross Profit

23,949,326

16,791,849

-

-

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

4,755,101

<3,829,910>

<9,145,640>

21,298,278

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

4,755,101

<3,829,910>

<9,145,640>

21,298,278

Taxation

<495,923>

191,500

457,000

<1,650,000>

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

4,259,178

<3,638,410>

<8,688,640>

19,648,278

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

113,160,898

116,799,308

200,487,948

180,839,670

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

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

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

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

As restated

113,160,898

116,799,308

200,487,948

180,839,670

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

117,420,076

113,160,898

191,799,308

200,487,948

DIVIDENDS - Ordinary (paid & proposed)

-

-

<75,000,000>

-

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

117,420,076

113,160,898

116,799,308

200,487,948

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

398,820

-

-

Others

5,996,015

7,304,413

5,801,244

1,544,517

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

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

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

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

5,996,015

7,703,233

5,801,244

1,544,517

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

96,538

227,423

484,145

717,342

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

15,505,320

15,505,320

13,505,320

3,505,320

Deferred assets

148,500

648,500

457,000

-

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

15,653,820

16,153,820

13,962,320

3,505,320

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

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

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

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

TOTAL LONG TERM ASSETS

15,750,358

16,381,243

14,446,465

4,222,662

CURRENT ASSETS

Stocks

304,773,116

101,950,614

43,839,387

43,165,343

Trade debtors

93,309,028

79,589,148

68,835,088

58,301,828

Other debtors, deposits & prepayments

309,233,306

278,981,511

175,332,492

40,391,894

Amount due from holding company

199,794,175

36,197,089

-

2,018,363

Amount due from subsidiary companies

23,527,603

25,805,673

24,171,192

29,113,962

Amount due from related companies

127,291,148

41,109,241

36,012,998

131,628,112

Cash & bank balances

841,331

405,193

353,327

345,753

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

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

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

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

TOTAL CURRENT ASSETS

1,058,769,707

564,038,469

348,544,484

304,965,255

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

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

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

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

TOTAL ASSET

1,074,520,065

580,419,712

362,990,949

309,187,917

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

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

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

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

CURRENT LIABILITIES

Trade creditors

196,927,618

120,567,383

24,173,585

20,807,291

Other creditors & accruals

312,846,315

189,103,674

149,606,060

31,338,695

Short term borrowings/Term loans

-

-

-

32,500,000

Amounts owing to holding company

-

-

9,436,004

-

Amounts owing to subsidiary companies

28,945

28,945

28,945

28,945

Amounts owing to related companies

439,228,186

149,489,887

54,334,067

13,812,552

Provision for taxation

7,225

7,225

551,280

2,150,786

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

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

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

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

TOTAL CURRENT LIABILITIES

949,038,289

459,197,114

238,129,941

100,638,269

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

109,731,418

104,841,355

110,414,543

204,326,986

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

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

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

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

TOTAL NET ASSETS

125,481,776

121,222,598

124,861,008

208,549,648

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

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

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

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

SHARE CAPITAL

Ordinary share capital

8,061,700

8,061,700

8,061,700

8,061,700

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

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

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

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

TOTAL SHARE CAPITAL

8,061,700

8,061,700

8,061,700

8,061,700

RESERVES

Retained profit/(loss) carried forward

117,420,076

113,160,898

116,799,308

200,487,948

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

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

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

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

TOTAL RESERVES

117,420,076

113,160,898

116,799,308

200,487,948

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

125,481,776

121,222,598

124,861,008

208,549,648

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

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

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

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

125,481,776

121,222,598

124,861,008

208,549,648

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

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

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

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

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

841,331

405,193

353,327

345,753

Net Liquid Funds

841,331

405,193

353,327

345,753

Net Liquid Assets

<195,041,698>

2,890,741

66,575,156

161,161,643

Net Current Assets/(Liabilities)

109,731,418

104,841,355

110,414,543

204,326,986

Net Tangible Assets

125,481,776

121,222,598

124,861,008

208,549,648

Net Monetary Assets

<195,041,698>

2,890,741

66,575,156

161,161,643

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

32,500,000

Total Liabilities

949,038,289

459,197,114

238,129,941

100,638,269

Total Assets

1,074,520,065

580,419,712

362,990,949

309,187,917

Net Assets

125,481,776

121,222,598

124,861,008

208,549,648

Net Assets Backing

125,481,776

121,222,598

124,861,008

208,549,648

Shareholders' Funds

125,481,776

121,222,598

124,861,008

208,549,648

Total Share Capital

8,061,700

8,061,700

8,061,700

8,061,700

Total Reserves

117,420,076

113,160,898

116,799,308

200,487,948

LIQUIDITY (Times)

Cash Ratio

0.00

0.00

0.00

0.00

Liquid Ratio

0.79

1.01

1.28

2.60

Current Ratio

1.12

1.23

1.46

3.03

WORKING CAPITAL CONTROL (Days)

Stock Ratio

15

6

4

6

Debtors Ratio

5

5

6

8

Creditors Ratio

10

7

2

3

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

0.16

Liabilities Ratio

7.56

3.79

1.91

0.48

Times Interest Earned Ratio

1.79

0.50

<0.58>

14.79

Assets Backing Ratio

15.57

15.04

15.49

25.87

PERFORMANCE RATIO (%)

Operating Profit Margin

0.06

<0.06>

<0.23>

0.77

Net Profit Margin

0.06

<0.06>

<0.22>

0.71

Return On Net Assets

8.57

3.20

<2.68>

10.95

Return On Capital Employed

8.57

3.20

<2.68>

10.95

Return On Shareholders' Funds/Equity

3.39

<3.00>

<6.96>

9.42

Dividend Pay Out Ratio (Times)

0.00

0.00

8.63

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0





FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.73

UK Pound

1

Rs.100.82

Euro

1

Rs.82.22

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.