MIRA INFORM REPORT

 

 

Report Date :

20.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ADANI GLOBAL PTE LTD

 

 

Registered Office :

80, Raffles Place, 33-20 Uob Plaza, 048624,

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

08.04.2000

 

 

Com. Reg. No.:

200003047-N

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Trader of coal

 

 

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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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

 

 

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200003047-N

COMPANY NAME

:

ADANI GLOBAL PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

08/04/2000

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, RAFFLES PLACE, 33-20 UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

80, RAFFLES PLACE, 33-20, UOB PLAZA 2, 048264, SINGAPORE.

TEL.NO.

:

65-62252070

FAX.NO.

:

65-62252537

CONTACT PERSON

:

BASHEER AHMED SAYEED ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COAL

ISSUED AND PAID UP CAPITAL

:

43,117,530.00 ORDINARY SHARE, OF A VALUE OF SGD 43,117,530.00

SALES

:

USD 2,173,318,063 [2013]

NET WORTH

:

USD 465,292,685 [2013]

STAFF STRENGTH

:

25 [2014]

BANKER (S)

:

AXIS BANK LIMITED SINGAPORE BRANCH
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
ICICI BANK LTD
INDIAN OVERSEAS BANK
KBC BANK N.V.
MALAYAN BANKING BHD
MIZUHO CORPORATE BANK LTD
NATIXIS
OVERSEA-CHINESE BANKING CORPORATION LIMITED
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
SOCIETE GENERALE
STANDARD CHARTERED BANK
STATE BANK OF INDIA, SINGAPORE BRANCH
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)
UCO BANK
WESTLB AG

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

HIGH

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) trading of coal.

The immediate holding company of the Subject is ADANI GLOBAL LIMITED, a company incorporated in MAURITIUS.

The ultimate holding company of the Subject is ADANI ENTERPRISES LTD, a company incorporated in INDIA.

 

Share Capital History

Date

Issue & Paid Up Capital

09/05/2014

SGD 43,117,530.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

ADANI GLOBAL LIMITED

SUITE 501, ST JAMES COURT, ST.DENIS STREET, PORT-LOUIS, MAURITIUS.

T07UF0079

43,117,530.00

100.00

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

------

43,117,530.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

200614235E

SINGAPORE

ADANI SHIPPING PTE. LTD.

100.00

31/03/2012

AUSTRALIA

ADANI MINERALS PTY LTD

100.00

31/03/2013

AUSTRALIA

ADANI MINING PTY LTD

100.00

31/03/2013

INDONESIA

PT ADANI GLOBAL

95.00

31/03/2013

INDONESIA

PT ADANI GLOBAL COAL TRADING

95.00

31/03/2013

200910524K

SINGAPORE

ADANI WILMAR PTE. LTD.

50.00

31/03/2012



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. BASHEER AHMED SAYEED

Address

:

10, BODMIN DRIVE, SERANGOON GARDEN ESTATE, 559610, SINGAPORE.

IC / PP No

:

S2705335A

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/08/2010

 

DIRECTOR 2

 

Name Of Subject

:

ARUP ROY

Address

:

11, NATHAN ROAD, 16-01, REGENCY PARK, 248732, SINGAPORE.

IC / PP No

:

G5080102R

Nationality

:

SINGAPOREAN

Date of Appointment

:

02/01/2013

 

DIRECTOR 3

 

Name Of Subject

:

TETSUO ICHIKAWA

Address

:

224-1, HONGANJI, KUWANA-SI, MIE, JAPAN.

IC / PP No

:

TH7659465

Nationality

:

JAPANESE

Date of Appointment

:

06/02/2014

MANAGEMENT

 

 

1)

Name of Subject

:

BASHEER AHMED SAYEED

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

PRUDENTIAL PUBLIC ACCOUNTING CORPORATION

Auditor' Address

:

17, PHILLIP STREET 05- 02 GRAND BUILDING, 048695, SINGAPORE

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

LEE LAI NAH

IC / PP No

:

S1607980D

Address

:

73, CAVENAGH ROAD, 02-376, CAVENAGH GARDENS, 229624, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

2)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

 

3)

Name

:

ICICI BANK LTD

 

4)

Name

:

INDIAN OVERSEAS BANK

 

5)

Name

:

KBC BANK N.V.

 

6)

Name

:

MALAYAN BANKING BHD

 

7)

Name

:

MIZUHO CORPORATE BANK LTD

 

8)

Name

:

NATIXIS

 

9)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

10)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

11)

Name

:

SOCIETE GENERALE

 

12)

Name

:

STANDARD CHARTERED BANK

 

13)

Name

:

STATE BANK OF INDIA, SINGAPORE BRANCH

 

14)

Name

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

 

15)

Name

:

UCO BANK

 

16)

Name

:

WESTLB AG

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200405199

20/10/2004

N/A

NATIXIS

-

Unsatisfied

C200405202

20/10/2004

N/A

NATIXIS

-

Unsatisfied

C200406727

30/12/2004

N/A

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

-

Unsatisfied

C200507645

12/12/2005

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C200507749

15/12/2005

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C200701001

02/02/2007

N/A

AXIS BANK LIMITED SINGAPORE BRANCH

-

Unsatisfied

C200701800

07/03/2007

N/A

MIZUHO CORPORATE BANK LTD

-

Unsatisfied

C200701802

07/03/2007

N/A

MIZUHO CORPORATE BANK LTD

-

Unsatisfied

C200703399

08/05/2007

N/A

UCO BANK

-

Unsatisfied

C200804646

22/05/2008

N/A

STATE BANK OF INDIA

-

Unsatisfied

C200806123

07/07/2008

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200806728

21/07/2008

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200807372

07/08/2008

N/A

MIZUHO CORPORATE BANK LTD

-

Unsatisfied

C200808441

10/09/2008

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200907993

04/12/2009

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200907995

04/12/2009

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201009664

18/10/2010

N/A

STATE BANK OF INDIA

-

Unsatisfied

C201010226

29/10/2010

N/A

ICICI BANK LIMITEED

-

Unsatisfied

C201012141

14/12/2010

N/A

UCO BANK

-

Unsatisfied

C201102341

23/02/2011

N/A

AXIS BANK LIMITED, DIFC BRANCH

-

Unsatisfied

C201103334

17/03/2011

N/A

STATE BANK OF INDIA

-

Unsatisfied

C201108747

19/07/2011

N/A

INDIAN OVERSEAS BANK

-

Unsatisfied

C201108751

19/07/2011

N/A

INDIAN OVERSEAS BANK

-

Unsatisfied

C201110544

23/08/2011

N/A

THE BANK OF NEW YORK MELLON

-

Unsatisfied

C201110549

23/08/2011

N/A

THE BANK OF NEW YORK MELLON

-

Unsatisfied

C201112299

03/10/2011

N/A

SOCIETE GENERALE

-

Unsatisfied

C201112300

03/10/2011

N/A

SOCIETE GENERALE

-

Unsatisfied

C201209055

08/08/2012

N/A

DBS BANK LTD.

-

Unsatisfied

C201209061

08/08/2012

N/A

DBS BANK LTD.

-

Unsatisfied

C201210492

14/09/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201210759

21/09/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201213508

22/11/2012

N/A

EMIRATES NBD PJSC

-

Unsatisfied

C201300874

17/01/2013

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201309477

11/07/2013

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201309479

11/07/2013

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C20131212

16/08/2013

N/A

AXIS BANK LIMITED, DIFC BRANCH

-

Unsatisfied

C201313236

30/09/2013

N/A

CIMB BANK BERHAD

-

Unsatisfied

C201313240

30/09/2013

N/A

CIMB BANK BERHAD

-

Unsatisfied

C201314951

06/11/2013

N/A

CTBC BANK CO., LTD.

-

Unsatisfied

C201314954

06/11/2013

N/A

CTBC BANK CO., LTD.

-

Unsatisfied

C20140354

31/03/2014

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

 

 

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

LEGAL ACTION

 

 

Code No

:

99

Case No

:

2085

Year

:

2012

Place

:

SINGAPORE

Court

:

DISTRICT COURT

Date Filed

:

23/07/2012

Solicitor Ref

:

CY-12-0419-443

Solicitor Firm

:

CHRISTOPHER YAP & CO

Plaintiff

:

NEW OASIS SERVICES PTE LTD

Defendants

:

ADANI GLOBAL PTE LTD (200003047)

10 ANSON ROAD, 34-16 INTERNATIONAL PLAZA, 079903, SINGAPORE.

Remark

:

MISCELLANEOUS

 

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

 

No winding up petition was found in our databank

 

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its 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

[

X

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

NO

 

 

Overseas

:

YES

Percentage

:

100%

Export Market

:

INDIA

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

COAL

 

Total Number of Employees:

YEAR

2014

2013

GROUP

N/A

N/A

COMPANY

25

20

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of coal.

The Subject is engaged in the trading of coal.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6562252070

Current Telephone Number

:

65-62252070

Match

:

YES

Address Provided by Client

:

80 RAFFLES PLACE #33-20 UOB PLAZA 11 SINGAPORE 048624

Current Address

:

80, RAFFLES PLACE, 33-20, UOB PLAZA 2, 048264, SINGAPORE.

Match

:

NO

 

Other Investigations


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

The address provided is incorrect.

 

FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2010 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2013

]

Return on Shareholder Funds

:

Favourable

[

34.52%

]

Return on Net Assets

:

Acceptable

[

28.91%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.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

[

0 Days

]

Debtor Ratio

:

Unfavourable

[

126 Days

]

Creditors Ratio

:

Favourable

[

29 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. 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

[

1.75 Times

]

Current Ratio

:

Unfavourable

[

1.76 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

[

7.68 Times

]

Gearing Ratio

:

Unfavourable

[

1.87 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 :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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 : STABLE

 

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 2000, the Subject is a Private Limited company, focusing on trading of coal. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

The Subject focuses only on overseas market. This global approach has enabled the Subject to generate a better growth sales. Being an export-oriented company, the Subject however is subjected to certain inherent risk of global economy slowdown, foreign currencies fluctuations and stiff competition in the international market. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Nevertheless, given a positive net worth standing at USD 465,292,685, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

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.

ADANI GLOBAL PTE LTD

 

Financial Year End

2013-03-31

2012-03-31

2011-03-31

2010-03-31

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

2,173,318,063

2,609,496,812

1,949,365,296

1,701,985,498

Other Income

-

-

13,185,115

718,495

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

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

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

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

Total Turnover

2,173,318,063

2,609,496,812

1,962,550,411

1,702,703,993

Costs of Goods Sold

(1,976,017,085)

(2,484,361,385)

(1,809,127,338)

(1,627,546,579)

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

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

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

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

Gross Profit

197,300,978

125,135,427

153,423,073

75,157,414

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

172,896,145

96,849,385

124,147,044

41,839,652

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

172,896,145

96,849,385

124,147,044

41,839,652

Taxation

(12,254,738)

(5,425,000)

(8,027,927)

(2,725,000)

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

160,641,407

91,424,385

116,119,117

39,114,652

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

277,051,278

185,626,893

69,507,776

30,393,124

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

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

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

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

As restated

277,051,278

185,626,893

69,507,776

30,393,124

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

437,692,685

277,051,278

185,626,893

69,507,776

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

437,692,685

277,051,278

185,626,893

69,507,776

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

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

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

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

Term loan / Borrowing

19,383,625

24,710,459

-

1,710,672

Trust receipts

6,517,263

6,812,207

1,425,941

6,102,442

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

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

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

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

25,900,888

31,522,666

1,425,941

7,813,114

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

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

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

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

 

 

 

BALANCE SHEET

 

 

ADANI GLOBAL PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

245,355

4,155,419

2,576,955

2,642,585

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

42,472,783

32,903,663

25,903,663

23,903,663

Investment properties

4,443,050

-

1,549,218

1,586,527

Others

3,800,000

3,800,000

2,800,000

1,550,000

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

50,715,833

36,703,663

30,252,881

27,040,190

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

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

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

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

TOTAL LONG TERM ASSETS

50,961,188

40,859,082

32,829,836

29,682,775

Stocks

2,050,613

-

-

-

Trade debtors

751,931,017

388,031,350

565,490,160

336,318,353

Other debtors, deposits & prepayments

123,473,367

14,790,812

496,746,525

19,050,017

Short term deposits

62,852,692

43,768,429

47,909,945

38,121,479

Short term loans & advances

287,907,176

333,843,809

-

-

Amount due from holding company

9,036,503

126,602,687

-

-

Amount due from subsidiary companies

229,105,242

261,439,544

-

-

Amount due from related companies

1,811,655

397,772,946

-

-

Cash & bank balances

10,283,912

22,427,523

9,216,900

10,934,829

Others

-

-

52,420,969

67,741,273

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

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

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

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

TOTAL CURRENT ASSETS

1,478,452,177

1,588,677,100

1,171,784,499

472,165,951

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

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

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

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

TOTAL ASSET

1,529,413,365

1,629,536,182

1,204,614,335

501,848,726

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

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

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

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

CURRENT LIABILITIES

Trade creditors

155,077,461

131,912,410

189,246,415

142,066,744

Other creditors & accruals

14,168,330

36,660,288

184,085

28,649

Short term borrowings/Term loans

-

-

150,699,952

25,659,992

Other borrowings

648,793,295

835,479,373

-

-

Bill & acceptances payable

-

-

290,974,500

131,792,265

Other liabilities & accruals

-

-

52,840,978

13,946,032

Amounts owing to subsidiary companies

5,786,309

-

-

-

Amounts owing to related companies

8,919,535

2,531,442

-

30,433,503

Amounts owing to director

-

-

-

171,909

Provision for taxation

8,939,039

5,499,011

7,525,000

2,725,000

Other liabilities

-

-

19,805,178

-

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

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

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

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

TOTAL CURRENT LIABILITIES

841,683,969

1,012,082,524

711,276,108

346,824,094

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

636,768,208

576,594,576

460,508,391

125,341,857

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

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

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

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

TOTAL NET ASSETS

687,729,396

617,453,658

493,338,227

155,024,632

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

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

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

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

SHARE CAPITAL

Ordinary share capital

27,600,000

27,600,000

27,600,000

27,600,000

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

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

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

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

TOTAL SHARE CAPITAL

27,600,000

27,600,000

27,600,000

27,600,000

Retained profit/(loss) carried forward

437,692,685

277,051,278

185,626,893

69,507,776

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

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

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

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

TOTAL RESERVES

437,692,685

277,051,278

185,626,893

69,507,776

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

465,292,685

304,651,278

213,226,893

97,107,776

Long term loans

-

-

280,111,334

57,916,856

Other long term borrowings

222,436,711

312,802,380

-

-

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

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

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

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

TOTAL LONG TERM LIABILITIES

222,436,711

312,802,380

280,111,334

57,916,856

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

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

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

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

687,729,396

617,453,658

493,338,227

155,024,632

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

ADANI GLOBAL PTE LTD

 

TYPES OF FUNDS

Cash

73,136,604

66,195,952

57,126,845

49,056,308

Net Liquid Funds

73,136,604

66,195,952

(233,847,655)

(82,735,957)

Net Liquid Assets

634,717,595

576,594,576

460,508,391

125,341,857

Net Current Assets/(Liabilities)

636,768,208

576,594,576

460,508,391

125,341,857

Net Tangible Assets

687,729,396

617,453,658

493,338,227

155,024,632

Net Monetary Assets

412,280,884

263,792,196

180,397,057

67,425,001

BALANCE SHEET ITEMS

Total Borrowings

871,230,006

1,148,281,753

721,785,786

215,369,113

Total Liabilities

1,064,120,680

1,324,884,904

991,387,442

404,740,950

Total Assets

1,529,413,365

1,629,536,182

1,204,614,335

501,848,726

Net Assets

687,729,396

617,453,658

493,338,227

155,024,632

Net Assets Backing

465,292,685

304,651,278

213,226,893

97,107,776

Shareholders' Funds

465,292,685

304,651,278

213,226,893

97,107,776

Total Share Capital

27,600,000

27,600,000

27,600,000

27,600,000

Total Reserves

437,692,685

277,051,278

185,626,893

69,507,776

LIQUIDITY (Times)

Cash Ratio

0.09

0.07

0.08

0.14

Liquid Ratio

1.75

1.57

1.65

1.36

Current Ratio

1.76

1.57

1.65

1.36

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

0

Debtors Ratio

126

54

106

72

Creditors Ratio

29

19

38

32

SOLVENCY RATIOS (Times)

Gearing Ratio

1.87

3.77

3.39

2.22

Liabilities Ratio

2.29

4.35

4.65

4.17

Times Interest Earned Ratio

7.68

4.07

88.06

6.36

Assets Backing Ratio

24.92

22.37

17.87

5.62

PERFORMANCE RATIO (%)

Operating Profit Margin

7.96

3.71

6.37

2.46

Net Profit Margin

7.39

3.50

5.96

2.30

Return On Net Assets

28.91

20.79

25.45

32.03

Return On Capital Employed

28.91

20.79

25.45

32.03

Return On Shareholders' Funds/Equity

34.52

30.01

54.46

40.28

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.58.43

UK Pound

1

Rs.98.28

Euro

1

Rs.80.12

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.