MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

IDENTIFICATION DETAILS

 

Name :

DAIEI PAPERS (S.A.) PTE LTD

 

 

Registered Office :

140 Cecil Street #14-02 Pil Building, 069540

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

31.03.2000

 

 

Com. Reg. No.:

200002720-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of Paper and Paper Products

 

 

No. of Employees :

10 [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 :

Slow but correct

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200002720-W

COMPANY NAME

:

DAIEI PAPERS (S.A.) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

31/03/2000

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

140 CECIL STREET #14-02 PIL BUILDING , 069540, SINGAPORE.

BUSINESS ADDRESS

:

140 CECIL STREET, 09-01, PIL BUILDING,, 069540, SINGAPORE.

TEL.NO.

:

65-62272737

FAX.NO.

:

65-62647336

CONTACT PERSON

:

VIJAY KUMAR GUPTA ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF PAPER AND PAPER PRODUCTS

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 52,023,338 [2012]

NET WORTH

:

USD 2,769,799 [2012]

STAFF STRENGTH

:

10 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

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

 

The immediate holding company of the Subject is DAIEI PAPERS (S) PTE LTD, a company incorporated in SINGAPORE.

 

The ultimate holding company of the Subject is KOKUSAI PULP & PAPER CO., a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

20/03/2014

SGD 1,000,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

DAIEI PAPERS (S) PTE LTD

140, CECIL STREET, 14-02, PIL BUILDING, 069540, SINGAPORE.

199701663C

800,000.00

80.00

VIJAY KUMAR GUPTA +

1, TANJONG RHU ROAD, 04-01, WATERSIDE, 436879, SINGAPORE.

S2650264J

100,000.00

10.00

SUDHA GUPTA

1, TANJONG RHU ROAD, 04-01, THE WATERSIDE, 436879, SINGAPORE.

S2650265I

100,000.00

10.00

 

 

 

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

------

 

 

 

1,000,000.00

100.00

 

 

 

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

 

INDIA

DPIC BILTRIBE PVT LTD

74.00

31/12/2012

 

 

 

 

 



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

CO DANIEL Y

Address

:

16A, QUEEN ASTRID PARK, 266809, SINGAPORE.

IC / PP No

:

S2178228I

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

31/03/2000

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

VIJAY KUMAR GUPTA

Address

:

1, TANJONG RHU ROAD, 04-01, WATERSIDE, 436879, SINGAPORE.

IC / PP No

:

S2650264J

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

31/03/2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

VIJAY KUMAR GUPTA

 

Position

:

DIRECTOR

 

 

 

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

LIM BEE ENG

 

IC / PP No

:

S1626446F

 

 

 

 

 

Address

:

289, BISHAN STREET 24, 16 - 17, 570289, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.



ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LEGAL CHECK AGAINST SUBJECT


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

No legal action was found in our databank.


No winding up petition was found in our databank.

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

 


The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

 

]

 

Good 31-60 Days

[

X

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 



CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

ASIA

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

PAPERS

 

 

 

 

 

Total Number of Employees:

YEAR

2014

2012

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

10

10

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


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


The Subject sells various types of papers.


The Subject sells the papers according to its customers' requirements.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6562272737

Current Telephone Number

:

65-62272737

Match

:

YES

 

 

 

Address Provided by Client

:

3, SHENTON WAY, #11-08, SHENTON HOUSE, SINGAPORE 068805

Current Address

:

140 CECIL STREET, 09-01, PIL BUILDING,, 069540, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


On 10th April 2014 we contacted one of the staff from the Subject and she provided some information.


The Subject had shifted from the address provided.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2009 - 2012

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2012

]

 

Return on Shareholder Funds

:

Acceptable

[

12.82%

]

 

Return on Net Assets

:

Acceptable

[

25.52%

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

3 Days

]

 

Debtor Ratio

:

Unfavourable

[

124 Days

]

 

Creditors Ratio

:

Favourable

[

8 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

[

1.10 Times

]

 

Current Ratio

:

Unfavourable

[

1.12 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

:

Unfavourable

[

2.31 Times

]

 

Gearing Ratio

:

Unfavourable

[

5.94 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 recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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. 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 : LIMITED

 

 

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 wholesale of paper and paper products. 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 capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.


Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 10 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. Return on shareholders' funds of the Subject was at an acceptable range 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 2,769,799, 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. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources


Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.


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 normally.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

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

52,023,338

63,608,156

54,448,363

53,902,571

Other Income

-

35,097

-

-

 

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

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

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

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

Total Turnover

52,023,338

63,643,253

54,448,363

53,902,571

Costs of Goods Sold

(50,397,479)

(62,111,224)

(53,017,692)

(51,042,079)

 

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

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

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

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

Gross Profit

1,625,859

1,532,029

1,430,671

2,860,492

 

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

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

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

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

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

401,429

604,131

779,755

176,423

 

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

401,429

604,131

779,755

176,423

Taxation

(46,428)

(72,202)

(111,775)

(14,692)

 

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

355,001

531,929

667,980

161,731

 

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

1,927,036

1,595,501

976,040

857,669

 

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

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

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

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

As restated

1,927,036

1,595,501

976,040

857,669

 

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,282,037

2,127,430

1,644,020

1,019,400

DIVIDENDS - Ordinary (paid & proposed)

(159,579)

(200,394)

(48,519)

(43,360)

 

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,122,458

1,927,036

1,595,501

976,040

 

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

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

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

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

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

Others

305,319

272,168

122,016

1,754,595

 

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

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

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

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

 

305,319

272,168

122,016

1,754,595

 

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

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

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

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

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

36,453

17,258

13,480

21,757

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

Subsidiary companies

267,699

-

-

-

Others

-

4,590,888

7,282,417

4,192,359

 

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

267,699

4,590,888

7,282,417

4,192,359

 

 

 

 

 

 

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

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

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

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

TOTAL LONG TERM ASSETS

304,152

4,608,146

7,295,897

4,214,116

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Stocks

400,542

560,887

694,917

2,008,436

Trade debtors

17,737,446

11,110,528

5,457,463

6,710,263

Other debtors, deposits & prepayments

2,470,575

1,304,334

706,449

245,803

Amount due from related companies

550,885

-

-

-

Cash & bank balances

1,355,652

525,108

834,958

1,183,822

 

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

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

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

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

TOTAL CURRENT ASSETS

22,515,100

13,500,857

7,693,787

10,148,324

 

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

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

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

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

TOTAL ASSET

22,819,252

18,109,003

14,989,684

14,362,440

 

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

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

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

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

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade creditors

1,044,171

767,122

321,202

1,760,580

Other creditors & accruals

2,214,263

284,613

235,906

573,070

Short term borrowings/Term loans

16,448,800

13,700,000

-

-

Other liabilities & accruals

-

-

11,289,483

9,075,000

Interest payable

12,549

21,701

17,411

14,620

Amounts owing to related companies

286,155

689,608

379,478

467,124

Provision for taxation

43,515

71,582

113,462

15,801

Other liabilities

-

-

389,900

832,864

 

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

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

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

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

TOTAL CURRENT LIABILITIES

20,049,453

15,534,626

12,746,842

12,739,059

 

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

2,465,647

(2,033,769)

(5,053,055)

(2,590,735)

 

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

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

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

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

TOTAL NET ASSETS

2,769,799

2,574,377

2,242,842

1,623,381

 

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

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

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

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

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

647,341

647,341

647,341

647,341

 

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

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

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

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

TOTAL SHARE CAPITAL

647,341

647,341

647,341

647,341

 

 

 

 

 

RESERVES

 

 

 

 

Retained profit/(loss) carried forward

2,122,458

1,927,036

1,595,501

976,040

 

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

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

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

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

TOTAL RESERVES

2,122,458

1,927,036

1,595,501

976,040

 

 

 

 

 

 

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,769,799

2,574,377

2,242,842

1,623,381

 

 

 

 

 

 

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

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

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

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

 

2,769,799

2,574,377

2,242,842

1,623,381

 

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

 

 

 

 

Cash

1,355,652

525,108

834,958

1,183,822

Net Liquid Funds

1,355,652

525,108

834,958

1,183,822

Net Liquid Assets

2,065,105

(2,594,656)

(5,747,972)

(4,599,171)

Net Current Assets/(Liabilities)

2,465,647

(2,033,769)

(5,053,055)

(2,590,735)

Net Tangible Assets

2,769,799

2,574,377

2,242,842

1,623,381

Net Monetary Assets

2,065,105

(2,594,656)

(5,747,972)

(4,599,171)

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

16,448,800

13,700,000

0

0

Total Liabilities

20,049,453

15,534,626

12,746,842

12,739,059

Total Assets

22,819,252

18,109,003

14,989,684

14,362,440

Net Assets

2,769,799

2,574,377

2,242,842

1,623,381

Net Assets Backing

2,769,799

2,574,377

2,242,842

1,623,381

Shareholders' Funds

2,769,799

2,574,377

2,242,842

1,623,381

Total Share Capital

647,341

647,341

647,341

647,341

Total Reserves

2,122,458

1,927,036

1,595,501

976,040

LIQUIDITY (Times)

 

 

 

 

Cash Ratio

0.07

0.03

0.07

0.09

Liquid Ratio

1.10

0.83

0.55

0.64

Current Ratio

1.12

0.87

0.60

0.80

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

3

3

5

14

Debtors Ratio

124

64

37

45

Creditors Ratio

8

5

2

13

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

5.94

5.32

0.00

0.00

Liabilities Ratio

7.24

6.03

5.68

7.85

Times Interest Earned Ratio

2.31

3.22

7.39

1.10

Assets Backing Ratio

4.28

3.98

3.46

2.51

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

0.77

0.95

1.43

0.33

Net Profit Margin

0.68

0.84

1.23

0.30

Return On Net Assets

25.52

34.04

40.21

118.95

Return On Capital Employed

25.52

34.04

40.21

118.95

Return On Shareholders' Funds/Equity

12.82

20.66

29.78

9.96

Dividend Pay Out Ratio (Times)

0.45

0.38

0.07

0.27

NOTES TO ACCOUNTS

 

 

 

 

Contingent Liabilities

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.33

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

DPT

 

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.