MIRA INFORM REPORT

 

 

Report Date :

27.11.2014

 

IDENTIFICATION DETAILS

 

Name :

ELOF HANSSON SINGAPORE PTE LTD

 

 

Registered Office :

298, Tiong Bahru Road , 08-04, Central Plaza, 168730

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.10.2001

 

 

Com. Reg. No.:

200106461-E

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is principally engaged in the wholesale of paper and paper products.

 

 

No of Employees :

6 [2014]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200106461-E

COMPANY NAME

:

ELOF HANSSON SINGAPORE PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

01/10/2001

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

298, TIONG BAHRU ROAD , 08-04, CENTRAL PLAZA, 168730, SINGAPORE.

BUSINESS ADDRESS

:

298 TIONG BAHRU ROAD, CENTRAL PLAZA, NO. 08-04, 168730, SINGAPORE.

TEL.NO.

:

65-62234393

FAX.NO.

:

65-62212917

EMAIL

:

SINGAPORE@ELOFHANSSON.COM

WEB SITE

:

WWW.ELOFHANSSON.COM

CONTACT PERSON

:

RAMASWAMY SHYAM SUNDER ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

WHOLESALE OF PAPER AND PAPER PRODUCTS

 

 

 

ISSUED AND PAID UP CAPITAL

:

500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 500,000.00

 

 

 

SALES

:

USD 105,675,419 [2013]

NET WORTH

:

USD (1,335,323) [2013]

 

 

 

STAFF STRENGTH

:

6 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

SLOW

MANAGEMENT CAPABILITY

:

WEAK

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

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

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

 

The immediate holding company of the Subject is ELOF HANSSON AB, a company incorporated in SWEDEN.

 

Share Capital History

Date

Issue & Paid Up Capital

02/09/2014

SGD 500,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

ELOF HANSSON AB

SWEDEN

T03UF0994K

500,000.00

100.00

 

 

 

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

------

 

 

 

500,000.00

100.00

 

 

 

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

RAMASWAMY SHYAM SUNDER

Address

:

23, LORONG 3, TOA PAYOH 19-11, TREVISTA, 319582, SINGAPORE.

IC / PP No

:

G5109584M

 

 

 

 

 

 

 

 

 

Nationality

:

INDIAN

Date of Appointment

:

01/04/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

BJORN OLOF OLAUSSON

Address

:

NYA ALLEN 6B, 41138 GOTEBORG, SWEDEN, 248732, SWEDEN.

IC / PP No

:

86135086

 

 

 

 

 

 

 

 

 

Nationality

:

SWEDE

Date of Appointment

:

07/06/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

CHOWDHURY KALYAN KUMAR

Address

:

19A, ST. MICHAEL'S ROAD 07-05, ST. MICHAEL'S CONDOMINIUM, 328003, SINGAPORE.

IC / PP No

:

G5899849X

 

 

 

 

 

 

 

 

 

Nationality

:

INDIAN

Date of Appointment

:

01/10/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

RAMASWAMY SHYAM SUNDER

 

Position

:

DIRECTOR

 

 

 

 

AUDITOR

 

Auditor

:

KH GOH & ASSOCIATES

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

NG CHEE TIONG

 

IC / PP No

:

S1481834J

 

 

 

 

 

Address

:

1, WEST COAST WALK, 06-04, THE PARC CONDOMINIUM, 127158, SINGAPORE.

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

 

 

ENCUMBRANCE (S)


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

 

 

LITIGATION CHECK AGAINST SUBJECT


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

No legal action was found in our databank.


No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

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

[

 

]

 

Good 31-60 Days

[

 

]

 

Average 61-90 Days

[

X

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

N/A

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

PAPER AND PAPER PRODUCTS

 

 

 

 

 

Total Number of Employees:

YEAR

2014

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

6

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


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


The Subject is the Regional office for sales support for pulp & paper machinery, machinery and equipment for converting, corrugating, packing and wood handling industries.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62234393

Match

:

N/A

 

 

 

Address Provided by Client

:

298 TIONG BAHRU ROAD, CENTRAL PLAZA, NO. 08-04,168730 SINGAPORE

Current Address

:

298 TIONG BAHRU ROAD, CENTRAL PLAZA, NO. 08-04, 168730, SINGAPORE.

Match

:

YES

 

Other Investigations


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



FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2011 - 2013

]

 

Profit/(Loss) Before Tax

:

Increased

[

2011 - 2013

]

 

Return on Shareholder Funds

:

Unfavourable

[

57.27%

]

 

Return on Net Assets

:

Unfavourable

[

52.81%

]

 

 

 

 

 

 

 

 

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.Higher losses before tax during the year could be due to the higher operating costs incurred. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Nil

[

0 Days

]

 

Debtor Ratio

:

Favourable

[

43 Days

]

 

Creditors Ratio

:

Favourable

[

48 Days

]

 

 

 

 

 

 

 

 

As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Acceptable

[

0.92 Times

]

 

Current Ratio

:

Unfavourable

[

0.92 Times

]

 

 

 

 

 

 

 

 

The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Unfavourable

[

(11.84 Times)

]

 

Gearing Ratio

:

Unfavourable

[

(2.07 Times)

]

 

 

 

 

 

 

 

 

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject's gearing was negative during the year as its shareholders' funds was in the red. This means the Subject is running its business using borrowed money. We consider the Subject as facing high financial risks.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject has high financial risks. If its shareholders do not inject more capital into the company or if its business performance does not improve, its going concern may be in question.

 

 

 

 

 

 

 

Overall financial condition of the Subject : POOR

 

 

 

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 2001, 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. The Subject have a strong support from its holding company. However, the Subject does not have a strong capital position of SGD 500,000. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation.


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 6 employees. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.


Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. The Subject has generated an unfavourable gearing ratio indicated that the Subject is in high financial risk. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -1,335,323. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.


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


The Subject's payment habit is average. With its adequate working capital, the Subject 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.


Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 



PROFIT AND LOSS ACCOUNT

 

 

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

ELOF HANSSON SINGAPORE PTE LTD

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

Months

12

12

12

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

Currency

USD

USD

USD

 

 

 

 

TURNOVER

105,675,419

86,813,925

38,415,750

 

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

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

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

Total Turnover

105,675,419

86,813,925

38,415,750

Costs of Goods Sold

(102,171,579)

(83,690,729)

-

 

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

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

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

Gross Profit

3,503,840

3,123,196

-

 

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

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

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

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

(764,722)

(364,326)

104,039

 

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(764,722)

(364,326)

104,039

Taxation

-

3,639

(3,645)

 

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(764,722)

(360,687)

100,394

 

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

As previously reported

(926,901)

(566,214)

(810,308)

Prior year adjustment

-

-

143,700

 

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

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

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

As restated

(926,901)

(566,214)

(666,608)

 

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(1,691,623)

(926,901)

(566,214)

 

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(1,691,623)

(926,901)

(566,214)

 

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

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

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

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

Bank overdraft

31,052

23,975

-

Loan from holding company

28,500

12,150

-

 

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

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

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

 

59,552

36,125

-

 

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

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

 

 

 

 

 

 

BALANCE SHEET

 

 

ELOF HANSSON SINGAPORE PTE LTD

 

ASSETS EMPLOYED:

 

 

 

FIXED ASSETS

25,517

35,295

47,744

 

 

 

 

Others

-

2,527

-

 

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

2,527

-

 

 

 

 

 

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

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

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

TOTAL LONG TERM ASSETS

25,517

37,822

47,744

 

 

 

 

Trade debtors

12,566,831

18,806,742

-

Other debtors, deposits & prepayments

184,642

66,321

-

Amount due from related companies

272,836

142,343

-

Cash & bank balances

2,095,337

4,430,553

-

 

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

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

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

TOTAL CURRENT ASSETS

15,119,646

23,445,959

13,130,018

 

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

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

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

TOTAL ASSET

15,145,163

23,483,781

13,177,762

 

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

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

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

 

 

 

 

CURRENT LIABILITIES

 

 

 

Trade creditors

13,364,272

15,667,258

-

Other creditors & accruals

251,962

234,354

-

Short term borrowings/Term loans

2,758,171

7,826,085

-

Deposits from customers

24,215

244,819

-

Amounts owing to holding company

81,866

81,866

-

 

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

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

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

TOTAL CURRENT LIABILITIES

16,480,486

24,054,382

13,387,676

 

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(1,360,840)

(608,423)

(257,658)

 

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

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

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

TOTAL NET ASSETS

(1,335,323)

(570,601)

(209,914)

 

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

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

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

 

 

 

 

SHARE CAPITAL

 

 

 

Ordinary share capital

356,300

356,300

500,000

 

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

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

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

TOTAL SHARE CAPITAL

356,300

356,300

500,000

 

 

 

 

Retained profit/(loss) carried forward

(1,691,623)

(926,901)

(566,214)

 

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

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

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

TOTAL RESERVES

(1,691,623)

(926,901)

(709,914)

 

 

 

 

 

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

(1,335,323)

(570,601)

(209,914)

 

 

 

 

 

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

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

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

 

(1,335,323)

(570,601)

(209,914)

 

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

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

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

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

ELOF HANSSON SINGAPORE PTE LTD

 

TYPES OF FUNDS

 

 

 

Cash

2,095,337

4,430,553

-

Net Liquid Funds

2,095,337

4,430,553

-

Net Liquid Assets

(1,360,840)

(608,423)

(257,658)

Net Current Assets/(Liabilities)

(1,360,840)

(608,423)

(257,658)

Net Tangible Assets

(1,335,323)

(570,601)

(209,914)

Net Monetary Assets

(1,360,840)

(608,423)

(257,658)

BALANCE SHEET ITEMS

 

 

 

Total Borrowings

2,758,171

7,826,085

-

Total Liabilities

16,480,486

24,054,382

13,387,676

Total Assets

15,145,163

23,483,781

13,177,762

Net Assets

(1,335,323)

(570,601)

(209,914)

Net Assets Backing

(1,335,323)

(570,601)

(209,914)

Shareholders' Funds

(1,335,323)

(570,601)

(209,914)

Total Share Capital

356,300

356,300

500,000

Total Reserves

(1,691,623)

(926,901)

(709,914)

LIQUIDITY (Times)

 

 

 

Cash Ratio

0.13

0.18

-

Liquid Ratio

0.92

0.97

-

Current Ratio

0.92

0.97

0.98

WORKING CAPITAL CONTROL (Days)

 

 

 

Stock Ratio

0

0

-

Debtors Ratio

43

79

-

Creditors Ratio

48

68

-

SOLVENCY RATIOS (Times)

 

 

 

Gearing Ratio

(2.07)

(13.72)

-

Liabilities Ratio

(12.34)

(42.16)

(63.78)

Times Interest Earned Ratio

(11.84)

(9.09)

-

Assets Backing Ratio

(3.75)

(1.60)

(0.42)

PERFORMANCE RATIO (%)

 

 

 

Operating Profit Margin

(0.72)

(0.42)

0.27

Net Profit Margin

(0.72)

(0.42)

0.26

Return On Net Assets

52.81

57.52

(49.56)

Return On Capital Employed

52.81

57.52

(49.56)

Return On Shareholders' Funds/Equity

57.27

63.21

(47.83)

Dividend Pay Out Ratio (Times)

0.00

0.00

-

NOTES TO ACCOUNTS

 

 

 

Contingent Liabilities

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.97.23

Euro

1

Rs.77.21                            

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

SMN

 

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.