MIRA
INFORM REPORT
|
Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
JIN XING MIANHUA
PTE. LTD. |
|
|
|
|
Registered Office : |
50, |
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Country : |
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|
|
|
Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.01.2006 |
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Com. Reg. No.: |
200600198-R |
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Legal Form : |
Private Limited |
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Line of Business : |
Distributors of Durable Goods |
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|
No of Employees : |
200 |
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 |
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|
|
Payment Behaviour : |
No Complaints |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
EXECUTIVE SUMMARY
|
REGISTRATION NO. |
: |
200600198-R |
|
COMPANY NAME |
: |
JIN XING MIANHUA PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
04/01/2006 |
|
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|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
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|
|
|
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|
|
REGISTERED ADDRESS |
: |
50, RAFFLES PLACE, 32-01, SINGAPORE LAND TOWER, 048623, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
12 MARINA BAY BOULEVARD #33-03 MARINA BAY FINANCIAL CENTRE, 018982,
SINGAPORE. |
|
TEL.NO. |
: |
65-68766705 |
|
FAX.NO. |
: |
65-67352570 |
|
CONTACT PERSON |
: |
PIERRE CHEHAB ( DIRECTOR ) |
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|
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|
PRINCIPAL ACTIVITY |
: |
DISTRIBUTION OF DURABLE GOODS |
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ISSUED AND PAID UP CAPITAL |
: |
20,000.00 ORDINARY SHARE, OF A VALUE OF SGD 20,000.00 |
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|
|
|
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SALES |
: |
USD 126,618,377 [2012] |
|
NET WORTH |
: |
USD 885,056 [2012] |
|
|
|
|
|
STAFF STRENGTH |
: |
200 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
|
|
|
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
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) distribution of durable goods.
The immediate holding company of the Subject is LOUIS DREYFUS COMMODITIES B.V., a company incorporated in NETHERLANDS.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
07/08/2014 |
SGD 20,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
LOUIS DREYFUS COMMODITIES B.V. |
WESTBLAAK 92, 3012 KILOMETER ROTTERDAM, THE NETHERLANDS, 3RD FLOOR,
NETHERLANDS. |
T05UF2583 |
20,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
20,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject |
: |
OLIVIER FRANCOIS MARIE QUENTIN HAMY |
|
Address |
: |
28, PORTCHESTER AVENUE, SERANGOON GARDEN ESTATE, 556310, SINGAPORE. |
|
IC / PP No |
: |
G5208872R |
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Nationality |
: |
FRENCH |
|
Date of Appointment |
: |
19/10/2012 |
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DIRECTOR 2
|
Name Of Subject |
: |
PIERRE CHEHAB |
|
Address |
: |
5, SWISS CLUB AVENUE, SWISS CLUB PARK, 288214, SINGAPORE. |
|
IC / PP No |
: |
G5305374U |
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|
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Nationality |
: |
FRENCH |
|
Date of Appointment |
: |
01/10/2013 |
Management
|
1) |
Name of Subject |
: |
PIERRE CHEHAB |
|
|
Position |
: |
DIRECTOR |
AUDITOR
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
1) |
Company Secretary |
: |
LOH LI PING |
|
|
IC / PP No |
: |
S7625605E |
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|
|
|
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|
Address |
: |
911, LORONG 1, TOA PAYOH, 03-03, OLEANDER TOWERS, 319771, 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
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 |
[ |
|
] |
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|
CLIENTELE
|
Local |
: |
N/A |
|
|
|
|
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
clientele.
OPERATIONS
|
Goods Traded |
: |
DURABLE GOODS
|
|
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|
|
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|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
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GROUP |
N/A |
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COMPANY |
200 |
|
|
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|
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|
|
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Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) distribution of
durable goods.
The staff from the registered office refused to disclose the Subject's operation.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68766705 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
50 RAFFLES PLACE 32-01 SINGAPORE LAND TOWER,,048623 |
|
Current Address |
: |
12 MARINA BAY BOULEVARD #33-03 MARINA BAY FINANCIAL CENTRE, 018982,
SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject's registered office and she
provided limited information.
The address provided belongs to the Subject's registered office.
FINANCIAL ANALYSIS
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
57.69% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
117.91% |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
64.19% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
74.44% |
] |
|
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|
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|
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|
|
The increase in turnover could be due to the Subject adopting an
aggressive marketing strategy.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. |
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Working Capital Control |
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|
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Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
0 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. |
||||||
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Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.01 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.01 Times |
] |
|
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|
|
|
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|
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|
|
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. |
||||||
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Solvency |
|
|
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|
|
|
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was nil as it did not pay any interest during
the year. The Subject had no gearing and hence it had virtually no financial
risk. The Subject was financed by its shareholders' funds and internally
generated fund. During the economic downturn, the Subject, having a zero
gearing, will be able to compete better than those which are highly geared in
the same industry. |
||||||
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Overall Assessment : |
|
|
|
|
|
|
|
Generally, the Subject's performance has improved with higher turnover
and profit. 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 did not make any interest payment during the year. The Subject was
dependent on its shareholders' funds to finance its business needs. The
Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
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. |
|
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|
|
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|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
Incorporated in 2006, the Subject is a
Private Limited company, focusing on distribution of durable goods. Having been
in business for more than 5 years, the Subject has established a remarkable
clientele base for itself which has contributed to its business growth. Having
strong support from its holding company has enabled the Subject to remain
competitive despite the challenging business environment.
The Subject is a fairly large and rapidly
growing company with over 200 staff in its operations The Subject has a good
management capability. Its capable management team has enabled the
Subject to keep its business on going. Hence, the future prospect of the
Subject is bright.
We noted that both the turnover and profits
have increased compared to the previous year. The higher profit could be due to
increase in turnover and better control over its operating costs. 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.
Being a zero geared company, the Subject virtually has no financial risk as it
is mainly dependent on its internal funds to finance its business.
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 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. 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. |
||||
|
JIN XING MIANHUA
PTE. LTD. |
||||
|
Financial Year End |
2012-12-31 |
2011-12-31 |
|
|
|
Months |
12 |
12 |
|
|
|
Consolidated Account |
Company |
Company |
|
|
|
Audited Account |
YES |
YES |
|
|
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
|
|
Financial Type |
FULL |
FULL |
|
|
|
Currency |
USD |
USD |
|
|
|
|
|
|
|
|
|
TURNOVER |
126,618,377 |
80,294,008 |
|
|
|
|
---------------- |
---------------- |
|
|
|
Total Turnover |
126,618,377 |
80,294,008 |
|
|
|
Costs of Goods Sold |
(125,934,693) |
(79,966,662) |
|
|
|
|
---------------- |
---------------- |
|
|
|
Gross Profit |
683,684 |
327,346 |
|
|
|
|
---------------- |
---------------- |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
658,850 |
302,349 |
|
|
|
|
---------------- |
---------------- |
|
|
|
PROFIT/(LOSS) BEFORE TAXATION |
658,850 |
302,349 |
|
|
|
Taxation |
(90,772) |
(30,399) |
|
|
|
|
---------------- |
---------------- |
|
|
|
PROFIT/(LOSS) AFTER TAXATION |
568,078 |
271,950 |
|
|
|
|
---------------- |
---------------- |
|
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
304,659 |
32,709 |
|
|
|
|
---------------- |
---------------- |
|
|
|
As restated |
304,659 |
32,709 |
|
|
|
|
---------------- |
---------------- |
|
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
872,737 |
304,659 |
|
|
|
|
---------------- |
---------------- |
|
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
872,737 |
304,659 |
|
|
|
|
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
Amount due from related companies |
44,185,734 |
8,032,032 |
|
Cash & bank balances |
561,826 |
3,062,894 |
|
Others |
104,110,638 |
- |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
148,858,198 |
11,094,926 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
148,858,198 |
11,094,926 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
- |
2,787,695 |
|
Other creditors & accruals |
38,004,319 |
7,958,534 |
|
Amounts owing to related companies |
109,878,051 |
- |
|
Provision for taxation |
90,772 |
31,719 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
147,973,142 |
10,777,948 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
885,056 |
316,978 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
885,056 |
316,978 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
12,319 |
12,319 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
12,319 |
12,319 |
|
|
|
|
|
Retained profit/(loss) carried forward |
872,737 |
304,659 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
872,737 |
304,659 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
885,056 |
316,978 |
|
|
|
|
|
|
---------------- |
---------------- |
|
|
885,056 |
316,978 |
|
|
============= |
============= |
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS |
|
|
|
Cash |
561,826 |
3,062,894 |
|
Net Liquid Funds |
561,826 |
3,062,894 |
|
Net Liquid Assets |
885,056 |
316,978 |
|
Net Current Assets/(Liabilities) |
885,056 |
316,978 |
|
Net Tangible Assets |
885,056 |
316,978 |
|
Net Monetary Assets |
885,056 |
316,978 |
|
BALANCE SHEET ITEMS |
|
|
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
147,973,142 |
10,777,948 |
|
Total Assets |
148,858,198 |
11,094,926 |
|
Net Assets |
885,056 |
316,978 |
|
Net Assets Backing |
885,056 |
316,978 |
|
Shareholders' Funds |
885,056 |
316,978 |
|
Total Share Capital |
12,319 |
12,319 |
|
Total Reserves |
872,737 |
304,659 |
|
LIQUIDITY (Times) |
|
|
|
Cash Ratio |
0.00 |
0.28 |
|
Liquid Ratio |
1.01 |
1.03 |
|
Current Ratio |
1.01 |
1.03 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
0 |
0 |
|
Debtors Ratio |
0 |
0 |
|
Creditors Ratio |
0 |
13 |
|
SOLVENCY RATIOS (Times) |
|
|
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
167.19 |
34.00 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
|
Assets Backing Ratio |
71.84 |
25.73 |
|
PERFORMANCE RATIO (%) |
|
|
|
Operating Profit Margin |
0.52 |
0.38 |
|
Net Profit Margin |
0.45 |
0.34 |
|
Return On Net Assets |
74.44 |
95.38 |
|
Return On Capital Employed |
74.44 |
95.38 |
|
Return On Shareholders' Funds/Equity |
64.19 |
85.79 |
|
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.60.92 |
|
UK Pound |
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.