MIRA INFORM REPORT
|
Report No. : |
314947 |
|
Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BW OFFSHORE SINGAPORE PTE. LTD. |
|
|
|
|
Formerly Known As : |
BW OFFSHORE FPSO PTE LTD |
|
|
|
|
Registered Office : |
30, Pasir Panjang Road, 14-31/32, Mapletree Business City, 117440 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.092010 |
|
|
|
|
Com. Reg. No.: |
201020326-N |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Building of ships, tankers and other ocean-going vessels |
|
|
|
|
No. of Employee : |
Not Available |
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 : |
Unknown |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
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) building of ships, tankers and
other ocean-going vessels. The immediate
holding company of the Subject is BW OFFSHORE CYPRUS LIMITED, a company
incorporated in CYPRUS. Share Capital
History
The major
shareholder(s) of the Subject are shown as follows :
+ Also Director The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
DIRECTORS
DIRECTOR 1
DIRECTOR 2
MANAGEMENT
AUDITOR
COMPANY SECRETARIES
BANKING
ENCUMBRANCE (S)
LITIGATION CHECK AGAINST
SUBJECT
PAYMENT RECORD
CLIENTELE
OPERATIONS
Other Information:
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
Other
Investigations
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2011 - 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2011 - 2013 |
] |
|
|
Return on Shareholder
Funds |
: |
Unfavourable |
[ |
94.13% |
] |
|
|
Return on Net
Assets |
: |
Unfavourable |
[ |
83.59% |
] |
|
|
The continuous
fall in turnover could be due to the lower demand for the Subject's products
/ services.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 |
: |
Unfavourable |
[ |
95 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
As the Subject
is a service oriented company, the Subject does not need to keep 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 |
: |
Unfavourable |
[ |
0.47 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.47 Times |
] |
|
|
A low liquid
ratio means that the Subject may be facing working capital deficiency. If
the Subject cannot obtain additional financing or injection of fresh capital,
it may face difficulties in meeting its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(3.50 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 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 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. |
||||||
|
Overall
Assessment : |
||||||
|
The Subject's
losses could be attributed to the lower turnover which in turn could be the
result of unfavourable market conditions. Due to its weak liquidity position,
the Subject will be faced with problems in meeting all its short term
obligations if no short term loan is obtained or additional capital
injected into the Subject. 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 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 : 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 : |
ECONOMY |
|
The Ministry
of Trade and Industry (MTI) announced that it expects the Singapore economy
to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in
2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This
was mainly due to strong growth in the services producing industries,
particularly the finance & insurance, as well as wholesale & retail
trade sectors. |
|
|
In 2013, all
sectors contributed positively to growth. Finance & insurance was the
largest contributor (1.2 percentage-points), followed by wholesale & retail
trade (0.8 percentage-points) and business services (0.6
percentage-points). Growth in the manufacturing sector was improved by
1.7%, on the back of strong growth in the electronics and transport
engineering clusters. By contrast, growth in the construction sector
moderated to 5.9%, from 8.6% in 2012. |
|
|
Growth in the
services producing industries picked up to 5.3% in 2013, from 2.0% in 2012.
This was mainly due to stronger growth in the finance & insurance and
wholesale & retail trade sectors. The finance & insurance sector
grew by 11%, up from 1.3% in the previous year. The wholesale & retail
trade sector has expanded by 5.0%, after declining by 1.4% the year before. |
|
|
For the whole of
2013, growth in total demand was 3.1%, similar to the pace of growth in
2012. External demand was the key contributor to total demand growth,
accounting for 2.7 percentage-points, or almost 90%, of the increase.
External demand grew at a faster pace of 3.6%, compared to the 1.4% growth
in 2012. This was supported mainly by growth in the exports of machinery
& transport equipment, miscellaneous manufactures, and transport
services. Total domestic demand rose by a modest 1.7%, following the 8.6%
increase in 2012. The slower growth in total domestic demand was primarily
due to the decline in gross fixed capital formation (GFCF). |
|
|
For the full
year, total consumption expenditure grew by 4.4% in 2013, faster than the
2.8% growth in 2012. Public consumption expenditure increased by 11%, a
strong rebound from the 1.9% decline in 2012. Private consumption
expenditure recorded gains of 2.7%, moderating from the 4.1% increase in
the preceding year. |
|
|
Furthermore,
in the first three quarters of 2014, the Singapore economy grew by 3.3% on
a year-on-year basis. For the rest of the year, growth is expected to ease
slightly on a year-on-year basis, in line with a projected slowdown in the
global economy. Externally-oriented sectors such as the manufacturing and
transportation & storage sectors are likely to slow, whereas growth in
the construction sector will continue to be weighed down by the weakness in
private sector construction activities. On the other hand,
domestically-oriented sectors like business services are likely to remain
resilient. |
|
|
Additionally,
the labour market in Singapore is expected to remain tight in 2015, with
low unemployment and rising vacancy rates. Against this global and domestic
backdrop, the growth outlook for the Singapore economy remains modest. In
tandem with the expected pick-up in external demand, externally-oriented
sectors such as manufacturing, wholesale trade and finance & insurance
are likely to provide support to growth. While some domestically-oriented
sectors such as businesses services are expected to remain resilient,
labour-intensive ones like construction, retail and food services may see
their growth weighed down by labour constraints. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
Financial Year
End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
15 |
|
Consolidated
Account |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
30,531,000 |
49,932,000 |
104,983,000 |
|
Other Income |
5,977,000 |
4,252,000 |
4,892,000 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
36,508,000 |
54,184,000 |
109,875,000 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(26,840,000) |
(918,000) |
45,000 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
TAXATION |
(26,840,000) |
(918,000) |
45,000 |
|
Taxation |
3,332,000 |
(959,000) |
(135,000) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(23,508,000) |
(1,877,000) |
(90,000) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously
reported |
(1,967,000) |
(90,000) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
(1,967,000) |
(90,000) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(25,475,000) |
(1,967,000) |
(90,000) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(25,475,000) |
(1,967,000) |
(90,000) |
|
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||
|
Bonds |
1,500,000 |
- |
- |
|
Others |
4,464,000 |
1,801,000 |
2,235,000 |
|
---------------- |
---------------- |
---------------- |
|
|
5,964,000 |
1,801,000 |
2,235,000 |
|
|
============= |
============= |
============= |
BALANCE
SHEET
|
ASSETS
EMPLOYED: |
|||
|
FIXED ASSETS |
6,326,000 |
1,558,000 |
2,431,000 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||
|
Subsidiary
companies |
2,435,000 |
2,435,000 |
2,536,000 |
|
Deferred
assets |
3,573,000 |
222,000 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS |
6,008,000 |
2,657,000 |
2,536,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG
TERM ASSETS |
12,334,000 |
4,215,000 |
4,967,000 |
|
Trade debtors |
7,915,000 |
708,000 |
17,348,000 |
|
Other debtors,
deposits & prepayments |
7,009,000 |
1,619,000 |
5,102,000 |
|
Amount due
from holding company |
- |
13,608,000 |
- |
|
Amount due
from subsidiary companies |
- |
150,000 |
- |
|
Amount due
from related companies |
18,447,000 |
13,542,000 |
27,011,000 |
|
Others |
300,000 |
527,000 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
33,671,000 |
30,154,000 |
49,461,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
46,005,000 |
34,369,000 |
54,428,000 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade
creditors |
63,000 |
- |
18,570,000 |
|
Other
creditors & accruals |
4,614,000 |
2,968,000 |
1,310,000 |
|
Amounts owing
to holding company |
41,551,000 |
- |
30,718,000 |
|
Amounts owing
to related companies |
23,673,000 |
32,588,000 |
- |
|
Other
liabilities |
1,079,000 |
280,000 |
3,285,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
70,980,000 |
35,836,000 |
53,883,000 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
(37,309,000) |
(5,682,000) |
(4,422,000) |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET
ASSETS |
(24,975,000) |
(1,467,000) |
545,000 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share
capital |
500,000 |
500,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
500,000 |
500,000 |
500,000 |
|
Retained
profit/(loss) carried forward |
(25,475,000) |
(1,967,000) |
(90,000) |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(25,475,000) |
(1,967,000) |
(90,000) |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
(24,975,000) |
(1,467,000) |
410,000 |
|
Deferred
taxation |
- |
- |
135,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG
TERM LIABILITIES |
- |
- |
135,000 |
|
---------------- |
---------------- |
---------------- |
|
|
(24,975,000) |
(1,467,000) |
545,000 |
|
|
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
TYPES OF FUNDS |
|||
|
Cash |
0 |
0 |
0 |
|
Net Liquid
Funds |
0 |
0 |
0 |
|
Net Liquid
Assets |
(37,309,000) |
(5,682,000) |
(4,422,000) |
|
Net Current
Assets/(Liabilities) |
(37,309,000) |
(5,682,000) |
(4,422,000) |
|
Net Tangible
Assets |
(24,975,000) |
(1,467,000) |
545,000 |
|
Net Monetary
Assets |
(37,309,000) |
(5,682,000) |
(4,557,000) |
|
BALANCE SHEET
ITEMS |
|||
|
Total
Borrowings |
0 |
0 |
0 |
|
Total
Liabilities |
70,980,000 |
35,836,000 |
54,018,000 |
|
Total Assets |
46,005,000 |
34,369,000 |
54,428,000 |
|
Net Assets |
(24,975,000) |
(1,467,000) |
545,000 |
|
Net Assets
Backing |
(24,975,000) |
(1,467,000) |
410,000 |
|
Shareholders'
Funds |
(24,975,000) |
(1,467,000) |
410,000 |
|
Total Share
Capital |
500,000 |
500,000 |
500,000 |
|
Total Reserves |
(25,475,000) |
(1,967,000) |
(90,000) |
|
LIQUIDITY
(Times) |
|||
|
Cash Ratio |
0.00 |
0.00 |
0.00 |
|
Liquid Ratio |
0.47 |
0.84 |
0.92 |
|
Current Ratio |
0.47 |
0.84 |
0.92 |
|
WORKING
CAPITAL CONTROL (Days) |
|||
|
Stock Ratio |
0 |
0 |
0 |
|
Debtors Ratio |
95 |
5 |
60 |
|
Creditors
Ratio |
1 |
0 |
65 |
|
SOLVENCY RATIOS
(Times) |
|||
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
|
Liabilities
Ratio |
(2.84) |
(24.43) |
131.75 |
|
Times Interest
Earned Ratio |
(3.50) |
0.49 |
1.02 |
|
Assets Backing
Ratio |
(49.95) |
(2.93) |
1.09 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating Profit
Margin |
(87.91) |
(1.84) |
0.04 |
|
Net Profit
Margin |
(77.00) |
(3.76) |
(0.09) |
|
Return On Net
Assets |
83.59 |
(60.19) |
418.35 |
|
Return On
Capital Employed |
83.59 |
(60.19) |
418.35 |
|
Return On
Shareholders' Funds/Equity |
94.13 |
127.95 |
(21.95) |
|
Dividend Pay
Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|||
|
Contingent
Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.