MIRA INFORM REPORT

 

 

Report No. :

317427

Report Date :

18.04.2015

 

IDENTIFICATION DETAILS

 

Name :

M. PALLONJI SHIPPING SINGAPORE PTE. LTD.

 

 

Registered Office :

24, Raffles Place, 18-00, Clifford Centre, 048621

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

07.07.2008

 

 

Com. Reg. No.:

200813174-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Shipping Lines

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

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 – 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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free TRADEhttps://cdncache1-a.akamaihd.net/items/it/img/arrow-10x10.png agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200813174-C

COMPANY NAME

:

M. PALLONJI SHIPPING SINGAPORE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

07/07/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

24, RAFFLES PLACE, 18-00, CLIFFORD CENTRE, 048621, SINGAPORE.

BUSINESS ADDRESS

:

24, RAFFLES PLACE, 18-00, CLIFFORD CENTRE, 048621, SINGAPORE.

TEL.NO.

:

65-65332323

FAX.NO.

:

65-65337029

WEB SITE

:

WWW.MPALLONJIGROUP.COM

CONTACT PERSON

:

MEHLI KERSASP MISTRY ( DIRECTOR )

PRINCIPAL ACTIVITY

:

SHIPPING LINES

ISSUED AND PAID UP CAPITAL

:

2,100.00 ORDINARY SHARE, OF A VALUE OF SGD 2,100.00
1,690,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,690,000.00
11,500,000.00 PREFERENCE SHARE, OF A VALUE OF USD 11,500,000.00

SALES

:

USD 9,226,289 [2014]

NET WORTH

:

USD 20,118,834 [2014]

STAFF STRENGTH

:

N/A

BANKER (S)

:

HDFC BANK LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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) shipping lines.

 

The immediate holding company of the Subject is M. PALLONJI SHIPPING PRIVATE LIMITED, a company incorporated in INDIA.

 

Share Capital History

Date

Issue & Paid Up Capital

16/04/2015

SGD 2,100.00 & USD 1,690,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

M. PALLONJI SHIPPING PRIVATE LIMITED
[2,100 ORDINARY SHARES IN SGD, 1,690,000 ORDINARY SHARES IN USD & 11,500,000 PREFERENCE SHARES IN USD]

46, CAWASJI PATEL STREET, FORT, MUMBAI, 400 001, INDIA.

T08UF3214

13,192,100.00

100.00

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

------

13,192,100.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MEHLI KERSASP MISTRY

Address

:

BAKHTAVAR 902, SHAHID BHAGAT, SINGH ROAD, COLABA, MUMBAI, 400005, INDIA.

IC / PP No

:

Z1894002

Nationality

:

INDIAN

Date of Appointment

:

08/08/2008

 

DIRECTOR 2

 

Name Of Subject

:

PHEROZE KERSASP MISTRY

Address

:

BAKHTAVAR, SHAHID BHAGAT, SINGH ROAD, COLABA, MUMBAI, 9TH FLOOR, 400005, INDIA.

IC / PP No

:

Z1893672

Nationality

:

INDIAN

Date of Appointment

:

08/08/2008

 

DIRECTOR 3

 

Name Of Subject

:

SEYED ABDEEN MARAIKKAYAR ASHRAF HUSSAIN

Address

:

461, CRAWFORD LANE, 18-81, 190461, SINGAPORE.

IC / PP No

:

S2681327A

Nationality

:

SINGAPOREAN

Date of Appointment

:

08/08/2008

 

DIRECTOR 4

 

Name Of Subject

:

VENKITESWARAN HARIHARAN

Address

:

62, JALAN SENANG, 418351, SINGAPORE.

IC / PP No

:

S1585156B

Nationality

:

SINGAPOREAN

Date of Appointment

:

31/03/2015


MANAGEMENT

 

 

 

1)

Name of Subject

:

MEHLI KERSASP MISTRY

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

R.VENKATARAMANI & CO

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SUBASHINI D/O NARAYANASAMY

IC / PP No

:

S7209123Z

Address

:

49, LORONG, 5, TOA PAYOH, 05-71, 310049, SINGAPORE.

 

2)

Company Secretary

:

VENKITESWARAN HARIHARAN

IC / PP No

:

S1585156B

Address

:

62, JALAN SENANG, 418351, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

HDFC BANK LTD

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200905503

02/09/2009

N/A

HDFC BANK LTD

-

Unsatisfied

C200905504

02/09/2009

N/A

HDFC BANK LTD

-

Unsatisfied

C200905507

02/09/2009

N/A

HDFC BANK LTD

-

Unsatisfied

C200905508

02/09/2009

N/A

HDFC BANK LTD

-

Unsatisfied

C201007421

23/08/2010

N/A

HDFC BANK LTD

-

Unsatisfied

C201007423

23/08/2010

N/A

HDFC BANK LTD

-

Unsatisfied

C201007424

23/08/2010

N/A

HDFC BANK LTD

-

Unsatisfied

C201008277

16/09/2010

N/A

HDFC BANK LTD

-

Unsatisfied

C201008817

29/09/2010

N/A

HDFC BANK LTD

-

Unsatisfied

C201008819

29/09/2010

N/A

HDFC BANK LTD

-

Unsatisfied

C201008822

29/09/2010

N/A

HDFC BANK LTD

-

Unsatisfied

C201316137

03/12/2013

N/A

HDFC BANK LIMITED

-

Unsatisfied

C201316138

03/12/2013

N/A

HDFC BANK LIMITED

-

Unsatisfied

C201316139

03/12/2013

N/A

HDFC BANK LIMITED

-

Unsatisfied

C201316140

03/12/2013

N/A

HDFC BANK LIMITED

-

Unsatisfied

C201316141

03/12/2013

N/A

HDFC BANK LIMITED

-

Unsatisfied

C201316142

03/12/2013

N/A

HDFC BANK LIMITED

-

Unsatisfied

 

 

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 is a service provider and it does not deal with trade 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

:

ASIA

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

SHIP OWNERS, SHIP CHARTERERS

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) shipping lines.

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

:

65-65332323

Match

:

N/A

Address Provided by Client

:

24 RAFFLES PLACE NO 18-00 CLIFFORD CENTRE SINGAPORE 048621

Current Address

:

24, RAFFLES PLACE, 18-00, CLIFFORD CENTRE, 048621, SINGAPORE.

Match

:

YES

 

Other Investigations


On 15th April 2015 we contacted one of the staff from the Subject's registered office and he provided limited information.

He refused to disclose the Subject's number of employees.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

(9.27%)

]

Return on Net Assets

:

Unfavourable

[

(5.10%)

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Nil

[

0 Days

]

Debtor Ratio

:

Favourable

[

49 Days

]

Creditors Ratio

:

Favourable

[

51 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

:

Favourable

[

2.82 Times

]

Current Ratio

:

Favourable

[

2.82 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

[

(2,303.60 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 turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. 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'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 : 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 :

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

 

 

Incorporated in 2008, the Subject is a Private Limited company, focusing on shipping lines. 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. The Subject is a large entity with strong capital position of SGD 2,100 & USD 1,690,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

From the investigation revealed, 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. 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.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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 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. Given a positive net worth standing at USD 20,118,834, 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 payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

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

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

SUMMARY

Currency

USD

USD

USD

USD

SGD

TURNOVER

9,226,289

43,491,362

42,008,474

24,175,385

12,195,348

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

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

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

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

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

Total Turnover

9,226,289

43,491,362

42,008,474

24,175,385

12,195,348

Costs of Goods Sold

(11,033,354)

(32,646,301)

(27,396,872)

(14,137,107)

-

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

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

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

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

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

Gross Profit

(1,807,065)

10,845,061

14,611,602

10,038,278

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(1,864,418)

(8,994,922)

14,638,101

10,010,883

6,505,034

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(1,864,418)

(8,994,922)

14,638,101

10,010,883

6,505,034

Taxation

(1,467)

(490,893)

(3,186)

(2,410)

(6)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(1,865,885)

(9,485,815)

14,634,915

10,008,473

6,505,028

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

20,293,268

29,779,083

15,144,168

5,135,695

2,134,725

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

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

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

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

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

As restated

20,293,268

29,779,083

15,144,168

5,135,695

2,134,725

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

18,427,383

20,293,268

29,779,083

15,144,168

8,639,753

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

18,427,383

20,293,268

29,779,083

15,144,168

8,639,753

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

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

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

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

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

Bankers' acceptance

809

1,439

-

-

-

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

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

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

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

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

809

1,439

-

-

-

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

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

-

-

-

DEPRECIATION (as per notes to P&L)

14,352

14,352

14,352

14,352

-

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

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

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

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

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

14,352

14,352

14,352

14,352

-

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

30,548,972

32,477,446

64,347,558

67,902,842

21,335,878

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

3,700

2,700

-

-

-

Investment properties

789,342

803,694

818,046

832,398

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

793,042

806,394

818,046

832,398

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

31,342,014

33,283,840

65,165,604

68,735,240

21,335,878

Trade debtors

1,231,612

1,505,605

2,241,471

1,100,515

-

Other debtors, deposits & prepayments

2,902,320

187,114

1,505,471

2,432,282

-

Short term deposits

-

17,000,000

14,000,000

-

-

Amount due from subsidiary companies

3,093,754

3,053,804

-

-

-

Cash & bank balances

216,801

780,907

1,043,113

3,415,561

-

Others

577,934

-

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

8,022,421

22,527,430

18,790,055

6,948,358

5,308,161

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

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

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

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

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

TOTAL ASSET

39,364,435

55,811,270

83,955,659

75,683,598

26,644,039

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

1,555,248

825,000

1,105,059

540,092

-

Other creditors & accruals

837,003

1,275,810

22,295

22,136

-

Amounts owing to holding company

-

5,037

-

363,002

-

Provision for taxation

456,362

492,259

2,445

2,415

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

2,848,613

2,598,106

1,129,799

927,645

566,230

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

5,173,808

19,929,324

17,660,256

6,020,713

4,741,931

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

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

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

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

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

TOTAL NET ASSETS

36,515,822

53,213,164

82,825,860

74,755,953

26,077,809

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

1,691,451

1,691,451

1,691,451

1,691,451

-

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

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

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

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

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

TOTAL SHARE CAPITAL

1,691,451

1,691,451

1,691,451

1,691,451

-

Retained profit/(loss) carried forward

18,427,383

20,293,268

29,779,083

15,144,168

8,639,753

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

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

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

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

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

TOTAL RESERVES

18,427,383

20,293,268

29,779,083

15,144,168

8,639,753

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

20,118,834

21,984,719

31,470,534

16,835,619

8,639,753

Others

16,396,988

31,228,445

51,355,326

57,920,334

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

16,396,988

31,228,445

51,355,326

57,920,334

17,438,056

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

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

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

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

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

36,515,822

53,213,164

82,825,860

74,755,953

26,077,809

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

216,801

17,780,907

15,043,113

3,415,561

-

Net Liquid Funds

216,801

17,780,907

15,043,113

3,415,561

-

Net Liquid Assets

5,173,808

19,929,324

17,660,256

6,020,713

4,741,931

Net Current Assets/(Liabilities)

5,173,808

19,929,324

17,660,256

6,020,713

4,741,931

Net Tangible Assets

36,515,822

53,213,164

82,825,860

74,755,953

26,077,809

Net Monetary Assets

(11,223,180)

(11,299,121)

(33,695,070)

(51,899,621)

(12,696,125)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

(1,863,609)

(8,993,483)

14,638,101

10,010,883

-

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

(1,849,257)

(8,979,131)

14,652,453

10,025,235

-

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

-

Total Liabilities

19,245,601

33,826,551

52,485,125

58,847,979

18,004,286

Total Assets

39,364,435

55,811,270

83,955,659

75,683,598

26,644,039

Net Assets

36,515,822

53,213,164

82,825,860

74,755,953

26,077,809

Net Assets Backing

20,118,834

21,984,719

31,470,534

16,835,619

8,639,753

Shareholders' Funds

20,118,834

21,984,719

31,470,534

16,835,619

8,639,753

Total Share Capital

1,691,451

1,691,451

1,691,451

1,691,451

-

Total Reserves

18,427,383

20,293,268

29,779,083

15,144,168

8,639,753

LIQUIDITY (Times)

Cash Ratio

0.08

6.84

13.31

3.68

-

Liquid Ratio

2.82

8.67

16.63

7.49

-

Current Ratio

2.82

8.67

16.63

7.49

9.37

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

0

-

Debtors Ratio

49

13

19

17

-

Creditors Ratio

51

9

15

14

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

0.00

-

Liabilities Ratio

0.96

1.54

1.67

3.50

2.08

Times Interest Earned Ratio

(2,303.60)

(6,249.81)

0.00

0.00

-

Assets Backing Ratio

21.59

31.46

48.97

44.20

-

PERFORMANCE RATIO (%)

Operating Profit Margin

(20.21)

(20.68)

34.85

41.41

53.34

Net Profit Margin

(20.22)

(21.81)

34.84

41.40

53.34

Return On Net Assets

(5.10)

(16.90)

17.67

13.39

24.94

Return On Capital Employed

(5.10)

(16.90)

17.67

13.39

24.94

Return On Shareholders' Funds/Equity

(9.27)

(43.15)

46.50

59.45

75.29

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.35

UK Pound

1

Rs.93.10

Euro

1

Rs.67.13

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

 

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.