5MIRA INFORM REPORT

 

 

Report No. :

318396

Report Date :

23.04.2015

 

IDENTIFICATION DETAILS

 

Name :

DAIEI PAPERS (S.A.) PTE LTD

 

 

Registered Office :

140, Cecil Street, 14-02, Pil Building, 069540

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

31.03.2000

 

 

Com. Reg. No.:

200002720-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is wholesale of paper and paper products

 

 

No. of Employee :

10 [2015]

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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 trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

 

Source : CIA

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200002720-W

COMPANY NAME

:

DAIEI PAPERS (S.A.) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

31/03/2000

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

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

BUSINESS ADDRESS

:

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

TEL.NO.

:

65-62272737

FAX.NO.

:

65-62647336

CONTACT PERSON

:

VIJAY KUMAR GUPTA ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF PAPER AND PAPER PRODUCTS

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 35,130,593 [2014]

NET WORTH

:

USD 2,497,496 [2014]

STAFF STRENGTH

:

10 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

SLOW

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

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

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

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

Share Capital History

Date

Issue & Paid Up Capital

17/04/2015

SGD 1,000,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

DAIEI PAPERS (S) PTE LTD

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

199701663C

800,000.00

80.00

VIJAY KUMAR GUPTA +

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

S2650264J

100,000.00

10.00

SUDHA GUPTA

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

S2650265I

100,000.00

10.00

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

------

1,000,000.00

100.00

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

=====

+ Also Director

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

CO DANIEL Y

Address

:

16A, QUEEN ASTRID PARK, 266809, SINGAPORE.

IC / PP No

:

S2178228I

Nationality

:

SINGAPOREAN

Date of Appointment

:

31/03/2000

 

DIRECTOR 2

 

Name Of Subject

:

VIJAY KUMAR GUPTA

Address

:

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

IC / PP No

:

S2650264J

Nationality

:

SINGAPOREAN

Date of Appointment

:

31/03/2000



MANAGEMENT

 

 

1)

Name of Subject

:

VIJAY KUMAR GUPTA

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

LIM BEE ENG

IC / PP No

:

S1626446F

Address

:

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

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


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

 

 

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

:

YES

Overseas

:

YES



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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

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

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

Goods Traded

:

PAPERS

 

Total Number of Employees:

 

YEAR

2015

2014

2012

GROUP

N/A

N/A

N/A

COMPANY

10

10

10

 

Branch

:

NO

Other Information:


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

The Subject sells various types of papers.

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

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6562272737

Current Telephone Number

:

65-62272737

Match

:

YES

Address Provided by Client

:

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

Current Address

:

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

Match

:

YES

 

Other Investigations


On 20th April 2015 we contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its bankers.

The address provided is incomplete.



FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

(9.86%)

]

Return on Net Assets

:

Unfavourable

[

(14.49%)

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject incurred losses during the year due to the inefficient control of its operating costs. 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

:

Favourable

[

3 Days

]

Debtor Ratio

:

Unfavourable

[

84 Days

]

Creditors Ratio

:

Favourable

[

4 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.26 Times

]

Current Ratio

:

Unfavourable

[

1.29 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

:

Acceptable

[

3.17 Times

]

Gearing Ratio

:

Unfavourable

[

2.53 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

Overall Assessment :

The Subject's losses could be attributed to the lower turnover which in turn could be the result of unfavourable market conditions. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the Subject : 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 sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2000, the Subject is a Private Limited company, focusing on wholesale of paper and paper products. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 1,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 10 employees. Overall, we regard that the Subject's management capability is 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 2,497,496, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

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 normally.

 

 

PROFIT AND LOSS ACCOUNT

 

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

DAIEI PAPERS (S.A.) PTE LTD

 

Financial Year End

2014-12-31

2013-12-31

2012-12-31

2011-12-31

2010-12-31

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

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

35,130,593

41,798,142

52,023,338

63,608,156

54,448,363

Other Income

10,888

6,094

8,090

35,097

-

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

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

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

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

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

Total Turnover

35,141,481

41,804,236

52,031,428

63,643,253

54,448,363

Costs of Goods Sold

(33,950,403)

(40,480,632)

(50,397,479)

(62,111,224)

(53,017,692)

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

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

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

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

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

Gross Profit

1,191,078

1,323,604

1,633,949

1,532,029

1,430,671

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(247,750)

67,836

401,429

604,131

779,755

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(247,750)

67,836

401,429

604,131

779,755

Taxation

1,594

12,517

(46,428)

(72,202)

(111,775)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(246,156)

80,353

355,001

531,929

667,980

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

2,096,311

2,122,458

1,927,036

1,595,501

976,040

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

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

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

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

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

As restated

2,096,311

2,122,458

1,927,036

1,595,501

976,040

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

1,850,155

2,202,811

2,282,037

2,127,430

1,644,020

DIVIDENDS - Ordinary (paid & proposed)

-

(106,500)

(159,579)

(200,394)

(48,519)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,850,155

2,096,311

2,122,458

1,927,036

1,595,501

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

(114,104)

(195,610)

305,319

272,168

122,016

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

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

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

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

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

(114,104)

(195,610)

305,319

272,168

122,016

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

12,926

18,908

12,441

6,927

9,479

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

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

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

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

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

12,926

18,908

12,441

6,927

9,479

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

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

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

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

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

 

 

BALANCE SHEET

 

DAIEI PAPERS (S.A.) PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

18,516

30,006

36,453

17,258

13,480

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

267,699

267,699

267,699

-

-

Others

124,658

-

-

4,590,888

7,282,417

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

392,357

267,699

267,699

4,590,888

7,282,417

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

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

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

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

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

TOTAL LONG TERM ASSETS

410,873

297,705

304,152

4,608,146

7,295,897

Stocks

263,701

416,166

400,542

560,887

694,917

Trade debtors

8,081,127

9,003,186

17,737,446

11,110,528

5,457,463

Other debtors, deposits & prepayments

339,486

1,132,504

2,470,575

1,304,334

706,449

Amount due from holding company

1,568

-

-

-

-

Amount due from related companies

-

721,298

550,885

-

-

Cash & bank balances

475,531

1,603,589

1,355,652

525,108

834,958

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

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

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

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

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

TOTAL CURRENT ASSETS

9,161,413

12,876,743

22,515,100

13,500,857

7,693,787

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

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

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

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

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

TOTAL ASSET

9,572,286

13,174,448

22,819,252

18,109,003

14,989,684

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

384,358

1,780,056

1,044,171

767,122

321,202

Other creditors & accruals

233,691

121,889

146,859

284,613

235,906

Short term borrowings/Term loans

6,309,359

7,723,412

16,448,800

13,700,000

-

Deposits from customers

50,653

334,261

2,079,953

-

-

Other liabilities & accruals

-

-

-

-

11,289,483

Interest payable

-

-

-

21,701

17,411

Amounts owing to related companies

96,729

469,584

286,155

689,608

379,478

Provision for taxation

-

1,594

43,515

71,582

113,462

Other liabilities

-

-

-

-

389,900

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

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

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

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

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

TOTAL CURRENT LIABILITIES

7,074,790

10,430,796

20,049,453

15,534,626

12,746,842

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

2,086,623

2,445,947

2,465,647

(2,033,769)

(5,053,055)

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

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

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

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

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

TOTAL NET ASSETS

2,497,496

2,743,652

2,769,799

2,574,377

2,242,842

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

647,341

647,341

647,341

647,341

647,341

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

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

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

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

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

TOTAL SHARE CAPITAL

647,341

647,341

647,341

647,341

647,341

Retained profit/(loss) carried forward

1,850,155

2,096,311

2,122,458

1,927,036

1,595,501

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

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

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

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

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

TOTAL RESERVES

1,850,155

2,096,311

2,122,458

1,927,036

1,595,501

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,497,496

2,743,652

2,769,799

2,574,377

2,242,842

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

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

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

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

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

2,497,496

2,743,652

2,769,799

2,574,377

2,242,842

 

 

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

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

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

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

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

 

FINANCIAL RATIO

 

DAIEI PAPERS (S.A.) PTE LTD

 

TYPES OF FUNDS

Cash

475,531

1,603,589

1,355,652

525,108

834,958

Net Liquid Funds

475,531

1,603,589

1,355,652

525,108

834,958

Net Liquid Assets

1,822,922

2,029,781

2,065,105

(2,594,656)

(5,747,972)

Net Current Assets/(Liabilities)

2,086,623

2,445,947

2,465,647

(2,033,769)

(5,053,055)

Net Tangible Assets

2,497,496

2,743,652

2,769,799

2,574,377

2,242,842

Net Monetary Assets

1,822,922

2,029,781

2,065,105

(2,594,656)

(5,747,972)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

(361,854)

(127,774)

706,748

876,299

901,771

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

(348,928)

(108,866)

719,189

883,226

911,250

BALANCE SHEET ITEMS

Total Borrowings

6,309,359

7,723,412

16,448,800

13,700,000

0

Total Liabilities

7,074,790

10,430,796

20,049,453

15,534,626

12,746,842

Total Assets

9,572,286

13,174,448

22,819,252

18,109,003

14,989,684

Net Assets

2,497,496

2,743,652

2,769,799

2,574,377

2,242,842

Net Assets Backing

2,497,496

2,743,652

2,769,799

2,574,377

2,242,842

Shareholders' Funds

2,497,496

2,743,652

2,769,799

2,574,377

2,242,842

Total Share Capital

647,341

647,341

647,341

647,341

647,341

Total Reserves

1,850,155

2,096,311

2,122,458

1,927,036

1,595,501

LIQUIDITY (Times)

Cash Ratio

0.07

0.15

0.07

0.03

0.07

Liquid Ratio

1.26

1.19

1.10

0.83

0.55

Current Ratio

1.29

1.23

1.12

0.87

0.60

WORKING CAPITAL CONTROL (Days)

Stock Ratio

3

4

3

3

5

Debtors Ratio

84

79

124

64

37

Creditors Ratio

4

16

8

5

2

SOLVENCY RATIOS (Times)

Gearing Ratio

2.53

2.82

5.94

5.32

0.00

Liabilities Ratio

2.83

3.80

7.24

6.03

5.68

Times Interest Earned Ratio

3.17

0.65

2.31

3.22

7.39

Assets Backing Ratio

3.86

4.24

4.28

3.98

3.46

PERFORMANCE RATIO (%)

Operating Profit Margin

(0.71)

0.16

0.77

0.95

1.43

Net Profit Margin

(0.70)

0.19

0.68

0.84

1.23

Return On Net Assets

(14.49)

(4.66)

25.52

34.04

40.21

Return On Capital Employed

(14.49)

(4.66)

25.52

34.04

40.21

Return On Shareholders' Funds/Equity

(9.86)

2.93

12.82

20.66

29.78

Dividend Pay Out Ratio (Times)

0.00

1.33

0.45

0.38

0.07

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.82

UK Pound

1

Rs.93.85

Euro

1

Rs.67.59

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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.