|
Report No. : |
319638 |
|
Report Date : |
30.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
HOUSE OF GEMS PTE
LTD |
|
|
|
|
Registered Office : |
391B, Orchard Road, 13-01, Ngee Ann City Tower B, 238874 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
18.07.1986 |
|
|
|
|
Com. Reg. No.: |
198601496-N |
|
|
|
|
Legal Form : |
Exempt Private |
|
|
|
|
Line of Business : |
Trading of Gems, Diamonds and Precious Stones. |
|
|
|
|
No. of Employees : |
6 [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 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 trade agreement
negotiations and, with the nine other ASEAN members, will form the ASEAN
Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
198601496-N |
||||
|
COMPANY
NAME |
: |
HOUSE
OF GEMS PTE LTD |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
18/07/1986 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
EXEMPT
PRIVATE |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
391B,
ORCHARD ROAD, 13-01, NGEE ANN CITY TOWER B, 238874, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
391B,
ORCHARD ROAD, 13-01, NGEE ANN CITY, TOWER B, 238874, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-67322877 |
||||
|
FAX.NO. |
: |
65-62351946 |
||||
|
CONTACT
PERSON |
: |
SHETH
RAJESH PRAVINCHANDRA ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF GEMS, DIAMONDS AND PRECIOUS STONES |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
1,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00 |
||||
|
SALES |
: |
SGD
17,920,727 [2013] |
||||
|
NET
WORTH |
: |
SGD
1,875,289 [2013] |
||||
|
STAFF
STRENGTH |
: |
6
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
N/A |
||||
|
CURRENCY
EXPOSURE |
: |
N/A |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
||||
HISTORY
/ BACKGROUND
|
The Subject is an exempt private company whose
shares are not held by any corporate body and has no more than 20 shareholders
who are all natural persons. An exempt company is a type of private limited
company. 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, suing or be sued by other companies. An exempt
private company with an annual turnover of less than SGD5 million are exempted
from statutory auditing requirements. Instead of filing audited annual
accounts, the Subject has to file in a document duly signed by its director in
charge of its finance and the company secretary stating that the Subject is
able to meet all its obligations as and when they fall due. The Subject is not
required to have their accounts audited. However, the Subject will prepare
unaudited accounts for purposes of AGMs and filing with Registry Office if it
is unable to meet all its obligations as and when they fall due.
The
Subject is principally engaged in the (as a / as an) trading of gems, diamonds
and precious stones.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
28/04/2015 |
SGD
1,000,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
SHETH
RAJESH PRAVINCHANDRA + |
75,
MEYER ROAD, 21-01, HAWAII TOWER, 437901, SINGAPORE. |
S2647693C |
500,000.00 |
50.00 |
|
KUNAL
RAJESH SHETH + |
GULMARG
BUILDING, FLAT-24, NEPEANSEA ROAD, MUMBAI, MAHARASHTRA, 5TH FLOOR, 400006,
INDIA. |
Z2377269 |
500,000.00 |
50.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
SHETH
RAJESH PRAVINCHANDRA |
|
Address |
: |
75,
MEYER ROAD, 21-01, HAWAII TOWER, 437901, SINGAPORE. |
|
IC
/ PP No |
: |
S2647693C |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
19/07/1986 |
DIRECTOR
2
|
Name
Of Subject |
: |
KUNAL
RAJESH SHETH |
|
Address |
: |
GULMARG
BUILDING, FLAT-24, NEPEANSEA ROAD, MUMBAI, MAHARASHTRA, 5TH FLOOR, 400006,
INDIA. |
|
IC
/ PP No |
: |
Z2377269 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
12/06/2014 |
|
1)
|
Name
of Subject |
: |
SHETH
RAJESH PRAVINCHANDRA |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
RAMA
& CO |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
LEE
LAI NAH |
|
IC
/ PP No |
: |
S1607980D |
|
|
Address |
: |
73,
CAVENAGH ROAD, 02-376, CAVENAGH GARDENS, 229624, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
BNP
PARIBAS |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201011753 |
03/12/2010 |
N/A |
DBS
BANK LTD. |
- |
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 refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its clientele.
OPERATIONS
|
|
Goods
Traded |
: |
GEMS,
DIAMONDS AND PRECIOUS STONES |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
2013 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
6 |
6 |
|||||||
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of gems,
diamonds and precious stones.
The Subject refused to disclose its operation.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-67322877 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
391B,
ORCHARD ROAD, 13-01, NGEE ANN CITY, TOWER B,238874,SINGAPORE |
|
Current
Address |
: |
391B,
ORCHARD ROAD, 13-01, NGEE ANN CITY, TOWER B, 238874, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
6.70% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
8.14% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The higher profit could be attributed to the increase in
turnover. The unfavourable return on shareholders' funds could indicate that the
Subject was inefficient in utilising its assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Unfavourable |
[ |
247
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
46
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
38
Days |
] |
|
|
The
Subject could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. 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 |
: |
Unfavourable |
[ |
0.30
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.10
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 |
: |
Acceptable |
[ |
4.21
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.18
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 lowly geared thus it had a low financial risk. The Subject
was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the Subject being a lowly
geared company, will be able to compete better than those companies which are
highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the turnover was erratic, the Subject had maintained a steady growth in its
profit. This indicate the management's efficiency in controlling its costs
and profitability. 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 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 as a lowly geared company, will be more secured compared
to those highly geared companies. It has the ability to meet all its long
term obligations. |
||||||
|
Overall
financial condition of the Subject : LIMITED |
||||||
|
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
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
HOUSE
OF GEMS PTE LTD |
|
Financial
Year End |
2013-06-30 |
2012-06-30 |
2011-06-30 |
2010-06-30 |
2009-06-30 |
|
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 |
SUMMARY |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
17,920,727 |
25,243,346 |
17,951,052 |
20,106,501 |
8,781,607 |
|
Other
Income |
136,299 |
72,837 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
18,057,026 |
25,316,183 |
17,951,052 |
20,106,501 |
8,781,607 |
|
Costs
of Goods Sold |
(17,177,910) |
(24,508,787) |
(17,390,779) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
879,116 |
807,396 |
560,273 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
116,316 |
30,656 |
17,863 |
(24,189) |
17,075 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
116,316 |
30,656 |
17,863 |
(24,189) |
17,075 |
|
Taxation |
9,420 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
125,736 |
30,656 |
17,863 |
(24,189) |
17,075 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
475,453 |
444,797 |
426,934 |
451,123 |
434,048 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
475,453 |
444,797 |
426,934 |
451,123 |
434,048 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
601,189 |
475,453 |
444,797 |
426,934 |
451,123 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
601,189 |
475,453 |
444,797 |
426,934 |
451,123 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
265 |
- |
- |
- |
- |
|
Trust
receipts |
36,020 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
36,285 |
- |
- |
- |
- |
|
|
============= |
- |
- |
- |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
22,188 |
48,428 |
48,946 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
22,188 |
48,428 |
48,946 |
- |
- |
|
|
============= |
============= |
============= |
|
HOUSE
OF GEMS PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
3,811 |
16,968 |
60,831 |
280,477 |
302,732 |
|
Investments |
332,441 |
399,070 |
227,030 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
332,441 |
399,070 |
227,030 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
336,252 |
416,038 |
287,861 |
280,477 |
302,732 |
|
Stocks |
12,125,113 |
8,076,202 |
5,291,261 |
- |
- |
|
Trade
debtors |
2,242,936 |
2,982,895 |
3,356,494 |
- |
- |
|
Other
debtors, deposits & prepayments |
973,771 |
142,935 |
136,032 |
- |
- |
|
Short
term deposits |
124,000 |
124,000 |
132,838 |
- |
- |
|
Amount
due from related companies |
1,239,196 |
2,605,018 |
1,880,148 |
- |
- |
|
Cash
& bank balances |
18,637 |
579,294 |
147,645 |
- |
- |
|
Others |
30,005 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
16,753,658 |
14,510,344 |
10,944,418 |
11,881,710 |
15,143,561 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
17,089,910 |
14,926,382 |
11,232,279 |
12,162,187 |
15,446,293 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
1,764,873 |
3,404,048 |
4,533,307 |
- |
- |
|
Other
creditors & accruals |
269,750 |
214,250 |
208,422 |
- |
- |
|
Bank
overdraft |
338,521 |
- |
- |
- |
- |
|
Deposits
from customers |
- |
22,672 |
- |
- |
- |
|
Amounts
owing to related companies |
3,113,628 |
3,163,728 |
1,795,687 |
- |
- |
|
Amounts
owing to director |
6,763,804 |
6,180,345 |
3,076,561 |
- |
- |
|
Provision
for taxation |
- |
- |
2,975 |
- |
- |
|
Other
liabilities |
2,964,045 |
123,316 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
15,214,621 |
13,108,359 |
9,616,952 |
10,621,053 |
13,908,195 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
1,539,037 |
1,401,985 |
1,327,466 |
1,260,657 |
1,235,366 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
1,875,289 |
1,818,023 |
1,615,327 |
1,541,134 |
1,538,098 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
Retained
profit/(loss) carried forward |
601,189 |
475,453 |
444,797 |
426,934 |
451,123 |
|
Others |
274,100 |
342,570 |
170,530 |
114,200 |
86,975 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
875,289 |
818,023 |
615,327 |
541,134 |
538,098 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
1,875,289 |
1,818,023 |
1,615,327 |
1,541,134 |
1,538,098 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,875,289 |
1,818,023 |
1,615,327 |
1,541,134 |
1,538,098 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
HOUSE
OF GEMS PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
142,637 |
703,294 |
280,483 |
- |
- |
|
Net
Liquid Funds |
(195,884) |
703,294 |
280,483 |
- |
- |
|
Net
Liquid Assets |
(10,586,076) |
(6,674,217) |
(3,963,795) |
1,260,657 |
1,235,366 |
|
Net
Current Assets/(Liabilities) |
1,539,037 |
1,401,985 |
1,327,466 |
1,260,657 |
1,235,366 |
|
Net
Tangible Assets |
1,875,289 |
1,818,023 |
1,615,327 |
1,541,134 |
1,538,098 |
|
Net
Monetary Assets |
(10,586,076) |
(6,674,217) |
(3,963,795) |
1,260,657 |
1,235,366 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
152,601 |
30,656 |
17,863 |
- |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
174,789 |
79,084 |
66,809 |
- |
- |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
338,521 |
0 |
0 |
- |
- |
|
Total
Liabilities |
15,214,621 |
13,108,359 |
9,616,952 |
10,621,053 |
13,908,195 |
|
Total
Assets |
17,089,910 |
14,926,382 |
11,232,279 |
12,162,187 |
15,446,293 |
|
Net
Assets |
1,875,289 |
1,818,023 |
1,615,327 |
1,541,134 |
1,538,098 |
|
Net
Assets Backing |
1,875,289 |
1,818,023 |
1,615,327 |
1,541,134 |
1,538,098 |
|
Shareholders'
Funds |
1,875,289 |
1,818,023 |
1,615,327 |
1,541,134 |
1,538,098 |
|
Total
Share Capital |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
Total
Reserves |
875,289 |
818,023 |
615,327 |
541,134 |
538,098 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.01 |
0.05 |
0.03 |
- |
- |
|
Liquid
Ratio |
0.30 |
0.49 |
0.59 |
- |
- |
|
Current
Ratio |
1.10 |
1.11 |
1.14 |
1.12 |
1.09 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
247 |
117 |
108 |
- |
- |
|
Debtors
Ratio |
46 |
43 |
68 |
- |
- |
|
Creditors
Ratio |
38 |
51 |
95 |
- |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.18 |
0.00 |
0.00 |
- |
- |
|
Liabilities
Ratio |
8.11 |
7.21 |
5.95 |
6.89 |
9.04 |
|
Times
Interest Earned Ratio |
4.21 |
0.00 |
0.00 |
- |
- |
|
Assets
Backing Ratio |
1.88 |
1.82 |
1.62 |
1.54 |
1.54 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.65 |
0.12 |
0.10 |
(0.12) |
0.19 |
|
Net
Profit Margin |
0.70 |
0.12 |
0.10 |
(0.12) |
0.19 |
|
Return
On Net Assets |
8.14 |
1.69 |
1.11 |
(1.57) |
1.11 |
|
Return
On Capital Employed |
6.89 |
1.69 |
1.11 |
(1.57) |
1.11 |
|
Return
On Shareholders' Funds/Equity |
6.70 |
1.69 |
1.11 |
(1.57) |
1.11 |
|
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.63.20 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.69.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.