|
Report No. : |
335395 |
|
Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
MARUBENI ASEAN PTE. LTD. |
|
|
|
|
Registered Office : |
16, Raffles Quay, 28-00, Hong Leong Building, 048581 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
23.02.1991 |
|
|
|
|
Com. Reg. No.: |
199100806-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of chemicals, engineering plastics. |
|
|
|
|
No. of Employees : |
100 [2015] |
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 : |
No Complaints |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
199100806-H |
|
COMPANY NAME |
: |
MARUBENI ASEAN PTE. LTD. |
|
FORMER NAME |
: |
MARUBENI SINGAPORE PTE LTD (20/04/2009) |
|
INCORPORATION DATE |
: |
23/02/1991 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
16, RAFFLES QUAY,28-00, HONG LEONG BUILDING, 048581, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
16, RAFFLES QUAY,28-00, HONG LEONG BUILDING, 048581, SINGAPORE. |
|
TEL.NO. |
: |
65-62204111 |
|
FAX.NO. |
: |
65-62253051 |
|
CONTACT PERSON |
: |
SHOJI KUWAYAMA ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CHEMICALS, ENGINEERING PLASTICS |
|
ISSUED AND PAID UP CAPITAL |
: |
114,538,041.00 ORDINARY SHARE, OF A VALUE OF SGD 82,051,574.00 |
|
|
|
|
|
SALES |
: |
USD 1,367,191,000 [2014] |
|
NET WORTH |
: |
USD 82,714,000 [2014] |
|
|
|
|
|
STAFF STRENGTH |
: |
100 [2015] |
|
BANKER (S) |
|
OVERSEAS UNION BANK LTD |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
SATISFACTORY |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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) trading of chemicals, engineering plastics.
The immediate holding company of the Subject is MARUBENI CORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up
Capital |
|
15/04/2015 |
SGD 82,051,574.00 |
The major
shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MARUBENI CORPORATION |
4-2, OHTEMACHI 1-CHOME, CHIYODA-KU, TOKYO, 100-8088, JAPAN. |
S88UF0173 |
114,538,041.00 |
100.00 |
|
--------------- |
------ |
|||
|
114,538,041.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
199601351Z |
SINGAPORE |
MARUBENI CHEMICAL ASIA PACIFIC PTE LTD |
100.00 |
20/11/2014 |
DIRECTOR 1
|
Name Of Subject |
: |
KOICHI IHARA |
|
Address |
: |
83, DEVONSHIRE ROAD, 08-04, THE METZ, 239864, SINGAPORE. |
|
IC / PP No |
: |
G5410732W |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2013 |
DIRECTOR 2
|
Name Of Subject |
: |
SHOJI KUWAYAMA |
|
Address |
: |
15, ARDMORE PARK, 27-01, ARDMORE PARK, 259959, SINGAPORE. |
|
IC / PP No |
: |
G3034713M |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2014 |
|
1) |
Name of Subject |
: |
SHOJI KUWAYAMA |
|
Position |
: |
MANAGING DIRECTOR |
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
TOMOYA HASHIMOTO |
|
IC / PP No |
: |
G5469900Q |
|
|
Address |
: |
1, OXLEY RISE, 07-08, ONE OXLEY RISE, 238714, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEAS UNION BANK LTD |
|
2) |
Name |
: |
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH) |
No encumbrance was found in our databank at the time of investigation.
* 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.
|
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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
30 - 90 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
CHEMICALS, ENGINEERING PLASTICS |
|
Total Number of Employees: |
|
YEAR |
2015 |
2014 |
2013 |
|
GROUP |
N/A |
N/A |
N/A |
|
COMPANY |
100 |
100 |
100 |
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of chemicals, engineering
plastics.
The Subject is one of the companies listed
under the Marubeni group of companies.
The Subject is engaged in the trading of chemicals, plastic and metals.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6323 7226 |
|
Current Telephone Number |
: |
65-62204111 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
16 RAFFLES QHAY, 13-00 HONG LEONG BUILDING, SINGAPORE 048581 |
|
Current Address |
: |
16, RAFFLES QUAY, 28-00, HONG LEONG BUILDING, 048581, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
On 23rd April 2015 we contacted one of the staff from the Subject and she
provided some information.
The Subject had shifted from the address provided.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
5.46% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
0.59% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
4.46% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
4.13% |
] |
|
|
The lower turnover could be due to the unfavourable market
conditions.The dip in profit could be due to the stiff market competition which
reduced the Subject's profit margin. 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 |
: |
Favourable |
[ |
4 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
39 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
7 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost. This
had reduced funds being tied up in 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 |
: |
Unfavourable |
[ |
0.70 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.74 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 |
[ |
4.07 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.59 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 performance deteriorated over the years with lower
turnover and profit. 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'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 |
||||||
|
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 : |
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 |
|
|
Incorporated in 1991, the Subject is a Private Limited company, focusing on trading of chemicals, engineering plastics. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. With an issued and paid up capital of SGD 82,051,574 and strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. These favourable conditions has minimised its risk in the industry compared to other players. 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 moderate size company, the Subject has a total workforce of 100 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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 82,714,000, the Subject should be able to maintain its business in the near terms. Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 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. |
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
Financial Year End |
2014-03-31 |
2013-03-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
15 |
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 |
1,367,191,000 |
1,446,089,000 |
1,314,736,000 |
1,342,169,000 |
440,268,716 |
|
Other Income |
10,259,000 |
12,088,000 |
9,082,000 |
10,329,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,377,450,000 |
1,458,177,000 |
1,323,818,000 |
1,352,498,000 |
440,268,716 |
|
Costs of Goods Sold |
(1,357,573,000) |
(1,434,623,000) |
(1,294,885,000) |
(1,332,976,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
19,877,000 |
23,554,000 |
28,933,000 |
19,522,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
4,539,000 |
4,566,000 |
5,471,000 |
6,279,000 |
5,464,429 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
4,539,000 |
4,566,000 |
5,471,000 |
6,279,000 |
5,464,429 |
|
Taxation |
(846,000) |
(546,000) |
(681,000) |
(202,000) |
(189,825) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
3,693,000 |
4,020,000 |
4,790,000 |
6,077,000 |
5,274,604 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
26,268,000 |
22,248,000 |
17,458,000 |
11,381,000 |
(6,164,601) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
26,268,000 |
22,248,000 |
17,458,000 |
11,381,000 |
(6,164,601) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
29,961,000 |
26,268,000 |
22,248,000 |
17,458,000 |
(889,997) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
29,961,000 |
26,268,000 |
22,248,000 |
17,458,000 |
(889,997) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
224,000 |
125,000 |
82,000 |
140,000 |
- |
|
Term loan / Borrowing |
1,254,000 |
1,033,000 |
327,000 |
1,407,000 |
- |
|
Others |
- |
- |
2,000 |
3,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,478,000 |
1,158,000 |
411,000 |
1,550,000 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as per notes to P&L) |
491,000 |
574,000 |
286,000 |
108,000 |
- |
|
AMORTIZATION |
19,000 |
19,000 |
19,000 |
19,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
510,000 |
593,000 |
305,000 |
127,000 |
- |
|
|
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
688,000 |
1,078,000 |
1,460,000 |
332,000 |
42,678,988 |
|
Investments |
110,531,000 |
110,531,000 |
55,359,000 |
38,334,000 |
- |
|
Others |
126,784,000 |
42,222,000 |
658,000 |
677,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
237,315,000 |
152,753,000 |
56,017,000 |
39,011,000 |
- |
|
Others |
513,000 |
670,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
513,000 |
670,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
238,516,000 |
154,501,000 |
57,477,000 |
39,343,000 |
42,678,988 |
|
Stocks |
13,162,000 |
9,692,000 |
13,602,000 |
12,004,000 |
- |
|
Trade debtors |
144,550,000 |
132,365,000 |
99,480,000 |
125,243,000 |
- |
|
Other debtors, deposits & prepayments |
8,569,000 |
688,000 |
636,000 |
877,000 |
- |
|
Short term deposits |
42,835,000 |
23,577,000 |
10,000,000 |
10,000,000 |
- |
|
Short term loans & advances |
116,000 |
137,000 |
37,000 |
- |
- |
|
Amount due from holding company |
22,094,000 |
16,695,000 |
3,211,000 |
325,000 |
- |
|
Amount due from subsidiary companies |
9,399,000 |
14,602,000 |
18,636,000 |
5,873,000 |
- |
|
Amount due from related companies |
22,138,000 |
47,084,000 |
47,492,000 |
53,954,000 |
- |
|
Cash & bank balances |
1,380,000 |
400,000 |
3,569,000 |
3,633,000 |
- |
|
Others |
73,000 |
228,000 |
370,000 |
613,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
264,316,000 |
245,468,000 |
197,033,000 |
212,522,000 |
165,807,076 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
502,832,000 |
399,969,000 |
254,510,000 |
251,865,000 |
208,486,064 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
26,362,000 |
39,545,000 |
27,508,000 |
127,284,000 |
- |
|
Other creditors & accruals |
46,019,000 |
50,922,000 |
14,124,000 |
7,925,000 |
- |
|
Short term borrowings/Term loans |
150,947,000 |
115,142,000 |
70,000,000 |
44,000,000 |
- |
|
Amounts owing to holding company |
105,247,000 |
48,995,000 |
36,178,000 |
1,922,000 |
- |
|
Amounts owing to subsidiary companies |
51,000 |
55,000 |
376,000 |
203,000 |
- |
|
Amounts owing to related companies |
27,549,000 |
23,287,000 |
30,110,000 |
8,000 |
- |
|
Provision for taxation |
1,018,000 |
691,000 |
770,000 |
230,000 |
- |
|
Other liabilities |
- |
33,000 |
408,000 |
60,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
357,193,000 |
278,670,000 |
179,474,000 |
181,632,000 |
127,302,973 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(92,877,000) |
(33,202,000) |
17,559,000 |
30,890,000 |
38,504,103 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
145,639,000 |
121,299,000 |
75,036,000 |
70,233,000 |
81,183,091 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
52,753,000 |
52,753,000 |
52,753,000 |
52,753,000 |
82,051,574 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
52,753,000 |
52,753,000 |
52,753,000 |
52,753,000 |
82,051,574 |
|
Retained profit/(loss) carried forward |
29,961,000 |
26,268,000 |
22,248,000 |
17,458,000 |
(889,997) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
29,961,000 |
26,268,000 |
22,248,000 |
17,458,000 |
(889,997) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
82,714,000 |
79,021,000 |
75,001,000 |
70,211,000 |
81,161,577 |
|
Long term loans |
62,899,000 |
42,222,000 |
- |
- |
- |
|
Retirement benefits provision |
26,000 |
56,000 |
35,000 |
22,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
62,925,000 |
42,278,000 |
35,000 |
22,000 |
21,514 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
145,639,000 |
121,299,000 |
75,036,000 |
70,233,000 |
81,183,091 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
|||||
|
Cash |
44,215,000 |
23,977,000 |
13,569,000 |
13,633,000 |
- |
|
Net Liquid Funds |
44,215,000 |
23,977,000 |
13,569,000 |
13,633,000 |
- |
|
Net Liquid Assets |
(106,039,000) |
(42,894,000) |
3,957,000 |
18,886,000 |
38,504,103 |
|
Net Current Assets/(Liabilities) |
(92,877,000) |
(33,202,000) |
17,559,000 |
30,890,000 |
38,504,103 |
|
Net Tangible Assets |
145,126,000 |
120,629,000 |
75,036,000 |
70,233,000 |
81,183,091 |
|
Net Monetary Assets |
(168,964,000) |
(85,172,000) |
3,922,000 |
18,864,000 |
38,482,589 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
6,017,000 |
5,724,000 |
5,882,000 |
7,829,000 |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
6,527,000 |
6,317,000 |
6,187,000 |
7,956,000 |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
213,846,000 |
157,364,000 |
70,000,000 |
44,000,000 |
- |
|
Total Liabilities |
420,118,000 |
320,948,000 |
179,509,000 |
181,654,000 |
127,324,487 |
|
Total Assets |
502,832,000 |
399,969,000 |
254,510,000 |
251,865,000 |
208,486,064 |
|
Net Assets |
145,639,000 |
121,299,000 |
75,036,000 |
70,233,000 |
81,183,091 |
|
Net Assets Backing |
82,714,000 |
79,021,000 |
75,001,000 |
70,211,000 |
81,161,577 |
|
Shareholders' Funds |
82,714,000 |
79,021,000 |
75,001,000 |
70,211,000 |
81,161,577 |
|
Total Share Capital |
52,753,000 |
52,753,000 |
52,753,000 |
52,753,000 |
82,051,574 |
|
Total Reserves |
29,961,000 |
26,268,000 |
22,248,000 |
17,458,000 |
(889,997) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.12 |
0.09 |
0.08 |
0.08 |
- |
|
Liquid Ratio |
0.70 |
0.85 |
1.02 |
1.10 |
- |
|
Current Ratio |
0.74 |
0.88 |
1.10 |
1.17 |
1.30 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
4 |
2 |
4 |
3 |
- |
|
Debtors Ratio |
39 |
33 |
28 |
34 |
- |
|
Creditors Ratio |
7 |
10 |
8 |
35 |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
2.59 |
1.99 |
0.93 |
0.63 |
- |
|
Liabilities Ratio |
5.08 |
4.06 |
2.39 |
2.59 |
1.57 |
|
Times Interest Earned Ratio |
4.07 |
4.94 |
14.31 |
5.05 |
- |
|
Assets Backing Ratio |
2.75 |
2.29 |
1.42 |
1.33 |
0.99 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.33 |
0.32 |
0.42 |
0.47 |
1.24 |
|
Net Profit Margin |
0.27 |
0.28 |
0.36 |
0.45 |
1.20 |
|
Return On Net Assets |
4.13 |
4.72 |
7.84 |
11.15 |
6.73 |
|
Return On Capital Employed |
4.12 |
4.69 |
7.84 |
11.15 |
6.73 |
|
Return On Shareholders' Funds/Equity |
4.46 |
5.09 |
6.39 |
8.66 |
6.50 |
|
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.63.93 |
|
|
1 |
Rs.99.82 |
|
Euro |
1 |
Rs.70.05 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.