|
Report No. : |
336415 |
|
Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
R1 INTERNATIONAL PTE LTD |
|
|
|
|
Registered Office : |
8, Robinson Road, 05-00, Aso Building, 048544 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.07.2001 |
|
|
|
|
Com. Reg. No.: |
200104842-R |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in wholesale of rubber |
|
|
|
|
No. of Employee : |
22 [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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
200104842-R |
||||
|
COMPANY NAME |
: |
R1
INTERNATIONAL PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
20/07/2001 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
8, ROBINSON ROAD,
05-00, ASO BUILDING, 048544, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
8, ROBINSON ROAD,
ASO BUILDING, 05-00, 048544, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65574399 |
||||
|
FAX.NO. |
: |
65-65383393 |
||||
|
EMAIL |
: |
ENQUIRIES@R1INTERNATIONAL.COM |
||||
|
WEB SITE |
: |
WWW.R1INTERNATIONAL.COM |
||||
|
CONTACT PERSON |
: |
SANDANA DASS (
MANAGING DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
WHOLESALE OF
RUBBER |
||||
|
ISSUED AND PAID
UP CAPITAL |
: |
7,000,000.00 ORDINARY
SHARE, OF A VALUE OF USD 7,000,000.00 |
||||
|
SALES |
: |
USD 1,411,176,983
[2014] |
||||
|
NET WORTH |
: |
USD 64,800,771
[2014] |
||||
|
STAFF STRENGTH |
: |
22 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
NO COMPLAINTS |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
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
rubber.
The immediate holding company of the Subject is HAINAN STATE FARMS
INVESTMENT LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital History
|
Date |
Issue &
Paid Up Capital |
|
10/06/2015 |
USD 7,101,662.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HAINAN STATE
FARMS INVESTMENT LIMITED |
P.O. BOX 957,
OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH. |
T12UF1750 |
4,200,000.00 |
60.00 |
|
HAINAN RUBBER GROUP
(SINGAPORE) DEVELOPMENT PTE. LTD. |
9, TEMASEK
BOULEVARD, 28-03, SUNTEC TOWER TWO, 038989, SINGAPORE. |
200918102R |
1,050,000.00 |
15.00 |
|
MR. SANDANA DASS
+ |
9, BOSCOMBE ROAD,
439746, SINGAPORE. |
S2712656A |
700,000.00 |
10.00 |
|
THAVEESAK HOLDING
CO. LTD |
20/05, GOMARAPAT
ROAD, PHUKET, 83000, 83000 BATU PAHAT, JOHOR, MALAYSIA. |
T07UF0849 |
410,000.00 |
5.86 |
|
R1 INTERNATIONAL
PTE LTD |
8, ROBINSON ROAD,
05-00, ASO BUILDING, 048544, SINGAPORE. |
200104842R |
101,662.00 |
1.45 |
|
LIM BENG SENG |
373, ONAN ROAD,
03-13, MALVERN SPRINGS, 424775, SINGAPORE. |
S2607496G |
88,888.00 |
1.27 |
|
MR. LING CHAN YEW |
7, JALAN USJ 2/6,
UEP SUBANG JAYA, 47600 SUBANG JAYA, SELANGOR, MALAYSIA. |
720128-10-5211
A2078112 |
88,000.00 |
1.26 |
|
HO WAI LEONG |
1, LEICESTER
ROAD, 13-05, ONE LEICESTER, 358828, SINGAPORE. |
S7625177J |
80,000.00 |
1.14 |
|
TOSHINOBU HANDA |
3-601, CITI'S
FORT, 1-6-1, UTASE, MIHAMAKU, CHIBA-CITY, ZIP CODE 261-0013, JAPAN. |
TH3245093 |
50,000.00 |
0.71 |
|
CROSS COMMODITY
INVESTMENT HOLDING CO. LTD. |
P.O. BOX 957,
OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH. |
T12UF4846 |
40,450.00 |
0.58 |
|
LEE CHEE HOE |
16, JALAN 2/50A, TAMAN
DESA GOMBAK 2, SETAPAK, 53000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
A18972208 |
40,000.00 |
0.57 |
|
DUFOUR LORENZO
PIETRO PAOLO |
VIA MATTEO
BANDELLO 14, MILANO, 20123, ITALY. |
YA2509076 |
30,000.00 |
0.43 |
|
OH KIAN CHEW |
503, PASIR RIS STREET
52, 02-239, 510503, SINGAPORE. |
S1636308A |
20,000.00 |
0.29 |
|
LIM CHIN SENG |
9, LEEDON
HEIGHTS, 10-23, D'LEEDON, 267954, SINGAPORE. |
S1686180D |
15,000.00 |
0.21 |
|
MR. LESLIE CHENG
TSIN TZUN |
30, JALAN JASA 8,
TAMAN MUTIARA, RINI SKUDAI, 81300 SKUDAI, JOHOR, MALAYSIA. |
730202-01-5513
A2391275 |
13,000.00 |
0.19 |
|
MR. PEK TECH YEW |
B-809, JALAN
TERATAI, PUNCAK DAMANSARA, PJU6, 47400 PETALING JAYA, SELANGOR, MALAYSIA. |
610621-10-5197 |
12,000.00 |
0.17 |
|
DING WEN |
101, 44, LANE 82,
HUA LING ROAD, BAOSHAN DISTRICT, SHANGHAI, 200442, CHINA. |
G36158190 |
10,000.00 |
0.14 |
|
NGUYEN DAI THAO |
61/15, DA NAM
STREET, WARD 2, DISTRIVT 8, HO CHI MINH CITY, VIETNAM. |
B6257375 |
10,000.00 |
0.14 |
|
MR. WONG KIEN HIAN
@ NG KIEN HIAN |
5, LEBOH RAYA,
TEBING TINGGI, 31650 IPOH, PERAK, MALAYSIA. |
800215-08-5693 |
8,000.00 |
0.11 |
|
MR. YEOH WEE CHIA |
PT 236, JALAN
KEBUN SULTAN, 15350 KOTA BHARU, KELANTAN, MALAYSIA. |
820417-03-5211 |
8,000.00 |
0.11 |
|
CHIN CHI GANG |
B-9-1, ONE SENTUL
CONDOMINIUM, JALAN SENTUL RIA, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
750908-14-5449
A3141699 |
6,000.00 |
0.09 |
|
MANTHA SRINIVAS
SASTRY |
322C, ANCHORVALE
DRIVE, 08-150, 543322, SINGAPORE. |
S7560094A |
5,000.00 |
0.07 |
|
THAD STEVEN GOFF |
MEDAL 806,
8A/6D2, THAI VAN LUNG, DISTRICT 1, HO CHI MINH CITY, VIETNAM. |
482526754 |
5,000.00 |
0.07 |
|
FOO CHER HSIEN,
SHAWN |
450, RACE COURSE
ROAD, 218694, SINGAPORE. |
S7828071I |
4,000.00 |
0.06 |
|
STEPHEN KOH ENG
TEONG |
JALAN 12/17A,
JALAN BUKIT, BUKIT GASING, 46200 PETALING JAYA, SELANGOR, MALAYSIA. |
630922-10-5885
7140625 |
2,000.00 |
0.03 |
|
KORAVANGATTU
VINAYRAJ |
SARAVAS,
MUTTATHIL LANE, KADAVANTHRA POST, KOCHI-682020, KERALA, INDIA. |
Z1985128 |
2,000.00 |
0.03 |
|
JOHN VALOORAN |
VALOORAN HOUSE,
KOLLEDATH PARAMBIL, NARAKAL P.O., ERNAKULAM DISTRICT, KERALA, 682505, INDIA. |
G0661683 |
1,000.00 |
0.01 |
|
--------------- |
------ |
|||
|
7,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
201410155H |
SINGAPORE |
R1 RUBBER
VENTURES PTE. LTD. |
100.00 |
09/06/2015 |
|
201314463 |
SINGAPORE |
RMLIB RUBBER
COMPANY PTE. LTD. |
70.00 |
09/06/2015 |
|
200612801W |
SINGAPORE |
R1 DELTA CIS PTE.
LTD. |
51.00 |
09/06/2015 |
|
201406172C |
SINGAPORE |
R1 ELEMENTS
CAPITAL PTE. LTD. |
50.00 |
09/06/2015 |
DIRECTOR 1
|
Name Of Subject |
: |
FANG TING |
|
Address |
: |
LONGKUN XIACUN,
173, LONGHUA DISTRICT, HAIKOU, HAINAN PROVINCE, CHINA. |
|
IC / PP No |
: |
G60374692 |
|
Nationality |
: |
CHINESE |
|
Date of
Appointment |
: |
30/04/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
YANG ZHICHENG |
|
Address |
: |
HAIKEN
INTERNATIONAL FINANCE CENTER, 115, BINHAI AVENUE, HAIKOU, HAINAN PROVINCE
CHINA, 40TH FLOOR, 570100, CHINA. |
|
IC / PP No |
: |
G37443476 |
|
Nationality |
: |
CHINESE |
|
Date of
Appointment |
: |
30/04/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
LIN JINTING |
|
Address |
: |
ZHAONAN LVDAO JIAYUAN,
HAIDIAN ISLAND, MEILAN DISTRICT, HAIKOU, HAINAN PROVINCE PRC, CHINA. |
|
IC / PP No |
: |
PE0080994 |
|
Nationality |
: |
CHINESE |
|
Date of
Appointment |
: |
30/04/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
LI YANFENG |
|
Address |
: |
113, BINHAI
AVENUE, FORTUNE PLAZA, HAIKOU, HAINAN, CHINA. |
|
IC / PP No |
: |
G36491119 |
|
Nationality |
: |
CHINESE |
|
Date of
Appointment |
: |
05/11/2012 |
DIRECTOR 5
|
Name Of Subject |
: |
PONGSAK
KERDVONGBUNDIT |
|
Address |
: |
20/5, GOMARAPAT
ROAD, PHUKET 83000, THAILAND, THAILAND. |
|
IC / PP No |
: |
AA1805382 |
|
Nationality |
: |
THAI |
|
Date of
Appointment |
: |
23/07/2001 |
DIRECTOR 6
|
Name Of Subject |
: |
BUNDIT
KERDVONGBUNDIT |
|
Address |
: |
20/5, GOMARAPAT
ROAD MUANG, PHUKET, 83000 BATU PAHAT, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
N877196 |
|
Nationality |
: |
THAI |
|
Date of
Appointment |
: |
18/09/2013 |
|
Remark |
: |
ALTERNATE
DIRECTOR TO PONGSAK KERDVONGBUNDIT |
DIRECTOR 7
|
Name Of Subject |
: |
MR. SANDANA DASS |
|
Address |
: |
9, BOSCOMBE ROAD,
439746, SINGAPORE. |
|
IC / PP No |
: |
S2712656A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
20/07/2001 |
|
Remark |
: |
24/07/2001
APPOINTED AS MANAGING DIRECTOR |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
SANDANA DASS |
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
ERNST & YOUNG
LLP |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
CHAN YOKE HENG
IRENE |
|
IC / PP No |
: |
S1459389F/01109 |
|
|
Address |
: |
997, BUKIT TIMAH
ROAD, 08-04, CASA ESPERANZA, 589633, SINGAPORE. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEA-CHINESE
BANKING CORPORATION LIMITED |
|
2) |
Name |
: |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
|
3) |
Name |
: |
AUSTRALIA
AND NEW ZEALAND BANKING GROUP LTD |
|
4) |
Name |
: |
STANDARD
CHARTERED BANK |
|
5) |
Name |
: |
THE HONGKONG
& SHANGHAI BANKING CORPORATION LIMITED |
|
6) |
Name |
: |
STANDARD
CHARTERED BANK MALAYSIA BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C200901120 |
18/02/2009 |
N/A |
THE HONGKONG
& SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C200903382 |
10/06/2009 |
N/A |
THE HONGKONG
& SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C200908719 |
30/12/2009 |
N/A |
OVERSEA-CHINESE
BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201005738 |
07/07/2010 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201005739 |
07/07/2010 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201010422 |
03/11/2010 |
N/A |
ABN AMRO BANK N.V |
- |
Unsatisfied |
|
C201105477 |
04/05/2011 |
N/A |
AUSTRALIA AND NEW
ZEALAND BANKING GROUP LIMITED |
- |
Unsatisfied |
|
C201303595 |
07/03/2013 |
N/A |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201402177 |
27/02/2014 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
* 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 |
[ |
X |
] |
Average 61-90
Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
RUBBER |
|
|
Total Number of
Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
22 |
20 |
20 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of
rubber.
The Subject is the market leader in the value chain management of Natural
Rubber; offering a plethora of grades from diverse originations, to its
customers globally; addressing their raw material needs in natural &
synthetic rubbers and creating value through its risk management
solutions.
The Subject is positioned as a single-stop solution to the rubber industry's
raw material requirements.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number
Provided By Client |
: |
N/A |
|
Current Telephone
Number |
: |
65-65574399 |
|
Match |
: |
N/A |
|
Address Provided
by Client |
: |
8 ROBINSON ROAD
ASO BUILDING 05-00,048544,SINGAPORE |
|
Current Address |
: |
8, ROBINSON ROAD,
ASO BUILDING, 05-00, 048544, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on
Shareholder Funds |
: |
Acceptable |
[ |
10.53% |
] |
|
|
Return on Net
Assets |
: |
Acceptable |
[ |
18.29% |
] |
|
|
The continuous fall
in turnover could be due to the lower demand for the Subject's products /
services.The Subject's profit fell sharply because of the high operating
costs incurred. The Subject's management had generated acceptable return for
its shareholders using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
12 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
12 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 |
: |
Favourable |
[ |
1.03 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.38 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 |
[ |
4.24 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.80 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's
gearing was slightly high. The Subject is utilising the leverage concept to
fund its expansion. However, the high gearing has added financial risks to
the Subject. It will be more vulnerable in times of economy downturn. |
||||||
|
Overall
Assessment : |
||||||
|
The Subject's
performance deteriorated over the years with lower turnover and profit. 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 was slightly high and its financial risk was also high. If no plans
are made to reduce its gearing, the Subject's performance may deteriorate in
the coming year. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic
Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population
(Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross Domestic
Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer Price
Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total Imports
(Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total Exports
(Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment Rate
(%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist Arrival
(Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel Occupancy
Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular Phone
Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration of
New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration of
New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation of
Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation of
Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration of
New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration of
New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation of
Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation of
Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy Orders
(No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy Orders
(%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy
Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy
Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES ( %
of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of
Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish Supply &
Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing
* |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food, Beverages
& Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather Products
& Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood & Wood
Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper & Paper
Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing &
Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude Oil
Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical &
Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical
Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber &
Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic
Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated Metal
Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery &
Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical
Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic
Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport
Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas
& Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport,
Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance &
Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government
Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education
Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
* 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. |
|
R1
INTERNATIONAL PTE LTD |
|
Financial Year
End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-09-30 |
2010-09-30 |
|
Months |
12 |
12 |
15 |
12 |
12 |
|
Consolidated
Account |
GROUP |
GROUP |
GROUP |
GROUP |
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 |
1,411,176,983 |
2,027,825,216 |
3,279,175,979 |
3,207,674,566 |
2,184,915,050 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,411,176,983 |
2,027,825,216 |
3,279,175,979 |
3,207,674,566 |
2,184,915,050 |
|
Costs of Goods
Sold |
(1,385,754,503) |
(1,993,801,190) |
(3,238,659,431) |
(3,176,748,789) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
25,422,480 |
34,024,026 |
40,516,548 |
30,925,777 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
9,279,855 |
16,090,248 |
21,376,052 |
15,919,595 |
10,091,746 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
9,279,855 |
16,090,248 |
21,376,052 |
15,919,595 |
10,091,746 |
|
Taxation |
(1,866,361) |
(1,904,254) |
(4,134,187) |
(3,299,674) |
(594,415) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
7,413,494 |
14,185,994 |
17,241,865 |
12,619,921 |
9,497,331 |
|
Minority
interests |
(587,327) |
(988,926) |
(870,688) |
(1,388,986) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS |
6,826,167 |
13,197,068 |
16,371,177 |
11,230,935 |
9,497,331 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS |
6,826,167 |
13,197,068 |
16,371,177 |
11,230,935 |
9,497,331 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously
reported |
50,334,684 |
42,039,899 |
25,668,722 |
16,924,600 |
16,033,202 |
|
Prior year
adjustment |
- |
- |
- |
- |
(2,524,852) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
50,334,684 |
42,039,899 |
25,668,722 |
16,924,600 |
13,508,350 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE
FOR APPROPRIATIONS |
57,160,851 |
55,236,967 |
42,039,899 |
28,155,535 |
23,005,681 |
|
CAPITALISATION
FOR BONUS ISSUES |
- |
- |
- |
(771,813) |
- |
|
DIVIDENDS -
Ordinary (paid & proposed) |
(6,487,970) |
(4,902,283) |
- |
(1,715,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD |
50,672,881 |
50,334,684 |
42,039,899 |
25,668,722 |
23,005,681 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Hire purchase |
- |
- |
- |
1,442 |
- |
|
Others |
2,867,144 |
4,543,883 |
8,027,096 |
5,891,339 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,867,144 |
4,543,883 |
8,027,096 |
5,892,781 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as
per notes to P&L) |
171,116 |
259,543 |
366,020 |
265,304 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
171,116 |
259,543 |
366,020 |
265,304 |
- |
|
|
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
R1
INTERNATIONAL PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED ASSETS |
4,394,486 |
313,251 |
412,501 |
637,798 |
1,525,391 |
|
Deferred assets |
1,341,748 |
463,855 |
131,095 |
777,980 |
- |
|
Others |
9,905,041 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER
ASSETS |
11,246,789 |
463,855 |
131,095 |
777,980 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
ASSETS |
15,641,275 |
777,106 |
543,596 |
1,415,778 |
1,525,391 |
|
Stocks |
46,245,462 |
83,600,279 |
58,054,345 |
36,791,176 |
- |
|
Trade debtors |
73,904,561 |
105,850,596 |
117,821,626 |
259,550,839 |
- |
|
Other debtors,
deposits & prepayments |
17,269,503 |
31,063,195 |
30,066,953 |
17,070,318 |
- |
|
Amount due from
related companies |
1,763,538 |
38,753,126 |
15,527,752 |
78,475 |
- |
|
Cash & bank
balances |
22,944,446 |
35,610,851 |
30,534,886 |
27,208,314 |
- |
|
Others |
21,401,123 |
17,545,432 |
27,058,972 |
46,463,288 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
183,528,633 |
312,423,479 |
279,064,534 |
387,162,410 |
273,539,617 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
199,169,908 |
313,200,585 |
279,608,130 |
388,578,188 |
275,065,008 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
47,037,799 |
72,424,497 |
74,124,951 |
115,956,562 |
- |
|
Other creditors
& accruals |
16,816,041 |
16,509,122 |
19,374,309 |
20,645,575 |
- |
|
Short term
borrowings/Term loans |
52,101,220 |
134,257,451 |
97,747,329 |
114,054,836 |
- |
|
Amounts owing to
related companies |
6,099,074 |
13,909,696 |
9,992,016 |
40,936,468 |
- |
|
Provision for
taxation |
2,538,514 |
2,133,965 |
3,422,487 |
4,170,516 |
- |
|
Other liabilities |
8,166,419 |
13,164,918 |
22,416,256 |
55,929,459 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
132,759,067 |
252,399,649 |
227,077,348 |
351,693,416 |
245,059,327 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
50,769,566 |
60,023,830 |
51,987,186 |
35,468,994 |
28,480,290 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
66,410,841 |
60,800,936 |
52,530,782 |
36,884,772 |
30,005,681 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share
capital |
7,000,000 |
7,000,000 |
7,000,000 |
7,000,000 |
7,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
7,000,000 |
7,000,000 |
7,000,000 |
7,000,000 |
7,000,000 |
|
Capital reserve |
851,813 |
851,813 |
771,813 |
771,813 |
- |
|
Exchange
equalisation/fluctuation reserve |
(442,329) |
(534,150) |
(366,532) |
(358,320) |
- |
|
Retained
profit/(loss) carried forward |
50,672,881 |
50,334,684 |
42,039,899 |
25,668,722 |
23,005,681 |
|
Others |
(1,130,050) |
(1,045,840) |
(762,533) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
49,952,315 |
49,606,507 |
41,682,647 |
26,082,215 |
23,005,681 |
|
MINORITY INTEREST |
7,848,456 |
3,490,573 |
3,774,865 |
3,802,557 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
64,800,771 |
60,097,080 |
52,457,512 |
36,884,772 |
30,005,681 |
|
Deferred taxation |
1,610,070 |
703,856 |
73,270 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
LIABILITIES |
1,610,070 |
703,856 |
73,270 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
66,410,841 |
60,800,936 |
52,530,782 |
36,884,772 |
30,005,681 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
R1
INTERNATIONAL PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
22,944,446 |
35,610,851 |
30,534,886 |
27,208,314 |
- |
|
Net Liquid Funds |
22,944,446 |
35,610,851 |
30,534,886 |
27,208,314 |
- |
|
Net Liquid Assets |
4,524,104 |
(23,576,449) |
(6,067,159) |
(1,322,182) |
28,480,290 |
|
Net Current
Assets/(Liabilities) |
50,769,566 |
60,023,830 |
51,987,186 |
35,468,994 |
28,480,290 |
|
Net Tangible
Assets |
66,410,841 |
60,800,936 |
52,530,782 |
36,884,772 |
30,005,681 |
|
Net Monetary
Assets |
2,914,034 |
(24,280,305) |
(6,140,429) |
(1,322,182) |
28,480,290 |
|
PROFIT &
LOSS ITEMS |
|||||
|
Earnings Before
Interest & Tax (EBIT) |
12,146,999 |
20,634,131 |
29,403,148 |
21,812,376 |
- |
|
Earnings Before Interest,
Taxes, Depreciation And Amortization (EBITDA) |
12,318,115 |
20,893,674 |
29,769,168 |
22,077,680 |
- |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
52,101,220 |
134,257,451 |
97,747,329 |
114,054,836 |
- |
|
Total Liabilities |
134,369,137 |
253,103,505 |
227,150,618 |
351,693,416 |
245,059,327 |
|
Total Assets |
199,169,908 |
313,200,585 |
279,608,130 |
388,578,188 |
275,065,008 |
|
Net Assets |
66,410,841 |
60,800,936 |
52,530,782 |
36,884,772 |
30,005,681 |
|
Net Assets
Backing |
64,800,771 |
60,097,080 |
52,457,512 |
36,884,772 |
30,005,681 |
|
Shareholders'
Funds |
64,800,771 |
60,097,080 |
52,457,512 |
36,884,772 |
30,005,681 |
|
Total Share
Capital |
7,000,000 |
7,000,000 |
7,000,000 |
7,000,000 |
7,000,000 |
|
Total Reserves |
49,952,315 |
49,606,507 |
41,682,647 |
26,082,215 |
23,005,681 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.17 |
0.14 |
0.13 |
0.08 |
- |
|
Liquid Ratio |
1.03 |
0.91 |
0.97 |
1.00 |
- |
|
Current Ratio |
1.38 |
1.24 |
1.23 |
1.10 |
1.12 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
12 |
15 |
6 |
4 |
- |
|
Debtors Ratio |
19 |
19 |
13 |
30 |
- |
|
Creditors Ratio |
12 |
13 |
8 |
13 |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing Ratio |
0.80 |
2.23 |
1.86 |
3.09 |
- |
|
Liabilities Ratio |
2.07 |
4.21 |
4.33 |
9.53 |
8.17 |
|
Times Interest
Earned Ratio |
4.24 |
4.54 |
3.66 |
3.70 |
- |
|
Assets Backing
Ratio |
9.49 |
8.69 |
7.50 |
5.27 |
4.29 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit
Margin |
0.66 |
0.79 |
0.65 |
0.50 |
0.46 |
|
Net Profit Margin |
0.48 |
0.65 |
0.50 |
0.35 |
0.43 |
|
Return On Net
Assets |
18.29 |
33.94 |
55.97 |
59.14 |
33.63 |
|
Return On Capital
Employed |
16.36 |
32.09 |
52.22 |
53.61 |
33.63 |
|
Return On
Shareholders' Funds/Equity |
10.53 |
21.96 |
31.21 |
30.45 |
31.65 |
|
Dividend Pay Out
Ratio (Times) |
0.95 |
0.37 |
0 |
0.15 |
- |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.83 |
|
|
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.