MIRA INFORM REPORT

 

 

Report No. :

336566

Report Date :

18.08.2015

 

IDENTIFICATION DETAILS

 

Name :

VISA RESOURCES PTE. LTD.

 

 

Registered Office :

61, Robinson Road, 17-01A, Robinson Centre, 068893

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.11.2008

 

 

Com. Reg. No.:

200822399-M

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of commodities

 

 

No. of Employee :

8 [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 :

Exist

 

 

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.

:

200822399-M

COMPANY NAME

:

VISA RESOURCES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/11/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.

BUSINESS ADDRESS

:

61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.

TEL.NO.

:

65-64359000/64359018

FAX.NO.

:

65-64359001

CONTACT PERSON

:

VIVEK AGARWAL ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITIES

ISSUED AND PAID UP CAPITAL

:

7,270,000.00 ORDINARY SHARE, OF A VALUE OF SGD 7,270,000.00

SALES

:

USD 142,349,372 [2014]

NET WORTH

:

USD 10,330,679 [2014]

STAFF STRENGTH

:

8 [2015]

BANKER (S)

:

ING BANK N.V.
ABN AMRO BANK N.V.
OVERSEA-CHINESE BANKING CORPORATION LIMITED
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

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) trading of commodities.

 

The immediate holding company of the Subject is VISA GROUP LIMITED, a company incorporated in SINGAPORE.

Share Capital History

Date

Issue & Paid Up Capital

13/08/2015

SGD 7,270,000.00


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

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

VISA GROUP LIMITED

61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.

200911321E

7,270,000.00

100.00

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

------

7,270,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

VIVEK AGARWAL

Address

:

10, DRAYCOTT PARK, 16-08, DRAYCOTT EIGHT, 259405, SINGAPORE.

IC / PP No

:

G5935678Q

Nationality

:

INDIAN

Date of Appointment

:

28/11/2008


MANAGEMENT

 

 

 

1)

Name of Subject

:

VIVEK AGARWAL

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

MOORE STEPHENS LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. STEVEN LUK CHIEW PENG

IC / PP No

:

S6970685A

Address

:

6, MARTIN PLACE, 31-11, MARTIN PLACE RESIDENCES, 237990, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ING BANK N.V.

 

2)

Name

:

ABN AMRO BANK N.V.

 

3)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

4)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200901552

11/03/2009

N/A

ING BANK N.V.

-

Unsatisfied

C200902589

05/05/2009

N/A

BNP PARIBAS

-

Unsatisfied

C201001681

24/02/2010

N/A

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

-

Unsatisfied

C201107170

15/06/2011

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201201288

02/02/2012

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201213172

14/11/2012

N/A

ICICI BANK LIMITED

-

Unsatisfied

C201213173

14/11/2012

N/A

ICICI BANK LIMITED

-

Unsatisfied

C201410166

08/09/2014

N/A

BNP PARIBAS

-

Unsatisfied

 

 

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

LEGAL ACTION

 

 

Code No

:

99

Case No

:

1322

Year

:

2014

Place

:

SINGAPORE

Court

:

SUPREME COURT

Date Filed

:

17/12/2014

Solicitor

:

NG JIA EN

Solicitor Firm

:

STAMFORD LAW CORPORATION

Plaintiff

:

EXPERT PROFIT HOLDINGS LIMITED

Defendants

:

VISA RESOURCES PTE. LTD. (200822399)

Remark

:

CARGO OWNER'S CLAIM

 

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

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

BULK COMMODITIES

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

8

8

8

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of commodities.

The Subject engaged in the trading of commodities such as coal, coke, minerals & metals.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-64359000/64359018

Match

:

N/A

Address Provided by Client

:

61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE,068893,SINGAPORE

Current Address

:

61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.

Match

:

YES

 

Other Investigations


On 12th August 2015 we contacted one of the staff from the Subject and she provided some information.

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

Return on Shareholder Funds

:

Acceptable

[

11.99%

]

Return on Net Assets

:

Acceptable

[

14.13%

]

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 Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Nil

[

0 Days

]

Debtor Ratio

:

Favourable

[

42 Days

]

Creditors Ratio

:

Favourable

[

34 Days

]

As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.54 Times

]

Current Ratio

:

Unfavourable

[

1.54 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

:

Favourable

[

11.15 Times

]

Gearing Ratio

:

Favourable

[

0.43 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STRONG

 

 

 

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

 

 


Incorporated in 2008, the Subject is a Private Limited company, focusing on trading of commodities. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. A paid up capital of SGD 7,270,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Investigation revealed, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 8 employees. 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 10,330,679, 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 promptly.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

Months

12

12

12

12

16

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

142,349,372

119,249,489

138,816,591

151,082,741

100,958,617

Other Income

2,321,873

292,070

224,641

18,917

76,304

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

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

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

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

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

Total Turnover

144,671,245

119,541,559

139,041,232

151,101,658

101,034,921

Costs of Goods Sold

(138,869,231)

(116,198,869)

(136,853,770)

(146,962,369)

(98,881,770)

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

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

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

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

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

Gross Profit

5,802,014

3,342,690

2,187,462

4,139,289

2,153,151

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,328,988

708,692

796,279

1,777,441

1,360,859

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,328,988

708,692

796,279

1,777,441

1,360,859

Taxation

(89,997)

141,219

(80,000)

(177,214)

(130,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,238,991

849,911

716,279

1,600,227

1,230,859

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

3,397,276

2,547,365

1,831,086

1,230,859

-

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

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

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

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

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

As restated

3,397,276

2,547,365

1,831,086

1,230,859

-

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

4,636,267

3,397,276

2,547,365

2,831,086

1,230,859

DIVIDENDS - Ordinary (paid & proposed)

-

-

-

(1,000,000)

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

4,636,267

3,397,276

2,547,365

1,831,086

1,230,859

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

-

5,903

-

-

-

Others

130,901

457,464

383,882

177,389

144,762

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

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

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

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

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

130,901

463,367

383,882

177,389

144,762

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

-

1,425

2,569

204

1,252

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

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

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

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

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

-

1,425

2,569

204

1,252

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

3,508

-

1,425

1,628

1,832

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

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

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

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

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

TOTAL LONG TERM ASSETS

3,508

-

1,425

1,628

1,832

Stocks

-

-

-

16,164,250

-

Trade debtors

16,388,067

10,272,607

24,012,272

14,481,712

1,049,356

Other debtors, deposits & prepayments

4,530,212

1,835,674

1,887,790

2,245,728

2,368,584

Short term deposits

5,344,670

897,254

684,553

1,933,590

270,000

Amount due from related companies

-

59,352

-

1,213,334

44,226

Cash & bank balances

3,362,754

825,862

5,121,040

1,799,284

3,100,168

Others

-

-

-

175,000

-

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

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

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

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

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

TOTAL CURRENT ASSETS

29,625,703

13,890,749

31,705,655

38,012,898

6,832,334

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

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

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

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

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

TOTAL ASSET

29,629,211

13,890,749

31,707,080

38,014,526

6,834,166

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

13,081,212

3,859,837

20,726,823

2,759,518

30,580

Other creditors & accruals

1,653,278

342,179

359,201

394,218

602,576

Hire purchase & lease creditors

-

-

-

7,301,372

-

Bank overdraft

23,817

-

-

-

170,031

Short term borrowings/Term loans

-

-

4,074,137

-

-

Other borrowings

4,428,152

1,548,972

1,640,152

21,679,623

-

Bill & acceptances payable

-

-

-

3,063,341

-

Amounts owing to related companies

-

-

1,609,282

140,248

4,000,000

Provision for taxation

112,073

48,073

80,000

175,000

130,000

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

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

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

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

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

TOTAL CURRENT LIABILITIES

19,298,532

5,799,061

28,489,595

35,513,320

4,933,187

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

10,327,171

8,091,688

3,216,060

2,499,578

1,899,147

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

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

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

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

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

TOTAL NET ASSETS

10,330,679

8,091,688

3,217,485

2,501,206

1,900,979

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

5,694,412

4,694,412

670,120

670,120

670,120

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

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

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

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

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

TOTAL SHARE CAPITAL

5,694,412

4,694,412

670,120

670,120

670,120

Retained profit/(loss) carried forward

4,636,267

3,397,276

2,547,365

1,831,086

1,230,859

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

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

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

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

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

TOTAL RESERVES

4,636,267

3,397,276

2,547,365

1,831,086

1,230,859

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

10,330,679

8,091,688

3,217,485

2,501,206

1,900,979

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

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

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

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

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

10,330,679

8,091,688

3,217,485

2,501,206

1,900,979

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

8,707,424

1,723,116

5,805,593

3,732,874

3,370,168

Net Liquid Funds

8,683,607

1,723,116

5,805,593

669,533

3,200,137

Net Liquid Assets

10,327,171

8,091,688

3,216,060

(13,664,672)

1,899,147

Net Current Assets/(Liabilities)

10,327,171

8,091,688

3,216,060

2,499,578

1,899,147

Net Tangible Assets

10,330,679

8,091,688

3,217,485

2,501,206

1,900,979

Net Monetary Assets

10,327,171

8,091,688

3,216,060

(13,664,672)

1,899,147

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

1,459,889

1,172,059

1,180,161

1,954,830

1,505,621

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

1,459,889

1,173,484

1,182,730

1,955,034

1,506,873

BALANCE SHEET ITEMS

Total Borrowings

4,451,969

1,548,972

5,714,289

32,044,336

170,031

Total Liabilities

19,298,532

5,799,061

28,489,595

35,513,320

4,933,187

Total Assets

29,629,211

13,890,749

31,707,080

38,014,526

6,834,166

Net Assets

10,330,679

8,091,688

3,217,485

2,501,206

1,900,979

Net Assets Backing

10,330,679

8,091,688

3,217,485

2,501,206

1,900,979

Shareholders' Funds

10,330,679

8,091,688

3,217,485

2,501,206

1,900,979

Total Share Capital

5,694,412

4,694,412

670,120

670,120

670,120

Total Reserves

4,636,267

3,397,276

2,547,365

1,831,086

1,230,859

LIQUIDITY (Times)

Cash Ratio

0.45

0.30

0.20

0.11

0.68

Liquid Ratio

1.54

2.40

1.11

0.62

1.38

Current Ratio

1.54

2.40

1.11

1.07

1.38

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

39

0

Debtors Ratio

42

31

63

35

4

Creditors Ratio

34

12

55

7

0

SOLVENCY RATIOS (Times)

Gearing Ratio

0.43

0.19

1.78

12.81

0.09

Liabilities Ratio

1.87

0.72

8.85

14.20

2.60

Times Interest Earned Ratio

11.15

2.53

3.07

11.02

10.40

Assets Backing Ratio

1.81

1.72

4.80

3.73

2.84

PERFORMANCE RATIO (%)

Operating Profit Margin

0.93

0.59

0.57

1.18

1.35

Net Profit Margin

0.87

0.71

0.52

1.06

1.22

Return On Net Assets

14.13

14.48

36.68

78.16

79.20

Return On Capital Employed

14.10

14.48

36.68

19.94

72.70

Return On Shareholders' Funds/Equity

11.99

10.50

22.26

63.98

64.75

Dividend Pay Out Ratio (Times)

0

0

0

0.62

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.22

UK Pound

1

Rs.102.23

Euro

1

Rs.72.39

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.