|
Report No. : |
306709 |
|
Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
BRIGHT RUBY RESOURCES PTE. LIMITED |
|
|
|
|
Registered Office : |
163, Penang Road, 02-03, Winsland House II, 238463 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
18.12.2009 |
|
|
|
|
Com. Reg. No.: |
200923603-R |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in Trading of Commodities & Iron Ores [We tried to confirm / obtain the detailed activity but the same is not available from any sources.] |
|
|
|
|
No of Employees : |
50 [2014] |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC
OVERVIEW
Singapore has a highly developed
and successful free-market economy. It enjoys a remarkably open and
corruption-free environment, stable prices, and a per capita GDP higher than
that of most developed countries. The economy depends heavily on exports,
particularly in consumer electronics, information technology products,
pharmaceuticals, and on a growing financial services sector. The economy
contracted 0.6% in 2009 as a result of the global financial crisis, but
rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to
in 2011-13, largely a result of soft demand for exports during the second
European recession. Over the longer term, the government hopes to establish a
new growth path that focuses on raising productivity. Singapore has attracted
major investments in pharmaceuticals and medical technology production and will
continue efforts to establish Singapore as Southeast Asia's financial and
high-tech hub.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
200923603-R |
||||
|
COMPANY NAME |
: |
BRIGHT RUBY RESOURCES PTE. LIMITED |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
18/12/2009 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
163, PENANG ROAD, 02-03, WINSLAND HOUSE II, 238463, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
1 RAFFLES PLACE, #40-01, 048616, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-64352615/64352612 |
||||
|
FAX.NO. |
: |
65-64389989 |
||||
|
CONTACT PERSON |
: |
WANG CHANGJUN ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
Engaged in Trading
of Commodities & Iron Ores |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
50,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 50,000,000.00 |
||||
|
SALES |
: |
USD 4,080,635,000 [2013] |
||||
|
NET WORTH |
: |
USD 416,632,000 [2013] |
||||
|
STAFF STRENGTH |
: |
50 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
Regular |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
N/A |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
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 & iron ores.
The immediate holding company of the Subject is BRIGHT RUBY INTERNATIONAL LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital
History
|
Date |
Issue & Paid Up Capital |
|
25/09/2014 |
USD 50,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BRIGHT RUBY INTERNATIONAL LIMITED |
PORTCULLIS TRUSTNET CHAMBERS, P.O. BOX 3444, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH. |
T09UF3231 |
50,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
50,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
201013786Z |
SINGAPORE |
BRIGHT RUBY INVESTMENT PTE. LIMITED |
100.00 |
30/06/2013 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
WANG CHANGJUN |
|
Address |
: |
33, JALAN MUTIARA, 10-03, LATITUDE, 249208, SINGAPORE. |
|
IC / PP No |
: |
S7187057Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
18/12/2009 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
WANG CHANGJUN |
|
Position |
: |
MANAGING DIRECTOR |
|
|
Auditor |
: |
PRICEWATERHOUSECOOPER LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
LOO BOON SAN |
|
IC / PP No |
: |
S7083674B |
|
|
Address |
: |
207D, COMPASSVALE LANE, 13-42, COMPASSVALE CREST, 547207, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
ANDREW HUDSON |
|
IC / PP No |
: |
G6066360U |
|
|
Address |
: |
90, WEST COAST ROAD, 01-49, CLEMENTIWOODS CONDOMINIUM, 126810, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ABN AMRO BANK N.V. |
|
2) |
Name |
: |
BNP PARIBAS |
|
3) |
Name |
: |
MALAYAN BANKING BHD |
|
4) |
Name |
: |
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT |
|
5) |
Name |
: |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
|
6) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
|
7) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
|
8) |
Name |
: |
BANK OF CHINA LIMITED |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201000811 |
25/01/2010 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201000814 |
25/01/2010 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201001680 |
24/02/2010 |
N/A |
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT |
- |
Unsatisfied |
|
C201008119 |
14/09/2010 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
C201008759 |
28/09/2010 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201103261 |
16/03/2011 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
C201212269 |
24/10/2012 |
N/A |
CITIC BANK INTERNATIONAL LIMITED SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201212272 |
24/10/2012 |
N/A |
CITIC BANK INTERNATIONAL LIMITED SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201300813 |
16/01/2013 |
N/A |
AGRICULTURAL BANK OF CHINA LIMITED |
- |
Unsatisfied |
|
C201301533 |
28/01/2013 |
N/A |
BANK OF CHINA LIMITED |
- |
Unsatisfied |
|
C201301535 |
28/01/2013 |
N/A |
BANK OF CHINA LIMITED |
- |
Unsatisfied |
|
C201312817 |
18/09/2013 |
N/A |
CREDIT SUISSE AG |
- |
Unsatisfied |
|
C201312818 |
18/09/2013 |
N/A |
CREDIT SUISSE AG |
- |
Unsatisfied |
|
C201312829 |
18/09/2013 |
N/A |
CREDIT SUISSE AG |
- |
Unsatisfied |
|
C201314236 |
22/10/2013 |
N/A |
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED |
- |
Unsatisfied |
|
C201401150 |
28/01/2014 |
N/A |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
- |
Unsatisfied |
|
C201403497 |
04/04/2014 |
N/A |
BANK OF CHINA LIMITED |
- |
Unsatisfied |
|
C201403498 |
04/04/2014 |
N/A |
BANK OF CHINA LIMITED |
- |
Unsatisfied |
LEGAL
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against 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 |
[ |
X |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
N/A |
|||
|
Overseas |
: |
N/A |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
The Subject refused to disclose any information on its clientele.
OPERATIONS
|
|
Goods Traded |
: |
COMMODITIES, IRON ORES |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
50 |
50 |
20 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of commodities
& iron ores.
The Subject refused to disclose any information on its business operations.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-64352615/64352612 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
163 PENANG ROAD, #02.03, WINSLAND HOUSE II, SINGAPORE 238463 |
|
Current Address |
: |
1 RAFFLES PLACE, #40-01, 048616, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
we contacted one of the staff from the Subject and she provided some information.
The address provided belongs to the Subject's registered office.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2011 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2011 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
70.89% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
78.77% |
] |
|
|
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
36 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
3 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 |
[ |
2.28 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.28 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 |
[ |
19.87 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.21 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 Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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 : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
* Based on Index of Industrial Production (2011 = 100) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY : |
TRADING |
|
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011. |
|
|
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011. |
|
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%. |
|
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined. |
|
|
OVERALL INDUSTRY
OUTLOOK : AVERAGE GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
The Subject is operating on a medium scale and it has approximately 50 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. Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. However, the Subject has generated a favourable return based on its existing shareholders' funds 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 416,632,000, the Subject should be able to maintain its business in the near terms. Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days. 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. In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
BRIGHT RUBY RESOURCES PTE. LIMITED |
|
Financial Year End |
2013-06-30 |
2012-06-30 |
2011-06-30 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
4,080,635,000 |
3,822,772,000 |
2,911,775,000 |
|
Other Income |
851,000 |
647,000 |
309,000 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
4,081,486,000 |
3,823,419,000 |
2,912,084,000 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
311,644,000 |
414,606,000 |
239,972,000 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
311,644,000 |
414,606,000 |
239,972,000 |
|
Taxation |
(16,287,000) |
(20,757,000) |
(13,322,000) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
295,357,000 |
393,849,000 |
226,650,000 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
421,275,000 |
227,426,000 |
160,776,000 |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
421,275,000 |
227,426,000 |
160,776,000 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
716,632,000 |
621,275,000 |
387,426,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(350,000,000) |
(200,000,000) |
(160,000,000) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
366,632,000 |
421,275,000 |
227,426,000 |
|
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||
|
Others |
16,519,000 |
18,215,000 |
9,845,000 |
|
---------------- |
---------------- |
---------------- |
|
|
16,519,000 |
18,215,000 |
9,845,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
BRIGHT RUBY RESOURCES PTE. LIMITED |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
178,000 |
255,000 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
178,000 |
255,000 |
- |
|
Trade debtors |
404,692,000 |
164,018,000 |
147,108,000 |
|
Other debtors, deposits & prepayments |
134,213,000 |
202,363,000 |
79,838,000 |
|
Short term deposits |
86,775,000 |
141,900,000 |
54,264,000 |
|
Amount due from holding company |
- |
80,684,000 |
46,396,000 |
|
Amount due from related companies |
44,169,000 |
160,416,000 |
104,925,000 |
|
Cash & bank balances |
71,575,000 |
51,385,000 |
64,123,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
741,424,000 |
800,766,000 |
496,654,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
741,602,000 |
801,021,000 |
496,654,000 |
|
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||
|
Trade creditors |
29,134,000 |
129,518,000 |
91,223,000 |
|
Other creditors & accruals |
63,710,000 |
155,100,000 |
97,275,000 |
|
Hire purchase & lease creditors |
- |
31,000 |
- |
|
Short term borrowings/Term loans |
86,176,000 |
19,762,000 |
- |
|
Amounts owing to holding company |
123,484,000 |
- |
- |
|
Amounts owing to related companies |
6,432,000 |
4,603,000 |
18,692,000 |
|
Provision for taxation |
16,034,000 |
20,732,000 |
12,000,000 |
|
Other liabilities |
- |
- |
38,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
324,970,000 |
329,746,000 |
219,228,000 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
416,454,000 |
471,020,000 |
277,426,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
416,632,000 |
471,275,000 |
277,426,000 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
50,000,000 |
50,000,000 |
50,000,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
50,000,000 |
50,000,000 |
50,000,000 |
|
Retained profit/(loss) carried forward |
366,632,000 |
421,275,000 |
227,426,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
366,632,000 |
421,275,000 |
227,426,000 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
416,632,000 |
471,275,000 |
277,426,000 |
|
---------------- |
---------------- |
---------------- |
|
|
416,632,000 |
471,275,000 |
277,426,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
|
|
BRIGHT RUBY RESOURCES PTE. LIMITED |
|
TYPES OF FUNDS |
|||
|
Cash |
158,350,000 |
193,285,000 |
118,387,000 |
|
Net Liquid Funds |
158,350,000 |
193,285,000 |
118,387,000 |
|
Net Liquid Assets |
416,454,000 |
471,020,000 |
277,426,000 |
|
Net Current Assets/(Liabilities) |
416,454,000 |
471,020,000 |
277,426,000 |
|
Net Tangible Assets |
416,632,000 |
471,275,000 |
277,426,000 |
|
Net Monetary Assets |
416,454,000 |
471,020,000 |
277,426,000 |
|
BALANCE SHEET ITEMS |
|||
|
Total Borrowings |
86,176,000 |
19,793,000 |
0 |
|
Total Liabilities |
324,970,000 |
329,746,000 |
219,228,000 |
|
Total Assets |
741,602,000 |
801,021,000 |
496,654,000 |
|
Net Assets |
416,632,000 |
471,275,000 |
277,426,000 |
|
Net Assets Backing |
416,632,000 |
471,275,000 |
277,426,000 |
|
Shareholders' Funds |
416,632,000 |
471,275,000 |
277,426,000 |
|
Total Share Capital |
50,000,000 |
50,000,000 |
50,000,000 |
|
Total Reserves |
366,632,000 |
421,275,000 |
227,426,000 |
|
LIQUIDITY (Times) |
|||
|
Cash Ratio |
0.49 |
0.59 |
0.54 |
|
Liquid Ratio |
2.28 |
2.43 |
2.27 |
|
Current Ratio |
2.28 |
2.43 |
2.27 |
|
WORKING CAPITAL CONTROL (Days) |
|||
|
Stock Ratio |
0 |
0 |
0 |
|
Debtors Ratio |
36 |
16 |
18 |
|
Creditors Ratio |
3 |
12 |
11 |
|
SOLVENCY RATIOS (Times) |
|||
|
Gearing Ratio |
0.21 |
0.04 |
0.00 |
|
Liabilities Ratio |
0.78 |
0.70 |
0.79 |
|
Times Interest Earned Ratio |
19.87 |
23.76 |
25.38 |
|
Assets Backing Ratio |
8.33 |
9.43 |
5.55 |
|
PERFORMANCE RATIO (%) |
|||
|
Operating Profit Margin |
7.64 |
10.85 |
8.24 |
|
Net Profit Margin |
7.24 |
10.30 |
7.78 |
|
Return On Net Assets |
78.77 |
91.84 |
90.05 |
|
Return On Capital Employed |
78.77 |
91.83 |
90.05 |
|
Return On Shareholders' Funds/Equity |
70.89 |
83.57 |
81.70 |
|
Dividend Pay Out Ratio (Times) |
1.19 |
0.51 |
0.71 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
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.