MIRA INFORM REPORT

 

 

Report No. :

307734

Report Date :

17.02.2015

 

IDENTIFICATION DETAILS

 

Name :

LF CENTENNIAL PTE. LTD.

 

 

Formerly Known As :

LF CENTENNIAL TRADING PTE. LTD. (28/12/2006)

 

 

Registered Office :

10 Raeburn Park #03-08, 088702

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

07.12.2006

 

 

Com. Reg. No.:

200618333-D

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Wearing Apparels.

 

 

No. of Employee :

80 [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 – 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.

:

200618333-D

COMPANY NAME

:

LF CENTENNIAL PTE. LTD.

FORMER NAME

:

LF CENTENNIAL TRADING PTE. LTD. (28/12/2006)

INCORPORATION DATE

:

07/12/2006

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10 RAEBURN PARK #03-08, 088702, SINGAPORE.

BUSINESS ADDRESS

:

10 RAEBURN PARK ,03-08, BLOCK A,, 088702, SINGAPORE.

TEL.NO.

:

65-63338893

FAX.NO.

:

65-68359383

CONTACT PERSON

:

MUKHTAR AHMED S/O MOHAMED ZAKERIA ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF WEARING APPARELS

ISSUED AND PAID UP CAPITAL

:

100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00

SALES

:

USD 3,702,502,311 [2013]

NET WORTH

:

USD 38,311,390 [2013]

STAFF STRENGTH

:

80 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

GOOD

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 wearing apparels.

 

The immediate holding company of the Subject is LF CENTENNIAL LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

 

Share Capital History

 

Date

Issue & Paid Up Capital

04/12/2014

SGD 100,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

LF CENTENNIAL LIMITED

P.O.BOX 957, OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, VIRGIN ISLANDS, BRITISH.

T07UF0636H

100,000.00

100.00

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

------

100,000.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

200904307R

SINGAPORE

LF EUROPE (ASIA) PTE. LTD.

100.00

26/01/2015

201100365C

SINGAPORE

LF FASHION SERVICE PTE. LTD.

100.00

26/01/2015

SINGAPORE

LI & FUNG TRADING SERVICE (GUANG ZHOU) LTD.

100.00

31/12/2014

200902782H

SINGAPORE

MILLWORK PTE. LTD.

100.00

31/12/2013

200901018G

SINGAPORE

LF BEAUTY PTE. LTD.

100.00

26/01/2015

201000569K

SINGAPORE

DIRECT SOURCING GROUP PTE. LTD.

100.00

26/01/2015

201014499W

SINGAPORE

LF PRODUCTS PTE. LTD.

100.00

26/01/2015

200901032G

SINGAPORE

LF FASHION PTE. LTD.

100.00

26/01/2015



 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

ONUR GUR

Address

:

42, KEPPEL BAY DRIVE, 05-112, CARIBBEAN AT KEPPEL BAY, 098656, SINGAPORE.

IC / PP No

:

G6305820W

Nationality

:

TURK

Date of Appointment

:

01/11/2012

 

DIRECTOR 2

 

Name Of Subject

:

MR. MUKHTAR AHMED S/O MOHAMED ZAKERIA

Address

:

454, TAMPINES STREET, 42, 07-252, 520454, SINGAPORE.

IC / PP No

:

S1163788D

Nationality

:

SINGAPOREAN

Date of Appointment

:

31/01/2011

 

DIRECTOR 3

 

Name Of Subject

:

DWIJENDRANATH RAMDIN

Address

:

60, TANAH MERAH KECHIL AVENUE, 10-17, CASA MERAH, 465529, SINGAPORE.

IC / PP No

:

S2768879I

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/11/2012



MANAGEMENT

 

 

 

1)

Name of Subject

:

MUKHTAR AHMED S/O MOHAMED ZAKERIA

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

 

1)

Company Secretary

:

CHEW SOR HUA

IC / PP No

:

S1688526F

Address

:

6, JALAN IKAN MERAH, THOMSON PARK, 578037, SINGAPORE.

 

 

BANKING

 


No Banker found in our databank.

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

LITIGATION CHECK AGAINST SUBJECT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES


The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

 

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

30 - 60 DAYS

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

APPARELS

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

80

 

Branch

:

NO

Other Information:


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

The Subject is global supply chain management service provider dealing in apparels.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63338893

Match

:

N/A

Address Provided by Client

:

SUNTEC TWR 4, 6 TEMASEK BOULEVARD NO 10-01 538986

Current Address

:

10 RAEBURN PARK ,03-08, BLOCK A,, 088702, SINGAPORE.

Match

:

NO

 

Other Investigations


On 11th February 2015 we contacted one of the staff from the Subject and she provided some information.

She is not aware of the address provided.

 

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2013

]

Return on Shareholder Funds

:

Favourable

[

711.33%

]

Return on Net Assets

:

Favourable

[

734.19%

]

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. 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

[

34 Days

]

Creditors Ratio

:

Unfavourable

[

61 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 unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

Liquidity

Liquid Ratio

:

Favourable

[

1.01 Times

]

Current Ratio

:

Unfavourable

[

1.01 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

[

82.01 Times

]

Gearing Ratio

:

Favourable

[

0.00 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 had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those 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 was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : STABLE

 

 

 

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 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 2006, the Subject is a Private Limited company, focusing on trading of wearing apparels. 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. We noted that the issued and paid up capital of the Subject stands at SGD 100,000. However, with a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a moderate size company, the Subject has a total workforce of 80 employees in its business operations. The Subject has a good  management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

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. Based on the higher profitability, 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 38,311,390, 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. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

3,702,502,311

3,514,379,570

3,811,506,157

3,332,190,107

3,200,507,625

Other Income

220,109,302

97,068,404

208,475,115

122,903,202

-

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

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

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

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

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

Total Turnover

3,922,611,613

3,611,447,974

4,019,981,272

3,455,093,309

3,200,507,625

Costs of Goods Sold

(3,479,426,267)

(3,294,312,288)

(3,563,693,235)

(3,143,633,896)

-

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

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

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

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

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

Gross Profit

443,185,346

317,135,686

456,288,037

311,459,413

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

277,849,146

180,149,807

344,197,028

214,177,805

110,096,661

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

277,849,146

180,149,807

344,197,028

214,177,805

110,096,661

Taxation

(5,328,237)

(6,377,760)

(8,654,330)

(6,253,342)

(5,585,842)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

272,520,909

173,772,047

335,542,698

207,924,463

104,510,819

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

5,722,222

31,950,175

36,407,477

108,483,014

40,972,195

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

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

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

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

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

As restated

5,722,222

31,950,175

36,407,477

108,483,014

40,972,195

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

278,243,131

205,722,222

371,950,175

316,407,477

145,483,014

DIVIDENDS - Ordinary (paid & proposed)

(240,000,000)

(200,000,000)

(340,000,000)

(280,000,000)

(37,000,000)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

38,243,131

5,722,222

31,950,175

36,407,477

108,483,014

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

3,429,684

2,375,467

987,634

516,718

27

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

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

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

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

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

3,429,684

2,375,467

987,634

516,718

27

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

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

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

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

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

 

 

 

 

BALANCE SHEET

 

 

ASSETS EMPLOYED:

FIXED ASSETS

57,583

41,968

148,517

113,376

150,726

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

1,677,332

42,460

42,460

34,523

19,912

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

1,677,332

42,460

42,460

34,523

19,912

Own goodwill

21,169,861

22,169,861

23,169,861

25,771,430

26,771,430

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

21,169,861

22,169,861

23,169,861

25,771,430

26,771,430

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

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

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

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

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

TOTAL LONG TERM ASSETS

22,904,776

22,254,289

23,360,838

25,919,329

26,942,068

Trade debtors

342,802,618

386,337,793

414,533,539

400,698,730

278,017,409

Other debtors, deposits & prepayments

4,965,474

4,579,503

3,821,148

4,084,642

1,846,828

Short term deposits

8,906

439

-

-

-

Amount due from related companies

429,146,375

844,664,366

582,809,140

169,459,393

128,023,652

Cash & bank balances

335,747,952

7,631,576

50,964,931

26,701,295

40,147,691

Others

-

-

439

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

1,112,671,325

1,243,213,677

1,052,129,197

600,944,060

448,035,580

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

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

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

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

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

TOTAL ASSET

1,135,576,101

1,265,467,966

1,075,490,035

626,863,389

474,977,648

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

584,944,322

560,250,029

497,477,462

438,499,801

294,520,891

Other creditors & accruals

14,719,632

12,929,439

9,488,881

6,851,197

20,846,292

Bank overdraft

-

413,264,882

132,793,883

-

-

Amounts owing to related companies

492,012,773

267,063,319

401,190,366

139,263,341

45,417,907

Provision for taxation

5,587,984

6,169,816

2,521,009

5,744,796

5,641,285

Other liabilities

-

-

-

28,518

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

1,097,264,711

1,259,677,485

1,043,471,601

590,387,653

366,426,375

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

15,406,614

(16,463,808)

8,657,596

10,556,407

81,609,205

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

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

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

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

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

TOTAL NET ASSETS

38,311,390

5,790,481

32,018,434

36,475,736

108,551,273

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

68,259

68,259

68,259

68,259

68,259

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

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

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

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

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

TOTAL SHARE CAPITAL

68,259

68,259

68,259

68,259

68,259

Retained profit/(loss) carried forward

38,243,131

5,722,222

31,950,175

36,407,477

108,483,014

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

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

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

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

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

TOTAL RESERVES

38,243,131

5,722,222

31,950,175

36,407,477

108,483,014

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

38,311,390

5,790,481

32,018,434

36,475,736

108,551,273

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

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

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

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

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

38,311,390

5,790,481

32,018,434

36,475,736

108,551,273

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

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

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

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

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

 

 

 

 

FINANCIAL RATIO

 

 

TYPES OF FUNDS

Cash

335,756,858

7,632,015

50,964,931

26,701,295

40,147,691

Net Liquid Funds

335,756,858

(405,632,867)

(81,828,952)

26,701,295

40,147,691

Net Liquid Assets

15,406,614

(16,463,808)

8,657,596

10,556,407

81,609,205

Net Current Assets/(Liabilities)

15,406,614

(16,463,808)

8,657,596

10,556,407

81,609,205

Net Tangible Assets

17,141,529

(16,379,380)

8,848,573

10,704,306

81,779,843

Net Monetary Assets

15,406,614

(16,463,808)

8,657,596

10,556,407

81,609,205

BALANCE SHEET ITEMS

Total Borrowings

0

413,264,882

132,793,883

0

0

Total Liabilities

1,097,264,711

1,259,677,485

1,043,471,601

590,387,653

366,426,375

Total Assets

1,135,576,101

1,265,467,966

1,075,490,035

626,863,389

474,977,648

Net Assets

38,311,390

5,790,481

32,018,434

36,475,736

108,551,273

Net Assets Backing

38,311,390

5,790,481

32,018,434

36,475,736

108,551,273

Shareholders' Funds

38,311,390

5,790,481

32,018,434

36,475,736

108,551,273

Total Share Capital

68,259

68,259

68,259

68,259

68,259

Total Reserves

38,243,131

5,722,222

31,950,175

36,407,477

108,483,014

LIQUIDITY (Times)

Cash Ratio

0.31

0.01

0.05

0.05

0.11

Liquid Ratio

1.01

0.99

1.01

1.02

1.22

Current Ratio

1.01

0.99

1.01

1.02

1.22

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

0

0

Debtors Ratio

34

40

40

44

32

Creditors Ratio

61

62

51

51

34

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

71.37

4.15

0.00

0.00

Liabilities Ratio

28.64

217.54

32.59

16.19

3.38

Times Interest Earned Ratio

82.01

76.84

349.51

415.50

4,077,655.11

Assets Backing Ratio

251.12

(239.96)

129.63

156.82

1,198.08

PERFORMANCE RATIO (%)

Operating Profit Margin

7.50

5.13

9.03

6.43

3.44

Net Profit Margin

7.36

4.94

8.80

6.24

3.27

Return On Net Assets

734.19

3,152.16

1,078.08

588.60

101.42

Return On Capital Employed

472.89

41.37

183.63

344.91

81.36

Return On Shareholders' Funds/Equity

711.33

3,001.00

1,047.97

570.04

96.28

Dividend Pay Out Ratio (Times)

0.88

1.15

1.01

1.35

0.35

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.96.00

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.