MIRA INFORM REPORT

 

 

Report No. :

310404

Report Date :

28.02.2015

 

IDENTIFICATION DETAILS

 

Name :

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

 

 

Formerly Known As :

NOBLE RESOURCES SINGAPORE PTE. LTD.

 

 

Registered Office :

60, Anson Road, 19-01, Mapletree Anson, 079914,

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

29.06.2011

 

 

Com. Reg. No.:

201115304-N

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Agricultural, Energy Products, Metals and Minerals, Investment Holding

 

 

No. of Employee :

200 [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.

:

201115304-N

COMPANY NAME

:

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

FORMER NAME

:

NOBLE RESOURCES SINGAPORE PTE. LTD. (25/07/2011)

INCORPORATION DATE

:

29/06/2011

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

60, ANSON ROAD, 19-01, MAPLETREE ANSON, 079914, SINGAPORE.

BUSINESS ADDRESS

:

60, ANSON ROAD, 19-01, MAPLETREE ANSON, 079914, SINGAPORE.

TEL.NO.

:

65-63054888

FAX.NO.

:

65-64054889

WEB SITE

:

WWW.THISISNOBLE.COM

CONTACT PERSON

:

NEIL TIMOTHY DHAR ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF AGRICULTURAL, ENERGY PRODUCTS, METALS AND MINERALS, INVESTMENT HOLDING

ISSUED AND PAID UP CAPITAL

:

88,136,500.00 ORDINARY SHARE, OF A VALUE OF SGD 88,136,500.00 

SALES

:

USD 17,166,878,000 [2013]

NET WORTH

:

USD 345,528,000 [2013]

STAFF STRENGTH

:

200 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

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 agricultural, energy products, metals and minerals, investment holding.

 

The immediate holding company of the Subject is NOBLE RESOURCES GROUP LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

 

Share Capital History

Date

Issue & Paid Up Capital

28/01/2015

SGD 88,136,500.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

NOBLE RESOURCES GROUP LIMITED

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

T03UF0001

88,136,500.00

100.00

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

------

88,136,500.00

100.00

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

=====

+ Also Director

 

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

Local No

Country

Company

(%)

As At

201129166G

SINGAPORE

ZEAL RESOURCES PTE. LTD.

100.00

27/01/2015

200709936E

SINGAPORE

NOBLE PLANTATIONS PTE. LTD.

100.00

27/01/2015

201004485D

SINGAPORE

ENERGY COAL MARKETING ASIA PTE. LTD.

100.00

27/01/2015

200712611E

SINGAPORE

NHCL PTE. LTD.

100.00

27/01/2015

201131155K

SINGAPORE

JAPET RESOURCES PTE. LTD.

100.00

27/01/2015

200707807K

SINGAPORE

NOBLE INTERNATIONAL TRADING SINGAPORE PTE. LTD.

100.00

27/01/2015

200106798D

SINGAPORE

WORLDWIDE WAREHOUSE SOLUTIONS SINGAPORE PTE. LTD.

100.00

27/01/2015

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

TIMOTHY MARTIN EYRE

Address

:

FLAT C, 8/F, THE MANHATTAN, 33, TAI TAM ROAD, STANLEY, HONG KONG.

IC / PP No

:

508184894

Nationality

:

BRITISH

Date of Appointment

:

01/11/2011

 

DIRECTOR 2

 

Name Of Subject

:

WILLIAM JAMES RANDALL

Address

:

8, ROCHALIE DRIVE, 248239, SINGAPORE.

IC / PP No

:

G5933539T

Nationality

:

AUSTRALIAN

Date of Appointment

:

17/08/2011

 

DIRECTOR 3

 

Name Of Subject

:

NEIL TIMOTHY DHAR

Address

:

64A, MERRYN ROAD, 298524, SINGAPORE.

IC / PP No

:

S2770726B

Nationality

:

SINGAPOREAN

Date of Appointment

:

17/08/2011

 

 

MANAGEMENT

 

 

1)

Name of Subject

:

NEIL TIMOTHY DHAR

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TAN SAN-JU

IC / PP No

:

S1495769C

Address

:

56, SUNSET WAY, CLEMENTI PARK, 597081, SINGAPORE.

 

2)

Company Secretary

:

JULIANA TAN BENG HWEE

IC / PP No

:

S7109947D

Address

:

533, UPPER CROSS STREET, 16-213, 050533, SINGAPORE.

 

 

BANKING


No Banker found in our databank. 



ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201309318

08/07/2013

N/A

ABN AMRO BANK N.V., HONG KONG BRANCH

-

Unsatisfied

C201403248

28/03/2014

N/A

BANCO NACIONAL DE MEXICO SA

-

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.

No legal action was found in our databank.


No winding up petition was found in our databank.

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers. 


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

 

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

N/A

 

 

OPERATIONS

 

Goods Traded

:

AGRICULTURAL, ENERGY PRODUCTS, METALS AND MINERALS

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

200

200

200

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of agricultural, energy products, metals and minerals, investment holding. 

 

The Noble Group, is a market-leading global supply chain manager of agricultural and energy products, metals and minerals. 



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63054888

Match

:

N/A

Address Provided by Client

:

60, ANSON ROAD, 19-01, MAPLETREE ANSON,079914,SINGAPORE

Current Address

:

60, ANSON ROAD, 19-01, MAPLETREE ANSON, 079914, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose it's bankers.

 

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2011 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2011 - 2013

]

Return on Shareholder Funds

:

Favourable

[

50.09%

]

Return on Net Assets

:

Favourable

[

70.80%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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

:

Favourable

[

5 Days

]

Debtor Ratio

:

Favourable

[

10 Days

]

Creditors Ratio

:

Favourable

[

5 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Acceptable

[

0.97 Times

]

Current Ratio

:

Unfavourable

[

1.03 Times

]

The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Acceptable

[

4.33 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject 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 :

Generally, the Subject's performance has improved with higher turnover and profit. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject 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 : FAIR

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 2011, the Subject is a Private Limited company, focusing on trading of agricultural, energy products, metals and minerals, investment holding. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. The Subject is a large entity with strong capital position of SGD 88,136,500. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 


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. The Subject is a fairly large and rapidly growing company with over 200 staff in its 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 managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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 345,528,000, 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. 


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

2013-12-31

2012-12-31

2011-12-31

Months

12

12

6

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

FULL

Currency

USD

USD

USD

TURNOVER

17,166,878,000

12,249,509,000

1,731,743,000

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

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

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

Total Turnover

17,166,878,000

12,249,509,000

1,731,743,000

Costs of Goods Sold

(16,801,181,000)

(12,009,083,000)

(1,674,911,000)

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

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

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

Gross Profit

365,697,000

240,426,000

56,832,000

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

188,081,000

110,435,000

5,273,000

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

188,081,000

110,435,000

5,273,000

Taxation

(15,000,000)

(12,100,000)

(1,200,000)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

173,081,000

98,335,000

4,073,000

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

102,408,000

4,073,000

-

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

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

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

As restated

102,408,000

4,073,000

-

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

275,489,000

102,408,000

4,073,000

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

275,489,000

102,408,000

4,073,000

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

56,552,000

41,669,000

9,365,000

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

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

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

56,552,000

41,669,000

9,365,000

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

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

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

 

 

 

 

BALANCE SHEET

 

 

ASSETS EMPLOYED:

FIXED ASSETS

8,682,000

10,607,000

10,832,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

17,998,000

18,032,000

17,998,000

Associated companies

5,137,000

5,137,000

4,780,000

Investments

40,000,000

40,000,000

-

Investment securities

6,628,000

-

-

Deferred assets

-

-

4,521,000

Others

140,942,000

35,631,000

213,128,000

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

210,705,000

98,800,000

240,427,000

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

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

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

TOTAL LONG TERM ASSETS

219,387,000

109,407,000

251,259,000

Stocks

247,425,000

52,520,000

61,333,000

Trade debtors

477,355,000

376,065,000

195,996,000

Other debtors, deposits & prepayments

364,731,000

316,277,000

176,218,000

Amount due from agents, brokers & reinsurers

4,014,000

22,000

36,254,000

Amount due from related companies

577,375,000

511,830,000

383,955,000

Cash & bank balances

1,752,000

683,000

6,094,000

Others

2,496,285,000

3,718,636,000

1,179,926,000

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

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

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

TOTAL CURRENT ASSETS

4,168,937,000

4,976,033,000

2,039,776,000

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

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

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

TOTAL ASSET

4,388,324,000

5,085,440,000

2,291,035,000

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

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

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

CURRENT LIABILITIES

Trade creditors

221,462,000

193,121,000

109,025,000

Other creditors & accruals

734,543,000

395,682,000

284,886,000

Amounts owing to related companies

2,843,067,000

1,887,040,000

1,437,723,000

Provision for taxation

13,864,000

2,275,000

1,200,000

Other liabilities

229,860,000

2,434,489,000

509,619,000

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

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

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

TOTAL CURRENT LIABILITIES

4,042,796,000

4,912,607,000

2,342,453,000

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

126,141,000

63,426,000

(302,677,000)

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

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

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

TOTAL NET ASSETS

345,528,000

172,833,000

(51,418,000)

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

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

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

SHARE CAPITAL

Ordinary share capital

70,425,000

70,425,000

30,401,000

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

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

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

TOTAL SHARE CAPITAL

70,425,000

70,425,000

30,401,000

Retained profit/(loss) carried forward

275,489,000

102,408,000

4,073,000

Others

(386,000)

-

(85,892,000)

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

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

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

TOTAL RESERVES

275,103,000

102,408,000

(81,819,000)

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

345,528,000

172,833,000

(51,418,000)

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

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

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

345,528,000

172,833,000

(51,418,000)

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

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

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

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

1,752,000

683,000

6,094,000

Net Liquid Funds

1,752,000

683,000

6,094,000

Net Liquid Assets

(121,284,000)

10,906,000

(364,010,000)

Net Current Assets/(Liabilities)

126,141,000

63,426,000

(302,677,000)

Net Tangible Assets

345,528,000

172,833,000

(51,418,000)

Net Monetary Assets

(121,284,000)

10,906,000

(364,010,000)

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

Total Liabilities

4,042,796,000

4,912,607,000

2,342,453,000

Total Assets

4,388,324,000

5,085,440,000

2,291,035,000

Net Assets

345,528,000

172,833,000

(51,418,000)

Net Assets Backing

345,528,000

172,833,000

(51,418,000)

Shareholders' Funds

345,528,000

172,833,000

(51,418,000)

Total Share Capital

70,425,000

70,425,000

30,401,000

Total Reserves

275,103,000

102,408,000

(81,819,000)

LIQUIDITY (Times)

Cash Ratio

0.00

0.00

0.00

Liquid Ratio

0.97

1.00

0.84

Current Ratio

1.03

1.01

0.87

WORKING CAPITAL CONTROL (Days)

Stock Ratio

5

2

13

Debtors Ratio

10

11

41

Creditors Ratio

5

6

24

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

Liabilities Ratio

11.70

28.42

(45.56)

Times Interest Earned Ratio

4.33

3.65

1.56

Assets Backing Ratio

4.91

2.45

(1.69)

PERFORMANCE RATIO (%)

Operating Profit Margin

1.10

0.90

0.30

Net Profit Margin

1.01

0.80

0.24

Return On Net Assets

70.80

88.01

(28.47)

Return On Capital Employed

70.80

88.01

(28.47)

Return On Shareholders' Funds/Equity

50.09

56.90

(7.92)

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.79

UK Pound

1

Rs.95.42

Euro

1

Rs.69.28

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

DPT

 

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.