MIRA INFORM REPORT

 

 

Report No. :

302044

Report Date :

05.01.2015

 

 

IDENTIFICATION DETAILS

 

Name :

VAMANCORE PTE. LTD.

 

 

Registered Office :

101, Cecil Street, 23-12, Tong Eng Building, 069533,

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

12.09.2008

 

 

Com. Reg. No.:

200818067-H

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of ferro alloys and iron & steel products

 

 

No. of Employees :

01 [2014]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

 

 

 

Company name and address

 

 

REGISTRATION NO.

:

200818067-H

COMPANY NAME

:

VAMANCORE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

12/09/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

101, CECIL STREET, 23-12, TONG ENG BUILDING, 069533, SINGAPORE.

BUSINESS ADDRESS

:

101 CECIL STREET #23-12 TONG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

:

65-62246151

FAX.NO.

:

65-62238087

CONTACT PERSON

:

VIKASH AGARWAL ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF FERRO ALLOYS AND IRON & STEEL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00
221,000.00 ORDINARY SHARE, OF A VALUE OF USD 221,000.00

SALES

:

USD 12,331,712 [2013]

NET WORTH

:

USD 780,293 [2013]

STAFF STRENGTH

:

1 [2014]

BANKER (S)

:

INDIAN OVERSEAS BANK
BANK OF INDIA

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

FAIR

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 ferro alloys and iron & steel products.

 

The immediate holding company of the Subject is SATVIK ENTERPRISES LTD, a company incorporated in INDIA.

 

Share Capital History

Date

Issue & Paid Up Capital

17/10/2014

SGD 1.00 & USD 221,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

SATVIK ENTERPRISES LTD

1, PARK LANE, KOLKATA, 700016, WEST BENGAL, INDIA.

011187

130,043.00

58.84

ROHITASH KUMAR AGARWAL +

1, PARK LANE, 3RD FLOOR, PARK STREET, KOLKATA, 700016, WEST BENGAL, INDIA.

F2214473

957.00

0.43

SRI MURALI S/O SINNOTHEI RENGANATHAN +

39, CORONATION ROAD, 269450, SINGAPORE.

S1331899I/00685

1.00

0.00

DEEPAK AGARWAL

9380, 171ST AVENUE NE, REDMOND-WA, 98052, UNITED STATES.

Z1624234

90,000.00

40.72

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

------

221,001.00

100.00

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

=====

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

VIKASH AGARWAL

Address

:

1, PARK LANE, 3RD FLOOR, PARK STREET, KOLKATA, 700016, WEST BENGAL, INDIA.

IC / PP No

:

J6114128

Nationality

:

INDIAN

Date of Appointment

:

13/01/2009

 

DIRECTOR 2

 

Name Of Subject

:

SRI MURALI S/O SINNOTHEI RENGANATHAN

Address

:

39, CORONATION ROAD, 269450, SINGAPORE.

IC / PP No

:

S1331899I/00685

Nationality

:

SINGAPOREAN

Date of Appointment

:

12/09/2008

 

DIRECTOR 3

 

Name Of Subject

:

ROHITASH KUMAR AGARWAL

Address

:

1, PARK LANE, 3RD FLOOR, PARK STREET, KOLKATA, 700016, WEST BENGAL, INDIA.

IC / PP No

:

F2214473

Nationality

:

INDIAN

Date of Appointment

:

13/01/2009





 

MANAGEMENT

 

 

1)

Name of Subject

:

VIKASH AGARWAL

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

VKR PRACTICES

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

NITHYA KALYANI

New IC No

:

891101-10-5154

Address

:

39 CORONATION ROAD, 269450, SINGAPORE.

 

2)

Company Secretary

:

SRI MURALI S/O SINNOTHEI RENGANATH AN

IC / PP No

:

S1331899I /00685

Address

:

39, CORONATION ROAD, 269450, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

INDIAN OVERSEAS BANK

 

2)

Name

:

BANK OF INDIA

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201001463

12/02/2010

N/A

INDIAN OVERSEAS BANK

-

Unsatisfied

C201104680

14/04/2011

N/A

BANK OF INDIA

-

Unsatisfied

C201301498

28/01/2013

N/A

INDIAN OVERSEAS BANK

-

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 staff from the registered office refused to disclose the Subject's 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

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

X

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

N/A

Overseas

:

N/A


The staff from the registered office refused to disclose the Subject's clientele.

 

 

OPERATIONS

 

Goods Traded

:

FERRO ALLOYS AND IRON & STEEL PRODUCTS

 

Total Number of Employees:

YEAR

2014

GROUP

N/A

COMPANY

1

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of ferro alloys and iron & steel products.

The staff from the registered office refused to disclose the Subject's operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62246151

Match

:

N/A

Address Provided by Client

:

101, CECIL STREET, 23-12 TONG ENG BUILDING, SINGAPORE

Current Address

:

101 CECIL STREET #23-12 TONG ENG BUILDING, 069533, SINGAPORE.

Match

:

NO

 

Other Investigations


We contacted one of the staff from the Subject's registered office and she only provided limited information.

The address provided is incomplete.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2011 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2011 - 2013

]

Return on Shareholder Funds

:

Acceptable

[

23.14%

]

Return on Net Assets

:

Favourable

[

35.17%

]

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

[

7 Days

]

Creditors Ratio

:

Unfavourable

[

66 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

[

1.23 Times

]

Current Ratio

:

Unfavourable

[

1.23 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Acceptable

[

4.18 Times

]

Gearing Ratio

:

Unfavourable

[

1.59 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 was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

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. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

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 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

 


Incorporated in 2008, the Subject is a Private Limited company, focusing on trading of ferro alloys and iron & steel products. 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 Subject's paid up capital is SGD 1 and USD 221,000. With a strong shareholders' backing, the Subject has the ability to further expand its business in the future.

Being a small company, the Subject's business operation is supported by 1 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 a favourable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in average 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 780,293, 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 overall payment habit is fair and this clearly implied a weak credit control of the Subject.

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 normally.

 



PROFIT AND LOSS ACCOUNT

 

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

VAMANCORE PTE. LTD.

 

Financial Year End

2013-03-31

2012-03-31

2011-08-31

Months

12

7

12

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

Currency

USD

USD

SGD

TURNOVER

12,331,712

3,307,939

11,591,221

Other Income

151,584

75,180

-

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

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

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

Total Turnover

12,483,296

3,383,119

11,591,221

Costs of Goods Sold

(12,148,953)

(3,289,221)

-

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

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

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

Gross Profit

334,343

93,898

-

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

208,836

22,652

82,302

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

208,836

22,652

82,302

Taxation

(28,273)

(1,700)

(5,620)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

180,563

20,952

76,682

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

378,729

357,777

224,917

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

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

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

As restated

378,729

357,777

224,917

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

559,292

378,729

301,599

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

559,292

378,729

301,599

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

65,625

21,873

-

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

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

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

65,625

21,873

-

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

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

 

BALANCE SHEET

 

VAMANCORE PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

-

-

0

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

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

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

TOTAL LONG TERM ASSETS

-

-

0

Stocks

-

267,300

-

Trade debtors

251,653

376,536

-

Other debtors, deposits & prepayments

114,721

165,021

-

Short term deposits

933,621

515,994

-

Amount due from holding company

2,337,156

1,073,225

-

Amount due from director

1,384

-

-

Cash & bank balances

362,206

351,364

-

Others

240,000

-

-

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

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

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

TOTAL CURRENT ASSETS

4,240,741

2,749,440

1,790,126

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

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

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

TOTAL ASSET

4,240,741

2,749,440

1,790,126

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

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

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

CURRENT LIABILITIES

Trade creditors

2,185,995

519,073

-

Other creditors & accruals

12,786

46,218

-

Bill & acceptances payable

1,243,467

1,211,989

-

Amounts owing to holding company

-

369,685

-

Other liabilities

18,200

2,745

-

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

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

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

TOTAL CURRENT LIABILITIES

3,460,448

2,149,710

1,211,348

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

780,293

599,730

578,778

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

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

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

TOTAL NET ASSETS

780,293

599,730

578,778

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

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

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

SHARE CAPITAL

Ordinary share capital

221,001

221,001

277,179

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

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

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

TOTAL SHARE CAPITAL

221,001

221,001

277,179

Retained profit/(loss) carried forward

559,292

378,729

301,599

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

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

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

TOTAL RESERVES

559,292

378,729

301,599

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

780,293

599,730

578,778

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

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

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

780,293

599,730

578,778

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

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

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

 

 

FINANCIAL RATIO

 

 

VAMANCORE PTE. LTD.

 

TYPES OF FUNDS

Cash

1,295,827

867,358

-

Net Liquid Funds

52,360

(344,631)

-

Net Liquid Assets

780,293

332,430

578,778

Net Current Assets/(Liabilities)

780,293

599,730

578,778

Net Tangible Assets

780,293

599,730

578,778

Net Monetary Assets

780,293

332,430

578,778

BALANCE SHEET ITEMS

Total Borrowings

1,243,467

1,211,989

-

Total Liabilities

3,460,448

2,149,710

1,211,348

Total Assets

4,240,741

2,749,440

1,790,126

Net Assets

780,293

599,730

578,778

Net Assets Backing

780,293

599,730

578,778

Shareholders' Funds

780,293

599,730

578,778

Total Share Capital

221,001

221,001

277,179

Total Reserves

559,292

378,729

301,599

LIQUIDITY (Times)

Cash Ratio

0.37

0.40

-

Liquid Ratio

1.23

1.15

-

Current Ratio

1.23

1.28

1.48

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

29

-

Debtors Ratio

7

42

-

Creditors Ratio

66

58

-

SOLVENCY RATIOS (Times)

Gearing Ratio

1.59

2.02

-

Liabilities Ratio

4.43

3.58

2.09

Times Interest Earned Ratio

4.18

2.04

-

Assets Backing Ratio

3.53

2.71

2.09

PERFORMANCE RATIO (%)

Operating Profit Margin

1.69

0.68

0.71

Net Profit Margin

1.46

0.63

0.66

Return On Net Assets

35.17

7.42

14.22

Return On Capital Employed

35.17

7.42

14.22

Return On Shareholders' Funds/Equity

23.14

3.49

13.25

Dividend Pay Out Ratio (Times)

0.00

0.00

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.28

UK Pound

1

Rs.98.38

Euro

1

Rs.76.30

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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.