MIRA INFORM REPORT

 

 

Report No. :

302785

Report Date :

15.01.2015

 

IDENTIFICATION DETAILS

 

Name :

SANDVIK MINING AND CONSTRUCTION S.E.A. PTE. LTD.

 

 

Formerly Known As :

SANDVIK MINING & CONSTRUCTION S.E. ASIA PTE. LTD.

 

SANDVIK TAMROCK SOUTH EAST ASIA PTE LTD

 

 

Registered Office :

50, Alps Avenue, 04-00, 498782

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.03.2001

 

 

Com. Reg. No.:

200101776-N

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Engineering, Mining and the Related Equipments

 

 

No. of Employee :

Not Available

 

 

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 :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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

 

EXECUTIVE SUMMARY

 

 

 

REGISTRATION NO.

:

200101776-N

COMPANY NAME

:

SANDVIK MINING AND CONSTRUCTION S.E.A. PTE. LTD.

FORMER NAME

:

SANDVIK MINING & CONSTRUCTION S.E. ASIA PTE. LTD. (23/12/2003)
SANDVIK TAMROCK SOUTH EAST ASIA PTE LTD (11/11/2003)

INCORPORATION DATE

:

16/03/2001

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

50, ALPS AVENUE, 04-00, 498782, SINGAPORE.

BUSINESS ADDRESS

:

50 ALPS AVENUE, #04-00, SANDVIK BUILDING SINGAPORE, 498782, SINGAPORE.

TEL.NO.

:

65-64773848

FAX.NO.

:

65-64773856

EMAIL

:

INFO.CNS@SANDVIK.COM

WEB SITE

:

WWW.MININGANDCONSTRUCTION.SANDVIK.COM

CONTACT PERSON

:

NG LEE KHENG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

ENGINEERING,MINING AND TRADING OF THE RELATED EQUIPMENTS

ISSUED AND PAID UP CAPITAL

:

4,000,002.00 ORDINARY SHARE, OF A VALUE OF SGD 4,000,002.00 

SALES

:

SGD 13,014,045 [2013]

NET WORTH

:

SGD 3,960,649 [2013]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

MODERATE

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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) engineering,mining and trading of the related equipments.

 

The immediate holding company of the Subject is SANDVIK FINANCE B.V., a company incorporated in NETHERLANDS.

 

 

Share Capital History

Date

Issue & Paid Up Capital

14/01/2015

SGD 4,000,002.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

SANDVIK FINANCE B.V.

S-GRAVELANDSEWEG, 401, 3125, BJ SCHIEDAM, NETHERLANDS.

S69UF0036

4,000,002.00

100.00

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

------

4,000,002.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

NG LEE KHENG

Address

:

2, WOODLEIGH CLOSE, 04-04, 8@WOODLEIGH, 357900, SINGAPORE.

IC / PP No

:

S1528025E

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/04/2012

 

DIRECTOR 2

 

Name Of Subject

:

MONTEIRO PETER MARTIN

Address

:

136A, HILLVIEW AVENUE, 07-04, MERAWOODS, 669606, SINGAPORE.

IC / PP No

:

S1673406C

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/04/2012

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

NG LEE KHENG

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SHARON YEOH KAR CHOO

IC / PP No

:

S2588551A

Address

:

28, JALAN LEMBAH THOMSON, NEW SOO CHOW GARDENS, 577499, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank. 



ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200300786

24/02/2003

N/A

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

-

Unsatisfied

 

 

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

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

0 - 90 DAYS

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

Type of Customer

:

CONSTRUCTION INDUSTRY

 

 

OPERATIONS

 

Goods Traded

:

INDUSTRIAL AND ENGINEERING EQUIPMENTS

Services

:

ENGINEERING,MINING

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) engineering,mining and trading of the related equipments. 


The Subject is involve in civil engineering activities.


We were informed that the Subject is a supplier of equipment, cemented-carbide tools, service and technical solutions for the excavation and sizing of rock and minerals in the mining and construction industries. 


The Subject also offers solutions for many applications in the construction industry, including surface rock excavation, tunneling, demolition, recycling and road rehabilitation.

 


The Subject's products includes rock tools, drilling rigs, loaders and trucks, crushing and screening machinery and bulk-materials handling systems.

 


According to Subject, every product is preceded by extensive R&D and backed with application expertise and a worldwide service network offering on-site service, training and round-the-clock support. 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-64773848

Match

:

N/A

Address Provided by Client

:

50 ALPS AVENUE, 04-00, SANDVIK BUILDING SINGAPORE,498782,SINGAPORE

Current Address

:

50 ALPS AVENUE, #04-00, SANDVIK BUILDING SINGAPORE, 498782, SINGAPORE.

Match

:

YES

 

Other Investigations


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

She refused to disclose the number of employees.



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2013

]

Return on Shareholder Funds

:

Unfavourable

[

3.63%

]

Return on Net Assets

:

Unfavourable

[

3.77%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

0 Days

]

Debtor Ratio

:

Favourable

[

38 Days

]

Creditors Ratio

:

Favourable

[

10 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

:

Favourable

[

2.00 Times

]

Current Ratio

:

Favourable

[

2.00 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

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. 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 Subject's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. 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 did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 :

ECONOMY

The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.

In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.

Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.

For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).

For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.

Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.

Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2001, the Subject is a Private Limited company, focusing on engineering,mining and trading of the related equipments. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 4,000,002 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 

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. 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. 

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 SGD 3,960,649, the Subject should be able to maintain its business in the near terms. 

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . 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. 

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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market. 

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.

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

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

SGD

SGD

SGD

SGD

SGD

TURNOVER

13,014,045

16,438,106

18,974,123

28,320,668

37,017,932

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

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

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

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

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

Total Turnover

13,014,045

16,438,106

18,974,123

28,320,668

37,017,932

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

150,608

(180,612)

2,216,615

5,438,043

548,494

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

150,608

(180,612)

2,216,615

5,438,043

548,494

Taxation

(6,938)

(3,570)

(376,890)

(948,000)

(77,814)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

143,670

(184,182)

1,839,725

4,490,043

470,680

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(183,023)

1,841,159

4,491,434

471,391

2,756,711

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

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

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

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

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

As restated

(183,023)

1,841,159

4,491,434

471,391

2,756,711

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(39,353)

1,656,977

6,331,159

4,961,434

3,227,391

DIVIDENDS - Ordinary (paid & proposed)

-

(1,840,000)

(4,490,000)

(470,000)

(2,756,000)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(39,353)

(183,023)

1,841,159

4,491,434

471,391

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

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

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

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

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

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

109,741

19,813

85,981

254,534

410,864

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

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

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

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

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

TOTAL LONG TERM ASSETS

109,741

19,813

85,981

254,534

410,864

Stocks

14,483

196,575

541,831

276,241

339,607

Trade debtors

1,366,878

3,373,043

5,289,375

2,792,333

3,991,962

Other debtors, deposits & prepayments

1,420,050

243,503

311,959

189,776

61,440

Short term deposits

3,750,778

3,399,498

4,661,100

9,617,797

5,031,509

Loans & advances - current portion

-

-

-

112,657

219,819

Amount due from related companies

423,610

177,848

423,943

1,714,204

2,015,575

Cash & bank balances

780,860

299,388

474,076

284,489

736,406

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

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

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

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

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

TOTAL CURRENT ASSETS

7,756,659

7,689,855

11,702,284

14,987,497

12,396,318

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

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

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

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

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

TOTAL ASSET

7,866,400

7,709,668

11,788,265

15,242,031

12,807,182

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

362,802

170,052

306,140

477,561

768,376

Other creditors & accruals

976,794

773,452

363,050

1,334,626

2,426,969

Other liabilities & accruals

-

-

1,376,117

-

-

Amounts owing to holding company

-

-

30,250

43,002

-

Amounts owing to related companies

2,490,377

2,879,688

3,484,581

3,875,317

5,008,689

Provision for taxation

39,884

33,603

351,072

984,195

95,861

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

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

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

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

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

TOTAL CURRENT LIABILITIES

3,869,857

3,856,795

5,911,210

6,714,701

8,299,895

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

3,886,802

3,833,060

5,791,074

8,272,796

4,096,423

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

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

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

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

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

TOTAL NET ASSETS

3,996,543

3,852,873

5,877,055

8,527,330

4,507,287

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

4,000,002

4,000,002

4,000,002

4,000,002

4,000,002

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

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

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

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

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

TOTAL SHARE CAPITAL

4,000,002

4,000,002

4,000,002

4,000,002

4,000,002

Retained profit/(loss) carried forward

(39,353)

(183,023)

1,841,159

4,491,434

471,391

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

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

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

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

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

TOTAL RESERVES

(39,353)

(183,023)

1,841,159

4,491,434

471,391

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

3,960,649

3,816,979

5,841,161

8,491,436

4,471,393

Deferred taxation

35,894

35,894

35,894

35,894

35,894

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

35,894

35,894

35,894

35,894

35,894

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

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

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

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

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

3,996,543

3,852,873

5,877,055

8,527,330

4,507,287

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

4,531,638

3,698,886

5,135,176

9,902,286

5,767,915

Net Liquid Funds

4,531,638

3,698,886

5,135,176

9,902,286

5,767,915

Net Liquid Assets

3,872,319

3,636,485

5,249,243

7,996,555

3,756,816

Net Current Assets/(Liabilities)

3,886,802

3,833,060

5,791,074

8,272,796

4,096,423

Net Tangible Assets

3,996,543

3,852,873

5,877,055

8,527,330

4,507,287

Net Monetary Assets

3,836,425

3,600,591

5,213,349

7,960,661

3,720,922

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

3,905,751

3,892,689

5,947,104

6,750,595

8,335,789

Total Assets

7,866,400

7,709,668

11,788,265

15,242,031

12,807,182

Net Assets

3,996,543

3,852,873

5,877,055

8,527,330

4,507,287

Net Assets Backing

3,960,649

3,816,979

5,841,161

8,491,436

4,471,393

Shareholders' Funds

3,960,649

3,816,979

5,841,161

8,491,436

4,471,393

Total Share Capital

4,000,002

4,000,002

4,000,002

4,000,002

4,000,002

Total Reserves

(39,353)

(183,023)

1,841,159

4,491,434

471,391

LIQUIDITY (Times)

Cash Ratio

1.17

0.96

0.87

1.47

0.69

Liquid Ratio

2.00

1.94

1.89

2.19

1.45

Current Ratio

2.00

1.99

1.98

2.23

1.49

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

4

10

4

3

Debtors Ratio

38

75

102

36

39

Creditors Ratio

10

4

6

6

8

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

0.00

0.00

Liabilities Ratio

0.99

1.02

1.02

0.79

1.86

Times Interest Earned Ratio

0.00

0.00

0.00

0.00

0.00

Assets Backing Ratio

1.00

0.96

1.47

2.13

1.13

PERFORMANCE RATIO (%)

Operating Profit Margin

1.16

(1.10)

11.68

19.20

1.48

Net Profit Margin

1.10

(1.12)

9.70

15.85

1.27

Return On Net Assets

3.77

(4.69)

37.72

63.77

12.17

Return On Capital Employed

3.77

(4.69)

37.72

63.77

12.17

Return On Shareholders' Funds/Equity

3.63

(4.83)

31.50

52.88

10.53

Dividend Pay Out Ratio (Times)

0.00

9.99

2.44

0.10

5.86

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.15

UK Pound

1

Rs.94.24

Euro

1

Rs.73.30

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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

 

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

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

 

 

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

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