|
Report No. : |
331316 |
|
Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SGB ALUMA SINGAPORE PTE. LTD. |
|
|
|
|
Formerly Known As : |
HARSCO INFRASTRUCTURE SINGAPORE PTE. LTD.
|
|
|
|
|
Registered Office : |
8, Marina Boulevard, 05-02, Marina Bay Financial Centre, 018981 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.08.1996 |
|
|
|
|
Com. Reg. No.: |
199605838-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
The
Subject is engaged in trading of construction materials. |
|
|
|
|
No. of Employees : |
45 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
199605838-H |
|
COMPANY
NAME |
: |
SGB
ALUMA SINGAPORE PTE. LTD. |
|
FORMER
NAME |
: |
HARSCO
INFRASTRUCTURE SINGAPORE PTE. LTD. (09/05/2014) |
|
INCORPORATION
DATE |
: |
10/08/1996 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
8,
MARINA BOULEVARD, 05-02, MARINA BAY FINANCIAL CENTRE, 018981, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
23,
GUL ROAD, 629356, SINGAPORE. |
|
TEL.NO. |
: |
65-68626122 |
|
FAX.NO. |
: |
65-68626133 |
|
CONTACT
PERSON |
: |
BARRY
DAVID BOLT ( MANAGING DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF CONSTRUCTION MATERIALS |
|
ISSUED
AND PAID UP CAPITAL |
: |
3,500,000.00
ORDINARY SHARE, OF A VALUE OF SGD 3,500,000.00 |
|
SALES |
: |
SGD
11,719,769 [2013] |
|
NET
WORTH |
: |
SGD
16,928,154 [2013] |
|
STAFF
STRENGTH |
: |
45
[2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STRONG |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
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 construction
materials.
The
immediate holding company of the Subject is BRAND ENERGY HOLDINGS B.V., a
company incorporated in NETHERLANDS.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
09/07/2015 |
SGD
3,500,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
BRAND
ENERGY HOLDINGS B.V. |
GEORGE
STEPHENSONWEG 15, 3133, KJ VLAARDINGEN, NETHERLANDS. |
T13UF5096 |
3,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
3,500,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
INDIA |
HARSCO
INDIA SERVICES PRIVATE LIMITED |
100.00 |
31/12/2013 |
|
|
397091D |
MALAYSIA |
HARSCO
INFRASTRUCTURE MALAYSIA SDN. BHD. |
100.00 |
31/12/2013 |
DIRECTOR
1
|
Name
Of Subject |
: |
BARRY
DAVID BOLT |
|
Address |
: |
8,
MOUNT SOPHIA, 08-52, 228463, SINGAPORE. |
|
IC
/ PP No |
: |
S2717424H |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
02/09/1996 |
DIRECTOR
2
|
Name
Of Subject |
: |
NG
CHOON BENG |
|
Address |
: |
27,
HAZEL PARK TERRACE, 06-06, 678949, SINGAPORE. |
|
IC
/ PP No |
: |
S1724409D |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
01/01/2003 |
|
1)
|
Name
of Subject |
: |
BARRY
DAVID BOLT |
|
Position |
: |
MANAGING
DIRECTOR |
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
ANTHONY
ANNE CATHARINE |
|
IC
/ PP No |
: |
S1347717E |
|
|
Address |
: |
8,
LORONG 29, GEYLANG, 07-06, 388064, SINGAPORE. |
No Banker found in our databank
No encumbrance was found in our databank at the time of investigation
* 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.
|
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 |
[ |
X |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Goods
Traded |
: |
CONSTRUCTION
MATERIALS |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
45 |
45 |
50 |
||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of
construction materials.
The Subject sells construction materials such as scaffolding materials and
others.
The Subject supplies the products according to its customers' project
requirements.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-68626122 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
23
GUL ROAD SINGAPORE 629356 |
|
Current
Address |
: |
23,
GUL ROAD, 629356, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its bankers.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
58.95% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
56.29% |
] |
|
|
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 |
: |
Favourable |
[ |
27
Days |
] |
|
|
Debtor
Ratio |
: |
Unfavourable |
[ |
101
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
9
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The Subject's debtors ratio was high.
The Subject should tighten its credit control and improve its collection
period. 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 |
[ |
7.24
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
7.92
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 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 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 : STRONG |
||||||
|
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
: |
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 |
|
Incorporated in 1996, the Subject is a Private Limited company, focusing on
trading of construction materials. 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 3,500,000 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. The Subject is operating on a medium
scale and it has approximately 45 employees in its business operations.
Overall, we regard that the Subject's management capability is average. This
indicates that the Subject has greater potential to improve its business
performance and raising income for the Subject.
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. 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 SGD 16,928,154, 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.
We regard that the Subject's overall payment habit is prompt. The Subject had a
favourable creditors' ratio as evidenced by its favourable collection days.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the Subject is expected to benefit from the favourable
outlook of the industry.
In view of the above favourable condition, we recommend credit be proceeded to
the Subject with favourable term.
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 |
11,719,769 |
12,151,680 |
9,270,894 |
10,046,857 |
18,583,616 |
|
Other
Income |
1,681,715 |
103,446 |
100,739 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
13,401,484 |
12,255,126 |
9,371,633 |
10,046,857 |
18,583,616 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
10,335,239 |
2,661,754 |
857,941 |
1,178,356 |
6,841,260 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
10,335,239 |
2,661,754 |
857,941 |
1,178,356 |
6,841,260 |
|
Taxation |
(356,139) |
(425,540) |
(116,937) |
(282,339) |
(1,006,955) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
9,979,100 |
2,236,214 |
741,004 |
896,017 |
5,834,305 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
13,449,054 |
11,212,840 |
10,471,836 |
9,575,819 |
3,741,514 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
13,449,054 |
11,212,840 |
10,471,836 |
9,575,819 |
3,741,514 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
23,428,154 |
13,449,054 |
11,212,840 |
10,471,836 |
9,575,819 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(10,000,000) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
13,428,154 |
13,449,054 |
11,212,840 |
10,471,836 |
9,575,819 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
- |
- |
- |
- |
71,184 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
- |
- |
71,184 |
|
|
- |
- |
- |
- |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
1,082,823 |
1,054,243 |
1,120,804 |
1,048,796 |
1,097,004 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,082,823 |
1,054,243 |
1,120,804 |
1,048,796 |
1,097,004 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
9,620,301 |
10,519,179 |
10,085,819 |
10,012,818 |
9,919,382 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
55,386 |
1,547,631 |
1,547,631 |
1,547,631 |
946,651 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
55,386 |
1,547,631 |
1,547,631 |
1,547,631 |
946,651 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
9,675,687 |
12,066,810 |
11,633,450 |
11,560,449 |
10,866,033 |
|
Stocks |
855,213 |
936,930 |
583,690 |
503,759 |
851,184 |
|
Trade
debtors |
3,247,135 |
3,989,485 |
2,872,385 |
1,798,839 |
3,704,475 |
|
Other
debtors, deposits & prepayments |
191,990 |
233,533 |
13,111 |
1,965,685 |
486,579 |
|
Amount
due from subsidiary companies |
85,567 |
- |
- |
- |
- |
|
Amount
due from related companies |
4,532,856 |
3,043,971 |
1,780,427 |
- |
- |
|
Cash
& bank balances |
1,026,038 |
576,902 |
404,694 |
540,385 |
921,887 |
|
Others |
- |
- |
391,624 |
291,790 |
115,097 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
9,938,799 |
8,780,821 |
6,045,931 |
5,100,458 |
6,079,222 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
19,614,486 |
20,847,631 |
17,679,381 |
16,660,907 |
16,945,255 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
279,690 |
857,337 |
644,750 |
671,782 |
872,162 |
|
Other
creditors & accruals |
674,005 |
1,129,729 |
680,981 |
555,995 |
1,036,818 |
|
Amounts
owing to subsidiary companies |
- |
2,327 |
41,791 |
- |
- |
|
Amounts
owing to related companies |
5,247 |
13,035 |
3,982 |
- |
- |
|
Provision
for taxation |
296,246 |
524,898 |
129,350 |
- |
787,255 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
1,255,188 |
2,527,326 |
1,500,854 |
1,227,777 |
2,696,235 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
8,683,611 |
6,253,495 |
4,545,077 |
3,872,681 |
3,382,987 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
18,359,298 |
18,320,305 |
16,178,527 |
15,433,130 |
14,249,020 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
|
Retained
profit/(loss) carried forward |
13,428,154 |
13,449,054 |
11,212,840 |
10,471,836 |
9,575,819 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
13,428,154 |
13,449,054 |
11,212,840 |
10,471,836 |
9,575,819 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
16,928,154 |
16,949,054 |
14,712,840 |
13,971,836 |
13,075,819 |
|
Deferred
taxation |
1,431,144 |
1,371,251 |
1,465,687 |
1,461,294 |
1,173,201 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
1,431,144 |
1,371,251 |
1,465,687 |
1,461,294 |
1,173,201 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
18,359,298 |
18,320,305 |
16,178,527 |
15,433,130 |
14,249,020 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES
OF FUNDS |
|||||
|
Cash |
1,026,038 |
576,902 |
404,694 |
540,385 |
921,887 |
|
Net
Liquid Funds |
1,026,038 |
576,902 |
404,694 |
540,385 |
921,887 |
|
Net
Liquid Assets |
7,828,398 |
5,316,565 |
3,961,387 |
3,368,922 |
2,531,803 |
|
Net
Current Assets/(Liabilities) |
8,683,611 |
6,253,495 |
4,545,077 |
3,872,681 |
3,382,987 |
|
Net
Tangible Assets |
18,359,298 |
18,320,305 |
16,178,527 |
15,433,130 |
14,249,020 |
|
Net
Monetary Assets |
6,397,254 |
3,945,314 |
2,495,700 |
1,907,628 |
1,358,602 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
10,335,239 |
2,661,754 |
857,941 |
1,178,356 |
6,912,444 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
11,418,062 |
3,715,997 |
1,978,745 |
2,227,152 |
8,009,448 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
2,686,332 |
3,898,577 |
2,966,541 |
2,689,071 |
3,869,436 |
|
Total
Assets |
19,614,486 |
20,847,631 |
17,679,381 |
16,660,907 |
16,945,255 |
|
Net
Assets |
18,359,298 |
18,320,305 |
16,178,527 |
15,433,130 |
14,249,020 |
|
Net
Assets Backing |
16,928,154 |
16,949,054 |
14,712,840 |
13,971,836 |
13,075,819 |
|
Shareholders'
Funds |
16,928,154 |
16,949,054 |
14,712,840 |
13,971,836 |
13,075,819 |
|
Total
Share Capital |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
|
Total
Reserves |
13,428,154 |
13,449,054 |
11,212,840 |
10,471,836 |
9,575,819 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.82 |
0.23 |
0.27 |
0.44 |
0.34 |
|
Liquid
Ratio |
7.24 |
3.10 |
3.64 |
3.74 |
1.94 |
|
Current
Ratio |
7.92 |
3.47 |
4.03 |
4.15 |
2.25 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
27 |
28 |
23 |
18 |
17 |
|
Debtors
Ratio |
101 |
120 |
113 |
65 |
73 |
|
Creditors
Ratio |
9 |
26 |
25 |
24 |
17 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities
Ratio |
0.16 |
0.23 |
0.20 |
0.19 |
0.30 |
|
Times
Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
97.11 |
|
Assets
Backing Ratio |
5.25 |
5.23 |
4.62 |
4.41 |
4.07 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
88.19 |
21.90 |
9.25 |
11.73 |
36.81 |
|
Net
Profit Margin |
85.15 |
18.40 |
7.99 |
8.92 |
31.39 |
|
Return
On Net Assets |
56.29 |
14.53 |
5.30 |
7.64 |
48.51 |
|
Return
On Capital Employed |
56.29 |
14.53 |
5.30 |
7.64 |
48.51 |
|
Return
On Shareholders' Funds/Equity |
58.95 |
13.19 |
5.04 |
6.41 |
44.62 |
|
Dividend
Pay Out Ratio (Times) |
1.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
UK Pound |
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.