|
Report No. : |
325852 |
|
Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZAGRO SINGAPORE
PTE LTD |
|
|
|
|
Formerly Known As : |
·
ZUELLIG (T) PTE LTD ·
AGRI NUTRITION ASIA PTE LTD |
|
|
|
|
Registered Office : |
5, Woodlands Terrace, 06-00, Zagro Global Hub, 738430 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.02.1980 |
|
|
|
|
Com. Reg. No.: |
198000391-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of Feed Supplements Premixes. |
|
|
|
|
No. of Employees : |
95 [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 : |
Good |
|
|
|
|
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 – 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. Unemployment
is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the
12-nation Trans-Pacific Partnership free trade agreement negotiations and, with
the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
198000391-G |
||||
|
COMPANY
NAME |
: |
ZAGRO
SINGAPORE PTE LTD |
||||
|
FORMER
NAME |
: |
ZUELLIG
(T) PTE LTD (14/05/1998) |
||||
|
INCORPORATION
DATE |
: |
02/02/1980 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
5,
WOODLANDS TERRACE, 06-00, ZAGRO GLOBAL HUB, 738430, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
5,
WOODLANDS TERRACE, 06-00, EAST WING ZAGRO GLOBAL HUB, 738430, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-67591811 |
||||
|
FAX.NO. |
: |
65-67591855 |
||||
|
CONTACT
PERSON |
: |
POH
BENG SWEE ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
OF FEED SUPPLEMENTS PREMIXES |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
2,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00 |
||||
|
SALES |
: |
SGD
54,757,810 [2014] |
||||
|
NET
WORTH |
: |
SGD
36,043,025 [2014] |
||||
|
STAFF
STRENGTH |
: |
95
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
MATURE |
||||
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) manufacturing of feed
supplements premixes.
The immediate holding company of the Subject
is ZAGRO ASIA LIMITED, a company incorporated in SINGAPORE.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
04/06/2015 |
SGD
2,000,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
ZAGRO
ASIA LIMITED |
5,
WOODLANDS TERRACE, 06-00, ZAGRO GLOBAL HUB, 738430, SINGAPORE. |
199406784D |
2,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
200404267Z |
SINGAPORE |
ZAGRO
ANIMAL HEALTH PTE. LTD. |
100.00 |
04/06/2015 |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
POH
BENG SWEE |
|
Address |
: |
10,
WILBY ROAD, 276298, SINGAPORE. |
|
IC
/ PP No |
: |
S0199884F |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
22/07/1988 |
DIRECTOR
2
|
Name
Of Subject |
: |
CHOW
SIEW HWA |
|
Address |
: |
74,
WEST COAST ROAD, 02-102, VARSITY PARK CONDOMINIUM, 126827, SINGAPORE. |
|
IC
/ PP No |
: |
S1187164Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
30/06/2004 |
DIRECTOR
3
|
Name
Of Subject |
: |
KAREN
ANNE WEE |
|
Address |
: |
481,
PASIR RIS DRIVE 4, 12-411, 510481, SINGAPORE. |
|
IC
/ PP No |
: |
S1580927B |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
01/02/2000 |
DIRECTOR
4
|
Name
Of Subject |
: |
MR.
SOO KAM BENG @ SOO MAN KHENG |
|
Address |
: |
79,
JALAN PANTAS, TAMAN CONNAUGHT, CHERAS, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA. |
|
New
IC No |
: |
471201-04-5151 |
|
Date
of Birth |
: |
01/12/1947 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
01/02/2000 |
|
1)
|
Name
of Subject |
: |
POH
BENG SWEE |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
CROWE
HORWATH FIRST TRUST LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
KELOTH
RAJ KUMAR |
|
IC
/ PP No |
: |
S1707500D |
|
|
Address |
: |
192,
PASIR RIS STREET 12, 04-14, 510192, SINGAPORE. |
Banking relations are maintained principally with :
|
1)
|
Name |
: |
STANDARD
CHARTERED BANK |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
X |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
95 |
95 |
95 |
95 |
70 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing of feed
supplements premixes.
The Subject is the leading manufacturer and distributor of crop care, animal health
and public health products.
Besides the headquarters in Singapore, the Subject has registered offices in
Malaysia, Philippines, Thailand, Indonesia, Taiwan, Sri Lanka, Germany and
South Africa. Zagro also has local staff presence in Latin America and Middle
East.
The Subject deal with the following products:
* Animal nutritions
* Crop nutritions
* Animal protection
* Crop protection
The SUbject belongs to the Zagro group of companies and the group's headquartes
is situated at teh same premises.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6567591811 |
|
Current
Telephone Number |
: |
65-67591811 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
ZAGRO
GLOBAL HUB, 5 WOVDLANDS TERRACE SINGAPORE 738430 |
|
Current
Address |
: |
5,
WOODLANDS TERRACE, 06-00, EAST WING ZAGRO GLOBAL HUB, 738430, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
The address provided is incomplete.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
14.84% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
17.00% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The dip in profit could be due to the stiff market
competition which reduced the Subject's profit margin. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
37
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
25
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
30
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 |
[ |
2.45
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
2.96
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 : |
||||||
|
The
Subject recorded lower profits as its turnover showed a erratic trend. The
Subject's management was unable to control its costs efficiently as its profit
showed a downward trend. 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
ANALYSIS
|
|
INDUSTRY
: |
MANUFACTURING |
|
In
the third quarter of 2014, manufacturing output has increased by 1.9%,
extending the 1.5% growth in the previous quarter. Growth was largely driven by
the biomedical manufacturing and chemicals clusters. Besides, for the whole
2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth
recorded in the previous year. All clusters recorded an expansion in 2013,
except the biomedical manufacturing cluster. |
|
|
The
chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led
by the petrochemicals and specialty chemicals segments, which expanded by
8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by
4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the
year of 2013, the chemicals cluster grew only by 0.7%. |
|
|
Besides,
output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter
of 2014. The medical technology segment posted robust growth of 23% due to
higher production of medical instruments and supplies, while the output of
the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the
biomedical manufacturing cluster recorded only a flat growth. |
|
|
In
the third quarter of 2014, the transport engineering cluster contracted by
2.0%, dragged down by the aerospace segment. Output in the aerospace segment
plunged by 18% on the back of fewer repair jobs from commercial airlines.
This was mitigated by the 4.1% growth in the marine & offshore
engineering segment, which was supported by higher contributions from rig
building projects. Nonetheless, for the whole of 2013, the transport
engineering cluster grew by 5.2%. |
|
|
Moreover,
output of the precision engineering cluster increased by 1.3% in the third
quarter of 2014. The machinery & systems segment grew by 6.2%, supported
by higher demand for semiconductor-related equipment and mechanical engineering
work. This was partly offset by the decline in the output of the precision
modules & components segment. Conversely, in the full year of 2013, the
precision engineering cluster's output declined by 5.6%. |
|
|
Furthermore,
in the third quarter of 2014, output of the general manufacturing industries
declined by 3.0%. The 2.1% growth in the food, beverages & tobacco
segment was more than offset by declines in the other two segments. In
particular, the miscellaneous industries segment contracted by 4.7% on the
back of lower output in construction-related products, such as concrete &
cement products and steel structural components. For the full year of 2013,
the general manufacturing cluster grew by 2.8%. |
|
|
Besides,
in the third quarter of 2014, the electronics cluster expanded by 0.9%,
reversing the 5.0% contraction in the previous quarter. Growth was supported
by an expansion in the computer peripherals (6.3%) and data storage (2.6%)
segments. Moreover, for the year 2013, the electronics cluster expanded by
3.5%. |
|
|
OVERALL
INDUSTRY OUTLOOK : MATURE |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
ZAGRO
SINGAPORE PTE LTD |
|
Financial
Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
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 |
54,757,810 |
58,638,729 |
49,785,308 |
66,084,591 |
64,587,241 |
|
Other
Income |
3,365,468 |
3,355,298 |
2,892,755 |
3,491,593 |
2,869,155 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
58,123,278 |
61,994,027 |
52,678,063 |
69,576,184 |
67,456,396 |
|
Costs
of Goods Sold |
(45,728,010) |
(49,255,025) |
(42,627,624) |
(57,005,575) |
(55,882,374) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
12,395,268 |
12,739,002 |
10,050,439 |
12,570,609 |
11,574,022 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
6,200,372 |
6,560,381 |
3,767,608 |
6,475,963 |
6,056,900 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
6,200,372 |
6,560,381 |
3,767,608 |
6,475,963 |
6,056,900 |
|
Taxation |
(850,077) |
(573,827) |
(551,400) |
(765,879) |
(991,987) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
5,350,295 |
5,986,554 |
3,216,208 |
5,710,084 |
5,064,913 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
32,482,455 |
26,495,901 |
25,279,693 |
21,569,609 |
17,704,696 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
32,482,455 |
26,495,901 |
25,279,693 |
21,569,609 |
17,704,696 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
37,832,750 |
32,482,455 |
28,495,901 |
27,279,693 |
22,769,609 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(3,800,000) |
- |
(2,000,000) |
(2,000,000) |
(1,200,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
34,032,750 |
32,482,455 |
26,495,901 |
25,279,693 |
21,569,609 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
- |
6,986 |
- |
17,318 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
6,986 |
- |
17,318 |
- |
|
|
- |
============= |
- |
============= |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
514,708 |
529,977 |
581,639 |
730,641 |
709,226 |
|
AMORTIZATION |
1,832 |
4,086 |
600,277 |
602,536 |
651,580 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
516,540 |
534,063 |
1,181,916 |
1,333,177 |
1,360,806 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ZAGRO
SINGAPORE PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
7,016,451 |
6,932,855 |
7,136,483 |
7,489,612 |
8,004,228 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
6,872,712 |
236,340 |
236,340 |
236,340 |
236,340 |
|
Associated
companies |
1,212,822 |
1,212,822 |
1,212,822 |
1,216,174 |
13,100 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
8,085,534 |
1,449,162 |
1,449,162 |
1,452,514 |
249,440 |
|
INTANGIBLE
ASSETS |
|||||
|
Deferred/Expenditure
carried forward |
1,131 |
2,963 |
7,049 |
607,326 |
1,210,403 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
1,131 |
2,963 |
7,049 |
607,326 |
1,210,403 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
15,103,116 |
8,384,980 |
8,592,694 |
9,549,452 |
9,464,071 |
|
Stocks |
5,544,180 |
4,762,631 |
4,341,245 |
3,592,223 |
4,525,514 |
|
Trade
debtors |
3,698,591 |
3,816,200 |
3,943,032 |
6,633,758 |
13,465,619 |
|
Other
debtors, deposits & prepayments |
5,191,238 |
285,181 |
233,809 |
260,871 |
369,191 |
|
Short
term deposits |
- |
6,500,000 |
6,500,000 |
2,000,000 |
2,500,000 |
|
Amount
due from holding company |
529,446 |
252,934 |
235,721 |
253,376 |
- |
|
Amount
due from related companies |
4,838,439 |
7,823,059 |
9,334,022 |
9,273,257 |
1,143,337 |
|
Cash
& bank balances |
9,190,967 |
9,523,082 |
4,514,237 |
10,613,374 |
7,331,755 |
|
Others |
3,276,525 |
4,042,600 |
4,308,793 |
2,977,400 |
2,057,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
32,269,386 |
37,005,687 |
33,410,859 |
35,604,259 |
31,392,416 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
47,372,502 |
45,390,667 |
42,003,553 |
45,153,711 |
40,856,487 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
3,739,532 |
3,773,501 |
3,719,140 |
4,483,379 |
5,649,470 |
|
Other
creditors & accruals |
3,081,676 |
1,744,653 |
1,533,820 |
1,774,025 |
2,014,188 |
|
Amounts
owing to holding company |
982,492 |
982,492 |
1,644,964 |
2,746,624 |
4,254,576 |
|
Amounts
owing to related companies |
2,162,658 |
2,972,344 |
3,136,909 |
4,963,987 |
2,033,886 |
|
Provision
for taxation |
924,807 |
1,042,514 |
1,048,640 |
1,453,315 |
1,496,840 |
|
Dividends
payable/proposed |
- |
- |
2,000,000 |
2,000,000 |
1,200,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
10,891,165 |
10,515,504 |
13,083,473 |
17,421,330 |
16,648,960 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
21,378,221 |
26,490,183 |
20,327,386 |
18,182,929 |
14,743,456 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
36,481,337 |
34,875,163 |
28,920,080 |
27,732,381 |
24,207,527 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
Retained
profit/(loss) carried forward |
34,032,750 |
32,482,455 |
26,495,901 |
25,279,693 |
21,569,609 |
|
Others |
10,275 |
16,038 |
18,718 |
(46,425) |
61,400 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
34,043,025 |
32,498,493 |
26,514,619 |
25,233,268 |
21,631,009 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
36,043,025 |
34,498,493 |
28,514,619 |
27,233,268 |
23,631,009 |
|
Deferred
taxation |
437,413 |
374,576 |
401,527 |
493,127 |
556,662 |
|
Others |
899 |
2,094 |
3,934 |
5,986 |
19,856 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
438,312 |
376,670 |
405,461 |
499,113 |
576,518 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
36,481,337 |
34,875,163 |
28,920,080 |
27,732,381 |
24,207,527 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ZAGRO
SINGAPORE PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
9,190,967 |
16,023,082 |
11,014,237 |
12,613,374 |
9,831,755 |
|
Net
Liquid Funds |
9,190,967 |
16,023,082 |
11,014,237 |
12,613,374 |
9,831,755 |
|
Net
Liquid Assets |
15,834,041 |
21,727,552 |
15,986,141 |
14,590,706 |
10,217,942 |
|
Net
Current Assets/(Liabilities) |
21,378,221 |
26,490,183 |
20,327,386 |
18,182,929 |
14,743,456 |
|
Net
Tangible Assets |
36,480,206 |
34,872,200 |
28,913,031 |
27,125,055 |
22,997,124 |
|
Net
Monetary Assets |
15,395,729 |
21,350,882 |
15,580,680 |
14,091,593 |
9,641,424 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
11,329,477 |
10,892,174 |
13,488,934 |
17,920,443 |
17,225,478 |
|
Total
Assets |
47,372,502 |
45,390,667 |
42,003,553 |
45,153,711 |
40,856,487 |
|
Net
Assets |
36,481,337 |
34,875,163 |
28,920,080 |
27,732,381 |
24,207,527 |
|
Net
Assets Backing |
36,043,025 |
34,498,493 |
28,514,619 |
27,233,268 |
23,631,009 |
|
Shareholders'
Funds |
36,043,025 |
34,498,493 |
28,514,619 |
27,233,268 |
23,631,009 |
|
Total
Share Capital |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
2,000,000 |
|
Total
Reserves |
34,043,025 |
32,498,493 |
26,514,619 |
25,233,268 |
21,631,009 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.84 |
1.52 |
0.84 |
0.72 |
0.59 |
|
Liquid
Ratio |
2.45 |
3.07 |
2.22 |
1.84 |
1.61 |
|
Current
Ratio |
2.96 |
3.52 |
2.55 |
2.04 |
1.89 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
37 |
30 |
32 |
20 |
26 |
|
Debtors
Ratio |
25 |
24 |
29 |
37 |
76 |
|
Creditors
Ratio |
30 |
28 |
32 |
29 |
37 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities
Ratio |
0.31 |
0.32 |
0.47 |
0.66 |
0.73 |
|
Times
Interest Earned Ratio |
0.00 |
940.08 |
0.00 |
374.94 |
0.00 |
|
Assets
Backing Ratio |
18.24 |
17.44 |
14.46 |
13.56 |
11.50 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
11.32 |
11.19 |
7.57 |
9.80 |
9.38 |
|
Net
Profit Margin |
9.77 |
10.21 |
6.46 |
8.64 |
7.84 |
|
Return
On Net Assets |
17.00 |
18.83 |
13.03 |
23.41 |
25.02 |
|
Return
On Capital Employed |
17.00 |
18.83 |
13.02 |
22.91 |
23.83 |
|
Return
On Shareholders' Funds/Equity |
14.84 |
17.35 |
11.28 |
20.97 |
21.43 |
|
Dividend
Pay Out Ratio (Times) |
0.71 |
0.00 |
0.62 |
0.35 |
0.24 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
|
|
1 |
Rs.97.84 |
|
Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.