|
Report No. : |
328993 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOTHARI PRODUCTS SINGAPORE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
101 Cecil Street #11-01 Tong Eng Building, 069533 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
21.05.2008 |
|
|
|
|
Com. Reg. No.: |
200809977-K |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
trading of Metal, Steel & Commodity Products such as Steel, Metal & Scraps. |
|
|
|
|
No of Employees : |
03 (2012) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Singapore |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Singapore ECONOMIC OVERVIEW
Singapore has a highly developed
and successful free-market economy. It enjoys a remarkably open and
corruption-free environment, stable prices, and a per capita GDP higher than
that of most developed countries. The economy depends heavily on exports, particularly
in consumer electronics, information technology products, pharmaceuticals, and
on a growing financial services sector. The economy contracted 0.6% in 2009 as
a result of the global financial crisis, but rebounded 15.1% in 2010, on the
strength of renewed exports, before slowing to in 2011-13, largely a result of
soft demand for exports during the second European recession. Over the longer
term, the government hopes to establish a new growth path that focuses on
raising productivity. Singapore has attracted major investments in
pharmaceuticals and medical technology production and will continue efforts to
establish Singapore as Southeast Asia's financial and high-tech hub.
|
Source : CIA |
|
REGISTRATION NO. |
: |
200809977-K |
||||
|
COMPANY NAME |
: |
KOTHARI PRODUCTS
SINGAPORE PRIVATE LIMITED |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
21/05/2008 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
101 CECIL STREET #11-01 TONG ENG BUILDING,
069533, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
101 CECIL STREET, 11-01 TONG ENG BUILDING,
069533, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62232216 |
||||
|
FAX.NO. |
: |
65-62239921 |
||||
|
CONTACT PERSON |
: |
SENTHILNATHAN VISWANATHAN ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
Engaged in trading of Metal, Steel &
Commodity Products such as Steel, Metal & Scraps. |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
10,000,020.00 ORDINARY SHARE, OF A VALUE OF
SGD 10,000,020.00 |
||||
|
SALES |
: |
USD 108,886,002 [2014] |
||||
|
NET WORTH |
: |
USD 13,917,866 [2014] |
||||
|
STAFF STRENGTH |
: |
03 (2012) |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
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 metal, steel, commodity products.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
04/12/2014 |
SGD 10,000,020.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
KOTHARI PRODUCTS LIMITED |
24/19, PAN PARAG HOUSE, THE MALL, KANPURE, SINGAPORE. |
T08UF2112 |
10,000,000.00 |
100.00 |
|
MR. SOMESH GANERIWAL |
82, JALAN DAUD, 07-04, WINDY HEIGHTS, 419592, SINGAPORE. |
S2769756I |
20.00 |
0.00 |
|
--------------- |
------ |
|||
|
10,000,020.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
201132797G |
SINGAPORE |
PINEHILLS (SINGAPORE) PTE. LTD. |
100.00 |
31/03/2014 |
DIRECTOR 1
|
Name Of Subject |
: |
MR. SENTHILNATHAN VISWANATHAN |
|
Address |
: |
101, CECIL STREET, 02-11, TONG ENG BUILDING, 069533, SINGAPORE. |
|
IC / PP No |
: |
S2687325H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
16/08/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. DEEPAK KOTHARI |
|
Address |
: |
24/19, THE MALL KANPUR, 208001, INDIA. |
|
IC / PP No |
: |
Z1174842 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
21/05/2008 |
|
1) |
Name of Subject |
: |
SENTHILNATHAN VISWANATHAN |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
T RAVI & CO. |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
MR. SOMESH GANERIWAL |
|
IC / PP No |
: |
S2769756I |
|
|
Address |
: |
82, JALAN DAUD, 07-04, WINDY HEIGHTS, 419592, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
MR. SOMESH GANERIWAL |
|
IC / PP No |
: |
S2769756I |
|
|
Address |
: |
82, JALAN DAUD, 07-04, WINDY HEIGHTS, 419592, SINGAPORE. |
|
Banking relations are maintained principally
with :
|
1) |
Name |
: |
BANK OF INDIA |
|
2) |
Name |
: |
CITIBANK N.A. |
|
3) |
Name |
: |
DBS BANK LTD |
|
4) |
Name |
: |
HABIB BANK LIMITED |
|
5) |
Name |
: |
INDIAN BANK |
|
6) |
Name |
: |
INDIAN OVERSEAS BANK |
|
7) |
Name |
: |
CITIBANK BHD |
|
8) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200807142 |
01/08/2008 |
N/A |
BANK OF INDIA |
- |
Unsatisfied |
|
C201110638 |
25/08/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201110639 |
25/08/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201204804 |
03/05/2012 |
N/A |
INDIAN BANK |
- |
Unsatisfied |
|
C201205380 |
17/05/2012 |
N/A |
CITIBANK BHD |
- |
Unsatisfied |
|
C201205384 |
17/05/2012 |
N/A |
CITIBANK BHD |
- |
Unsatisfied |
|
C201206097 |
05/06/2012 |
N/A |
DBS BANK LTD |
- |
Unsatisfied |
|
C201206098 |
05/06/2012 |
N/A |
DBS BANK LTD |
- |
Unsatisfied |
|
C201208148 |
20/07/2012 |
N/A |
HABIB BANK LIMITED |
- |
Unsatisfied |
|
C201208154 |
20/07/2012 |
N/A |
HABIB BANK LIMITED |
- |
Unsatisfied |
|
C201209625 |
24/08/2012 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201209627 |
24/08/2012 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
* A check has been conducted in our databank
against the Subject whether the subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our
databank.
|
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
METAL, STEEL, COMMODITY PRODUCTS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2012 |
2011 |
2010 |
|||||
|
|
|||||||||
|
N/A |
N/A |
N/A |
|||||||
|
COMPANY |
n/a |
3 |
3 |
2 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally
engaged in the (as a / as an) trading of metal, steel, commodity
products.
The Subject sells commodity products such as
steel, metal & scraps.
Latest fresh investigations carried
out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62232216 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
101 CECIL STREET, 11-01 TONG ENG
BUILDING,069533,SINGAPORE |
|
Current Address |
: |
101 CECIL STREET, 11-01 TONG ENG BUILDING,
069533, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we
contacted one of the staff from the Subject and she provided some information.
She refused to disclose the Subject's number of
employees.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
3.59% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
62.73% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
9.30% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
15.55% |
] |
|
|
The higher turnover could be attributed to
the favourable market condition.The Subject's profit fell sharply because of
the high operating costs incurred. 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 |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
141 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
42 Days |
] |
|
|
As the Subject is a service oriented
company, the Subject does not need to keep 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 |
[ |
1.39 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.39 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 |
: |
Unfavourable |
[ |
2.77 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.95 Times |
] |
|
|
The Subject's interest cover was low. If
its profits fall or when interest rate rises, it may not be able to
meet all its interest payment. The Subject's gearing was slightly high. The Subject
is utilising the leverage concept to fund its expansion. However, the high
gearing has added financial risks to the Subject. It will be more vulnerable
in times of economy downturn. |
||||||
|
Overall
Assessment : |
||||||
|
Although the Subject's turnover had
increased, its profits had declined over the same corresponding period. This
could be due to the stiffer market competition and / or higher operating costs
which lowered the Subject's profit margin. 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. If there is a fall in the Subject's profit or any
increase in interest rate, the Subject may not be able to generate sufficient
cash-flow to service its interest. The Subject's gearing was slightly high
and its financial risk was also high. If no plans are made to reduce its
gearing, the Subject's performance may deteriorate in the coming year. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
|
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 2008, the Subject is a
Private Limited company, focusing on trading of metal, steel, commodity
products. Having been in business for more than 5 years, the Subject has established
a remarkable clientele base for itself which has contributed to its business
growth. The Subject is a large entity with strong capital position of SGD
10,000,020. We are confident with the Subject's business and its future
growth prospect. Having strong support from its shareholder has enabled the
Subject to remain competitive despite the challenging business
environment. Financially, the Subject registered a
higher turnover compared to previous year. However, its profits showed a
reverse trend. The lower profit achieved was a result of higher operating
cost and increased competition. 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. The gearing level of the Subject is slightly high, therefore it
faces moderate financial risk. Given a positive net worth standing at USD
13,917,866, the Subject should be able to maintain its business in the near
terms. The Subject's payment habit is average.
With its adequate working capital, the Subject should be able to pay its
short term debts. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. Based on the above condition, we recommend
credit be granted to the Subject normally. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
KOTHARI PRODUCTS
SINGAPORE PRIVATE LIMITED |
|
Financial Year End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
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 |
SUMMARY |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
108,886,002 |
105,116,076 |
88,026,032 |
52,773,269 |
14,618,767 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
108,886,002 |
105,116,076 |
88,026,032 |
52,773,269 |
14,618,767 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,383,473 |
3,711,692 |
1,427,367 |
1,005,971 |
132,620 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,383,473 |
3,711,692 |
1,427,367 |
1,005,971 |
132,620 |
|
Taxation |
(88,514) |
(537,528) |
(292,324) |
(151,000) |
(11,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,294,959 |
3,174,164 |
1,135,044 |
854,971 |
121,620 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
5,092,651 |
2,273,653 |
1,138,609 |
148,601 |
26,981 |
|
Prior year adjustment |
- |
(355,166) |
- |
135,037 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
5,092,651 |
1,918,487 |
1,138,609 |
283,638 |
26,981 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
6,387,610 |
5,092,651 |
2,273,653 |
1,138,609 |
148,601 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
6,387,610 |
5,092,651 |
2,273,653 |
1,138,609 |
148,601 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Others |
780,840 |
844,870 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
780,840 |
844,870 |
- |
- |
- |
|
|
|
============= |
============= |
|
KOTHARI PRODUCTS
SINGAPORE PRIVATE LIMITED |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
52,066 |
11,031 |
23,176,083 |
17,558 |
5,002 |
|
Investment properties |
186,269 |
92,014 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
186,269 |
92,014 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
238,335 |
103,045 |
23,176,083 |
17,558 |
5,002 |
|
Stocks |
- |
- |
- |
- |
107,646 |
|
Trade debtors |
41,970,824 |
31,718,212 |
- |
9,015,196 |
3,664,076 |
|
Other debtors, deposits & prepayments |
449,702 |
673,295 |
- |
6,088 |
519,421 |
|
Short term deposits |
5,826,591 |
5,355,330 |
- |
1,117,784 |
994,431 |
|
Cash & bank balances |
402,070 |
130,169 |
- |
1,320,408 |
237,505 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
48,649,187 |
37,877,006 |
36,646,983 |
11,459,476 |
5,523,079 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
48,887,522 |
37,980,051 |
59,823,066 |
11,477,034 |
5,528,081 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
12,660,215 |
8,981,028 |
- |
3,825,107 |
4,472,864 |
|
Other creditors & accruals |
105,463 |
40,495 |
- |
66,397 |
95,870 |
|
Short term borrowings/Term loans |
- |
- |
- |
2,647,212 |
106,875 |
|
Other borrowings |
13,177,812 |
8,339,858 |
- |
- |
- |
|
Bill & acceptances payable |
8,834,598 |
7,428,645 |
- |
- |
- |
|
Provision for taxation |
191,567 |
571,767 |
- |
151,501 |
14,207 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
34,969,655 |
25,361,793 |
47,549,393 |
6,690,217 |
4,689,816 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
13,679,532 |
12,515,213 |
(10,902,410) |
4,769,259 |
833,263 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
13,917,867 |
12,618,258 |
12,273,673 |
4,786,817 |
838,265 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
7,614,662 |
7,614,662 |
10,000,020 |
3,783,245 |
689,664 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
7,614,662 |
7,614,662 |
10,000,020 |
3,783,245 |
689,664 |
|
Exchange equalisation/fluctuation reserve |
(84,406) |
(89,055) |
- |
- |
- |
|
Retained profit/(loss) carried forward |
6,387,610 |
5,092,651 |
2,273,653 |
1,138,609 |
148,601 |
|
Others |
- |
- |
- |
(135,037) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
6,303,204 |
5,003,596 |
2,273,653 |
1,003,572 |
148,601 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
13,917,866 |
12,618,258 |
12,273,673 |
4,786,817 |
838,265 |
|
Others |
1 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
13,917,867 |
12,618,258 |
12,273,673 |
4,786,817 |
838,265 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
KOTHARI PRODUCTS
SINGAPORE PRIVATE LIMITED |
|
TYPES OF FUNDS |
|||||
|
Cash |
6,228,661 |
5,485,499 |
- |
2,438,192 |
1,231,936 |
|
Net Liquid Funds |
6,228,661 |
5,485,499 |
- |
2,438,192 |
1,231,936 |
|
Net Liquid Assets |
13,679,532 |
12,515,213 |
(10,902,410) |
4,769,259 |
725,617 |
|
Net Current Assets/(Liabilities) |
13,679,532 |
12,515,213 |
(10,902,410) |
4,769,259 |
833,263 |
|
Net Tangible Assets |
13,917,867 |
12,618,258 |
12,273,673 |
4,786,817 |
838,265 |
|
Net Monetary Assets |
13,679,531 |
12,515,213 |
(10,902,410) |
4,769,259 |
725,617 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
13,177,812 |
8,339,858 |
- |
2,647,212 |
106,875 |
|
Total Liabilities |
34,969,656 |
25,361,793 |
47,549,393 |
6,690,217 |
4,689,816 |
|
Total Assets |
48,887,522 |
37,980,051 |
59,823,066 |
11,477,034 |
5,528,081 |
|
Net Assets |
13,917,867 |
12,618,258 |
12,273,673 |
4,786,817 |
838,265 |
|
Net Assets Backing |
13,917,866 |
12,618,258 |
12,273,673 |
4,786,817 |
838,265 |
|
Shareholders' Funds |
13,917,866 |
12,618,258 |
12,273,673 |
4,786,817 |
838,265 |
|
Total Share Capital |
7,614,662 |
7,614,662 |
10,000,020 |
3,783,245 |
689,664 |
|
Total Reserves |
6,303,204 |
5,003,596 |
2,273,653 |
1,003,572 |
148,601 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.18 |
0.22 |
- |
0.36 |
0.26 |
|
Liquid Ratio |
1.39 |
1.49 |
- |
1.71 |
1.15 |
|
Current Ratio |
1.39 |
1.49 |
0.77 |
1.71 |
1.18 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
0 |
- |
0 |
3 |
|
Debtors Ratio |
141 |
110 |
- |
62 |
91 |
|
Creditors Ratio |
42 |
31 |
- |
26 |
112 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0.95 |
0.66 |
- |
0.55 |
0.13 |
|
Liabilities Ratio |
2.51 |
2.01 |
3.87 |
1.40 |
5.59 |
|
Times Interest Earned Ratio |
2.77 |
5.39 |
- |
0.00 |
0.00 |
|
Assets Backing Ratio |
1.83 |
1.66 |
1.23 |
1.27 |
1.22 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
1.27 |
3.53 |
1.62 |
1.91 |
0.91 |
|
Net Profit Margin |
1.19 |
3.02 |
1.29 |
1.62 |
0.83 |
|
Return On Net Assets |
15.55 |
36.11 |
11.63 |
21.02 |
15.82 |
|
Return On Capital Employed |
15.55 |
36.11 |
11.63 |
21.02 |
15.82 |
|
Return On Shareholders' Funds/Equity |
9.30 |
25.16 |
9.25 |
17.86 |
14.51 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
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.