MIRA INFORM REPORT

 

 

Report No. :

312780

Report Date :

19.03.2015

 

IDENTIFICATION DETAILS

 

Name :

ISIN INTERNATIONAL PTE LTD

 

 

Registered Office :

143, Cecil Street, 14-00, GB Building, 069542

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.03.1991

 

 

Com. Reg. No.:

199101137-M

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Business support services activities

 

 

No. of Employee :

16 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – 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

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

199101137-M

COMPANY NAME

:

ISIN INTERNATIONAL PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

15/03/1991

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

143, CECIL STREET, 14-00, GB BUILDING, 069542, SINGAPORE.

BUSINESS ADDRESS

:

143, CECIL STREET, 14-00, GB BUILDING, 069542, SINGAPORE.

TEL.NO.

:

65-62221347

FAX.NO.

:

65-62234613

CONTACT PERSON

:

AMIT LOHIA ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

BUSINESS SUPPORT SERVICES ACTIVITIES

ISSUED AND PAID UP CAPITAL

:

14,353,870.00 ORDINARY SHARE, OF A VALUE OF SGD 14,353,870.00

SALES

:

USD 76,147,114 [2013]

NET WORTH

:

USD 9,486,454 [2013]

STAFF STRENGTH

:

16 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) business support services activities.

 

Share Capital History

Date

Issue & Paid Up Capital

18/03/2015

SGD 14,353,870.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

PT. INDO-RAMA SYNTHETICS TBK

KEMBANG KUNING, JATILUHUR PURWAKARTA, INDONESIA.

T07UF0531

14,353,870.00

100.00

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

------

14,353,870.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

DIRECTOR 1

 

Name Of Subject

:

KRISHAN KUMAR AGGARWAL

Address

:

3, RHU CROSS, 08-15, COSTA RHU, 437433, SINGAPORE.

IC / PP No

:

G6088625W

Nationality

:

INDIAN

Date of Appointment

:

10/04/2008

 

DIRECTOR 2

 

Name Of Subject

:

AMIT LOHIA

Address

:

37, MARYLAND DRIVE, MARYLAND ESTATE, 277529, SINGAPORE.

IC / PP No

:

G5973438K

Nationality

:

INDIAN

Date of Appointment

:

31/12/2004

 

DIRECTOR 3

 

Name Of Subject

:

PRAKASH KEJRIWAL

Address

:

9, TANJONG RHU ROAD, 05-04, THE WATERSIDE, 436894, SINGAPORE.

IC / PP No

:

S6979420C

Nationality

:

SINGAPOREAN

Date of Appointment

:

22/01/2014

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

AMIT LOHIA

Position

:

MANAGING DIRECTOR

 

2)

Name of Subject

:

PRAKASH KEJRIWAL

Position

:

MANAGER

 

 

 

AUDITOR

 

Auditor

:

RAMA & CO

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

NANJAPPA GNANAMURTHY SOUMYA

IC / PP No

:

S8180404D

Address

:

689A, CHOA CHU KANG DRIVE, 16-314, 681689, SINGAPORE.

 

2)

Company Secretary

:

CLIFFORD EMMANUEL GERMAIN ABAYASEKARA

IC / PP No

:

S2191478I

Address

:

407B, ERNVALE ROAD, 04-13, 792407, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

 

 ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201012777

30/12/2010

N/A

DBS BANK LTD.

-

Unsatisfied

C201012779

30/12/2010

N/A

DBS BANK LTD.

-

Unsatisfied

 

 

LITIGATION CHECK AGAINST SUBJECT

 

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject is a service provider.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

N/A

Overseas

:

N/A


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

 

 

OPERATIONS

 

Services

:

BUSINESS SUPPORT SERVICES ACTIVITIES

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

16

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) business support services activities.

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

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62221347

Match

:

N/A

Address Provided by Client

:

143 CECIL STREET # 14-00 GB BUILDING SINGAPORE 069542

Current Address

:

143, CECIL STREET, 14-00, GB BUILDING, 069542, SINGAPORE.

Match

:

YES

 

Other Investigations


On 16th March 2015 we contacted one of the staff from the Subject's registered office and she only provided limited information.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2013

]

Return on Shareholder Funds

:

Unfavourable

[

0.43%

]

Return on Net Assets

:

Unfavourable

[

5.93%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

3 Days

]

Debtor Ratio

:

Favourable

[

43 Days

]

Creditors Ratio

:

Favourable

[

4 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

[

1.18 Times

]

Current Ratio

:

Unfavourable

[

1.20 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

[

1.13 Times

]

Gearing Ratio

:

Unfavourable

[

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

Overall Assessment :

Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. 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 level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the Subject : POOR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

Services

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

* Based on Index of Industrial Production (2011 = 100)

 



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

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

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

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

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

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

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

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

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

 


CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1991, the Subject is a Private Limited company, focusing on business support services activities. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. The Subject is a large entity with strong capital position of SGD 14,353,870. 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.

Being a small company, the Subject's business operation is supported by 16 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 9,486,454, the Subject should be able to maintain its business in the near terms.

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

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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

Based on the above condition, we recommend credit be granted to the Subject normally.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

SUMMARY

SUMMARY

Currency

USD

USD

SGD

SGD

SGD

TURNOVER

76,147,114

82,079,729

133,367,044

157,331,192

135,185,289

Other Income

573,666

44,413

-

-

-

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

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

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

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

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

Total Turnover

76,720,780

82,124,142

133,367,044

157,331,192

135,185,289

Costs of Goods Sold

(72,228,310)

(78,467,716)

-

-

-

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

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

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

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

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

Gross Profit

4,492,470

3,656,426

-

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

89,489

47,186

142,291

174,254

76,207

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

89,489

47,186

142,291

174,254

76,207

Taxation

(48,575)

(6,833)

(32,471)

(13,602)

(14,862)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

40,914

40,353

109,820

160,653

61,345

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

345,540

305,187

(5,058,503)

(160,653)

17,343,112

Prior year adjustment

-

-

5,253,870

-

(321,306)

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

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

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

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

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

As restated

345,540

305,187

195,367

(160,653)

17,021,806

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

386,454

345,540

305,187

-

17,083,151

TRANSFER TO RESERVES - General

-

-

-

(5,058,503)

(17,243,804)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

386,454

345,540

305,187

(5,058,503)

(160,653)

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

154

-

-

-

-

Lease interest

136

-

-

-

-

Term loan / Borrowing

66,142

77,881

-

-

-

Trust receipts

484,430

442,465

-

-

-

Others

160,617

127,156

-

-

-

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

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

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

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

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

711,479

647,502

-

-

-

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

6,452,306

6,640,262

7,137,266

8,248,667

20,688,414

Investments

184,397

184,397

-

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

184,397

184,397

-

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

6,636,703

6,824,659

7,137,266

8,248,667

20,688,414

Stocks

652,141

153,300

-

-

-

Trade debtors

9,060,071

5,596,125

-

-

-

Other debtors, deposits & prepayments

640,125

715,783

-

-

-

Short term deposits

52,869

51,469

-

-

-

Short term loans & advances

18,292

141,810

-

-

-

Amount due from holding company

24,253,233

30,643,663

-

-

-

Amount due from related companies

2,990,121

501,527

-

-

-

Cash & bank balances

3,516,714

2,486,186

-

-

-

Others

440,659

196,436

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

41,624,225

40,486,299

29,976,859

72,616,139

74,083,699

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

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

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

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

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

TOTAL ASSET

48,260,928

47,310,958

37,114,125

80,864,806

94,772,113

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

783,104

375,930

-

-

-

Other creditors & accruals

49,824

127,043

-

-

-

Short term borrowings/Term loans

7,749,740

-

-

-

-

Other borrowings

240,000

257,000

-

-

-

Deposits from customers

714,391

104,145

-

-

-

Amounts owing to related companies

6,425

6,525

-

-

-

Provision for taxation

17,000

19,382

-

-

-

Lease payables

12,660

-

-

-

-

Other liabilities

25,171,911

32,603,451

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

34,745,055

33,493,476

27,708,938

63,331,222

57,319,036

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

6,879,170

6,992,823

2,267,921

9,284,917

16,764,663

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

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

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

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

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

TOTAL NET ASSETS

13,515,873

13,817,482

9,405,187

17,533,583

37,453,077

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

9,100,000

9,100,000

14,353,870

14,353,870

14,353,870

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

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

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

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

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

TOTAL SHARE CAPITAL

9,100,000

9,100,000

14,353,870

14,353,870

14,353,870

Retained profit/(loss) carried forward

386,454

345,540

305,187

(5,058,503)

(160,653)

Others

-

-

-

(2,590,583)

0

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

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

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

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

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

TOTAL RESERVES

386,454

345,540

(4,948,683)

(2,590,583)

17,404,457

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

9,486,454

9,445,540

9,405,187

11,763,287

31,758,327

Long term loans

3,980,401

4,371,942

-

-

-

Lease obligations

49,018

-

-

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

4,029,419

4,371,942

-

5,770,297

5,694,750

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

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

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

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

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

13,515,873

13,817,482

9,405,187

17,533,583

37,453,077

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

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

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

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

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

 

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

3,569,583

2,537,655

-

-

-

Net Liquid Funds

3,569,583

2,537,655

-

-

-

Net Liquid Assets

6,227,029

6,839,523

2,267,921

9,284,917

16,764,663

Net Current Assets/(Liabilities)

6,879,170

6,992,823

2,267,921

9,284,917

16,764,663

Net Tangible Assets

13,515,873

13,817,482

9,405,187

17,533,583

37,453,077

Net Monetary Assets

2,197,610

2,467,581

2,267,921

3,514,620

11,069,913

BALANCE SHEET ITEMS

Total Borrowings

12,019,159

4,628,942

-

-

-

Total Liabilities

38,774,474

37,865,418

27,708,938

69,101,519

63,013,786

Total Assets

48,260,928

47,310,958

37,114,125

80,864,806

94,772,113

Net Assets

13,515,873

13,817,482

9,405,187

17,533,584

37,453,077

Net Assets Backing

9,486,454

9,445,540

9,405,187

11,763,287

31,758,327

Shareholders' Funds

9,486,454

9,445,540

9,405,187

11,763,287

31,758,327

Total Share Capital

9,100,000

9,100,000

14,353,870

14,353,870

14,353,870

Total Reserves

386,454

345,540

(4,948,683)

(2,590,583)

17,404,457

LIQUIDITY (Times)

Cash Ratio

0.10

0.08

-

-

-

Liquid Ratio

1.18

1.20

-

-

-

Current Ratio

1.20

1.21

1.08

1.15

1.29

WORKING CAPITAL CONTROL (Days)

Stock Ratio

3

1

-

-

-

Debtors Ratio

43

25

-

-

-

Creditors Ratio

4

2

-

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

1.27

0.49

-

-

-

Liabilities Ratio

4.09

4.01

2.95

5.87

1.98

Times Interest Earned Ratio

1.13

1.07

-

-

-

Assets Backing Ratio

1.49

1.52

0.66

1.22

2.61

PERFORMANCE RATIO (%)

Operating Profit Margin

0.12

0.06

0.11

0.11

0.06

Net Profit Margin

0.05

0.05

0.08

0.10

0.05

Return On Net Assets

5.93

5.03

1.51

0.99

0.20

Return On Capital Employed

5.93

5.03

1.51

0.99

0.20

Return On Shareholders' Funds/Equity

0.43

0.43

1.17

1.37

0.19

Dividend Pay Out Ratio (Times)

0.00

0.00

-

-

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.67

UK Pound

1

Rs.92.46

Euro

1

Rs.66.34

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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

 

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

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

 

 

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

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