|
Report No. : |
320400 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ATLANTIC INDUSTRIAL & TRADING PTE. LTD. |
|
|
|
|
Registered Office : |
8, Eu Tong Sen
Street, 22- 82, The Central, 059818 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
10.03.2011 |
|
|
|
|
Com. Reg. No.: |
201105859-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of agricultural commodity and metals. |
|
|
|
|
No of Employees : |
6 [2014] |
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. |
: |
201105859-G |
|
COMPANY NAME |
: |
ATLANTIC INDUSTRIAL & TRADING PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
10/03/2011 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
8, EU TONG SEN STREET, 22- 82, THE CENTRAL,
059818, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
8 EU TONG SEN STREET#22 - 82 THE CENTRAL,
059818, SINGAPORE. |
|
TEL.NO. |
: |
65-62240427 |
|
FAX.NO. |
: |
65-62227010 |
|
EMAIL |
: |
|
|
WEB SITE |
: |
|
|
CONTACT PERSON |
: |
TAN SUAN TIU ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF AGRICULTURAL COMMODITY AND
METALS |
|
ISSUED AND PAID UP CAPITAL |
: |
1,000,000.00 ORDINARY SHARE, OF A VALUE OF
USD 1,148,889.00 |
|
SALES |
: |
USD 1,125,582,152 [2014] |
|
NET WORTH |
: |
USD 7,955,672 [2014] |
|
STAFF STRENGTH |
: |
6 [2014] |
|
BANKER (S) |
|
UNITED OVERSEAS BANK LIMITED |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
GOOD |
|
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 agricultural commodity and
metals.
|
Date |
Issue &
Paid Up Capital |
|
17/12/2014 |
USD 1,148,889.00 |
The major shareholder(s) of the Subject are
shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
AMARILLA ALBERTO
DANIEL + |
63, PATERSON
ROAD, 16-05, THE PATERSON, 238539, SINGAPORE. |
G5694187N |
800,000.00 |
80.00 |
|
SOUTH EAST ASIAN
TRADING (FZE) |
PO BOX 8683, SAIF-ZONE,
SAIF PLUS Q1- 09-029/C, SHARJAH, UNITED ARAB EMIRATES. |
T14UF0104 |
200,000.00 |
20.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
SWITZERLAND |
ATLANTIC
INTERNATIONAL SA |
100.00 |
30/06/2013 |
|
|
200916812W |
SINGAPORE |
NOVA ALPHA PTE.
LTD. |
100.00 |
30/06/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
BRYAN TAN SUAN
TIU |
|
Address |
: |
1, SIN MING
AVENUE, 15-05, FLAME TREE PARK, 575728, SINGAPORE. |
|
IC / PP No |
: |
S7139320H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
17/07/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
AMARILLA ALBERTO
DANIEL |
|
Address |
: |
63, PATERSON
ROAD, 16-05, THE PATERSON, 238539, SINGAPORE. |
|
IC / PP No |
: |
G5694187N |
|
Nationality |
: |
ITALIAN |
|
Date of Appointment |
: |
01/11/2011 |
|
1) |
Name of Subject |
: |
TAN SUAN TIU |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
TKNP INTERNATIONAL |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
LIM CHIEW YEN |
|
IC / PP No |
: |
S7602240B |
|
|
Address |
: |
450, BUKIT PANJANG RING ROAD, 12-585,
670450, SINGAPORE. |
|
2) |
Company Secretary |
: |
BRYAN TAN SUAN TIU |
|
IC / PP No |
: |
S7139320H |
|
|
Address |
: |
1, SIN MING AVENUE, 15-05, FLAME TREE PARK,
575728, SINGAPORE. |
Banking relations are maintained principally
with :
|
1) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201304112 |
20/03/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201304177 |
21/03/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201314119 |
18/10/2013 |
N/A |
AUSTRALIA AND NEW ZEALAND BANKING GROUP
LIMITED |
- |
Unsatisfied |
|
C201316332 |
06/12/2013 |
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose it's
supplier.
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 |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
LATIN AMERICA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
|
Goods Traded |
: |
AGRICULTURAL COMMODITY AND METALS |
|
Total Number of Employees: |
||
|
YEAR |
2014 |
|
|
GROUP |
N/A |
|
|
COMPANY |
6 |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
agricultural commodity and metals.
The Subject’s main bulk of trades are in agricultural
products but not limited to these.
Metals and energy commodities have added to the total, and could potentially
add-on other commodities depending on market demand.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number
Provided By Client |
: |
N/A |
|
Current Telephone
Number |
: |
65-62240427 |
|
Match |
: |
N/A |
|
Address Provided
by Client |
: |
8 EU TONG SEN
STREET, 22-82, THE CENTRAL, SINGAPORE 059818 |
|
Current Address |
: |
8 EU TONG SEN
STREET#22 - 82 THE CENTRAL, 059818, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some information on the Subject.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2011 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2011 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
31.74% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
46.50% |
] |
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The Subject's
management have been efficient in controlling its operating costs. Generally the
Subject was profitable. The favourable return on shareholders' funds and
return on net assets indicate that the Subject's management was efficient in
utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
11 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
15 Days |
] |
|
|
As the Subject is a service oriented company,
the Subject does not need to keep 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 |
[ |
1.16 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.16 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 |
: |
Acceptable |
[ |
5.08 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.06 Times |
] |
|
|
The Subject's interest cover was slightly
low. If there is no sharp fall in its profit or sudden increase in the
interest rates, we believe the Subject is able to generate sufficient income
to service its interest and repay the loans. The Subject was lowly geared
thus it had a low financial risk. The Subject was mainly financed by its
shareholders' funds and internally generated funds. In times of economic
slowdown / downturn, the Subject being a lowly geared company, will be able
to compete better than those companies which are highly geared in the same
industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover was erratic, the
Subject had maintained a steady growth in its profit. This indicate the management's
efficiency in controlling its costs and profitability. The Subject was in
good liquidity position with its total current liabilities well covered by
its total current assets. With its current net assets, the Subject should be
able to repay its short term obligations. The Subject had an acceptable
interest cover. If there is no sudden sharp increase in interest rate or fall
in the Subject's profit, we do believe the Subject is able to generate
sufficient cash flow to service its interest payment. The Subject as a lowly
geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
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 2011, the Subject is a Private Limited company, focusing on
trading of agricultural commodity and metals. The Subject has been in business for
less than 5 years and it has slowly been building up contact with its clients
while competing in the industry. However, it has yet to enjoy a stable market
shares as it need to compete many well established players in the same field. A
paid up capital of USD 1,148,889 allows the Subject to expand its business more
comfortably. We considered that the Subject's business position in the market
is much dependent on the efforts of its directors.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the Subject to further
enhance its business in the near term. Being a small company, the Subject's
business operation is supported by 6 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. Based on the
higher profitability, the Subject has generated a favourable return based on
its existing shareholders' funds which indicated that the management was
efficient in utilising its funds to generate income. The Subject is in good
liquidity position with its current liabilities well covered by it current
assets. Hence, it has sufficient working capital to meet its short term
financial obligations. Being a lowly geared company, the Subject is exposed to
low financial risk as it is mainly dependent on its internal funds to finance
its business needs. Given a positive net worth standing at USD 7,955,672, the
Subject should be able to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises.
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 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 promptly.
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.
|
Financial Year End |
2014-06-30 |
2013-06-30 |
2012-06-30 |
2011-06-30 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
|
TURNOVER |
1,125,582,152 |
1,166,654,796 |
507,620,096 |
87,327,375 |
|
Other Income |
67,328 |
129,544 |
109,293 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,125,649,480 |
1,166,784,340 |
507,729,389 |
87,327,375 |
|
Costs of Goods Sold |
(1,120,653,442) |
(1,162,809,140) |
(504,014,561) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
4,996,038 |
3,975,200 |
3,714,828 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,971,012 |
2,537,295 |
2,244,727 |
1,423,548 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
2,971,012 |
2,537,295 |
2,244,727 |
1,423,548 |
|
Taxation |
(446,140) |
(283,527) |
(326,433) |
(199,371) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
2,524,872 |
2,253,768 |
1,918,294 |
1,224,177 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As previously reported |
4,291,115 |
2,037,347 |
126,661 |
(1,097,516) |
|
Prior year adjustment |
- |
- |
840,686 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
4,291,115 |
2,037,347 |
967,347 |
(1,097,516) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
6,815,987 |
4,291,115 |
2,885,641 |
126,661 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
(848,294) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
6,815,987 |
4,291,115 |
2,037,347 |
126,661 |
|
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||||
|
Others |
728,140 |
178,461 |
139,026 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
728,140 |
178,461 |
139,026 |
- |
|
|
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
34,217 |
48,630 |
49,899 |
49,205 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
34,217 |
48,630 |
49,899 |
49,205 |
|
Trade debtors |
34,046,097 |
36,855,372 |
66,040,488 |
- |
|
Other debtors, deposits & prepayments |
22,900 |
33,379 |
8,918,597 |
- |
|
Short term deposits |
22,416,354 |
6,484,393 |
- |
- |
|
Amount due from subsidiary companies |
- |
- |
1,661 |
- |
|
Amount due from director |
- |
109,157 |
- |
- |
|
Cash & bank balances |
1,627,435 |
1,899,951 |
1,541,156 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
58,112,786 |
45,382,252 |
76,501,902 |
62,772,174 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
58,147,003 |
45,430,882 |
76,551,801 |
62,821,379 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
||||
|
Trade creditors |
46,832,263 |
39,460,313 |
66,664,037 |
- |
|
Other creditors & accruals |
74,860 |
139,880 |
86,120 |
- |
|
Bank overdraft |
500,000 |
- |
- |
- |
|
Amounts owing to related companies |
- |
- |
6,143,964 |
- |
|
Amounts owing to director |
- |
- |
7,711 |
- |
|
Provision for taxation |
367,523 |
406,942 |
479,753 |
- |
|
Other liabilities |
2,416,685 |
- |
6,165 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
50,191,331 |
40,007,135 |
73,387,750 |
61,545,828 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
7,921,455 |
5,375,117 |
3,114,152 |
1,226,345 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
7,955,672 |
5,423,747 |
3,164,051 |
1,275,551 |
|
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
||||
|
Ordinary share capital |
1,148,889 |
1,148,889 |
1,148,889 |
1,148,889 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,148,889 |
1,148,889 |
1,148,889 |
1,148,889 |
|
Exchange equalisation/fluctuation reserve |
(9,204) |
(16,257) |
(22,185) |
- |
|
Retained profit/(loss) carried forward |
6,815,987 |
4,291,115 |
2,037,347 |
126,661 |
|
Others |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
6,806,783 |
4,274,858 |
2,015,162 |
126,662 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
7,955,672 |
5,423,747 |
3,164,051 |
1,275,551 |
|
TOTAL LONG TERM LIABILITIES |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,955,672 |
5,423,747 |
3,164,051 |
1,275,551 |
|
|
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
||||
|
Cash |
24,043,789 |
8,384,344 |
1,541,156 |
- |
|
Net Liquid Funds |
23,543,789 |
8,384,344 |
1,541,156 |
- |
|
Net Liquid Assets |
7,921,455 |
5,375,117 |
3,114,152 |
1,226,346 |
|
Net Current Assets/(Liabilities) |
7,921,455 |
5,375,117 |
3,114,152 |
1,226,346 |
|
Net Tangible Assets |
7,955,672 |
5,423,747 |
3,164,051 |
1,275,551 |
|
Net Monetary Assets |
7,921,455 |
5,375,117 |
3,114,152 |
1,226,346 |
|
BALANCE SHEET ITEMS |
||||
|
Total Borrowings |
500,000 |
0 |
0 |
- |
|
Total Liabilities |
50,191,331 |
40,007,135 |
73,387,750 |
61,545,828 |
|
Total Assets |
58,147,003 |
45,430,882 |
76,551,801 |
62,821,379 |
|
Net Assets |
7,955,672 |
5,423,747 |
3,164,051 |
1,275,550 |
|
Net Assets Backing |
7,955,672 |
5,423,747 |
3,164,051 |
1,275,551 |
|
Shareholders' Funds |
7,955,672 |
5,423,747 |
3,164,051 |
1,275,551 |
|
Total Share Capital |
1,148,889 |
1,148,889 |
1,148,889 |
1,148,889 |
|
Total Reserves |
6,806,783 |
4,274,858 |
2,015,162 |
126,662 |
|
LIQUIDITY (Times) |
||||
|
Cash Ratio |
0.48 |
0.21 |
0.02 |
- |
|
Liquid Ratio |
1.16 |
1.13 |
1.04 |
- |
|
Current Ratio |
1.16 |
1.13 |
1.04 |
1.02 |
|
WORKING CAPITAL CONTROL (Days) |
||||
|
Stock Ratio |
0 |
0 |
0 |
- |
|
Debtors Ratio |
11 |
12 |
47 |
- |
|
Creditors Ratio |
15 |
12 |
48 |
- |
|
SOLVENCY RATIOS (Times) |
||||
|
Gearing Ratio |
0.06 |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
6.31 |
7.38 |
23.19 |
48.25 |
|
Times Interest Earned Ratio |
5.08 |
15.22 |
17.15 |
- |
|
Assets Backing Ratio |
6.92 |
4.72 |
2.75 |
1.11 |
|
PERFORMANCE RATIO (%) |
||||
|
Operating Profit Margin |
0.26 |
0.22 |
0.44 |
1.63 |
|
Net Profit Margin |
0.22 |
0.19 |
0.38 |
1.40 |
|
Return On Net Assets |
46.50 |
50.07 |
75.34 |
111.60 |
|
Return On Capital Employed |
43.75 |
50.07 |
75.34 |
111.60 |
|
Return On Shareholders' Funds/Equity |
31.74 |
41.55 |
60.63 |
95.97 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.44 |
- |
|
NOTES TO ACCOUNTS |
||||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.