|
Report No. : |
320420 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
|
|
|
|
Registered Office : |
22, Tanjong Kling Road, 628048 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
01.11.2011 |
|
|
|
|
Com. Reg. No.: |
201132066-R |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of leather, mineral, metal. |
|
|
|
|
No. of Employee : |
10 [2015] |
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. 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 |
EXECUTIVE SUMMARY
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) trading of leather, mineral, metal. The immediate holding company of the
Subject is TATA INTERNATIONAL LIMITED, a company incorporated in INDIA. Share Capital
History
The major shareholder(s) of the Subject
are shown as follows :
+ Also Director The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
DIRECTORS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name Of
Subject |
: |
AJAY MURLIDHAR
PONKSHE |
|
Address |
: |
3, YASHODHAN,
SAHAYOG MANDIR ROAD, NAUPADA, THANE, 400602, INDIA. |
|
IC / PP No |
: |
H8165619 |
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
01/11/2011 |
DIRECTOR 2
|
Name Of
Subject |
: |
ANIRUDDHA
BANERJEE |
|
Address |
: |
75, MEYER
ROAD, 10-01, HAWAII TOWER, 437901, SINGAPORE. |
|
IC / PP No |
: |
G5803929U |
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
01/11/2011 |
DIRECTOR 3
|
Name Of
Subject |
: |
ARUN KUMAR
VORA |
|
Address |
: |
S-2, ORCHID APARTMENTS,
161, 5TH MAIN, DEFENCE COLONY, INDIRANAGAR, BANGALORE, 2ND FLOOR, 560038,
INDIA. |
|
IC / PP No |
: |
G8038934 |
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
25/09/2012 |
DIRECTOR 4
|
Name Of
Subject |
: |
NOEL TATA |
|
Address |
: |
WINDMERE,
CUFFE PARADE, COLABA, MUMBAI, 5TH FLOOR, 400005, INDIA. |
|
IC / PP No |
: |
LT0076205 |
|
Nationality |
: |
IRISH |
|
Date of
Appointment |
: |
25/09/2012 |
DIRECTOR 5
|
Name Of
Subject |
: |
RAVINDRA
PISHARODY |
|
Address |
: |
9, BUILDING 1,
HILL PARK ESTATE, AG BELL ROAD, MUMBAI, 400006, INDIA. |
|
IC / PP No |
: |
Z2340297 |
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
25/09/2012 |
DIRECTOR 6
|
Name Of
Subject |
: |
KOTTAMASU
VENKATESWARA RAO |
|
Address |
: |
45, MANDALAY
ROAD, 17-01, MANDALE HEIGHTS, 308225, SINGAPORE. |
|
IC / PP No |
: |
S2674660D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
22/04/2014 |
|
1) |
Name of
Subject |
: |
ANIRUDDHA
BANERJEE |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
DELOITTE &
TOUCHE LLP |
|
Auditor'
Address |
: |
N/A |
|
1) |
Company
Secretary |
: |
TAY TUAN LENG |
|
IC / PP No |
: |
S7432140B |
|
|
Address |
: |
635, PASIR RIS
DRIVE, 1, 11-600, 510635, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
LEE WEI HSIUNG |
|
IC / PP No |
: |
S7927166G |
|
|
Address |
: |
633, JURONG
WEST STREET, 65, 10-310, 640633, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
STANDARD
CHARTERED BANK |
|
2) |
Name |
: |
ABN AMRO BANK
N.V. |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201213345 |
19/11/2012 |
N/A |
ICICI BANK
LIMITED |
- |
Unsatisfied |
|
C201300973 |
18/01/2013 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201300999 |
18/01/2013 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201303322 |
01/03/2013 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201403437 |
03/04/2014 |
N/A |
ABN AMRO BANK
N.V. |
- |
Unsatisfied |
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW
MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30
Days |
[ |
] |
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 |
: |
|
|
|
Total Number
of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
10 |
10 |
|||||||
|
Branch |
: |
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of leather,
mineral, metal.
The Key products offered by the Subject are including steel, metallics and
rolls, products for the aluminium industry (customised engineering products)
and module mounting systems (solar).
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-62651233 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
N/A |
|
Current
Address |
: |
22, TANJONG
KLING ROAD, 628048, SINGAPORE. |
|
Match |
: |
N/A |
Other
Investigations
On 26th February 2015 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
253.50% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
(214.79%) |
] |
|
|
Return on
Shareholder Funds |
: |
Unfavourable |
[ |
6.75% |
] |
|
|
Return on Net
Assets |
: |
Unfavourable |
[ |
8.22% |
] |
|
|
The increase
in turnover could be due to the Subject adopting an aggressive marketing
strategy.The management had succeeded in turning the Subject into a profit
making company. The profit could be due to better control of its operating costs
and efficiency in utilising its resources. 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 |
[ |
30 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
85 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
40 Days |
] |
|
|
The Subject's stocks
were moving fast thus reducing its holding cost. This had reduced funds
being tied up in stocks. The high debtors' ratio could indicate that the
Subject was weak in its credit control. However, the Subject could also
giving longer credit periods to its customers in order to boost its sales
or to capture / retain its market share. 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 |
: |
Acceptable |
[ |
0.86 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.12 Times |
] |
|
|
The Subject's liquid
ratio was slightly low. This could indicate that the Subject's working
capital was slightly deficient. The Subject will have to improve its
liquidity position either by obtaining short term financing or increase its
paid up capital so that it can meet all its short term obligations as and
when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
1.35 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
4.32 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 : |
||||||
|
The higher turnover
had helped to reduce the Subject's losses. The Subject's liquidity was at
an acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all 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 : LIMITED |
||||||
|
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 |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
Financial Year
End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated
Account |
GROUP |
GROUP |
Company |
|
Audited
Account |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
887,964,662 |
251,193,253 |
386,335 |
|
Other Income |
8,235,206 |
786,980 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
896,199,868 |
251,980,233 |
386,335 |
|
Costs of Goods
Sold |
(818,281,041) |
(234,260,883) |
(343,746) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
77,918,827 |
17,719,350 |
42,589 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
2,582,230 |
(2,249,497) |
(44,610) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
TAXATION |
2,582,230 |
(2,249,497) |
(44,610) |
|
Taxation |
1,118,449 |
(262,137) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
3,700,679 |
(2,511,634) |
(44,610) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously
reported |
(2,556,244) |
(44,610) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
(2,556,244) |
(44,610) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
1,144,435 |
(2,556,244) |
(44,610) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
1,144,435 |
(2,556,244) |
(44,610) |
|
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||
|
Term loan /
Borrowing |
4,664,011 |
915,957 |
- |
|
Others |
2,653,654 |
450,423 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
7,317,665 |
1,366,380 |
- |
|
|
============= |
============= |
|
ASSETS
EMPLOYED: |
|||
|
FIXED ASSETS |
66,490 |
119,252 |
- |
|
Deferred
assets |
1,379,342 |
216,950 |
- |
|
Others |
85,534,621 |
600,000 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS |
86,913,963 |
816,950 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG
TERM ASSETS |
86,980,453 |
936,202 |
- |
|
Stocks |
72,517,866 |
26,982,958 |
- |
|
Trade debtors |
205,724,367 |
60,376,469 |
22,459 |
|
Other debtors,
deposits & prepayments |
17,361,527 |
8,364,320 |
- |
|
Cash &
bank balances |
8,984,033 |
57,272,104 |
96,968 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
304,587,793 |
152,995,851 |
119,427 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
391,568,246 |
153,932,053 |
119,427 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade
creditors |
88,881,121 |
55,670,526 |
- |
|
Other
creditors & accruals |
10,825,013 |
11,066,953 |
55,904 |
|
Short term
borrowings/Term loans |
171,472,629 |
45,142,711 |
- |
|
Amounts owing
to related companies |
- |
- |
8,133 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
271,178,763 |
111,880,190 |
64,037 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
33,409,030 |
41,115,661 |
55,390 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET
ASSETS |
120,389,483 |
42,051,863 |
55,390 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share
capital |
14,100,000 |
14,100,000 |
100,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
14,100,000 |
14,100,000 |
100,000 |
|
Exchange
equalisation/fluctuation reserve |
911,571 |
(1,043,154) |
- |
|
Retained
profit/(loss) carried forward |
1,144,435 |
(2,556,244) |
(44,610) |
|
Others |
38,693,913 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
40,749,919 |
(3,599,398) |
(44,610) |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
54,849,919 |
10,500,602 |
55,390 |
|
Long term
loans |
65,509,000 |
31,551,261 |
- |
|
Others |
30,564 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG
TERM LIABILITIES |
65,539,564 |
31,551,261 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
120,389,483 |
42,051,863 |
55,390 |
|
|
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||
|
Cash |
8,984,033 |
57,272,104 |
96,968 |
|
Net Liquid
Funds |
8,984,033 |
57,272,104 |
96,968 |
|
Net Liquid
Assets |
(39,108,836) |
14,132,703 |
55,390 |
|
Net Current
Assets/(Liabilities) |
33,409,030 |
41,115,661 |
55,390 |
|
Net Tangible
Assets |
120,389,483 |
42,051,863 |
55,390 |
|
Net Monetary
Assets |
(104,648,400) |
(17,418,558) |
55,390 |
|
BALANCE SHEET
ITEMS |
|||
|
Total
Borrowings |
236,981,629 |
76,693,972 |
0 |
|
Total
Liabilities |
336,718,327 |
143,431,451 |
64,037 |
|
Total Assets |
391,568,246 |
153,932,053 |
119,427 |
|
Net Assets |
120,389,483 |
42,051,863 |
55,390 |
|
Net Assets
Backing |
54,849,919 |
10,500,602 |
55,390 |
|
Shareholders'
Funds |
54,849,919 |
10,500,602 |
55,390 |
|
Total Share
Capital |
14,100,000 |
14,100,000 |
100,000 |
|
Total Reserves |
40,749,919 |
(3,599,398) |
(44,610) |
|
LIQUIDITY
(Times) |
|||
|
Cash Ratio |
0.03 |
0.51 |
1.51 |
|
Liquid Ratio |
0.86 |
1.13 |
1.86 |
|
Current Ratio |
1.12 |
1.37 |
1.86 |
|
WORKING CAPITAL
CONTROL (Days) |
|||
|
Stock Ratio |
30 |
39 |
0 |
|
Debtors Ratio |
85 |
88 |
21 |
|
Creditors
Ratio |
40 |
87 |
0 |
|
SOLVENCY
RATIOS (Times) |
|||
|
Gearing Ratio |
4.32 |
7.30 |
0.00 |
|
Liabilities
Ratio |
6.14 |
13.66 |
1.16 |
|
Times Interest
Earned Ratio |
1.35 |
(0.65) |
0.00 |
|
Assets Backing
Ratio |
8.54 |
2.98 |
0.55 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating
Profit Margin |
0.29 |
(0.90) |
(11.55) |
|
Net Profit
Margin |
0.42 |
(1.00) |
(11.55) |
|
Return On Net
Assets |
8.22 |
(2.10) |
(80.54) |
|
Return On
Capital Employed |
8.22 |
(2.10) |
(80.54) |
|
Return On
Shareholders' Funds/Equity |
6.75 |
(23.92) |
(80.54) |
|
Dividend Pay
Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|||
|
Contingent
Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ASH |
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.