|
Report No. : |
321559 |
|
Report Date : |
12.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
LEONG JIN CORPORATION PTE LTD |
|
|
|
|
Registered Office : |
11, Benoi Crescent, 629974 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.01.1974 |
|
|
|
|
Com. Reg. No.: |
197400024-R |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of steel products |
|
|
|
|
No. of Employee : |
125 [2006] |
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 : |
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. 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 |
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the Subject must
have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies. The Subject is
principally engaged in the (as a / as an) manufacturing of steel products. 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 |
: |
HO CHE LEONG |
|
Address |
: |
51, LEEDON PARK, 267917, SINGAPORE. |
|
IC / PP No |
: |
S7432625J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
08/06/2005 |
DIRECTOR 2
|
Name Of Subject |
: |
HO CHE FEI |
|
Address |
: |
6, CUSCADEN WALK, 32-01, BOULEVARD RESIDENCE, THE, 249691,
SINGAPORE. |
|
IC / PP No |
: |
S7712780A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
17/07/2008 |
DIRECTOR 3
|
Name Of Subject |
: |
HARALD MATTHIAS MEYER |
|
Address |
: |
DRIESCHER STRASSE 21, KAARST, 41564, GERMANY. |
|
IC / PP No |
: |
C71VKPML9 |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
08/10/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
JOACHIM OTTO JACOB LIMBERG |
|
Address |
: |
KAISER-WILHELM-RING, 41, D-40545, DUSSELDORF, GERMANY. |
|
IC / PP No |
: |
5003160142 |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
14/04/2003 |
DIRECTOR 5
|
Name Of Subject |
: |
HO KWEK SENG |
|
Address |
: |
237, TEMBELING ROAD, 03-07, KATONG GARDEN, 423721, SINGAPORE. |
|
IC / PP No |
: |
S1316092I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
12/09/1980 |
DIRECTOR 6
|
Name Of Subject |
: |
HO KIAU SENG |
|
Address |
: |
51, LEEDON PARK, 267917, SINGAPORE. |
|
IC / PP No |
: |
S0074324J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
03/01/1974 |
|
1) |
Name of Subject |
: |
FRANCIS HO KWEK SENG |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
CHONG, LIM & PARTNERS LLP |
|
Auditor' Address |
: |
N/A |
|
Auditor |
: |
CHONG, LIM & PARTNERS LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
LEE YAN TECK |
|
IC / PP No |
: |
S1252200B |
|
|
Address |
: |
17, MARINE TERRACE, 15-84, 440017, SINGAPORE. |
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
|
LEGAL ACTION |
|
||||||||||||
|
|||||||||||||
|
Code No |
: |
99 |
Case No |
: |
5657 |
||||||||
|
Year |
: |
2008 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
MAGISTRATE COURT |
|||||||||||
|
Date Filed |
: |
06/03/2008 |
|||||||||||
|
Solicitor |
: |
WONG SU-HSIEN AUDREY |
|||||||||||
|
Solicitor Ref |
: |
AW-INS-A68- 48810-07-SC |
|||||||||||
|
Solicitor Firm |
: |
VISION LAW LLC |
|||||||||||
|
Plaintiff |
: |
SEAH AI WAH |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
4640 |
|||||||||||
|
Nature of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
TORT-NEGLIGENCE |
|||||||||||
|
Code No |
: |
99 |
Case No |
: |
3565 |
||||||||
|
Year |
: |
2009 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
MAGISTRATE COURT |
|||||||||||
|
Date Filed |
: |
09/02/2009 |
|||||||||||
|
Solicitor |
: |
WONG SU-HSIEN AUDREY |
|||||||||||
|
Solicitor Ref |
: |
AW-INS-N63- 60641-08-IG |
|||||||||||
|
Solicitor Firm |
: |
VISION LAW LLC |
|||||||||||
|
Plaintiff |
: |
CNA GROUP LIMITED |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
40282 |
|||||||||||
|
Nature of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
TORT-NEGLIGENCE |
|||||||||||
|
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 |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|
|
Ownership of premises |
: |
|
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
steel products.
The Subject boasts of an extensive range of services that include a
comprehensive stock of specialized steel & forgings and state of the art
cutting and pre-machining facilities.
The Subject is supported by full computerization for inventory control and
immediate product specifications recall, in-house laboratory for quality
control and attainment of QEHS certification, Leong Jin today is more than
just a stockist.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62661132 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO.11, BENOI CRESCENT, JURONG INDUSTRIAL ESTATE, SINGAPORE 629974. |
|
Current Address |
: |
11, BENOI CRESCENT, JURONG INDUSTRIAL ESTATE, 629974, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
On 7th May 2015 we contacted one of the staff from the Subject and she
provided some information.
The Subject refused to disclose its bankers.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
2.54% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
3.03% |
] |
|
|
The continuous fall in turnover could be due to the lower demand for
the Subject's products / services.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 |
: |
Unfavourable |
[ |
221 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
88 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
70 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital
was tied up in stocks, it could face liquidity problems. The Subject's debtors
ratio was high. The Subject should tighten its credit control and improve
its collection period. The unfavourable creditors' ratio could be due to
the Subject taking advantage of the credit granted by its suppliers.
However this may affect the goodwill between the Subject and its suppliers
and the Subject may inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.48 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.97 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or
injection of fresh capital, it may face difficulties in meeting its short term
obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
3.99 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.61 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 : |
||||||
|
The Subject's performance deteriorated over the years with lower turnover
and profit. Due to its weak liquidity position, the Subject will be faced
with problems in meeting all its short term obligations if no short term
loan is obtained or additional capital injected into the Subject. 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 : POOR |
||||||
|
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 : |
MANUFACTURING |
|
In the third quarter of 2014, manufacturing output has increased by
1.9%, extending the 1.5% growth in the previous quarter. Growth was largely
driven by the biomedical manufacturing and chemicals clusters. Besides, for
the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the
0.3% growth recorded in the previous year. All clusters recorded an
expansion in 2013, except the biomedical manufacturing cluster. |
|
|
The chemicals cluster grew by 5.2% in the third quarter of 2014.
Growth was led by the petrochemicals and specialty chemicals segments,
which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum
segment contracted by 4.2% in the third quarter of 2014 due to plant
maintenance shutdowns. For the year of 2013, the chemicals cluster grew
only by 0.7%. |
|
|
Besides, output of the biomedical manufacturing cluster expanded by 9.0%
in the third quarter of 2014. The medical technology segment posted robust
growth of 23% due to higher production of medical instruments and supplies,
while the output of the pharmaceuticals segment rose by 6.2%. However, in
the whole of 2013, the biomedical manufacturing cluster recorded only a
flat growth. |
|
|
In the third quarter of 2014, the transport engineering cluster
contracted by 2.0%, dragged down by the aerospace segment. Output in the
aerospace segment plunged by 18% on the back of fewer repair jobs from
commercial airlines. This was mitigated by the 4.1% growth in the marine
& offshore engineering segment, which was supported by higher
contributions from rig building projects. Nonetheless, for the whole of
2013, the transport engineering cluster grew by 5.2%. |
|
|
Moreover, output of the precision engineering cluster increased by
1.3% in the third quarter of 2014. The machinery & systems segment grew
by 6.2%, supported by higher demand for semiconductor-related equipment and
mechanical engineering work. This was partly offset by the decline in the
output of the precision modules & components segment. Conversely, in
the full year of 2013, the precision engineering cluster's output declined
by 5.6%. |
|
|
Furthermore, in the third quarter of 2014, output of the general
manufacturing industries declined by 3.0%. The 2.1% growth in the food,
beverages & tobacco segment was more than offset by declines in the
other two segments. In particular, the miscellaneous industries segment
contracted by 4.7% on the back of lower output in construction-related
products, such as concrete & cement products and steel structural
components. For the full year of 2013, the general manufacturing cluster
grew by 2.8%. |
|
|
Besides, in the third quarter of 2014, the electronics cluster
expanded by 0.9%, reversing the 5.0% contraction in the previous quarter.
Growth was supported by an expansion in the computer peripherals (6.3%) and
data storage (2.6%) segments. Moreover, for the year 2013, the electronics
cluster expanded by 3.5%. |
|
|
OVERALL INDUSTRY OUTLOOK : MATURE |
|
|
|
|
|
|
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 |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
101,450,095 |
134,692,889 |
141,291,511 |
129,054,716 |
102,317,828 |
|
Other Income |
4,706,923 |
2,851,148 |
2,365,852 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
106,157,018 |
137,544,037 |
143,657,363 |
129,054,716 |
102,317,828 |
|
Costs of Goods Sold |
(72,728,651) |
(102,115,189) |
(108,699,949) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
33,428,367 |
35,428,848 |
34,957,414 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,726,933 |
8,458,549 |
13,403,534 |
12,935,769 |
3,519,466 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
704,806 |
711,763 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
3,431,739 |
9,170,312 |
13,403,534 |
12,935,769 |
3,519,466 |
|
Taxation |
(1,823,332) |
(2,445,028) |
(2,601,006) |
(2,191,437) |
(2,184,171) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,608,407 |
6,725,284 |
10,802,528 |
10,744,332 |
1,335,295 |
|
Minority interests |
2,210,811 |
1,054,406 |
719,544 |
(138,127) |
(46,577) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
3,819,218 |
7,779,690 |
11,522,072 |
10,606,205 |
1,288,718 |
|
Extraordinary items |
- |
- |
- |
(1,285,209) |
85,324 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
3,819,218 |
7,779,690 |
11,522,072 |
9,320,996 |
1,374,042 |
|
TRANSFER FROM RESERVES |
- |
- |
- |
1,133,131 |
(85,324) |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
102,421,901 |
97,042,211 |
87,920,139 |
79,866,012 |
80,977,294 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
102,421,901 |
97,042,211 |
87,920,139 |
79,866,012 |
80,977,294 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
106,241,119 |
104,821,901 |
99,442,211 |
90,320,139 |
82,266,012 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(2,400,000) |
(2,400,000) |
(2,400,000) |
(2,400,000) |
(2,400,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
103,841,119 |
102,421,901 |
97,042,211 |
87,920,139 |
79,866,012 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
- |
- |
- |
32 |
- |
|
Lease interest |
- |
- |
11,910 |
- |
- |
|
Term loan / Borrowing |
1,109,364 |
1,262,039 |
1,254,001 |
1,066,060 |
1,747,730 |
|
Trust receipts |
36,827 |
95,803 |
201,950 |
101,766 |
418,091 |
|
Others |
- |
- |
- |
58,827 |
56,258 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,146,191 |
1,357,842 |
1,467,861 |
1,226,685 |
2,222,079 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
6,586,278 |
5,387,043 |
4,430,335 |
3,752,398 |
3,749,949 |
|
AMORTIZATION |
232,712 |
200,079 |
126,359 |
159,200 |
65,505 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
6,818,990 |
5,587,122 |
4,556,694 |
3,911,598 |
3,815,454 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
137,415,878 |
73,144,053 |
67,803,089 |
52,056,401 |
39,805,438 |
|
Associated companies |
6,894,942 |
6,698,837 |
6,437,653 |
6,207,369 |
5,808,941 |
|
Investments |
166,012 |
166,012 |
- |
- |
- |
|
Others |
- |
- |
166,012 |
5,978,647 |
6,451,150 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
7,060,954 |
6,864,849 |
6,603,665 |
12,186,016 |
12,260,091 |
|
Goodwill on consolidation |
165,060 |
165,060 |
165,060 |
165,060 |
165,060 |
|
Concession rights |
- |
- |
5,935,809 |
- |
- |
|
Others |
10,738,768 |
10,330,768 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
10,903,828 |
10,495,828 |
6,100,869 |
165,060 |
165,060 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
155,380,660 |
90,504,730 |
80,507,623 |
64,407,477 |
52,230,589 |
|
Stocks |
61,451,510 |
74,197,343 |
81,978,354 |
77,282,010 |
96,652,893 |
|
Trade debtors |
24,462,592 |
22,505,488 |
23,722,019 |
30,186,641 |
20,037,950 |
|
Other debtors, deposits & prepayments |
4,865,304 |
11,171,519 |
7,440,254 |
7,966,759 |
2,856,829 |
|
Short term deposits |
2,861,167 |
705,115 |
337,425 |
- |
- |
|
Deposits with financial institutions |
- |
- |
- |
5,295,096 |
6,900,947 |
|
Amount due from associated companies |
1,775,585 |
3,290,874 |
35,681 |
- |
- |
|
Cash & bank balances |
12,323,589 |
17,270,524 |
23,946,659 |
19,298,353 |
10,673,311 |
|
Others |
13,387,734 |
5,598,182 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
121,127,481 |
134,739,045 |
137,460,392 |
140,028,859 |
137,121,930 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
276,508,141 |
225,243,775 |
217,968,015 |
204,436,336 |
189,352,519 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
13,906,993 |
11,058,070 |
17,481,191 |
16,957,602 |
6,026,516 |
|
Other creditors & accruals |
6,137,325 |
5,182,069 |
5,035,118 |
3,316,124 |
4,904,159 |
|
Short term borrowings/Term loans |
59,538,504 |
44,079,485 |
1,600,000 |
10,300,956 |
11,650,000 |
|
Other borrowings |
21,301,546 |
5,225,261 |
- |
- |
- |
|
Bill & acceptances payable |
10,905,360 |
3,022,337 |
- |
- |
- |
|
Deposits & balances of banks & agents |
- |
- |
- |
47,984,583 |
50,729,022 |
|
Amounts owing to related companies |
- |
- |
1,712,474 |
- |
- |
|
Amounts owing to associated companies |
12,974 |
18,566 |
- |
- |
- |
|
Amounts owing to director |
7,497,269 |
10,949,152 |
7,144,808 |
9,337,134 |
9,191,330 |
|
Provision for taxation |
2,379,480 |
2,892,948 |
2,700,247 |
2,256,784 |
2,108,669 |
|
Other liabilities |
3,598,970 |
2,971,750 |
50,527,796 |
76,810 |
870,588 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
125,278,421 |
85,399,638 |
86,201,634 |
90,229,993 |
85,480,284 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(4,150,940) |
49,339,407 |
51,258,758 |
49,798,866 |
51,641,646 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
151,229,720 |
139,844,137 |
131,766,381 |
114,206,343 |
103,872,235 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
Exchange equalisation/fluctuation reserve |
2,529,363 |
(882,260) |
1,723,047 |
- |
- |
|
Retained profit/(loss) carried forward |
103,841,119 |
102,421,901 |
97,042,211 |
87,920,139 |
79,866,012 |
|
Others |
- |
- |
- |
(105,176) |
1,027,955 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
106,370,482 |
101,539,641 |
98,765,258 |
87,814,963 |
80,893,967 |
|
MINORITY INTEREST |
24,032,238 |
17,563,496 |
12,301,323 |
5,670,380 |
2,180,458 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
150,402,720 |
139,103,137 |
131,066,581 |
113,485,343 |
103,074,425 |
|
Deferred taxation |
827,000 |
741,000 |
699,800 |
721,000 |
721,000 |
|
Others |
- |
- |
- |
- |
76,810 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
827,000 |
741,000 |
699,800 |
721,000 |
797,810 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
151,229,720 |
139,844,137 |
131,766,381 |
114,206,343 |
103,872,235 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
15,184,756 |
17,975,639 |
24,284,084 |
19,298,353 |
10,673,311 |
|
Net Liquid Funds |
4,279,396 |
14,953,302 |
24,284,084 |
19,298,353 |
10,673,311 |
|
Net Liquid Assets |
(65,602,450) |
(24,857,936) |
(30,719,596) |
(27,483,144) |
(45,011,247) |
|
Net Current Assets/(Liabilities) |
(4,150,940) |
49,339,407 |
51,258,758 |
49,798,866 |
51,641,646 |
|
Net Tangible Assets |
140,325,892 |
129,348,309 |
125,665,512 |
114,041,283 |
103,707,175 |
|
Net Monetary Assets |
(66,429,450) |
(25,598,936) |
(31,419,396) |
(28,204,144) |
(45,809,057) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
91,745,410 |
52,327,083 |
1,600,000 |
10,300,956 |
11,650,000 |
|
Total Liabilities |
126,105,421 |
86,140,638 |
86,901,434 |
90,950,993 |
86,278,094 |
|
Total Assets |
276,508,141 |
225,243,775 |
217,968,015 |
204,436,336 |
189,352,519 |
|
Net Assets |
151,229,720 |
139,844,137 |
131,766,381 |
114,206,343 |
103,872,235 |
|
Net Assets Backing |
150,402,720 |
139,103,137 |
131,066,581 |
113,485,343 |
103,074,425 |
|
Shareholders' Funds |
150,402,720 |
139,103,137 |
131,066,581 |
113,485,343 |
103,074,425 |
|
Total Share Capital |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
Total Reserves |
106,370,482 |
101,539,641 |
98,765,258 |
87,814,963 |
80,893,967 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.12 |
0.21 |
0.28 |
0.21 |
0.12 |
|
Liquid Ratio |
0.48 |
0.71 |
0.64 |
0.70 |
0.47 |
|
Current Ratio |
0.97 |
1.58 |
1.59 |
1.55 |
1.60 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
221 |
201 |
212 |
219 |
345 |
|
Debtors Ratio |
88 |
61 |
61 |
85 |
71 |
|
Creditors Ratio |
70 |
40 |
59 |
48 |
21 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.61 |
0.38 |
0.01 |
0.09 |
0.11 |
|
Liabilities Ratio |
0.84 |
0.62 |
0.66 |
0.80 |
0.84 |
|
Times Interest Earned Ratio |
3.99 |
7.75 |
10.13 |
11.55 |
2.58 |
|
Assets Backing Ratio |
7.02 |
6.47 |
6.28 |
5.70 |
5.19 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
3.38 |
6.81 |
9.49 |
10.02 |
3.44 |
|
Net Profit Margin |
3.76 |
5.78 |
8.15 |
8.22 |
1.26 |
|
Return On Net Assets |
3.03 |
7.53 |
11.29 |
12.40 |
5.53 |
|
Return On Capital Employed |
2.46 |
6.27 |
9.90 |
11.80 |
5.41 |
|
Return On Shareholders' Funds/Equity |
2.54 |
5.59 |
8.79 |
9.35 |
1.25 |
|
Dividend Pay Out Ratio (Times) |
0.63 |
0.31 |
0.21 |
0.23 |
1.86 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.