|
Report No. : |
321894 |
|
Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ATLANTA NATURAL RESOURCES PTE. LTD. |
|
|
|
|
Registered Office : |
10, Jalan Besar, 10-12, Sim Lim Tower, 208787 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
12.08.2008 |
|
|
|
|
Com. Reg. No.: |
200816114-N |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Minerals and Metal Products. |
|
|
|
|
No. of Employee : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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) trading of minerals and metal
products. The immediate
holding company of the Subject is MYNAH INDUSTRIES LIMITED, a company incorporated
in INDIA. Share Capital
History
The major
shareholder(s) of the Subject are shown as follows :
+ Also Director
DIRECTOR 1
DIRECTOR 2
|
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|
1) |
Name of Subject |
: |
PRASHANT BOORUGU |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
MGI N RAJAN ASSOCIATES |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
BEULAH SHANTHINI |
|
IC / PP No |
: |
S2696645J |
|
|
Address |
: |
190, HOLLAND ROAD, TOHO MANSION, 278585, 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 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
suppliers.
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
clientele.
|
Goods Traded |
: |
|
|
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of minerals
and metal products.
The staff from the registered office refused to disclose the Subject's
operation.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62938089 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
10 JALAN BESAR, 10-12, SINGAPORE, 208787 |
|
Current Address |
: |
10, JALAN BESAR, 10-12, SIM LIM TOWER, 208787, SINGAPORE. |
|
Match |
: |
NO |
|
|
||
Other
Investigations
On 12th May 2015 we contacted one of the staff from the Subject's registered
office and she only provided limited information.
The address provided is incomplete.
She refused to disclose the Subject bankers and number of employees.
She also refused to comment anything on the Subject's nil turnover.
|
The Subject's latest financial accounts are up to 2012 which is out dated
in our opinion. Therefore, our comment on the Subject financial performance
is restricted thereto. |
||||||
|
Overall financial condition of the
Subject : N/A |
||||||
|
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 |
2012-03-31 |
2011-03-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
PROFIT/(LOSS) FROM OPERATIONS |
1,171,164 |
(199,250) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,171,164 |
(199,250) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,171,164 |
(199,250) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
(1,310,242) |
(1,110,992) |
|
---------------- |
---------------- |
|
|
As restated |
(1,310,242) |
(1,110,992) |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(139,078) |
(1,310,242) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(139,078) |
(1,310,242) |
|
============= |
============= |
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
||
|
Subsidiary companies |
7,524,000 |
9,297,635 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
7,524,000 |
9,297,635 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
7,524,000 |
9,297,635 |
|
Trade debtors |
- |
10,026 |
|
Other debtors, deposits & prepayments |
3,818 |
3,804 |
|
Amount due from subsidiary companies |
1,485,936 |
6,428 |
|
Cash & bank balances |
3,014 |
14,566 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
1,492,768 |
34,824 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
9,016,768 |
9,332,459 |
|
============= |
============= |
|
|
Other creditors & accruals |
22,004 |
18,459 |
|
Amounts owing to holding company |
6,323,137 |
7,783,137 |
|
Amounts owing to subsidiary companies |
- |
30,400 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
6,345,141 |
7,831,996 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(4,852,373) |
(7,797,172) |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
2,671,627 |
1,500,463 |
|
============= |
============= |
|
|
SHARE CAPITAL |
||
|
Ordinary share capital |
2,810,705 |
2,810,705 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,810,705 |
2,810,705 |
|
Retained profit/(loss) carried forward |
(139,078) |
(1,310,242) |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(139,078) |
(1,310,242) |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
2,671,627 |
1,500,463 |
|
---------------- |
---------------- |
|
|
2,671,627 |
1,500,463 |
|
|
============= |
============= |
|
|
TYPES OF FUNDS |
||
|
Cash |
3,014 |
14,566 |
|
Net Liquid Funds |
3,014 |
14,566 |
|
Net Liquid Assets |
(4,852,373) |
(7,797,172) |
|
Net Current Assets/(Liabilities) |
(4,852,373) |
(7,797,172) |
|
Net Tangible Assets |
2,671,627 |
1,500,463 |
|
Net Monetary Assets |
(4,852,373) |
(7,797,172) |
|
BALANCE SHEET ITEMS |
||
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
6,345,141 |
7,831,996 |
|
Total Assets |
9,016,768 |
9,332,459 |
|
Net Assets |
2,671,627 |
1,500,463 |
|
Net Assets Backing |
2,671,627 |
1,500,463 |
|
Shareholders' Funds |
2,671,627 |
1,500,463 |
|
Total Share Capital |
2,810,705 |
2,810,705 |
|
Total Reserves |
(139,078) |
(1,310,242) |
|
LIQUIDITY (Times) |
||
|
Cash Ratio |
0.00 |
0.00 |
|
Liquid Ratio |
0.24 |
0.00 |
|
Current Ratio |
0.24 |
0.00 |
|
WORKING CAPITAL CONTROL (Days) |
||
|
Stock Ratio |
0 |
0 |
|
Debtors Ratio |
0 |
0 |
|
Creditors Ratio |
0 |
0 |
|
SOLVENCY RATIOS (Times) |
||
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
2.38 |
5.22 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
|
Assets Backing Ratio |
0.95 |
0.53 |
|
PERFORMANCE RATIO (%) |
||
|
Operating Profit Margin |
0.00 |
0.00 |
|
Net Profit Margin |
0.00 |
0.00 |
|
Return On Net Assets |
43.84 |
(13.28) |
|
Return On Capital Employed |
43.84 |
(13.28) |
|
Return On Shareholders' Funds/Equity |
43.84 |
(13.28) |
|
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.63.84 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.