MIRA INFORM REPORT

 

 

Report No. :

322696

Report Date :

18.05.2015

 

IDENTIFICATION DETAILS

 

Name :

GRM RESOURCES PTE. LTD.

 

 

Registered Office :

7, Temasek Boulevard, 21-02, Suntec Tower One, 038987

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

22.11.2004

 

 

Com. Reg. No.:

200415047-Z

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Trading of coal and minerals.

 

 

No. of Employee :

10 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

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

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

200415047-Z

COMPANY NAME

:

GRM RESOURCES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

22/11/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

7, TEMASEK BOULEVARD, 21-02, SUNTEC TOWER ONE, 038987, SINGAPORE.

BUSINESS ADDRESS

:

7, TEMASEK BOULEVARD, 21-02, SUNTEC TOWER ONE, 038987, SINGAPORE.

TEL.NO.

:

65-63346868

FAX.NO.

:

65-63342232

CONTACT PERSON

:

RAJEEV MAHESHWARI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COAL AND MINERALS

ISSUED AND PAID UP CAPITAL

:

15,281,000.00 ORDINARY SHARE, OF A VALUE OF USD 15,000,000.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

10 [2015]

BANKER (S)

:

BNP PARIBAS
MALAYAN BANKING BHD
UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

 

The Subject is principally engaged in the (as a / as an) trading of coal and minerals.

 

Share Capital History

Date

Issue & Paid Up Capital

27/02/2015

USD 15,000,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

OM PRAKASH JALAN +

20 O.C, GANGULY SARANI, PO-LALA, LAJPAT RAI SARANI, PS-BHAWANIPUR, KOLKATTA, WEST BENGAL, 700020, INDIA.

J0108768

7,640,500.00

50.00

RAJEEV MAHESHWARI +

FLAT 10C, TOWER 1, SOUTH CITY, 375 PRINCE ANWAR SHAH ROAD KOLKATA, 700068, INDIA.

Z2218733

7,640,500.00

50.00

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

------

15,281,000.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :



Local No

Country

Company

(%)

As At

201103173M

SINGAPORE

GRM METALS AND MINERALS (SEA) PTE. LTD.

100.00

25/02/2015

201104473M

SINGAPORE

GRM MINING (AFRICA) PTE. LTD.

100.00

25/02/2015

201103178G

SINGAPORE

GRM MINING (SEA) PTE. LTD.

100.00

25/02/2015

201103170Z

SINGAPORE

GRM COAL (SEA) PTE. LTD.

100.00

25/02/2015

200809090H

SINGAPORE

GRM SHIPPING PRIVATE LIMITED

100.00

25/02/2015

201103167D

SINGAPORE

GRM GOLD AND METALS (SEA) PTE. LTD.

100.00

25/02/2015

201001393K

SINGAPORE

CROWSNEST RESOURCES PTE. LTD.

75.00

25/02/2015



 

 

 

DIRECTORS

DIRECTOR 1

 

Name Of Subject

:

MR. PALANINATHAN RAVICHANDRAN

Address

:

68, BAYSHORE ROAD, 21-02, COSTA DEL SOL, 469986, SINGAPORE.

IC / PP No

:

S2628609C

Nationality

:

SINGAPOREAN

Date of Appointment

:

28/05/2005

 

DIRECTOR 2

 

Name Of Subject

:

OM PRAKASH JALAN

Address

:

20 O.C, GANGULY SARANI, PO-LALA, LAJPAT RAI SARANI, PS-BHAWANIPUR, KOLKATTA, WEST BENGAL, 700020, INDIA.

IC / PP No

:

J0108768

Nationality

:

INDIAN

Date of Appointment

:

22/11/2004

 

DIRECTOR 3

 

Name Of Subject

:

RAJEEV MAHESHWARI

Address

:

FLAT 10C, TOWER 1, SOUTH CITY, 375 PRINCE ANWAR SHAH ROAD KOLKATA, 700068, INDIA.

IC / PP No

:

Z2218733

Nationality

:

INDIAN

Date of Appointment

:

22/11/2004




MANAGEMENT

 

 

 

1)

Name of Subject

:

RAJEEV MAHESHWARI

Position

:

DIRECTOR

 

 

 

AUDITOR


No Auditor found in our databank


COMPANY SECRETARIES

 

1)

Company Secretary

:

IRENE SIONG SZE LIAN

IC / PP No

:

S8575498Z

Address

:

620, BEDOK RESERVOIR ROAD, 11-1410, 470620, SINGAPORE.

 

2)

Company Secretary

:

NG GEOK LAN @ HUANG YULUAN

IC / PP No

:

S1592193E

Address

:

573, PASIR RIS STREET 53, 14-30, 510573, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BNP PARIBAS

 

2)

Name

:

MALAYAN BANKING BHD

 

3)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200503640

27/06/2005

N/A

BNP PARIBAS

-

Unsatisfied

C200600760

02/02/2006

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C200608474

15/12/2006

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C200805433

18/06/2008

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C200905160

19/08/2009

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201314526

28/10/2013

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201408702

15/08/2014

N/A

BNP PARIBAS

-

Unsatisfied

C201502286

17/02/2015

N/A

DBS BANK LTD.

-

Unsatisfied

 

 

LITIGATION CHECK AGAINST SUBJECT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers.

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

COAL AND MINERALS

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

10

10

10

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of coal and minerals.

The Subject trades in minerals and coals.


CURRENT INVESTIGATION

 

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

65 9821 4400

Current Telephone Number

:

65-63346868

Match

:

NO

Address Provided by Client

:

7, TEMASEK BOULEVARD, #21-02 SUNTEC TOWER ONE, SINGAPORE 038987

Current Address

:

7, TEMASEK BOULEVARD, 21-02, SUNTEC TOWER ONE, 038987, SINGAPORE.

Match

:

YES

 

Other Investigations


On 24th April 2015 we contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

 

The Subject is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the Subject's financial performance.

Overall financial condition of the Subject : N/A

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

Services

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

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



INDUSTRY ANALYSIS

 

INDUSTRY :

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



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2004, the Subject is an Exempt Private company, focusing on trading of coal and minerals. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of USD 15,000,000 allows the Subject to expand its business more comfortably. However, the Subject does not have strong shareholders’ backing. Without a strong shareholders' backing, the opportunity of the Subject to expand its business is limited.

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 10 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.

As the Subject is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

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.

The industry shows an upward trend and this trend is very likely to sustain in the near terms.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2011-12-31

2010-12-31

2009-12-31

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

SUMMARY

Currency

USD

USD

SGD

TURNOVER

318,123,119

350,610,903

365,047,311

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

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

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

Total Turnover

318,123,119

350,610,903

365,047,311

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

19,088,267

1,729,156

4,089,882

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

19,088,267

1,729,156

4,089,882

Taxation

(2,452,474)

(576,473)

(760,419)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

16,635,793

1,152,683

3,329,463

Minority interests

672,850

-

-

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

17,308,643

1,152,683

3,329,463

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

17,308,643

1,152,683

3,329,463

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

12,660,222

11,507,539

15,227,887

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

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

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

As restated

12,660,222

11,507,539

15,227,887

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

29,968,865

12,660,222

18,557,351

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

29,968,865

12,660,222

18,557,351

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Hire purchase

57,719

-

-

Trust receipts

309,942

26,563

-

Others

134,042

181,564

-

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

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

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

501,703

208,127

-

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

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

-

DEPRECIATION (as per notes to P&L)

2,938,576

118,214

-

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

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

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

2,938,576

118,214

-

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

65,636,309

11,318,018

14,444,941

Investments

300,000

300,000

-

Others

21,886,508

10,000,000

-

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

22,186,508

10,300,000

-

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

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

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

TOTAL LONG TERM ASSETS

87,822,817

21,618,018

14,444,941

Stocks

283,273

-

-

Trade debtors

36,066,167

6,429,613

-

Other debtors, deposits & prepayments

6,238,424

24,088,960

-

Cash & bank balances

2,890,689

3,107,403

-

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

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

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

TOTAL CURRENT ASSETS

45,478,553

33,625,976

52,202,933

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

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

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

TOTAL ASSET

133,301,370

55,243,994

66,647,874

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

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

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

CURRENT LIABILITIES

Trade creditors

43,408,034

23,140,403

-

Other creditors & accruals

4,879,842

70,688

-

Short term borrowings/Term loans

5,208,010

1,621,525

-

Provision for taxation

2,461,870

327,100

-

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

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

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

TOTAL CURRENT LIABILITIES

55,957,756

25,159,716

28,240,408

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(10,479,203)

8,466,260

23,962,525

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

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

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

TOTAL NET ASSETS

77,343,614

30,084,278

38,407,466

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

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

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

SHARE CAPITAL

Ordinary share capital

15,000,000

15,000,000

15,000,000

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

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

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

TOTAL SHARE CAPITAL

15,000,000

15,000,000

15,000,000

Retained profit/(loss) carried forward

29,968,865

12,660,222

18,557,351

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

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

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

TOTAL RESERVES

29,968,865

12,660,222

18,557,351

MINORITY INTEREST

(667,100)

-

-

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

44,301,765

27,660,222

33,557,351

Long term loans

33,036,749

2,418,956

-

Deferred taxation

5,100

5,100

-

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

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

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

TOTAL LONG TERM LIABILITIES

33,041,849

2,424,056

4,850,115

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

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

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

77,343,614

30,084,278

38,407,466

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

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

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

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

2,890,689

3,107,403

-

Net Liquid Funds

2,890,689

3,107,403

-

Net Liquid Assets

(10,762,476)

8,466,260

23,962,525

Net Current Assets/(Liabilities)

(10,479,203)

8,466,260

23,962,525

Net Tangible Assets

77,343,614

30,084,278

38,407,466

Net Monetary Assets

(43,804,325)

6,042,204

19,112,410

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

19,589,970

1,937,283

-

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

22,528,546

2,055,497

-

BALANCE SHEET ITEMS

Total Borrowings

38,244,759

4,040,481

-

Total Liabilities

88,999,605

27,583,772

33,090,523

Total Assets

133,301,370

55,243,994

66,647,874

Net Assets

77,343,614

30,084,278

38,407,466

Net Assets Backing

44,301,765

27,660,222

33,557,351

Shareholders' Funds

44,301,765

27,660,222

33,557,351

Total Share Capital

15,000,000

15,000,000

15,000,000

Total Reserves

29,968,865

12,660,222

18,557,351

LIQUIDITY (Times)

Cash Ratio

0.05

0.12

-

Liquid Ratio

0.81

1.34

-

Current Ratio

0.81

1.34

1.85

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

-

Debtors Ratio

41

7

-

Creditors Ratio

50

24

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.86

0.15

-

Liabilities Ratio

2.01

1.00

0.99

Times Interest Earned Ratio

39.05

9.31

-

Assets Backing Ratio

5.16

2.01

2.56

PERFORMANCE RATIO (%)

Operating Profit Margin

6.00

0.49

1.12

Net Profit Margin

5.44

0.33

0.91

Return On Net Assets

25.33

6.44

10.65

Return On Capital Employed

25.55

6.44

10.65

Return On Shareholders' Funds/Equity

39.07

4.17

9.92

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.63.58

UK Pound

1

Rs.100.30

Euro

1

Rs.72.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SDA

 

 

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%)

 

 

 

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