MIRA INFORM REPORT

 

 

Report No. :

323744

Report Date :

26.05.2015

 

IDENTIFICATION DETAILS

 

Name :

STYROLUTION SOUTH EAST ASIA PTE. LTD.

 

 

Formerly Known As :

BASF STYRENICS SOUTH EAST ASIA PTE. LTD.

 

 

Registered Office :

111, Somerset Road, 08- 01/02 Tripleone Somerset, 238164

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

12.09.2008

 

 

Com. Reg. No.:

200818085-M

 

 

Legal Form :

Private Limited

 

 

Line of Business :

The Subject is principally engaged in the activities of head and regional head offices, trading of styrene monomers, polystyrene and copolymers.

 

 

No. of Employees :

30 [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

 

 

REGISTRATION NO.

:

200818085-M

COMPANY NAME

:

STYROLUTION SOUTH EAST ASIA PTE. LTD.

FORMER NAME

:

BASF STYRENICS SOUTH EAST ASIA PTE. LTD. (24/06/2010)

INCORPORATION DATE

:

12/09/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

111, SOMERSET ROAD, 08- 01/02 TRIPLEONE SOMERSET, 238164, SINGAPORE.

BUSINESS ADDRESS

:

111, SOMERSET ROAD, 08-01/02, TRIPLEONE SOMERSET, 238164, SINGAPORE.

TEL.NO.

:

65-69338350

FAX.NO.

:

65-69338355

WEB SITE

:

WWW.STYROLUTION.COM

CONTACT PERSON

:

TAN JIT TENG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

ACTIVITIES OF HEAD AND REGIONAL HEAD OFFICES, TRADING OF STYRENE MONOMERS, POLYSTYRENE AND COPOLYMERS

ISSUED AND PAID UP CAPITAL

:

6,441,501.00 ORDINARY SHARE, OF A VALUE OF SGD 6,441,501.00

SALES

:

USD 811,128,000 [2013]

NET WORTH

:

USD 116,134,000 [2013]

STAFF STRENGTH

:

30 [2015]

 

 

 

BANKER (S)

 

BARCLAYS BANK PLC

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

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) activities of head and regional head offices, trading of styrene monomers, polystyrene and copolymers.

 

The immediate holding company of the Subject is STYROLUTION GROUP GMBH, a company incorporated in GERMANY.

 

Share Capital History

Date

Issue & Paid Up Capital

25/05/2015

SGD 6,441,501.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

STYROLUTION GROUP GMBH

CARL-BOSCH-STR., 38, 67056, LUDWIGSHAFEN AM RHEIN, GERMANY.

T11UF3994

6,441,501.00

100.00

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

------

6,441,501.00

100.00

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

=====

+ Also Director



DIRECTORS

DIRECTOR 1

 

Name Of Subject

:

STEPHEN MARK HARRINGTON

Address

:

238, ORCHARD BOULEVARD, 36-06, THE ORCHARD RESIDENCES, 237973, SINGAPORE.

IC / PP No

:

G3151988N

Nationality

:

BRITISH

Date of Appointment

:

01/05/2015

 

DIRECTOR 2

 

Name Of Subject

:

SVEN RIECHERS

Address

:

22, WATTEN RISE, WATTERN RESIDENCES, 287307, SINGAPORE.

IC / PP No

:

G6252565M

Nationality

:

GERMAN

Date of Appointment

:

01/01/2014

 

DIRECTOR 3

 

Name Of Subject

:

TAN JIT TENG

Address

:

83, REDHILL LANE, 20-81, 150083, SINGAPORE.

IC / PP No

:

S6972222I

Nationality

:

MALAYSIAN

Date of Appointment

:

01/10/2011

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

TAN JIT TENG

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TAN TER YEE

IC / PP No

:

S1654262H

Address

:

17, HUME AVENUE, 04-01, HUME PARK 1, 598726, SINGAPORE.

 

2)

Company Secretary

:

ALOYSIUS LENG SIEW WEI

IC / PP No

:

S0081886J

Address

:

526, EAST COAST ROAD, 05-02, OCEAN PARK, 458968, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BARCLAYS BANK PLC

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201502056

11/02/2015

N/A

BARCLAYS BANK PLC

-

Unsatisfied

C201502124

12/02/2015

N/A

BARCLAYS BANK PLC

-

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

:

YES

Overseas

:

YES


The Subject refused to disclose its suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

STYRENE MONOMERS, POLYSTYRENE AND COPOLYMERS

Services

:

ACTIVITIES OF HEAD AND REGIONAL HEAD OFFICES

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

30

30

30

 

Branch

:

YES

Other Information:


The Subject is principally engaged in the (as a / as an) activities of head and regional head offices, trading of styrene monomers, polystyrene and copolymers.

The Subject is a styrenics manufacturer and supplier with a focus on styrene monomer, polystyrene, copolymers, and ABS.

The Subject's product is used as an applications for many everyday products across a broad range of industries, including automotive, electrical/electronics, building and construction, household appliances, toys/sports/leisure, packaging, healthcare and diagnostics.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-69338350

Match

:

N/A

Address Provided by Client

:

111, SOMERSET ROAD, 08-01/02, TRIPLEONE SOMERSET,238164,SINGAPORE

Current Address

:

111, SOMERSET ROAD, 08-01/02, TRIPLEONE SOMERSET, 238164, SINGAPORE.

Match

:

YES

 

Other Investigations


On 21st May 2015 we contacted one of the staff from the Subject and collect some information.

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2011 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2011 - 2013

]

Return on Shareholder Funds

:

Unfavourable

[

(9.96%)

]

Return on Net Assets

:

Unfavourable

[

(9.90%)

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.Higher losses before tax during the year could be due to the higher operating costs incurred. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Nil

[

0 Days

]

Debtor Ratio

:

Favourable

[

19 Days

]

Creditors Ratio

:

Favourable

[

9 Days

]

As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.71 Times

]

Current Ratio

:

Unfavourable

[

1.71 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Unfavourable

[

(161.99 Times)

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : LIMITED

 

 

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 2008, the Subject is a Private Limited company, focusing on activities of head and regional head offices, trading of styrene monomers, polystyrene and copolymers. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. A paid up capital of SGD 6,441,501 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

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 30 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 116,134,000, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject promptly.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

Months

12

12

12

Consolidated Account

Company

Company

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

811,128,000

679,401,000

487,156,000

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

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

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

Total Turnover

811,128,000

679,401,000

487,156,000

Costs of Goods Sold

(802,732,000)

(666,904,000)

(473,158,000)

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

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

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

Gross Profit

8,396,000

12,497,000

13,998,000

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(11,572,000)

(6,700,000)

(3,550,000)

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(11,572,000)

(6,700,000)

(3,550,000)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(11,572,000)

(6,700,000)

(3,550,000)

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(10,250,000)

(3,550,000)

-

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

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

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

As restated

(10,250,000)

(3,550,000)

-

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(21,822,000)

(10,250,000)

(3,550,000)

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(21,822,000)

(10,250,000)

(3,550,000)

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

29,000

-

(142,000)

Others

42,000

486,000

(264,000)

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

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

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

71,000

486,000

(406,000)

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

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

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

 

 

BALANCE SHEET

 

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

352,000

273,000

-

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

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

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

TOTAL LONG TERM ASSETS

352,000

273,000

-

Stocks

-

-

317,000

Trade debtors

43,210,000

23,700,000

27,164,000

Other debtors, deposits & prepayments

396,000

562,000

463,000

Short term deposits

-

403,000

1,695,000

Amount due from holding company

106,064,000

8,516,000

-

Amount due from related companies

128,354,000

80,645,000

108,360,000

Cash & bank balances

476,000

666,000

333,000

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

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

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

TOTAL CURRENT ASSETS

278,500,000

114,492,000

138,332,000

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

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

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

TOTAL ASSET

278,852,000

114,765,000

138,332,000

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

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

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

CURRENT LIABILITIES

Trade creditors

20,106,000

14,190,000

11,568,000

Other creditors & accruals

4,194,000

4,565,000

4,726,000

Amounts owing to holding company

-

-

25,642,000

Amounts owing to related companies

138,418,000

101,260,000

94,946,000

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

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

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

TOTAL CURRENT LIABILITIES

162,718,000

120,015,000

136,882,000

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

115,782,000

(5,523,000)

1,450,000

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

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

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

TOTAL NET ASSETS

116,134,000

(5,250,000)

1,450,000

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

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

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

SHARE CAPITAL

Ordinary share capital

5,000,000

5,000,000

5,000,000

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

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

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

TOTAL SHARE CAPITAL

5,000,000

5,000,000

5,000,000

Capital reserve

133,000,000

-

-

Exchange equalisation/fluctuation reserve

(44,000)

-

-

Retained profit/(loss) carried forward

(21,822,000)

(10,250,000)

(3,550,000)

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

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

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

TOTAL RESERVES

111,134,000

(10,250,000)

(3,550,000)

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

116,134,000

(5,250,000)

1,450,000

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

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

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

116,134,000

(5,250,000)

1,450,000

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

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

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

 

 

FINANCIAL RATIO

 

 

 

 

TYPES OF FUNDS

Cash

476,000

1,069,000

2,028,000

Net Liquid Funds

476,000

1,069,000

2,028,000

Net Liquid Assets

115,782,000

(5,523,000)

1,133,000

Net Current Assets/(Liabilities)

115,782,000

(5,523,000)

1,450,000

Net Tangible Assets

116,134,000

(5,250,000)

1,450,000

Net Monetary Assets

115,782,000

(5,523,000)

1,133,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

Total Liabilities

162,718,000

120,015,000

136,882,000

Total Assets

278,852,000

114,765,000

138,332,000

Net Assets

116,134,000

(5,250,000)

1,450,000

Net Assets Backing

116,134,000

(5,250,000)

1,450,000

Shareholders' Funds

116,134,000

(5,250,000)

1,450,000

Total Share Capital

5,000,000

5,000,000

5,000,000

Total Reserves

111,134,000

(10,250,000)

(3,550,000)

LIQUIDITY (Times)

Cash Ratio

0.00

0.01

0.01

Liquid Ratio

1.71

0.95

1.01

Current Ratio

1.71

0.95

1.01

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

Debtors Ratio

19

13

20

Creditors Ratio

9

8

9

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

Liabilities Ratio

1.40

(22.86)

94.40

Times Interest Earned Ratio

(161.99)

(12.79)

9.74

Assets Backing Ratio

23.23

(1.05)

0.29

PERFORMANCE RATIO (%)

Operating Profit Margin

(1.43)

(0.99)

(0.73)

Net Profit Margin

(1.43)

(0.99)

(0.73)

Return On Net Assets

(9.90)

118.36

(272.83)

Return On Capital Employed

(9.90)

118.36

(272.83)

Return On Shareholders' Funds/Equity

(9.96)

127.62

(244.83)

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.63.62

UK Pound

1

Rs.98.51

Euro

1

Rs.69.93

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

VNT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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