MIRA INFORM REPORT

 

 

Report No. :

323900

Report Date :

27.05.2015

           

IDENTIFICATION DETAILS

 

Name :

INFINEUM SINGAPORE PTE. LTD.

 

 

Formerly Known As :

EXXON CHEMICAL PARAMINS PRIVATE LIMITED

 

 

Registered Office :

31 International Business Park #04-08 Creative Resource, 609921

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.07.1998

 

 

Com. Reg. No.:

199803413-E

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacture of petrochemical products.

 

 

No of Employees :

180 [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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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.

:

199803413-E

COMPANY NAME

:

INFINEUM SINGAPORE PTE. LTD.

FORMER NAME

:

EXXON CHEMICAL PARAMINS PRIVATE LIMITED (01/12/1998)

INCORPORATION DATE

:

15/07/1998

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

31, INTERNATIONAL BUSINESS PARK, 04-08 CREATIVE RESOURCE, 609921, SINGAPORE.

BUSINESS ADDRESS

:

31 INTERNATIONAL BUSINESS PARK #04-08 CREATIVE RESOURCE, 609921, SINGAPORE.

TEL.NO.

:

65-68991661

FAX.NO.

:

65-68956900

CONTACT PERSON

:

CHANG MUN LOONG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE OF PETROCHEMICAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 94,650,000.00

SALES

:

USD 1,098,443,000 [2013]

NET WORTH

:

USD 324,646,000 [2013]

STAFF STRENGTH

:

180 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MATURE

 

 

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) manufacture of petrochemical products.

The holding companies of the Subject are EXXONMOBIL CHEMICAL OPERATIONS PRIVATE LIMITED & SHELL EASTERN PETROLEUM (PTE) LTD, both companies are incorporated in SINGAPORE.

The immediate holding company of the Subject is EXXONMOBILE CHEMICAL OPERATIONS PTE. LTD, a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is SHELL EASTERN PETROLEUM PTE. LTD, a company incorporated in SINGAPORE.

 

Share Capital History

Date

Issue & Paid Up Capital

25/05/2015

SGD 94,650,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

SHELL EASTERN PETROLEUM (PTE) LTD

9, NORTH BUONA VISTA DRIVE, 07-01, THE METROPOLIS, 138588, SINGAPORE.

196000089G

50,000.00

50.00

EXXONMOBIL CHEMICAL OPERATIONS PRIVATE LIMITED

1, HARBOURFRONT PLACE, 07-00, HARBOURFRONT TOWER ONE, 098633, SINGAPORE.

199409267G

50,000.00

50.00

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

------

100,000.00

100.00

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

=====

+ Also Director




DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

CHANG MUN LOONG

Address

:

10H, BRADDELL HILL, 02-32, BRADDELL VIEW, 579727, SINGAPORE.

IC / PP No

:

S1651869G

Nationality

:

SINGAPOREAN

Date of Appointment

:

05/05/2006

 

DIRECTOR 2

 

Name Of Subject

:

TREVOR RUSSELL

Address

:

138, GRANGE ROAD, 03-01, PARKVIEW ECLAT, 249617, SINGAPORE.

IC / PP No

:

G5484550U

Nationality

:

BRITISH

Date of Appointment

:

01/04/2010

 

DIRECTOR 3

 

Name Of Subject

:

DERRICK NG KUAN SU

Address

:

57, SUNRISE AVENUE, 04 - 02, SUNRISE GARDENS, 806748, SINGAPORE.

IC / PP No

:

S7131272J

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/01/2014




MANAGEMENT

 

 

1)

Name of Subject

:

CHANG MUN LOONG

Position

:

DIRECTOR

 

2)

Name of Subject

:

TREVOR RUSSELL

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHANG MUN LOONG

IC / PP No

:

S1651869G

Address

:

10H, BRADDELL HILL, 02-32, BRADDELL VIEW, 579727, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

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 staff from the registered office refused to disclose the Subject's 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

[

X

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

N/A

Overseas

:

N/A

Credit Term

:

N/A


The staff from the registered office refused to disclose the Subject's clientele.

 

 

OPERATIONS

 

Products manufactured

:

PETROCHEMICAL PRODUCT

Ownership of premises

:

OWNED

 

Total Number of Employees:

 

YEAR

2015

2014

2013

2012

2011

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

180

180

180

180

180

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacture of petrochemical products.

The Subject is engaged in the manufacturing and marketing of petroleum additives for lubricants and fuels.

The Subject has close collaboration with oil marketers and original equipment manufacturers (OEMs)

The Subject's products includes:

Engine Oil Additives
The SC offers a wide range of engineered engine oil additives and the products are designed to exceed the performance requirements of their customers. The SC is the first viscosity index improver and products for cold temperature performance of engine oils. The SC's most recent innovation, patented molybdenum component chemistry, offers a new dimension in formulating engine oils to reduce friction and wear, and resist oxidation.

Power Transmission Fluid Additives
Power Transmission Fluids (PTFs) perform many functions: cooling transmission components, protecting bearings and gear teeth, preventing wear and maintaining frictional properties. An integral design component of the transmission, PTFs must execute these functions over a range of temperatures and over time to ensure good shift quality and trouble-free transmission performance.

Fuel Additives
The SC delivers a wide range of fuel additives that enhance existing fuel properties (such as cold flow and lubricity) and bring unique performance features to enable fuel marketers to differentiate their products. Through research and development the SC is continually improving their additives to meet new environmental and business challenges.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68991661

Match

:

N/A

Address Provided by Client

:

31 INTERNATIONAL BUSINESS PARK 04-08 CREATIVE RESOURCE,609921,SINGAPORE

Current Address

:

31 INTERNATIONAL BUSINESS PARK #04-08 CREATIVE RESOURCE, 609921, SINGAPORE.

Match

:

YES

 

Other Investigations


On 21st May 2015 we contacted one of the staff from the Subject's registered office and she provided some information.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2013

]

Return on Shareholder Funds

:

Favourable

[

51.56%

]

Return on Net Assets

:

Favourable

[

56.31%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

35 Days

]

Debtor Ratio

:

Favourable

[

24 Days

]

Creditors Ratio

:

Favourable

[

9 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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

[

1.58 Times

]

Current Ratio

:

Favourable

[

2.30 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

:

Favourable

[

5,267.31 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STRONG

 

 

 

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 :

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



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1998, the Subject is a Private Limited company, focusing on manufacture of petrochemical products. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. The Subject is a large entity with strong capital position of SGD 94,650,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

The Subject is a fairly large and rapidly growing company with over 180 staff in its operations The Subject has a good  management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. 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 324,646,000, 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.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

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

2010-12-31

2009-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

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

USD

USD

USD

USD

USD

TURNOVER

1,098,443,000

1,043,577,000

933,635,000

805,156,000

696,369,000

Other Income

-

-

-

7,206,000

-

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

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

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

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

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

Total Turnover

1,098,443,000

1,043,577,000

933,635,000

812,362,000

696,369,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

189,587,000

204,306,000

148,834,000

138,949,000

132,460,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

189,587,000

204,306,000

148,834,000

138,949,000

132,460,000

Taxation

(22,185,000)

(20,074,000)

(8,555,000)

(23,360,000)

(22,191,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

167,402,000

184,232,000

140,279,000

115,589,000

110,269,000

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

273,789,000

164,557,000

84,278,000

89,945,000

80,583,000

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

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

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

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

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

As restated

273,789,000

164,557,000

84,278,000

89,945,000

80,583,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

441,191,000

348,789,000

224,557,000

205,534,000

190,852,000

DIVIDENDS - Ordinary (paid & proposed)

(175,000,000)

(75,000,000)

(60,000,000)

(121,256,000)

(100,907,000)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

266,191,000

273,789,000

164,557,000

84,278,000

89,945,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

36,000

12,000

25,000

11,000

6,000

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

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

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

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

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

36,000

12,000

25,000

11,000

6,000

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

134,633,000

96,929,000

48,438,000

45,535,000

46,329,000

Deferred assets

270,000

-

-

-

-

Others

7,453,000

7,248,000

195,000

195,000

196,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

7,723,000

7,248,000

195,000

195,000

196,000

Own goodwill

2,500,000

2,500,000

2,500,000

2,500,000

2,500,000

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

2,500,000

2,500,000

2,500,000

2,500,000

2,500,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

144,856,000

106,677,000

51,133,000

48,230,000

49,025,000

Stocks

106,375,000

105,712,000

102,686,000

81,090,000

82,008,000

Trade debtors

71,058,000

72,597,000

96,557,000

47,752,000

43,014,000

Other debtors, deposits & prepayments

1,259,000

832,000

78,049,000

71,000

53,000

Amount due from holding company

93,983,000

155,394,000

-

-

-

Amount due from related companies

54,755,000

42,622,000

1,595,000

37,652,000

37,827,000

Cash & bank balances

11,726,000

484,000

114,000

23,000

190,000

Others

-

-

-

52,146,000

50,329,000

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

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

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

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

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

TOTAL CURRENT ASSETS

339,156,000

377,641,000

279,001,000

218,734,000

213,421,000

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

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

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

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

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

TOTAL ASSET

484,012,000

484,318,000

330,134,000

266,964,000

262,446,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

27,111,000

32,170,000

63,045,000

10,066,000

10,965,000

Other creditors & accruals

18,094,000

23,354,000

18,375,000

16,445,000

14,925,000

Amounts owing to related companies

83,249,000

69,573,000

11,098,000

63,426,000

52,677,000

Provision for taxation

18,830,000

20,816,000

9,368,000

23,483,000

21,611,000

Other liabilities

-

-

-

4,131,000

6,898,000

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

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

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

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

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

TOTAL CURRENT LIABILITIES

147,284,000

145,913,000

101,886,000

117,551,000

107,076,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

191,872,000

231,728,000

177,115,000

101,183,000

106,345,000

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

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

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

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

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

TOTAL NET ASSETS

336,728,000

338,405,000

228,248,000

149,413,000

155,370,000

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

58,349,000

58,349,000

58,349,000

58,349,000

58,349,000

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

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

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

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

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

TOTAL SHARE CAPITAL

58,349,000

58,349,000

58,349,000

58,349,000

58,349,000

Exchange equalisation/fluctuation reserve

106,000

-

-

-

-

Retained profit/(loss) carried forward

266,191,000

273,789,000

164,557,000

84,278,000

89,945,000

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

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

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

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

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

TOTAL RESERVES

266,297,000

273,789,000

164,557,000

84,278,000

89,945,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

324,646,000

332,138,000

222,906,000

142,627,000

148,294,000

Deferred taxation

10,355,000

5,268,000

5,342,000

6,786,000

7,076,000

Others

1,727,000

999,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

12,082,000

6,267,000

5,342,000

6,786,000

7,076,000

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

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

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

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

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

336,728,000

338,405,000

228,248,000

149,413,000

155,370,000

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

11,726,000

484,000

114,000

23,000

190,000

Net Liquid Funds

11,726,000

484,000

114,000

23,000

190,000

Net Liquid Assets

85,497,000

126,016,000

74,429,000

20,093,000

24,337,000

Net Current Assets/(Liabilities)

191,872,000

231,728,000

177,115,000

101,183,000

106,345,000

Net Tangible Assets

334,228,000

335,905,000

225,748,000

146,913,000

152,870,000

Net Monetary Assets

73,415,000

119,749,000

69,087,000

13,307,000

17,261,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

159,366,000

152,180,000

107,228,000

124,337,000

114,152,000

Total Assets

484,012,000

484,318,000

330,134,000

266,964,000

262,446,000

Net Assets

336,728,000

338,405,000

228,248,000

149,413,000

155,370,000

Net Assets Backing

324,646,000

332,138,000

222,906,000

142,627,000

148,294,000

Shareholders' Funds

324,646,000

332,138,000

222,906,000

142,627,000

148,294,000

Total Share Capital

58,349,000

58,349,000

58,349,000

58,349,000

58,349,000

Total Reserves

266,297,000

273,789,000

164,557,000

84,278,000

89,945,000

LIQUIDITY (Times)

Cash Ratio

0.08

0.00

0.00

0.00

0.00

Liquid Ratio

1.58

1.86

1.73

1.17

1.23

Current Ratio

2.30

2.59

2.74

1.86

1.99

WORKING CAPITAL CONTROL (Days)

Stock Ratio

35

37

40

37

43

Debtors Ratio

24

25

38

22

23

Creditors Ratio

9

11

25

5

6

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

0.00

0.00

Liabilities Ratio

0.49

0.46

0.48

0.87

0.77

Times Interest Earned Ratio

5,267.31

17,026.50

5,954.36

12,632.73

22,077.67

Assets Backing Ratio

5.73

5.76

3.87

2.52

2.62

PERFORMANCE RATIO (%)

Operating Profit Margin

17.26

19.58

15.94

17.26

19.02

Net Profit Margin

15.24

17.65

15.03

14.36

15.83

Return On Net Assets

56.31

60.38

65.22

93.00

85.26

Return On Capital Employed

55.90

59.93

64.51

91.47

83.91

Return On Shareholders' Funds/Equity

51.56

55.47

62.93

81.04

74.36

Dividend Pay Out Ratio (Times)

1.05

0.41

0.43

1.05

0.92

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.84

UK Pound

1

Rs.98.38

Euro

1

Rs.69.64

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

 

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.