MIRA INFORM REPORT

 

 

Report No. :

348520

Report Date :

10.11.2015

 

IDENTIFICATION DETAILS

 

Name :

VISVAJA TRADING PTE. LTD.

 

 

Registered Office :

63, Robinson Road, 07-10, Afro-Asia Building, 068894

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

05.03.2012

 

 

Com. Reg. No.:

201205401-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is engaged in trading of timber products, construction materials.

 

 

No. of Employees :

Not Available

 

 

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 :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

201205401-C

COMPANY NAME

:

VISVAJA TRADING PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

05/03/2012

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

63, ROBINSON ROAD, 07-10, AFRO-ASIA BUILDING, 068894, SINGAPORE.

BUSINESS ADDRESS

:

63 ROBINSON ROAD #07-10 AFRO-ASIA BUILDING,, 068894, SINGAPORE.

TEL.NO.

:

65-63331033

FAX.NO.

:

65-63331066

CONTACT PERSON

:

MAHESH VISWANATHAN ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TIMBER PRODUCTS, CONSTRUCTION MATERIALS

ISSUED AND PAID UP CAPITAL

:

725,000.00 ORDINARY SHARE, OF A VALUE OF SGD 725,000.00 

SALES

:

USD 5,809,557 [2014]

NET WORTH

:

USD 697,429 [2014]

STAFF STRENGTH

:

N/A

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

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) trading of timber products, construction materials.

 

 

Share Capital History

Date

Issue & Paid Up Capital

05/11/2015

SGD 725,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MAHESH VISWANATHAN +

6, RIDGEWOOD CLOSE, 05-07, TRIZON, THE, 276697, SINGAPORE.

G5286825X

400,000.00

55.17

SUJATHA MAHESH +

6, RIDGEWOOD CLOSE, 05-07, TRIZON, THE, SINGAPORE.

G5291680T

200,000.00

27.59

VISVAJA TRADING LLC

G-10, BUSINESS AVENUE BUILDING, P.O. BOX 79675, SHAIKH RASHID ROAD, PORT SAED AREA, UNITED ARAB EMIRATES (DUBAI).

T12UF0807

125,000.00

17.24

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

------

725,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

KARTHIK VISWANATHAN

Address

:

1/876, COUTRALLAM MAIN ROAD, PIRANOOR BORDER, SHENCOTTAH-627809, TAMILNADU, INDIA.

IC / PP No

:

H5507907

Nationality

:

INDIAN

Date of Appointment

:

05/03/2012

 

DIRECTOR 2

 

Name Of Subject

:

SUJATHA MAHESH

Address

:

6, RIDGEWOOD CLOSE, 05-07, TRIZON, THE, SINGAPORE.

IC / PP No

:

G5291680T

Date of Appointment

:

23/04/2014

 

DIRECTOR 3

 

Name Of Subject

:

MAHESH VISWANATHAN

Address

:

6, RIDGEWOOD CLOSE, 05-07, TRIZON, THE, 276697, SINGAPORE.

IC / PP No

:

G5286825X

Nationality

:

INDIAN

Date of Appointment

:

05/03/2012



MANAGEMENT

 

 

1)

Name of Subject

:

MAHESH VISWANATHAN

Position

:

MANAGING DIRECTOR

 

 

 

 

 

 

 

 

 

AUDITOR

 

Auditor

:

V. P. KUMARAN & CO.

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SEAH KIM SWEE

IC / PP No

:

S0045970D

Address

:

1D, CANTONMENT ROAD, 36-39, PINNACLE@DUXTON, THE, 085401, SINGAPORE.

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201409123

26/08/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201412487

10/11/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

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 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

:

TIMBER PRODUCTS, CONSTRUCTION MATERIALS

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of timber products, construction materials. 

The Subject refused to disclose its operation. 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63331033

Match

:

N/A

Address Provided by Client

:

63 ROBINSON ROAD AFRO ASIA BUILDING NO 07-10 SINGAPORE

Current Address

:

63 ROBINSON ROAD #07-10 AFRO-ASIA BUILDING,, 068894, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she only provided limited information.

She refused to disclose the Subject's number of employees.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2012 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

6.77%

]

Return on Net Assets

:

Unfavourable

[

3.92%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

10 Days

]

Debtor Ratio

:

Favourable

[

13 Days

]

Creditors Ratio

:

Favourable

[

19 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

[

1.80 Times

]

Current Ratio

:

Favourable

[

2.23 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

[

18.10 Times

]

Gearing Ratio

:

Acceptable

[

0.92 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's gearing was slightly high. The Subject is utilising the leverage concept to fund its expansion. However, the high gearing has added financial risks to the Subject. It will be more vulnerable in times of economy downturn.

Overall Assessment :

Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. 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's gearing was slightly high and its financial risk was also high. If no plans are made to reduce its gearing, the Subject's performance may deteriorate in the coming year.

Overall financial condition of the Subject : STABLE

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2010

2011

2012

2013

2014

 

Population (Million)

5.08

5.18

5.31

5.40

5.47

Gross Domestic Products ( % )

14.5

4.9

1.3

3.7

(3.5)

Consumer Price Index

2.8

5.2

4.6

2.4

2.4

Total Imports (Million)

423,221.8

459,655.1

474,554.0

466,762.0

463,779.1

Total Exports (Million)

478,840.7

514,741.2

510,329.0

513,391.0

518,922.7

 

Unemployment Rate (%)

2.2

2.1

2.0

1.9

1.9

Tourist Arrival (Million)

11.64

13.17

14.49

15.46

15.01

Hotel Occupancy Rate (%)

85.6

86.5

86.4

86.3

85.5

Cellular Phone Subscriber (Million)

1.43

1.50

1.52

1.97

1.98

 

Registration of New Companies (No.)

29,798

32,317

31,892

37,288

41,589

Registration of New Companies (%)

12.8

8.5

(1.3)

9.8

11.5

Liquidation of Companies (No.)

15,126

19,005

17,218

17,369

18,767

Liquidation of Companies (%)

(32.5)

25.6

9.4

(5.3)

8.0

 

Registration of New Businesses (No.)

23,978

23,494

24,788

22,893

35,773

Registration of New Businesses (%)

(10.78)

2.02

5.51

1.70

56.30

Liquidation of Businesses (No.)

24,211

23,005

22,489

22,598

22,098

Liquidation of Businesses (%)

2.8

(5)

(2.2)

0.5

(2.2)

 

Bankruptcy Orders (No.)

1,537

1,527

1,748

1,992

1,757

Bankruptcy Orders (%)

(25.3)

(0.7)

14.5

14.0

(11.8)

Bankruptcy Discharges (No.)

2,252

1,391

1,881

2,584

3,546

Bankruptcy Discharges (%)

(26.3)

(38.2)

35.2

37.4

37.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(10.5)

12.10

(0.5)

-

2.80

 

Manufacturing *

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

96.4

100.0

103.5

103.5

105.0

Textiles

122.1

100.0

104.0

87.1

74.9

Wearing Apparel

123.3

100.0

92.1

77.8

49.5

Leather Products & Footwear

81.8

100.0

98.6

109.8

95.9

Wood & Wood Products

104.0

100.0

95.5

107.4

112.0

Paper & Paper Products

106.1

100.0

97.4

103.2

103.4

Printing & Media

103.5

100.0

93.0

86.1

80.3

Crude Oil Refineries

95.6

100.0

99.4

93.5

85.6

Chemical & Chemical Products

97.6

100.0

100.5

104.1

114.0

Pharmaceutical Products

75.3

100.0

109.7

107.2

115.7

Rubber & Plastic Products

112.3

100.0

96.5

92.9

92.8

Non-metallic Mineral

92.5

100.0

98.2

97.6

82.2

Basic Metals

102.2

100.0

90.6

76.5

98.3

Fabricated Metal Products

103.6

100.0

104.3

105.1

105.1

Machinery & Equipment

78.5

100.0

112.9

114.5

124.0

Electrical Machinery

124.1

100.0

99.3

108.5

121.3

Electronic Components

113.6

100.0

90.6

94.3

95.0

Transport Equipment

94.0

100.0

106.3

107.5

103.2

 

Construction

14.20

20.50

28.70

-

22.00

Real Estate

21.3

25.4

31.9

-

145.1

 

Services

Electricity, Gas & Water

4.00

7.00

6.30

-

Transport, Storage & Communication

12.80

7.40

5.30

-

14.20

Finance & Insurance

(0.4)

8.90

0.50

-

6.00

Government Services

9.70

6.90

6.00

-

Education Services

(0.9)

(1.4)

0.30

-

5.98

 

* 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 2012, the Subject is a Private Limited company, focusing on trading of timber products, construction materials. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Presently, the issued and paid up capital of the Subject stands at MYR 725,000. We considered that the Subject's business position in the market is much dependent on the efforts of its directors. 

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. 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 lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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. The gearing level of the Subject is slightly high, therefore it faces moderate financial risk. 

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 normally.

 

 

 

PROFIT AND LOSS ACCOUNT

 

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

VISVAJA TRADING PTE. LTD.

 

Financial Year End

2014-12-31

2013-12-31

2012-12-31

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

SUMMARY

Currency

USD

USD

SGD

TURNOVER

5,809,557

7,123,400

9,488,243

Other Income

14,933

18,412

-

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

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

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

Total Turnover

5,824,490

7,141,812

9,488,243

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

48,368

39,791

53,992

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

48,368

39,791

53,992

Taxation

(1,123)

-

(2,084)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

47,245

39,791

51,908

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

80,573

40,782

(51,908)

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

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

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

As restated

80,573

40,782

(51,908)

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

127,818

80,573

0

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

127,818

80,573

0

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

2,829

-

-

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

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

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

2,829

-

-

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

-

-

DEPRECIATION (as per notes to P&L)

25,141

10,784

-

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

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

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

25,141

10,784

-

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

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

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

VISVAJA TRADING PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

852,379

11,471

25,701

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

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

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

TOTAL LONG TERM ASSETS

852,379

11,471

25,701

Stocks

157,313

-

-

Trade debtors

202,916

1,609,669

-

Other debtors, deposits & prepayments

125,041

7,990

-

Short term deposits

3,928

-

-

Amount due from director

-

13,843

-

Cash & bank balances

332,275

116,761

-

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

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

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

TOTAL CURRENT ASSETS

821,473

1,748,263

2,145,438

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

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

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

TOTAL ASSET

1,673,852

1,759,734

2,171,139

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

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

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

CURRENT LIABILITIES

Trade creditors

301,070

452,285

-

Other creditors & accruals

10,698

27,670

-

Short term borrowings/Term loans

33,670

-

-

Deposits from customers

-

9,602

-

Amounts owing to related companies

19,946

618,356

-

Provision for taxation

2,700

1,637

-

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

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

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

TOTAL CURRENT LIABILITIES

368,084

1,109,550

1,494,231

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

453,389

638,713

651,207

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

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

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

TOTAL NET ASSETS

1,305,768

650,184

676,908

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

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

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

SHARE CAPITAL

Ordinary share capital

569,611

569,611

725,000

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

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

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

TOTAL SHARE CAPITAL

569,611

569,611

725,000

Retained profit/(loss) carried forward

127,818

80,573

0

Others

-

-

(48,092)

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

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

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

TOTAL RESERVES

127,818

80,573

(48,092)

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

697,429

650,184

676,908

Long term loans

608,339

-

-

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

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

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

TOTAL LONG TERM LIABILITIES

608,339

-

0

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

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

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

1,305,768

650,184

676,908

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

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

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

 

 

 

 

 

FINANCIAL RATIO

 

VISVAJA TRADING PTE. LTD.

 

TYPES OF FUNDS

Cash

336,203

116,761

-

Net Liquid Funds

336,203

116,761

-

Net Liquid Assets

296,076

638,713

651,207

Net Current Assets/(Liabilities)

453,389

638,713

651,207

Net Tangible Assets

1,305,768

650,184

676,908

Net Monetary Assets

(312,263)

638,713

651,207

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

51,197

39,791

-

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

76,338

50,575

-

BALANCE SHEET ITEMS

Total Borrowings

642,009

0

-

Total Liabilities

976,423

1,109,550

1,494,231

Total Assets

1,673,852

1,759,734

2,171,139

Net Assets

1,305,768

650,184

676,908

Net Assets Backing

697,429

650,184

676,908

Shareholders' Funds

697,429

650,184

676,908

Total Share Capital

569,611

569,611

725,000

Total Reserves

127,818

80,573

(48,092)

LIQUIDITY (Times)

Cash Ratio

0.91

0.11

-

Liquid Ratio

1.80

1.58

-

Current Ratio

2.23

1.58

1.44

WORKING CAPITAL CONTROL (Days)

Stock Ratio

10

0

-

Debtors Ratio

13

82

-

Creditors Ratio

19

23

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.92

0

-

Liabilities Ratio

1.40

1.71

2.21

Times Interest Earned Ratio

18.10

0

-

Assets Backing Ratio

2.29

1.14

0.93

PERFORMANCE RATIO (%)

Operating Profit Margin

0.83

0.56

0.57

Net Profit Margin

0.81

0.56

0.55

Return On Net Assets

3.92

6.12

7.98

Return On Capital Employed

3.92

6.12

7.98

Return On Shareholders' Funds/Equity

6.77

6.12

7.67

Dividend Pay Out Ratio (Times)

0

0

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.34

UK Pound

1

Rs.100.03

Euro

1

Rs.71.45

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TRU

 

               

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.