MIRA INFORM REPORT

 

 

Report No. :

349727

Report Date :

19.11.2015

 

IDENTIFICATION DETAILS

 

Name :

TOYO TOKAI ALUMINIUM HANBAI K.K.

 

 

Formerly Known As :

TOYO ALUMINIUM SHOJI K.K.

 

 

Registered Office :

10, Anson Road, 25-13a, International Plaza, 079903

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

10.10.1996

 

 

Com. Reg. No.:

S96FC5222-C

 

 

Legal Form :

Foreign

 

 

Line of Business :

Trading of aluminium.

 

 

No. of Employees :

5 [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 :

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 – 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 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.

:

S96FC5222-C

COMPANY NAME

:

TOYO TOKAI ALUMINIUM HANBAI K.K. (SINGAPORE BRANCH)

FORMER NAME

:

TOYO ALUMINIUM SHOJI K.K. (25/03/2008)

INCORPORATION DATE

:

10/10/1996

COMPANY STATUS

:

EXIST

LEGAL FORM

:

FOREIGN

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, ANSON ROAD, 25-13A, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BUSINESS ADDRESS

:

10, ANSON ROAD, 25-13A, INTERNATIONAL PLAZA, 079903, SINGAPORE.

TEL.NO.

:

65-62255148

FAX.NO.

:

65-62255150

CONTACT PERSON

:

SUMA HIDEHAI ( STAFF )

PRINCIPAL ACTIVITY

:

TRADING OF ALUMINIUM

AUTHORISED CAPITAL

:

JPY 200,000,000.00

SALES

:

USD 9,844,750 [2014]

NET WORTH

:

USD 1,988,082 [2014]

STAFF STRENGTH

:

5 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

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

 

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

13/11/2015

JPY 200,000,000.00

JPY 0.00

No shareholders was found in our databank at the time of investigation



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

NAOKI UEDA

Address

:

2-8-2-601, MINASE, SHIMAMOTOCYO, MISHIMA-GUN, OSAKA, 618-0014, JAPAN.

IC / PP No

:

TH0727109

Nationality

:

JAPANESE

Date of Appointment

:

24/06/2011

 

DIRECTOR 2

 

Name Of Subject

:

HIROSHI YAMAMOTO

Address

:

2-176-9, KITAHANADACYO, KITA-KU, SAKAISHI, OSAKA, 591-8002, JAPAN.

IC / PP No

:

TG8068418

Nationality

:

JAPANESE

Date of Appointment

:

24/06/2011

 

DIRECTOR 3

 

Name Of Subject

:

KATSUHIRO YAMAGUCHI

Address

:

7-4-13, MAMIGAOKA, KASHIBASHI, NARA, 639-0223, JAPAN.

IC / PP No

:

TH6673043

Nationality

:

JAPANESE

Date of Appointment

:

25/06/2012

 

DIRECTOR 4

 

Name Of Subject

:

MASAMICHI UEDA

Address

:

7-D-307, KAMIYAMADA, SUITASHI, OSAKA, 565-0872, JAPAN.

IC / PP No

:

TK2452545

Nationality

:

JAPANESE

Date of Appointment

:

24/06/2011

 

DIRECTOR 5

 

Name Of Subject

:

MASAHIRO AOKI

Address

:

429, MUSHANOKOJICHO, KAMIGYOU -KU, KYOTO, 602-0933, JAPAN.

IC / PP No

:

TR4163821

Nationality

:

JAPANESE

Date of Appointment

:

19/06/2015

 

DIRECTOR 6

 

Name Of Subject

:

TATSUHITO ISOBE

Address

:

1-1-12, EBARA, SHINAGAWA-KU, TOKYO, 142-0063, JAPAN.

IC / PP No

:

TR4530588

Nationality

:

JAPANESE

Date of Appointment

:

19/06/2015

 

DIRECTOR 7

 

Name Of Subject

:

TANAKA TOSHIO

Address

:

3-19-5, SEKIMACHIKITA, NERIMA-KU, TOKYO, 177-0051, JAPAN.

IC / PP No

:

TK2727136

Nationality

:

JAPANESE

Date of Appointment

:

20/06/2014

 

DIRECTOR 8

 

Name Of Subject

:

MASAO IMASU

Address

:

1-28, HONJYO-CHO, KOYOEN, NISHINOMIYA-CITY, HYOGO PREFECTURE, JAPAN.

IC / PP No

:

TH3861248

Nationality

:

JAPANESE

Date of Appointment

:

26/06/2003

 

DIRECTOR 9

 

Name Of Subject

:

MICHITO ONO

Address

:

3-6-2-503, MIDORI, SUMIDA-KU, TOKYO, 130-0021, JAPAN.

IC / PP No

:

TH5632431

Nationality

:

JAPANESE

Date of Appointment

:

25/06/2012

 

DIRECTOR 10

 

Name Of Subject

:

MINORU HIGURASHI

Address

:

LIONSGADEN 802, 1289-1, SAKUSABE-CHO, INAGE-KU, CHIBA-SHI, CHIBA 263- 0014, JAPAN.

IC / PP No

:

TK2641333

Nationality

:

JAPANESE

Date of Appointment

:

26/06/2006

 


MANAGEMENT

 

 

 

1)

Name of Subject

:

SUMA HIDEHAI

Position

:

STAFF

 

 

 

AUDITOR


No Auditor found in our databank

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

LEE WEI HSIUNG

IC / PP No

:

S7927166G

Address

:

633, JURONG WEST STREET 65, 10-310, 640633, SINGAPORE.

Remarks

:

AGENT

 

2)

Company Secretary

:

OSAMU TSUJI

IC / PP No

:

G5048382M

Address

:

120, SERANGOON AVENUE 3, 03-06, AMARANDA GARDENS, 554774, SINGAPORE.

Remarks

:

AGENT

 

 

 

 

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

:

YES

Overseas

:

YES

Import Countries

:

JAPAN



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

:

MALAYSIA

Credit Term

:

N/A

Payment Mode

:

N/A

 

 

OPERATIONS

 

Goods Traded

:

ALUMINIUM

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

5

 

Branch

:

NO

Other Information:


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

The Subject is the importer and exporter of aluminium products.

The Subject also sells PDFM, aluminium products and others.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

+65 62255148

Current Telephone Number

:

65-62255148

Match

:

YES

Address Provided by Client

:

6 EU TONG SEN STREET, #08-14 THE CENTRAL TOWN SINGAPORE 059817

Current Address

:

10, ANSON ROAD, 25-13A, INTERNATIONAL PLAZA, 079903, SINGAPORE.

Match

:

NO

 

Other Investigations


On 13th November 2015 we contacted one of the staff from the Subject and he provided some information.

He refused to disclose its banker.

The Subject had shifted from the address provided.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

1.70%

]

Profit/(Loss) Before Tax

:

Decreased

[

51.43%

]

Return on Shareholder Funds

:

Acceptable

[

19.73%

]

Return on Net Assets

:

Acceptable

[

21.94%

]

The higher turnover could be attributed to the favourable market condition.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

3 Days

]

Debtor Ratio

:

Unfavourable

[

65 Days

]

Creditors Ratio

:

Favourable

[

11 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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

[

6.70 Times

]

Current Ratio

:

Favourable

[

6.97 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

[

1,249.66 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 :

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 1996, the Subject is a Foreign company, focusing on trading of aluminium. 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.

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 5 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.

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. Return on shareholders' funds of the Subject was at an acceptable range 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 1,988,082, the Subject should be able to maintain its business in the near terms.

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.

 

Financial Year End

2014-03-31

2013-03-31

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

TURNOVER

9,844,750

9,679,844

Other Income

-

22,911

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

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

Total Turnover

9,844,750

9,702,755

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

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

PROFIT/(LOSS) FROM OPERATIONS

435,781

897,235

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

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

PROFIT/(LOSS) BEFORE TAXATION

435,781

897,235

Taxation

(43,619)

(111,136)

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

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

PROFIT/(LOSS) AFTER TAXATION

392,162

786,099

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

2,172,281

1,386,182

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

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

As restated

2,172,281

1,386,182

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,564,443

2,172,281

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,564,443

2,172,281

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

349

227

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

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

349

227

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

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

DEPRECIATION (as per notes to P&L)

1,885

1,779

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

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

1,885

1,779

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

9,763

5,336

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

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

TOTAL LONG TERM ASSETS

9,763

5,336

Stocks

89,133

107,129

Trade debtors

1,759,454

2,110,779

Other debtors, deposits & prepayments

22,066

21,701

Cash & bank balances

399,217

345,768

Others

39,837

-

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

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

TOTAL CURRENT ASSETS

2,309,707

2,585,377

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

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

TOTAL ASSET

2,319,470

2,590,713

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

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

CURRENT LIABILITIES

Trade creditors

301,845

341,659

Other creditors & accruals

26,140

19,198

Provision for taxation

-

105,299

Lease payables

3,403

1,580

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

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

TOTAL CURRENT LIABILITIES

331,388

467,736

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

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

NET CURRENT ASSETS/(LIABILITIES)

1,978,319

2,117,641

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

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

TOTAL NET ASSETS

1,988,082

2,122,977

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

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

Retained profit/(loss) carried forward

2,564,443

2,172,281

Others

(576,361)

(52,753)

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

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

TOTAL RESERVES

1,988,082

2,119,528

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

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

SHAREHOLDERS' FUNDS/EQUITY

1,988,082

2,119,528

Lease obligations

-

3,449

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

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

TOTAL LONG TERM LIABILITIES

-

3,449

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

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

1,988,082

2,122,977

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

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

 

 

 

FINANCIAL RATIO

 

 

TOYO TOKAI ALUMINIUM HANBAI K.K. (SINGAPORE BRANCH)

 

TYPES OF FUNDS

Cash

399,217

345,768

Net Liquid Funds

399,217

345,768

Net Liquid Assets

1,889,186

2,010,512

Net Current Assets/(Liabilities)

1,978,319

2,117,641

Net Tangible Assets

1,988,082

2,122,977

Net Monetary Assets

1,889,186

2,007,063

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

0

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

438,015

899,241

BALANCE SHEET ITEMS

Total Borrowings

0

3,449

Total Liabilities

331,388

471,185

Total Assets

2,319,470

2,590,713

Net Assets

1,988,082

2,122,977

Net Assets Backing

1,988,082

2,119,528

Shareholders' Funds

1,988,082

2,119,528

Total Share Capital

0

0

Total Reserves

1,988,082

2,119,528

LIQUIDITY (Times)

Cash Ratio

1.20

0.74

Liquid Ratio

6.70

5.30

Current Ratio

6.97

5.53

WORKING CAPITAL CONTROL (Days)

Stock Ratio

3

4

Debtors Ratio

65

80

Creditors Ratio

11

13

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

Liabilities Ratio

0.17

0.22

Times Interest Earned Ratio

1,249.66

3,953.58

Assets Backing Ratio

-

-

PERFORMANCE RATIO (%)

Operating Profit Margin

4.43

9.27

Net Profit Margin

3.98

8.12

Return On Net Assets

21.94

42.27

Return On Capital Employed

21.94

42.27

Return On Shareholders' Funds/Equity

19.73

37.09

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.66.11

UK Pound

1

Rs.100.51

Euro

1

Rs.70.39

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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.