MIRA INFORM REPORT

 

 

Report No. :

349945

Report Date :

21.11.2015

           

IDENTIFICATION DETAILS

 

Name :

ROBUST INTERNATIONAL PTE. LTD.

 

 

Registered Office :

33, Ubi Avenue 3, 04-19, Vertex, 408868

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.02.2006

 

 

Com. Reg. No.:

200601737-M

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Trading of sawn timber, logs, agro commodities.

 

 

No. of Employee :

9 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

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.

:

200601737-M

COMPANY NAME

:

ROBUST INTERNATIONAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

09/02/2006

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

33, UBI AVENUE 3, 04-19, VERTEX, 408868, SINGAPORE.

BUSINESS ADDRESS

:

33, UBI AVENUE 3, VERTEX TOWER B, 04-19, 408868, SINGAPORE.

TEL.NO.

:

65-62927316

FAX.NO.

:

65-62927910

WEB SITE

:

WWW.ROBUST-INTERNATIONAL.COM

CONTACT PERSON

:

NAARAYAN RAAGHAVAN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF SAWN TIMBER, LOGS, AGRO COMMODITIES

ISSUED AND PAID UP CAPITAL

:

15,573,151.00 ORDINARY SHARE, OF A VALUE OF SGD 15,573,151.00

SALES

:

USD 40,793,626 [2013]

NET WORTH

:

USD 4,979,760 [2013]

STAFF STRENGTH

:

9 [2015]

BANKER (S)

:

INDIAN BANK
UNITED OVERSEAS BANK LIMITED
OVERSEA-CHINESE BANKING CORPORATION LIMITED
CITIBANK N.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

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

 

The Subject is principally engaged in the (as a / as an) trading of sawn timber, logs, agro commodities.

 

Share Capital History

Date

Issue & Paid Up Capital

16/10/2015

SGD 15,573,151.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

NAARAYAN RAAGHAVAN +

2, LORONG BUNGA, SENNETT ESTATE, 348701, SINGAPORE.

S2700107F

15,522,399.00

99.67

ANURADHA NAARAYAN +

2, LORONG BUNGA, SENNETT ESTATE, 348701, SINGAPORE.

S6983350J

50,752.00

0.33

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

------

15,573,151.00

100.00

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

=====

+ Also Director



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

ANURADHA NAARAYAN

Address

:

2, LORONG BUNGA, SENNETT ESTATE, 348701, SINGAPORE.

IC / PP No

:

S6983350J

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/08/2010

 

DIRECTOR 2

 

Name Of Subject

:

NAARAYAN RAAGHAVAN

Address

:

2, LORONG BUNGA, SENNETT ESTATE, 348701, SINGAPORE.

IC / PP No

:

S2700107F

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/08/2010

 

MANAGEMENT

 

 

1)

Name of Subject

:

NAARAYAN RAAGHAVAN

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

HM GHOUTH COMPANY

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

PRIYALATHA NAIDU

IC / PP No

:

S1087104B

Address

:

1, SPRINGLEAF RISE, SPRINGLEAF GARDEN, 787981, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

INDIAN BANK

 

2)

Name

:

UNITED OVERSEAS BANK LIMITED

 

3)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

4)

Name

:

CITIBANK N.A.

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201113082

18/10/2011

N/A

INDIAN BANK

-

Unsatisfied

C201207209

29/06/2012

N/A

STANDARD CHARTERED BANK (SINGAPORE)

-

Unsatisfied

C201303793

12/03/2013

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201308075

14/06/2013

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201308076

14/06/2013

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201308790

28/06/2013

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

-

Unsatisfied

C201308791

28/06/2013

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

-

Unsatisfied

C201310077

23/07/2013

N/A

CITIBANK N.A.

-

Unsatisfied

C201315775

25/11/2013

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201315776

25/11/2013

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201407662

23/07/2014

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201411461

20/10/2014

N/A

RHB BANK BERHAD

-

Unsatisfied

C201501309

27/01/2015

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201502494

23/02/2015

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201503976

30/03/2015

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201503978

30/03/2015

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201508967

11/08/2015

N/A

STATE BANK OF INDIA

-

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

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

SAWN TIMBER, LOGS, AGRO COMMODITIES

 

Total Number of Employees:

YEAR

2015

2014

GROUP

N/A

N/A

COMPANY

9

9

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of sawn timber, logs, agro commodities.

The Subject is engaged in the trading in agro commodities like rice, cashew nuts, sesame seeds, timber round logs and timber products among others.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

65 62927316

Current Telephone Number

:

65-62927316

Match

:

YES

Address Provided by Client

:

33 UBI AVENUE 3, #04-19 TOWER B VERTEX SINGAPORE 408868

Current Address

:

33, UBI AVENUE 3, VERTEX TOWER B, 04-19, 408868, SINGAPORE.

Match

:

YES

 

Other Investigations


On 17th November 2015 we contacted the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

89.81%

]

Profit/(Loss) Before Tax

:

Increased

[

88.03%

]

Return on Shareholder Funds

:

Acceptable

[

17.14%

]

Return on Net Assets

:

Acceptable

[

27.23%

]

The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Nil

[

0 Days

]

Debtor Ratio

:

Favourable

[

48 Days

]

Creditors Ratio

:

Favourable

[

1 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

[

1.77 Times

]

Current Ratio

:

Unfavourable

[

1.77 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

[

2.80 Times

]

Gearing Ratio

:

Unfavourable

[

1.25 Times

]

The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

Overall Assessment :

Generally, the Subject's performance has improved with higher turnover and profit. 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the Subject : FAIR

 

 

 

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 2006, the Subject is an Exempt Private company, focusing on trading of sawn timber, logs, agro commodities. 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. With a paid up capital of SGD 15,573,151, the Subject has greater opportunities to expand its business when the needs arise. Under the control of its directors, we considered that the Subject's business position in the market is much dependent on their abilities.

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 9 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 4,979,760, 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

2013-12-31

2012-12-31

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

40,793,626

21,492,188

Other Income

29,811

5,557

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

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

Total Turnover

40,823,437

21,497,745

Costs of Goods Sold

(38,297,129)

(20,021,210)

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

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

Gross Profit

2,526,308

1,476,535

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

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

PROFIT/(LOSS) FROM OPERATIONS

947,685

504,015

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

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

PROFIT/(LOSS) BEFORE TAXATION

947,685

504,015

Taxation

(94,036)

(61,909)

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

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

PROFIT/(LOSS) AFTER TAXATION

853,649

442,106

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

797,873

355,767

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

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

As restated

797,873

355,767

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

1,651,522

797,873

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,651,522

797,873

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

526,110

264,737

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

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

526,110

264,737

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

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

DEPRECIATION (as per notes to P&L)

71,975

15,012

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

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

71,975

15,012

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

692,038

92,996

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

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

TOTAL LONG TERM ASSETS

692,038

92,996

Trade debtors

5,374,112

4,971,538

Other debtors, deposits & prepayments

1,200,711

865,152

Short term deposits

2,945,000

1,845,000

Cash & bank balances

762,358

719,506

Others

609,744

-

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

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

TOTAL CURRENT ASSETS

10,891,925

8,401,196

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

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

TOTAL ASSET

11,583,963

8,494,192

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

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

CURRENT LIABILITIES

Trade creditors

101,293

1,611,752

Other creditors & accruals

74,730

29,018

Hire purchase & lease creditors

1,303

-

Short term borrowings/Term loans

32,377

-

Other borrowings

5,741,742

2,665,402

Deposits from customers

98,395

-

Provision for taxation

121,013

61,909

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

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

TOTAL CURRENT LIABILITIES

6,170,853

4,368,081

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

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

NET CURRENT ASSETS/(LIABILITIES)

4,721,072

4,033,115

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

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

TOTAL NET ASSETS

5,413,110

4,126,111

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

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

SHARE CAPITAL

Ordinary share capital

3,328,238

3,328,238

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

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

TOTAL SHARE CAPITAL

3,328,238

3,328,238

Retained profit/(loss) carried forward

1,651,522

797,873

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

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

TOTAL RESERVES

1,651,522

797,873

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

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

SHAREHOLDERS' FUNDS/EQUITY

4,979,760

4,126,111

Long term loans

431,139

-

Lease obligations

2,211

-

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

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

TOTAL LONG TERM LIABILITIES

433,350

-

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

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

5,413,110

4,126,111

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

3,707,358

2,564,506

Net Liquid Funds

3,707,358

2,564,506

Net Liquid Assets

4,721,072

4,033,115

Net Current Assets/(Liabilities)

4,721,072

4,033,115

Net Tangible Assets

5,413,110

4,126,111

Net Monetary Assets

4,287,722

4,033,115

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

1,473,795

768,752

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

1,545,770

783,764

BALANCE SHEET ITEMS

Total Borrowings

6,208,772

2,665,402

Total Liabilities

6,604,203

4,368,081

Total Assets

11,583,963

8,494,192

Net Assets

5,413,110

4,126,111

Net Assets Backing

4,979,760

4,126,111

Shareholders' Funds

4,979,760

4,126,111

Total Share Capital

3,328,238

3,328,238

Total Reserves

1,651,522

797,873

LIQUIDITY (Times)

Cash Ratio

0.60

0.59

Liquid Ratio

1.77

1.92

Current Ratio

1.77

1.92

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

Debtors Ratio

48

84

Creditors Ratio

1

29

SOLVENCY RATIOS (Times)

Gearing Ratio

1.25

0.65

Liabilities Ratio

1.33

1.06

Times Interest Earned Ratio

2.80

2.90

Assets Backing Ratio

1.63

1.24

PERFORMANCE RATIO (%)

Operating Profit Margin

2.32

2.35

Net Profit Margin

2.09

2.06

Return On Net Assets

27.23

18.63

Return On Capital Employed

27.22

18.63

Return On Shareholders' Funds/Equity

17.14

10.71

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.66.09

UK Pound

1

Rs.101.04

Euro

1

Rs.70.86

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.