MIRA INFORM REPORT

 

 

Report No. :

350698

Report Date :

25.11.2015

 

IDENTIFICATION DETAILS

 

Name :

WINDMILL INTERNATIONAL PTE LTD

 

 

Registered Office :

102f, Pasir Panjang Road, 08-01, Citilink Warehouse Complex, 118530

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

20.09.1973

 

 

Com. Reg. No.:

197301770-K

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Building- cleaning services & chartering of ships, barges and boats with crew

 

 

No. of Employee :

10 [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 – 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.

:

197301770-K

COMPANY NAME

:

WINDMILL INTERNATIONAL PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

20/09/1973

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

102F, PASIR PANJANG ROAD, 08-01, CITILINK WAREHOUSE COMPLEX, 118530, SINGAPORE.

BUSINESS ADDRESS

:

171 CHIN SWEE ROAD, #09-01 SAN CENTRE, 169877, SINGAPORE.

TEL.NO.

:

65-65383988

FAX.NO.

:

65-65383986

CONTACT PERSON

:

HO PENG CHEONG ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

BUILDING- CLEANING SERVICES & CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW

ISSUED AND PAID UP CAPITAL

:

8,705,000.00 ORDINARY SHARE, OF A VALUE OF SGD 10,116,000.00

SALES

:

SGD 39,666,778 [2014]

NET WORTH

:

SGD 41,814,973 [2014]

STAFF STRENGTH

:

10 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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) building- cleaning services & chartering of ships, barges and boats with crew.

 

Share Capital History

Date

Issue & Paid Up Capital

19/11/2015

SGD 10,116,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

KSP INVESTMENTS PTE LTD

102F, PASIR PANJANG ROAD, 08-01, CITILINK WAREHOUSE COMPLEX

198400382Z

8,705,000.00

100.00

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

------

8,705,000.00

100.00

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SITHAWALLA HAIDER MOHAMEDALLY @ SITHAWALLA HAYDER MOHAMEDALLY

Address

:

60, GREENMEAD AVENUE, HILLCREST PARK, 289448, SINGAPORE.

IC / PP No

:

S0820450J

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/09/2000

 

DIRECTOR 2

 

Name Of Subject

:

GOPINATH PILLAI

Address

:

67, HUA GUAN AVENUE, 589163, SINGAPORE.

IC / PP No

:

S1115764E

Nationality

:

SINGAPOREAN

Date of Appointment

:

05/04/1995

 

DIRECTOR 3

 

Name Of Subject

:

SAT PAL S/O I D KHATTAR

Address

:

3-D,TANGLIN HILL, 248035, SINGAPORE.

IC / PP No

:

S0000747A

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/02/2003

 

DIRECTOR 4

 

Name Of Subject

:

HO PENG CHEONG

Address

:

5A, COTSWOLD CLOSE, 357738, SINGAPORE.

IC / PP No

:

S0871828H

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/09/1980

 

DIRECTOR 5

 

Name Of Subject

:

JENNY PHUA MUI KENG

Address

:

5A, COTSWOLD CLOSE, 357738, SINGAPORE.

IC / PP No

:

S0009183I

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/01/1990



MANAGEMENT

 

 

1)

Name of Subject

:

HO PENG CHEONG

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

CROWE HORWATH FIRST TRUST LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHELLAPA PANICKAR S/O K C PANICKAR

IC / PP No

:

S2659703Z

Address

:

34B, JALAN LIMAU BALI, LIMAU PARK, 468505, 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 Subject refused to disclose its suppliers.

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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its clientele.

 

 

OPERATIONS

 

Services

:

BUILDING- CLEANING SERVICES & CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

10

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) building- cleaning services & chartering of ships, barges and boats with crew.

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

:

65-65383988

Match

:

N/A

Address Provided by Client

:

171 CHIN SWEE ROAD, #09-01 SAN CENTRE SINGAPORE 169877

Current Address

:

171 CHIN SWEE ROAD, #09-01 SAN CENTRE, 169877, SINGAPORE.

Match

:

YES

 

Other Investigations


On 20th November 2015 we contacted one of the staff from the Subject and he only provided limited information.

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

2.65%

]

Return on Net Assets

:

Unfavourable

[

3.50%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. 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

:

Nil

[

0 Days

]

Debtor Ratio

:

Favourable

[

30 Days

]

Creditors Ratio

:

Favourable

[

3 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

[

3.14 Times

]

Current Ratio

:

Favourable

[

3.14 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

:

Acceptable

[

4.38 Times

]

Gearing Ratio

:

Favourable

[

0.19 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

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 :

ECONOMY

The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.

In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.

Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.

For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).

For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.

Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.

Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1973, the Subject is a Private Limited company, focusing on building- cleaning services & chartering of ships, barges and boats with crew. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. The Subject have a strong capital position of SGD 10,116,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment.

Being a small company, the Subject's business operation is supported by 10 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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at SGD 41,814,973, the Subject should be able to maintain its business in the near terms.

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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position 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

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

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

SUMMARY

SUMMARY

SUMMARY

Currency

SGD

SGD

SGD

SGD

SGD

TURNOVER

39,666,778

13,991,705

26,822,858

43,728,326

32,469,300

Other Income

2,942,035

2,039,091

-

-

-

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

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

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

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

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

Total Turnover

42,608,813

16,030,796

26,822,858

43,728,326

32,469,300

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,130,209

182,690

525,258

651,877

177,113

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,130,209

182,690

525,258

651,877

177,113

Taxation

(21,146)

69,527

59,600

(231,000)

(35,733)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,109,063

252,217

584,858

420,877

141,380

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

10,711,708

10,459,491

20,406,233

19,985,356

19,843,976

Prior year adjustment

-

-

(10,531,600)

-

-

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

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

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

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

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

As restated

10,711,708

10,459,491

9,874,633

19,985,356

19,843,976

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

11,820,771

10,711,708

10,459,491

20,406,233

19,985,356

DIVIDENDS - Ordinary (paid & proposed)

(200,000)

-

-

-

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

11,620,771

10,711,708

10,459,491

20,406,233

19,985,356

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

63,768

80,682

-

-

-

Others

270,707

159,378

-

-

-

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

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

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

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

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

334,475

240,060

-

-

-

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

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

-

-

-

DEPRECIATION (as per notes to P&L)

277

1,894

-

-

-

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

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

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

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

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

277

1,894

-

-

-

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

528

756

20,955,099

19,019,590

22,113,454

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

947,530

-

-

-

-

Deferred assets

666,981

688,127

-

-

-

Others

19,233,631

15,528,999

-

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

20,848,142

16,217,126

-

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

20,848,670

16,217,882

20,955,099

19,019,590

22,113,454

Trade debtors

3,216,661

3,689,547

-

-

-

Other debtors, deposits & prepayments

53,847

21,333

-

-

-

Amount due from related companies

26,216,223

23,397,345

-

-

-

Cash & bank balances

1,246,899

2,539,828

-

-

-

Others

13,950

16,500

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

30,747,580

29,664,553

25,138,062

32,369,247

38,031,749

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

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

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

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

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

TOTAL ASSET

51,596,250

45,882,435

46,093,161

51,388,837

60,145,203

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

374,381

1,165,664

-

-

-

Other creditors & accruals

371,220

274,943

-

-

-

Bank overdraft

1,473,026

1,213,647

-

-

-

Short term borrowings/Term loans

791,655

558,438

-

-

-

Other borrowings

3,000,000

2,000,000

-

-

-

Bill & acceptances payable

2,781,473

4,607,306

-

-

-

Amounts owing to related companies

989,522

511,700

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

9,781,277

10,331,698

6,653,543

14,409,025

17,629,276

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

20,966,303

19,332,855

18,484,519

17,960,222

20,402,473

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

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

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

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

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

TOTAL NET ASSETS

41,814,973

35,550,737

85,532,779

36,979,812

42,515,927

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

10,116,000

10,116,000

10,116,000

10,116,000

10,116,000

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

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

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

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

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

TOTAL SHARE CAPITAL

10,116,000

10,116,000

10,116,000

10,116,000

10,116,000

Exchange equalisation/fluctuation reserve

(168,844)

(672,146)

-

-

-

Retained profit/(loss) carried forward

11,620,771

10,711,708

10,459,491

20,406,233

19,985,356

Others

20,247,046

15,395,175

-

-

9,317,457

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

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

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

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

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

TOTAL RESERVES

31,698,973

25,434,737

29,323,618

26,863,812

29,302,813

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

41,814,973

35,550,737

39,439,618

36,979,812

39,418,813

TOTAL LONG TERM LIABILITIES

-

-

-

-

3,097,114

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

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

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

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

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

41,814,973

35,550,737

39,439,618

36,979,812

42,515,927

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

1,246,899

2,539,828

-

-

-

Net Liquid Funds

(3,007,600)

(3,281,125)

-

-

-

Net Liquid Assets

20,966,303

19,332,855

18,484,519

17,960,222

20,402,473

Net Current Assets/(Liabilities)

20,966,303

19,332,855

18,484,519

17,960,222

20,402,473

Net Tangible Assets

41,814,973

35,550,737

85,532,779

36,979,812

42,515,927

Net Monetary Assets

20,966,303

19,332,855

18,484,519

17,960,222

17,305,359

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

1,464,684

422,750

-

-

-

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

1,464,961

424,644

-

-

-

BALANCE SHEET ITEMS

Total Borrowings

8,046,154

8,379,391

-

-

-

Total Liabilities

9,781,277

10,331,698

6,653,543

14,409,025

20,726,390

Total Assets

51,596,250

45,882,435

46,093,161

51,388,837

60,145,203

Net Assets

41,814,973

35,550,737

39,439,618

36,979,812

42,515,927

Net Assets Backing

41,814,973

35,550,737

39,439,618

36,979,812

39,418,813

Shareholders' Funds

41,814,973

35,550,737

39,439,618

36,979,812

39,418,813

Total Share Capital

10,116,000

10,116,000

10,116,000

10,116,000

10,116,000

Total Reserves

31,698,973

25,434,737

29,323,618

26,863,812

29,302,813

LIQUIDITY (Times)

Cash Ratio

0.13

0.25

-

-

-

Liquid Ratio

3.14

2.87

-

-

-

Current Ratio

3.14

2.87

3.78

2.25

2.16

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

-

-

-

Debtors Ratio

30

96

-

-

-

Creditors Ratio

3

30

-

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.19

0.24

-

-

-

Liabilities Ratio

0.23

0.29

0.17

0.39

0.53

Times Interest Earned Ratio

4.38

1.76

-

-

-

Assets Backing Ratio

4.13

3.51

8.46

3.66

4.20

PERFORMANCE RATIO (%)

Operating Profit Margin

2.85

1.31

1.96

1.49

0.55

Net Profit Margin

2.80

1.80

2.18

0.96

0.44

Return On Net Assets

3.50

1.19

0.61

1.76

0.42

Return On Capital Employed

3.38

1.15

1.33

1.76

0.42

Return On Shareholders' Funds/Equity

2.65

0.71

1.48

1.14

0.36

Dividend Pay Out Ratio (Times)

0.18

0

-

-

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.38

UK Pound

1

Rs.100.45

Euro

1

Rs.70.55

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.