MIRA INFORM REPORT

 

 

Report No. :

343866

Report Date :

06.10.2015

 

IDENTIFICATION DETAILS

 

Name :

CMC RECYCLING SINGAPORE PTE. LTD.

 

 

Formerly Known As :

CMC ALBEDO METALS PTE. LTD.

 

 

Registered Office :

298, Tiong Bahru Road, 14-05, Central Plaza, 168730

 

 

Country :

Singapore

 

 

Financials (as on) :

31.08.2014

 

 

Date of Incorporation :

09.11.2007

 

 

Com. Reg. No.:

200720852-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Scrap Metals.

 

 

No. of Employee :

7 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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.

:

200720852-C

COMPANY NAME

:

CMC RECYCLING SINGAPORE PTE. LTD.

FORMER NAME

:

CMC ALBEDO METALS PTE. LTD. (19/06/2008)

INCORPORATION DATE

:

09/11/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

298, TIONG BAHRU ROAD, 14-05, CENTRAL PLAZA, 168730, SINGAPORE.

BUSINESS ADDRESS

:

298, TIONG BAHRU ROAD, 14-05, CENTRAL PLAZA, 168730, SINGAPORE.

TEL.NO.

:

65-63162687

FAX.NO.

:

N/A

WEB SITE

:

WWW.CMC.COM

CONTACT PERSON

:

BARBARA ROETKER SMITH ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF SCRAP METALS

ISSUED AND PAID UP CAPITAL

:

5,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,000,000.00

SALES

:

SGD 68,935,969 [2014]

NET WORTH

:

SGD (1,323,526) [2014]

STAFF STRENGTH

:

7 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

MODERATE

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 scrap metals.

 

 

Share Capital History

Date

Issue & Paid Up Capital

13/04/2015

SGD 5,000,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

CMC S.E. ASIA PTE. LTD.

298, TIONG BAHRU ROAD, 14-05, CENTRAL PLAZA, 168730, SINGAPORE.

197101148E

5,000,000.00

100.00

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

------

5,000,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

PATRICK SEIL

Address

:

20, BRIGHT HILL DRIVE, 579638, SINGAPORE.

IC / PP No

:

S2737083G

Nationality

:

SINGAPOREAN

Date of Appointment

:

13/12/2011

 

DIRECTOR 2

 

Name Of Subject

:

BARBARA ROETKER SMITH

Address

:

4508, TOUR 18 DRIVE, FLOWER MOUND, TEXAS, 75022, UNITED STATES.

IC / PP No

:

217654064

Nationality

:

AMERICAN

Date of Appointment

:

13/12/2011

 

DIRECTOR 3

 

Name Of Subject

:

JOHN CHARLES ELMORE

Address

:

81, VINTAGE POINT, DESTIN, FLORIDA, 32550, UNITED STATES.

IC / PP No

:

483831708

Nationality

:

AMERICAN

Date of Appointment

:

01/09/2012

 

DIRECTOR 4

 

Name Of Subject

:

JIMMY DEE WAN SUN

Address

:

BLOCK N, 1301, KORNHILL, QUARRY BAY, HONG KONG.

IC / PP No

:

KJ0130462

Nationality

:

CHINESE

Date of Appointment

:

01/09/2009


MANAGEMENT

 

 

 

1)

Name of Subject

:

BARBARA ROETKER SMITH

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ANTHONY ANNE CATHARINE

IC / PP No

:

S1347717E

Address

:

8, LORONG 29, GEYLANG, 07-06, 388064, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.



ENCUMBRANCE (S)

 


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

 

 

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


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

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

 

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

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

:

SCRAP METALS

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

7

 

Branch

:

NO

Other Information:


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

The Subject is the largest exporter of ferrous scrap in Singapore and is part of Commercial Metals Company, one of the largest metal recycling companies in the world.

The Subject purchases scrap from local suppliers and export primarily to mills in Southeast and Northeast Asian nations.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63162687

Match

:

N/A

Address Provided by Client

:

298 TIONG BAHRU ROAD, # 14-05 CENTRAL PLAZA, SINGAPORE, 168730

Current Address

:

298, TIONG BAHRU ROAD, 14-05, CENTRAL PLAZA, 168730, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject's registered office and she only provided limited information.

She refused to disclose its fax number and bankers.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2011 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2011 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

(29.08%)

]

Return on Net Assets

:

Unfavourable

[

3.92%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

7 Days

]

Debtor Ratio

:

Favourable

[

13 Days

]

Creditors Ratio

:

Favourable

[

8 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

[

4.12 Times

]

Current Ratio

:

Favourable

[

4.75 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

[

2.52 Times

]

Gearing Ratio

:

Favourable

[

0.00 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 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 :

The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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 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 : POOR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

Services

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

* Based on Index of Industrial Production (2011 = 100)



 

INDUSTRY ANALYSIS

 

INDUSTRY :

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 2007, the Subject is a Private Limited company, focusing on trading of scrap metals. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Presently, the issued and paid up capital of the Subject stands at SGD 5,000,000. The Subject have a strong support from its shareholder.

Investigation revealed, 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 7 employees. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

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. 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of SGD -1,323,526. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

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.

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2014-08-31

2013-08-31

2012-08-31

2011-08-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

SUMMARY

Currency

SGD

SGD

SGD

SGD

TURNOVER

68,935,969

61,737,849

69,339,279

70,166,966

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

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

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

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

Total Turnover

68,935,969

61,737,849

69,339,279

70,166,966

Costs of Goods Sold

(66,385,748)

(58,619,937)

-

-

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

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

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

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

Gross Profit

2,550,221

3,117,912

-

-

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

456,917

1,105,429

4,300,463

1,748,361

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

456,917

1,105,429

4,300,463

1,748,361

Taxation

(71,997)

(222,241)

(752,540)

217,254

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

384,920

883,188

3,547,923

1,965,615

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(6,708,446)

(7,591,634)

(11,139,557)

(13,105,172)

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

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

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

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

As restated

(6,708,446)

(7,591,634)

(11,139,557)

(13,105,172)

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(6,323,526)

(6,708,446)

(7,591,634)

(11,139,557)

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(6,323,526)

(6,708,446)

(7,591,634)

(11,139,557)

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

287,120

282,735

-

-

Others

12,643

66,571

-

-

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

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

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

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

299,763

349,306

-

-

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

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

-

-

DEPRECIATION (as per notes to P&L)

788,513

755,168

-

-

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

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

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

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

788,513

755,168

-

-

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

6,383,547

6,553,537

11,379,530

12,087,210

Deposits

1,565,000

1,565,000

-

-

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

1,565,000

1,565,000

-

-

Own goodwill

3,000,000

3,000,000

-

-

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

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

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

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

TOTAL INTANGIBLE ASSETS

3,000,000

3,000,000

-

-

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

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

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

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

TOTAL LONG TERM ASSETS

10,948,547

11,118,537

11,379,530

12,087,210

Stocks

1,395,906

1,155,805

-

-

Trade debtors

2,391,039

2,546,887

-

-

Other debtors, deposits & prepayments

817,777

824,112

-

-

Cash & bank balances

5,999,478

5,817,111

-

-

Others

-

7,996

-

-

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

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

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

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

TOTAL CURRENT ASSETS

10,604,200

10,351,911

7,498,753

4,351,957

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

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

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

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

TOTAL ASSET

21,552,747

21,470,448

18,878,283

16,439,167

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

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

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

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

CURRENT LIABILITIES

Trade creditors

1,466,946

1,702,185

-

-

Other creditors & accruals

452,546

500,095

-

-

Provision for taxation

106,290

215,100

-

-

Other liabilities

207,239

138,661

-

-

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

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

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

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

TOTAL CURRENT LIABILITIES

2,233,021

2,556,041

21,469,917

22,578,724

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

8,371,179

7,795,870

(13,971,164)

(18,226,767)

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

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

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

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

TOTAL NET ASSETS

19,319,726

18,914,407

16,286,649

(6,139,557)

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

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

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

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

SHARE CAPITAL

Ordinary share capital

5,000,000

5,000,000

5,000,000

5,000,000

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

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

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

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

TOTAL SHARE CAPITAL

5,000,000

5,000,000

5,000,000

5,000,000

Retained profit/(loss) carried forward

(6,323,526)

(6,708,446)

(7,591,634)

(11,139,557)

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

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

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

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

TOTAL RESERVES

(6,323,526)

(6,708,446)

(7,591,634)

(11,139,557)

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

(1,323,526)

(1,708,446)

(2,591,634)

(6,139,557)

Deferred taxation

143,252

122,853

-

-

Others

20,500,000

20,500,000

-

-

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

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

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

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

TOTAL LONG TERM LIABILITIES

20,643,252

20,622,853

-

-

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

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

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

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

19,319,726

18,914,407

(2,591,634)

(6,139,557)

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

5,999,478

5,817,111

-

-

Net Liquid Funds

5,999,478

5,817,111

-

-

Net Liquid Assets

6,975,273

6,640,065

(13,971,164)

(18,226,767)

Net Current Assets/(Liabilities)

8,371,179

7,795,870

(13,971,164)

(18,226,767)

Net Tangible Assets

16,319,726

15,914,407

16,286,649

(6,139,557)

Net Monetary Assets

(13,667,979)

(13,982,788)

(13,971,164)

(18,226,767)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

756,680

1,454,735

-

-

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

1,545,193

2,209,903

-

-

BALANCE SHEET ITEMS

Total Borrowings

0

0

-

-

Total Liabilities

22,876,273

23,178,894

21,469,917

22,578,724

Total Assets

21,552,747

21,470,448

18,878,283

16,439,167

Net Assets

19,319,726

18,914,407

(2,591,634)

(6,139,557)

Net Assets Backing

(1,323,526)

(1,708,446)

(2,591,634)

(6,139,557)

Shareholders' Funds

(1,323,526)

(1,708,446)

(2,591,634)

(6,139,557)

Total Share Capital

5,000,000

5,000,000

5,000,000

5,000,000

Total Reserves

(6,323,526)

(6,708,446)

(7,591,634)

(11,139,557)

LIQUIDITY (Times)

Cash Ratio

2.69

2.28

-

-

Liquid Ratio

4.12

3.60

-

-

Current Ratio

4.75

4.05

0.35

0.19

WORKING CAPITAL CONTROL (Days)

Stock Ratio

7

7

-

-

Debtors Ratio

13

15

-

-

Creditors Ratio

8

11

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

-

-

Liabilities Ratio

(17.28)

(13.57)

(8.28)

(3.68)

Times Interest Earned Ratio

2.52

4.16

-

-

Assets Backing Ratio

3.26

3.18

3.26

(1.23)

PERFORMANCE RATIO (%)

Operating Profit Margin

0.66

1.79

6.20

2.49

Net Profit Margin

0.56

1.43

5.12

2.80

Return On Net Assets

3.92

7.69

26.40

(28.48)

Return On Capital Employed

3.39

6.64

(165.94)

(28.48)

Return On Shareholders' Funds/Equity

(29.08)

(51.70)

(136.90)

(32.02)

Dividend Pay Out Ratio (Times)

0.00

0.00

-

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.29

UK Pound

1

Rs.99.31

Euro

1

Rs.73.39

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

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.