|
Report No. : |
345979 |
|
Report Date : |
16.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
RENESOLA SINGAPORE PTE. LTD. |
|
|
|
|
Registered Office : |
1, Cleantech Loop, 02-28, Cleantech One, 637141 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
28.03.2007 |
|
|
|
|
Com. Reg. No.: |
200705147-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged
in trading of solar, energy related products. |
|
|
|
|
No. of Employees : |
2 |
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 |
|
REGISTRATION NO. |
: |
200705147-G |
|
COMPANY NAME |
: |
RENESOLA
SINGAPORE PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
28/03/2007 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
1, CLEANTECH
LOOP, 02-28, CLEANTECH ONE, 637141, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
1, CLEANTECH
LOOP, 02-28 CLEANTECH ONE, 637141, SINGAPORE. |
|
TEL.NO. |
: |
65-67959512 |
|
FAX.NO. |
: |
65-67959820 |
|
CONTACT PERSON |
: |
LI XIANSHOU (
DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING OF
SOLAR,ENERGY RELATED PRODUCTS |
|
ISSUED AND PAID
UP CAPITAL |
: |
4,600,000.00
ORDINARY SHARE, OF A VALUE OF SGD 21,969,000.00 |
|
SALES |
: |
USD 479,996,035
[2013] |
|
NET WORTH |
: |
USD 3,617,212
[2013] |
|
STAFF STRENGTH |
: |
2 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
SLOW BUT CORRECT |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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 solar,energy related
products.
The immediate
holding company of the Subject is RENESOLA LTD., a company incorporated in
VIRGIN ISLANDS, BRITISH.
Share
Capital History
|
Date |
Issue & Paid
Up Capital |
|
22/09/2015 |
SGD
21,969,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
RENESOLA LTD. |
CRAIGMUIR CHAMBERS
P.O. BOX 71, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH. |
T07UF1534 |
4,600,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
4,600,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR
1
|
Name Of Subject |
: |
LIAN XIAHE |
|
Address |
: |
8, BOAOQUN ROAD,
INDUSTRIAL ZONE OF YAOZHUANG TOWN, JIASHAN COUNTY, ZHEJIANG, CHINA. |
|
IC / PP No |
: |
G45265676 |
|
Nationality |
: |
CHINESE |
|
Date of
Appointment |
: |
01/05/2014 |
DIRECTOR
2
|
Name Of Subject |
: |
TEO HUI YONG |
|
Address |
: |
28, KIM TIAN
ROAD, 35-08, TWIN REGENCY, 169278, SINGAPORE. |
|
IC / PP No |
: |
S0214050J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
28/03/2007 |
DIRECTOR
3
|
Name Of Subject |
: |
LI XIANSHOU |
|
Address |
: |
F-15, MANPO
INTERNATIONAL PLAZA, 500, WEST YAN'AN ROAD, CHANGNING DISTRICT SHANGHAI,
200050, CHINA. |
|
IC / PP No |
: |
E25932102 |
|
Nationality |
: |
CHINESE |
|
Date of
Appointment |
: |
28/03/2007 |
|
1) |
Name of Subject |
: |
LI XIANSHOU |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PAUL WAN &
CO |
|
Auditor' Address |
: |
N/A |
|
1) |
Company
Secretary |
: |
TEO HUI YONG |
|
IC / PP No |
: |
S0214050J |
|
|
Address |
: |
28, KIM TIAN
ROAD, 35-08, TWIN REGENCY, 169278, SINGAPORE. |
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* 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.
|
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 |
[ |
] |
Average 61-90
Days |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
] |
Poor >120
Days |
[ |
X |
] |
||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
SOLAR,ENERGY
RELATED PRODUCTS |
|
|
Ownership of
premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2011 |
2010 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
2 |
2 |
2 |
3 |
3 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
solar,energy related products.
The Subject deals with the solar energy related products.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number
Provided By Client |
: |
6567959512 |
|
Current
Telephone Number |
: |
65-67959512 |
|
Match |
: |
YES |
|
Address Provided
by Client |
: |
1, CLEANTECH
LOOP, 02-28 CLEANTECH ONE,637141,SINGAPORE |
|
Current Address |
: |
1, CLEANTECH
LOOP, 02-28 CLEANTECH ONE, 637141, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on
Shareholder Funds |
: |
Favourable |
[ |
134.01% |
] |
|
|
Return on Net
Assets |
: |
Favourable |
[ |
241.97% |
] |
|
|
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. Generally
the Subject was profitable. The favourable return on shareholders' funds and
return on net assets indicate that the Subject's management was efficient in
utilising the assets to generate returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
22 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
131 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
163 Days |
] |
|
|
The Subject's stocks
were moving fast thus reducing its holding cost. This had reduced funds being
tied up in stocks. The Subject's debtors ratio was high. The Subject should
tighten its credit control and improve its collection period. The
unfavourable creditors' ratio could be due to the Subject taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the Subject and its suppliers and the Subject may inadvertently have
to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Acceptable |
[ |
0.88 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.99 Times |
] |
|
|
The Subject's
liquid ratio was slightly low. This could indicate that the Subject's working
capital was slightly deficient. The Subject will have to improve its
liquidity position either by obtaining short term financing or increase its
paid up capital so that it can meet all its short term obligations as and
when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
54.05 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
3.59 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 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 : |
||||||
|
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's liquidity was at an acceptable range. If the
Subject is able to obtain further short term financing, it should be able to
meet all its short term obligations. With the favourable interest cover, the
Subject could be able to service all the accrued interest without facing any
difficulties. The Subject's gearing 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 |
||||||
|
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 : |
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 |
|
|
Incorporated in 2007, the Subject is a Private
Limited company, focusing on trading of solar,energy related products. 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 21,969,000. The Subject have a strong support from its holding company.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
Financial Year
End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
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 |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
479,996,035 |
250,651,788 |
280,747,702 |
297,128,697 |
208,329,642 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
479,996,035 |
250,651,788 |
280,747,702 |
297,128,697 |
208,329,642 |
|
Costs of Goods
Sold |
(466,488,354) |
(246,875,227) |
(277,632,582) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
13,507,681 |
3,776,561 |
3,115,120 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
8,590,784 |
2,544,487 |
(1,026,798) |
(10,880,218) |
191,676 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
8,590,784 |
2,544,487 |
(1,026,798) |
(10,880,218) |
191,676 |
|
Taxation |
(3,743,491) |
(102,728) |
(584,602) |
(419,701) |
(175,677) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
4,847,293 |
2,441,759 |
(1,611,400) |
(11,299,919) |
15,999 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously
reported |
(10,397,422) |
(12,839,181) |
(11,227,781) |
72,138 |
56,139 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(10,397,422) |
(12,839,181) |
(11,227,781) |
72,138 |
56,139 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE
FOR APPROPRIATIONS |
(5,550,129) |
(10,397,422) |
(12,839,181) |
(11,227,781) |
72,138 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(5,550,129) |
(10,397,422) |
(12,839,181) |
(11,227,781) |
72,138 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Term loan /
Borrowing |
161,952 |
457,060 |
141,711 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
161,952 |
457,060 |
141,711 |
- |
- |
|
|
============= |
============= |
============= |
- |
- |
|
|
DEPRECIATION (as
per notes to P&L) |
4,148 |
9,989 |
20,932 |
27,259 |
28,769 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,148 |
9,989 |
20,932 |
27,259 |
28,769 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
32,696 |
951 |
9,723 |
30,655 |
55,546 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
5,132,360 |
3,519,603 |
- |
- |
- |
|
Others |
759,322 |
759,322 |
- |
3,331,540 |
12,473,663 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
5,891,682 |
4,278,925 |
- |
3,331,540 |
12,473,663 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
ASSETS |
5,924,378 |
4,279,876 |
9,723 |
3,362,195 |
12,529,209 |
|
Stocks |
28,487,775 |
2,585,320 |
2,305,318 |
34,945 |
- |
|
Trade debtors |
172,303,277 |
65,688,417 |
2,270,036 |
43,389,098 |
9,420,983 |
|
Other debtors,
deposits & prepayments |
1,497,978 |
1,124,285 |
27,174 |
172,028,409 |
115,048,651 |
|
Short term
deposits |
- |
83,184 |
- |
- |
- |
|
Amount due from holding
company |
23,444,914 |
74,848,445 |
144,487,147 |
- |
- |
|
Amount due from
subsidiary companies |
3,187,517 |
8,049,571 |
- |
- |
- |
|
Amount due from
related companies |
4,116,788 |
7,698,707 |
107,741,073 |
- |
- |
|
Cash & bank
balances |
11,847,471 |
4,678,081 |
2,431,576 |
2,428,362 |
2,640,326 |
|
Others |
10,592,987 |
6,894,710 |
6,540,000 |
6,540,000 |
2,308,806 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
255,478,707 |
171,650,720 |
265,802,324 |
224,420,814 |
129,418,766 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
261,403,085 |
175,930,596 |
265,812,047 |
227,783,009 |
141,947,975 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
208,535,211 |
97,337,256 |
2,958,833 |
79,776,453 |
25,535,676 |
|
Other creditors
& accruals |
18,041,569 |
17,970,452 |
52,953 |
65,188 |
34,788 |
|
Short term
borrowings/Term loans |
13,000,000 |
- |
5,665,496 |
- |
- |
|
Deposits from
customers |
11,657,505 |
60,320,626 |
70,458,651 |
81,629,557 |
43,337,996 |
|
Amounts owing to
holding company |
126 |
- |
- |
- |
- |
|
Amounts owing to
subsidiary companies |
2,807,971 |
1,430,343 |
- |
- |
- |
|
Amounts owing to
related companies |
- |
- |
118,835,754 |
- |
- |
|
Provision for
taxation |
3,743,491 |
102,000 |
691,224 |
426,855 |
79,453 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
257,785,873 |
177,160,677 |
198,662,911 |
161,898,053 |
68,987,913 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
(2,307,166) |
(5,509,957) |
67,139,413 |
62,522,761 |
60,430,853 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
3,617,212 |
(1,230,081) |
67,149,136 |
65,884,956 |
72,960,062 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share
capital |
9,167,341 |
9,167,341 |
79,988,317 |
79,988,317 |
79,988,317 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
9,167,341 |
9,167,341 |
79,988,317 |
79,988,317 |
79,988,317 |
|
Retained
profit/(loss) carried forward |
(5,550,129) |
(10,397,422) |
(12,839,181) |
(11,227,781) |
72,138 |
|
Others |
- |
- |
- |
(2,875,580) |
(7,100,393) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(5,550,129) |
(10,397,422) |
(12,839,181) |
(14,103,361) |
(7,028,255) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
3,617,212 |
(1,230,081) |
67,149,136 |
65,884,956 |
72,960,062 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,617,212 |
(1,230,081) |
67,149,136 |
65,884,956 |
72,960,062 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
|||||
|
Cash |
11,847,471 |
4,761,265 |
2,431,576 |
2,428,362 |
2,640,326 |
|
Net Liquid Funds |
11,847,471 |
4,761,265 |
2,431,576 |
2,428,362 |
2,640,326 |
|
Net Liquid
Assets |
(30,794,941) |
(8,095,277) |
64,834,095 |
62,487,816 |
60,430,853 |
|
Net Current
Assets/(Liabilities) |
(2,307,166) |
(5,509,957) |
67,139,413 |
62,522,761 |
60,430,853 |
|
Net Tangible
Assets |
3,617,212 |
(1,230,081) |
67,149,136 |
65,884,956 |
72,960,062 |
|
Net Monetary
Assets |
(30,794,941) |
(8,095,277) |
64,834,095 |
62,487,816 |
60,430,853 |
|
PROFIT &
LOSS ITEMS |
|||||
|
Earnings Before
Interest & Tax (EBIT) |
8,752,736 |
3,001,547 |
(885,087) |
(10,880,218) |
191,676 |
|
Earnings Before Interest,
Taxes, Depreciation And Amortization (EBITDA) |
8,756,884 |
3,011,536 |
(864,155) |
(10,852,959) |
220,445 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
13,000,000 |
0 |
5,665,496 |
0 |
0 |
|
Total
Liabilities |
257,785,873 |
177,160,677 |
198,662,911 |
161,898,053 |
68,987,913 |
|
Total Assets |
261,403,085 |
175,930,596 |
265,812,047 |
227,783,009 |
141,947,975 |
|
Net Assets |
3,617,212 |
(1,230,081) |
67,149,136 |
65,884,956 |
72,960,062 |
|
Net Assets
Backing |
3,617,212 |
(1,230,081) |
67,149,136 |
65,884,956 |
72,960,062 |
|
Shareholders'
Funds |
3,617,212 |
(1,230,081) |
67,149,136 |
65,884,956 |
72,960,062 |
|
Total Share
Capital |
9,167,341 |
9,167,341 |
79,988,317 |
79,988,317 |
79,988,317 |
|
Total Reserves |
(5,550,129) |
(10,397,422) |
(12,839,181) |
(14,103,361) |
(7,028,255) |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.05 |
0.03 |
0.01 |
0.01 |
0.04 |
|
Liquid Ratio |
0.88 |
0.95 |
1.33 |
1.39 |
1.88 |
|
Current Ratio |
0.99 |
0.97 |
1.34 |
1.39 |
1.88 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
22 |
4 |
3 |
0 |
0 |
|
Debtors Ratio |
131 |
96 |
3 |
53 |
17 |
|
Creditors Ratio |
163 |
144 |
4 |
98 |
45 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
3.59 |
0 |
0.08 |
0 |
0 |
|
Liabilities
Ratio |
71.27 |
(144.02) |
2.96 |
2.46 |
0.95 |
|
Times Interest
Earned Ratio |
54.05 |
6.57 |
(6.25) |
0 |
0 |
|
Assets Backing
Ratio |
0.39 |
(0.13) |
0.84 |
0.82 |
0.91 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit
Margin |
1.79 |
1.02 |
(0.37) |
(3.66) |
0.09 |
|
Net Profit
Margin |
1.01 |
0.97 |
(0.57) |
(3.80) |
0.01 |
|
Return On Net
Assets |
241.97 |
(244.01) |
(1.32) |
(16.51) |
0.26 |
|
Return On
Capital Employed |
241.97 |
(244.01) |
(1.32) |
(16.51) |
0.26 |
|
Return On Shareholders'
Funds/Equity |
134.01 |
(198.50) |
(2.40) |
(17.15) |
0.02 |
|
Dividend Pay Out
Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
|
UK Pound |
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.