|
Report No. : |
344907 |
|
Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CRUSTRADE PTE LTD |
|
|
|
|
Registered Office : |
101, Cecil Street, 10-01, Tong Eng Building, 069533 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
04.01.1996 |
|
|
|
|
Com. Reg. No.: |
199600077-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is
engaged in trading of seafood. |
|
|
|
|
No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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. |
: |
199600077-K |
||||
|
COMPANY NAME |
: |
CRUSTRADE PTE
LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
04/01/1996 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
101, CECIL
STREET, 10-01, TONG ENG BUILDING, 069533, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
101, CECIL
STREET, 09-03/04, TONG ENG BUILDING, 069533, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63237442 |
||||
|
FAX.NO. |
: |
65-63230261 |
||||
|
WEB SITE |
: |
WWW.CRUSTRADE.COM |
||||
|
CONTACT PERSON |
: |
THIAGARAJAH
RAVINDRAN ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING OF
SEAFOOD |
||||
|
ISSUED AND PAID
UP CAPITAL |
: |
2,400,000.00
ORDINARY SHARE, OF A VALUE OF SGD 2,400,000.00 |
||||
|
SALES |
: |
USD 112,206,571
[2014] |
||||
|
NET WORTH |
: |
USD 3,353,828
[2014] |
||||
|
STAFF STRENGTH |
: |
6 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
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 seafood.
Share
Capital History
|
Date |
Issue & Paid
Up Capital |
|
13/10/2015 |
SGD 2,400,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
THIAGARAJAH
RAVINDRAN + |
15, WORTHING
ROAD, SERANGOON GARDEN ESTATE, 554949, SINGAPORE. |
S2651033C |
1,224,000.00 |
51.00 |
|
BLUMARINE
LIMITED |
BRITANNIA HOUSE,
41, CATOR ROAD, BANDAR SERI BENGAWAN, 4TH FLOOR, BS8811, BRUNEI DARUSSALAM. |
T09UF2127 |
1,176,000.00 |
49.00 |
|
--------------- |
------ |
|||
|
2,400,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR
1
|
Name Of Subject |
: |
HJ HARIPAN BIN
HAJI AJI |
|
Address |
: |
7A, SIMPANG
185-82, KAMPONG TUNGKU, GADONG, BE2119, BRUNEI DARUSSALAM. |
|
IC / PP No |
: |
C0019077 |
|
Nationality |
: |
BRUNEI |
|
Date of
Appointment |
: |
02/09/2009 |
DIRECTOR
2
|
Name Of Subject |
: |
BABU GEORGE |
|
Address |
: |
613, CHOA CHU
KANG STREET 62, 05-225, 680613, SINGAPORE. |
|
IC / PP No |
: |
S2650091E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
02/09/2009 |
DIRECTOR
3
|
Name Of Subject |
: |
AINADIN CADER |
|
Address |
: |
UNIT 2, BANGUNAN
SURIA, LOT 22076, KAMPONG KIULAP, BANDAR SERI BEGAWAN, LEVEL 2, BE1518,
BRUNEI DARUSSALAM. |
|
IC / PP No |
: |
BN532740 |
|
Nationality |
: |
ZIMBABWEAN |
|
Date of
Appointment |
: |
02/09/2009 |
DIRECTOR
4
|
Name Of Subject |
: |
THIAGARAJAH
RAVINDRAN |
|
Address |
: |
15, WORTHING
ROAD, SERANGOON GARDEN ESTATE, 554949, SINGAPORE. |
|
IC / PP No |
: |
S2651033C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
04/01/1996 |
|
1) |
Name of Subject |
: |
THIAGARAJAH
RAVINDRAN |
|
Position |
: |
MANAGING
DIRECTOR |
|
Auditor |
: |
EDWIN TAY &
CO. |
|
Auditor' Address |
: |
N/A |
|
1) |
Company
Secretary |
: |
ANGELA CHAI HUI
LING |
|
IC / PP No |
: |
S1654188E |
|
|
Address |
: |
801, UPPER
SERANGOON ROAD, 02-04, D'PAVILION, 534671, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEA-CHINESE
BANKING CORPORATION LIMITED |
|
2) |
Name |
: |
UNITED OVERSEAS
BANK LIMITED |
|
3) |
Name |
: |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
|
4) |
Name |
: |
CITIBANK N.A. |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
9601529 |
19/03/1996 |
N/A |
OVERSEA-CHINESE
BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
9606489 |
24/10/1996 |
N/A |
MALAYAN BANKING
BERHAD |
- |
Unsatisfied |
|
C200506076 |
03/10/2005 |
N/A |
UNITED OVERSEAS
BANK LIMITED |
- |
Unsatisfied |
|
C200508053 |
27/12/2005 |
N/A |
OVERSEA-CHINESE
BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201105106 |
25/04/2011 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201110605 |
24/08/2011 |
N/A |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201306757 |
17/05/2013 |
N/A |
AUSTRALIA AND
NEW ZEALAND BANKING GROUP LIMITED |
- |
Unsatisfied |
|
C201315488 |
19/11/2013 |
N/A |
CITIBANK N.A. |
- |
Unsatisfied |
* 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 |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120
Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
|
Goods Traded |
: |
SEAFOOD |
|
|
Total Number of
Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
6 |
6 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
seafood.
The Subject sells seafood and marine products.
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number
Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-63237442 |
|
Match |
: |
N/A |
|
Address Provided
by Client |
: |
101 CECIL STREET
09-03/04. TONG ENG BUILDING,069533,SINGAPORE |
|
Current Address |
: |
101, CECIL
STREET, 09-03/04, TONG ENG BUILDING, 069533, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2011 - 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2011 - 2014 |
] |
|
|
Return on
Shareholder Funds |
: |
Favourable |
[ |
40.07% |
] |
|
|
Return on Net
Assets |
: |
Favourable |
[ |
49.91% |
] |
|
|
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 |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
62 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
As the Subject is
a service oriented company, the Subject does not need to keep stocks. The
Subject's management was quite efficient in handling its debtors. The
Subject's debtors days were at an acceptable range, thus the risk of its
debts turning bad was minimised. 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 |
[ |
1.18 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.18 Times |
] |
|
|
A minimum liquid
ratio of 1 should be maintained by the Subject in order to assure its creditors
of its ability to meet short term obligations and the Subject was in a good
liquidity position. Thus, we believe the Subject is able to meet all its
short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
12.48 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
5.05 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 was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. With the favourable interest cover, the Subject could be able to
service all the accrued interest without facing any difficulties. The
Subject'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 1996, the Subject is a Private Limited
company, focusing on trading of seafood. 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. A paid up capital of MYR 2,400,000 allows the Subject
to expand its business more comfortably. We considered that the Subject's
business position in the market is much dependent on the efforts of its
directors.
|
|
|
|
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 |
|
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 |
FULL |
SUMMARY |
|
Currency |
USD |
USD |
USD |
SGD |
|
TURNOVER |
112,206,571 |
46,764,908 |
73,736,729 |
71,172,254 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
112,206,571 |
46,764,908 |
73,736,729 |
71,172,254 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,539,949 |
462,542 |
666,656 |
808,091 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,539,949 |
462,542 |
666,656 |
808,091 |
|
Taxation |
(196,001) |
(37,742) |
(93,046) |
(91,035) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,343,948 |
424,800 |
573,610 |
717,056 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As previously
reported |
635,390 |
783,976 |
650,896 |
(1,112,522) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
635,390 |
783,976 |
650,896 |
(1,112,522) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE
FOR APPROPRIATIONS |
1,979,338 |
1,208,776 |
1,224,506 |
(395,466) |
|
TRANSFER TO
RESERVES - General |
- |
(440,000) |
(316,000) |
- |
|
DIVIDENDS -
Ordinary (paid & proposed) |
(314,600) |
(133,386) |
(124,530) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
1,664,738 |
635,390 |
783,976 |
(395,466) |
|
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
||||
|
Bank overdraft |
84 |
85 |
85 |
- |
|
Trust receipts |
133,147 |
89,566 |
118,239 |
- |
|
Others |
900 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
134,131 |
89,651 |
118,324 |
- |
|
|
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as
per notes to P&L) |
3,220 |
5,714 |
5,953 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,220 |
5,714 |
5,953 |
- |
|
|
============= |
============= |
============= |
|
FIXED ASSETS |
19,445 |
4,425 |
10,139 |
20,364 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
ASSETS |
19,445 |
4,425 |
10,139 |
20,364 |
|
Trade debtors |
19,130,058 |
5,339,413 |
6,327,908 |
- |
|
Other debtors,
deposits & prepayments |
411,333 |
2,316,011 |
1,211,942 |
- |
|
Short term
deposits |
1,862,369 |
1,547,223 |
1,378,015 |
- |
|
Cash & bank
balances |
113,216 |
55,409 |
398,954 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
21,516,976 |
9,258,056 |
9,316,819 |
10,599,129 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
21,536,421 |
9,262,481 |
9,326,958 |
10,619,493 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
||||
|
Trade creditors |
455,778 |
97,159 |
160,487 |
- |
|
Other creditors
& accruals |
578,600 |
189,007 |
282,649 |
- |
|
Bank overdraft |
1,408 |
- |
- |
- |
|
Bill &
acceptances payable |
16,926,192 |
6,436,299 |
6,757,153 |
- |
|
Provision for
taxation |
220,410 |
38,897 |
92,875 |
- |
|
Other
liabilities |
- |
176,639 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
18,182,388 |
6,938,001 |
7,293,164 |
8,614,038 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
3,334,588 |
2,320,055 |
2,023,655 |
1,985,091 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
3,354,033 |
2,324,480 |
2,033,794 |
2,005,455 |
|
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
||||
|
Ordinary share
capital |
1,689,090 |
1,689,090 |
1,249,090 |
2,400,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
1,689,090 |
1,689,090 |
1,249,090 |
2,400,000 |
|
Retained profit/(loss)
carried forward |
1,664,738 |
635,390 |
783,976 |
(395,466) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,664,738 |
635,390 |
783,976 |
(395,466) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
3,353,828 |
2,324,480 |
2,033,066 |
2,004,534 |
|
Deferred
taxation |
205 |
- |
728 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
LIABILITIES |
205 |
- |
728 |
921 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,354,033 |
2,324,480 |
2,033,794 |
2,005,455 |
|
|
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
||||
|
Cash |
1,975,585 |
1,602,632 |
1,776,969 |
- |
|
Net Liquid Funds |
(14,952,015) |
(4,833,667) |
(4,980,184) |
- |
|
Net Liquid
Assets |
3,334,588 |
2,320,055 |
2,023,655 |
1,985,091 |
|
Net Current
Assets/(Liabilities) |
3,334,588 |
2,320,055 |
2,023,655 |
1,985,091 |
|
Net Tangible
Assets |
3,354,033 |
2,324,480 |
2,033,794 |
2,005,455 |
|
Net Monetary
Assets |
3,334,383 |
2,320,055 |
2,022,927 |
1,984,170 |
|
PROFIT &
LOSS ITEMS |
||||
|
Earnings Before
Interest & Tax (EBIT) |
1,674,080 |
552,193 |
784,980 |
- |
|
Earnings Before
Interest, Taxes, Depreciation And Amortization (EBITDA) |
1,677,300 |
557,907 |
790,933 |
- |
|
BALANCE SHEET
ITEMS |
||||
|
Total Borrowings |
16,927,600 |
6,436,299 |
6,757,153 |
- |
|
Total
Liabilities |
18,182,593 |
6,938,001 |
7,293,892 |
8,614,959 |
|
Total Assets |
21,536,421 |
9,262,481 |
9,326,958 |
10,619,493 |
|
Net Assets |
3,354,033 |
2,324,480 |
2,033,794 |
2,005,455 |
|
Net Assets
Backing |
3,353,828 |
2,324,480 |
2,033,066 |
2,004,534 |
|
Shareholders'
Funds |
3,353,828 |
2,324,480 |
2,033,066 |
2,004,534 |
|
Total Share
Capital |
1,689,090 |
1,689,090 |
1,249,090 |
2,400,000 |
|
Total Reserves |
1,664,738 |
635,390 |
783,976 |
(395,466) |
|
LIQUIDITY
(Times) |
||||
|
Cash Ratio |
0.11 |
0.23 |
0.24 |
- |
|
Liquid Ratio |
1.18 |
1.33 |
1.28 |
- |
|
Current Ratio |
1.18 |
1.33 |
1.28 |
1.23 |
|
WORKING CAPITAL
CONTROL (Days) |
||||
|
Stock Ratio |
0 |
0 |
0 |
- |
|
Debtors Ratio |
62 |
42 |
31 |
- |
|
Creditors Ratio |
1 |
1 |
1 |
- |
|
SOLVENCY RATIOS
(Times) |
||||
|
Gearing Ratio |
5.05 |
2.77 |
3.32 |
- |
|
Liabilities
Ratio |
5.42 |
2.98 |
3.59 |
4.30 |
|
Times Interest
Earned Ratio |
12.48 |
6.16 |
6.63 |
- |
|
Assets Backing
Ratio |
1.99 |
1.38 |
1.63 |
0.84 |
|
PERFORMANCE
RATIO (%) |
||||
|
Operating Profit
Margin |
1.37 |
0.99 |
0.90 |
1.14 |
|
Net Profit
Margin |
1.20 |
0.91 |
0.78 |
1.01 |
|
Return On Net
Assets |
49.91 |
23.76 |
38.60 |
40.29 |
|
Return On
Capital Employed |
49.89 |
23.76 |
38.60 |
40.29 |
|
Return On
Shareholders' Funds/Equity |
40.07 |
18.28 |
28.21 |
35.77 |
|
Dividend Pay Out
Ratio (Times) |
0.23 |
0.31 |
0.22 |
- |
|
NOTES TO
ACCOUNTS |
||||
|
Contingent
Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
UK Pound |
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.