MIRA INFORM REPORT

 

 

Report No. :

345481

Report Date :

17.10.2015

 

IDENTIFICATION DETAILS

 

Name :

INTRA ASIA TRADING PTE LTD

 

 

Formerly Known As :

ULTILIAN TRADING PTE LTD

 

 

Registered Office :

1, Raffles Place, 39-02, One Raffles Place, 048616

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

09.04.1994

 

 

Com. Reg. No.:

199402508-K

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is engaged in trading of coal, steel and agricultural products

 

 

No. of Employee :

20 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

199402508-K

COMPANY NAME

:

INTRA ASIA TRADING PTE LTD

FORMER NAME

:

ULTILIAN TRADING PTE LTD (29/12/1999)

INCORPORATION DATE

:

09/04/1994

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, RAFFLES PLACE, 39-02, ONE RAFFLES PLACE, 048616, SINGAPORE.

BUSINESS ADDRESS

:

#39-02 ONE RAFFLES PALACE TOWER ONE, 048616, SINGAPORE.

TEL.NO.

:

65-62232955

FAX.NO.

:

65-62230125

WEB SITE

:

WWW.INTRAASIA.COM.SG

CONTACT PERSON

:

PESALADINNE MALLI KARJUNA REDDY ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COAL, STEEL AND AGRICULTURAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

70,861,994.00 ORDINARY SHARE, OF A VALUE OF SGD 70,861,994.00 

SALES

:

USD 629,208,370 [2014]

NET WORTH

:

USD 64,395,165 [2014]

STAFF STRENGTH

:

20 [2015]

BANKER (S)

:

BANK OF INDIA
UNITED OVERSEAS BANK LIMITED
INDIAN OVERSEAS BANK
BANK OF BARODA
UCO BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

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 coal, steel and agricultural products.

 

Share Capital History

 

Date

Issue & Paid Up Capital

03/08/2015

SGD 70,861,994.00

 

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

 

Current Shareholder(s) :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

GOLD DUST DEVELOPMENTS LIMITED

P.O.BOX 957, OFFSHORE, CORPORATIONS CENTRE ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.

T13UF5140

30,876,000.00

43.57

MR. PESALADINNE MALLI KARJUNA REDDY +

24, SIMEI STREET 1, 01-05, MELVILLE PARK, 529946, SINGAPORE.

S2722936J

12,762,075.00

18.01

PESALADINNE VIJAYALAKSHMI +

24, SIMEI STREET 1, 01-05, MELVILLE PARK, 529946, SINGAPORE.

S7061472C

2,939,205.00

4.15

BRISTOW INTERNATIONAL LIMITED

P.O. BOX 957, OFFSHORE CORPORATIONALS CENTRE, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.

T09UF3040

24,284,714.00

34.27

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

------

70,861,994.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

HONG KONG

ASSOCIATED (ASIA) LTD

100.00

31/03/2014

 

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

AKUR RAMAN RAGHUNANDAN

Address

:

125, MEYER ROAD, 25-02, THE MAKENA, 437936, SINGAPORE.

IC / PP No

:

G3101194P

Nationality

:

INDIAN

Date of Appointment

:

11/05/2015

 

DIRECTOR 2

 

Name Of Subject

:

NARRA SATYANARAYANA

Address

:

26, SIMEI STREET 1, 02-05, MELVILLE PARK, 529947, SINGAPORE.

IC / PP No

:

G6223868U

Nationality

:

INDIAN

Date of Appointment

:

25/10/2012

 

DIRECTOR 3

 

Name Of Subject

:

JUSTIN LIM HWA TAT

Address

:

2, EAST COAST AVENUE, 01-12, LIAN VILLAS, 459170, SINGAPORE.

IC / PP No

:

G6322607L

Nationality

:

MALAYSIAN

Date of Appointment

:

01/09/2014

 

DIRECTOR 4

 

Name Of Subject

:

PESALADINNE VIJAYALAKSHMI

Address

:

24, SIMEI STREET 1, 01-05, MELVILLE PARK, 529946, SINGAPORE.

IC / PP No

:

S7061472C

Nationality

:

SINGAPOREAN

Date of Appointment

:

29/04/2005

 

DIRECTOR 5

 

Name Of Subject

:

MR. PESALADINNE MALLI KARJUNA REDDY

Address

:

24, SIMEI STREET 1, 01-05, MELVILLE PARK, 529946, SINGAPORE.

IC / PP No

:

S2722936J

Nationality

:

SINGAPOREAN

Date of Appointment

:

14/12/1999



MANAGEMENT

 

 

1)

Name of Subject

:

PESALADINNE MALLI KARJUNA REDDY

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

MGI N RAJAN ASSOCIATES

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

NARRA SATYANARAYANA

IC / PP No

:

G6223868U

Address

:

26, SIMEI STREET 1, 02-05, MELVILLE PARK, 529947, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BANK OF INDIA

 

2)

Name

:

UNITED OVERSEAS BANK LIMITED

 

3)

Name

:

INDIAN OVERSEAS BANK

 

4)

Name

:

BANK OF BARODA

 

5)

Name

:

UCO BANK

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200608541

19/12/2006

N/A

BANK OF INDIA

-

Unsatisfied

C200806374

14/07/2008

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C200808589

16/09/2008

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C200906380

08/10/2009

N/A

INDIAN OVERSEAS BANK

-

Unsatisfied

C200907709

25/11/2009

N/A

CANARA BANK, HONG KONG BRANCH

-

Unsatisfied

C201001368

11/02/2010

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201002258

16/03/2010

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201012720

29/12/2010

N/A

CANARA BANK, HONG KONG BRANCH

-

Unsatisfied

C201102714

03/03/2011

N/A

BANK OF BARODA

-

Unsatisfied

C201103211

15/03/2011

N/A

INDIAN OVERSEAS BANK

-

Unsatisfied

C201103212

15/03/2011

N/A

INDIAN OVERSEAS BANK

-

Unsatisfied

C201109593

03/08/2011

N/A

CANARA BANK, HONG KONG BRANCH

-

Unsatisfied

C201111528

15/09/2011

N/A

DBS BANK LTD.

-

Unsatisfied

C201114439

16/11/2011

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201200893

19/01/2012

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201200896

19/01/2012

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201201503

08/02/2012

N/A

CANARA BANK, HONG KONG BRANCH

-

Unsatisfied

C201204101

16/04/2012

N/A

UNION BANK OF INDIA, HONG KONG BRANCH

-

Unsatisfied

C201304164

21/03/2013

N/A

BANK OF BARODA

-

Unsatisfied

C201304165

21/03/2013

N/A

BANK OF BARODA

-

Unsatisfied

C201305280

17/04/2013

N/A

CANARA BANK, HONG KONG BRANCH

-

Unsatisfied

C201308809

28/06/2013

N/A

UNION BANK OF INDIA, HONG KONG BRANCH

-

Unsatisfied

C201413207

25/11/2014

N/A

DBS BANK LTD.

-

Unsatisfied

C201414390

17/12/2014

N/A

CIMB BANK BERHAD

-

Unsatisfied

C201502629

26/02/2015

N/A

CIMB BANK BERHAD

-

Unsatisfied

C201502631

26/02/2015

N/A

CIMB BANK BERHAD

-

Unsatisfied

 

 

LITIGATION CHECK AGAINST SUBJECT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES


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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

COAL, STEEL AND AGRICULTURAL PRODUCTS

 

Total Number of Employees:

YEAR

2015

2013

GROUP

N/A

N/A

COMPANY

20

15

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of coal, steel and agricultural products. 

The Subject is a one of the leading supplier of steel Products, coal product ,barcode, RFID equipment and agricultural products.

The Subject trades both ferrous and non ferrous metals and their range includes Steel Rounds, Steel Sections, Steel Plates, HMS1&2, Iron Ore, manganese Ore, Chrome Ore etc. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

65 6223 2955/ 6438 4155

Current Telephone Number

:

65-62232955

Match

:

YES

Address Provided by Client

:

#39-02 ONE RAFFLES PALACE TOWER ONE SINGAPORE 048616

Current Address

:

#39-02 ONE RAFFLES PALACE TOWER ONE, 048616, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.

 

FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

5.01%

]

Return on Net Assets

:

Acceptable

[

14.75%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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

:

Unfavourable

[

82 Days

]

Creditors Ratio

:

Favourable

[

36 Days

]

As the Subject is a service oriented company, the Subject does not need to keep stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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

[

1.56 Times

]

Current Ratio

:

Unfavourable

[

1.56 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

[

1.58 Times

]

Gearing Ratio

:

Favourable

[

0.79 Times

]

The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject was 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 :

Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject 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 : LIMITED

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2010

2011

2012

2013

2014

 

Population (Million)

5.08

5.18

5.31

5.40

5.47

Gross Domestic Products ( % )

14.5

4.9

1.3

3.7

(3.5)

Consumer Price Index

2.8

5.2

4.6

2.4

2.4

Total Imports (Million)

423,221.8

459,655.1

474,554.0

466,762.0

463,779.1

Total Exports (Million)

478,840.7

514,741.2

510,329.0

513,391.0

518,922.7

 

Unemployment Rate (%)

2.2

2.1

2.0

1.9

1.9

Tourist Arrival (Million)

11.64

13.17

14.49

15.46

15.01

Hotel Occupancy Rate (%)

85.6

86.5

86.4

86.3

85.5

Cellular Phone Subscriber (Million)

1.43

1.50

1.52

1.97

1.98

 

Registration of New Companies (No.)

29,798

32,317

31,892

37,288

41,589

Registration of New Companies (%)

12.8

8.5

(1.3)

9.8

11.5

Liquidation of Companies (No.)

15,126

19,005

17,218

17,369

18,767

Liquidation of Companies (%)

(32.5)

25.6

9.4

(5.3)

8.0

 

Registration of New Businesses (No.)

23,978

23,494

24,788

22,893

35,773

Registration of New Businesses (%)

(10.78)

2.02

5.51

1.70

56.30

Liquidation of Businesses (No.)

24,211

23,005

22,489

22,598

22,098

Liquidation of Businesses (%)

2.8

(5)

(2.2)

0.5

(2.2)

 

Bankruptcy Orders (No.)

1,537

1,527

1,748

1,992

1,757

Bankruptcy Orders (%)

(25.3)

(0.7)

14.5

14.0

(11.8)

Bankruptcy Discharges (No.)

2,252

1,391

1,881

2,584

3,546

Bankruptcy Discharges (%)

(26.3)

(38.2)

35.2

37.4

37.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(10.5)

12.10

(0.5)

-

2.80

 

Manufacturing *

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

96.4

100.0

103.5

103.5

105.0

Textiles

122.1

100.0

104.0

87.1

74.9

Wearing Apparel

123.3

100.0

92.1

77.8

49.5

Leather Products & Footwear

81.8

100.0

98.6

109.8

95.9

Wood & Wood Products

104.0

100.0

95.5

107.4

112.0

Paper & Paper Products

106.1

100.0

97.4

103.2

103.4

Printing & Media

103.5

100.0

93.0

86.1

80.3

Crude Oil Refineries

95.6

100.0

99.4

93.5

85.6

Chemical & Chemical Products

97.6

100.0

100.5

104.1

114.0

Pharmaceutical Products

75.3

100.0

109.7

107.2

115.7

Rubber & Plastic Products

112.3

100.0

96.5

92.9

92.8

Non-metallic Mineral

92.5

100.0

98.2

97.6

82.2

Basic Metals

102.2

100.0

90.6

76.5

98.3

Fabricated Metal Products

103.6

100.0

104.3

105.1

105.1

Machinery & Equipment

78.5

100.0

112.9

114.5

124.0

Electrical Machinery

124.1

100.0

99.3

108.5

121.3

Electronic Components

113.6

100.0

90.6

94.3

95.0

Transport Equipment

94.0

100.0

106.3

107.5

103.2

 

Construction

14.20

20.50

28.70

-

22.00

Real Estate

21.3

25.4

31.9

-

145.1

 

Services

Electricity, Gas & Water

4.00

7.00

6.30

-

Transport, Storage & Communication

12.80

7.40

5.30

-

14.20

Finance & Insurance

(0.4)

8.90

0.50

-

6.00

Government Services

9.70

6.90

6.00

-

Education Services

(0.9)

(1.4)

0.30

-

5.98

 

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



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1994, the Subject is a Private Limited company, focusing on trading of coal, steel and agricultural products. 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 is a large entity with strong capital position of SGD 70,861,994. 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. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 20 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 USD 64,395,165, the Subject should be able to maintain its business in the near terms. 

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts. 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry. 

Based on the above condition, we recommend credit be granted to the Subject normally.

 



PROFIT AND LOSS ACCOUNT

 

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

INTRA ASIA TRADING PTE LTD

 

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

FULL

SUMMARY

SUMMARY

Currency

USD

USD

USD

SGD

SGD

TURNOVER

629,208,370

515,143,101

453,515,323

485,783,158

369,639,053

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

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

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

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

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

Total Turnover

629,208,370

515,143,101

453,515,323

485,783,158

369,639,053

Costs of Goods Sold

(617,632,056)

(504,594,382)

(445,075,610)

-

-

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

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

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

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

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

Gross Profit

11,576,314

10,548,719

8,439,713

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

3,582,990

2,049,403

1,624,962

1,730,896

1,397,083

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

3,582,990

2,049,403

1,624,962

1,730,896

1,397,083

Taxation

(358,615)

(453,172)

(278,596)

(469,837)

(271,103)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

3,224,375

1,596,231

1,346,366

1,261,059

1,125,980

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

6,513,437

4,917,206

3,570,840

2,309,781

1,183,801

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

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

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

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

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

As restated

6,513,437

4,917,206

3,570,840

2,309,781

1,183,801

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

9,737,812

6,513,437

4,917,206

3,570,840

2,309,781

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

9,737,812

6,513,437

4,917,206

3,570,840

2,309,781

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Hire purchase

4,906

7,013

8,716

-

-

Others

6,169,948

5,881,713

4,424,324

-

-

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

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

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

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

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

6,174,854

5,888,726

4,433,040

-

-

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

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

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

-

-

DEPRECIATION (as per notes to P&L)

153,992

226,633

201,873

-

-

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

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

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

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

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

153,992

226,633

201,873

-

-

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

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

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

 

 

 

BALANCE SHEET

 

INTRA ASIA TRADING PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

2,263,274

2,210,172

2,227,350

12,573,068

8,204,741

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

8,000

8,000

8,000

-

-

Investment properties

2,153,909

10,984,263

9,396,595

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

2,161,909

10,992,263

9,404,595

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

4,425,183

13,202,435

11,631,945

12,573,068

8,204,741

Trade debtors

140,519,329

114,557,492

62,067,043

-

-

Other debtors, deposits & prepayments

1,031,418

1,509,000

3,633,466

-

-

Short term deposits

26,778,635

22,555,411

19,115,436

-

-

Interest receivable

151,505

178,821

-

-

-

Cash & bank balances

386,118

1,288,586

2,791,045

-

-

Amount owing by shareholders

2,704,544

-

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

171,571,549

140,089,310

87,606,990

57,760,008

45,682,299

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

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

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

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

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

TOTAL ASSET

175,996,732

153,291,745

99,238,935

70,333,076

53,887,040

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

60,129,186

73,181,566

38,901,889

-

-

Other creditors & accruals

366,294

72,971

3,103,482

-

-

Hire purchase & lease creditors

6,724

32,678

31,988

-

-

Short term borrowings/Term loans

262,198

874,851

851,314

-

-

Other borrowings

7,920,762

-

-

-

-

Bill & acceptances payable

40,633,304

38,188,725

22,951,070

-

-

Amounts owing to director

-

106,409

65,846

-

-

Provision for taxation

537,436

472,120

411,647

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

109,855,904

112,929,320

66,317,236

39,365,268

33,724,216

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

61,715,645

27,159,990

21,289,754

18,394,740

11,958,083

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

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

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

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

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

TOTAL NET ASSETS

66,140,828

40,362,425

32,921,699

30,967,808

20,162,824

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

43,432,353

18,632,353

18,632,353

18,632,353

18,632,353

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

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

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

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

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

TOTAL SHARE CAPITAL

43,432,353

18,632,353

18,632,353

18,632,353

18,632,353

Retained profit/(loss) carried forward

9,737,812

6,513,437

4,917,206

3,570,840

2,309,781

Others

11,225,000

11,225,000

4,480,000

3,363,948

(4,229,053)

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

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

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

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

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

TOTAL RESERVES

20,962,812

17,738,437

9,397,206

6,934,788

(1,919,272)

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

64,395,165

36,370,790

28,029,559

25,567,141

16,713,081

Long term loans

1,729,184

3,897,101

4,765,570

-

-

Hire purchase creditors

16,479

94,534

126,570

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

1,745,663

3,991,635

4,892,140

5,400,667

3,449,743

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

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

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

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

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

66,140,828

40,362,425

32,921,699

30,967,808

20,162,824

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

INTRA ASIA TRADING PTE LTD

 

TYPES OF FUNDS

Cash

27,164,753

23,843,997

21,906,481

-

-

Net Liquid Funds

(13,468,551)

(14,344,728)

(1,044,589)

-

-

Net Liquid Assets

61,715,645

27,159,990

21,289,754

18,394,740

11,958,083

Net Current Assets/(Liabilities)

61,715,645

27,159,990

21,289,754

18,394,740

11,958,083

Net Tangible Assets

66,140,828

40,362,425

32,921,699

30,967,808

20,162,824

Net Monetary Assets

59,969,982

23,168,355

16,397,614

12,994,073

8,508,340

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

9,757,844

7,938,129

6,058,002

-

-

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

9,911,836

8,164,762

6,259,875

-

-

BALANCE SHEET ITEMS

Total Borrowings

50,568,651

43,087,889

28,726,512

-

-

Total Liabilities

111,601,567

116,920,955

71,209,376

44,765,935

37,173,959

Total Assets

175,996,732

153,291,745

99,238,935

70,333,076

53,887,040

Net Assets

66,140,828

40,362,425

32,921,699

30,967,808

20,162,824

Net Assets Backing

64,395,165

36,370,790

28,029,559

25,567,141

16,713,081

Shareholders' Funds

64,395,165

36,370,790

28,029,559

25,567,141

16,713,081

Total Share Capital

43,432,353

18,632,353

18,632,353

18,632,353

18,632,353

Total Reserves

20,962,812

17,738,437

9,397,206

6,934,788

(1,919,272)

LIQUIDITY (Times)

Cash Ratio

0.25

0.21

0.33

-

-

Liquid Ratio

1.56

1.24

1.32

-

-

Current Ratio

1.56

1.24

1.32

1.47

1.35

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

-

-

Debtors Ratio

82

81

50

-

-

Creditors Ratio

36

53

32

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.79

1.18

1.02

-

-

Liabilities Ratio

1.73

3.21

2.54

1.75

2.22

Times Interest Earned Ratio

1.58

1.35

1.37

-

-

Assets Backing Ratio

1.52

2.17

1.77

1.66

1.08

PERFORMANCE RATIO (%)

Operating Profit Margin

0.57

0.40

0.36

0.36

0.38

Net Profit Margin

0.51

0.31

0.30

0.26

0.30

Return On Net Assets

14.75

19.67

18.40

5.59

6.93

Return On Capital Employed

14.75

19.65

18.38

5.59

6.93

Return On Shareholders' Funds/Equity

5.01

4.39

4.80

4.93

6.74

Dividend Pay Out Ratio (Times)

0

0

0

-

-

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 :

RAS

 

 

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%)

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.