MIRA INFORM REPORT

 

 

Report No. :

347486

Report Date :

30.10.2015

 

IDENTIFICATION DETAILS

 

Name :

KAYBEE EXIM PTE LTD

 

 

Formerly Known As :

SPECTRA EXIM PTE. LTD.

 

 

Registered Office :

120, Lower Delta Road, 14-01, Cendex Centre, 169208

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

26.12.1986

 

 

Com. Reg. No.:

198602930-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is engaged in  trading of textile fabrics, yarn and general merchandise

 

 

No. of Employee :

50 (Group) (2014)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

NOTES :

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

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

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

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

198602930-C

COMPANY NAME

:

KAYBEE EXIM PTE LTD

FORMER NAME

:

SPECTRA EXIM PTE. LTD. (25/03/1997)

INCORPORATION DATE

:

26/12/1986

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE.

BUSINESS ADDRESS

:

120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE.

TEL.NO.

:

65-62998900

FAX.NO.

:

65-62990989

WEB SITE

:

WWW.GRUPOKAYBEE.COM

CONTACT PERSON

:

VIKRAM KUMAR CHAND ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TEXTILE FABRICS, YARN AND GENERAL MERCHANDISE

ISSUED AND PAID UP CAPITAL

:

7,896,227.00 ORDINARY SHARE, OF A VALUE OF SGD 7,896,227.00 

SALES

:

USD 344,922,012 [2014]

NET WORTH

:

USD 11,825,421 [2014]

STAFF STRENGTH

:

N/A

BANKER (S)

:

ABN AMRO BANK N.V.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
KBC BANK N.V.
STANDARD CHARTERED BANK
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
UNITED OVERSEAS BANK LTD
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

NO COMPLAINTS

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 textile fabrics, yarn and general merchandise.

 

The immediate holding company of the Subject is GRUPO KAYBEE PTE. LIMITED, a company incorporated in SINGAPORE.

 

Share Capital History

 

Date

Issue & Paid Up Capital

22/09/2015

SGD 7,896,227.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

GRUPO KAYBEE PTE. LIMITED

120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE.

200600869K

7,896,227.00

100.00

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

------

7,896,227.00

100.00

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

=====

+ Also Director

 

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

Local No

Country

Company

Status

(%)

As At

200103139C

SINGAPORE

VEGA FOODS CORP PRIVATE LTD.

-

75.00

22/09/2015

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

GOVIND KARUNAKARAN

Address

:

16, WAREHAM ROAD, 436780, SINGAPORE.

IC / PP No

:

S2637302F

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/06/1989

 

DIRECTOR 2

 

Name Of Subject

:

MR. VIKRAM KUMAR CHAND

Address

:

48, CORNATION ROAD WEST, 01-01, ASTRID MEADOWS, 269263, SINGAPORE.

IC / PP No

:

S2706056J

Nationality

:

SINGAPOREAN

Date of Appointment

:

28/07/1993

 

DIRECTOR 3

 

Name Of Subject

:

KUMAR K CHAND @ KUMAR KISHINCHAND GAJWANI

Address

:

44, CORONATION ROAD WEST, 01-01, ASTRID MEADOWS, 269260, SINGAPORE.

IC / PP No

:

S2696283H

Nationality

:

SINGAPOREAN

Date of Appointment

:

09/03/2009



MANAGEMENT

 

 

 

1)

Name of Subject

 

VIKRAM KUMAR CHAND

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

MOORE STEPHENS LLP

Auditor' Address

:

N/A

 

Auditor

:

MOORE STEPHENS LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SHIRLEY LIM GUAT HUA

IC / PP No

:

S2510643A

Address

:

5, BEDOK PLACE, BEDOK GROVE, 486078, SINGAPORE.

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

 

2)

Name

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

 

3)

Name

:

KBC BANK N.V.

 

4)

Name

:

STANDARD CHARTERED BANK

 

5)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

6)

Name

:

UNITED OVERSEAS BANK LTD

 

7)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

8)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

9601310

08/03/1996

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

USD 392,215.00

Unsatisfied

C200500560

27/01/2005

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200700640

23/01/2007

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C200705767

23/07/2007

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C200807865

22/08/2008

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

-

Unsatisfied

C200900785

30/01/2009

N/A

DBS BANK LTD.

-

Unsatisfied

C200902086

08/04/2009

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C200902087

08/04/2009

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201010975

18/11/2010

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201108797

19/07/2011

N/A

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201203997

12/04/2012

N/A

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201411351

16/10/2014

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

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

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

30 - 60 DAYS

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

TEXTILE FABRICS, YARN AND GENERAL MERCHANDISE

 

Total Number of Employees:

 

YEAR

2014

2013

2012

2011

GROUP

N/A

N/A

N/A

N/A

COMPANY

50

50

50

50

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of textile fabrics, yarn and general merchandise. 

The Subject's principal activities are those of traders in all kinds of textile fabrics, yarn and general merchandise. 

About Kaybee group:

It is a premier multinational company and integrated global organisation providing complete textile solutions to international clients. the textile division helps customers globally to source all kinds of textile products ranging from fires and yarn to fashion farics, home furnishings and garments.



The group also manages affiliated businesses in food and other general merchandise. 


Oerating from more than 15 locations worldwide, the core activity of the group is to procure from competitive asian manufacturing nations and service its primary markets in latin america and africa. it also has an extensive and growing clientele in the united states, europe and india.


The Subject is a member of the following entities:

 
* Singapore international chambers of commerce

* Singapore indian chambers of commerce & industry


The Subject is the headquarters of the Kaybee Group of companies.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62998900

Match

:

N/A

Address Provided by Client

:

120 LOWER DELTA ROAD, 14-01, CENDEX CENTRE,169208,SINGAPORE

Current Address

:

120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE.

Match

:

YES

 

Other Investigations


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

The Subject refused to disclose its number of employees.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

Return on Shareholder Funds

:

Acceptable

[

11.99%

]

Return on Net Assets

:

Acceptable

[

13.35%

]

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 Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Nil

[

0 Days

]

Debtor Ratio

:

Favourable

[

47 Days

]

Creditors Ratio

:

Favourable

[

30 Days

]

As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.01 Times

]

Current Ratio

:

Unfavourable

[

1.01 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Acceptable

[

4.82 Times

]

Gearing Ratio

:

Unfavourable

[

1.10 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was 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 :

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. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject'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

 

 

 

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 1986, the Subject is a Private Limited company, focusing on trading of textile fabrics, yarn and general merchandise. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 7,896,227 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 


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. 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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 11,825,421, 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. 


Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 


The industry shows an upward trend and this trend is very likely to sustain in the near terms. 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 promptly.

 



PROFIT AND LOSS ACCOUNT

 

 

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

KAYBEE EXIM PTE LTD

 

Financial Year End

2014-12-31

2013-12-31

2012-12-31

2011-12-31

2010-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

NO

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

NO

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

344,922,012

304,725,543

266,919,899

311,821,415

265,312,226

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

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

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

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

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

Total Turnover

344,922,012

304,725,543

266,919,899

311,821,415

265,312,226

Costs of Goods Sold

(318,249,092)

(280,912,794)

(244,652,360)

(285,762,224)

(239,289,226)

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

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

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

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

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

Gross Profit

26,672,920

23,812,749

22,267,539

26,059,191

26,023,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,518,964

1,032,561

(1,084,252)

1,228,836

904,970

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,518,964

1,032,561

(1,084,252)

1,228,836

904,970

Taxation

(100,924)

(56,061)

-

(3,616)

(88,764)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,418,040

976,500

(1,084,252)

1,225,220

816,206

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

5,492,354

4,515,854

5,600,106

4,374,886

3,558,680

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

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

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

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

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

As restated

5,492,354

4,515,854

5,600,106

4,374,886

3,558,680

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

6,910,394

5,492,354

4,515,854

5,600,106

4,374,886

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

6,910,394

5,492,354

4,515,854

5,600,106

4,374,886

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

38,031

34,621

30,882

4,816

4,897

Term loan / Borrowing

50,751

57,528

103,922

122,390

153,939

Trust receipts

308,869

284,963

365,766

317,836

216,173

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

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

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

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

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

397,651

377,112

500,570

445,042

375,009

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

330,455

306,172

328,241

239,156

160,767

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

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

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

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

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

330,455

306,172

328,241

239,156

160,767

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

KAYBEE EXIM PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

5,114,664

5,340,940

5,594,664

6,260,886

1,460,643

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

7,915,958

7,915,958

7,665,958

7,665,958

7,415,958

Investment properties

885,696

902,519

919,342

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

8,801,654

8,818,477

8,585,300

7,665,958

7,415,958

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

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

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

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

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

TOTAL LONG TERM ASSETS

13,916,318

14,159,417

14,179,964

13,926,844

8,876,601

Trade debtors

44,499,234

44,864,331

33,364,175

40,150,940

26,368,916

Other debtors, deposits & prepayments

725,465

798,415

1,496,431

945,082

1,773,504

Short term deposits

2,950,000

2,950,000

2,850,000

2,400,000

2,100,000

Amount due from subsidiary companies

698,600

2,391,103

3,345,511

3,084,547

3,042,839

Amount due from related companies

1,626,300

869,245

1,928,518

1,699,240

2,032,462

Cash & bank balances

3,041,987

2,220,885

1,511,492

1,030,180

2,171,693

Others

-

-

-

-

258,144

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

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

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

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

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

TOTAL CURRENT ASSETS

53,541,586

54,093,979

44,496,127

49,309,989

37,747,558

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

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

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

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

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

TOTAL ASSET

67,457,904

68,253,396

58,676,091

63,236,833

46,624,159

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

26,043,894

29,075,782

28,544,604

32,759,761

18,635,777

Other creditors & accruals

8,415,449

7,900,585

8,227,555

7,430,281

9,530,754

Short term borrowings/Term loans

10,578,019

9,318,911

1,164,359

1,367,940

910,761

Amounts owing to holding company

6,407,400

6,407,400

6,407,400

-

-

Amounts owing to related companies

1,566,856

2,223,510

1,707,390

1,162,658

371,907

Provision for taxation

88,532

61,948

6,015

113,029

152,173

Other liabilities

-

-

-

6,407,400

6,546,009

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

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

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

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

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

TOTAL CURRENT LIABILITIES

53,100,150

54,988,136

46,057,323

49,241,069

36,147,381

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

441,436

(894,157)

(1,561,196)

68,920

1,600,177

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

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

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

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

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

TOTAL NET ASSETS

14,357,754

13,265,260

12,618,768

13,995,764

10,476,778

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

4,915,027

4,915,027

4,915,027

4,915,027

4,915,027

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

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

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

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

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

TOTAL SHARE CAPITAL

4,915,027

4,915,027

4,915,027

4,915,027

4,915,027

Retained profit/(loss) carried forward

6,910,394

5,492,354

4,515,854

5,600,106

4,374,886

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

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

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

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

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

TOTAL RESERVES

6,910,394

5,492,354

4,515,854

5,600,106

4,374,886

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

11,825,421

10,407,381

9,430,881

10,515,133

9,289,913

Long term loans

2,453,813

2,775,965

3,102,986

3,395,730

1,101,964

Deferred taxation

78,520

81,914

84,901

84,901

84,901

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

2,532,333

2,857,879

3,187,887

3,480,631

1,186,865

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

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

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

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

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

14,357,754

13,265,260

12,618,768

13,995,764

10,476,778

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

KAYBEE EXIM PTE LTD

 

TYPES OF FUNDS

Cash

5,991,987

5,170,885

4,361,492

3,430,180

4,271,693

Net Liquid Funds

5,991,987

5,170,885

4,361,492

3,430,180

4,271,693

Net Liquid Assets

441,436

(894,157)

(1,561,196)

68,920

1,600,177

Net Current Assets/(Liabilities)

441,436

(894,157)

(1,561,196)

68,920

1,600,177

Net Tangible Assets

14,357,754

13,265,260

12,618,768

13,995,764

10,476,778

Net Monetary Assets

(2,090,897)

(3,752,036)

(4,749,083)

(3,411,711)

413,312

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

1,916,615

1,409,673

(583,682)

1,673,878

1,279,979

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

2,247,070

1,715,845

(255,441)

1,913,034

1,440,746

BALANCE SHEET ITEMS

Total Borrowings

13,031,832

12,094,876

4,267,345

4,763,670

2,012,725

Total Liabilities

55,632,483

57,846,015

49,245,210

52,721,700

37,334,246

Total Assets

67,457,904

68,253,396

58,676,091

63,236,833

46,624,159

Net Assets

14,357,754

13,265,260

12,618,768

13,995,764

10,476,778

Net Assets Backing

11,825,421

10,407,381

9,430,881

10,515,133

9,289,913

Shareholders' Funds

11,825,421

10,407,381

9,430,881

10,515,133

9,289,913

Total Share Capital

4,915,027

4,915,027

4,915,027

4,915,027

4,915,027

Total Reserves

6,910,394

5,492,354

4,515,854

5,600,106

4,374,886

LIQUIDITY (Times)

Cash Ratio

0.11

0.09

0.09

0.07

0.12

Liquid Ratio

1.01

0.98

0.97

1.00

1.04

Current Ratio

1.01

0.98

0.97

1.00

1.04

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

0

0

Debtors Ratio

47

54

46

47

36

Creditors Ratio

30

38

43

42

28

SOLVENCY RATIOS (Times)

Gearing Ratio

1.10

1.16

0.45

0.45

0.22

Liabilities Ratio

4.70

5.56

5.22

5.01

4.02

Times Interest Earned Ratio

4.82

3.74

(1.17)

3.76

3.41

Assets Backing Ratio

2.92

2.70

2.57

2.85

2.13

PERFORMANCE RATIO (%)

Operating Profit Margin

0.44

0.34

(0.41)

0.39

0.34

Net Profit Margin

0.41

0.32

(0.41)

0.39

0.31

Return On Net Assets

13.35

10.63

(4.63)

11.96

12.22

Return On Capital Employed

13.35

10.63

(4.63)

11.96

12.22

Return On Shareholders' Funds/Equity

11.99

9.38

(11.50)

11.65

8.79

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.65.15

UK Pound

1

Rs.99.36

Euro

1

Rs.71.25

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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.