MIRA INFORM REPORT

 

 

Report No. :

339888

Report Date :

10.09.2015

 

IDENTIFICATION DETAILS

 

Name :

TRINA SOLAR ENERGY DEVELOPMENT PTE. LTD.

 

 

Registered Office :

80, Robinson Road, 02-00, 068898

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

28.04.2010

 

 

Com. Reg. No.:

201009097-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of solar related products.

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

NOTES :

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

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE ECONOMIC OVERVIEW

 

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

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

201009097-C

COMPANY NAME

:

TRINA SOLAR ENERGY DEVELOPMENT PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/04/2010

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, ROBINSON ROAD, 02-00, 068898, SINGAPORE.

BUSINESS ADDRESS

:

80 ROBINSON ROAD, 02-00, 068898, SINGAPORE.

TEL.NO.

:

65-62363464

FAX.NO.

:

65-62364399

CONTACT PERSON

:

JIANG YANGONG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF SOLAR RELATED PRODUCTS

ISSUED AND PAID UP CAPITAL

:

1,000,001.00 ORDINARY SHARE, OF A VALUE OF USD 1,000,001.00 

SALES

:

USD 282,271,013 [2013]

NET WORTH

:

USD (12,018,691) [2013]

STAFF STRENGTH

:

N/A

BANKER (S)

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of solar related products.

 

The immediate holding company of the Subject is TRINA SOLAR (SINGAPORE) PTE. LTD., a company incorporated in SINGAPORE.

 

Share Capital History

Date

Issue & Paid Up Capital

07/09/2015

USD 1,000,001.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

TRINA SOLAR (SINGAPORE) PTE. LTD.

80, ROBINSON ROAD, 02-00, 068898, SINGAPORE.

200914191N

1,000,001.00

100.00

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

------

1,000,001.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. JIANG YANGONG

Address

:

ROOM 404, YI DANYUAN, 25, BINJIANG MINGZHU CHENG, XINBEI DISTRICT, CHANGZHAOU, JIANGSU, CHINA.

IC / PP No

:

G44600563

Nationality

:

CHINESE

Date of Appointment

:

01/02/2015

 

DIRECTOR 2

 

Name Of Subject

:

LI YAN

Address

:

869, TAMPINES STREET 83, 04-183, 520869, SINGAPORE.

IC / PP No

:

S2711618C

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/02/2015



MANAGEMENT

 

 

 

1)

Name of Subject

:

JIANG YANGONG

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ANG SIEW KOON

IC / PP No

:

S1721860C

Address

:

122, YISHUN STREET, 11, 06-463, 760122, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201210738

20/09/2012

N/A

DEUTSCHE BANK AG, SINGAPORE BRANCH

-

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

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

SOLAR RELATED PRODUCTS

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of solar related products. 

The Subject is engaged in the trading of solar related products. 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62363464

Match

:

N/A

Address Provided by Client

:

80 ROBINSON ROAD 302-00 SINGAPORE 068898

Current Address

:

80 ROBINSON ROAD, 02-00, 068898, SINGAPORE.

Match

:

NO

 

Other Investigations


On 4th September 2015 we contacted one of the staff from the Subject's registered office and she provided some information on the Subject.

The staff from the registered office refused to disclose its number of employees.

The address provided does not belong to the Subject.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

146.87%

]

Profit/(Loss) Before Tax

:

Decreased

[

(35.88%)

]

Return on Shareholder Funds

:

Unfavourable

[

35.63%

]

Return on Net Assets

:

Unfavourable

[

27.73%

]

The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

5 Days

]

Debtor Ratio

:

Favourable

[

4 Days

]

Creditors Ratio

:

Favourable

[

0 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Acceptable

[

0.88 Times

]

Current Ratio

:

Unfavourable

[

0.90 Times

]

The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Unfavourable

[

(3.51 Times)

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

The higher turnover had helped to reduce the Subject's losses. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : POOR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

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 2010, the Subject is a Private Limited company, focusing on trading of solar related products. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Presently, the issued and paid up capital of the Subject stands at USD 1,000,001. The Subject have a strong support from its holding company. 

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. 

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. 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 managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -12,018,691. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations. 

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. 

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

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

Months

12

12

12

8

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

FULL

Currency

USD

USD

USD

USD

TURNOVER

282,271,013

114,339,337

-

-

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

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

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

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

Total Turnover

282,271,013

114,339,337

-

-

Costs of Goods Sold

(270,271,538)

(111,520,892)

-

-

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

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

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

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

Gross Profit

11,999,475

2,818,445

-

-

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(4,282,707)

(6,678,966)

(1,455,500)

(601,519)

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(4,282,707)

(6,678,966)

(1,455,500)

(601,519)

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(4,282,707)

(6,678,966)

(1,455,500)

(601,519)

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(8,735,985)

(2,057,019)

(601,519)

-

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

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

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

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

As restated

(8,735,985)

(2,057,019)

(601,519)

-

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(13,018,692)

(8,735,985)

(2,057,019)

(601,519)

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(13,018,692)

(8,735,985)

(2,057,019)

(601,519)

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

950,353

-

-

-

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

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

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

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

950,353

-

-

-

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

-

-

-

DEPRECIATION (as per notes to P&L)

66,047

11,149

-

-

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

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

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

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

66,047

11,149

-

-

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

171,087

235,847

-

-

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

4,539,711

-

-

-

Associated companies

-

407,126

-

-

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

4,539,711

407,126

-

-

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

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

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

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

TOTAL LONG TERM ASSETS

4,710,798

642,973

-

-

Stocks

3,772,600

10,189,453

11,572

-

Trade debtors

3,392,055

22,989,429

-

-

Other debtors, deposits & prepayments

535,729

1,586,411

-

40,789

Amount due from holding company

70,796,889

31,076,667

-

-

Amount due from related companies

58,737,811

14,895,077

-

-

Cash & bank balances

10,609,189

13,954,128

1,007,749

620

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

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

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

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

TOTAL CURRENT ASSETS

147,844,273

94,691,165

1,019,321

41,409

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

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

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

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

TOTAL ASSET

152,555,071

95,334,138

1,019,321

41,409

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

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

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

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

CURRENT LIABILITIES

Trade creditors

110,468

1,104,608

-

-

Other creditors & accruals

793,031

798,897

73,412

-

Amounts owing to holding company

-

-

3,002,927

642,927

Amounts owing to related companies

163,670,263

101,166,617

-

-

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

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

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

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

TOTAL CURRENT LIABILITIES

164,573,762

103,070,122

3,076,339

642,927

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(16,729,489)

(8,378,957)

(2,057,018)

(601,518)

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

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

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

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

TOTAL NET ASSETS

(12,018,691)

(7,735,984)

(2,057,018)

(601,518)

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

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

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

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

SHARE CAPITAL

Ordinary share capital

1,000,001

1,000,001

1

1

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

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

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

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

TOTAL SHARE CAPITAL

1,000,001

1,000,001

1

1

Retained profit/(loss) carried forward

(13,018,692)

(8,735,985)

(2,057,019)

(601,519)

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

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

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

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

TOTAL RESERVES

(13,018,692)

(8,735,985)

(2,057,019)

(601,519)

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

(12,018,691)

(7,735,984)

(2,057,018)

(601,518)

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

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

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

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

(12,018,691)

(7,735,984)

(2,057,018)

(601,518)

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

10,609,189

13,954,128

1,007,749

620

Net Liquid Funds

10,609,189

13,954,128

1,007,749

620

Net Liquid Assets

(20,502,089)

(18,568,410)

(2,068,590)

(601,518)

Net Current Assets/(Liabilities)

(16,729,489)

(8,378,957)

(2,057,018)

(601,518)

Net Tangible Assets

(12,018,691)

(7,735,984)

(2,057,018)

(601,518)

Net Monetary Assets

(20,502,089)

(18,568,410)

(2,068,590)

(601,518)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

(3,332,354)

(6,678,966)

(1,455,500)

(601,519)

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

(3,266,307)

(6,667,817)

(1,455,500)

(601,519)

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

Total Liabilities

164,573,762

103,070,122

3,076,339

642,927

Total Assets

152,555,071

95,334,138

1,019,321

41,409

Net Assets

(12,018,691)

(7,735,984)

(2,057,018)

(601,518)

Net Assets Backing

(12,018,691)

(7,735,984)

(2,057,018)

(601,518)

Shareholders' Funds

(12,018,691)

(7,735,984)

(2,057,018)

(601,518)

Total Share Capital

1,000,001

1,000,001

1

1

Total Reserves

(13,018,692)

(8,735,985)

(2,057,019)

(601,519)

LIQUIDITY (Times)

Cash Ratio

0.06

0.14

0.33

0

Liquid Ratio

0.88

0.82

0.33

0.06

Current Ratio

0.90

0.92

0.33

0.06

WORKING CAPITAL CONTROL (Days)

Stock Ratio

5

33

0

0

Debtors Ratio

4

73

0

0

Creditors Ratio

0

4

0

0

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

Liabilities Ratio

(13.69)

(13.32)

(1.50)

(1.07)

Times Interest Earned Ratio

(3.51)

0

0

0

Assets Backing Ratio

(12.02)

(7.74)

(2,057,018.00)

(601,518.00)

PERFORMANCE RATIO (%)

Operating Profit Margin

(1.52)

(5.84)

0

0

Net Profit Margin

(1.52)

(5.84)

0

0

Return On Net Assets

27.73

86.34

70.76

100.00

Return On Capital Employed

27.73

86.34

70.76

100.00

Return On Shareholders' Funds/Equity

35.63

86.34

70.76

100.00

Dividend Pay Out Ratio (Times)

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.29

UK Pound

1

Rs.101.89

Euro

1

Rs.73.98

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

ANK

 

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.