|
Report No. : |
340986 |
|
Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
KEMIN INDUSTRIES (ASIA) PTE LIMITED |
|
|
|
|
Registered Office : |
12, Senoko Drive, 758200 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.01.1985 |
|
|
|
|
Com. Reg. No.: |
198500117-Z |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture of Prepared Animal Feeds |
|
|
|
|
No of Employees : |
120 [2015] |
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 in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports. Growth in 2014 was slower at 13.9%, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
198500117-Z |
|
COMPANY NAME |
: |
KEMIN INDUSTRIES
(ASIA) PTE LIMITED |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
17/01/1985 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
12, SENOKO DRIVE, 758200, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
12 SENOKO DRIVE, 758200, SINGAPORE. |
|
TEL.NO. |
: |
65-67551633 |
|
FAX.NO. |
: |
65-67541266 |
|
CONTACT PERSON |
: |
GUBBI SRINIVASA IYENGAR RAMESH ( CEO ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF PREPARED ANIMAL FEEDS |
|
ISSUED AND PAID UP CAPITAL |
: |
1,333,333.00 ORDINARY SHARE, OF A VALUE OF
SGD 5,293,000.00 |
|
SALES |
: |
USD 60,312,402 [2013] |
|
NET WORTH |
: |
USD 22,718,050 [2013] |
|
STAFF STRENGTH |
: |
120 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MATURE |
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) manufacture of prepared animal feeds.
The ultimate holding company of the Subject is KEMIN WORLDWIDE HOLDINGS INC., a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Issue & Paid
Up Capital |
|
18/05/2015 |
SGD 5,293,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
M/S KEMIN INDUSTRIES, INC |
2100, MAURY STREET DES MONIES, IOWA,
50601, UNITED STATES. |
T08UF0435 |
1,000,000.00 |
75.00 |
|
KEMIN EUROPA N V |
2200, HERENTALS, INDUSTRIEZONE WOLFSTEE,
TOEKOMSTLAAN, 42, BELGIUM. |
T08UF1128 |
333,333.00 |
25.00 |
|
--------------- |
------ |
|||
|
1,333,333.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
411484W |
MALAYSIA |
KEMIN INDUSTRIES (MALAYSIA) SDN. BHD. |
100.00 |
31/12/2013 |
|
AUSTRALIA |
KEMIN (AUST) PTY LTD |
100.00 |
31/12/2013 |
|
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
ROLLAND WADE NELSON |
|
Address |
: |
4105, TIMBERWOOD DRIVE, WEST DES MOINES,
IA, 50265, UNITED STATES. |
|
IC / PP No |
: |
488119614 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
18/12/2000 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. GUBBI SRINIVASA IYENGAR RAMESH |
|
Address |
: |
12, SENOKO DRIVE, 758200, SINGAPORE. |
|
IC / PP No |
: |
G6344938K |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
01/01/2010 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. CHRISTOPHER EDWARD NELSON |
|
Address |
: |
34151, MAFFITT LAKE ROAD, CUMMING, IA, 50061,
UNITED STATES. |
|
IC / PP No |
: |
028524574 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
18/12/2000 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
GUBBI SRINIVASA IYENGAR RAMESH |
|
Position |
: |
CEO |
AUDITOR
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
LOW NEE TAN LENG FONG |
|
IC / PP No |
: |
S0379145I |
|
|
Address |
: |
31, WATTEN HEIGHTS, WATTEN ESTATE, 287463, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
TAN SHOU CHIEH |
|
IC / PP No |
: |
S1394230G |
|
|
Address |
: |
51, WATTEN VIEW, WATTEN ESTATE, 287184, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against 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 |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2013 |
2012 |
2011 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
120 |
120 |
120 |
161 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of
prepared animal feeds.
Kemin combines sound molecular science with the human qualities of creativity, curiosity and collaboration to improve the lives of humans and animals around the world. Using superior science, Kemin manufactures more than 500 specialty ingredients that deliver important nutrition and health benefits through products consumed by people and animals.
The Subject is the only company worldwide that connects palatability, freshness
and nutrition for both pet and owner well-being.
The Subject manufacture and market quality ingredients for animal feed for caw,
pig, etc and suppliers around the world.
The Subject has a Research and Development facility in the same premises.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-67551633 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
8A AOMIRALTY STREET #05-31 FOOD XCHANGE @
AOMIRALTY 757497 |
|
Current Address |
: |
12 SENOKO DRIVE, 758200, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject's registered office and he
provided some information.
She is not aware of the address provided.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
19.49% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
21.53% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players. The dip in profit could be due to the stiff
market competition which reduced the Subject's profit margin. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
39 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
66 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
32 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in 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 |
[ |
1.84 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.38 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it did not pay any interest
during the year. 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 Subject recorded lower profits as its turnover showed a erratic
trend. The Subject's management was unable to control its costs efficiently
as its profit showed a downward trend. 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 did not make any interest payment during
the year. The Subject was dependent on its shareholders' funds to finance its
business needs. 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 : STRONG |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
|
|
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( %
of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
* Based on Index of Industrial Production
(2011 = 100) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY : |
MANUFACTURING |
|
In the third quarter of 2014, manufacturing output has increased by
1.9%, extending the 1.5% growth in the previous quarter. Growth was largely
driven by the biomedical manufacturing and chemicals clusters. Besides, for the
whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3%
growth recorded in the previous year. All clusters recorded an expansion in
2013, except the biomedical manufacturing cluster. |
|
|
The chemicals cluster grew by 5.2% in the third quarter of 2014.
Growth was led by the petrochemicals and specialty chemicals segments, which
expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment
contracted by 4.2% in the third quarter of 2014 due to plant maintenance
shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%. |
|
|
Besides, output of the biomedical manufacturing cluster expanded by
9.0% in the third quarter of 2014. The medical technology segment posted robust
growth of 23% due to higher production of medical instruments and supplies,
while the output of the pharmaceuticals segment rose by 6.2%. However, in the
whole of 2013, the biomedical manufacturing cluster recorded only a flat
growth. |
|
|
In the third quarter of 2014, the transport engineering cluster
contracted by 2.0%, dragged down by the aerospace segment. Output in the
aerospace segment plunged by 18% on the back of fewer repair jobs from
commercial airlines. This was mitigated by the 4.1% growth in the marine
& offshore engineering segment, which was supported by higher
contributions from rig building projects. Nonetheless, for the whole of 2013,
the transport engineering cluster grew by 5.2%. |
|
|
Moreover, output of the precision engineering cluster increased by
1.3% in the third quarter of 2014. The machinery & systems segment grew
by 6.2%, supported by higher demand for semiconductor-related equipment and
mechanical engineering work. This was partly offset by the decline in the output
of the precision modules & components segment. Conversely, in the full
year of 2013, the precision engineering cluster's output declined by 5.6%. |
|
|
Furthermore, in the third quarter of 2014, output of the general manufacturing
industries declined by 3.0%. The 2.1% growth in the food, beverages &
tobacco segment was more than offset by declines in the other two segments.
In particular, the miscellaneous industries segment contracted by 4.7% on the
back of lower output in construction-related products, such as concrete &
cement products and steel structural components. For the full year of 2013,
the general manufacturing cluster grew by 2.8%. |
|
|
Besides, in the third quarter of 2014, the electronics cluster expanded
by 0.9%, reversing the 5.0% contraction in the previous quarter. Growth was
supported by an expansion in the computer peripherals (6.3%) and data storage
(2.6%) segments. Moreover, for the year 2013, the electronics cluster
expanded by 3.5%. |
|
|
OVERALL INDUSTRY
OUTLOOK : MATURE |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
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. The
Subject is a fairly large and rapidly growing company with over 120 staff in
its operations 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. Having a strong assets backing, the
Subject possesses latent assets as collateral for further financial
extension. Hence, it has good chance of getting loans if the needs arises.
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 has reached its optimum level
and is generally stable. It is saturated and very competitive. Thus, the
Subject's growth prospect is very much depends on its capacity in sustaining
its performance in the market. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
KEMIN INDUSTRIES
(ASIA) PTE LIMITED |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
60,312,402 |
65,248,646 |
60,632,086 |
47,172,487 |
41,354,796 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
60,312,402 |
65,248,646 |
60,632,086 |
47,172,487 |
41,354,796 |
|
Costs of Goods Sold |
(33,259,708) |
(34,997,049) |
(30,993,389) |
(23,588,119) |
(20,638,126) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
27,052,694 |
30,251,597 |
29,638,697 |
23,584,368 |
20,716,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
5,020,969 |
7,045,294 |
7,104,946 |
7,035,439 |
6,636,910 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
5,020,969 |
7,045,294 |
7,104,946 |
7,035,439 |
6,636,910 |
|
Taxation |
(592,711) |
(1,144,628) |
(1,483,847) |
(1,819,988) |
(1,467,033) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
4,428,258 |
5,900,666 |
5,621,099 |
5,215,451 |
5,169,877 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
17,864,629 |
16,978,719 |
14,374,211 |
13,158,760 |
7,988,883 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
17,864,629 |
16,978,719 |
14,374,211 |
13,158,760 |
7,988,883 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
22,292,887 |
22,879,385 |
19,995,310 |
18,374,211 |
13,158,760 |
|
TRANSFER TO RESERVES - Statutory |
(18,568) |
(14,756) |
(16,591) |
- |
- |
|
DIVIDENDS - Ordinary (paid & proposed) |
(3,200,049) |
(5,000,000) |
(3,000,000) |
(4,000,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
19,074,270 |
17,864,629 |
16,978,719 |
14,374,211 |
13,158,760 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Bank overdraft |
- |
- |
- |
142 |
408 |
|
Term loan / Borrowing |
- |
- |
- |
- |
34,799 |
|
Others |
- |
73 |
1,038 |
625 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
73 |
1,038 |
767 |
35,207 |
|
|
- |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
873,700 |
831,122 |
732,385 |
671,420 |
747,560 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
873,700 |
831,122 |
732,385 |
671,420 |
747,560 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
|
|
KEMIN INDUSTRIES
(ASIA) PTE LIMITED |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
6,634,822 |
6,709,484 |
6,808,314 |
6,679,798 |
6,864,110 |
|
Deferred assets |
96,683 |
90,125 |
88,431 |
89,311 |
67,266 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
96,683 |
90,125 |
88,431 |
89,311 |
67,266 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
6,731,505 |
6,799,609 |
6,896,745 |
6,769,109 |
6,931,376 |
|
Stocks |
6,502,519 |
5,808,490 |
8,662,506 |
4,897,946 |
5,045,207 |
|
Trade debtors |
10,840,543 |
10,660,480 |
11,013,705 |
9,237,024 |
8,039,166 |
|
Other debtors, deposits & prepayments |
1,302,371 |
1,223,932 |
1,140,892 |
1,249,054 |
679,323 |
|
Short term deposits |
2,252,400 |
1,233,317 |
- |
- |
- |
|
Amount due from holding company |
41,670 |
12,234 |
13,639 |
16,025 |
8,786 |
|
Amount due from related companies |
2,286,432 |
1,342,906 |
- |
1,538,720 |
1,324,300 |
|
Cash & bank balances |
5,359,270 |
7,218,468 |
6,847,680 |
6,408,232 |
4,616,665 |
|
Others |
- |
- |
- |
- |
208,341 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
28,585,205 |
27,499,827 |
27,678,422 |
23,347,001 |
19,921,788 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
35,316,710 |
34,299,436 |
34,575,167 |
30,116,110 |
26,853,164 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
2,895,470 |
2,593,803 |
3,930,478 |
2,780,922 |
- |
|
Other creditors & accruals |
4,922,935 |
5,479,769 |
5,368,025 |
4,689,825 |
6,126,315 |
|
Amounts owing to holding company |
800,335 |
378,861 |
671,283 |
243,909 |
288,018 |
|
Amounts owing to related companies |
1,787,671 |
1,194,715 |
- |
1,139,274 |
1,124,509 |
|
Provision for taxation |
1,590,972 |
1,587,450 |
2,231,984 |
1,668,284 |
1,599,130 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
11,997,383 |
11,234,598 |
12,201,770 |
10,522,214 |
9,137,972 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
16,587,822 |
16,265,229 |
15,476,652 |
12,824,787 |
10,783,816 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
23,319,327 |
23,064,838 |
22,373,397 |
19,593,896 |
17,715,192 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
3,606,158 |
3,606,158 |
3,606,158 |
3,606,158 |
3,606,158 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
3,606,158 |
3,606,158 |
3,606,158 |
3,606,158 |
3,606,158 |
|
Capital reserve |
4,405 |
4,405 |
4,405 |
- |
- |
|
Exchange equalisation/fluctuation reserve |
(132,740) |
834,250 |
920,540 |
785,212 |
170,722 |
|
Statutory reserve |
- |
- |
- |
116,042 |
116,042 |
|
General reserve |
165,957 |
147,389 |
132,633 |
- |
- |
|
Retained profit/(loss) carried forward |
19,074,270 |
17,864,629 |
16,978,719 |
14,374,211 |
13,158,760 |
|
Others |
- |
- |
- |
4,405 |
4,405 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
19,111,892 |
18,850,673 |
18,036,297 |
15,279,870 |
13,449,929 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
22,718,050 |
22,456,831 |
21,642,455 |
18,886,028 |
17,056,087 |
|
Deferred taxation |
601,277 |
608,007 |
730,942 |
707,868 |
659,105 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
601,277 |
608,007 |
730,942 |
707,868 |
659,105 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
23,319,327 |
23,064,838 |
22,373,397 |
19,593,896 |
17,715,192 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
|
|
KEMIN INDUSTRIES
(ASIA) PTE LIMITED |
|
TYPES OF FUNDS |
|||||
|
Cash |
7,611,670 |
8,451,785 |
6,847,680 |
6,408,232 |
4,616,665 |
|
Net Liquid Funds |
7,611,670 |
8,451,785 |
6,847,680 |
6,408,232 |
4,616,665 |
|
Net Liquid Assets |
10,085,303 |
10,456,739 |
6,814,146 |
7,926,841 |
5,738,609 |
|
Net Current Assets/(Liabilities) |
16,587,822 |
16,265,229 |
15,476,652 |
12,824,787 |
10,783,816 |
|
Net Tangible Assets |
23,319,327 |
23,064,838 |
22,373,397 |
19,593,896 |
17,715,192 |
|
Net Monetary Assets |
9,484,026 |
9,848,732 |
6,083,204 |
7,218,973 |
5,079,504 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
12,598,660 |
11,842,605 |
12,932,712 |
11,230,082 |
9,797,077 |
|
Total Assets |
35,316,710 |
34,299,436 |
34,575,167 |
30,116,110 |
26,853,164 |
|
Net Assets |
23,319,327 |
23,064,838 |
22,373,397 |
19,593,896 |
17,715,192 |
|
Net Assets Backing |
22,718,050 |
22,456,831 |
21,642,455 |
18,886,028 |
17,056,087 |
|
Shareholders' Funds |
22,718,050 |
22,456,831 |
21,642,455 |
18,886,028 |
17,056,087 |
|
Total Share Capital |
3,606,158 |
3,606,158 |
3,606,158 |
3,606,158 |
3,606,158 |
|
Total Reserves |
19,111,892 |
18,850,673 |
18,036,297 |
15,279,870 |
13,449,929 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.63 |
0.75 |
0.56 |
0.61 |
0.51 |
|
Liquid Ratio |
1.84 |
1.93 |
1.56 |
1.75 |
1.63 |
|
Current Ratio |
2.38 |
2.45 |
2.27 |
2.22 |
2.18 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
39 |
32 |
52 |
38 |
45 |
|
Debtors Ratio |
66 |
60 |
66 |
71 |
71 |
|
Creditors Ratio |
32 |
27 |
46 |
43 |
0 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.55 |
0.53 |
0.60 |
0.59 |
0.57 |
|
Times Interest Earned Ratio |
0.00 |
96,511.88 |
6,845.84 |
9,173.67 |
189.51 |
|
Assets Backing Ratio |
6.47 |
6.40 |
6.20 |
5.43 |
4.91 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
8.32 |
10.80 |
11.72 |
14.91 |
16.05 |
|
Net Profit Margin |
7.34 |
9.04 |
9.27 |
11.06 |
12.50 |
|
Return On Net Assets |
21.53 |
30.55 |
31.76 |
35.91 |
37.66 |
|
Return On Capital Employed |
21.53 |
30.55 |
31.76 |
35.91 |
37.66 |
|
Return On Shareholders' Funds/Equity |
19.49 |
26.28 |
25.97 |
27.62 |
30.31 |
|
Dividend Pay Out Ratio (Times) |
0.72 |
0.85 |
0.53 |
0.77 |
0.00 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.37 |
|
|
1 |
Rs. 102.54 |
|
Euro |
1 |
Rs. 75.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.