MIRA INFORM REPORT

 

 

Report No. :

340625

Report Date :

15.09.2015

 

IDENTIFICATION DETAILS

 

Name :

NOBLE RESOURCES PTE. LTD.

 

 

Formerly Known As :

NOBLE GRAIN PTE LTD


BERKHAM PTE LTD

 

 

Registered Office :

12, Marina View, 28-01, Asia Square Tower 2, 018961

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.03.2001

 

 

Com. Reg. No.:

200101811-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

The Subject is engaged in investment holding companies, trading of agriculture product & other related products.

 

 

No. of Employees :

280 [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 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.

:

200101811-W

COMPANY NAME

:

NOBLE RESOURCES PTE. LTD.

FORMER NAME

:

NOBLE GRAIN PTE LTD (15/11/2005)
BERKHAM PTE LTD (06/04/2001)

INCORPORATION DATE

:

17/03/2001

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

12, MARINA VIEW, 28-01, ASIA SQUARE TOWER 2, 018961, SINGAPORE.

BUSINESS ADDRESS

:

60, ANSON ROAD, 19-01, MAPLETREE ANSON, 079914, SINGAPORE.

TEL.NO.

:

65-63054888

FAX.NO.

:

65-63054889

WEB SITE

:

WWW.THISISNOBLE.COM

CONTACT PERSON

:

ASRANI MAHESH MANOHARLAL ( DIRECTOR )

PRINCIPAL ACTIVITY

:

INVESTMENT HOLDING COMPANIES, TRADING OF AGRICULTURE PRODUCT & OTHER RELATED PRODUCT

ISSUED AND PAID UP CAPITAL

:

402,149,307.00 ORDINARY SHARE, OF A VALUE OF SGD 417,224,217.00

SALES

:

USD 1,794,979,000 [2013]

NET WORTH

:

USD 372,296,000 [2013]

STAFF STRENGTH

:

280 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

NO COMPLAINTS

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

GOOD

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) investment holding companies, trading of agriculture product & other related product.

The immediate holding company of the Subject is NOBLE AGRI RESOURCES LIMITED, a company incorporated in BERMUDA.

 

Share Capital History

Date

Issue & Paid Up Capital

14/09/2015

SGD 417,224,217.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

NOBLE AGRI RESOURCES LIMITED

CLARENDON HOUSE, 2, CHURCH STREET, HAMILTON HM 11, BERMUDA.

T11UF3943

402,149,307.00

100.00

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

------

402,149,307.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

201134506

SINGAPORE

GREENSOFTS TRADING PTE LTD

-

100.00

14/09/2015

199405906R

SINGAPORE

SINO AGRI-TRADE PTE LTD

-

100.00

14/09/2015

200709910N

SINGAPORE

NOBLE PROTEIN AND FEED CO. PTE. LTD.

-

100.00

14/09/2015

201129200Z

SINGAPORE

MEADOWFEED ENTERPRISES PTE LTD

-

100.00

14/09/2015

201129192C

SINGAPORE

GLOBEAGRI TRADING PTE LTD

-

100.00

14/09/2015

201129177K

SINGAPORE

UNIAGRO INTERNATIONAL PTE LTD

-

100.00

14/09/2015

200209605N

SINGAPORE

GREAT WALL INVESTMENTS PTE. LTD.

-

100.00

14/09/2015

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

ASRANI MAHESH MANOHARLAL

Address

:

160, SIXTH AVENUE, 03-03, THE SIXTH AVENUE RESIDENCES, 276537, SINGAPORE.

IC / PP No

:

S2725737B

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/05/2004

 

DIRECTOR 2

 

Name Of Subject

:

SOO SIEW KHIM

Address

:

61, GREENWOOD TERRACE, 286859, SINGAPORE.

IC / PP No

:

S7221921Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

24/02/2014

 

DIRECTOR 3

 

Name Of Subject

:

A JAMES SHAFTER

Address

:

RUE PHILIPPE PLANTAMOUR 6, 1201, GENEVE, SWITZERLAND.

IC / PP No

:

528222722

Nationality

:

AMERICAN

Date of Appointment

:

21/08/2015

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

ASRANI MAHESH MANOHARLAL

Position

:

DIRECTOR

 

 

AUDITOR

 

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

 

1)

Company Secretary

:

SHARON LIM SIEW CHOO

IC / PP No

:

S7700641I

Address

:

498F, TAMPINES STREET 45, 06-424, 524498, SINGAPORE.

 

2)

Company Secretary

:

YVONNE ANG RUEY SHYA

IC / PP No

:

S8426403B

Address

:

213B, COMPASSVALE LANE, 15-262, 542213, 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 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

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers.

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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Percentage

:

60%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

40%

Export Market

:

WORLDWIDE

Credit Term

:

30 - 90 DAYS

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)

 

 

OPERATIONS

 

Goods Traded

:

AGRICULTURE PRODUCT & OTHER RELATED PRODUCT

Services

:

INVESTMENT HOLDING

 

Total Number of Employees:

 

YEAR

2015

2014

2013

2012

2011

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

280

280

150

200

120

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) investment holding companies, trading of agriculture product & other related product.

The Subject's main activities include:

* international trading - traditional c&f trading to local importers. the main commodities are corn, soyabean meal, oilseeds, wheat and pulses.
* importation and local distribution, the core activity of noble grain, of feed and food items such as wheat flour, sugar, fishmeal and rice.
* origination and export of agricommodities, such as pulses, soyabean meal, sugar, wheat and oilseeds.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63054888

Match

:

NO

Address Provided by Client

:

12 MARINA VIEW 28-01 ASIA SQUARE TOWER 2 SINGAPORE 018964

Current Address

:

60, ANSON ROAD, 19-01, MAPLETREE ANSON, 079914, SINGAPORE.

Match

:

NO

 

Other Investigations


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

She refused to disclose the Subject bankers.

The address provided belongs to the Subject's registered office.

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2013

]

Return on Shareholder Funds

:

Acceptable

[

14.89%

]

Return on Net Assets

:

Acceptable

[

19.07%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

3 Days

]

Debtor Ratio

:

Favourable

[

13 Days

]

Creditors Ratio

:

Favourable

[

17 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

:

Favourable

[

1.16 Times

]

Current Ratio

:

Unfavourable

[

1.19 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

[

6.34 Times

]

Gearing Ratio

:

Favourable

[

0.00 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 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 :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. 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 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 : 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 2001, the Subject is a Private Limited company, focusing on investment holding companies, trading of agriculture product & other related product. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. The Subject is a large entity with strong capital position of SGD 417,224,217. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. The Subject is a fairly large and rapidly growing company with over 280 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.

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. 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. Given a positive net worth standing at USD 372,296,000, the Subject should be able to maintain its business in the near terms.


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.

 

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

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

1,794,979,000

1,561,154,000

4,026,790,000

3,251,686,000

4,955,010,000

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

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

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

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

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

Total Turnover

1,794,979,000

1,561,154,000

4,026,790,000

3,251,686,000

4,955,010,000

Costs of Goods Sold

(1,693,986,000)

(1,510,088,000)

(4,084,061,000)

(3,127,775,000)

(4,922,088,000)

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

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

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

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

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

Gross Profit

100,993,000

51,066,000

(57,271,000)

123,911,000

32,922,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

59,821,000

1,269,000

(140,621,000)

44,602,000

(75,652,000)

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

59,821,000

1,269,000

(140,621,000)

44,602,000

(75,652,000)

Taxation

(4,375,000)

(5,985,000)

3,816,000

(2,714,000)

2,037,000

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

55,446,000

(4,716,000)

(136,805,000)

41,888,000

(73,615,000)

Pre-acquisition profit/(loss)

-

-

61,111,000

210,352,000

-

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

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

55,446,000

(4,716,000)

(75,694,000)

252,240,000

(73,615,000)

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

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

55,446,000

(4,716,000)

(75,694,000)

252,240,000

(73,615,000)

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

14,936,000

269,652,000

345,346,000

93,106,000

416,721,000

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

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

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

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

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

As restated

14,936,000

269,652,000

345,346,000

93,106,000

416,721,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

70,382,000

264,936,000

269,652,000

345,346,000

343,106,000

DIVIDENDS - Ordinary (paid & proposed)

-

(250,000,000)

-

-

(250,000,000)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

70,382,000

14,936,000

269,652,000

345,346,000

93,106,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

11,193,000

591,000

31,646,000

29,695,000

14,764,000

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

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

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

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

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

11,193,000

591,000

31,646,000

29,695,000

14,764,000

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

1,243,000

1,671,000

2,545,000

847,000

804,000

AMORTIZATION

-

-

-

-

17,123,000

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

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

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

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

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

1,243,000

1,671,000

2,545,000

847,000

17,927,000

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

71,000

2,850,000

4,417,000

12,710,000

838,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

240,608,000

162,394,000

152,056,000

300,191,000

218,699,000

Associated companies

-

-

-

4,786,000

-

Investments

996,000

1,274,000

1,446,000

1,631,000

2,151,000

Deferred assets

-

-

-

10,710,000

-

Others

29,339,000

25,832,000

4,032,000

116,610,000

48,844,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

270,943,000

189,500,000

157,534,000

433,928,000

269,694,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

271,014,000

192,350,000

161,951,000

446,638,000

270,532,000

Stocks

14,185,000

23,490,000

139,878,000

32,850,000

118,482,000

Trade debtors

63,684,000

89,796,000

78,832,000

265,137,000

259,399,000

Other debtors, deposits & prepayments

16,860,000

26,362,000

100,632,000

172,989,000

154,576,000

Amount due from agents, brokers & reinsurers

-

-

5,715,000

-

-

Amount due from holding company

3,723,000

-

54,943,000

-

-

Amount due from subsidiary companies

257,005,000

172,803,000

220,088,000

-

-

Amount due from related companies

228,339,000

425,745,000

220,313,000

810,576,000

398,009,000

Cash & bank balances

285,000

1,563,000

4,688,000

5,617,000

3,856,000

Others

56,063,000

88,020,000

2,174,755,000

1,407,551,000

633,114,000

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

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

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

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

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

TOTAL CURRENT ASSETS

640,144,000

827,779,000

2,999,844,000

2,694,720,000

1,567,436,000

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

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

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

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

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

TOTAL ASSET

911,158,000

1,020,129,000

3,161,795,000

3,141,358,000

1,837,968,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

77,109,000

14,811,000

72,560,000

154,254,000

150,544,000

Other creditors & accruals

34,434,000

165,530,000

193,550,000

354,636,000

131,969,000

Other borrowings

-

-

-

-

10,000,000

Amounts owing to holding company

-

272,941,000

-

-

-

Amounts owing to subsidiary companies

89,755,000

97,355,000

6,000

-

-

Amounts owing to related companies

272,247,000

101,152,000

2,289,034,000

1,516,010,000

1,006,120,000

Provision for taxation

12,708,000

5,212,000

-

15,370,000

1,897,000

Other liabilities

52,609,000

63,170,000

81,830,000

747,493,000

394,305,000

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

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

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

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

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

TOTAL CURRENT LIABILITIES

538,862,000

720,171,000

2,636,980,000

2,787,763,000

1,694,835,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

101,282,000

107,608,000

362,864,000

(93,043,000)

(127,399,000)

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

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

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

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

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

TOTAL NET ASSETS

372,296,000

299,958,000

524,815,000

353,595,000

143,133,000

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

301,780,000

284,610,000

254,710,000

210,967,000

129,947,000

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

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

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

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

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

TOTAL SHARE CAPITAL

301,780,000

284,610,000

254,710,000

210,967,000

129,947,000

Retained profit/(loss) carried forward

70,382,000

14,936,000

269,652,000

345,346,000

93,106,000

Others

134,000

412,000

453,000

(202,718,000)

(79,920,000)

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

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

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

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

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

TOTAL RESERVES

70,516,000

15,348,000

270,105,000

142,628,000

13,186,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

372,296,000

299,958,000

524,815,000

353,595,000

143,133,000

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

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

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

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

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

372,296,000

299,958,000

524,815,000

353,595,000

143,133,000

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

285,000

1,563,000

4,688,000

5,617,000

3,856,000

Net Liquid Funds

285,000

1,563,000

4,688,000

5,617,000

3,856,000

Net Liquid Assets

87,097,000

84,118,000

222,986,000

(125,893,000)

(245,881,000)

Net Current Assets/(Liabilities)

101,282,000

107,608,000

362,864,000

(93,043,000)

(127,399,000)

Net Tangible Assets

372,296,000

299,958,000

524,815,000

353,595,000

143,133,000

Net Monetary Assets

87,097,000

84,118,000

222,986,000

(125,893,000)

(245,881,000)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

71,014,000

1,860,000

(108,975,000)

74,297,000

(60,888,000)

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

72,257,000

3,531,000

(106,430,000)

75,144,000

(42,961,000)

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

10,000,000

Total Liabilities

538,862,000

720,171,000

2,636,980,000

2,787,763,000

1,694,835,000

Total Assets

911,158,000

1,020,129,000

3,161,795,000

3,141,358,000

1,837,968,000

Net Assets

372,296,000

299,958,000

524,815,000

353,595,000

143,133,000

Net Assets Backing

372,296,000

299,958,000

524,815,000

353,595,000

143,133,000

Shareholders' Funds

372,296,000

299,958,000

524,815,000

353,595,000

143,133,000

Total Share Capital

301,780,000

284,610,000

254,710,000

210,967,000

129,947,000

Total Reserves

70,516,000

15,348,000

270,105,000

142,628,000

13,186,000

LIQUIDITY (Times)

Cash Ratio

0

0

0

0

0

Liquid Ratio

1.16

1.12

1.08

0.95

0.85

Current Ratio

1.19

1.15

1.14

0.97

0.92

WORKING CAPITAL CONTROL (Days)

Stock Ratio

3

5

13

4

9

Debtors Ratio

13

21

7

30

19

Creditors Ratio

17

4

6

18

11

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

0.07

Liabilities Ratio

1.45

2.40

5.02

7.88

11.84

Times Interest Earned Ratio

6.34

3.15

(3.44)

2.50

(4.12)

Assets Backing Ratio

1.23

1.05

2.06

1.68

1.10

PERFORMANCE RATIO (%)

Operating Profit Margin

3.33

0.08

(3.49)

1.37

(1.53)

Net Profit Margin

3.09

(0.30)

(1.88)

7.76

(1.49)

Return On Net Assets

19.07

0.62

(20.76)

21.01

(42.54)

Return On Capital Employed

19.07

0.62

(20.76)

21.01

(42.54)

Return On Shareholders' Funds/Equity

14.89

(1.57)

(14.42)

71.34

(51.43)

Dividend Pay Out Ratio (Times)

0

53.01

0

0

3.40

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.37

UK Pound

1

Rs.102.54

Euro

1

Rs.75.32

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

VNT

 

               

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.