MIRA INFORM REPORT

 

 

Report No. :

340704

Report Date :

16.09.2015

 

IDENTIFICATION DETAILS

 

Name :

BTG PACTUAL COMMODITIES (SINGAPORE) PTE. LTD.

 

 

Registered Office :

16, Collyer Quay, 09-00, Income At Raffles, 049318

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

09.07.2013

 

 

Com. Reg. No.:

201318513-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of specific commodities.

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES :

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

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE ECONOMIC OVERVIEW

 

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

 

Source : CIA

EXECUTIVE SUMMARY

 

 

 

REGISTRATION NO.

:

201318513-C

COMPANY NAME

:

BTG PACTUAL COMMODITIES (SINGAPORE) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

09/07/2013

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

16, COLLYER QUAY, 09-00, INCOME AT RAFFLES, 049318, SINGAPORE.

BUSINESS ADDRESS

:

16, COLLYER QUAY, 09-00, INCOME AT RAFFLES, LEVEL 9, 049318, SINGAPORE.

TEL.NO.

:

65-67186400

FAX.NO.

:

65-67186490

CONTACT PERSON

:

JILL M WALLACH ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF SPECIFIC COMMODITIES

ISSUED AND PAID UP CAPITAL

:

86,500,000.00 ORDINARY SHARE, OF A VALUE OF USD 86,500,000.00 

SALES

:

USD 1,631,137,811 [2014]

NET WORTH

:

USD 113,935,225 [2014]

STAFF STRENGTH

:

N/A

BANKER (S)

:

CREDIT AGRICOLE (SUISSE) SA
NATIXIS
SOCIETE GENERALE
UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

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) wholesale of specific commodities.

 

The immediate holding company of the Subject is BTG PACTUAL COMMODITIES HOLDING (UK) LIMITED, a company incorporated in UNITED KINGDOM.

 

Share Capital History

Date

Issue & Paid Up Capital

08/09/2015

USD 86,500,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

BTG PACTUAL COMMODITIES HOLDING (UK) LIMITED

BERKELEY SQUARE HOUSE, 4-19, BERKELEY SQUARE, LONDON, W1J 6BR, UNITED KINGDOM.

T13UF2757

86,500,000.00

100.00

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

------

86,500,000.00

100.00

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

=====

+ Also Director

 

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

Local No

Country

Company

Status

(%)

As At

MALAYSIA

BTG PACTUAL COMMODITIES HOLDING (UK) LIMITED

-

100.00

08/09/2015

 

 

DIRECTORS

 

 

DIRECTOR 1

 

Name Of Subject

:

JILL M WALLACH

Address

:

240, EAST 79TH STREET, PHA NEW YORK, 10075, UNITED STATES.

IC / PP No

:

526605482

Nationality

:

AMERICAN

Date of Appointment

:

09/07/2013

 

DIRECTOR 2

 

Name Of Subject

:

RICARDO LEIMAN

Address

:

19, FIFE ROAD, LONDON SW14 7EJ, UNITED KINGDOM.

IC / PP No

:

BE58RP8P7

Nationality

:

DUTCH

Date of Appointment

:

09/07/2013

 

DIRECTOR 3

 

Name Of Subject

:

ROBERTO BALLS SALLOUTI

Address

:

RUA JOAQUIM CANDIDO DE, AZEVEDO MARQUES, 750, QD01, LT 8E9, SAO PAULO 05688-020, BRAZIL.

IC / PP No

:

FG796464

Nationality

:

BRAZILIAN

Date of Appointment

:

09/07/2013

 

DIRECTOR 4

 

Name Of Subject

:

RONEN ZVI ARIELLY

Address

:

33, MOUNT SINAI RISE, 08-08, MARBELLA, 276954, SINGAPORE.

IC / PP No

:

S7187971B

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/11/2013




MANAGEMENT

 

 

 

1)

Name of Subject

:

JILL M WALLACH

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

DESMOND LEE HENG CHOONG

IC / PP No

:

S2588967C

Address

:

30, MARINE CRESCENT, 07-179, MARINE CRESCENT VILLE, 440030, SINGAPORE.

 

2)

Company Secretary

:

LAI JEK PING

IC / PP No

:

S7376927B

Address

:

207, ANG MO KIO AVENUE, 1, 05-1037, ANG MO KIO, 22, 560207, SINGAPORE.

 

3)

Company Secretary

:

KEVINDER SINGH S/O PAK SINGH

IC / PP No

:

S7974057H

Address

:

101, LENGKONG TIGA, 03-401, 410101, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

CREDIT AGRICOLE (SUISSE) SA

 

2)

Name

:

NATIXIS

 

3)

Name

:

SOCIETE GENERALE

 

4)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201402931

20/03/2014

N/A

CREDIT AGRICOLE (SUISSE) SA

-

Unsatisfied

C201402934

20/03/2014

N/A

CREDIT AGRICOLE (SUISSE) SA

-

Unsatisfied

C201404303

30/04/2014

N/A

ABN AMRO BANK N.V. AMSTERDAM BRANCH

-

Unsatisfied

C201404552

07/05/2014

N/A

ICESTAR B.V.

-

Unsatisfied

C201406841

08/07/2014

N/A

ING BELGIUM, BRUSSELS, GENEVA BRANCH

-

Unsatisfied

C201407812

25/07/2014

N/A

ING BELGIUM, BRUSSELS, GENEVA BRANCH

-

Unsatisfied

C201412903

19/11/2014

N/A

NATIXIS

-

Unsatisfied

C201412906

19/11/2014

N/A

NATIXIS

-

Unsatisfied

C201412908

19/11/2014

N/A

NATIXIS

-

Unsatisfied

C201413519

01/12/2014

N/A

CREDIT SUISSE AG

-

Unsatisfied

C201413521

01/12/2014

N/A

CREDIT SUISSE AG

-

Unsatisfied

C201413523

01/12/2014

N/A

CREDIT SUISSE AG

-

Unsatisfied

C201413525

01/12/2014

N/A

CREDIT SUISSE AG

-

Unsatisfied

C201413947

10/12/2014

N/A

SOCIETE GENERALE

-

Unsatisfied

C201502573

25/02/2015

N/A

ING BELGIUM, BRUSSELS, GENEVA BRANCH

-

Unsatisfied

C201505850

21/05/2015

N/A

DBS BANK LTD.

-

Unsatisfied

C201507029

24/06/2015

N/A

CIMB BANK BERHAD

-

Unsatisfied

C201507099

25/06/2015

N/A

DEUTSCHE BANK AG, AMSTERDAM BRANCH

-

Unsatisfied

C201509287

19/08/2015

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201509293

19/08/2015

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

 

 

LITIGATION CHECK AGAINST SUBJECT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

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

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

N/A

Overseas

:

N/A

Credit Term

:

N/A

Payment Mode

:

N/A


The Subject refused to disclose its clientele. 

 

 

OPERATIONS

 

Goods Traded

:

SPECIFIC COMMODITIES

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of specific commodities. 

The Subject refused to disclose its operation. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-67186400

Match

:

N/A

Address Provided by Client

:

INCOME AT AT RAFFLES LEVEL 9, 16 COLLYER QUA SINGAPORE 049318

Current Address

:

16, COLLYER QUAY, 09-00, INCOME AT RAFFLES, LEVEL 9, 049318, SINGAPORE.

Match

:

NO

 

Other Investigations


On 14th September 2015 we contacted one of the staff from the Subject and she only provided limited information on the Subject.

The address provided is incomplete.

The Subject refused to disclose its number of employees.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

(0.00%)

]

Profit/(Loss) Before Tax

:

Decreased

[

(6,299.21%)

]

Return on Shareholder Funds

:

Acceptable

[

24.55%

]

Return on Net Assets

:

Favourable

[

32.30%

]

The higher turnover could be attributed to the favourable market condition.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Nil

[

0 Days

]

Debtor Ratio

:

Favourable

[

43 Days

]

Creditors Ratio

:

Favourable

[

0 Days

]

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

Liquidity

Liquid Ratio

:

Favourable

[

1.11 Times

]

Current Ratio

:

Unfavourable

[

1.11 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

:

Favourable

[

10.40 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STABLE

 

 

 

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 2013, the Subject is a Private Limited company, focusing on wholesale of specific commodities. 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. The Subject is a large entity with strong capital position of USD 86,500,000. 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. 

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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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 113,935,225, the Subject should be able to maintain its business in the near terms. 

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

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

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

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2014-12-31

2013-12-31

Months

12

6

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

TURNOVER

1,631,137,811

-

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

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

Total Turnover

1,631,137,811

-

Costs of Goods Sold

(1,642,210,256)

-

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

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

Gross Profit

(11,072,445)

-

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

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

PROFIT/(LOSS) FROM OPERATIONS

33,266,971

(536,632)

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

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

PROFIT/(LOSS) BEFORE TAXATION

33,266,971

(536,632)

Taxation

(5,295,114)

-

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

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

PROFIT/(LOSS) AFTER TAXATION

27,971,857

(536,632)

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(536,632)

-

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

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

As restated

(536,632)

-

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

27,435,225

(536,632)

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

27,435,225

(536,632)

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

3,538,829

-

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

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

3,538,829

-

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

-

DEPRECIATION (as per notes to P&L)

197,244

-

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

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

197,244

-

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

 

 

 

 

BALANCE SHEET

 

 

ASSETS EMPLOYED:

FIXED ASSETS

867,885

-

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

11,500,000

-

Associated companies

500,200

-

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

12,000,200

-

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

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

TOTAL LONG TERM ASSETS

12,868,085

-

Trade debtors

190,923,785

-

Other debtors, deposits & prepayments

136,928,564

12,829,589

Amount due from holding company

1,818,155

-

Amount due from subsidiary companies

17,389,709

-

Cash & bank balances

17,386,012

806,966

Others

656,848,739

5,054,252

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

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

TOTAL CURRENT ASSETS

1,021,294,964

18,690,807

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

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

TOTAL ASSET

1,034,163,049

18,690,807

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

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

Other creditors & accruals

727,662,623

769,172

Amounts owing to holding company

155,790,375

5,010,921

Amounts owing to subsidiary companies

1,932,379

-

Other liabilities

34,842,447

3,447,346

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

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

TOTAL CURRENT LIABILITIES

920,227,824

9,227,439

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

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

NET CURRENT ASSETS/(LIABILITIES)

101,067,140

9,463,368

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

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

TOTAL NET ASSETS

113,935,225

9,463,368

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

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

SHARE CAPITAL

Ordinary share capital

86,500,000

10,000,000

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

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

TOTAL SHARE CAPITAL

86,500,000

10,000,000

Retained profit/(loss) carried forward

27,435,225

(536,632)

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

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

TOTAL RESERVES

27,435,225

(536,632)

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

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

SHAREHOLDERS' FUNDS/EQUITY

113,935,225

9,463,368

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

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

113,935,225

9,463,368

 

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

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

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

17,386,012

806,966

Net Liquid Funds

17,386,012

806,966

Net Liquid Assets

101,067,140

9,463,368

Net Current Assets/(Liabilities)

101,067,140

9,463,368

Net Tangible Assets

113,935,225

9,463,368

Net Monetary Assets

101,067,140

9,463,368

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

(536,632)

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

37,003,044

(536,632)

BALANCE SHEET ITEMS

Total Borrowings

0

0

Total Liabilities

920,227,824

9,227,439

Total Assets

1,034,163,049

18,690,807

Net Assets

113,935,225

9,463,368

Net Assets Backing

113,935,225

9,463,368

Shareholders' Funds

113,935,225

9,463,368

Total Share Capital

86,500,000

10,000,000

Total Reserves

27,435,225

(536,632)

LIQUIDITY (Times)

Cash Ratio

0.02

0.09

Liquid Ratio

1.11

2.03

Current Ratio

1.11

2.03

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

Debtors Ratio

43

0

Creditors Ratio

0

0

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

Liabilities Ratio

8.08

0.98

Times Interest Earned Ratio

10.40

0

Assets Backing Ratio

1.32

0.95

PERFORMANCE RATIO (%)

Operating Profit Margin

2.04

0

Net Profit Margin

1.71

0

Return On Net Assets

32.30

(5.67)

Return On Capital Employed

32.30

(5.67)

Return On Shareholders' Funds/Equity

24.55

(5.67)

Dividend Pay Out Ratio (Times)

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.44

UK Pound

1

Rs.102.41

Euro

1

Rs.75.05

 

 

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.