|
Report No. : |
341374 |
|
Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
DORF KETAL CHEMICALS PTE. LTD. |
|
|
|
|
Registered Office : |
25, International Business Park, 04-56, German Centre, 609916 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
18.02.2008 |
|
|
|
|
Com. Reg. No.: |
200803264-E |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
The Subject is engaged in the activities of
head and regional head offices, trading of chemicals. |
|
|
|
|
No. of Employees : |
8 [2015] |
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 |
|
REGISTRATION
NO. |
: |
200803264-E |
|
COMPANY
NAME |
: |
DORF
KETAL CHEMICALS PTE. LTD. |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
18/02/2008 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
25,
INTERNATIONAL BUSINESS PARK, 04-56, GERMAN CENTRE, 609916, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
25,
INTERNATIONAL BUSINESS PARK, 04-56, GERMAN CENTRE,, 609916, SINGAPORE. |
|
TEL.NO. |
: |
65-65628255 |
|
FAX.NO. |
: |
N/A |
|
CONTACT
PERSON |
: |
MENON
SUDHIR ANIPARAMBIL ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
ACTIVITIES
OF HEAD AND REGIONAL HEAD OFFICES, TRADING OF CHEMICALS |
|
ISSUED
AND PAID UP CAPITAL |
: |
4,028,833.00
ORDINARY SHARE, OF A VALUE OF SGD 4,028,833.00 |
|
SALES |
: |
SGD
17,148,672 [2014] |
|
NET
WORTH |
: |
SGD
1,361,029 [2014] |
|
STAFF
STRENGTH |
: |
8
[2015] |
|
|
|
|
|
BANKER
(S) |
|
CITIBANK
N.A. |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
SLOW BUT CORRECT |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
MODERATE |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
MARGINAL
GROWTH |
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) activities of head and
regional head offices, trading of chemicals.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
17/09/2015 |
SGD
4,028,833.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MENON
SUBODH VIJAYARAGHAVA + |
401/402,
SWAPNA LOK, MARVE ROAD, MALAD WEST, 400064, MUMBAI, INDIA. |
G4542086 |
570,564.00 |
14.16 |
|
MENON
SUDHIR ANIPARAMBIL + |
501,
SWAPNA LOK, MARVE ROAD, MALAD WEST, 400064, MUMBAI, INDIA. |
G2451917 |
570,564.00 |
14.16 |
|
DORF-KETAL
CHEMICALS INDIA PRIVATE LIMITED |
1,
DORF KETAL TOWER, DMONTE STREET ORLEM, MALAD WEST, 400064, MUMBAI, INDIA. |
T08UF1014A |
2,887,705.00 |
71.68 |
|
--------------- |
------ |
|||
|
4,028,833.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTOR
1
|
Name
Of Subject |
: |
CHOKSI
JAY KIRITKUMAR |
|
Address |
: |
458,
CHOA CHU KANG AVENUE 4, 07-205, 680458, SINGAPORE. |
|
IC
/ PP No |
: |
S7687686Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
18/02/2008 |
DIRECTOR
2
|
Name
Of Subject |
: |
NG
JOO THEN |
|
Address |
: |
112,
CLEMENTI STREET 13, 01-23, 120112, SINGAPORE. |
|
IC
/ PP No |
: |
S0002121J |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
22/06/2012 |
DIRECTOR
3
|
Name
Of Subject |
: |
NAIR
SUNIL SHANKARAN |
|
Address |
: |
370G,
ALEXANDRA ROAD, 09-07, THE ANCHORAGE, 159960, SINGAPORE. |
|
IC
/ PP No |
: |
G3135982T |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
27/04/2015 |
DIRECTOR
4
|
Name
Of Subject |
: |
MENON
SUBODH VIJAYARAGHAVA |
|
Address |
: |
401/402,
SWAPNA LOK, MARVE ROAD, MALAD WEST, 400064, MUMBAI, INDIA. |
|
IC
/ PP No |
: |
G4542086 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
18/02/2008 |
DIRECTOR
5
|
Name
Of Subject |
: |
MENON
SUDHIR ANIPARAMBIL |
|
Address |
: |
501,
SWAPNA LOK, MARVE ROAD, MALAD WEST, 400064, MUMBAI, INDIA. |
|
IC
/ PP No |
: |
G2451917 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
18/02/2008 |
|
1)
|
Name
of Subject |
: |
MENON
SUDHIR ANIPARAMBIL |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
RSM
CHIO LIM LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
OOI
SIEW HUANG |
|
IC
/ PP No |
: |
S7377384I |
|
|
Address |
: |
730,
WOODLANDS CIRCLE, 03-23, 730730, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
CITIBANK
N.A. |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201413955 |
10/12/2014 |
N/A |
CITIBANK
N.A. |
- |
Unsatisfied |
* 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.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
] |
||||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
X |
] |
||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Goods
Traded |
: |
|
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
8 |
||||||||
|
Branch |
: |
|
Other
Information:
The Subject is principally engaged in the (as a / as an) activities of head and
regional head offices, trading of chemicals.
The staff from the registered office refused to disclose any information on the
Subject's operation.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-65628255 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
25
INTERNATIONAL BUSINESS PARK, #04-56 GERMAN CENTRE, SINGAPORE 609916 |
|
Current
Address |
: |
25,
INTERNATIONAL BUSINESS PARK, 04-56, GERMAN CENTRE,, 609916, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject's registered office and she
provided some information.
She refused to disclose the fax number.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
243.14% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
(298.87%) |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(62.49%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(62.46%) |
] |
|
|
The
increase in turnover could be due to the Subject adopting an aggressive
marketing strategy.Higher losses before tax during the year could be due to
the higher operating costs incurred. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
36
Days |
] |
|
|
Debtor
Ratio |
: |
Unfavourable |
[ |
126
Days |
] |
|
|
Creditors
Ratio |
: |
Unfavourable |
[ |
299
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The Subject's debtors ratio was high. The
Subject should tighten its credit control and improve its collection period.
The unfavourable creditors' ratio could be due to the Subject taking
advantage of the credit granted by its suppliers. However this may affect the
goodwill between the Subject and its suppliers and the Subject may
inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Acceptable |
[ |
0.92
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.08
Times |
] |
|
|
The
Subject's liquid ratio was slightly low. This could indicate that the
Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or increase
its paid up capital so that it can meet all its short term obligations as and
when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Unfavourable |
[ |
(2,665.03
Times) |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject incurred losses in the year. It did not generate sufficient income to
service its interest. If the situation does not improve, the Subject may
be vulnerable to default in servicing the interest. The Subject had no
gearing and hence it had virtually no financial risk. The Subject was
financed by its shareholders' funds and internally generated fund. During the
economic downturn, the Subject, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the Subject's turnover increased its profits however showed a reverse trend.
The losses could be due to the management's failure to maintain its
competitiveness in the market. The Subject's liquidity was at an acceptable
range. If the Subject is able to obtain further short term financing, it
should be able to meet all its short term obligations. The Subject's interest
cover was negative, indicating that it did not generate sufficient income to
service its interest. If its result does not show impressive improvements or
succeed obtaining short term financing or capital injection, it may not be
able to service its interest and repay the loans. The Subject was a zero
gearing company, it was solely dependant on its shareholders to provide funds
to finance its business. The Subject has good chance of getting loans, if the
needs arises. |
||||||
|
Overall
financial condition of the Subject : LIMITED |
||||||
|
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
: |
ECONOMY |
|
The Ministry of Trade and Industry (MTI)
announced that it expects the Singapore economy to grow by around 3.0% in
2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%,
higher than the 1.9% growth in 2012. This was mainly due to strong growth in
the services producing industries, particularly the finance & insurance,
as well as wholesale & retail trade sectors. |
|
|
In 2013, all sectors contributed positively
to growth. Finance & insurance was the largest contributor (1.2
percentage-points), followed by wholesale & retail trade (0.8
percentage-points) and business services (0.6 percentage-points). Growth in
the manufacturing sector was improved by 1.7%, on the back of strong growth
in the electronics and transport engineering clusters. By contrast, growth in
the construction sector moderated to 5.9%, from 8.6% in 2012. |
|
|
Growth in the services producing industries
picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger
growth in the finance & insurance and wholesale & retail trade
sectors. The finance & insurance sector grew by 11%, up from 1.3% in the
previous year. The wholesale & retail trade sector has expanded by 5.0%,
after declining by 1.4% the year before. |
|
|
For the whole of 2013, growth in total
demand was 3.1%, similar to the pace of growth in 2012. External demand was
the key contributor to total demand growth, accounting for 2.7
percentage-points, or almost 90%, of the increase. External demand grew at a
faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported
mainly by growth in the exports of machinery & transport equipment,
miscellaneous manufactures, and transport services. Total domestic demand
rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth
in total domestic demand was primarily due to the decline in gross fixed
capital formation (GFCF). |
|
|
For the full year, total consumption
expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public
consumption expenditure increased by 11%, a strong rebound from the 1.9%
decline in 2012. Private consumption expenditure recorded gains of 2.7%,
moderating from the 4.1% increase in the preceding year. |
|
|
Furthermore, in the first three quarters of
2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the
rest of the year, growth is expected to ease slightly on a year-on-year basis,
in line with a projected slowdown in the global economy. Externally-oriented
sectors such as the manufacturing and transportation & storage sectors
are likely to slow, whereas growth in the construction sector will continue
to be weighed down by the weakness in private sector construction activities.
On the other hand, domestically-oriented sectors like business services are
likely to remain resilient. |
|
|
Additionally, the labour market in
Singapore is expected to remain tight in 2015, with low unemployment and
rising vacancy rates. Against this global and domestic backdrop, the growth
outlook for the Singapore economy remains modest. In tandem with the expected
pick-up in external demand, externally-oriented sectors such as
manufacturing, wholesale trade and finance & insurance are likely to
provide support to growth. While some domestically-oriented sectors such as
businesses services are expected to remain resilient, labour-intensive ones
like construction, retail and food services may see their growth weighed down
by labour constraints. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
|
Incorporated in 2008, the Subject is a Private
Limited company, focusing on activities of head and regional head offices,
trading of chemicals. Having been in business for more than 5 years, the
Subject has established a remarkable clientele base for itself which has
contributed to its business growth. Presently, the issued and paid up capital
of the Subject stands at SGD 4,028,833. The Subject have a strong support
from its shareholder.
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
Financial
Year End |
2014-03-31 |
2013-03-31 |
|
Months |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
|
Audited
Account |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
|
Currency |
SGD |
SGD |
|
TURNOVER |
17,148,672 |
4,997,589 |
|
---------------- |
---------------- |
|
|
Total
Turnover |
17,148,672 |
4,997,589 |
|
Costs
of Goods Sold |
(12,041,034) |
(2,798,313) |
|
---------------- |
---------------- |
|
|
Gross
Profit |
5,107,638 |
2,199,276 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(850,464) |
(213,216) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(850,464) |
(213,216) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(850,464) |
(213,216) |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As
previously reported |
(117,340) |
95,876 |
|
---------------- |
---------------- |
|
|
As
restated |
(117,340) |
95,876 |
|
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(967,804) |
(117,340) |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(967,804) |
(117,340) |
|
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
||
|
Others |
319 |
136 |
|
---------------- |
---------------- |
|
|
319 |
136 |
|
|
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
144,183 |
21,554 |
|
---------------- |
---------------- |
|
|
144,183 |
21,554 |
|
|
============= |
============= |
|
ASSETS
EMPLOYED: |
||
|
FIXED
ASSETS |
301,276 |
155,026 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
||
|
Subsidiary
companies |
199,125 |
- |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
199,125 |
- |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
500,401 |
155,026 |
|
Stocks |
1,685,659 |
2,053,991 |
|
Trade
debtors |
5,917,566 |
2,996,642 |
|
Other
debtors, deposits & prepayments |
93,983 |
46,456 |
|
Amount
due from holding company |
552,498 |
- |
|
Amount
due from subsidiary companies |
649,907 |
2,259 |
|
Amount
due from related companies |
237,044 |
690,628 |
|
Amount
due from associated companies |
115,772 |
- |
|
Cash
& bank balances |
1,942,336 |
505,091 |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
11,194,765 |
6,295,067 |
|
---------------- |
---------------- |
|
|
TOTAL
ASSET |
11,695,166 |
6,450,093 |
|
============= |
============= |
|
|
CURRENT
LIABILITIES |
||
|
Trade
creditors |
9,857,285 |
5,397,042 |
|
Deposits
from customers |
- |
48,948 |
|
Amounts
owing to subsidiary companies |
476,277 |
- |
|
Amounts
owing to related companies |
- |
475,000 |
|
Provision
for taxation |
575 |
575 |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
10,334,137 |
5,921,565 |
|
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
860,628 |
373,502 |
|
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
1,361,029 |
528,528 |
|
============= |
============= |
|
|
SHARE
CAPITAL |
||
|
Ordinary
share capital |
2,328,833 |
645,868 |
|
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
2,328,833 |
645,868 |
|
Retained
profit/(loss) carried forward |
(967,804) |
(117,340) |
|
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(967,804) |
(117,340) |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
1,361,029 |
528,528 |
|
---------------- |
---------------- |
|
|
1,361,029 |
528,528 |
|
|
============= |
============= |
|
TYPES
OF FUNDS |
||
|
Cash |
1,942,336 |
505,091 |
|
Net
Liquid Funds |
1,942,336 |
505,091 |
|
Net
Liquid Assets |
(825,031) |
(1,680,489) |
|
Net
Current Assets/(Liabilities) |
860,628 |
373,502 |
|
Net
Tangible Assets |
1,361,029 |
528,528 |
|
Net
Monetary Assets |
(825,031) |
(1,680,489) |
|
PROFIT
& LOSS ITEMS |
||
|
Earnings
Before Interest & Tax (EBIT) |
0 |
0 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
(705,962) |
(191,526) |
|
BALANCE
SHEET ITEMS |
||
|
Total
Borrowings |
0 |
0 |
|
Total
Liabilities |
10,334,137 |
5,921,565 |
|
Total
Assets |
11,695,166 |
6,450,093 |
|
Net
Assets |
1,361,029 |
528,528 |
|
Net
Assets Backing |
1,361,029 |
528,528 |
|
Shareholders'
Funds |
1,361,029 |
528,528 |
|
Total
Share Capital |
2,328,833 |
645,868 |
|
Total
Reserves |
(967,804) |
(117,340) |
|
LIQUIDITY
(Times) |
||
|
Cash
Ratio |
0.19 |
0.09 |
|
Liquid
Ratio |
0.92 |
0.72 |
|
Current
Ratio |
1.08 |
1.06 |
|
WORKING
CAPITAL CONTROL (Days) |
||
|
Stock
Ratio |
36 |
150 |
|
Debtors
Ratio |
126 |
219 |
|
Creditors
Ratio |
299 |
704 |
|
SOLVENCY
RATIOS (Times) |
||
|
Gearing
Ratio |
0 |
0 |
|
Liabilities
Ratio |
7.59 |
11.20 |
|
Times
Interest Earned Ratio |
(2,665.03) |
(1,566.76) |
|
Assets
Backing Ratio |
0.58 |
0.82 |
|
PERFORMANCE
RATIO (%) |
||
|
Operating
Profit Margin |
(4.96) |
(4.27) |
|
Net
Profit Margin |
(4.96) |
(4.27) |
|
Return
On Net Assets |
(62.46) |
(40.32) |
|
Return
On Capital Employed |
(62.46) |
(40.32) |
|
Return
On Shareholders' Funds/Equity |
(62.49) |
(40.34) |
|
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.65.75 |
|
UK Pound |
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.