|
Report No. : |
342595 |
|
Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
PURE CHEMICALS PTE. LTD. |
|
|
|
|
Registered Office : |
12, Prince Edward Road, 03-07, Bestway Building, 079212 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
26.04.2011 |
|
|
|
|
Com. Reg. No.: |
201109910-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged
in wholesale of basic industrial chemicals. |
|
|
|
|
No. of Employees : |
3 |
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. |
: |
201109910-W |
||||
|
COMPANY NAME |
: |
PURE CHEMICALS
PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
26/04/2011 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
12, PRINCE
EDWARD ROAD, 03-07, BESTWAY BUILDING, 079212, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
12, PRINCE
EDWARD ROAD, 03-07, PODIUM B, BESTWAY BUILDING, 079212, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63279426 |
||||
|
FAX.NO. |
: |
65-63279473 |
||||
|
CONTACT PERSON |
: |
MUTHUSAMY
PONNUSWAMI LAKSHIMIPATHY ( PRESIDENT ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
WHOLESALE OF
BASIC INDUSTRIAL CHEMICALS |
||||
|
ISSUED AND PAID
UP CAPITAL |
: |
1,172,780.00
ORDINARY SHARE, OF A VALUE OF SGD 1,172,780.00 |
||||
|
SALES |
: |
USD 35,933,315
[2014] |
||||
|
NET WORTH |
: |
USD 868,984
[2014] |
||||
|
STAFF STRENGTH |
: |
3 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
SLOW BUT CORRECT
|
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE 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) wholesale of basic industrial chemicals.
The immediate
holding company of the Subject is PON PURE CHEM PRIVATE LIMITED, a company
incorporated in INDIA.
Share
Capital History
|
Date |
Issue & Paid
Up Capital |
|
28/09/2015 |
SGD 1,172,780.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
PON PURE CHEM
PRIVATE LIMITED |
32, H-BLOCK, 15TH
MAIN ROAD, ANNA NAGAR, CHENNAI, 600040, TAMIL NADU, 600012, INDIA. |
T11UF1804 |
1,172,780.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,172,780.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
AUSTRALIA |
PURE CHEMICALS
PTY LTD |
- |
100.00 |
31/03/2014 |
DIRECTOR 1
|
Name Of Subject |
: |
SIVANADIYAN
SATHAPPAN |
|
Address |
: |
28, LORONG
MYDIN, 02-03, ASTORIA PARK, 416883, SINGAPORE. |
|
IC / PP No |
: |
G5411862M |
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
08/05/2015 |
DIRECTOR
2
|
Name Of Subject |
: |
SUBHA RAMANATHAN |
|
Address |
: |
7, MARINE VISTA,
13-15, NEPTUNE COURT, 449031, SINGAPORE. |
|
IC / PP No |
: |
S2646846I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
26/04/2011 |
|
1) |
Name of Subject |
: |
MUTHUSAMY
PONNUSWAMI LAKSHIMIPATHY |
|
Position |
: |
PRESIDENT |
|
Auditor |
: |
MGI N RAJAN
ASSOCIATES |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
SUBHA RAMANATHAN |
|
IC / PP No |
: |
S2646846I |
|
|
Address |
: |
7, MARINE VISTA,
13-15, NEPTUNE COURT, 449031, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
INDIAN OVERSEAS
BANK |
|
2) |
Name |
: |
STANDARD
CHARTERED BANK |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201304077 |
20/03/2013 |
N/A |
INDIAN OVERSEAS
BANK |
- |
Unsatisfied |
|
C201413099 |
21/11/2014 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201413102 |
21/11/2014 |
N/A |
STANDARD
CHARTERED BANK |
- |
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 |
: |
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 |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
X |
] |
Poor >120
Days |
[ |
] |
||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
|
Goods Traded |
: |
INDUSTRIAL
CHEMICALS |
|
|
Total Number of
Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
3 |
3 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of basic
industrial chemicals.
The Subject refused to disclose its business operation.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number
Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-63279426 |
|
Match |
: |
N/A |
|
Address Provided
by Client |
: |
12, PRINCE
EDWARD ROAD, 03-07, PODIUM B, BESTWAY BUILDING,079212,SINGAPORE |
|
Current Address |
: |
12, PRINCE
EDWARD ROAD, 03-07, PODIUM B, BESTWAY BUILDING, 079212, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 - 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2012 - 2014 |
] |
|
|
Return on
Shareholder Funds |
: |
Unfavourable |
[ |
8.68% |
] |
|
|
Return on Net
Assets |
: |
Favourable |
[ |
39.16% |
] |
|
|
The Subject's turnover
increased steadily as the demand for its products / services increased due to
the goodwill built up over the years.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
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
5 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
58 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
52 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 management was quite efficient in handling
its debtors. The Subject's debtors days were at an acceptable range, thus the
risk of its debts turning bad was minimised. 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 |
[ |
1.07 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.14 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 |
: |
Unfavourable |
[ |
1.32 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.98 Times |
] |
|
|
The Subject's
interest cover was low. If its profits fall or when interest rate rises, it
may not be able to meet all its interest payment. The Subject was
highly geared, thus it had a high financial risk. The Subject was dependent
on loans to finance its business needs. In times of economic downturn and /
or high interest rate, the Subject will become less profitable and
competitive than other firms in the same industry, which are lowly geared.
This is because the Subject has to service the interest and to repay the
loan, which will erode part of its profits. The profits will fluctuate depending
on the Subject's turnover and the interest it needs to pay. |
||||||
|
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. If there is a fall in the Subject's profit or any
increase in interest rate, the Subject may not be able to generate sufficient
cash-flow to service its interest. The Subject's gearing level was high and
its going concern will be in doubt if there is no injection of additional
shareholders' funds in times of economic downturn and / or high interest
rates. |
||||||
|
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 : |
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 |
|
|
Incorporated in 2011, the Subject is a Private Limited
company, focusing on wholesale of basic industrial chemicals. 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. We noted that the issued and paid up capital of
the Subject stands at SGD 1,172,780 and having strong backing from its
holding company.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
Financial Year
End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
|
Months |
12 |
12 |
11 |
|
Consolidated
Account |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
35,933,315 |
5,613,636 |
70,095 |
|
Other Income |
12,820 |
1,818 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
35,946,135 |
5,615,454 |
70,095 |
|
Costs of Goods
Sold |
(35,057,965) |
(5,409,831) |
(31,303) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
888,170 |
205,623 |
38,792 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
96,197 |
(66,716) |
(110,438) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
96,197 |
(66,716) |
(110,438) |
|
Taxation |
(20,754) |
(1,713) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
75,443 |
(68,429) |
(110,438) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously
reported |
(120,584) |
(110,438) |
- |
|
Prior year
adjustment |
- |
58,283 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
(120,584) |
(52,155) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE
FOR APPROPRIATIONS |
(45,141) |
(120,584) |
(110,438) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(45,141) |
(120,584) |
(110,438) |
|
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||
|
Letter of credit |
155,512 |
- |
- |
|
Loan from
holding company |
137,293 |
24,023 |
- |
|
Others |
6,088 |
6,903 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
298,893 |
30,926 |
- |
|
|
============= |
============= |
- |
|
|
DEPRECIATION (as
per notes to P&L) |
6,030 |
1,819 |
1,304 |
|
---------------- |
---------------- |
---------------- |
|
|
6,030 |
1,819 |
1,304 |
|
|
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
13,846 |
3,851 |
5,844 |
|
Deferred assets |
35,515 |
58,283 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
35,515 |
58,283 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
ASSETS |
49,361 |
62,134 |
5,844 |
|
Stocks |
461,593 |
290,303 |
- |
|
Trade debtors |
5,735,597 |
390,058 |
50,519 |
|
Other debtors,
deposits & prepayments |
374,486 |
244,845 |
140,101 |
|
Short term
deposits |
300,000 |
- |
- |
|
Interest
receivable |
3,698 |
- |
- |
|
Cash & bank
balances |
870,973 |
297,957 |
111,500 |
|
Others |
175,555 |
63,364 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
7,921,902 |
1,286,527 |
302,120 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
7,971,263 |
1,348,661 |
307,964 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade creditors |
4,954,499 |
556,025 |
4,299 |
|
Other creditors
& accruals |
129,803 |
103,311 |
150,194 |
|
Short term
borrowings/Term loans |
1,719,732 |
- |
- |
|
Amounts owing to
holding company |
141,798 |
20,426 |
- |
|
Provision for
taxation |
4,958 |
1,713 |
- |
|
Other
liabilities |
11,632 |
- |
690 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
6,962,422 |
681,475 |
155,183 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
959,480 |
605,052 |
146,937 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,008,841 |
667,186 |
152,781 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share
capital |
935,000 |
635,000 |
259,310 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
935,000 |
635,000 |
259,310 |
|
Exchange
equalisation/fluctuation reserve |
(20,875) |
1,613 |
3,909 |
|
Retained
profit/(loss) carried forward |
(45,141) |
(120,584) |
(110,438) |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(66,016) |
(118,971) |
(106,529) |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
868,984 |
516,029 |
152,781 |
|
Others |
139,857 |
151,157 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
LIABILITIES |
139,857 |
151,157 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
1,008,841 |
667,186 |
152,781 |
|
|
============= |
============= |
============= |
|
TYPES OF FUNDS |
|||
|
Cash |
1,170,973 |
297,957 |
111,500 |
|
Net Liquid Funds |
1,170,973 |
297,957 |
111,500 |
|
Net Liquid
Assets |
497,887 |
314,749 |
146,937 |
|
Net Current
Assets/(Liabilities) |
959,480 |
605,052 |
146,937 |
|
Net Tangible
Assets |
1,008,841 |
667,186 |
152,781 |
|
Net Monetary
Assets |
358,030 |
163,592 |
146,937 |
|
PROFIT &
LOSS ITEMS |
|||
|
Earnings Before
Interest & Tax (EBIT) |
395,090 |
(35,790) |
(110,438) |
|
Earnings Before
Interest, Taxes, Depreciation And Amortization (EBITDA) |
401,120 |
(33,971) |
(109,134) |
|
BALANCE SHEET
ITEMS |
|||
|
Total Borrowings |
1,719,732 |
0 |
0 |
|
Total
Liabilities |
7,102,279 |
832,632 |
155,183 |
|
Total Assets |
7,971,263 |
1,348,661 |
307,964 |
|
Net Assets |
1,008,841 |
667,186 |
152,781 |
|
Net Assets
Backing |
868,984 |
516,029 |
152,781 |
|
Shareholders'
Funds |
868,984 |
516,029 |
152,781 |
|
Total Share
Capital |
935,000 |
635,000 |
259,310 |
|
Total Reserves |
(66,016) |
(118,971) |
(106,529) |
|
LIQUIDITY
(Times) |
|||
|
Cash Ratio |
0.17 |
0.44 |
0.72 |
|
Liquid Ratio |
1.07 |
1.46 |
1.95 |
|
Current Ratio |
1.14 |
1.89 |
1.95 |
|
WORKING CAPITAL
CONTROL (Days) |
|||
|
Stock Ratio |
5 |
19 |
0 |
|
Debtors Ratio |
58 |
25 |
263 |
|
Creditors Ratio |
52 |
38 |
50 |
|
SOLVENCY RATIOS
(Times) |
|||
|
Gearing Ratio |
1.98 |
0 |
0 |
|
Liabilities
Ratio |
8.17 |
1.61 |
1.02 |
|
Times Interest
Earned Ratio |
1.32 |
(1.16) |
0 |
|
Assets Backing
Ratio |
1.08 |
1.05 |
0.59 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating Profit
Margin |
0.27 |
(1.19) |
(157.55) |
|
Net Profit Margin |
0.21 |
(1.22) |
(157.55) |
|
Return On Net
Assets |
39.16 |
(5.36) |
(72.29) |
|
Return On
Capital Employed |
39.16 |
(5.36) |
(72.29) |
|
Return On
Shareholders' Funds/Equity |
8.68 |
(13.26) |
(72.29) |
|
Dividend Pay Out
Ratio (Times) |
0 |
0 |
0 |
|
NOTES TO
ACCOUNTS |
|||
|
Contingent
Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.08 |
|
UK Pound |
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.