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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

491674

Report Date :

20.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ACE SHIP RECYCLING PTE. LTD.

 

 

Registered Office :

20, Maxwell Road, 02-04, Maxwell House, 069113

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

07.01.2014

 

 

Com. Reg. No.:

201400705N

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in the trading of metal scraps, ship brokering services.

 

 

No. of Employees :

3 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

A1

A1

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

201400705N

COMPANY NAME

:

ACE SHIP RECYCLING PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

07/01/2014

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

20, MAXWELL ROAD, 02-04, MAXWELL HOUSE, 069113, SINGAPORE.

BUSINESS ADDRESS

:

20, MAXWELL ROAD, 02-04, MAXWELL HOUSE, 069113, SINGAPORE.

TEL.NO.

:

65-62213004

FAX.NO.

:

65-62213613

CONTACT PERSON

:

SANJIV AGARWAL ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF METAL SCRAPS, SHIP BROKERING SERVICES

ISSUED AND PAID UP CAPITAL

:

10.00 ORDINARY SHARE, OF A VALUE OF SGD 10.00 
1,030,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,160,000.00 

SALES

:

USD 60,622,223 [2017]

NET WORTH

:

USD 3,335,811 [2017]

STAFF STRENGTH

:

3 [2018]

BANKER (S)

:

INDIAN OVERSEAS BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

NO COMPLAINTS

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

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) trading of metal scraps, ship brokering services.

 

The immediate and ultimate holding company of the Subject is M. J. SCRAP PRIVATE LIMITED, a company incorporated in INDIA.

 

Share Capital History

Date

Issue & Paid Up Capital

13/02/2018

SGD 10.00 & USD 1,160,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

M. J. SCRAP PRIVATE LIMITED
[ORDINARY=USD 750,000 & ORDINARY=SGD 10]

42, GANESH CHANDRA AVENUE, KOLKATA 700013 ,INDIA

T14UF0071

750,010.00

72.82

NOVATIC TRADING - FZE
[ORDINARY=USD 200,000]

SM-OFFICE-F1-148G, AJMAN FREE ZONE AJMAN UNITED ARAB EMIRATES

T14UF1485

200,000.00

19.42

SANJIV AGARWAL +
[ORDINARY=USD 50,000]

7, BEDOK RESERVOIR VIEW, 02-03, AQUARIUS BY THE PARK, 478929, SINGAPORE.

G5235545T

50,000.00

4.85

ALPHONSUS LIGUORIO ROBERT VIEGAS
[ORDINARY=USD 30,000]

LANDSCAPE TOWN, CABO, BLOCK C, APT 501, ODXEL, PANAJI TISWADI, NORTH GOA, PIN 403206, GOA INDIA

Z3716490

30,000.00

2.91

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

------

1,030,010.00

100.00

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

=====

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

KUMAR MAYANK

Address

:

7, BEDOK RESERVOIR VIEW, 02-03, AQUARIUS BY THE PARK, 478929, SINGAPORE.

Other Address(es)

:

766, BEDOK RESERVOIR VIEW, 18-247, LONGVALE, 470766, SINGAPORE.

IC / PP No

:

G5203650Q

Nationality

:

INDIAN

Date of Appointment

:

09/07/2015



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201400705N

ACE SHIP RECYCLING PTE. LTD.

Director

09/07/2015

0.00

-

USD1,528,584.00

2017

-

13/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

SANJIV AGARWAL

Address

:

7, BEDOK RESERVOIR VIEW, 02-03, AQUARIUS BY THE PARK, 478929, SINGAPORE.

Other Address(es)

:

766, BEDOK RESERVOIR VIEW, 18-247, LONGVALE, 470766, SINGAPORE.

IC / PP No

:

G5235545T

Nationality

:

INDIAN

Date of Appointment

:

01/04/2014

Remark

:

ORDINARY=USD 50,000



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201400705N

ACE SHIP RECYCLING PTE. LTD.

Director

01/04/2014

50,000.00

4.85

USD1,528,584.00

2017

-

13/02/2018



MANAGEMENT

 

 

1)

Name of Subject

:

SANJIV AGARWAL

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

NATARAJAN & SWAMINATHAN

Auditor' Address

:

N/A

 

COMPANY SECRETARIES


No company secretary was found in our databank. 

BANKING


Banking relations are maintained principally with :

1)

Name

:

INDIAN OVERSEAS BANK

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201404563

07/05/2014

N/A

INDIAN OVERSEAS BANK

-

Unsatisfied

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

METAL SCRAPS

Services

:

SHIP BROKERING SERVICES

 

Total Number of Employees:

YEAR

2018

2017

 

GROUP

N/A

N/A

COMPANY

3

3

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of metal scraps, ship brokering services. 

The Subject is engaged in the following business operations:

* Ships brokerage services

* Trading of metal scraps 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62213004

Match

:

N/A

Address Provided by Client

:

20, MAXWELL ROAD, #02-04, MAXWELL HOUSE, SINGAPORE-069113

Current Address

:

20, MAXWELL ROAD, 02-04, MAXWELL HOUSE, 069113, SINGAPORE.

Match

:

YES

 

Other Investigations


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


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2015 - 2017

]

Profit/(Loss) Before Tax

:

Increased

[

2015 - 2017

]

Return on Shareholder Funds

:

Favourable

[

45.82%

]

Return on Net Assets

:

Favourable

[

67.98%

]

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. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

41 Days

]

Debtor Ratio

:

Favourable

[

3 Days

]

Creditors Ratio

:

Favourable

[

0 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

[

1.36 Times

]

Current Ratio

:

Unfavourable

[

1.36 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

[

5.20 Times

]

Gearing Ratio

:

Unfavourable

[

1.75 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 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 :

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'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 : STABLE

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

7.40

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

2.40

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2014, the Subject is a Private Limited company, focusing on trading of metal scraps, ship brokering services. 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. A paid up capital of SGD 10 & USD 1,160,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 

We found that, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 3 employees. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 3,335,811, the Subject should be able to maintain its business in the near terms. 

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

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.

ACE SHIP RECYCLING PTE. LTD.

 

Financial Year End

2017-03-31

2016-03-31

2015-03-31

Months

12

12

14

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

FULL

Currency

USD

USD

USD

TURNOVER

60,622,223

56,369,207

86,472,587

Other Income

847,604

518,914

25,752

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

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

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

Total Turnover

61,469,827

56,888,121

86,498,339

Costs of Goods Sold

(58,645,431)

(55,830,666)

(84,945,198)

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

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

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

Gross Profit

2,824,396

1,057,455

1,553,141

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,831,584

363,879

516,833

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,831,584

363,879

516,833

Taxation

(303,000)

(29,493)

(44,000)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,528,584

334,386

472,833

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

807,219

472,833

-

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

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

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

As restated

807,219

472,833

-

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,335,803

807,219

472,833

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,335,803

807,219

472,833

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

436,091

306,998

351,298

Others

-

-

114,776

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

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

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

436,091

306,998

466,074

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

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

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

DEPRECIATION (as per notes to P&L)

1,322

1,256

1,406

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

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

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

Total Amortization And Depreciation

1,322

1,256

1,406

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

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

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

 

 

 

 

 

BALANCE SHEET

 

ACE SHIP RECYCLING PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

413

1,735

2,764

LONG TERM INVESTMENTS/OTHER ASSETS

Investments

200,000

300,000

-

Others

-

-

300,000

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

200,000

300,000

300,000

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

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

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

TOTAL LONG TERM ASSETS

200,413

301,735

302,764

CURRENT ASSETS

Contract work-in-progress

6,834,793

-

-

Trade debtors

553,430

7,359,199

2,843,100

Other debtors, deposits & prepayments

2,306,435

1,620,761

2,766,151

Short term deposits

2,112,208

347,508

219,760

Amount due from related companies

-

29,295

-

Cash & bank balances

99,270

875,690

1,594,699

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

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

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

TOTAL CURRENT ASSETS

11,906,136

10,232,453

7,423,710

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

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

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

TOTAL ASSET

12,106,549

10,534,188

7,726,474

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

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

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

CURRENT LIABILITIES

Other creditors & accruals

2,485,311

2,255,428

2,640,510

Short term borrowings/Term loans

5,280,521

868,770

549,380

Bill & acceptances payable

553,430

5,373,550

2,843,100

Amounts owing to director

145,493

195,213

176,643

Provision for taxation

305,983

34,000

44,000

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

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

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

TOTAL CURRENT LIABILITIES

8,770,738

8,726,961

6,253,633

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

3,135,398

1,505,492

1,170,077

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

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

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

TOTAL NET ASSETS

3,335,811

1,807,227

1,472,841

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

1,000,008

1,000,008

1,000,008

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

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

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

TOTAL SHARE CAPITAL

1,000,008

1,000,008

1,000,008

RESERVES

Retained profit/(loss) carried forward

2,335,803

807,219

472,833

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

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

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

TOTAL RESERVES

2,335,803

807,219

472,833

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

3,335,811

1,807,227

1,472,841

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

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

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

 

 

 

 

 

FINANCIAL RATIO

 

ACE SHIP RECYCLING PTE. LTD.

 

TYPES OF FUNDS

Cash

2,211,478

1,223,198

1,814,459

Net Liquid Funds

1,658,048

(4,150,352)

(1,028,641)

Net Liquid Assets

3,135,398

1,505,492

1,170,077

Net Current Assets/(Liabilities)

3,135,398

1,505,492

1,170,077

Net Tangible Assets

3,335,811

1,807,227

1,472,841

Net Monetary Assets

3,135,398

1,505,492

1,170,077

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

670,877

982,907

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

2,268,997

672,133

984,313

BALANCE SHEET ITEMS

Total Borrowings

5,833,951

6,242,320

3,392,480

Total Liabilities

8,770,738

8,726,961

6,253,633

Total Assets

12,106,549

10,534,188

7,726,474

Net Assets

3,335,811

1,807,227

1,472,841

Net Assets Backing

3,335,811

1,807,227

1,472,841

Shareholders' Funds

3,335,811

1,807,227

1,472,841

Total Share Capital

1,000,008

1,000,008

1,000,008

Total Reserves

2,335,803

807,219

472,833

GROWTH RATIOS (Year on Year) (%)

Revenue

7.54

(34.81)

-

Proft/(Loss) Before Tax

403.35

(29.59)

-

Proft/(Loss) After Tax

357.13

(29.28)

-

Total Assets

14.93

36.34

-

Total Liabilities

0.50

39.55

-

LIQUIDITY (Times)

Cash Ratio

0.25

0.14

0.29

Liquid Ratio

1.36

1.17

1.19

Current Ratio

1.36

1.17

1.19

WORKING CAPITAL CONTROL (Days)

Stock Ratio

41

0

0

Debtors Ratio

3

48

12

Creditors Ratio

0

0

0

SOLVENCY RATIOS (Times)

Gearing Ratio

1.75

3.45

2.30

Liabilities Ratio

2.63

4.83

4.25

Times Interest Earned Ratio

5.20

2.19

2.11

Assets Backing Ratio

3.34

1.81

1.47

PERFORMANCE RATIO (%)

Operating Profit Margin

3.02

0.65

0.60

Net Profit Margin

2.52

0.59

0.55

Return On Net Assets

67.98

37.12

66.74

Return On Capital Employed

67.98

37.12

66.74

Return On Shareholders' Funds/Equity

45.82

18.50

32.10

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

INR 63.90

UK Pound

1

INR 90.31

Euro

1

INR 80.17

SGD

1

INR 49.14

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.