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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

491989

Report Date :

23.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

CJ INTERNATIONAL ASIA PTE. LTD.

 

 

Formerly Known As :

CJ INTERNATIONAL PTE. LTD.

 

 

Registered Office :

60, Anson Road, 13-04, Mapletree Anson, 079914

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

20.07.2006

 

 

Com. Reg. No.:

200610626R

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading of food products, grain & oilseeds, sweetner, feedstuff.

 

 

No. of Employees :

50

 

 

 

 

 

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+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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.

:

200610626R

COMPANY NAME

:

CJ INTERNATIONAL ASIA PTE. LTD.

FORMER NAME

:

CJ INTERNATIONAL PTE. LTD. (06/11/2006)

INCORPORATION DATE

:

20/07/2006

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

60, ANSON ROAD, 13-04, MAPLETREE ANSON, 079914, SINGAPORE.

BUSINESS ADDRESS

:

60 ANSON ROAD #13-04 MAPLETREE ANSON, 079914, SINGAPORE.

TEL.NO.

:

65-66453838

FAX.NO.

:

N/A

MOBILE NO.

:

98380365

EMAIL

:

FS@CJTRADE.NET

WEB SITE

:

WWW.CJTRADE.NET

CONTACT PERSON

:

LEE DONG KYU ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF FOOD PRODUCTS, GRAIN & OILSEEDS, SWEETNER, FEEDSTUFF

ISSUED AND PAID UP CAPITAL

:

567,800.00 ORDINARY SHARE, OF A VALUE OF USD 20,398,404.00

SALES

:

USD 2,562,396,000 [2016]

NET WORTH

:

USD 81,260,000 [2016]

STAFF STRENGTH

:

50 [2018]

BANKER (S)

:

STANDARD CHARTERED BANK
CITIBANK N.A.
BNP PARIBAS
SOCIETE GENERALE
OVERSEA-CHINESE BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of food products, grain & oilseeds, sweetner, feedstuff.

 

The immediate and ultimate holding company of the Subject is INTERNATIONAL ASIA HOLDINGS LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

 

Former Address(es)

Address

As At Date

230, VICTORIA STREET, 11-03/04, BUGIS JUNCTION TOWERS, 188024

N/A

 

Share Capital History

Date

Issue & Paid Up Capital

20/02/2018

USD 20,398,404.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

INTERNATIONAL ASIA HOLDINGS LIMITED

P.O.BOX 957, OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA VIRGIN ISLANDS, BRITISH

T11UF0503

400,000.00

70.45

CJ LOGISTICS ASIA PTE. LTD.

20, TOH GUAN ROAD, 08-00, CJ LOGISTICS BUILDING 608839 ,SINGAPORE

200602924M

167,800.00

29.55

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

------

567,800.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

UNITED STATES

CJ IA USA CORPORATION

-

100.00

31/12/2016

VIETNAM

CJ INTERNATIONAL ASIA AGRIVINA CO., LTD

-

100.00

31/12/2016

BRAZIL

CJ INTERNATIONAL BRASIL COMERCIAL AGRICOLA LTDA.

-

99.00

31/12/2016

INDONESIA

PT IA AGRINIAGA

-

99.00

31/12/2016



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

LEE DONG KYU

Address

:

5, KEPPEL BAY VIEW, 02-16, REFLECTIONS AT KEPPEL BAY, 098404, SINGAPORE.

IC / PP No

:

S2771700D

Nationality

:

KOREAN

Date of Appointment

:

10/12/2013



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

200610626R

CJ INTERNATIONAL ASIA PTE. LTD.

Director

10/12/2013

0.00

-

USD6,639,000.00

2016

-

20/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

CHO YUN HEE

Address

:

23, LORONG 3 TOA PAYOH, 28-11, TREVISTA, 319582, SINGAPORE.

Other Address(es)

:

261, RIVER VALLEY ROAD, 04-04, ASPEN HEIGHTS, 238307, SINGAPORE.

IC / PP No

:

G3147713T

Nationality

:

KOREAN

Date of Appointment

:

17/04/2015



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

200610626R

CJ INTERNATIONAL ASIA PTE. LTD.

Director

17/04/2015

0.00

-

USD6,639,000.00

2016

-

20/02/2018



MANAGEMENT

 

 

1)

Name of Subject

:

LEE DONG KYU

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

RAJENDRAN MAHESWARI

IC / PP No

:

S8183979D

Address

:

544, HOUGANG AVENUE 8, 05-1253, 53054, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

STANDARD CHARTERED BANK

 

2)

Name

:

CITIBANK N.A.

 

3)

Name

:

BNP PARIBAS

 

4)

Name

:

SOCIETE GENERALE

 

5)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201504360

09/04/2015

N/A

BNP PARIBAS

-

Unsatisfied

C201604361

27/04/2016

N/A

SOCIETE GENERALE

-

Unsatisfied

C201604362

27/04/2016

N/A

SOCIETE GENERALE

-

Unsatisfied

C201610961

28/10/2016

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201610962

28/10/2016

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201707593

27/07/2017

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201707898

04/08/2017

N/A

BNP PARIBAS

-

Unsatisfied

C201712981

19/12/2017

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201713105

20/12/2017

N/A

MALAYAN BANKING BERHAD

-

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

Import Countries

:

ASIA

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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

FOOD PRODUCTS, GRAIN & OILSEEDS, SWEETNER, FEEDSTUFF

Ownership of premises

:

LEASED/RENTED

 

Total Number of Employees:

 

YEAR

2018

2017

2015

2014

2013

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

50

50

40

30

30

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of food products, grain & oilseeds, sweetner, feedstuff.

The Subject's food business provides sugar, flour, edible oil, seasonings, sauces, instant foods, instant cooked rice, fried dumplings, noodles, hams and others. its animal feed business provides feeds for pigs, poultry, fish, chickens and cattle. its life science business provides circulatory system agents, antibiotics, gastrointestinal agents and blood-making medicines.

The Group has built up trading foundation by purchasing raw sugar and grains, the major ingredients, on behalf of CJ group, and constantly expanded its business based on accumulated competence and excellent man power to become one of the major agricultural traders in Asia.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

65-9838-0365., +65-6645-3842

Current Telephone Number

:

65-66453838

Match

:

YES

Address Provided by Client

:

60 ANSON ROAD # 13-04 MAPLETREE ANSON 079914

Current Address

:

60 ANSON ROAD #13-04 MAPLETREE ANSON, 079914, SINGAPORE.

Match

:

YES

 

Other Investigations


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

He refused to disclose the fax number.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Decreased

[

2012 - 2016

]

Return on Shareholder Funds

:

Unfavourable

[

8.17%

]

Return on Net Assets

:

Unfavourable

[

9.62%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. 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

[

1 Days

]

Debtor Ratio

:

Favourable

[

18 Days

]

Creditors Ratio

:

Favourable

[

8 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

[

1.64 Times

]

Current Ratio

:

Unfavourable

[

1.70 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

[

7.59 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : 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 2006, the Subject is a Private Limited company, focusing on trading of food products, grain & oilseeds, sweetner, feedstuff. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a good reputation in the market. It should have received supports from its regular customers. With a large issued and paid up capital of USD 20,398,404 and strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. These favourable conditions has minimised its risk in the industry compared to other players.


Over the years, 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. The Subject is operating on a medium scale and it has approximately 50 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.


Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 81,260,000, 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.


Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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

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



PROFIT AND LOSS ACCOUNT

 

 

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

CJ INTERNATIONAL ASIA PTE. LTD.

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

2,562,396,000

2,300,196,000

2,466,085,000

2,061,893,000

1,991,499,000

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

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

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

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

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

Total Turnover

2,562,396,000

2,300,196,000

2,466,085,000

2,061,893,000

1,991,499,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

6,788,000

23,040,000

18,351,000

10,548,000

8,730,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

6,788,000

23,040,000

18,351,000

10,548,000

8,730,000

Taxation

(149,000)

(977,000)

(716,000)

(253,000)

(1,068,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

6,639,000

22,063,000

17,635,000

10,295,000

7,662,000

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

59,546,000

37,483,000

19,848,000

11,553,000

7,891,000

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

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

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

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

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

As restated

59,546,000

37,483,000

19,848,000

11,553,000

7,891,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

66,185,000

59,546,000

37,483,000

21,848,000

15,553,000

DIVIDENDS - Ordinary (paid & proposed)

(4,300,000)

-

-

(2,000,000)

(4,000,000)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

61,885,000

59,546,000

37,483,000

19,848,000

11,553,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

1,030,000

268,000

512,000

356,000

266,000

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

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

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

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

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

1,030,000

268,000

512,000

356,000

266,000

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

328,000

177,000

75,000

75,000

76,000

AMORTIZATION

47,000

107,000

83,000

20,000

19,000

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

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

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

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

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

Total Amortization And Depreciation

375,000

284,000

158,000

95,000

95,000

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

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

CJ INTERNATIONAL ASIA PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

1,174,000

894,000

269,000

99,000

147,000

LONG TERM INVESTMENTS/OTHER ASSETS

Others

447,000

454,000

178,000

158,000

110,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

447,000

454,000

178,000

158,000

110,000

INTANGIBLE ASSETS

Computer software

450,000

185,000

104,000

39,000

57,000

Others

787,000

743,000

806,000

870,000

773,000

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

1,237,000

928,000

910,000

909,000

830,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

2,858,000

2,276,000

1,357,000

1,166,000

1,087,000

CURRENT ASSETS

Stocks

6,295,000

3,025,000

296,000

-

-

Trade debtors

127,703,000

164,339,000

136,651,000

196,759,000

347,436,000

Other debtors, deposits & prepayments

16,092,000

32,586,000

18,450,000

24,075,000

21,316,000

Cash & bank balances

37,198,000

29,547,000

84,253,000

38,467,000

36,122,000

Others

2,977,000

16,000

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

190,265,000

229,513,000

239,650,000

259,301,000

404,874,000

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

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

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

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

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

TOTAL ASSET

193,123,000

231,789,000

241,007,000

260,467,000

405,961,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

55,530,000

84,787,000

159,552,000

237,082,000

364,455,000

Other creditors & accruals

3,966,000

5,109,000

7,899,000

3,001,000

4,491,000

Hire purchase & lease creditors

-

-

58,000

-

-

Short term borrowings/Term loans

-

-

15,000,000

-

23,914,000

Provision for taxation

531,000

1,019,000

712,000

197,000

1,143,000

Other liabilities

51,836,000

61,548,000

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

111,863,000

152,463,000

183,221,000

240,280,000

394,003,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

78,402,000

77,050,000

56,429,000

19,021,000

10,871,000

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

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

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

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

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

TOTAL NET ASSETS

81,260,000

79,326,000

57,786,000

20,187,000

11,958,000

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

20,398,000

20,398,000

20,398,000

400,000

400,000

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

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

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

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

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

TOTAL SHARE CAPITAL

20,398,000

20,398,000

20,398,000

400,000

400,000

RESERVES

Exchange equalisation/fluctuation reserve

(1,023,000)

(618,000)

(95,000)

(61,000)

5,000

Retained profit/(loss) carried forward

61,885,000

59,546,000

37,483,000

19,848,000

11,553,000

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

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

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

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

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

TOTAL RESERVES

60,862,000

58,928,000

37,388,000

19,787,000

11,558,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

81,260,000

79,326,000

57,786,000

20,187,000

11,958,000

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

CJ INTERNATIONAL ASIA PTE. LTD.

 

TYPES OF FUNDS

Cash

37,198,000

29,547,000

84,253,000

38,467,000

36,122,000

Net Liquid Funds

37,198,000

29,547,000

84,253,000

38,467,000

36,122,000

Net Liquid Assets

72,107,000

74,025,000

56,133,000

19,021,000

10,871,000

Net Current Assets/(Liabilities)

78,402,000

77,050,000

56,429,000

19,021,000

10,871,000

Net Tangible Assets

80,023,000

78,398,000

56,876,000

19,278,000

11,128,000

Net Monetary Assets

72,107,000

74,025,000

56,133,000

19,021,000

10,871,000

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

7,818,000

23,308,000

18,863,000

10,904,000

8,996,000

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

8,193,000

23,592,000

19,021,000

10,999,000

9,091,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

15,058,000

0

23,914,000

Total Liabilities

111,863,000

152,463,000

183,221,000

240,280,000

394,003,000

Total Assets

193,123,000

231,789,000

241,007,000

260,467,000

405,961,000

Net Assets

81,260,000

79,326,000

57,786,000

20,187,000

11,958,000

Net Assets Backing

81,260,000

79,326,000

57,786,000

20,187,000

11,958,000

Shareholders' Funds

81,260,000

79,326,000

57,786,000

20,187,000

11,958,000

Total Share Capital

20,398,000

20,398,000

20,398,000

400,000

400,000

Total Reserves

60,862,000

58,928,000

37,388,000

19,787,000

11,558,000

GROWTH RATIOS (Year on Year) (%)

Revenue

11.40

(6.73)

19.60

3.53

26.07

Proft/(Loss) Before Tax

(70.54)

25.55

73.98

20.82

35.75

Proft/(Loss) After Tax

(69.91)

25.11

71.30

34.36

14.24

Total Assets

(16.68)

(3.82)

(7.47)

(35.84)

25.05

Total Liabilities

(26.63)

(16.79)

(23.75)

(39.02)

23.88

LIQUIDITY (Times)

Cash Ratio

0.33

0.19

0.46

0.16

0.09

Liquid Ratio

1.64

1.49

1.31

1.08

1.03

Current Ratio

1.70

1.51

1.31

1.08

1.03

WORKING CAPITAL CONTROL (Days)

Stock Ratio

1

0

0

0

0

Debtors Ratio

18

26

20

35

64

Creditors Ratio

8

13

24

42

67

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0.26

0

2.00

Liabilities Ratio

1.38

1.92

3.17

11.90

32.95

Times Interest Earned Ratio

7.59

86.97

36.84

30.63

33.82

Assets Backing Ratio

3.92

3.84

2.79

48.20

27.82

PERFORMANCE RATIO (%)

Operating Profit Margin

0.26

1.00

0.74

0.51

0.44

Net Profit Margin

0.26

0.96

0.72

0.50

0.38

Return On Net Assets

9.62

29.38

32.64

54.01

75.23

Return On Capital Employed

9.48

29.04

32.11

51.69

70.35

Return On Shareholders' Funds/Equity

8.17

27.81

30.52

51.00

64.07

Dividend Pay Out Ratio (Times)

0.65

0

0

0.19

0.52

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.05

UK Pound

1

INR 90.41

Euro

1

INR 79.83

SGD

1

INR 49.09

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TRU

                                                


 

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.