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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

493807

Report Date :

23.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PROPEL SHIPPING PTE. LTD.

 

 

Registered Office :

150, South Bridge Road, 03-03, Fook Hai Building, 058727

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

24.02.2011

 

 

Com. Reg. No.:

201104549N

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in the shipping agencies & ship management services.

 

 

No. of Employees :

Not Available

 

 

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.

:

201104549N

COMPANY NAME

:

PROPEL SHIPPING PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

24/02/2011

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

150, SOUTH BRIDGE ROAD, 03-03, FOOK HAI BUILDING, 058727, SINGAPORE.

BUSINESS ADDRESS

:

150, SOUTH BRIDGE ROAD, #03-03, FOOK HAI BUILDING, 058727, SINGAPORE.

TEL.NO.

:

65-65334480

FAX.NO.

:

N/A

CONTACT PERSON

:

VELAYUDHAN SUJANANANDAN THUNDATHIL ( DIRECTOR )

PRINCIPAL ACTIVITY

:

SHIPPING AGENCIES & SHIP MANAGEMENT SERVICES

ISSUED AND PAID UP CAPITAL

:

24,670.00 ORDINARY SHARE, OF A VALUE OF SGD 24,670.00 

SALES

:

USD 53,641,682 [2017]

NET WORTH

:

USD 1,962,811 [2017]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

NO COMPLAINTS

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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) shipping agencies & ship management services.

 

The immediate and ultimate holding company of the Subject is ACT INFRAPORT LIMITED, a company incorporated in INDIA.

 

Share Capital History

Date

Issue & Paid Up Capital

23/02/2018

SGD 24,670.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

ACT INFRAPORT LIMITED

14, SHIPPING HOUSE, 26, KUMPTA STREET, FORT, MUMBAI, 400001 INDIA

T11UF0743

24,670.00

100.00

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

------

24,670.00

100.00

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

=====

 

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

VELAYUDHAN SUJANANANDAN THUNDATHIL

Address

:

PLOT 398, WARD 2B ADIPUR, KUTCH, GUJARAT, 370205, INDIA.

IC / PP No

:

J5570547

Nationality

:

INDIAN

Date of Appointment

:

18/12/2012



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

201104549N

PROPEL SHIPPING PTE. LTD.

Director

18/12/2012

0.00

-

USD299,131.00

2017

-

23/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

RAMACHANDRAN APPASWAMY

Address

:

19, PEPYS ROAD, 09-01, PEPYS HILL CONDOMINIUM, 118450, SINGAPORE.

IC / PP No

:

S2715940J

Nationality

:

INDIAN

Date of Appointment

:

24/02/2011



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

201104549N

PROPEL SHIPPING PTE. LTD.

Director

24/02/2011

0.00

-

USD299,131.00

2017

-

23/02/2018

 

DIRECTOR 3

 

Name Of Subject

:

GOPAL SUJAN THUNDATHIL

Address

:

REVATHI, 2B/398, ADIPUR, 370205, KUTCH, INDIA.

IC / PP No

:

Z2166634

Nationality

:

INDIAN

Date of Appointment

:

24/02/2011



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

201104549N

PROPEL SHIPPING PTE. LTD.

Director

24/02/2011

0.00

-

USD299,131.00

2017

-

23/02/2018



MANAGEMENT

 

 

1)

Name of Subject

:

VELAYUDHAN SUJANANANDAN THUNDATHIL

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

MANN & ASSOCIATES PAC

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

WONG YIK HOR

IC / PP No

:

S8486834E

Address

:

16, RAFFLES QUAY, 33-03, HONG LEONG BUILDING, 048581, SINGAPORE.

 

2)

Company Secretary

:

PHYLLIS ZHANG WEIYUN

IC / PP No

:

S8428225A

Address

:

16, RAFFLES QUAY, 33-03, HONG LEONG BUILDING, 048581, SINGAPORE.

 

BANKING


No Banker found in our databank. 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

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

[

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

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Services

:

SHIPPING AGENCIES & SHIP MANAGEMENT SERVICES

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) shipping agencies & ship management services. 

The Subject provides shipping, forwarding and logistic services.

The Subject provides its services according to its customers' business needs. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6565334480

Current Telephone Number

:

65-65334480

Match

:

YES

Address Provided by Client

:

150, SOUTH BRIDGE ROAD, #03-03, FOOK HAI BUILDING SINGAPORE 058727

Current Address

:

150, SOUTH BRIDGE ROAD, #03-03, FOOK HAI BUILDING, 058727, SINGAPORE.

Match

:

YES

 

Other Investigations


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

He refused to disclose the fax number and number of employees.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2013 - 2017

]

Profit/(Loss) Before Tax

:

Increased

[

2013 - 2017

]

Return on Shareholder Funds

:

Acceptable

[

15.24%

]

Return on Net Assets

:

Favourable

[

109.13%

]

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. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Debtor Ratio

:

Favourable

[

15 Days

]

Creditors Ratio

:

Favourable

[

21 Days

]

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

[

1.25 Times

]

Current Ratio

:

Unfavourable

[

1.25 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

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Although the 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 did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 :

ECONOMY

The economy expanded by 1.9% in the third quarter of 2015, marginally slower than the 2.0% growth in the second quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 1.9%, a reversal from the 2.6% contraction in the previous quarter.

Among the key sectors of the economy, the manufacturing sector recorded the weakest performance, contracting by 6.2% in the third quarter of 2015, extending the 4.8% decline in the previous quarter. The contraction was primarily due to a decline in the output of the transport engineering, electronics and precision engineering clusters.

The services producing industries performed better, with all sectors registering expansions. The wholesale & retail trade sector posted the strongest growth of 6.8%, followed by the finance & insurance (4.8%), information & communications (4.8%), other services (2.2%) and business services (1.5%) sectors. The accommodation & food services and transportation & storage sectors also recorded positive growth of 0.9% and 0.3% respectively.

Meanwhile, the construction sector grew by 1.6%, moderating from the 2.2% growth in the second quarter of 2015. The sectors that contributed the most to economic growth in the third quarter of 2015 were the wholesale & retail trade and finance & insurance sectors. Together, they accounted for about 97% of overall GDP growth.

Total demand rose by 4.1% in the third quarter, accelerating from the 0.6% growth in the previous quarter. The expansion was supported by both external and domestic demand. External demand rose at a faster pace of 3.2%, compared to the 1.1% growth in the previous quarter. Meanwhile, domestic demand increased by 6.6%, a rebound from the 0.6% decline in the second quarter.

Domestic demand was driven by consumption expenditure, which grew by 6.7% in the third quarter of 2015 following the 3.4% growth in the previous quarter. Both private and public consumption contributed to the rise in consumption expenditure. Changes in inventories also supported growth, rising by 1.6%, a reversal from the 2.9% contraction in the previous quarter. Growth in gross fixed capital formation moderated to 0.2%, from 4.1% in the previous quarter, weighed down by both public and private investments. Public investments contracted by 1.1%, a sharp reversal from the 11% growth in the previous quarter. On the other hand, private investments registered modest growth of 0.5%, slower than the 2.4% growth in the previous quarter.

Overall employment rose by 16,400 on a quarter-on-quarter basis in the third quarter of 2015, faster than the gains of 9,700 in the previous quarter. However, this represented a slower rate of increase as compared to the employment gains of 33,400 in the third quarter of 2014. The increase in employment in the third quarter brought the total number of employed persons in September 2015 to 3,644,000, 1.7% higher than a year ago. The rate of increase over 2014 was slower compared to that recorded in June 2015 (2.2%). At the sectoral level, employment in the services and construction sectors expanded on a quarter-on-quarter basis in the third quarter of 2015, while manufacturing employment continued to decline.

Even though global growth is expected to improve, the continued slowdown in the Chinese economy, the services-driven nature of growth in the US, as well as the trends of in-sourcing in China and the US may mean that external demand for Singapore and regional countries may not see a significant uplift in 2016. Domestically, the labour market is also expected to be tight, with the unemployment rate remaining low.

Against this backdrop, the growth outlook for the Singapore economy in 2016 is modest. While sectors such as finance & insurance and wholesale trade are expected to support growth, the manufacturing sector is likely to remain weak. Sector-specific factors may also weigh on the growth of some sectors. For instance, sustained low oil prices will continue to dampen rig building activities in the marine & offshore segment. Growth in labour-intensive sectors such as retail and food services may also be weighed down by labour constraints. By barring the materialisation of downside risks, the Singapore economy is expected to grow at a modest pace of "1.0% to 3.0%" in 2016.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2011, the Subject is a Private Limited company, focusing on shipping agencies & ship management services. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Presently, the issued and paid up capital of the Subject stands at SGD 24,670. However, with a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 

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. 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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 1,962,811, 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. 

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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market. 

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.

PROPEL SHIPPING PTE. LTD.

 

Financial Year End

2017-03-31

2016-03-31

2015-03-31

2014-03-31

2013-03-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

SUMMARY

SUMMARY

Currency

USD

USD

SGD

SGD

SGD

TURNOVER

53,641,682

23,922,543

25,943,072

1,956,825

12,467

Other Income

(51,096,950)

(22,241,642)

-

-

-

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

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

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

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

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

Total Turnover

2,544,732

1,680,901

25,943,072

1,956,825

12,467

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

2,141,999

1,496,602

2,357,947

98,874

6,669

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

2,141,999

1,496,602

2,357,947

98,874

6,669

Taxation

(1,842,868)

(653,418)

(1,327,471)

(2,943)

(200)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

299,131

843,184

1,030,476

95,931

6,469

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,643,600

800,416

99,538

3,607

(2,862)

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

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

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

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

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

As restated

1,643,600

800,416

99,538

3,607

(2,862)

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

1,942,731

1,643,600

1,130,014

99,538

3,607

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,942,731

1,643,600

1,130,014

99,538

3,607

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

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

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

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

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

 

 

 

 

 

 

 

BALANCE SHEET

 

PROPEL SHIPPING PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

-

-

0

0

0

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

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

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

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

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

TOTAL LONG TERM ASSETS

-

-

0

0

0

CURRENT ASSETS

Trade debtors

2,143,406

1,024,754

-

-

-

Other debtors, deposits & prepayments

402,376

501,501

-

-

-

Amount due from holding company

4,005,319

1,165,174

-

-

-

Amount due from related companies

3,004,213

1,837,379

-

-

-

Cash & bank balances

116,622

258,145

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

9,671,936

4,786,953

2,130,355

569,747

47,230

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

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

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

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

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

TOTAL ASSET

9,671,936

4,786,953

2,130,355

569,747

47,230

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

3,065,824

1,939,193

-

-

-

Other creditors & accruals

219,305

29,143

-

-

-

Amounts owing to holding company

4,301,796

1,001,243

-

-

-

Provision for taxation

122,200

153,694

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

7,709,125

3,123,273

975,671

445,539

18,954

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

1,962,811

1,663,680

1,154,684

124,208

28,277

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

-

-

0

0

0

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

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

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

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

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

TOTAL NET ASSETS

1,962,811

1,663,680

1,154,684

124,208

28,277

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

20,080

20,080

24,670

24,670

24,670

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

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

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

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

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

TOTAL SHARE CAPITAL

20,080

20,080

24,670

24,670

24,670

RESERVES

Retained profit/(loss) carried forward

1,942,731

1,643,600

1,130,014

99,538

3,607

Others

-

-

0

0

0

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

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

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

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

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

TOTAL RESERVES

1,942,731

1,643,600

1,130,014

99,538

3,607

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

1,962,811

1,663,680

1,154,684

124,208

28,277

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

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

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

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

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

 

 

 

 

 

 

 

FINANCIAL RATIO

 

PROPEL SHIPPING PTE. LTD.

 

TYPES OF FUNDS

Cash

116,622

258,145

-

-

-

Net Liquid Funds

116,622

258,145

-

-

-

Net Liquid Assets

1,962,811

1,663,680

1,154,684

124,208

28,276

Net Current Assets/(Liabilities)

1,962,811

1,663,680

1,154,684

124,208

28,276

Net Tangible Assets

1,962,811

1,663,680

1,154,684

124,208

28,277

Net Monetary Assets

1,962,811

1,663,680

1,154,684

124,208

28,276

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

0

-

-

-

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

2,141,999

1,496,602

-

-

-

BALANCE SHEET ITEMS

Total Borrowings

0

0

-

-

-

Total Liabilities

7,709,125

3,123,273

975,671

445,539

18,954

Total Assets

9,671,936

4,786,953

2,130,355

569,747

47,230

Net Assets

1,962,811

1,663,680

1,154,684

124,208

28,277

Net Assets Backing

1,962,811

1,663,680

1,154,684

124,208

28,276

Shareholders' Funds

1,962,811

1,663,680

1,154,684

124,208

28,277

Total Share Capital

20,080

20,080

24,670

24,670

24,670

Total Reserves

1,942,731

1,643,600

1,130,014

99,538

3,607

GROWTH RATIOS (Year on Year) (%)

Revenue

124.23

(7.79)

1,225.77

15,596.04

-

Proft/(Loss) Before Tax

43.12

(36.53)

2,284.80

1,382.59

-

Proft/(Loss) After Tax

(64.52)

(18.18)

974.18

1,382.93

-

Total Assets

354.01

124.70

273.91

1,106.31

-

Total Liabilities

690.14

220.12

118.99

2,250.69

-

LIQUIDITY (Times)

Cash Ratio

0.02

0.08

-

-

-

Liquid Ratio

1.25

1.53

-

-

-

Current Ratio

1.25

1.53

2.18

1.28

2.49

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

-

-

-

Debtors Ratio

15

16

-

-

-

Creditors Ratio

21

30

-

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

-

-

-

Liabilities Ratio

3.93

1.88

0.84

3.59

0.67

Times Interest Earned Ratio

0

0

-

-

-

Assets Backing Ratio

97.75

82.85

46.81

5.03

1.15

PERFORMANCE RATIO (%)

Operating Profit Margin

3.99

6.26

9.09

5.05

53.49

Net Profit Margin

0.56

3.52

3.97

4.90

51.89

Return On Net Assets

109.13

89.96

204.21

79.60

23.58

Return On Capital Employed

109.13

89.96

204.21

79.60

23.58

Return On Shareholders' Funds/Equity

15.24

50.68

89.24

77.23

22.88

Dividend Pay Out Ratio (Times)

0

0

-

-

-

NOTES TO ACCOUNTS

Contingent Liabilities

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 49.00

 

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.