MIRA INFORM REPORT

 

 

Report No. :

493603

Report Date :

26.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KURARAY ASIA PACIFIC PTE. LTD.

 

 

Formerly Known As :

POVAL ASIA PTE LTD

 

 

Registered Office :

10, Sakra Avenue, 627887

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

02.03.1996

 

 

Com. Reg. No.:

199601494W

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the manufacturing of polyvinyl alcohol resin and chemical products.

 

 

No. of Employees :

100

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow 

 

 

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.

:

199601494W

COMPANY NAME

:

KURARAY ASIA PACIFIC PTE. LTD.

FORMER NAME

:

POVAL ASIA PTE LTD (01/07/2008)

INCORPORATION DATE

:

02/03/1996

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, SAKRA AVENUE, 627887, SINGAPORE.

BUSINESS ADDRESS

:

331 NORTH BRIDGE ROAD #18-02 ODEON TOWERS, 188720, SINGAPORE.

TEL.NO.

:

65-63374123

FAX.NO.

:

65-63371912

EMAIL

:

SALES.SG@KURARAY.COM

WEB SITE

:

WWW.KURARAY.COM.SG

CONTACT PERSON

:

KAZUNARI MATSUMOTO ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURING OF POLYVINYL ALCOHOL RESIN AND CHEMICAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

42,520,000.00 ORDINARY SHARE, OF A VALUE OF SGD 42,520,000.00

SALES

:

USD 171,642,152 [2016]

NET WORTH

:

USD 398,518 [2016]

STAFF STRENGTH

:

100 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

SLOW

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

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) manufacturing of polyvinyl alcohol resin and chemical products.

 

The immediate and ultimate holding company of the Subject is KURARAY CO., LTD., a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

22/02/2018

SGD 42,520,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

KURARAY CO., LTD.

1621, SAKAZU, KURASHIKI, OKAYAMA, 710-8622 JAPAN

T05UF0228

42,520,000.00

100.00

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

------

42,520,000.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

1088851M

MALAYSIA

KURARAY MALAYSIA SDN. BHD.

-

100.00

31/12/2016



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

SHAUN YAP YAIK SONG

Address

:

1, SIN MING WALK, 11-33, THE GARDENS AT BISHAN, 575574, SINGAPORE.

IC / PP No

:

S1684160I

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/07/2008



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

199601494W

KURARAY ASIA PACIFIC PTE. LTD.

Director

01/07/2008

0.00

-

USD4,361,655.00

2016

-

22/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

JUNJI FUNAKOSHI

Address

:

3, JERVOIS CLOSE, 11-05, ONE JERVOIS, 249099, SINGAPORE.

IC / PP No

:

G3274203W

Nationality

:

JAPANESE

Date of Appointment

:

01/02/2017



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

199601494W

KURARAY ASIA PACIFIC PTE. LTD.

Director

01/02/2017

0.00

-

USD4,361,655.00

2016

-

22/02/2018

 

DIRECTOR 3

 

Name Of Subject

:

KAZUNARI MATSUMOTO

Address

:

38, CAIRNHILL ROAD, 09-07, THE LAURELS, 229658, SINGAPORE.

IC / PP No

:

G3342953W

Nationality

:

JAPANESE

Date of Appointment

:

01/02/2017




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

199601494W

KURARAY ASIA PACIFIC PTE. LTD.

Director

01/02/2017

0.00

-

USD4,361,655.00

2016

-

22/02/2018

 

DIRECTOR 4

 

Name Of Subject

:

FUYUO UEYAMA

Address

:

1-44-16, KUZUHA NAMIKI HIRAKATA-SHI, OSAKA, JAPAN.

IC / PP No

:

TH3016557

Nationality

:

JAPANESE

Date of Appointment

:

01/08/2014



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

199601494W

KURARAY ASIA PACIFIC PTE. LTD.

Director

01/08/2014

0.00

-

USD4,361,655.00

2016

-

22/02/2018

 

 



MANAGEMENT

 

 

1)

Name of Subject

:

KAZUNARI MATSUMOTO

Position

:

MANAGING DIRECTOR

 

2)

Name of Subject

:

LIM

Position

:

STAFF

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ANG SIEW KOON

IC / PP No

:

S1721860C

Address

:

80, ROBINSON ROAD, 02-00, 068898, 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

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers.

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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

MIDDLE EAST

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

POLYVINYL ALCOHOL RESIN AND CHEMICAL PRODUCTS

 

Total Number of Employees:

 

YEAR

2018

2017

2013

GROUP

N/A

N/A

N/A

COMPANY

100

100

80

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacturing of polyvinyl alcohol resin and chemical products.

The Subject's activities are as follow;

Manufacture of synthetic resins : Polyvinyl Alcohol resin (PVOH)
Sales & Marketing activities : specialized chemicals, polymers and waste water treatment.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63374123

Match

:

N/A

Address Provided by Client

:

10 SAKRA AVENUE, 627887

Current Address

:

331 NORTH BRIDGE ROAD #18-02 ODEON TOWERS, 188720, SINGAPORE.

Match

:

NO

 

Other Investigations


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

The address provided is the Subject's plant.

The Subject refused to disclose its bankers.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2011 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2011 - 2016

]

Return on Shareholder Funds

:

Favourable

[

1,094.47%

]

Return on Net Assets

:

Favourable

[

1,362.72%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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

[

51 Days

]

Debtor Ratio

:

Favourable

[

53 Days

]

Creditors Ratio

:

Favourable

[

40 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

:

Unfavourable

[

0.35 Times

]

Current Ratio

:

Unfavourable

[

0.61 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Acceptable

[

5.08 Times

]

Gearing Ratio

:

Unfavourable

[

168.96 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 :

The Subject's turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. 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 : LIMITED

 

 

 

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 :

MANUFACTURING

In the first quarter of 2017, manufacturing output rose by 8.0%, following the increase of 11% in the previous quarter. The robust performance of the sector was underpinned by sustained growth in the electronics, precision engineering and chemicals clusters. For the whole year of 2016, the manufacturing sector grew by 3.6%, a reversal from the 5.1% contraction in the previous year.

The electronics cluster increased by 33% in the first quarter, largely driven by the semiconductors segment, which saw its output surge by 50%. The strong performance of the semiconductors segment can be attributed to the continued recovery in global semiconductors demand, driven in turn by healthy demand in key end markets such as smartphone and automotive applications. At the same time, the other electronic modules & components and computer peripherals segments grew by 9.0% and 1.2% respectively. For the full year of 2016, the electronics cluster expanded by 16%.

Besides, biomedical manufacturing cluster contracted by 7.5% in the first quarter of 2017. Within the cluster, the medical technology segment recorded robust growth of 14%, supported by higher export demand for medical instruments. However, this was outweighed by a 14% decline in the output of the pharmaceuticals segment as the production of active pharmaceutical ingredients fell. For 2016 as a whole, the biomedical manufacturing cluster expanded by 14%, with both the pharmaceuticals and medical technology segments supporting growth.

In the first quarter of 2017, output of the transport engineering cluster fell by 11%, dragged down by the marine & offshore engineering (M&OE) segment. This more than offset expansions in the aerospace (10%) and land (7.0%) segments. The aerospace segment, in particular, was supported by an increase in demand for aircraft and engine maintenance work. For the whole year of 2016, the transport engineering cluster contracted by 18%.

The precision engineering cluster expanded by 19% in the first quarter of 2017, supported by both the machinery & systems (M&S) and precision modules & components (PMC) segments. Output in the M&S segment rose by 24 % on the back of robust export demand for semiconductor manufacturing equipment. Meanwhile, the PMC segment grew by 11% due to an increase in the production of dies, moulds, tools, jigs & fixtures, optical instruments and metal precision components. In 2016, the precision engineering cluster’s output rose by 0.8%.

Moreover, output of the general manufacturing industries shrank by 6.7% in the first quarter 2017. In particular, the output of the miscellaneous industries segment fell by 12% due to a decline in the production of fibre glass products and construction-related products & materials. The printing segment contracted by 21%, as demand for commercial printing remained weak and the food, beverage & tobacco segment expanded by 3.2%, supported by healthy export demand. For the full year 2016, the general manufacturing industries contracted by 2.5%.

The output of the chemicals cluster increased by 2.9% in the first quarter of 2017 supported primarily by growth in the petrochemicals (9.8%) and specialty chemicals (2.9%) segments. Growth in the petrochemicals segment was partly the result of a low base effect as production levels a year ago were weak due to plant maintenance shutdowns. On the other hand, the other chemicals segment contracted to 5.6% on account of a lower level of production of fragrances. For the full year 2016, the chemicals cluster contracted by 0.9 per cent. This was due to a decline in the output of the petrochemicals segment arising from major plant maintenance shutdowns, even as the output of all other segments expanded.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1996, the Subject is a Private Limited company, focusing on manufacturing of polyvinyl alcohol resin and chemical products. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. Presently, the issued and paid up capital of the Subject stands at SGD 42,520,000.

 
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 has a total workforce of 100 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.


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. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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.

 
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 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.


In view of the above, we only recommend credit be proceeded to the Subject with guarantee.



PROFIT AND LOSS ACCOUNT

 

 

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

KURARAY ASIA PACIFIC PTE. LTD.

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

Months

12

12

12

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

171,642,152

164,416,042

171,306,953

Other Income

116,598

164,230

386,243

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

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

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

Total Turnover

171,758,750

164,580,272

171,693,196

Costs of Goods Sold

(154,762,742)

(154,393,371)

(163,391,466)

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

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

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

Gross Profit

16,996,008

10,186,901

8,301,730

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

4,361,655

(1,861,943)

(4,830,807)

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

4,361,655

(1,861,943)

(4,830,807)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

4,361,655

(1,861,943)

(4,830,807)

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(33,738,516)

(31,876,573)

(27,045,766)

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

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

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

As restated

(33,738,516)

(31,876,573)

(27,045,766)

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(29,376,861)

(33,738,516)

(31,876,573)

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(29,376,861)

(33,738,516)

(31,876,573)

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

923,160

530,339

436,002

Others

145,869

138,923

132,307

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

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

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

1,069,029

669,262

568,309

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

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

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

DEPRECIATION (as per notes to P&L)

3,350,198

3,180,413

4,432,578

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

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

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

Total Amortization And Depreciation

3,350,198

3,180,413

4,432,578

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

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

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

 

 

 

 

 

 

BALANCE SHEET

 

 

KURARAY ASIA PACIFIC PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

37,844,373

35,584,052

33,202,222

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

300,940

300,940

300,940

Deferred assets

3,207,502

3,207,502

3,207,502

Others

288

-

-

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

3,508,730

3,508,442

3,508,442

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

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

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

TOTAL LONG TERM ASSETS

41,353,103

39,092,494

36,710,664

CURRENT ASSETS

Stocks

22,294,537

26,045,784

33,761,885

Contract work-in-progress

1,734,360

600,230

3,647,233

Trade debtors

25,015,953

28,688,746

26,052,788

Other debtors, deposits & prepayments

1,059,543

893,117

502,408

Cash & bank balances

1,643,137

1,618,301

3,498,082

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

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

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

TOTAL CURRENT ASSETS

51,747,530

57,846,178

67,462,396

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

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

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

TOTAL ASSET

93,100,633

96,938,672

104,173,060

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

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

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

CURRENT LIABILITIES

Trade creditors

16,851,283

19,622,718

17,010,367

Other creditors & accruals

4,754,990

3,734,761

4,120,297

Other borrowings

62,985,254

67,876,957

75,115,140

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

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

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

TOTAL CURRENT LIABILITIES

84,591,527

91,234,436

96,245,804

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(32,843,997)

(33,388,258)

(28,783,408)

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

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

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

LONG TERM LIABILITIES

Other long term borrowings

4,350,000

6,750,000

7,250,000

Others

3,760,588

2,917,373

2,778,450

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

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

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

TOTAL LONG TERM LIABILITIES

8,110,588

9,667,373

10,028,450

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

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

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

TOTAL NET ASSETS

398,518

(3,963,137)

(2,101,194)

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

29,775,379

29,775,379

29,775,379

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

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

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

TOTAL SHARE CAPITAL

29,775,379

29,775,379

29,775,379

RESERVES

Retained profit/(loss) carried forward

(29,376,861)

(33,738,516)

(31,876,573)

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

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

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

TOTAL RESERVES

(29,376,861)

(33,738,516)

(31,876,573)

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

398,518

(3,963,137)

(2,101,194)

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

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

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

 

 

 

 

 

 

FINANCIAL RATIO

 

 

KURARAY ASIA PACIFIC PTE. LTD.

 

TYPES OF FUNDS

Cash

1,643,137

1,618,301

3,498,082

Net Liquid Funds

1,643,137

1,618,301

3,498,082

Net Liquid Assets

(55,138,534)

(59,434,042)

(62,545,293)

Net Current Assets/(Liabilities)

(32,843,997)

(33,388,258)

(28,783,408)

Net Tangible Assets

398,518

(3,963,137)

(2,101,194)

Net Monetary Assets

(63,249,122)

(69,101,415)

(72,573,743)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

5,430,684

(1,192,681)

(4,262,498)

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

8,780,882

1,987,732

170,080

BALANCE SHEET ITEMS

Total Borrowings

67,335,254

74,626,957

82,365,140

Total Liabilities

92,702,115

100,901,809

106,274,254

Total Assets

93,100,633

96,938,672

104,173,060

Net Assets

398,518

(3,963,137)

(2,101,194)

Net Assets Backing

398,518

(3,963,137)

(2,101,194)

Shareholders' Funds

398,518

(3,963,137)

(2,101,194)

Total Share Capital

29,775,379

29,775,379

29,775,379

Total Reserves

(29,376,861)

(33,738,516)

(31,876,573)

GROWTH RATIOS (Year on Year) (%)

Revenue

4.40

(4.02)

(3.98)

Proft/(Loss) Before Tax

334.25

61.46

58.03

Proft/(Loss) After Tax

334.25

61.46

58.03

Total Assets

(3.96)

(6.94)

(5.49)

Total Liabilities

(8.13)

(5.06)

(2.77)

LIQUIDITY (Times)

Cash Ratio

0.02

0.02

0.04

Liquid Ratio

0.35

0.35

0.35

Current Ratio

0.61

0.63

0.70

WORKING CAPITAL CONTROL (Days)

Stock Ratio

51

59

80

Debtors Ratio

53

64

56

Creditors Ratio

40

46

38

SOLVENCY RATIOS (Times)

Gearing Ratio

168.96

(18.83)

(39.20)

Liabilities Ratio

232.62

(25.46)

(50.58)

Times Interest Earned Ratio

5.08

(1.78)

(7.50)

Assets Backing Ratio

0.01

(0.13)

(0.07)

PERFORMANCE RATIO (%)

Operating Profit Margin

2.54

(1.13)

(2.82)

Net Profit Margin

2.54

(1.13)

(2.82)

Return On Net Assets

1,362.72

30.09

202.86

Return On Capital Employed

63.82

(20.91)

(53.77)

Return On Shareholders' Funds/Equity

1,094.47

46.98

229.91

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 64.82

UK Pound

1

INR 90.40

Euro

1

INR 79.76

SGD

1

INR 49.21

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

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.