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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

483691

Report Date :

03.01.2018

 

IDENTIFICATION DETAILS

 

Name :

STARRETT (ASIA) PTE. LTD.

 

 

Registered Office :

11, Woodlands Close, 07-45, Woodlands 11, 737853

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2016

 

 

Date of Incorporation :

10.04.2010

 

 

Com. Reg. No.:

201007618E

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is principally engaged in trading of precision tools and metrology measuring system.

 

 

No. of Employees :

Not available

 

 

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

(30.06.2017)

Current Rating

(30.09.2017)

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 2014-16 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.

:

201007618E

COMPANY NAME

:

STARRETT (ASIA) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

10/04/2010

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

11, WOODLANDS CLOSE, 07-45, WOODLANDS 11, 737853, SINGAPORE.

BUSINESS ADDRESS

:

11, WOODLANDS CLOSE, 07-45, 737853, SINGAPORE.

TEL.NO.

:

65-63651088

FAX.NO.

:

65-63655125

WEB SITE

:

WWW.STARRETT.COM.SG

CONTACT PERSON

:

CHIAM YIAK LENG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF PRECISION TOOLS AND METROLOGY MEASURING SYSTEM

ISSUED AND PAID UP CAPITAL

:

100.00 ORDINARY SHARE, OF A VALUE OF SGD 100.00

SALES

:

USD 4,752,820 [2016]

NET WORTH

:

USD (560,550) [2016]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

SLOW

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

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

The Subject is principally engaged in the (as a / as an) trading of precision tools and metrology measuring system.

 

The immediate holding company of the Subject is THE L.S. STARRETT COMPANY LIMITED, a company incorporated in UNITED KINGDOM.

The ultimate holding company of the Subject is THE L.S. STARRETT COMPANY, a company incorporated in UNITED STATES.

 

Share Capital History

Date

Issue & Paid Up Capital

03/01/2018

SGD 100.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

THE L.S. STARRETT COMPANY LIMITED

OXNAM ROAD, JEDBURGH TD8 6 LR, SCOTLAND UNITED KINGDOM

T10UF0929

100.00

100.00

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

------

100.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

CHIAM YIAK LENG

Address

:

647, WOODLANDS RING ROAD, 12-70, 730647, SINGAPORE.

IC / PP No

:

S1720096H

Date of Appointment

:

10/04/2010



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

201007618E

STARRETT (ASIA) PTE. LTD.

Director

10/04/2010

0.00

-

USD(332,143.00)

2016

-

03/01/2018



MANAGEMENT

 

 

1)

Name of Subject

:

CHIAM YIAK LENG

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

EISNERAMPER PAC

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

QUEK JIN KUANG

IC / PP No

:

S1190757A

Address

:

39, MOUNT SINAI RISE, 15-01, FONTANA HEIGHTS, 276957, 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 againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

PRECISION TOOLS AND METROLOGY MEASURING SYSTEM

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of precision tools and metrology measuring system.

The Subject sells saw blades, industrial tools, measurement equipment and others.

The Subject sells the equipments according to its customers' orders.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6563651088

Current Telephone Number

:

65-63651088

Match

:

YES

Address Provided by Client

:

11 WOODLANDS CLOSE, 07-45 SINGAPORE 737853

Current Address

:

11, WOODLANDS CLOSE, 07-45, 737853, SINGAPORE.

Match

:

YES

 

Other Investigations


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

The Subject refused to disclose its number of employees and bankers.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2016

]

Return on Shareholder Funds

:

Unfavourable

[

59.25%

]

Return on Net Assets

:

Unfavourable

[

(13.65%)

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.Higher losses before tax during the year could be due to the higher operating costs incurred. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Unfavourable

[

121 Days

]

Debtor Ratio

:

Acceptable

[

55 Days

]

Creditors Ratio

:

Favourable

[

1 Days

]

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.51 Times

]

Current Ratio

:

Favourable

[

2.63 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 :

The Subject's losses could be attributed to the lower turnover which in turn could be the result of unfavourable market conditions. 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 : POOR

 

 

 

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 2010, the Subject is a Private Limited company, focusing on trading of precision tools and metrology measuring system. 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. The Subject have a strong support from its holding company. However, the Subject does not have a strong capital position. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation.

Investigation revealed, 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.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -560,550. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

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

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry shows an upward trend and this trend is very likely to sustain in the near terms.

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.



PROFIT AND LOSS ACCOUNT

 

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

STARRETT (ASIA) PTE. LTD.

 

Financial Year End

2016-06-30

2015-06-30

2014-03-31

2013-03-31

2012-03-31

Months

12

15

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

4,752,820

7,015,998

7,315,502

7,873,420

6,560,846

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

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

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

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

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

Total Turnover

4,752,820

7,015,998

7,315,502

7,873,420

6,560,846

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(333,096)

(184,819)

(135,829)

5,481

62,092

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(333,096)

(184,819)

(135,829)

5,481

62,092

Taxation

953

-

5,023

2,831

(7,388)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(332,143)

(184,819)

(130,806)

8,312

54,704

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(228,480)

(43,661)

75,545

67,233

12,530

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

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

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

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

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

As restated

(228,480)

(43,661)

75,545

67,233

12,530

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(560,623)

(228,480)

(55,261)

75,545

67,233

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(560,623)

(228,480)

(55,261)

75,545

67,233

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

DEPRECIATION (as per notes to P&L)

46,776

73,821

-

-

-

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

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

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

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

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

Total Amortization And Depreciation

46,776

73,821

-

-

-

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

STARRETT (ASIA) PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

157,790

94,735

201,051

67,342

107,125

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

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

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

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

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

TOTAL LONG TERM ASSETS

157,790

94,735

201,051

67,342

107,125

Stocks

1,572,859

1,466,321

-

-

-

Trade debtors

721,599

1,085,593

-

-

-

Other debtors, deposits & prepayments

94,736

124,251

-

-

-

Amount due from related companies

28,325

360,472

-

-

-

Cash & bank balances

1,266,668

128,739

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

3,684,187

3,165,376

3,493,494

4,189,057

4,055,194

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

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

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

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

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

TOTAL ASSET

3,841,977

3,260,111

3,694,545

4,256,399

4,162,319

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

14,645

34,024

-

-

-

Other creditors & accruals

347,342

168,613

-

-

-

Amounts owing to holding company

423,657

1,425,123

-

-

-

Amounts owing to related companies

603,679

1,860,528

-

-

-

Provision for taxation

-

230

-

-

-

Other liabilities

13,204

-

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

1,402,527

3,488,518

3,749,706

4,176,957

4,088,404

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

2,281,660

(323,142)

(256,212)

12,100

(33,210)

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

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

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

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

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

TOTAL NET ASSETS

2,439,450

(228,407)

(55,161)

79,442

73,915

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

73

73

100

100

100

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

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

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

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

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

TOTAL SHARE CAPITAL

73

73

100

100

100

Retained profit/(loss) carried forward

(560,623)

(228,480)

(55,261)

75,545

67,233

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

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

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

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

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

TOTAL RESERVES

(560,623)

(228,480)

(55,261)

75,545

67,233

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

(560,550)

(228,407)

(55,161)

75,645

67,333

Others

3,000,000

-

-

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

3,000,000

-

-

3,797

6,582

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

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

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

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

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

2,439,450

(228,407)

(55,161)

79,442

73,915

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

STARRETT (ASIA) PTE. LTD.

 

TYPES OF FUNDS

Cash

1,266,668

128,739

-

-

-

Net Liquid Funds

1,266,668

128,739

-

-

-

Net Liquid Assets

708,801

(1,789,463)

(256,212)

12,100

(33,210)

Net Current Assets/(Liabilities)

2,281,660

(323,142)

(256,212)

12,100

(33,210)

Net Tangible Assets

2,439,450

(228,407)

(55,161)

79,442

73,915

Net Monetary Assets

(2,291,199)

(1,789,463)

(256,212)

8,303

(39,792)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

(333,096)

(184,819)

-

-

-

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

(286,320)

(110,998)

-

-

-

BALANCE SHEET ITEMS

Total Borrowings

0

0

-

-

-

Total Liabilities

4,402,527

3,488,518

3,749,706

4,180,754

4,094,986

Total Assets

3,841,977

3,260,111

3,694,545

4,256,399

4,162,319

Net Assets

2,439,450

(228,407)

(55,161)

79,442

73,915

Net Assets Backing

(560,550)

(228,407)

(55,161)

75,645

67,333

Shareholders' Funds

(560,550)

(228,407)

(55,161)

75,645

67,333

Total Share Capital

73

73

100

100

100

Total Reserves

(560,623)

(228,480)

(55,261)

75,545

67,233

GROWTH RATIOS (Year on Year)

Revenue

(32.26)

(4.09)

(7.09)

20.01

435.68

Proft/(Loss) Before Tax

(80.23)

(36.07)

(2,578.18)

(91.17)

224.78

Proft/(Loss) After Tax

(79.71)

(41.29)

(1,673.70)

(84.81)

336.34

Total Assets

17.85

(11.76)

(13.20)

2.26

133.24

Total Liabilities

26.20

(6.97)

(10.31)

2.09

131.10

LIQUIDITY (Times)

Cash Ratio

0.90

0.04

-

-

-

Liquid Ratio

1.51

0.49

-

-

-

Current Ratio

2.63

0.91

0.93

1.00

0.99

WORKING CAPITAL CONTROL (Days)

Stock Ratio

121

76

-

-

-

Debtors Ratio

55

56

-

-

-

Creditors Ratio

1

2

-

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

-

-

-

Liabilities Ratio

(7.85)

(15.27)

(67.98)

55.27

60.82

Times Interest Earned Ratio

0

0

-

-

-

Assets Backing Ratio

33,417.12

(3,128.86)

(551.61)

794.42

739.15

PERFORMANCE RATIO (%)

Operating Profit Margin

(7.01)

(2.63)

(1.86)

0.07

0.95

Net Profit Margin

(6.99)

(2.63)

(1.79)

0.11

0.83

Return On Net Assets

(13.65)

80.92

246.24

6.90

84.00

Return On Capital Employed

(13.65)

80.92

246.24

6.90

84.00

Return On Shareholders' Funds/Equity

59.25

80.92

237.13

10.99

81.24

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 63.67

UK Pound

1

INR 86.11

Euro

1

INR 76.59

SGD

1

INR 47.77

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

SYL

                                                


 

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.