|
|
|
MIRA INFORM REPORT
|
Report No. : |
485368 |
|
Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
VISA RESOURCES
PTE. LTD. |
|
|
|
|
Registered Office : |
61, Robinson Road, 17- 01a, Robinson
Centre, 068893 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
28.11.2008 |
|
|
|
|
Com. Reg. No.: |
200822399M |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of commodities, coal, other minerals, ores, carbon steel products,
steelmaking raw materials products, base metals products, minor metals. |
|
|
|
|
No. of Employees : |
8 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
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. |
: |
200822399M |
||||
|
COMPANY NAME |
: |
VISA RESOURCES PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
28/11/2008 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
61, ROBINSON ROAD, 17- 01A, ROBINSON
CENTRE, 068893, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE,
068893, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-64359000/64359018 |
||||
|
FAX.NO. |
: |
65-64359001 |
||||
|
CONTACT PERSON |
: |
VIVEK AGARWAL ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMMODITIES, COAL, OTHER
MINERALS, ORES, CARBON STEEL PRODUCTS, STEELMAKING RAW MATERIALS PRODUCTS,
BASE METALS PRODUCTS, MINOR METALS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
8,685,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 8,685,000.00 |
||||
|
SALES |
: |
USD 268,570,134 [2017] |
||||
|
NET WORTH |
: |
USD 22,533,324 [2017] |
||||
|
STAFF STRENGTH |
: |
8 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The subject is principally engaged in the (as
a / as an) trading of commodities, coal, other minerals, ores, carbon steel
products, steelmaking raw materials products, base metals products, minor
metals.
The immediate and ultimate holding company of
the Subject is VISA GROUP LIMITED, a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
11/01/2018 |
SGD 8,685,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
VISA GROUP LIMITED |
61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE
068893 ,SINGAPORE |
200911321E |
8,685,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
8,685,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
VIVEK AGARWAL |
|
Address |
: |
10, DRAYCOTT PARK, 16-08, DRAYCOTT EIGHT,
259405, SINGAPORE. |
|
IC / PP No |
: |
G5935678Q |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
28/11/2008 |
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 |
200822399M |
VISA RESOURCES PTE. LTD. |
Director |
28/11/2008 |
0.00 |
- |
USD7,079,177.00 |
2017 |
- |
11/01/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
VIVEK AGARWAL |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
MOORE STEPHENS LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
STEVEN LUK CHIEW PENG |
|
IC / PP No |
: |
S6970685A |
|
|
Address |
: |
6, MARTIN PLACE, 31-11, MARTIN PLACE
RESIDENCES, 237990, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ING BANK N.V. |
|
2) |
Name |
: |
ABN AMRO BANK N.V. |
|
3) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
|
4) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
|
5) |
Name |
: |
RAIFFEISEN ZENTRALBANK OESTERREICH
AKTIENGESELLSCHAFT |
|
6) |
Name |
: |
BNP PARIBAS |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201201288 |
02/02/2012 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201510707 |
18/09/2015 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED |
- |
Unsatisfied |
|
C201601646 |
05/02/2016 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
|
C201603555 |
01/04/2016 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C201605370 |
27/05/2016 |
N/A |
CREDIT SUISSE AG |
- |
Unsatisfied |
|
C201605373 |
27/05/2016 |
N/A |
CREDIT SUISSE AG |
- |
Unsatisfied |
|
C201707624 |
27/07/2017 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
|
C201708585 |
23/08/2017 |
N/A |
LH ASIAN TFF PTE. LTD |
- |
Unsatisfied |
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 |
: |
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 |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
BULK COMMODITIES, COAL, OTHER MINERALS,ORES,
CARBON STEEL PRODUCTS, STEELMAKING RAW MATERIALS PRODUCTS, BASE METALS
PRODUCTS, MINOR METALS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
8 |
8 |
8 |
8 |
8 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
commodities, coal, other minerals, ores, carbon steel products, steelmaking raw
materials products, base metals products, minor metals.
The Subject engaged in the trading of commodities such as coal, coke, minerals
& metals.
The Subject sells the products according to its customers' orders.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-64359000/64359018 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
61 ROBINSON ROAD # 17-01A ROBINSON CENTRE
SINGAPORE 068893 |
|
Current Address |
: |
61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE,
068893, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
31.42% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
36.83% |
] |
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.The higher profit could
be attributed to the increase in turnover. Generally the Subject was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the Subject's management was efficient in utilising the
assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
4 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
47 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
28 Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks. The
favourable debtors' days could be due to the good credit control measures
implemented by the Subject. The Subject had a favourable creditors' ratio
where the Subject could be taking advantage of the cash discounts and also
wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.51 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.58 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 |
: |
Favourable |
[ |
18.40 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.27 Times |
] |
|
|
The interest cover showed that the Subject was
able to service the interest. The favourable interest cover could indicate
that the Subject was making enough profit to pay for the interest accrued.
The Subject was lowly geared thus it had a low financial risk. The Subject
was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the Subject being a lowly
geared company, will be able to compete better than those companies 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. With the
favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject as a lowly
geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
Overall financial condition of the Subject
: STRONG |
||||||
|
|
||||||
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
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
VISA RESOURCES 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 |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
268,570,134 |
192,449,400 |
203,759,408 |
142,349,372 |
119,249,489 |
|
Other Income |
23,254 |
33,622 |
6,816 |
2,321,873 |
292,070 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
268,593,388 |
192,483,022 |
203,766,224 |
144,671,245 |
119,541,559 |
|
Costs of Goods Sold |
(256,377,940) |
(185,249,545) |
(197,532,590) |
(138,869,231) |
(116,198,869) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
12,215,448 |
7,233,477 |
6,233,634 |
5,802,014 |
3,342,690 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
7,859,177 |
2,576,516 |
1,981,443 |
1,328,988 |
708,692 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
7,859,177 |
2,576,516 |
1,981,443 |
1,328,988 |
708,692 |
|
Taxation |
(780,000) |
(225,561) |
(208,930) |
(89,997) |
141,219 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
7,079,177 |
2,350,955 |
1,772,513 |
1,238,991 |
849,911 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
8,759,735 |
6,408,780 |
4,636,267 |
3,397,276 |
2,547,365 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
8,759,735 |
6,408,780 |
4,636,267 |
3,397,276 |
2,547,365 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
15,838,912 |
8,759,735 |
6,408,780 |
4,636,267 |
3,397,276 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
15,838,912 |
8,759,735 |
6,408,780 |
4,636,267 |
3,397,276 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
- |
- |
- |
- |
5,903 |
|
Others |
451,780 |
318,721 |
322,823 |
130,901 |
457,464 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
451,780 |
318,721 |
322,823 |
130,901 |
463,367 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
23,629 |
27,202 |
1,714 |
- |
1,425 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
23,629 |
27,202 |
1,714 |
- |
1,425 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
VISA RESOURCES PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
109,830 |
129,983 |
13,686 |
3,508 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
109,830 |
129,983 |
13,686 |
3,508 |
- |
|
Stocks |
2,614,786 |
- |
- |
- |
- |
|
Trade debtors |
34,423,190 |
20,778,016 |
26,001,041 |
16,388,067 |
10,272,607 |
|
Other debtors, deposits & prepayments |
85,729 |
1,250,478 |
1,318,921 |
4,530,212 |
1,835,674 |
|
Short term deposits |
3,867,041 |
8,391,665 |
2,357,853 |
5,344,670 |
897,254 |
|
Amount due from related companies |
13,092,298 |
7,146,977 |
5,840,588 |
- |
59,352 |
|
Cash & bank balances |
6,922,147 |
3,585,162 |
1,106,159 |
3,362,754 |
825,862 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
61,005,191 |
41,152,298 |
36,624,562 |
29,625,703 |
13,890,749 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
61,115,021 |
41,282,281 |
36,638,248 |
29,629,211 |
13,890,749 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
20,003,983 |
15,294,094 |
13,990,920 |
13,081,212 |
3,859,837 |
|
Other creditors & accruals |
1,127,635 |
370,578 |
550,959 |
1,653,278 |
342,179 |
|
Hire purchase & lease creditors |
13,161 |
13,065 |
- |
- |
- |
|
Bank overdraft |
- |
- |
- |
23,817 |
- |
|
Other borrowings |
6,015,674 |
3,074,818 |
4,124,241 |
4,428,152 |
1,548,972 |
|
Amounts owing to related companies |
10,560,711 |
7,765,604 |
5,616,575 |
- |
- |
|
Provision for taxation |
830,550 |
264,777 |
252,361 |
112,073 |
48,073 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
38,551,714 |
26,782,936 |
24,535,056 |
19,298,532 |
5,799,061 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
22,453,477 |
14,369,362 |
12,089,506 |
10,327,171 |
8,091,688 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
22,563,307 |
14,499,345 |
12,103,192 |
10,330,679 |
8,091,688 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
6,694,412 |
5,694,412 |
5,694,412 |
5,694,412 |
4,694,412 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
6,694,412 |
5,694,412 |
5,694,412 |
5,694,412 |
4,694,412 |
|
Retained profit/(loss) carried forward |
15,838,912 |
8,759,735 |
6,408,780 |
4,636,267 |
3,397,276 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
15,838,912 |
8,759,735 |
6,408,780 |
4,636,267 |
3,397,276 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
22,533,324 |
14,454,147 |
12,103,192 |
10,330,679 |
8,091,688 |
|
Hire purchase creditors |
29,983 |
45,198 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
29,983 |
45,198 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
22,563,307 |
14,499,345 |
12,103,192 |
10,330,679 |
8,091,688 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
VISA RESOURCES PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
10,789,188 |
11,976,827 |
3,464,012 |
8,707,424 |
1,723,116 |
|
Net Liquid Funds |
10,789,188 |
11,976,827 |
3,464,012 |
8,683,607 |
1,723,116 |
|
Net Liquid Assets |
19,838,691 |
14,369,362 |
12,089,506 |
10,327,171 |
8,091,688 |
|
Net Current Assets/(Liabilities) |
22,453,477 |
14,369,362 |
12,089,506 |
10,327,171 |
8,091,688 |
|
Net Tangible Assets |
22,563,307 |
14,499,345 |
12,103,192 |
10,330,679 |
8,091,688 |
|
Net Monetary Assets |
19,808,708 |
14,324,164 |
12,089,506 |
10,327,171 |
8,091,688 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
2,895,237 |
2,304,266 |
1,459,889 |
1,172,059 |
|
Earnings Before Interest, Taxes, Depreciation
And Amortization (EBITDA) |
8,334,586 |
2,922,439 |
2,305,980 |
1,459,889 |
1,173,484 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
6,058,818 |
3,133,081 |
4,124,241 |
4,451,969 |
1,548,972 |
|
Total Liabilities |
38,581,697 |
26,828,134 |
24,535,056 |
19,298,532 |
5,799,061 |
|
Total Assets |
61,115,021 |
41,282,281 |
36,638,248 |
29,629,211 |
13,890,749 |
|
Net Assets |
22,563,307 |
14,499,345 |
12,103,192 |
10,330,679 |
8,091,688 |
|
Net Assets Backing |
22,533,324 |
14,454,147 |
12,103,192 |
10,330,679 |
8,091,688 |
|
Shareholders' Funds |
22,533,324 |
14,454,147 |
12,103,192 |
10,330,679 |
8,091,688 |
|
Total Share Capital |
6,694,412 |
5,694,412 |
5,694,412 |
5,694,412 |
4,694,412 |
|
Total Reserves |
15,838,912 |
8,759,735 |
6,408,780 |
4,636,267 |
3,397,276 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
39.55 |
(5.55) |
43.14 |
19.37 |
(14.10) |
|
Proft/(Loss) Before Tax |
205.03 |
30.03 |
49.09 |
87.53 |
(11.00) |
|
Proft/(Loss) After Tax |
201.12 |
32.63 |
43.06 |
45.78 |
18.66 |
|
Total Assets |
48.04 |
12.68 |
23.66 |
113.30 |
(56.19) |
|
Total Liabilities |
43.81 |
9.35 |
27.13 |
232.79 |
(79.64) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.28 |
0.45 |
0.14 |
0.45 |
0.30 |
|
Liquid Ratio |
1.51 |
1.54 |
1.49 |
1.54 |
2.40 |
|
Current Ratio |
1.58 |
1.54 |
1.49 |
1.54 |
2.40 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
4 |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
47 |
39 |
47 |
42 |
31 |
|
Creditors Ratio |
28 |
30 |
26 |
34 |
12 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.27 |
0.22 |
0.34 |
0.43 |
0.19 |
|
Liabilities Ratio |
1.71 |
1.86 |
2.03 |
1.87 |
0.72 |
|
Times Interest Earned Ratio |
18.40 |
9.08 |
7.14 |
11.15 |
2.53 |
|
Assets Backing Ratio |
3.37 |
2.55 |
2.13 |
1.81 |
1.72 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.93 |
1.34 |
0.97 |
0.93 |
0.59 |
|
Net Profit Margin |
2.64 |
1.22 |
0.87 |
0.87 |
0.71 |
|
Return On Net Assets |
36.83 |
19.97 |
19.04 |
14.13 |
14.48 |
|
Return On Capital Employed |
36.81 |
19.95 |
19.04 |
14.10 |
14.48 |
|
Return On Shareholders' Funds/Equity |
31.42 |
16.26 |
14.65 |
11.99 |
10.50 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.83 |
|
|
1 |
INR 86.28 |
|
Euro |
1 |
INR 76.14 |
|
SGD |
1 |
INR 47.78 |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.