|
|
|
MIRA INFORM REPORT
|
Report No. : |
486970 |
|
Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
ACE EXIM PTE. LTD |
|
|
|
|
Registered Office : |
10, Anson Road, 28-11, International Plaza, 079903 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
27.06.2007 |
|
|
|
|
Com. Reg. No.: |
200711502-M |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the trading and recycle of metal,
metal scraps. |
|
|
|
|
No. of Employees : |
4 [2017] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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. |
: |
200711502-M |
||||
|
COMPANY NAME |
: |
ACE EXIM PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
27/06/2007 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
10, ANSON ROAD, 28-11, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
10, ANSON ROAD, 28-11, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62248240 |
||||
|
FAX.NO. |
: |
65-62248139 |
||||
|
CONTACT PERSON |
: |
KUMAR ABHINAV SUBODH ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING AND RECYCLE OF METAL, METAL SCRAPS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
2,590,000.00 ORDINARY SHARE, OF A VALUE OF USD 2,590,000.00 |
||||
|
SALES |
: |
USD 103,476,543 [2017] |
||||
|
NET WORTH |
: |
USD 4,785,379 [2017] |
||||
|
STAFF STRENGTH |
: |
4 [2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
SLOW
BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
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
and recycle of metal, metal scraps.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
05/12/2017 |
USD 2,590,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. KUMAR ABHINAV SUBODH + |
10, ANSON ROAD, 28-11, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
G5042116W |
2,340,000.00 |
90.35 |
|
DAYAL STEELS PVT. LTD. |
D-1072, NEW FRIENDS COLONY, NEW DELHI INDIA |
T07UF3184 |
250,000.00 |
9.65 |
|
--------------- |
------ |
|||
|
2,590,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. KUMAR ABHINAV SUBODH |
|
Address |
: |
10, ANSON ROAD, 28-11, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
|
IC / PP No |
: |
G5042116W |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
27/06/2007 |
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 |
200711502M |
ACE EXIM PTE. LTD. |
Director |
27/06/2007 |
2,340,000.00 |
90.35 |
USD639,326.00 |
2017 |
- |
05/12/2017 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
KUMAR ABHINAV SUBODH |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
NATARAJAN & SWAMINATHAN |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
GEETIKA GUPTA |
|
IC / PP No |
: |
G5060869M |
|
|
Address |
: |
10, ANSON ROAD, 28-11, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
INDIAN OVERSEAS BANK |
|
2) |
Name |
: |
CITIBANK N.A. |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201110145 |
16/08/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201413890 |
09/12/2014 |
N/A |
CITIBANK N.A. |
- |
Unsatisfied |
|
C201602969 |
15/03/2016 |
N/A |
CITIBANK N.A. |
- |
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 |
: |
NO |
|
||
|
Overseas |
: |
YES |
Percentage |
: |
100% |
|
Import Countries |
: |
EUROPE,SOUTHEAST ASIA |
|||
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
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 |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
4 |
4 |
6 |
6 |
|||||
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading and recycle of
metal, metal scraps.
The Subject deals with Ferrous & Non Ferrous Metals, scrap metal.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62248240 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
10, ANSON ROAD, #28-11, INTERNATIONAL PLAZA, SINGAPORE 079903 |
|
Current Address |
: |
10, ANSON ROAD, 28-11, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
13.36% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
27.58% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The higher profit could be attributed to the
increase in turnover. The Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
5 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
3 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 |
[ |
1.68 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.98 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 |
: |
Unfavourable |
[ |
2.28 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.42 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or
when interest rate rises, it may not be able to meet all its interest
payment. 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. If there is a fall in the Subject's profit or any increase
in interest rate, the Subject may not be able to generate sufficient
cash-flow to service its interest. 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 : FAIR |
||||||
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 |
- |
- |
|
Government Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education Services |
0.30 |
3.10 |
5.98 |
- |
- |
|
|
|||||
|
* 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
|
|
|
FINANCIAL
|
PROFIT AND LOSS ACCOUNT |
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
ACE EXIM 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 |
103,476,543 |
90,883,905 |
93,099,754 |
90,314,678 |
76,459,990 |
|
Other Income |
20,515 |
30,720 |
8,768 |
425,594 |
967,197 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
103,497,058 |
90,914,625 |
93,108,522 |
90,740,272 |
77,427,187 |
|
Costs of Goods Sold |
(101,614,111) |
(89,513,893) |
(91,735,866) |
(88,823,926) |
(75,451,705) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
1,882,947 |
1,400,732 |
1,372,656 |
1,916,346 |
1,975,482 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
741,726 |
537,005 |
525,406 |
660,879 |
727,466 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
741,726 |
537,005 |
525,406 |
660,879 |
727,466 |
|
Taxation |
(102,400) |
(48,719) |
(57,320) |
(61,198) |
(87,892) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
639,326 |
488,286 |
468,086 |
599,681 |
639,574 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
1,556,053 |
1,067,767 |
599,681 |
1,826,016 |
1,186,442 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,556,053 |
1,067,767 |
599,681 |
1,826,016 |
1,186,442 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
2,195,379 |
1,556,053 |
1,067,767 |
2,425,697 |
1,826,016 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
(1,826,016) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
2,195,379 |
1,556,053 |
1,067,767 |
599,681 |
1,826,016 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Lease interest |
- |
- |
- |
3,683 |
- |
|
Letter of credit |
- |
- |
- |
307,981 |
271,355 |
|
Term loan / Borrowing |
578,190 |
355,046 |
270,428 |
- |
- |
|
Others |
- |
- |
- |
175,280 |
126,532 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
578,190 |
355,046 |
270,428 |
486,944 |
397,887 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
- |
6,661 |
13,319 |
13,319 |
13,319 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
- |
6,661 |
13,319 |
13,319 |
13,319 |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE SHEET |
|
ACE EXIM PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
- |
- |
6,661 |
19,980 |
33,299 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
- |
- |
6,661 |
19,980 |
33,299 |
|
Stocks |
1,486,141 |
4,809,275 |
9,074,889 |
122,651 |
3,329,425 |
|
Trade debtors |
4,107,484 |
5,530,438 |
4,004,420 |
3,467,070 |
13,057,597 |
|
Other debtors, deposits & prepayments |
1,668,550 |
471,166 |
388,047 |
2,003,633 |
2,235,476 |
|
Amount due from related companies |
- |
778,369 |
411,812 |
10,919 |
261,327 |
|
Cash & bank balances |
2,394,826 |
4,218,707 |
2,387,596 |
893,600 |
2,602,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
9,657,001 |
15,807,955 |
16,266,764 |
6,497,873 |
21,486,202 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
9,657,001 |
15,807,955 |
16,273,425 |
6,517,853 |
21,519,501 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
911,200 |
787,075 |
4,544,923 |
2,858,056 |
6,693,649 |
|
Other creditors & accruals |
1,705,982 |
22,433 |
616,917 |
412,039 |
1,016,228 |
|
Bank overdraft |
- |
- |
- |
- |
128,854 |
|
Other borrowings |
2,009,122 |
10,473,789 |
7,356,841 |
- |
- |
|
Amounts owing to related companies |
132,013 |
319,450 |
- |
- |
- |
|
Provision for taxation |
113,305 |
59,155 |
96,977 |
58,077 |
76,793 |
|
Lease payables |
- |
- |
- |
- |
8,206 |
|
Other liabilities |
- |
- |
- |
- |
8,043,493 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
4,871,622 |
11,661,902 |
12,615,658 |
3,328,172 |
15,967,223 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
4,785,379 |
4,146,053 |
3,651,106 |
3,169,701 |
5,518,979 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
4,785,379 |
4,146,053 |
3,657,767 |
3,189,681 |
5,552,278 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
2,590,000 |
2,590,000 |
2,590,000 |
490,000 |
500,002 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,590,000 |
2,590,000 |
2,590,000 |
490,000 |
500,002 |
|
Retained profit/(loss) carried forward |
2,195,379 |
1,556,053 |
1,067,767 |
599,681 |
1,826,016 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
2,195,379 |
1,556,053 |
1,067,767 |
599,681 |
1,826,016 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
4,785,379 |
4,146,053 |
3,657,767 |
1,089,681 |
2,326,018 |
|
Others |
- |
- |
- |
2,100,000 |
3,226,260 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
- |
- |
- |
2,100,000 |
3,226,260 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,785,379 |
4,146,053 |
3,657,767 |
3,189,681 |
5,552,278 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCIAL RATIO |
|
ACE EXIM PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
2,394,826 |
4,218,707 |
2,387,596 |
893,600 |
2,602,377 |
|
Net Liquid Funds |
2,394,826 |
4,218,707 |
2,387,596 |
893,600 |
2,473,523 |
|
Net Liquid Assets |
3,299,238 |
(663,222) |
(5,423,783) |
3,047,050 |
2,189,554 |
|
Net Current Assets/(Liabilities) |
4,785,379 |
4,146,053 |
3,651,106 |
3,169,701 |
5,518,979 |
|
Net Tangible Assets |
4,785,379 |
4,146,053 |
3,657,767 |
3,189,681 |
5,552,278 |
|
Net Monetary Assets |
3,299,238 |
(663,222) |
(5,423,783) |
947,050 |
(1,036,706) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
892,051 |
795,834 |
1,147,823 |
1,125,353 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
1,319,916 |
898,712 |
809,153 |
1,161,142 |
1,138,672 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
2,009,122 |
10,473,789 |
7,356,841 |
0 |
128,854 |
|
Total Liabilities |
4,871,622 |
11,661,902 |
12,615,658 |
5,428,172 |
19,193,483 |
|
Total Assets |
9,657,001 |
15,807,955 |
16,273,425 |
6,517,853 |
21,519,501 |
|
Net Assets |
4,785,379 |
4,146,053 |
3,657,767 |
3,189,681 |
5,552,278 |
|
Net Assets Backing |
4,785,379 |
4,146,053 |
3,657,767 |
1,089,681 |
2,326,018 |
|
Shareholders' Funds |
4,785,379 |
4,146,053 |
3,657,767 |
1,089,681 |
2,326,018 |
|
Total Share Capital |
2,590,000 |
2,590,000 |
2,590,000 |
490,000 |
500,002 |
|
Total Reserves |
2,195,379 |
1,556,053 |
1,067,767 |
599,681 |
1,826,016 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
13.86 |
(2.38) |
3.08 |
18.12 |
(15.55) |
|
Proft/(Loss) Before Tax |
38.12 |
2.21 |
(20.50) |
(9.15) |
132.25 |
|
Proft/(Loss) After Tax |
30.93 |
4.32 |
(21.94) |
(6.24) |
125.98 |
|
Total Assets |
(38.91) |
(2.86) |
149.67 |
(69.71) |
168.34 |
|
Total Liabilities |
(58.23) |
(7.56) |
132.41 |
(71.72) |
203.07 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.49 |
0.36 |
0.19 |
0.27 |
0.16 |
|
Liquid Ratio |
1.68 |
0.94 |
0.57 |
1.92 |
1.14 |
|
Current Ratio |
1.98 |
1.36 |
1.29 |
1.95 |
1.35 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
5 |
19 |
36 |
0 |
16 |
|
Debtors Ratio |
14 |
22 |
16 |
14 |
62 |
|
Creditors Ratio |
3 |
3 |
18 |
12 |
32 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.42 |
2.53 |
2.01 |
0 |
0.06 |
|
Liabilities Ratio |
1.02 |
2.81 |
3.45 |
4.98 |
8.25 |
|
Times Interest Earned Ratio |
2.28 |
2.51 |
2.94 |
2.36 |
2.83 |
|
Assets Backing Ratio |
1.85 |
1.60 |
1.41 |
6.51 |
11.10 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.72 |
0.59 |
0.56 |
0.73 |
0.95 |
|
Net Profit Margin |
0.62 |
0.54 |
0.50 |
0.66 |
0.84 |
|
Return On Net Assets |
27.58 |
21.52 |
21.76 |
35.99 |
20.27 |
|
Return On Capital Employed |
27.58 |
21.52 |
21.76 |
35.99 |
19.81 |
|
Return On Shareholders' Funds/Equity |
13.36 |
11.78 |
12.80 |
55.03 |
27.50 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
3.04 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.76 |
|
|
1 |
INR 87.91 |
|
Euro |
1 |
INR 78.20 |
|
SGD |
1 |
INR 48.27 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.