MIRA INFORM REPORT

 

 

Report No. :

496996

Report Date :

17.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KCTEX INTERNATIONAL LIMITED

 

 

Registered Office :

6, Shenton Way, 24-09, Oue Downtown, 068809

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2017

 

 

Date of Incorporation :

19.07.2006

 

 

Com. Reg. No.:

200610550N

 

 

Legal Form :

Public (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in the trading of fabrics, fibre, polyster chips and yarn.

 

 

No. of Employees :

20 [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+

Low Risk

Business dealings permissible with low 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

(30.09.2017)

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.

:

200610550N

COMPANY NAME

:

KCTEX INTERNATIONAL LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

19/07/2006

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

6, SHENTON WAY, 24-09, OUE DOWNTOWN, 068809, SINGAPORE.

BUSINESS ADDRESS

:

6, SHENTON WAY, 24-09, OUE DOWNTOWN 2, 068809, SINGAPORE.

TEL.NO.

:

65-63255755

FAX.NO.

:

65-63254232

EMAIL

:

INFO@KCTEX.COM.SG

WEB SITE

:

WWW.KCTEXINTERNATIONAL.COM

CONTACT PERSON

:

RANGAREDDY JAYACHANDRAN ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF FABRICS, FIBRE, POLYSTER CHIPS AND YARN

ISSUED AND PAID UP CAPITAL

:

9,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 9,000,000.00 

SALES

:

USD 383,534,449 [2017]

NET WORTH

:

USD 57,664,263 [2017]

STAFF STRENGTH

:

20 [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

 

As a public limited company, the Subject must have at least one shareholder but there is no limit on the maximum number of shareholders. The Subject must have at least two directors. A public 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, suing or be sued by other companies. The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies.

The subject is principally engaged in the (as a / as an) trading of fabrics, fibre, polyster chips and yarn.

 

The immediate holding company of the Subject is PATTERSON INVESTMENTS LIMITED, a company incorporated in MAURITIUS.

 

Share Capital History

Date

Issue & Paid Up Capital

13/03/2018

USD 9,000,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

PATTERSON INVESTMENTS LIMITED

IFS COURT, TWENTYEIGHT CYBERCITY, EBENE MAURITIUS

T06UF1948

9,000,000.00

100.00

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

------

9,000,000.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

MAURITIUS

ELEGANT INTERNATIONAL

-

100.00

30/06/2017

UNITED STATES

KC FABRICS INC

-

100.00

30/06/2016

UNITED STATES

KC TEX INC

-

100.00

30/06/2017

BRAZIL

KCTEX BRASIL ASSESSORIAL LTD

-

100.00

30/06/2017

CANADA

KCTEX CANADA PTY LTD

-

100.00

30/06/2017

CHINA

KCTEX CHINA

-

100.00

30/06/2017

DENMARK

KCTEX DENMARK

-

100.00

30/06/2017

HONG KONG

KCTEX HONG KONG

-

100.00

30/06/2017

SOUTH AFRICA

KCTEX SOUTH AFRICA PTY LTD

-

100.00

30/06/2017

INDIA

KEWALRAM TEXTILES PVT LTD

-

96.00

30/06/2017

INDONESIA

PT KARYA INDO ENERGI

-

99.00

30/06/2017

UNITED ARAB EMIRATES

SUPREME GLOBAL

-

100.00

30/06/2017

BANGLADESH

TEXGLOBAL BD

-

100.00

30/06/2017



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

THIYAGARAJAN ANAIYAMPATTI SIVASWAMY

Address

:

335, BUKIT TIMAH ROAD, 05-01, WING ON LIFE GARDEN, 259718, SINGAPORE.

Other Address(es)

:

UNIT 19-05,BLOCK D1, GENTING VIEW RESORT, 69000 GENTING HIGHLANDS, PAHANG, MALAYSIA.

IC / PP No

:

S2680972Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/07/2006



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

724973K

GOOD WEATHER SDN. BHD.

Director

01/10/2007

0.00

-

MYR(22,831.00)

2017

-

23/02/2018

2

200610550N

KCTEX INTERNATIONAL LIMITED

Director

19/07/2006

0.00

-

USD11,085,963.00

2017

-

13/03/2018

3

200820622W

NAPIER HEALTHCARE SOLUTIONS PTE. LTD.

Director

28/10/2008

4,878,000.00

19.51

-

2017

-

25/05/2012

 

DIRECTOR 2

 

Name Of Subject

:

PARASURAMAN RAMESH

Address

:

1, TANJONG RHU ROAD, 20-01, THE WATERSIDE, 436879, SINGAPORE.

IC / PP No

:

S2683858D

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/06/2010



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

200610550N

KCTEX INTERNATIONAL LIMITED

Director

03/06/2010

0.00

-

USD11,085,963.00

2017

-

13/03/2018

 

DIRECTOR 3

 

Name Of Subject

:

RANGAREDDY JAYACHANDRAN

Address

:

3, GRANGE GARDEN, 09-01, THE GRANGE, 249633, SINGAPORE.

Other Address(es)

:

31 LEONI HILL #09-01 RIVERSHIRE, 239193, SINGAPORE.

IC / PP No

:

S2220352E

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/07/2006



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

200610550N

KCTEX INTERNATIONAL LIMITED

Director

19/07/2006

0.00

-

USD11,085,963.00

2017

-

13/03/2018

2

200820622W

NAPIER HEALTHCARE SOLUTIONS PTE. LTD.

Director

28/10/2008

19,512,000.00

78.05

-

2017

-

25/05/2012



MANAGEMENT

 

 

1)

Name of Subject

:

RANGAREDDY JAYACHANDRAN

Position

:

MANAGING DIRECTOR

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

FIONA LIM PEI PEI

IC / PP No

:

S7369291A

Address

:

669B, JURONG WEST STREET 64, 06-84, 642669, SINGAPORE.

 

BANKING


No Banker found in our databank. 

ENCUMBRANCE (S)


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

 

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

FABRICS, FIBRE, POLYSTER CHIPS AND YARN

 

Total Number of Employees:

 

YEAR

2018

2017

2016

2015

2014

 

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

20

20

20

20

20

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of fabrics, fibre, polyster chips and yarn. 

The Subject's strategy begins with a passion for the products they provide and a deep understanding of their customers.

Fast and flexible, the Subject is able to leverage their highly diversified global supply chain as we continually expand our reach around the world.

The Subject import and export the following products:

* Yarn
* Fabric
* Embroidery
* Home textiles 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63255755

Match

:

N/A

Address Provided by Client

:

6 SHENTON WAY OUE DOWNTOWN 2 HEX24-09 SINGAPORE 068809

Current Address

:

6, SHENTON WAY, 24-09, OUE DOWNTOWN 2, 068809, SINGAPORE.

Match

:

YES

 

Other Investigations


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


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2013 - 2017

]

Profit/(Loss) Before Tax

:

Increased

[

2013 - 2017

]

Return on Shareholder Funds

:

Acceptable

[

19.41%

]

Return on Net Assets

:

Acceptable

[

22.43%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

22 Days

]

Debtor Ratio

:

Favourable

[

44 Days

]

Creditors Ratio

:

Favourable

[

10 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

[

1.96 Times

]

Current Ratio

:

Favourable

[

2.68 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

[

12.23 Times

]

Gearing Ratio

:

Favourable

[

0.00 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 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 :

Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. 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 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 : STRONG

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2013

2014

2015

2016

2017*

 

Population (Million)

5.40

5.47

5.54

5.61

5.61

Gross Domestic Products ( % )

5.1

3.9

2.2

2.4

3.6

Consumer Price Index

2.4

1.0

(0.5)

(0.5)

0.6

Total Imports (Million)

466,762.0

463,779.1

407,767.9

398,372.0

403,300.0

Total Exports (Million)

513,391.0

518,922.7

476,285.4

468,552.0

466,900.0

 

Unemployment Rate (%)

1.9

1.9

1.9

2.1

-

Tourist Arrival (Million)

15.46

15.01

15.23

16.28

-

Hotel Occupancy Rate (%)

86.3

85.5

84.0

83.1

84.7

Cellular Phone Subscriber (Million)

1.97

1.98

1.99

-

-

 

Registration of New Companies (No.)

37,288

41,589

34,243

35,227

37,395

Registration of New Companies (%)

9.8

11.5

(17.7)

2.9

6.2

Liquidation of Companies (No.)

17,369

18,767

21,384

23,218

22,379

Liquidation of Companies (%)

(5.3)

8.0

13.9

8.6

(3.6)

 

Registration of New Businesses (No.)

22,893

35,773

28,480

27,120

22,148

Registration of New Businesses (%)

1.70

56.30

(20.39)

(4.78)

(18.33)

Liquidation of Businesses (No.)

22,598

22,098

26,116

35,866

24,344

Liquidation of Businesses (%)

0.5

(2.2)

18.2

37.3

(32.1)

 

Bankruptcy Orders (No.)

1,992

1,757

1,776

1,797

1,638

Bankruptcy Orders (%)

14.0

(11.8)

1.0

1.2

(8.9)

Bankruptcy Discharges (No.)

2,584

3,546

3,499

4,359

2,030

Bankruptcy Discharges (%)

37.4

37.2

(1.3)

24.6

(53.4)

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

1.78

4.29

3.04

-

-

Fish Supply & Wholesale

(3.8)

(8.6)

(8.5)

(9.9)

-

 

Manufacturing #

Food, Beverages & Tobacco

97.9

99.4

100.0

103.7

110.3

Textiles

119.5

102.7

100.0

92.4

84.4

Wearing Apparel

334.1

212.6

100.0

83.4

88.2

Leather Products & Footwear

122.0

106.5

100.0

88.8

79.0

Wood & Wood Products

103.0

107.2

100.0

95.0

92.9

Paper & Paper Products

104.4

104.5

100.0

97.3

96.1

Printing & Media

113.8

105.968

100.0

85.1

73.1

Crude Oil Refineries

100.7

92.2

100.0

104.2

113.5

Chemical & Chemical Products

88.4

96.7

100.0

98.9

105.3

Pharmaceutical Products

101.421

109.4

100.0

113.8

96.0

Rubber & Plastic Products

109.497

109.2

100.0

91.4

93.7

Non-metallic Mineral

107.4

90.759

100.0

89.8

72.9

Basic Metals

77.2

99.3

100.0

106.2

108.3

Fabricated Metal Products

107.5

107.757

100.0

93.8

91.3

Machinery & Equipment

109.1

118.2

100.0

80.8

86.1

Electrical Machinery

87.4

97.871

100.0

101.5

111.7

Electronic Components

105.0

105.6

100.0

114.1

151.4

Transport Equipment

111.1

106.68

100.0

101.0

99.5

 

Construction

25.40

22.00

-

-

-

Real Estate

88.5

145.1

-

-

-

 

Services

Electricity, Gas & Water

6.70

6.50

-

-

-

Transport, Storage & Communication

9.80

14.20

-

-

-

Finance & Insurance

3.30

6.00

-

7.40

-

Government Services

6.50

6.30

-

-

-

Education Services

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 2006, the Subject is a Public Limited company, focusing on trading of fabrics, fibre, polyster chips and yarn. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of USD 9,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 20 employees. 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. 

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 57,664,263, the Subject should be able to maintain its business in the near terms. 

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

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry. 

Based on the above condition, we recommend credit be granted to the Subject promptly.



PROFIT AND LOSS ACCOUNT

 

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

KCTEX INTERNATIONAL LIMITED

 

Financial Year End

2017-06-30

2016-06-30

2015-06-30

2014-06-30

2013-06-30

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

GROUP

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

383,534,449

401,284,082

466,661,614

489,354,743

380,281,352

Other Income

140,875

202,439

180,459

214,948

136,897

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

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

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

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

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

Total Turnover

383,675,324

401,486,521

466,842,073

489,569,691

380,418,249

Costs of Goods Sold

(361,279,639)

(375,353,666)

(440,352,237)

(463,285,714)

(358,994,613)

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

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

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

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

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

Gross Profit

22,395,685

26,132,855

26,489,836

26,283,977

21,423,636

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

11,876,167

11,747,071

13,633,231

13,730,316

11,632,786

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

11,876,167

11,747,071

13,633,231

13,730,316

11,632,786

Taxation

(790,204)

(676,800)

(1,375,992)

(1,473,369)

(1,136,133)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

11,085,963

11,070,271

12,257,239

12,256,947

10,496,653

Minority interests

(10,223)

(4,687)

(15,396)

(18,960)

(14,974)

Pre-acquisition profit/(loss)

118,297

(65,713)

-

-

-

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

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

11,194,037

10,999,871

12,241,843

12,237,987

10,481,679

Extraordinary items

(115,462)

60,333

(3,530)

(4,273)

-

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

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

11,078,575

11,060,204

12,238,313

12,233,714

10,481,679

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

48,103,412

44,043,208

37,804,895

30,571,181

24,089,502

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

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

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

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

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

As restated

48,103,412

44,043,208

37,804,895

30,571,181

24,089,502

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

59,181,987

55,103,412

50,043,208

42,804,895

34,571,181

DIVIDENDS - Ordinary (paid & proposed)

(10,000,000)

(7,000,000)

-

-

-

DIVIDENDS - Preference

-

-

(6,000,000)

(5,000,000)

(4,000,000)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

49,181,987

48,103,412

44,043,208

37,804,895

30,571,181

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

1,057,333

1,541,559

1,744,370

1,795,225

1,283,512

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

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

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

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

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

1,057,333

1,541,559

1,744,370

1,795,225

1,283,512

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

68,452

65,381

85,976

131,911

347,992

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

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

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

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

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

Total Amortization And Depreciation

68,452

65,381

85,976

131,911

347,992

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

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

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

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

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

 

 

 

 

 

 

 

BALANCE SHEET

 

KCTEX INTERNATIONAL LIMITED

 

ASSETS EMPLOYED:

FIXED ASSETS

2,484,712

2,472,688

2,531,136

2,340,529

1,694,360

LONG TERM INVESTMENTS/OTHER ASSETS

Investments

1,605

1,561

1,662

1,739

1,912

Deferred assets

236,532

257,835

318,941

207,035

171,365

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

238,137

259,396

320,603

208,774

173,277

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

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

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

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

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

TOTAL LONG TERM ASSETS

2,722,849

2,732,084

2,851,739

2,549,303

1,867,637

CURRENT ASSETS

Stocks

23,482,554

22,286,395

33,390,013

34,983,762

19,353,902

Trade debtors

46,707,588

46,707,606

72,048,780

68,202,330

74,481,326

Other debtors, deposits & prepayments

5,413,006

6,767,348

6,439,856

7,453,580

10,733,775

Cash & bank balances

12,040,643

19,262,479

16,340,759

23,351,074

23,292,334

Others

-

195,611

882,402

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

87,643,791

95,219,439

129,101,810

133,990,746

127,861,337

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

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

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

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

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

TOTAL ASSET

90,366,640

97,951,523

131,953,549

136,540,049

129,728,974

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

9,896,254

9,628,594

18,257,033

15,795,096

13,306,264

Other creditors & accruals

2,315,191

2,360,465

3,707,797

2,703,431

7,134,409

Deposits from customers

1,915,086

1,956,277

2,004,414

3,157,896

-

Interest payable

223,535

364,071

560,035

583,842

-

Provision for taxation

554,553

177,742

986,997

894,921

765,353

Other liabilities

17,797,758

27,004,371

53,981,828

67,015,058

69,301,424

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

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

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

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

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

TOTAL CURRENT LIABILITIES

32,702,377

41,491,520

79,498,104

90,150,244

90,507,450

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

54,941,414

53,727,919

49,603,706

43,840,502

37,353,887

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

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

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

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

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

TOTAL NET ASSETS

57,664,263

56,460,003

52,455,445

46,389,805

39,221,524

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

9,000,000

9,000,000

9,000,000

9,000,000

9,000,000

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

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

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

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

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

TOTAL SHARE CAPITAL

9,000,000

9,000,000

9,000,000

9,000,000

9,000,000

RESERVES

Exchange equalisation/fluctuation reserve

(618,517)

(733,979)

(673,646)

(485,577)

(401,184)

Retained profit/(loss) carried forward

49,181,987

48,103,412

44,043,208

37,804,895

30,571,181

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

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

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

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

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

TOTAL RESERVES

48,563,470

47,369,433

43,369,562

37,319,318

30,169,997

MINORITY INTEREST

100,793

90,570

85,883

70,487

51,527

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

57,664,263

56,460,003

52,455,445

46,389,805

39,221,524

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

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

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

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

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

 

 

 

 

 

 

 

FINANCIAL RATIO

 

KCTEX INTERNATIONAL LIMITED

 

TYPES OF FUNDS

Cash

12,040,643

19,262,479

16,340,759

23,351,074

23,292,334

Net Liquid Funds

12,040,643

19,262,479

16,340,759

23,351,074

23,292,334

Net Liquid Assets

31,458,860

31,441,524

16,213,693

8,856,740

17,999,985

Net Current Assets/(Liabilities)

54,941,414

53,727,919

49,603,706

43,840,502

37,353,887

Net Tangible Assets

57,664,263

56,460,003

52,455,445

46,389,805

39,221,524

Net Monetary Assets

31,458,860

31,441,524

16,213,693

8,856,740

17,999,985

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

13,288,630

15,377,601

15,525,541

12,916,298

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

13,001,952

13,354,011

15,463,577

15,657,452

13,264,290

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

32,702,377

41,491,520

79,498,104

90,150,244

90,507,450

Total Assets

90,366,640

97,951,523

131,953,549

136,540,049

129,728,974

Net Assets

57,664,263

56,460,003

52,455,445

46,389,805

39,221,524

Net Assets Backing

57,664,263

56,460,003

52,455,445

46,389,805

39,221,524

Shareholders' Funds

57,664,263

56,460,003

52,455,445

46,389,805

39,221,524

Total Share Capital

9,000,000

9,000,000

9,000,000

9,000,000

9,000,000

Total Reserves

48,563,470

47,369,433

43,369,562

37,319,318

30,169,997

GROWTH RATIOS (Year on Year) (%)

Revenue

(4.42)

(14.01)

(4.64)

28.68

8.80

Proft/(Loss) Before Tax

1.10

(13.84)

(0.71)

18.03

1.11

Proft/(Loss) After Tax

0.14

(9.68)

0

16.77

4.78

Total Assets

(8.24)

(25.77)

(3.36)

5.25

37.93

Total Liabilities

(22.18)

(47.81)

(11.82)

(0.39)

47.67

LIQUIDITY (Times)

Cash Ratio

0.37

0.46

0.21

0.26

0.26

Liquid Ratio

1.96

1.76

1.20

1.10

1.20

Current Ratio

2.68

2.29

1.62

1.49

1.41

WORKING CAPITAL CONTROL (Days)

Stock Ratio

22

20

26

26

19

Debtors Ratio

44

42

56

51

71

Creditors Ratio

10

9

15

12

14

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

0

Liabilities Ratio

0.57

0.73

1.52

1.94

2.31

Times Interest Earned Ratio

12.23

8.62

8.82

8.65

10.06

Assets Backing Ratio

6.41

6.27

5.83

5.15

4.36

PERFORMANCE RATIO (%)

Operating Profit Margin

3.10

2.93

2.92

2.81

3.06

Net Profit Margin

2.92

2.74

2.62

2.50

2.76

Return On Net Assets

22.43

23.54

29.32

33.47

32.93

Return On Capital Employed

22.39

23.50

29.27

33.42

32.89

Return On Shareholders' Funds/Equity

19.41

19.48

23.34

26.38

26.72

Dividend Pay Out Ratio (Times)

0.89

0.64

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0




 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.87

UK Pound

1

INR 90.49

Euro

1

INR 79.91

SGD

1

INR 49.39

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.