MIRA INFORM REPORT

 

 

Report No. :

507632

Report Date :

04.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

JSW INTERNATIONAL TRADECORP PTE. LTD.

 

 

Registered Office :

8, Eu Tong Sen Street, 11-91/92, The Central, 059818

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

08.11.2013

 

 

Com. Reg. No.:

201330186-K

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in trading of coal, steel, metal, energy materials.

 

 

No. of Employees :

9 [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.

:

201330186-K

COMPANY NAME

:

JSW INTERNATIONAL TRADECORP PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

08/11/2013

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

8, EU TONG SEN STREET, 11-91/92, THE CENTRAL, 059818, SINGAPORE.

BUSINESS ADDRESS

:

8 EU TONG SEN STREET, 11-91/92 THE CENTRAL, 059818, SINGAPORE.

TEL.NO.

:

65-62226352

FAX.NO.

:

65-62229739

CONTACT PERSON

:

JETUN JAVERI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COAL, STEEL, METAL, ENERGY MEATERIALS

ISSUED AND PAID UP CAPITAL

:

2,040,000.00 ORDINARY SHARE, OF A VALUE OF USD 20,400,000.00

SALES

:

USD 1,648,228,013 [2017]

NET WORTH

:

USD 24,855,809 [2017]

STAFF STRENGTH

:

9 [2017]

BANKER (S)

:

BNP PARIBAS
SOCIETE GENERALE
ING BANK N.V.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

SLOW BUT CORRECT

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 coal, steel, metal, energy meaterials.

 

The immediate and ultimate holding company of the Subject is REYNOLD TRADERS PRIVATE LIMITED, a company incorporated in INDIA.

 

Share Capital History

Date

Issue & Paid Up Capital

05/12/2017

USD 20,400,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

REYNOLD TRADERS PRIVATE LIMITED

JSW CENTRE, BANDRA KURLA COMPLEX, NEAR MMRDA GROUND, BANDRA (EAST), MUMBAI 400051 ,INDIA

T13UF4609

2,040,000.00

100.00

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

------

2,040,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

JETUN JAVERI

Address

:

30, STURDEE ROAD, 17-06, KERRISDALE, 207852, SINGAPORE.

IC / PP No

:

G3011195N

Nationality

:

INDIAN

Date of Appointment

:

29/03/2017



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201330186K

JSW INTERNATIONAL TRADECORP PTE. LTD.

Director

29/03/2017

0.00

-

USD11,857,351.00

2017

-

05/12/2017

 

DIRECTOR 2

 

Name Of Subject

:

LIM TIONG BENG

Address

:

2, GUOK AVENUE, 119632, SINGAPORE.

IC / PP No

:

S1073678A

Nationality

:

SINGAPOREAN

Date of Appointment

:

08/11/2013



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

200812961R

ALMENDRA PTE. LTD.

Director

14/02/2011

0.00

-

SGD(3,034,988.00)

2013

-

25/11/2014

2

201006128H

CCD (SINGAPORE) PTE. LTD.

Director

23/03/2010

0.00

-

USD(5,786,422.00)

2015

-

17/01/2017

3

T09FC0031A

DEEPOCEAN 1 UK LIMITED SINGAPORE BRANCH

Secretary

26/03/2009

0.00

-

SGD133,962.00

2011

-

29/03/2013

4

199707495K

DINOWIC PTE LTD

Director

05/02/2010

0.00

-

USD1,744,297.00

2015

-

21/02/2017

5

201130570D

EXTRON ELECTRONICS ASIA PTE. LTD.

Director

11/10/2011

0.00

-

SGD1,756,359.00

2015

-

09/03/2017

6

995372U

EXTRON ELECTRONICS ASIA PTE. LTD.

Director

18/05/2012

0.00

-

MYR(125,803.00)

2016

-

23/10/2017

7

200102787N

FASTENAL SINGAPORE PTE LTD

Director

18/06/2001

0.00

-

SGD1,743,325.00

2015

-

30/12/2016

8

993981D

FEI COMPANY OF USA (S.E.A) PTE LTD

Director

24/02/2006

0.00

-

MYR45,167.00

2015

-

23/10/2017

9

199905328N

FEI COMPANY OF USA (S.E.A.) PTE LTD

Director

24/02/2006

0.00

-

SGD922,675.00

2014

-

08/07/2016

10

S87FC3728J

FLUOR DANIEL ENGINEERS & CONSTRUCTORS, LTD.

Secretary

05/11/2004

0.00

-

SGD3,623,064.00

2013

-

18/06/2015

11

201215854N

INFRATECH INDUSTRIES PTE. LTD.

Director

27/06/2012

0.00

-

-

-

-

13/04/2015

12

200706745H

JBF GLOBAL PTE. LTD.

Director

20/04/2007

0.00

-

USD(11,682,569.00)

2015

-

14/12/2015

13

201435082W

JBF TRADE INVEST PTE. LTD.

Director

25/11/2014

0.00

-

USD(3,966.00)

2015

-

16/12/2015

14

201330186K

JSW INTERNATIONAL TRADECORP PTE. LTD.

Director

08/11/2013

0.00

-

USD11,857,351.00

2017

-

05/12/2017

15

200800596Z

MAGOTTEAUX SINGAPORE PRIVATE LIMITED

Director

08/01/2008

0.00

-

USD205,660.00

2016

-

05/10/2017

16

201323434Z

NEW WORLD FASHION PTE. LTD.

Director

30/08/2013

0.00

-

-

-

-

04/10/2017

17

995449K

SOUTHEAST ASIAN EXPLORATION PTE. LTD.

Director

07/06/2013

0.00

-

-

-

-

23/10/2017

18

201431331C

SPORT RETAIL GROUP PTE. LTD.

Director

20/10/2014

0.00

-

USD83,971,000.00

2015

-

17/10/2016

19

199000987M

TOSHIBA ELECTRONICS ASIA (SINGAPORE) PTE. LTD.

Secretary

01/01/2005

0.00

-

USD34,665,000.00

2016

-

08/07/2016



MANAGEMENT

 

 

1)

Name of Subject

:

JETUN JAVERI

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

JBS PRACTICE PUBLIC ACCOUNTING CORPORATION

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN CHOW PHENG

IC / PP No

:

S1298885J

Address

:

112, ROBINSON ROAD, 05-01, ROBINSON 112, 068902, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BNP PARIBAS

 

2)

Name

:

SOCIETE GENERALE

 

3)

Name

:

ING BANK N.V.

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201402971

21/03/2014

N/A

BNP PARIBAS

-

Unsatisfied

C201408156

04/08/2014

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201505681

15/05/2015

N/A

SOCIETE GENERALE

-

Unsatisfied

C201505684

15/05/2015

N/A

SOCIETE GENERALE

-

Unsatisfied

C201603294

23/03/2016

N/A

MIZUHO BANK, LTD.

-

Unsatisfied

C201603296

23/03/2016

N/A

MIZUHO BANK, LTD.

-

Unsatisfied

C201603298

23/03/2016

N/A

MIZUHO BANK, LTD.

-

Unsatisfied

C201709527

20/09/2017

N/A

ING BANK N.V.

-

Unsatisfied

C201709805

27/09/2017

N/A

CREDIT SUISSE (UK)

-

Unsatisfied

C201709808

27/09/2017

N/A

CREDIT SUISSE (UK)

-

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 staff from the registered office refused to disclose the Subject's 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

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

OPERATIONS

 

Goods Traded

:

COAL, STEEL, METAL, ENERGY MATERIALS

 

Total Number of Employees:

 

YEAR

2017

2016

2015

2014

GROUP

N/A

N/A

N/A

N/A

COMPANY

9

9

7

4

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of coal, steel, metal, energy meaterials.

The staff from the registered office refused to disclose the Subject's operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62226352

Match

:

N/A

Address Provided by Client

:

8 EU TONG SEN STREET NO. 11-91 AND 92 THE CENTRAL 059818

Current Address

:

8 EU TONG SEN STREET, 11-91/92 THE CENTRAL, 059818, SINGAPORE.

Match

:

YES


We have contacted the Subject's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

Other Investigations


We contacted one of the staff from the Subject's registered office and he only provided limited information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2014 - 2017

]

Profit/(Loss) Before Tax

:

Increased

[

2014 - 2017

]

Return on Shareholder Funds

:

Favourable

[

47.70%

]

Return on Net Assets

:

Favourable

[

63.19%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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

[

2 Days

]

Debtor Ratio

:

Favourable

[

1 Days

]

Creditors Ratio

:

Favourable

[

6 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

[

1.12 Times

]

Current Ratio

:

Unfavourable

[

1.20 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

:

Acceptable

[

6.23 Times

]

Gearing Ratio

:

Unfavourable

[

3.42 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

Overall Assessment :

Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the Subject : 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

 


Incorporated in 2013, the Subject is a Private Limited company, focusing on trading of coal, steel, metal, energy materials. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. With a large issued and paid up capital of USD 20,400,000 and strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. These favourable conditions has minimised its risk in the industry compared to other players.

Investigation revealed, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 9 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 24,855,809, the Subject should be able to maintain its business in the near terms.

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

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



PROFIT AND LOSS ACCOUNT

 

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

JSW INTERNATIONAL TRADECORP PTE. LTD.

 

Financial Year End

2017-03-31

2016-03-31

2015-03-31

2014-03-31

Months

12

12

12

4

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

TURNOVER

1,648,228,013

1,075,039,800

941,336,834

-

Other Income

2,196,414

1,382,497

808

-

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

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

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

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

Total Turnover

1,650,424,427

1,076,422,297

941,337,642

-

Costs of Goods Sold

(1,633,072,635)

(1,063,776,846)

(934,744,034)

-

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

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

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

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

Gross Profit

17,351,792

12,645,451

6,593,608

-

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

13,185,920

9,787,733

4,670,129

(92,207)

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

13,185,920

9,787,733

4,670,129

(92,207)

Taxation

(1,328,569)

(949,000)

(456,832)

13,285

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

11,857,351

8,838,733

4,213,297

(78,922)

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

12,973,108

4,134,375

(78,922)

-

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

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

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

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

As restated

12,973,108

4,134,375

(78,922)

-

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

24,830,459

12,973,108

4,134,375

(78,922)

DIVIDENDS - Ordinary (paid & proposed)

(400,000)

-

-

-

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

24,430,459

12,973,108

4,134,375

(78,922)

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

2,520,180

1,615,765

1,263,749

10,277

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

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

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

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

2,520,180

1,615,765

1,263,749

10,277

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

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

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

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

DEPRECIATION (as per notes to P&L)

4,760

4,088

3,039

13

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

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

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

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

Total Amortization And Depreciation

4,760

4,088

3,039

13

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

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

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

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

 

 

 

 

 

 

 

BALANCE SHEET

 

JSW INTERNATIONAL TRADECORP PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

11,987

15,758

14,918

4,910

Deferred assets

-

-

-

13,285

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

-

-

13,285

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

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

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

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

TOTAL LONG TERM ASSETS

11,987

15,758

14,918

18,195

Stocks

9,449,375

3,792,776

-

-

Trade debtors

5,247,403

8,131,164

21,715

-

Other debtors, deposits & prepayments

298,158

501,235

614,760

20,019

Amount due from related companies

108,768,399

74,993,130

32,361,345

-

Cash & bank balances

25,617,557

15,798,575

5,214,134

292,015

Others

25,350

-

-

-

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

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

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

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

TOTAL CURRENT ASSETS

149,406,242

103,216,880

38,211,954

312,034

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

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

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

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

TOTAL ASSET

149,418,229

103,232,638

38,226,872

330,229

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

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

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

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

CURRENT LIABILITIES

Trade creditors

28,341,456

50,290,314

26,099,252

-

Other creditors & accruals

9,872,751

4,235,933

113,370

9,151

Other borrowings

85,018,108

34,313,220

7,036,328

-

Amounts owing to related companies

-

52,076

-

-

Provision for taxation

1,330,105

966,823

442,383

-

Other liabilities

-

1,214,975

-

-

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

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

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

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

TOTAL CURRENT LIABILITIES

124,562,420

91,073,341

33,691,333

9,151

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

24,843,822

12,143,539

4,520,621

302,883

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

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

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

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

TOTAL NET ASSETS

24,855,809

12,159,297

4,535,539

321,078

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

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

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

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

SHARE CAPITAL

Ordinary share capital

400,000

400,000

400,000

400,000

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

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

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

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

TOTAL SHARE CAPITAL

400,000

400,000

400,000

400,000

General reserve

25,350

(1,214,975)

-

-

Retained profit/(loss) carried forward

24,430,459

12,973,108

4,134,375

(78,922)

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

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

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

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

TOTAL RESERVES

24,455,809

11,758,133

4,134,375

(78,922)

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

24,855,809

12,158,133

4,534,375

321,078

Deferred taxation

-

1,164

1,164

-

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

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

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

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

TOTAL LONG TERM LIABILITIES

-

1,164

1,164

-

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

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

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

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

24,855,809

12,159,297

4,535,539

321,078

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

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

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

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

 

 

 

 

 

 

 

FINANCIAL RATIO

 

JSW INTERNATIONAL TRADECORP PTE. LTD.

 

TYPES OF FUNDS

Cash

25,617,557

15,798,575

5,214,134

292,015

Net Liquid Funds

25,617,557

15,798,575

5,214,134

292,015

Net Liquid Assets

15,394,447

8,350,763

4,520,621

302,883

Net Current Assets/(Liabilities)

24,843,822

12,143,539

4,520,621

302,883

Net Tangible Assets

24,855,809

12,159,297

4,535,539

321,078

Net Monetary Assets

15,394,447

8,349,599

4,519,457

302,883

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

11,403,498

5,933,878

(81,930)

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

15,710,860

11,407,586

5,936,917

(81,917)

BALANCE SHEET ITEMS

Total Borrowings

85,018,108

34,313,220

7,036,328

0

Total Liabilities

124,562,420

91,074,505

33,692,497

9,151

Total Assets

149,418,229

103,232,638

38,226,872

330,229

Net Assets

24,855,809

12,159,297

4,535,539

321,078

Net Assets Backing

24,855,809

12,158,133

4,534,375

321,078

Shareholders' Funds

24,855,809

12,158,133

4,534,375

321,078

Total Share Capital

400,000

400,000

400,000

400,000

Total Reserves

24,455,809

11,758,133

4,134,375

(78,922)

GROWTH RATIOS (Year on Year)

Revenue

53.32

14.20

-

-

Proft/(Loss) Before Tax

34.72

109.58

5,164.83

-

Proft/(Loss) After Tax

34.15

109.78

5,438.56

-

Total Assets

44.74

170.05

11,475.87

-

Total Liabilities

36.77

170.31

368,083.77

-

LIQUIDITY (Times)

Cash Ratio

0.21

0.17

0.15

31.91

Liquid Ratio

1.12

1.09

1.13

34.10

Current Ratio

1.20

1.13

1.13

34.10

WORKING CAPITAL CONTROL (Days)

Stock Ratio

2

1

0

0

Debtors Ratio

1

3

0

0

Creditors Ratio

6

17

10

0

SOLVENCY RATIOS (Times)

Gearing Ratio

3.42

2.82

1.55

0

Liabilities Ratio

5.01

7.49

7.43

0.03

Times Interest Earned Ratio

6.23

7.06

4.70

(7.97)

Assets Backing Ratio

62.14

30.40

11.34

0.80

PERFORMANCE RATIO (%)

Operating Profit Margin

0.80

0.91

0.50

0

Net Profit Margin

0.72

0.82

0.45

0

Return On Net Assets

63.19

93.78

130.83

(25.52)

Return On Capital Employed

63.19

93.78

130.83

(25.52)

Return On Shareholders' Funds/Equity

47.70

72.70

92.92

(24.58)

Dividend Pay Out Ratio (Times)

0.03

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.61

UK Pound

1

INR 90.60

Euro

1

INR 79.86

SGD

1

INR 50.13

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

SYL

                                                


 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

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

 

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

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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

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