MIRA INFORM REPORT

 

 

Report No. :

507265

Report Date :

08.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

POLYMET SA (S) PTE LTD

 

 

Registered Office :

10, Anson Road, 22 - 08A, International Plaza, 079903

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

16.03.2001

 

 

Com. Reg. No.:

200101760R

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading of chemicals, polymers, plastics.

 

 

No. of Employees :

10 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

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

(30.09.2017)

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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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.

:

200101760R

COMPANY NAME

:

POLYMET SA (S) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

16/03/2001

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, ANSON ROAD, 22 - 08A, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BUSINESS ADDRESS

:

10, ANSON ROAD INTERNATIONAL PLAZA, 22-08A, 079903, SINGAPORE.

TEL.NO.

:

65-63721630

FAX.NO.

:

65-63721631

WEB SITE

:

WWW.POLYMETSA.COM.SG

CONTACT PERSON

:

SANTOSH KUMAR TIBAREWALA ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF CHEMICALS, POLYMERS,PLASTICS

ISSUED AND PAID UP CAPITAL

:

500,000.00 ORDINARY SHARE, OF A VALUE OF USD 500,000.00

SALES

:

USD 32,962,839 [2017]

NET WORTH

:

USD 2,226,765 [2017]

STAFF STRENGTH

:

10 [2018]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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 chemicals, polymers,plastics.

 

Share Capital History

Date

Issue & Paid Up Capital

07/05/2018

USD 500,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

SANTOSH KUMAR TIBAREWALA +

112, TANJONG RHU ROAD, 03-02, CAMELOT BY-THE-WATER, 436929, SINGAPORE.

S2722051G

255,089.00

51.02

TRIOSUCCESS HOLDINGS LIMITED

P.O. BOX 957, OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA VIRGIN ISLANDS, BRITISH

T09UF1767

244,911.00

48.98

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

------

500,000.00

100.00

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

=====

+ Also Director



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

SANTOSH KUMAR TIBAREWALA

Address

:

112, TANJONG RHU ROAD, 03-02, CAMELOT BY-THE-WATER, 436929, SINGAPORE.

IC / PP No

:

S2722051G

Nationality

:

SINGAPOREAN

Date of Appointment

:

27/11/2003



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

200101760R

POLYMET SA (S) PTE LTD

Director

27/11/2003

255,089.00

51.02

USD236,868.00

2017

-

07/05/2018



MANAGEMENT

 

 

1)

Name of Subject

:

SANTOSH KUMAR TIBAREWALA

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

MGI N RAJAN ASSOCIATES

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

BALARAMAN RAMESH

IC / PP No

:

S2735320G

Address

:

137, BISHAN STREET 12, 13-410, BISHAN GREEN, 540234, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201101708

10/02/2011

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

 

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

[

]

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
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

CHEMICALS, POLYMERS,PLASTICS

 

Total Number of Employees:

 

YEAR

2018

2017

2016

GROUP

N/A

N/A

N/A

COMPANY

10

10

10

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of chemicals, polymers,plastics.

The Subject's line of business includes the wholesale distribution of chemicals and allied products.

Distributor and International Trader of Commodities namely Plastic Raw Materials.

The Subject refused to disclose further information on its operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63721630

Match

:

N/A

Address Provided by Client

:

10 ANSON ROAD, #22-08A INTERNATIONAL PLAZA, 079903

Current Address

:

10, ANSON ROAD INTERNATIONAL PLAZA, 22-08A, 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

[

2012 - 2017

]

Profit/(Loss) Before Tax

:

Decreased

[

2012 - 2017

]

Return on Shareholder Funds

:

Acceptable

[

10.64%

]

Return on Net Assets

:

Acceptable

[

23.57%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Debtor Ratio

:

Favourable

[

46 Days

]

Creditors Ratio

:

Favourable

[

33 Days

]

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

[

1.31 Times

]

Current Ratio

:

Unfavourable

[

1.31 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

[

2.02 Times

]

Gearing Ratio

:

Unfavourable

[

1.35 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 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 :

The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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'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 :

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

According to the Ministry of Trade and Industry, the wholesale & retail trade sector expanded to 3.0% in the fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter. The wholesale trade segment was boosted by an improvement in foreign wholesale sales volume, which more than offset the weakness in domestic wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can be attributed to the wholesale segment.

The domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer outturn was led by declines in the sales volume of household equipment & furniture (-27%) and general wholesale merchandise (-19%), which outweighed the increase in the sales volume of telecommunications & computers (20%). For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in 2016.

On the other hand, foreign wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related products (11%t), telecommunications & computers (19%) and electronic components (16%). However, growth was partly offset by a 20% decline in the sales volume of metals, timber & construction materials. For the full year 2017, the foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5% in the previous year.

Besides, retail sales volume rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth recorded in the third quarter. Growth was supported by improvements in both motor vehicle and non-motor vehicle sales volumes. While motor vehicle sales benefitted from an on-year increase in COE supply, growth in non-motor vehicle sales came on the back of an improvement in consumer sentiments. Notably, the sales volume of discretionary goods such as recreational goods, computer & telecommunication equipment and wearing apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively.

For the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was driven by both motor vehicle sales and non-motor vehicle sales, which the former rising by 1.5% and the latter increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For instance, the sales volume of recreational goods (3.9%), watches & jewellery (2.4%), computer & telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2001, the Subject is a Private Limited company, focusing on trading of chemicals, polymers,plastics. 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. Presently, the issued and paid up capital of the Subject stands at USD 500,000.

 
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 10 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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. 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 2,226,765, 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.

 
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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.


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.

POLYMET SA (S) PTE LTD

 

Financial Year End

2017-03-31

2016-03-31

2015-03-31

2014-03-31

Months

12

12

12

12

Consolidated Account

Company

Company

GROUP

GROUP

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

32,962,839

34,755,941

29,027,197

24,537,142

Other Income

21,852

199,933

55,482

8,100

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

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

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

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

Total Turnover

32,984,691

34,955,874

29,082,679

24,545,242

Costs of Goods Sold

-

-

(28,121,632)

(23,825,294)

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

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

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

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

Gross Profit

-

-

961,047

719,948

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

264,444

392,515

149,338

(117,098)

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

264,444

392,515

149,338

(117,098)

Taxation

(27,576)

(19,900)

(18,927)

4,673

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

236,868

372,615

130,411

(112,425)

Minority interests

-

-

700

(2,065)

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,489,897

1,117,282

1,125,733

1,740,223

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

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

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

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

As restated

1,489,897

1,117,282

1,125,733

1,740,223

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

1,726,765

1,489,897

1,256,844

1,625,733

DIVIDENDS - Ordinary (paid & proposed)

-

-

-

(500,000)

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,726,765

1,489,897

1,256,844

1,125,733

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

260,427

289,762

224,376

186,989

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

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

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

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

260,427

289,762

224,376

186,989

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

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

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

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

DEPRECIATION (as per notes to P&L)

48,129

51,288

77,795

200,928

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

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

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

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

Total Amortization And Depreciation

48,129

51,288

77,795

200,928

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

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

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

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

 

 

 

 

 

 

 

BALANCE SHEET

 

 

POLYMET SA (S) PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

929,682

976,005

1,022,482

1,087,944

LONG TERM INVESTMENTS/OTHER ASSETS

Investments

3,703

3,337

3,009

2,651

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

3,703

3,337

3,009

2,651

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

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

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

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

TOTAL LONG TERM ASSETS

933,385

979,342

1,025,491

1,090,595

CURRENT ASSETS

Trade debtors

4,134,590

2,231,000

4,024,229

4,808,019

Other debtors, deposits & prepayments

747,784

177,521

298,079

282,702

Short term deposits

2,080,101

2,071,442

1,564,506

1,576,697

Cash & bank balances

477,006

637,110

926,998

1,111,308

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

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

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

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

TOTAL CURRENT ASSETS

7,439,481

5,117,073

6,813,812

7,778,726

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

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

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

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

TOTAL ASSET

8,372,866

6,096,415

7,839,303

8,869,321

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

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

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

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

CURRENT LIABILITIES

Trade creditors

3,004,099

2,887,119

3,310,886

3,169,719

Other creditors & accruals

42,830

21,964

34,722

62,893

Short term borrowings/Term loans

2,543,151

590,046

2,076,550

3,244,608

Deposits from customers

3,537

6,363

-

-

Amounts owing to holding company

56,455

56,455

-

-

Amounts owing to related companies

-

28,228

-

-

Amounts owing to director

-

3,000

-

-

Provision for taxation

28,025

17,249

11,797

127

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

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

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

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

TOTAL CURRENT LIABILITIES

5,678,097

3,610,424

5,433,955

6,477,347

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

1,761,384

1,506,649

1,379,857

1,301,379

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

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

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

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

LONG TERM LIABILITIES

Other long term borrowings

468,004

496,094

535,533

652,570

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

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

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

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

TOTAL LONG TERM LIABILITIES

468,004

496,094

535,533

652,570

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

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

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

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

TOTAL NET ASSETS

2,226,765

1,989,897

1,869,815

1,739,404

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

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

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

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

SHARE CAPITAL

Ordinary share capital

500,000

500,000

500,000

500,000

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

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

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

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

TOTAL SHARE CAPITAL

500,000

500,000

500,000

500,000

RESERVES

Retained profit/(loss) carried forward

1,726,765

1,489,897

1,256,844

1,125,733

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

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

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

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

TOTAL RESERVES

1,726,765

1,489,897

1,256,844

1,125,733

MINORITY INTEREST

-

-

112,971

113,671

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,226,765

1,989,897

1,869,815

1,739,404

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

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

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

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

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

POLYMET SA (S) PTE LTD

 

TYPES OF FUNDS

Cash

2,557,107

2,708,552

2,491,504

2,688,005

Net Liquid Funds

2,557,107

2,708,552

2,491,504

2,688,005

Net Liquid Assets

1,761,384

1,506,649

1,379,857

1,301,379

Net Current Assets/(Liabilities)

1,761,384

1,506,649

1,379,857

1,301,379

Net Tangible Assets

2,226,765

1,989,897

1,869,815

1,739,404

Net Monetary Assets

1,293,380

1,010,555

844,324

648,809

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

524,871

682,277

373,714

69,891

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

573,000

733,565

451,509

270,819

BALANCE SHEET ITEMS

Total Borrowings

3,011,155

1,086,140

2,612,083

3,897,178

Total Liabilities

6,146,101

4,106,518

5,969,488

7,129,917

Total Assets

8,372,866

6,096,415

7,839,303

8,869,321

Net Assets

2,226,765

1,989,897

1,869,815

1,739,404

Net Assets Backing

2,226,765

1,989,897

1,869,815

1,739,404

Shareholders' Funds

2,226,765

1,989,897

1,869,815

1,739,404

Total Share Capital

500,000

500,000

500,000

500,000

Total Reserves

1,726,765

1,489,897

1,256,844

1,125,733

GROWTH RATIOS (Year on Year) (%)

Revenue

(5.16)

19.74

18.30

(25.71)

Proft/(Loss) Before Tax

(32.63)

162.84

227.53

(145.35)

Proft/(Loss) After Tax

(36.43)

185.72

216.00

(142.75)

Total Assets

37.34

(22.23)

(11.61)

(9.70)

Total Liabilities

49.67

(31.21)

(16.28)

(8.11)

LIQUIDITY (Times)

Cash Ratio

0.45

0.75

0.46

0.41

Liquid Ratio

1.31

1.42

1.25

1.20

Current Ratio

1.31

1.42

1.25

1.20

WORKING CAPITAL CONTROL (Days)

Debtors Ratio

46

23

51

72

Creditors Ratio

33

30

43

49

SOLVENCY RATIOS (Times)

Gearing Ratio

1.35

0.55

1.40

2.24

Liabilities Ratio

2.76

2.06

3.19

4.10

Times Interest Earned Ratio

2.02

2.35

1.67

0.37

Assets Backing Ratio

4.45

3.98

3.74

3.48

PERFORMANCE RATIO (%)

Operating Profit Margin

0.80

1.13

0.51

(0.48)

Net Profit Margin

0.72

1.07

0.45

(0.47)

Return On Net Assets

23.57

34.29

19.99

4.02

Return On Capital Employed

19.48

27.44

14.84

2.79

Return On Shareholders' Funds/Equity

10.64

18.73

7.01

(6.58)

Dividend Pay Out Ratio (Times)

-

-

-

4.37



 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.11

UK Pound

1

INR 90.85

Euro

1

INR 80.12

SGD

1

INR 50.17

                                                                  

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

TRU

                                                


 

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.