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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

509874

Report Date :

17.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ASIA INTERNATIONAL PTE. LTD.

 

 

Registered Office :

180, Cecil Street, 10-01, Bangkok Bank Building, 069546

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

27.12.2005

 

 

Com. Reg. No.:

200517839C

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading of timber and other forestry commodities.

 

 

No. of Employees :

2

 

 

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 :

No Complaints

 

 

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.

:

200517839C

COMPANY NAME

:

ASIA INTERNATIONAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/12/2005

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

180, CECIL STREET, 10-01, BANGKOK BANK BUILDING, 069546, SINGAPORE.

BUSINESS ADDRESS

:

180, CECIL STREET, 10-01, BANGKOK BANK BUILDING, 069546, SINGAPORE.

TEL.NO.

:

65-67323491/67323492

FAX.NO.

:

65-67323875

WEB SITE

:

WWW.ASIAINTERNATIONALPTELTD.COM

CONTACT PERSON

:

AJAY KUMAR DHAR ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TIMBER AND OTHER FORESTRY COMMODITIES

ISSUED AND PAID UP CAPITAL

:

1,210,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,210,000.00

SALES

:

USD 9,231,279 [2016]

NET WORTH

:

USD 2,426,173 [2016]

STAFF STRENGTH

:

2 [2018]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

NO COMPLAINTS

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 timber and other forestry commodities.

 

Share Capital History

Date

Issue & Paid Up Capital

17/04/2018

SGD 1,210,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

TANU MERH DHAR @ TANU MERH +

55, MERRYN ROAD, DUNEARN ESTATE, 298503, SINGAPORE.

S7182245A

710,000.00

58.68

MR. AJAY KUMAR DHAR +

55, MERRYN ROAD, DUNEARN ESTATE, 298503, SINGAPORE.

S2699761E

500,000.00

41.32

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

------

1,210,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

AUTAR KRISHEN DHAR

Address

:

58/1, BALLYGUNGE CIRCULAR ROAD, FLAT 101A, SAPTAPARNI BUILDING, KOLKATA, 700019, INDIA.

IC / PP No

:

Z021928

Nationality

:

INDIAN

Date of Appointment

:

03/01/2006



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

200517839C

ASIA INTERNATIONAL PTE. LTD.

Director

03/01/2006

0.00

-

USD6,623.00

2016

-

17/04/2018

2

201021705M

PAN ASIA INTERCONTINENTAL PTE. LTD.

Director

11/10/2010

0.00

-

USD566,010.00

2015

-

20/03/2018

 

DIRECTOR 2

 

Name Of Subject

:

MR. AJAY KUMAR DHAR

Address

:

55, MERRYN ROAD, DUNEARN ESTATE, 298503, SINGAPORE.

IC / PP No

:

S2699761E

Nationality

:

SINGAPOREAN

Date of Appointment

:

27/12/2005



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

200517839C

ASIA INTERNATIONAL PTE. LTD.

Director

27/12/2005

500,000.00

41.32

USD6,623.00

2016

-

17/04/2018

2

201021705M

PAN ASIA INTERCONTINENTAL PTE. LTD.

Director

11/10/2010

1,075,001.00

49.91

USD566,010.00

2015

-

20/03/2018

3

200302043E

WOOD CRAFT INTERNATIONAL PTE. LTD.

Director

06/03/2003

400,000.00

20.00

-

-

-

09/03/2017

 

DIRECTOR 3

 

Name Of Subject

:

TANU MERH DHAR @ TANU MERH

Address

:

55, MERRYN ROAD, DUNEARN ESTATE, 298503, SINGAPORE.

IC / PP No

:

S7182245A

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/10/2007



 

INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200517839C

ASIA INTERNATIONAL PTE. LTD.

Director

15/10/2007

710,000.00

58.68

USD6,623.00

2016

-

17/04/2018

2

201021705M

PAN ASIA INTERCONTINENTAL PTE. LTD.

Director

11/10/2010

1,075,001.00

49.91

USD566,010.00

2015

-

20/03/2018

3

200302043E

WOOD CRAFT INTERNATIONAL PTE. LTD.

Director

06/03/2003

200,000.00

10.00

-

-

-

09/03/2017



MANAGEMENT

 

 

1)

Name of Subject

:

AJAY KUMAR DHAR

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

S C MOHAN PAC

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

M SAMBASIVAM

IC / PP No

:

S1650785G

Address

:

204, MARSILING DRIVE, 12-192, 730204, SINGAPORE.

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200602619

24/04/2006

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C200602621

24/04/2006

N/A

MALAYAN BANKING BERHAD

-

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

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

TIMBER AND OTHER FORESTRY COMMODITIES

 

Total Number of Employees:

 

YEAR

2018

2017

2016

2015

2014

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

2

5

5

5

5

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of timber and other forestry commodities.

The Subject is the market leader who can offer a range of forestry commodities and services that is unmatched in the industries.

Products dealings:

* commodities

* raw timber
- teak (logs and rough square logs)
- g-melina
- radiata pine
- eucalyptus
- poplar
- hardwoods

* finished goods of timber
- plywood
- veneer
- mdf
- particle boards
- rubber wood boards and allied products

* metal scrap

* food commodities


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-67323491/67323492

Match

:

N/A

Address Provided by Client

:

180 CECIL STREET BANGKOK BANK BUILDING SINGAPORE-069546

Current Address

:

180, CECIL STREET, 10-01, BANGKOK BANK BUILDING, 069546, SINGAPORE.

Match

:

NO

 

Other Investigations

 

We have contacted one of the staff from the Subject and she provided some information.
The address provided is incomplete.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Decreased

[

2012 - 2016

]

Return on Shareholder Funds

:

Unfavourable

[

0.27%

]

Return on Net Assets

:

Unfavourable

[

1.12%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Debtor Ratio

:

Unfavourable

[

95 Days

]

Creditors Ratio

:

Favourable

[

0 Days

]

The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. 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

[

2.51 Times

]

Current Ratio

:

Favourable

[

2.51 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

[

1.19 Times

]

Gearing Ratio

:

Favourable

[

0.24 Times

]

The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

The Subject's performance deteriorated over the years with lower 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : LIMITED

 

 

 

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 2005, the Subject is a Private Limited company, focusing on trading of timber and other forestry commodities. 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 SGD 1,210,000 allows the Subject to expand its business more comfortably. We considered that the Subject's business position in the market is much dependent on the efforts of its directors.

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 2 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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 2,426,173, 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.

ASIA INTERNATIONAL PTE. LTD.

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

9,231,279

11,464,333

17,642,433

16,389,291

22,278,657

Other Income

13,573

12,705

10,801

9,568

9,548

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

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

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

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

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

Total Turnover

9,244,852

11,477,038

17,653,234

16,398,859

22,288,205

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

4,396

44,566

377,643

71,424

254,397

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

4,396

44,566

377,643

71,424

254,397

Taxation

2,227

(1,867)

(42,900)

(11,644)

(28,624)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

6,623

42,699

334,743

59,780

225,773

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,626,074

1,583,375

1,248,632

1,188,852

963,079

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

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

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

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

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

As restated

1,626,074

1,583,375

1,248,632

1,188,852

963,079

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

1,632,697

1,626,074

1,583,375

1,248,632

1,188,852

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,632,697

1,626,074

1,583,375

1,248,632

1,188,852

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

22,658

53,671

87,257

84,557

64,944

Others

-

175,971

372,192

319,743

386,676

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

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

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

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

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

22,658

229,642

459,449

404,300

451,620

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

6,004

8,103

14,803

12,052

11,770

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

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

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

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

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

Total Amortization And Depreciation

6,004

8,103

14,803

12,052

11,770

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

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

ASIA INTERNATIONAL PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

13,975

19,034

14,746

15,795

26,437

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

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

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

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

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

TOTAL LONG TERM ASSETS

13,975

19,034

14,746

15,795

26,437

CURRENT ASSETS

Trade debtors

2,391,610

1,987,604

5,239,963

4,531,114

3,725,851

Other debtors, deposits & prepayments

8,450

38,409

34,489

8,069

60,039

Short term deposits

1,458,312

1,444,739

1,432,034

1,421,223

1,411,655

Cash & bank balances

152,273

60,014

28,347

7,442

12,967

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

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

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

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

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

TOTAL CURRENT ASSETS

4,010,645

3,530,766

6,734,833

5,967,848

5,210,512

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

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

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

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

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

TOTAL ASSET

4,024,620

3,549,800

6,749,579

5,983,643

5,236,949

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

-

-

-

311,260

790,094

Other creditors & accruals

66,998

125,935

391,971

438,674

471,040

Short term borrowings/Term loans

500,000

956,722

-

-

-

Other borrowings

83,760

-

-

-

-

Amounts owing to related companies

947,564

-

-

-

-

Provision for taxation

125

47,593

45,726

9,081

22,469

Other liabilities

-

-

3,935,031

3,182,520

1,971,018

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

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

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

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

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

TOTAL CURRENT LIABILITIES

1,598,447

1,130,250

4,372,728

3,941,535

3,254,621

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

2,412,198

2,400,516

2,362,105

2,026,313

1,955,891

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

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

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

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

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

TOTAL NET ASSETS

2,426,173

2,419,550

2,376,851

2,042,108

1,982,328

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

793,476

793,476

793,476

793,476

793,476

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

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

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

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

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

TOTAL SHARE CAPITAL

793,476

793,476

793,476

793,476

793,476

RESERVES

Retained profit/(loss) carried forward

1,632,697

1,626,074

1,583,375

1,248,632

1,188,852

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

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

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

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

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

TOTAL RESERVES

1,632,697

1,626,074

1,583,375

1,248,632

1,188,852

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,426,173

2,419,550

2,376,851

2,042,108

1,982,328

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

ASIA INTERNATIONAL PTE. LTD.

 

TYPES OF FUNDS

Cash

1,610,585

1,504,753

1,460,381

1,428,665

1,424,622

Net Liquid Funds

1,610,585

1,504,753

1,460,381

1,428,665

1,424,622

Net Liquid Assets

2,412,198

2,400,516

2,362,105

2,026,313

1,955,891

Net Current Assets/(Liabilities)

2,412,198

2,400,516

2,362,105

2,026,313

1,955,891

Net Tangible Assets

2,426,173

2,419,550

2,376,851

2,042,108

1,982,328

Net Monetary Assets

2,412,198

2,400,516

2,362,105

2,026,313

1,955,891

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

27,054

274,208

837,092

475,724

706,017

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

33,058

282,311

851,895

487,776

717,787

BALANCE SHEET ITEMS

Total Borrowings

583,760

956,722

0

0

0

Total Liabilities

1,598,447

1,130,250

4,372,728

3,941,535

3,254,621

Total Assets

4,024,620

3,549,800

6,749,579

5,983,643

5,236,949

Net Assets

2,426,173

2,419,550

2,376,851

2,042,108

1,982,328

Net Assets Backing

2,426,173

2,419,550

2,376,851

2,042,108

1,982,328

Shareholders' Funds

2,426,173

2,419,550

2,376,851

2,042,108

1,982,328

Total Share Capital

793,476

793,476

793,476

793,476

793,476

Total Reserves

1,632,697

1,626,074

1,583,375

1,248,632

1,188,852

GROWTH RATIOS (Year on Year) (%)

Revenue

(19.48)

(35.02)

7.65

(26.44)

17.44

Proft/(Loss) Before Tax

(90.14)

(88.20)

428.73

(71.92)

(44.42)

Proft/(Loss) After Tax

(84.49)

(87.24)

459.96

(73.52)

(43.56)

Total Assets

13.38

(47.41)

12.80

14.26

(1.93)

Total Liabilities

41.42

(74.15)

10.94

21.11

(9.18)

LIQUIDITY (Times)

Cash Ratio

1.01

1.33

0.33

0.36

0.44

Liquid Ratio

2.51

3.12

1.54

1.51

1.60

Current Ratio

2.51

3.12

1.54

1.51

1.60

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

0

0

Debtors Ratio

95

63

108

101

61

Creditors Ratio

0

0

0

7

13

SOLVENCY RATIOS (Times)

Gearing Ratio

0.24

0.40

0

0

0

Liabilities Ratio

0.66

0.47

1.84

1.93

1.64

Times Interest Earned Ratio

1.19

1.19

1.82

1.18

1.56

Assets Backing Ratio

3.06

3.05

3.00

2.57

2.50

PERFORMANCE RATIO (%)

Operating Profit Margin

0.05

0.39

2.14

0.44

1.14

Net Profit Margin

0.07

0.37

1.90

0.36

1.01

Return On Net Assets

1.12

11.33

35.22

23.30

35.62

Return On Capital Employed

1.12

11.33

35.22

23.30

35.62

Return On Shareholders' Funds/Equity

0.27

1.76

14.08

2.93

11.39

Dividend Pay Out Ratio (Times)

0

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.83

UK Pound

1

INR 91.68

Euro

1

INR 80.29

SGD

1

INR 50.50

                                                                  

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

                                                


 

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.