MIRA INFORM REPORT

 

 

Report No. :

509268

Report Date :

18.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ZENITEL MARINE ASIA PTE LTD

 

 

Formerly Known As :

·         VINGTOR MARINE (ASIA) PTE LTD

·         STENTO MARINE (ASIA) PTE LTD

 

 

Registered Office :

15, Tai Seng Drive, 05 - 02, Element 14, 535220

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

27.10.1994

 

 

Com. Reg. No.:

199407819Z

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading of marine equipment and spare parts.

 

 

No. of Employees :

35 [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 :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of 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.

:

199407819Z

COMPANY NAME

:

ZENITEL MARINE ASIA PTE LTD

FORMER NAME

:

STENTO MARINE (ASIA) PTE LTD (02/04/2002)
VINGTOR MARINE (ASIA) PTE LTD (13/10/1999)

INCORPORATION DATE

:

27/10/1994

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

15, TAI SENG DRIVE, 05 - 02, ELEMENT 14, 535220, SINGAPORE.

BUSINESS ADDRESS

:

15, TAI SENG DRIVE, 05-02, ELEMENT 14, 535220, SINGAPORE.

TEL.NO.

:

65-63830200

FAX.NO.

:

65-63830700

CONTACT PERSON

:

TEO BOON KENG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF MARINE EQUIPMENT AND SPARE PARTS

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

SGD 6,249,416 [2017]

NET WORTH

:

SGD 3,423,359 [2017]

STAFF STRENGTH

:

35 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

REGULAR

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 marine equipment and spare parts.

 

The immediate holding company of the Subject is ZENITEL NORWAY AS, a company incorporated in NORWAY.

The ultimate holding company of the Subject is ZENITEL N.V., a company incorporated in BELGIUM.

 

Share Capital History

Date

Issue & Paid Up Capital

15/05/2018

SGD 500,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

TEO BOON KENG +

8, PULASAN ROAD, 02-05, GALLERY 8, 424376, SINGAPORE.

S1527578B

1.00

0.00

KENNETH DASTOL +

KYRRESVINGEN 13, HORTEN, 3186, NORWAY.

30416582

1.00

0.00

ZENITEL NORWAY AS

SANDAKERVEIEN 24C, 0473 OSLO 0301 OSLO, NORWAY

T03UF1560

499,998.00

100.00

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

------

500,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

KENNETH DASTOL

Address

:

KYRRESVINGEN 13, HORTEN, 3186, NORWAY.

IC / PP No

:

30416582

Nationality

:

NORWEGIAN

Date of Appointment

:

20/04/2004



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

199407819Z

ZENITEL MARINE ASIA PTE LTD

Director

20/04/2004

1.00

0.0002

SGD(575,012.00)

2017

-

15/05/2018

 

DIRECTOR 2

 

Name Of Subject

:

TEO BOON KENG

Address

:

8, PULASAN ROAD, 02-05, GALLERY 8, 424376, SINGAPORE.

IC / PP No

:

S1527578B

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/09/2012



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

199407819Z

ZENITEL MARINE ASIA PTE LTD

Director

01/09/2012

1.00

0.0002

SGD(575,012.00)

2017

-

15/05/2018



MANAGEMENT

 

 

 

1)

Name of Subject

:

TEO BOON KENG

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TEO AI NGOH

IC / PP No

:

S0401942C

Address

:

48, DORSET ROAD, 20-109, DORSET VIEW, 210048, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


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

 

 

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES


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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

MARINE EQUIPMENT AND SPARE PARTS

 

Total Number of Employees:

YEAR

2018

2016

GROUP

N/A

N/A

COMPANY

35

35

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of marine equipment and spare parts.

The Subject refused to disclose its operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63830200

Match

:

N/A

Address Provided by Client

:

15 TAI SENG DRIVE 05-02, SINGAPORE 535220

Current Address

:

15, TAI SENG DRIVE, 05-02, ELEMENT 14, 535220, SINGAPORE.

Match

:

NO

 

Other Investigations


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

The address provided is incomplete.

The Subject refused to disclose its bankers.

 

FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2013 - 2017

]

Profit/(Loss) Before Tax

:

Decreased

[

2013 - 2017

]

Return on Shareholder Funds

:

Unfavourable

[

(16.80%)

]

Return on Net Assets

:

Unfavourable

[

(17.07%)

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Unfavourable

[

70 Days

]

Debtor Ratio

:

Favourable

[

46 Days

]

Creditors Ratio

:

Favourable

[

23 Days

]

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. 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

[

4.49 Times

]

Current Ratio

:

Favourable

[

6.40 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

[

(77.52 Times)

]

Gearing Ratio

:

Favourable

[

0.03 Times

]

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 losses could be attributed to the lower turnover which in turn could be the result of unfavourable market conditions. 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's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 1994, the Subject is a Private Limited company, focusing on trading of marine equipment and spare parts. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. Presently, the issued and paid up capital of the Subject stands at MYR 500,000. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is operating on a medium scale and it has approximately 35 employees in its business operations. 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.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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 SGD 3,423,359, 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 promptly.

 

 

FINANCIALS

 

PROFIT AND LOSS ACCOUNT

 

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

ZENITEL MARINE ASIA PTE LTD

 

Financial Year End

2017-12-31

2016-12-31

2015-12-31

2014-12-31

2013-12-31

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

SUMMARY

Currency

SGD

SGD

SGD

SGD

SGD

TURNOVER

6,249,416

9,269,489

15,480,979

17,822,361

17,930,487

Other Income

19,422

57,940

138,795

34,071

-

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

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

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

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

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

Total Turnover

6,268,838

9,327,429

15,619,774

17,856,432

17,930,487

Costs of Goods Sold

(3,716,629)

(5,416,232)

-

-

-

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

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

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

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

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

Gross Profit

2,552,209

3,911,197

-

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(592,012)

14,208

1,435,310

1,189,854

1,632,823

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(592,012)

14,208

1,435,310

1,189,854

1,632,823

Taxation

17,000

8,289

(25,224)

(152,504)

(319,683)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(575,012)

22,497

1,410,086

1,037,350

1,313,140

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

5,498,371

6,475,874

6,265,788

6,428,438

5,115,298

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

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

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

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

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

As restated

5,498,371

6,475,874

6,265,788

6,428,438

5,115,298

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

4,923,359

6,498,371

7,675,874

7,465,788

6,428,438

DIVIDENDS - Ordinary (paid & proposed)

(2,000,000)

(1,000,000)

(1,200,000)

(1,200,000)

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,923,359

5,498,371

6,475,874

6,265,788

6,428,438

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Lease interest

7,540

7,540

7,540

7,540

-

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

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

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

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

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

7,540

7,540

7,540

7,540

-

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

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

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

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

-

DEPRECIATION (as per notes to P&L)

130,522

134,839

96,479

80,023

-

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

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

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

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

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

Total Amortization And Depreciation

130,522

134,839

96,479

80,023

-

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

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

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

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

 

BALANCE SHEET

 

ZENITEL MARINE ASIA PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

152,657

237,349

313,790

230,991

314,147

LONG TERM INVESTMENTS/OTHER ASSETS

Deferred assets

3,210

3,210

-

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

3,210

3,210

-

-

-

INTANGIBLE ASSETS

Deferred/Expenditure carried forward

-

-

-

77,796

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

-

-

-

77,796

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

155,867

240,559

313,790

308,787

314,147

CURRENT ASSETS

Stocks

1,193,936

1,796,618

2,928,131

2,945,287

-

Trade debtors

793,874

599,470

2,081,449

3,540,662

-

Other debtors, deposits & prepayments

134,234

186,992

213,787

198,238

-

Cash & bank balances

1,869,561

4,396,935

3,445,460

1,750,071

-

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

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

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

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

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

TOTAL CURRENT ASSETS

3,991,605

6,980,015

8,668,827

8,434,258

9,538,798

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

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

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

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

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

TOTAL ASSET

4,147,472

7,220,574

8,982,617

8,743,045

9,852,945

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

237,808

478,388

829,228

621,964

-

Other creditors & accruals

359,769

590,187

853,441

828,489

-

Amounts owing to holding company

-

912

-

-

-

Provision for taxation

-

-

135,500

321,728

-

Lease payables

26,180

26,180

26,180

26,180

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

623,757

1,095,667

1,844,349

1,798,361

2,719,431

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

3,367,848

5,884,348

6,824,478

6,635,897

6,819,367

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

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

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

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

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

LONG TERM LIABILITIES

Lease obligations

100,356

126,536

152,716

178,896

-

Deferred taxation

-

-

9,678

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

100,356

126,536

162,394

178,896

205,076

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

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

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

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

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

TOTAL NET ASSETS

3,423,359

5,998,371

6,975,874

6,765,788

6,928,438

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

500,000

500,000

500,000

500,000

500,000

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

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

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

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

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

TOTAL SHARE CAPITAL

500,000

500,000

500,000

500,000

500,000

RESERVES

Retained profit/(loss) carried forward

2,923,359

5,498,371

6,475,874

6,265,788

6,428,438

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

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

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

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

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

TOTAL RESERVES

2,923,359

5,498,371

6,475,874

6,265,788

6,428,438

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

3,423,359

5,998,371

6,975,874

6,765,788

6,928,438

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

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

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

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

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

 

FINANCIAL RATIO

 

ZENITEL MARINE ASIA PTE LTD

 

TYPES OF FUNDS

Cash

1,869,561

4,396,935

3,445,460

1,750,071

-

Net Liquid Funds

1,869,561

4,396,935

3,445,460

1,750,071

-

Net Liquid Assets

2,173,912

4,087,730

3,896,347

3,690,610

6,819,367

Net Current Assets/(Liabilities)

3,367,848

5,884,348

6,824,478

6,635,897

6,819,367

Net Tangible Assets

3,423,359

5,998,371

6,975,874

6,687,992

6,928,438

Net Monetary Assets

2,073,556

3,961,194

3,733,953

3,511,714

6,614,291

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

(584,472)

21,748

1,442,850

1,197,394

-

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

(453,950)

156,587

1,539,329

1,277,417

-

BALANCE SHEET ITEMS

Total Borrowings

100,356

126,536

152,716

178,896

-

Total Liabilities

724,113

1,222,203

2,006,743

1,977,257

2,924,507

Total Assets

4,147,472

7,220,574

8,982,617

8,743,045

9,852,945

Net Assets

3,423,359

5,998,371

6,975,874

6,765,788

6,928,438

Net Assets Backing

3,423,359

5,998,371

6,975,874

6,765,788

6,928,438

Shareholders' Funds

3,423,359

5,998,371

6,975,874

6,765,788

6,928,438

Total Share Capital

500,000

500,000

500,000

500,000

500,000

Total Reserves

2,923,359

5,498,371

6,475,874

6,265,788

6,428,438

GROWTH RATIOS (Year on Year) (%)

Revenue

(32.58)

(40.12)

(13.14)

(0.60)

30.34

Proft/(Loss) Before Tax

(4,266.75)

(99.01)

20.63

(27.13)

131.33

Proft/(Loss) After Tax

(2,655.95)

(98.40)

35.93

(21.00)

107.97

Total Assets

(42.56)

(19.62)

2.74

(11.26)

16.22

Total Liabilities

(40.75)

(39.10)

1.49

(32.39)

75.90

LIQUIDITY (Times)

Cash Ratio

3.00

4.01

1.87

0.97

-

Liquid Ratio

4.49

4.73

3.11

3.05

-

Current Ratio

6.40

6.37

4.70

4.69

3.51

WORKING CAPITAL CONTROL (Days)

Stock Ratio

70

71

69

60

-

Debtors Ratio

46

24

49

73

-

Creditors Ratio

23

32

20

13

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.03

0.02

0.02

0.03

-

Liabilities Ratio

0.21

0.20

0.29

0.29

0.42

Times Interest Earned Ratio

(77.52)

2.88

191.36

158.81

-

Assets Backing Ratio

6.85

12.00

13.95

13.38

13.86

PERFORMANCE RATIO (%)

Operating Profit Margin

(9.47)

0.15

9.27

6.68

9.11

Net Profit Margin

(9.20)

0.24

9.11

5.82

7.32

Return On Net Assets

(17.07)

0.36

20.68

17.70

23.57

Return On Capital Employed

(16.59)

0.36

20.21

17.05

22.89

Return On Shareholders' Funds/Equity

(16.80)

0.38

20.21

15.33

18.95

Dividend Pay Out Ratio (Times)

3.48

44.45

0.85

1.16

-




 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.72

UK Pound

1

INR 91.65

Euro

1

INR 79.89

SGD

1

INR 50.63

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

KET

                                                


 

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.