MIRA INFORM REPORT

 

 

Report Date :

06.04.2013

 

IDENTIFICATION DETAILS

 

Name :

ADDVALUE COMMUNICATIONS PTE LTD

 

 

Formerly Known As :

ADD VALUE ENTERPRISES (ASIA) PTE LTD

 

 

Registered Office :

28 Tai Seng Street, 06-02, 534106

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

20.01.1994

 

 

Com. Reg. No.:

199400459-W

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Design and development of telecommunication system and distribution of the related products

 

 

No. of Employees :

70

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

 

N/A - Not Applicable

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199400459-W

COMPANY NAME

:

ADDVALUE COMMUNICATIONS PTE LTD

FORMER NAME

:

ADD VALUE ENTERPRISES (ASIA) PTE LTD (25/02/2000)
ADDED VALUE ENTERPRISES (ASIA) PTE LTD (27/05/1996)

INCORPORATION DATE

:

20/01/1994

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

28 TAI SENG STREET, 06-02, 534106, SINGAPORE.

BUSINESS ADDRESS

:

28 TAI SENG STREET #06-02, 534106, SINGAPORE.

TEL.NO.

:

65-65095700

FAX.NO.

:

65-65095701

WEB SITE

:

WWW.ADDVALUETECH.COM

CONTACT PERSON

:

TAN KHAI PANG ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

DESIGN AND DEVELOPMENT OF TELECOMMUNICATION SYSTEM AND DISTRIBUTION OF THE RELATED PRODUCTS

 

 

 

ISSUED AND PAID UP CAPITAL

:

1,100,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 8,498,634.00

 

 

 

SALES

:

USD 10,183,299 [2012]

NET WORTH

:

USD 12,981,367 [2012]

 

 

 

STAFF STRENGTH

:

70 [2013]

BANKER (S)

:

THE ENTERPRISE FUND II LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

FAIR

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

HISTORY / BACKGROUND

 

The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) design and development of telecommunication system and distribution of the related products.

 

The immediate holding company of the SC is ADDVALUE TECHNOLOGIES LTD, a company incorporated in SINGAPORE.

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

ADDVALUE TECHNOLOGIES LTD

28 TAI SENG STREET, 06-02, 534106, SINGAPORE.

199603037

1,100,000,000.00

100.00

 

 

 

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

------

 

 

 

1,100,000,000.00

100.00

 

 

 

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

=====

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

CHAN KUM LOK COLIN

Address

:

477 RIVER VALLEY ROAD, 03-03, VALLEY PARK, 248362, SINGAPORE.

IC / PP No

:

S1183362D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

20/01/1994

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

TAN JUAY HWA

Address

:

202 CLEMENTI ROAD, 03-206, 129783, SINGAPORE.

IC / PP No

:

S1393785J

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

22/05/1996

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

TAN KHAI PANG

Address

:

6 UPPER BEDOK ROAD, 466639, SINGAPORE.

IC / PP No

:

S1336400A

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

10/03/1997

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

TAN KHAI PANG

 

Position

:

DIRECTOR

     

                                

 

AUDITOR

 

Auditor

:

CROWE HORWATH FIRST TRUST LLP

Auditor' Address

:

N/A

 

 

 

                                        

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHIA LEE CHENG

 

IC / PP No

:

S1591974D

 

 

 

 

 

Address

:

635 PASIR RIS DRIVE 1, 10-600, 510635, SINGAPORE.

 

 

 

 

 

 

 

 

     

                                     

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE ENTERPRISE FUND II LTD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation.

 

 

ENCUMBRANCE (S)



ENCUMBRANCE 1

Date of Creation

:

18/05/2011

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

THE ENTERPRISE FUND II LTD.

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201106004 In The Register of Charges



ENCUMBRANCE 2

Date of Creation

:

08/03/2013

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

DBS BANK LTD.

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201303643 In The Register of Charges

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank against the SC 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 SC 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

[

 

]

 

Fair 91-120 Days

[

X

]

 

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

 

Services

:

DESIGN AND DEVELOPMENT OF TELECOMMUNICATION SYSTEM

 

 

 

 

 

Total Number of Employees:

YEAR

2013

2012

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

70

70

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) design and development of telecommunication system and distribution of the related products. 

Addvalue is a leading one-stop digital, wireless and broadband communications technology products innovator, which provides state-of-the-art satellite-based communication terminals and solutions for a variety of voice and IP-based data applications.

The Group has established itself as a key partner to many major players in the satellite communication industry, counting amongst its customer base internationally-renowned leaders such as Inmarsat, Thuraya, Stratos, Vizada, Satlink and Globe Wireless. 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

65 6509 5726

Current Telephone Number

:

65-65095700

Match

:

NO

 

 

 

Address Provided by Client

:

28 TAI SENG STREET, #06-02, SINGAPORE 534106.

Current Address

:

28 TAI SENG STREET #06-02, 534106, SINGAPORE.

Match

:

YES

 

Other Investigations


we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Decreased

[

33.15%

]

 

Profit/(Loss) Before Tax

:

Decreased

[

77.76%

]

 

Return on Shareholder Funds

:

Unfavourable

[

0.12%

]

 

Return on Net Assets

:

Unfavourable

[

8.11%

]

 

 

 

 

 

 

 

 

The shrinking turnover could be the result of more entrants into the market which eroded the SC's market share.The SC's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Unfavourable

[

79 Days

]

 

Debtor Ratio

:

Unfavourable

[

114 Days

]

 

Creditors Ratio

:

Unfavourable

[

92 Days

]

 

 

 

 

 

 

 

 

The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the SC taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Unfavourable

[

0.80 Times

]

 

Current Ratio

:

Unfavourable

[

1.14 Times

]

 

 

 

 

 

 

 

 

A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Acceptable

[

3.74 Times

]

 

Gearing Ratio

:

Favourable

[

0.01 Times

]

 

 

 

 

 

 

 

 

The SC's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the SC is able to generate sufficient income to service its interest and repay the loans. The SC was lowly geared thus it had a low financial risk. The SC was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the SC 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 SC's performance deteriorated over the years with lower turnover and profit. Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. The SC had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the SC's profit, we do believe the SC is able to generate sufficient cash flow to service its interest payment. The SC 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 SC : LIMITED

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2006

2007

2008

2009

2010

 

 

 

 

 

 

Population (Million)

4.40

4.58

4.84

4.98

5.08

Gross Domestic Products ( % )

8.7

8.8

1.5

<0.8>

14.5

Consumer Price Index

1.0

2.1

6.6

0.6

2.8

Total Imports (Million)

378,924.1

395,979.7

450,892.6

356,299.3

423,221.8

Total Exports (Million)

431,559.2

450,627.7

476,762.2

391,118.1

478,840.7

 

 

 

 

 

 

Unemployment Rate (%)

2.7

2.3

2.2

3.2

2.2

Tourist Arrival (Million)

9.75

10.28

10.12

9.68

11.64

Hotel Occupancy Rate (%)

85.2

87.0

81.0

75.8

85.6

Cellular Phone Subscriber (Million)

1.05

1.22

1.31

1.37

1.43

 

 

 

 

 

 

Registration of New Companies (No.)

21,495

25,903

25,327

26,414

29,798

Registration of New Companies (%)

10.2

20.5

<2.2>

4.3

12.8

Liquidation of Companies (No.)

8,980

9,226

10,493

22,393

15,126

Liquidation of Companies (%)

28.1

2.7

13.7

113.4

<32.5>

 

 

 

 

 

 

Registration of New Businesses (No.)

24,219

24,762

24,850

26,876

23,978

Registration of New Businesses (%)

3.17

2.24

0.36

8.15

<10.78>

Liquidation of Businesses (No.)

26,843

21,322

21,150

23,552

24,211

Liquidation of Businesses (%)

<52.3>

<20.6>

<0.8>

11.4

2.8

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,983

2,767

2,326

2,058

1,537

Bankruptcy Orders (%)

15.8

<7.2>

<15.9>

<11.5>

<25.3>

Bankruptcy Discharges (No.)

1,634

1,626

1,500

3,056

2,252

Bankruptcy Discharges (%)

<2.9>

<0.5>

<7.7>

103.7

<26.3>

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.91

5.26

<0.32>

3.25

<0.48>

Fish Supply & Wholesale

1.33

<3.91>

<6.31>

<1.93>

<10.5>

 

 

 

 

 

 

Manufacturing *

73.5

77.9

74.6

71.5

92.8

Food, Beverages & Tobacco

79.1

88.0

94.8

90.4

96.4

Textiles

233.3

194.5

180.1

145.9

122.1

Wearing Apparel

533.9

466.2

334.6

211.0

123.3

Leather Products & Footwear

151.7

151.3

128.2

79.5

81.8

Wood & Wood Products

159.1

148.6

132.0

101.4

104.0

Paper & Paper Products

94.6

102.2

101.0

95.4

106.1

Printing & Media

119.4

122.2

118.2

100.9

103.5

Crude Oil Refineries

112.2

112.0

113.1

96.4

95.6

Chemical & Chemical Products

83.4

88.8

84.5

80.3

97.6

Pharmaceutical Products

48.1

47.1

43.7

49.1

75.3

Rubber & Plastic Products

130.6

130.4

120.1

101.2

112.3

Non-metallic Mineral

131.3

116.2

96.5

91.9

92.5

Basic Metals

99.9

90.9

109.8

92.6

102.2

Fabricated Metal Products

104.4

106.5

101.3

90.8

103.6

Machinery & Equipment

56.0

66.7

65.0

57.3

78.5

Electrical Machinery

82.3

83.2

81.7

86.8

124.1

Electronic Components

96.9

99.7

93.1

85.2

113.6

Transport Equipment

80.5

94.3

102.0

96.0

94.0

 

 

 

 

 

 

Construction

46.60

45.60

45.90

<36.9>

14.20

Real Estate

12.9

40.8

<11.2>

1.4

21.3

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<5.3>

11.00

<1.3>

1.70

4.00

Transport, Storage & Communication

6.00

8.50

11.60

3.90

12.80

Finance & Insurance

6.40

41.50

<5.9>

<16.4>

<0.4>

Government Services

13.50

3.80

17.40

4.50

9.70

Education Services

1.10

1.80

0.50

0.10

<0.9>

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

TELECOMMUNICATION

 

 

 


Singapore's telecommunications industry has outperformed many of its regional peers with strong adoption of the latest products and services. Partially due to the country's small landmass and population size, the telecoms market has rapidly grown to a stage where it is approaching saturation. Next generation technologies, both mobile and fixed, are therefore the next step in fostering new developments and revenue streams, and industry players - the regulator and operators - have rightly moved in that direction.


In 2012, growth in the number of broadband subscribers moderated from 17% in 2011 to 10% in 2012. With the increase in the number of subscribers, the broadband subscription rate rose to 1.92 per capita in 2012. Similarly, the number of mobile subscribers grew by a slower 4.0% in 2012 compared to the 6.4% increase in 2011. As a result of the increase in subscribers, the mobile subscription rate reached 1.52 per capita in 2012, slightly higher than the 1.50 per capita in 2011. International telephone call duration saw an increase of 8.5% in 2012, a reversal from the 0.7% decline recorded in the year 2011.


The key challenge for operators in Singapore is how to monetize the sea change in consumption patterns. Meanwhile, any boost from Long Term Evolution (LTE) , or the 4th generation of cellular wireless standard (4G), will probably come towards end of the year 2012.


As the roll-out of Singapore's Next Generation National Broadband Network takes a closer step towards achieving 95% coverage of the island by end 2012, fiber subscription is expected to increase. However, it is believed that the rise would be gradual rather than exponential, as there is the lack of a "killer app" to drive demand; the more uncertain economic environment may also discourage consumers from upgrading to higher speed and also higher priced plans. 


Singapore was ranked third in BMI's latest Asia Pacific Telecoms Risk/Reward Ratings with a Telecoms Rating score of 71.9. The Singaporean economy has underperformed since the beginning of 2012, suffering from subdued external demand for much of 2012 and failing to partake in the regional recovery as the year drew to a close. 2013 appears to have started on a brighter note, with the purchasing managers' index finally rising above 50 in January 2013.


The telecommunication sector forecast will grow by only 1.5% annually between 2013 and 2017 due to the high penetration and a shift in operators' strategies. In spite of the launch of next generation LTE services, the operators' ARPUs forecast to trendlower due to competition; it is predict the market average to reach SGD46 in 2017. Besides, it is expected that the number of 3G/4G phone subscribers in Singapore to reach 7.198mn in 2017, representing 81.6% of the total mobile market of 8.815mn subscribers.

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1994, the SC is a Private Limited company, focusing on design and development of telecommunication system and distribution of the related products. Having been in the industry for over a decade, the SC 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. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.


Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. Being a moderate size company, the SC has a total workforce of 70 employees in its business operations. Overall, we regard that the SC's management capability is average.


The SC's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. Fortunately, being a lowly geared company, the SC 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 12,981,367, the SC should be able to maintain its business in the near terms.


The SC'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 SC has a good control over its resources.


The SC's overall payment habit is fair and this clearly implied a weak credit control of the SC.


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 SC'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 SC normally.

 

PROFIT AND LOSS ACCOUNT

 

 

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

ADDVALUE COMMUNICATIONS PTE LTD

 

Financial Year End

31/03/2012

31/03/2011

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

 

 

 

TURNOVER

10,183,299

15,233,607

 

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

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

Total Turnover

10,183,299

15,233,607

Costs of Goods Sold

<5,285,137>

<7,766,860>

 

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

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

Gross Profit

4,898,162

7,466,747

 

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

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

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

902,207

4,056,989

 

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

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

PROFIT/(LOSS) BEFORE TAXATION

902,207

4,056,989

Taxation

<886,533>

1,902,233

 

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

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

PROFIT/(LOSS) AFTER TAXATION

15,674

5,959,222

 

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

As previously reported

<13,202,189>

<19,161,411>

Prior year adjustment

406,868

-

 

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

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

As restated

<12,795,321>

<19,161,411>

 

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

<12,779,647>

<13,202,189>

TRANSFER TO RESERVES - Statutory

<746,882>

-

- General

19,161,411

-

DIVIDENDS - Ordinary (paid & proposed)

<24,031>

-

 

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

5,610,851

<13,202,189>

 

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

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

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

Others

328,805

350,577

 

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

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

 

328,805

350,577

 

 

 

BALANCE SHEET

 

 

ADDVALUE COMMUNICATIONS PTE LTD

 

ASSETS EMPLOYED:

 

 

FIXED ASSETS

581,189

681,179

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

Deferred assets

1,057,056

1,943,589

Others

53,703

66,545

 

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

1,110,759

2,010,134

 

 

 

INTANGIBLE ASSETS

 

 

Goodwill on consolidation

12,581,245

10,530,213

 

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

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

TOTAL INTANGIBLE ASSETS

12,581,245

10,530,213

 

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

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

TOTAL LONG TERM ASSETS

14,273,193

13,221,526

 

 

 

CURRENT ASSETS

 

 

Stocks

2,196,272

1,627,191

Trade debtors

3,189,605

3,283,231

Other debtors, deposits & prepayments

823,343

874,509

Amount due from related companies

296,340

-

Cash & bank balances

362,760

595,287

Amount owing by customer

450,509

667,944

 

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

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

TOTAL CURRENT ASSETS

7,318,829

7,048,162

 

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

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

TOTAL ASSET

21,592,022

20,269,688

 

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

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

 

 

 

CURRENT LIABILITIES

 

 

Trade creditors

1,332,930

1,337,498

Other creditors & accruals

848,599

884,077

Hire purchase & lease creditors

36,224

22,527

Other borrowings

126,070

1,450,153

Amounts owing to holding company

3,874,659

4,219,209

Amounts owing to related companies

20,588

-

Other liabilities

170,191

142,402

 

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

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

TOTAL CURRENT LIABILITIES

6,409,261

8,055,866

 

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

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

NET CURRENT ASSETS/(LIABILITIES)

909,568

<1,007,704>

 

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

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

TOTAL NET ASSETS

15,182,761

12,213,822

 

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

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

 

 

 

SHARE CAPITAL

 

 

Ordinary share capital

6,623,634

22,165,752

 

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

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

TOTAL SHARE CAPITAL

6,623,634

22,165,752

 

 

 

RESERVES

 

 

Capital reserve

746,882

-

Exchange equalisation/fluctuation reserve

-

921,043

Retained profit/(loss) carried forward

5,610,851

<13,202,189>

 

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

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

TOTAL RESERVES

6,357,733

<12,281,146>

 

 

 

 

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

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

SHAREHOLDERS' FUNDS/EQUITY

12,981,367

9,884,606

 

 

 

LONG TERM LIABILITIES

 

 

Lease obligations

29,464

40,570

Others

2,171,930

2,288,646

 

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

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

TOTAL LONG TERM LIABILITIES

2,201,394

2,329,216

 

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

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

 

15,182,761

12,213,822

 

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

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

 

 

 

 

 

 

FINANCIAL RATIO

 

 

ADDVALUE COMMUNICATIONS PTE LTD

 

TYPES OF FUNDS

 

 

Cash

362,760

595,287

Net Liquid Funds

362,760

595,287

Net Liquid Assets

<1,286,704>

<2,634,895>

Net Current Assets/(Liabilities)

909,568

<1,007,704>

Net Tangible Assets

2,601,516

1,683,609

Net Monetary Assets

<3,488,098>

<4,964,111>

BALANCE SHEET ITEMS

 

 

Total Borrowings

191,758

1,513,250

Total Liabilities

8,610,655

10,385,082

Total Assets

21,592,022

20,269,688

Net Assets

15,182,761

12,213,822

Net Assets Backing

12,981,367

9,884,606

Shareholders' Funds

12,981,367

9,884,606

Total Share Capital

6,623,634

22,165,752

Total Reserves

6,357,733

<12,281,146>

LIQUIDITY (Times)

 

 

Cash Ratio

0.06

0.07

Liquid Ratio

0.80

0.67

Current Ratio

1.14

0.87

WORKING CAPITAL CONTROL (Days)

 

 

Stock Ratio

79

39

Debtors Ratio

114

79

Creditors Ratio

92

63

SOLVENCY RATIOS (Times)

 

 

Gearing Ratio

0.01

0.15

Liabilities Ratio

0.66

1.05

Times Interest Earned Ratio

3.74

12.57

Assets Backing Ratio

0.00

0.08

PERFORMANCE RATIO (%)

 

 

Operating Profit Margin

8.86

26.63

Net Profit Margin

0.15

39.12

Return On Net Assets

8.11

36.09

Return On Capital Employed

4.43

19.36

Return On Shareholders' Funds/Equity

0.12

60.29

Dividend Pay Out Ratio (Times)

1.53

0.00

NOTES TO ACCOUNTS

 

 

Contingent Liabilities

0

0





 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.88

UK Pound

1

Rs.83.54

Euro

1

Rs.70.90

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

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.