MIRA INFORM REPORT

 

 

Report Date :

14.11.2013

 

IDENTIFICATION DETAILS

 

Name :

SILTRONIC SAMSUNG WAFER PTE. LTD.

 

 

Registered Office :

12,Tampines Industrial Avenue 5, 528759

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

28.07.2006

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacture of Semiconductor Wafer Fabrication

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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.

:

200611020-Z

COMPANY NAME

:

SILTRONIC SAMSUNG WAFER PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/07/2006

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

12,TAMPINES INDUSTRIAL AVENUE 5, 528759, SINGAPORE.

BUSINESS ADDRESS

:

12 TAMPINES INDUSTRIAL AVENUE 5, 528759, SINGAPORE.

TEL.NO.

:

65-65002000

FAX.NO.

:

65-65002001

WEB SITE

:

WWW.SILTRONIC-SAMSUNG-WAFER.COM

CONTACT PERSON

:

DAVID MICHAEL WILHOIT ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE OF SEMICONDUCTOR WAFER FABRICATION

ISSUED AND PAID UP CAPITAL

:

603,958,000.00 ORDINARY SHARE, OF A VALUE OF SGD 603,958,000.00

SALES

:

SGD 380,466,000 [2012]

NET WORTH

:

SGD 70,352,000 [2012]

BANKER (S)

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

FAIR

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

 

 

 

 

 

 

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) manufacture of semiconductor wafer fabrication.

 

The immediate and ultimate holding company of the SC is SAMSUNG ASIA PTE. LTD., a company incorporated in NETHERLANDS.

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

SAMSUNG ASIA PTE. LTD.

30, PASIR PANJANG ROAD, 17 - 31/32, MAPLETREE BUSINESS CITY, 117440, SINGAPORE.

200610380D

301,979,000.00

50.00

SILTRONIC HOLDING INTERNATIONAL B. V.

HEILIGEWEG 166, 1561DM KROMMENIE, THE, NETHERLANDS.

T06UF2037

301,979,000.00

50.00

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

------

603,958,000.00

100.00

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

=====

+ Also Director

 

 

 DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

DR CHRISTOPH OTTO JOACHIM VON PLOTHO

Address

:

NELKENSTRASSE 3A, 85598, BALDHAM, GERMANY.

IC / PP No

:

CF3N12MP0

Nationality

:

GERMAN

Date of Appointment

:

09/10/2010

 

DIRECTOR 2

 

Name Of Subject

:

LEE YOUNG JOO

Address

:

8, SUFFOLK WALK, 11-10, VIVA, 307465, SINGAPORE.

IC / PP No

:

G5390932P

Nationality

:

KOREAN

Date of Appointment

:

31/12/2012

 

DIRECTOR 3

 

Name Of Subject

:

DAVID MICHAEL WILHOIT

Address

:

6, BALMORAL CRESCENT, 09 - 01, TWINS, THE, 259896, SINGAPORE.

IC / PP No

:

S2766366D

Nationality

:

SINGAPOREAN

Date of Appointment

:

07/08/2008

 

DIRECTOR 4

 

Name Of Subject

:

DEUK KYU HWANG

Address

:

HANTEO GREENHILL, 605, DAEDAE-RI, YANGJI-MEON, CHEOIN-GU, YONGIN-CITY, GYEONGGI-DO, KOREA.

IC / PP No

:

M06305568

Nationality

:

KOREAN

Date of Appointment

:

01/01/2013



MANAGEMENT

 

 

 

1)

Name of Subject

:

DAVID MICHAEL WILHOIT

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TAY CHEE WAH

IC / PP No

:

S6968275H

Address

:

1, BEDOK SOUTH AVENUE 1, 09 - 921, 460001, SINGAPORE.

 

2)

Company Secretary

:

CHAN WAN MEI

IC / PP No

:

S7268474E

Address

:

577, PASIR RIS STREET 53, 06-96, 510577, SINGAPORE.

 

BANKING


Banking relations are maintained principally with :

 

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200707593

13/09/2007

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C200707596

13/09/2007

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C200707597

13/09/2007

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C200707600

13/09/2007

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C200708871

18/10/2007

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C201214523

11/12/2012

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt 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 RECOR

 

 

SOURCES OF RAW MATERIALS:

 

Local

:

YES

Percentage

:

30%

Overseas

:

YES

Percentage

:

70%



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

:

TELEGRAPHIC TRANSFER (TT)
LETTER OF CREDIT (LC)

 

 

OPERATIONS

 

Products manufactured

:

SEMICONDUCTOR WAFER FABRICATION

 

Total Number of Employees:

 

YEAR

2012

2011

2010

GROUP

N/A

N/A

N/A

COMPANY

200

200

200

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacture of semiconductor wafer fabrication. 

The SC produce ultra-pure silicon wafers of 300mm in diameter, which are the heart of modern micro and nanoelectronics. Silicon wafers are the base material used in integrated circuit manufacturing and are used in innumerable applications from personal computers to aircraft control.


300mm wafers are currently the most advanced and largest diameter silicon wafers available for commercial mass production, and the the SC fab will be the first such 300mm wafer production facility in Singapore.


The SC are also proud to house their own ingot-pulling facility with Czochralski (CZ) crystal growing furnaces to support the wafer production. 





CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

6565002000

Current Telephone Number

:

65-65002000

Match

:

YES

Address Provided by Client

:

12, TAMPINES INDUSTRIAL AVE 5, SINGAPORE 528759

Current Address

:

12 TAMPINES INDUSTRIAL AVENUE 5, 528759, SINGAPORE.

Match

:

NO

 

Other Investigations


On 11th November 2013 we contacted one of the staff from the SC and she provided some information on the SC.

The SC refused to disclose its number of employees.


The address provided is incomplete.



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2009 - 2012

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2012

]

Return on Shareholder Funds

:

Unfavourable

[

<122.62%>

]

Return on Net Assets

:

Unfavourable

[

<7.89%>

]

The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.Higher losses before tax during the year could be due to the higher operating costs incurred. The SC's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Unfavourable

[

84 Days

]

Debtor Ratio

:

Favourable

[

0 Days

]

Creditors Ratio

:

Favourable

[

16 Days

]

The SC 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 SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Unfavourable

[

0.47 Times

]

Current Ratio

:

Unfavourable

[

1.18 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

:

Unfavourable

[

<2.09 Times>

]

Gearing Ratio

:

Unfavourable

[

9.11 Times

]

The SC incurred losses in the year. It did not generate sufficient income to service its interest. If the situation does not improve, the SC may be vulnerable to default in servicing the interest. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.

Overall Assessment :

Although the SC's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. 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'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 SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the SC : POOR

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2008

2009

2010

2011

2012

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

<0.8>

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

<2.2>

4.3

12.8

8.5

<1.3>

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

<32.5>

25.6

9.4

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

<10.78>

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

<0.8>

11.4

2.8

<5>

<2.2>

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

<15.9>

<11.5>

<25.3>

<0.7>

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

<7.7>

103.7

<26.3>

<38.2>

35.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

<0.32>

3.25

<0.48>

4.25

3.64

Fish Supply & Wholesale

<6.31>

<1.93>

<10.5>

12.10

<0.5>

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

Construction

45.90

<36.9>

14.20

20.50

28.70

Real Estate

<11.2>

1.4

21.3

25.4

31.9

 

Services

Electricity, Gas & Water

<1.3>

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

<5.9>

<16.4>

<0.4>

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

<0.9>

<1.4>

0.30

 

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

(Source : Department of Statistics)



INDUSTRY ANALYSIS

 

INDUSTRY :

MANUFACTURING

The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.

Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%. 

Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.

The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.

The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%. 

The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.

Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%. 

OVERALL INDUSTRY OUTLOOK : MATURE



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2006, the SC is a Private Limited company, focusing on manufacture of semiconductor wafer fabrication. Having been in business for more than 5 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC has strong capital position. 

Apart from supplying its products to the local market, the SC also exports to overseas countries. Its ability to penetrate into the global market has benefited the SC in terms of higher profitability and well diversified its business risk. Hence, better growth prospect can be expected. Overall, we regard that the SC's management capability is weak. Without capable management, the SC is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.


Despite the higher turnover, the SC suffered pre-tax losses which reflected a highly competitive business environment. 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. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk.



Without a strong assets backing, the SC may face difficulties in getting loans for its future expansion and continued growth. 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. 


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



The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the SC's growth prospect is very much depends on its capacity in sustaining its performance in the market. 

Based on the above unfavourable condition, we regard granting credit to the SC to be quite risky. Hence, credit is not recommended.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

SGD

SGD

SGD

SGD

TURNOVER

380,466,000

345,791,000

337,782,000

281,030,000

Other Income

6,856,000

4,555,000

-

-

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

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

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

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

Total Turnover

387,322,000

350,346,000

337,782,000

281,030,000

Costs of Goods Sold

<422,911,000>

<371,888,000>

-

-

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

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

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

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

Gross Profit

<35,589,000>

<21,542,000>

-

-

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

<86,228,000>

<85,516,000>

<86,342,000>

<147,712,000>

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

<86,228,000>

<85,516,000>

<86,342,000>

<147,712,000>

Taxation

<40,000>

-

16,000

<2,000>

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

<86,268,000>

<85,516,000>

<86,326,000>

<147,714,000>

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

<449,485,000>

<363,969,000>

<277,643,000>

<129,929,000>

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

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

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

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

As restated

<449,485,000>

<363,969,000>

<277,643,000>

<129,929,000>

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

<535,753,000>

<449,485,000>

<363,969,000>

<277,643,000>

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

<535,753,000>

<449,485,000>

<363,969,000>

<277,643,000>

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Lease interest

19,000

19,000

-

-

Term loan / Borrowing

27,852,000

27,265,000

27,034,000

-

Others

-

-

-

27,057,000

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

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

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

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

27,871,000

27,284,000

27,034,000

27,057,000

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

690,959,000

701,215,000

854,495,000

1,009,957,000

LONG TERM INVESTMENTS/OTHER ASSETS

Others

26,523,000

74,339,000

6,044,000

1,622,000

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

26,523,000

74,339,000

6,044,000

1,622,000

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

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

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

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

TOTAL LONG TERM ASSETS

717,482,000

775,554,000

860,539,000

1,011,579,000

CURRENT ASSETS

Stocks

87,329,000

93,852,000

66,530,000

66,708,000

Other debtors, deposits & prepayments

3,104,000

20,696,000

1,795,000

2,569,000

Amount due from related companies

-

-

25,213,000

-

Cash & bank balances

21,188,000

79,952,000

59,474,000

33,084,000

Others

33,648,000

33,291,000

19,033,000

48,740,000

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

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

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

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

TOTAL CURRENT ASSETS

145,269,000

227,791,000

172,045,000

151,101,000

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

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

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

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

TOTAL ASSET

862,751,000

1,003,345,000

1,032,584,000

1,162,680,000

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

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

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

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

CURRENT LIABILITIES

Trade creditors

18,818,000

45,906,000

12,864,000

22,693,000

Other creditors & accruals

103,985,000

114,341,000

26,451,000

26,398,000

Hire purchase & lease creditors

368,000

270,000

270,000

-

Amounts owing to related companies

-

-

10,701,000

-

Other liabilities

47,000

13,057,000

90,021,000

54,878,000

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

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

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

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

TOTAL CURRENT LIABILITIES

123,218,000

173,574,000

140,307,000

103,969,000

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

22,051,000

54,217,000

31,738,000

47,132,000

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

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

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

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

TOTAL NET ASSETS

739,533,000

829,771,000

892,277,000

1,058,711,000

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

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

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

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

SHARE CAPITAL

Ordinary share capital

603,958,000

603,958,000

603,958,000

603,958,000

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

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

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

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

TOTAL SHARE CAPITAL

603,958,000

603,958,000

603,958,000

603,958,000

RESERVES

General reserve

2,147,000

<3,662,000>

-

-

Retained profit/(loss) carried forward

<535,753,000>

<449,485,000>

<363,969,000>

<277,643,000>

Others

-

-

<2,275,000>

13,063,000

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

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

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

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

TOTAL RESERVES

<533,606,000>

<453,147,000>

<366,244,000>

<264,580,000>

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

70,352,000

150,811,000

237,714,000

339,378,000

LONG TERM LIABILITIES

Long term loans

341,333,000

426,667,000

-

-

Other long term borrowings

299,000,000

252,000,000

-

-

Lease obligations

96,000

293,000

-

-

Hire purchase creditors

-

-

563,000

-

Others

28,752,000

-

654,000,000

719,333,000

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

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

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

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

TOTAL LONG TERM LIABILITIES

669,181,000

678,960,000

654,563,000

719,333,000

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

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

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

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

739,533,000

829,771,000

892,277,000

1,058,711,000

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

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

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

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

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

21,188,000

79,952,000

59,474,000

33,084,000

Net Liquid Funds

21,188,000

79,952,000

59,474,000

33,084,000

Net Liquid Assets

<65,278,000>

<39,635,000>

<34,792,000>

<19,576,000>

Net Current Assets/(Liabilities)

22,051,000

54,217,000

31,738,000

47,132,000

Net Tangible Assets

739,533,000

829,771,000

892,277,000

1,058,711,000

Net Monetary Assets

<734,459,000>

<718,595,000>

<689,355,000>

<738,909,000>

BALANCE SHEET ITEMS

Total Borrowings

640,797,000

679,230,000

833,000

0

Total Liabilities

792,399,000

852,534,000

794,870,000

823,302,000

Total Assets

862,751,000

1,003,345,000

1,032,584,000

1,162,680,000

Net Assets

739,533,000

829,771,000

892,277,000

1,058,711,000

Net Assets Backing

70,352,000

150,811,000

237,714,000

339,378,000

Shareholders' Funds

70,352,000

150,811,000

237,714,000

339,378,000

Total Share Capital

603,958,000

603,958,000

603,958,000

603,958,000

Total Reserves

<533,606,000>

<453,147,000>

<366,244,000>

<264,580,000>

LIQUIDITY (Times)

Cash Ratio

0.17

0.46

0.42

0.32

Liquid Ratio

0.47

0.77

0.75

0.81

Current Ratio

1.18

1.31

1.23

1.45

WORKING CAPITAL CONTROL (Days)

Stock Ratio

84

99

72

87

Debtors Ratio

0

0

0

0

Creditors Ratio

16

45

14

29

SOLVENCY RATIOS (Times)

Gearing Ratio

9.11

4.50

0.00

0.00

Liabilities Ratio

11.26

5.65

3.34

2.43

Times Interest Earned Ratio

<2.09>

<2.13>

<2.19>

<4.46>

Assets Backing Ratio

1.22

1.37

1.48

1.75

PERFORMANCE RATIO (%)

Operating Profit Margin

<22.66>

<24.73>

<25.56>

<52.56>

Net Profit Margin

<22.67>

<24.73>

<25.56>

<52.56>

Return On Net Assets

<7.89>

<7.02>

<6.65>

<11.40>

Return On Capital Employed

<7.89>

<7.02>

<6.64>

<11.40>

Return On Shareholders' Funds/Equity

<122.62>

<56.70>

<36.32>

<43.52>

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.65

UK Pound

1

Rs.101.17

Euro

1

Rs.85.55

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.