MIRA INFORM REPORT

 

 

Report Date :

28.11.2013

 

IDENTIFICATION DETAILS

 

Name :

ALLIANZ SE

 

 

Formerly Known As :

ALLIANZ AKTIENGESELLSCHAFT

 

 

Registered Office :

12, Marina View, 14 - 01, Asia Square Tower 2, 018961

 

 

Country :

Singapore 

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.11.1998

 

 

Com. Reg. No.:

S98FC5644-A

 

 

Legal Form :

Foreign

 

 

Line of Business :

General Reinsurance

 

 

No. of Employees :

78 [2013]

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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.

:

S98FC5644-A

COMPANY NAME

:

ALLIANZ SE

FORMER NAME

:

ALLIANZ AKTIENGESELLSCHAFT (13/10/2006)

INCORPORATION DATE

:

13/11/1998

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

FOREIGN

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

12, MARINA VIEW, 14 - 01, ASIA SQUARE TOWER 2, 018961, SINGAPORE.

BUSINESS ADDRESS

:

12, MARINA VIEW, 14 - 01, ASIA SQUARE TOWER 2, 018961, SINGAPORE.

TEL.NO.

:

65-62978801

FAX.NO.

:

65-62978901

CONTACT PERSON

:

CHRISTOF MASCHER ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

GENERAL REINSURANCE

AUTHORISED CAPITAL

:

EUR 1,976,984,000.00 

 

 

 

 

 

 

SALES

:

EUR 429,080,000 [2012]

NET WORTH

:

EUR 411,328,000 [2012]

 

 

 

STAFF STRENGTH

:

78 [2013]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

HISTORY / BACKGROUND

 

The SC is principally engaged in the (as a / as an) general reinsurance.

 

No shareholders was found in our databank at the time of investigation

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

DR CHRISTOF MASCHER

Address

:

SCHULSTEIG 7, A-1190, WIEN, AUSTRIA.

IC / PP No

:

10254405

 

 

 

 

 

 

 

 

 

Nationality

:

AUSTRIAN

Date of Appointment

:

10/09/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

DR DIETER FRANZ-JOSEF WEMMER

Address

:

FELIX-DAHN-STR, 8, 81925, MUNCHEN, MUNICH, GERMANY.

IC / PP No

:

C4YLKNRCV

 

 

 

 

 

 

 

 

 

Nationality

:

GERMAN

Date of Appointment

:

01/01/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

JAY RALPH

Address

:

HANFELDERSTRASSE, 74, 82319, STARNBERG, GERMANY.

IC / PP No

:

F2917188

 

 

 

 

 

 

 

 

 

Nationality

:

AMERICAN

Date of Appointment

:

01/01/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

MANUEL BAUER

Address

:

MAX-FRIEDLANDER-BOGEN 11/5/49, 80339, MUNICH, GERMANY.

IC / PP No

:

10263281

 

 

 

 

 

 

 

 

 

Nationality

:

AUSTRIAN

Date of Appointment

:

01/01/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

MICHAEL DIEKMANN

Address

:

GABEISBERGERSTRASSE 53, 80333, MUNICH, GERMANY.

IC / PP No

:

3334059733

 

 

 

 

 

 

 

 

 

Nationality

:

GERMAN

Date of Appointment

:

01/10/1998

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 6

 

Name Of Subject

:

CLEMENT B. BOOTH

Address

:

35, SANDY LANE, ST ANN'S PARK, GU25 4TG, VIRGINIA WATER, SURREY, UNITED KINGDOM.

IC / PP No

:

3560889812D

 

 

 

 

 

 

 

 

 

Nationality

:

GERMAN

Date of Appointment

:

01/01/2006

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 7

 

Name Of Subject

:

GARY CHANDRU BHOJWANI

Address

:

3301, SHORE DRIVE EXCELSIOR, MINNESOTA, 55331

IC / PP No

:

435399301

 

 

 

 

 

 

 

 

 

Nationality

:

AMERICAN

Date of Appointment

:

01/01/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 8

 

Name Of Subject

:

OLIVER BAETE

Address

:

VINCENZ-STATZ-STRASSE 5, 50933, KOELN, GERMANY.

IC / PP No

:

522423140

 

 

 

 

 

 

 

 

 

Nationality

:

GERMAN

Date of Appointment

:

01/01/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 9

 

Name Of Subject

:

DR WERNER ZEDELIUS

Address

:

MOEHLSTRASSE 27, 81675, MUNICH, GERMANY.

IC / PP No

:

5238471866

 

 

 

 

 

 

 

 

 

Nationality

:

GERMAN

Date of Appointment

:

01/01/2002

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 10

 

Name Of Subject

:

DR MAXIMILIAN ZIMMERER

Address

:

BRUNNENWIESEN 44C, 70619, STUTTGART, GERMANY.

IC / PP No

:

601168400

 

 

 

 

 

 

 

 

 

Nationality

:

GERMAN

Date of Appointment

:

01/06/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 11

 

Name Of Subject

:

DR HELGA ELISABETH JUNG

Address

:

STEINHAUSER STRASSE 38, 81677, MUNCHEN, MUNICH, GERMANY.

IC / PP No

:

9363027572

 

 

 

 

 

 

 

 

 

Nationality

:

GERMAN

Date of Appointment

:

01/01/2012

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

CHRISTOF MASCHER

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES


No company secretary was found in our databank. 

 

BANKING


No Banker found in our databank. 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201100752

14/01/2011

N/A

NATIONAL AUSTRALIA BANK LIMITED

N/A

 

 

 

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

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers information. 

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

[

X

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 




CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Services

:

GENERAL REINSURANCE

 

 

 

 

 

Total Number of Employees:

YEAR

2013

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

78

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) general reinsurance. 

The SC refused to disclose its operation information. 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62978801

Match

:

N/A

 

 

 

Address Provided by Client

:

SINGAPORE

Current Address

:

12, MARINA VIEW, 14 - 01, ASIA SQUARE TOWER 2, 018961, SINGAPORE.

Match

:

NO

 

Other Investigations

 

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

The address provided is incomplete.

 

 

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Decreased

[

20.54%

]

 

Profit/(Loss) Before Tax

:

Decreased

[

<117.97%>

]

 

Return on Shareholder Funds

:

Acceptable

[

23.90%

]

 

Return on Net Assets

:

Acceptable

[

23.90%

]

 

 

 

 

 

 

 

 

The lower turnover could be due to the intense market competition.The management had succeeded in turning the SC into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The SC's management had generated acceptable return for its shareholders using its assets.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Nil

[

0 Days

]

 

Debtor Ratio

:

Unfavourable

[

141 Days

]

 

Creditors Ratio

:

Favourable

[

20 Days

]

 

 

 

 

 

 

 

 

As the SC is a service oriented company, the SC does not need to keep stocks. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. 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

:

Favourable

[

1.31 Times

]

 

Current Ratio

:

Unfavourable

[

1.31 Times

]

 

 

 

 

 

 

 

 

A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Favourable

[

33,316.00 Times

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Although the SC's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.

 

 

 

 

 

 

 

Overall financial condition of the SC : STRONG

 

 

 

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 :

ECONOMY

 

 

 

According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013. 

 

However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.

 

Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.

 

For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities. 

 

Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011. 

 

For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.

 

In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.

 

Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.

 

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1998, the SC is a Foreign company, focusing on general reinsurance. 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. 

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 78 employees in its business operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC. 

Despite the lower turnover, the SC's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The SC 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 zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at EUR 411,328,000, the SC should be able to maintain its business in the near terms. 

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

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 promptly.

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

ALLIANZ SE

 

Financial Year End

2012-12-31

2011-12-31

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

EUR

EUR

 

 

 

TURNOVER

429,080,000

539,988,000

 

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

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

Total Turnover

429,080,000

539,988,000

 

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

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

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

99,945,000

<556,216,000>

 

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

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

PROFIT/(LOSS) BEFORE TAXATION

99,945,000

<556,216,000>

Taxation

<1,656,000>

<1,377,000>

 

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

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

PROFIT/(LOSS) AFTER TAXATION

98,289,000

<557,593,000>

 

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

As previously reported

<228,070,000>

329,523,000

 

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

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

As restated

<228,070,000>

329,523,000

 

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

<129,781,000>

<228,070,000>

 

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

<129,781,000>

<228,070,000>

 

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

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

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

Others

3,000

-

 

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

 

 

3,000

 

 

 

BALANCE SHEET

 

 

ALLIANZ SE

 

ASSETS EMPLOYED:

 

 

FIXED ASSETS

519,000

646,000

 

 

 

INTANGIBLE ASSETS

 

 

Others

-

988,000

 

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

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

TOTAL INTANGIBLE ASSETS

-

988,000

 

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

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

TOTAL LONG TERM ASSETS

519,000

1,634,000

 

 

 

CURRENT ASSETS

 

 

Trade debtors

166,022,000

205,161,000

Other debtors, deposits & prepayments

195,748,000

191,600,000

Short term deposits

112,079,000

298,846,000

Amount due from related companies

7,287,000

4,034,000

Cash & bank balances

28,774,000

34,697,000

Others

1,249,738,000

1,225,505,000

 

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

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

TOTAL CURRENT ASSETS

1,759,648,000

1,959,843,000

 

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

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

TOTAL ASSET

1,760,167,000

1,961,477,000

 

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

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

 

 

 

CURRENT LIABILITIES

 

 

Trade creditors

22,928,000

58,166,000

Other creditors & accruals

34,896,000

49,653,000

Provision for taxation

-

476,000

Other liabilities

1,284,065,000

1,556,474,000

 

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

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

TOTAL CURRENT LIABILITIES

1,341,889,000

1,664,769,000

 

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

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

NET CURRENT ASSETS/(LIABILITIES)

417,759,000

295,074,000

 

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

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

TOTAL NET ASSETS

418,278,000

296,708,000

 

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

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

 

 

 

SHARE CAPITAL

 

 

Ordinary share capital

478,995,000

463,356,000

 

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

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

TOTAL SHARE CAPITAL

478,995,000

463,356,000

 

 

 

RESERVES

 

 

Exchange equalisation/fluctuation reserve

62,114,000

54,472,000

Retained profit/(loss) carried forward

<129,781,000>

<228,070,000>

 

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

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

TOTAL RESERVES

<67,667,000>

<173,598,000>

 

 

 

 

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

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

SHAREHOLDERS' FUNDS/EQUITY

411,328,000

289,758,000

 

 

 

LONG TERM LIABILITIES

 

 

Deferred taxation

6,950,000

6,950,000

 

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

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

TOTAL LONG TERM LIABILITIES

6,950,000

6,950,000

 

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

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

 

418,278,000

296,708,000

 

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

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

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

 

 

Cash

140,853,000

333,543,000

Net Liquid Funds

140,853,000

333,543,000

Net Liquid Assets

417,759,000

295,074,000

Net Current Assets/(Liabilities)

417,759,000

295,074,000

Net Tangible Assets

418,278,000

295,720,000

Net Monetary Assets

410,809,000

288,124,000

BALANCE SHEET ITEMS

 

 

Total Borrowings

0

0

Total Liabilities

1,348,839,000

1,671,719,000

Total Assets

1,760,167,000

1,961,477,000

Net Assets

418,278,000

296,708,000

Net Assets Backing

411,328,000

289,758,000

Shareholders' Funds

411,328,000

289,758,000

Total Share Capital

478,995,000

463,356,000

Total Reserves

<67,667,000>

<173,598,000>

LIQUIDITY (Times)

 

 

Cash Ratio

0.10

0.20

Liquid Ratio

1.31

1.18

Current Ratio

1.31

1.18

WORKING CAPITAL CONTROL (Days)

 

 

Stock Ratio

0

0

Debtors Ratio

141

139

Creditors Ratio

20

39

SOLVENCY RATIOS (Times)

 

 

Gearing Ratio

0.00

0.00

Liabilities Ratio

3.28

5.77

Times Interest Earned Ratio

33,316.00

0.00

Assets Backing Ratio

-

-

PERFORMANCE RATIO (%)

 

 

Operating Profit Margin

23.29

<103.01>

Net Profit Margin

22.91

<103.26>

Return On Net Assets

23.90

<187.46>

Return On Capital Employed

23.90

<186.84>

Return On Shareholders' Funds/Equity

23.90

<192.43>

Dividend Pay Out Ratio (Times)

0.00

0.00

NOTES TO ACCOUNTS

 

 

Contingent Liabilities

0

0

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.36

UK Pound

1

Rs.101.11

Euro

1

Rs.84.68

 

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.