|
Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
WE HOLDINGS LTD. |
|
|
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|
Formerly Known As : |
WESTECH ELECTRONICS LIMITED |
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Registered Office : |
10, UBI Crescent, 03-95, Ubi Techpark, 408564 |
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|
Country : |
Singapore |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
06.03.1986 |
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Com. Reg. No.: |
198600445-D |
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Legal Form : |
Public (Limited By Share) |
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Line of Business : |
Distributor and manufacturers’ representative for
electronic products based in Singapore covering Asia Pacific. |
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No. of Employees : |
75 Group |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
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High |
B2 |
|
Very High |
C1 |
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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 |
|
HISTORY / BACKGROUND
As a public limited company, the SC must have at least one shareholder
but there is no limit on the maximum number of shareholders. The SC must have
at least two directors. A public 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, suing or be sued by other companies.
The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements
with the Registrar of Companies. The SC is principally engaged in the (as a / as an) trading of
electronic components. The major shareholder(s) of the SC are
shown as follows :
+ Also Director The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
DIRECTORS
DIRECTOR 1
DIRECTOR 2
DIRECTOR 3
DIRECTOR 4
COMPANY
SECRETARIES
BANKING
ENCUMBRANCE
(S)
LEGAL CHECK AGAINST SC
PAYMENT RECORD
CLIENTELE
OPERATIONS
Other Information:
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Telephone
Number Provided By Client |
: |
65 67436355 |
|
Current
Telephone Number |
: |
65-63112900 |
|
Match |
: |
NO |
|
|
|
|
|
Address
Provided by Client |
: |
10 UBI
CRESCENT, UBI TECHPARK, LOBBY E, #03-95, SINGAPORE 408564. |
|
Current
Address |
: |
10 UBI
CRESCENT, UBI TECHPARK, LOBBY E, #03-95, 408564, SINGAPORE. |
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Match |
: |
YES |
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Other Investigations
On 2nd September 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
27.53% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
<1.83%> |
] |
|
|
Return on
Shareholder Funds |
: |
Unfavourable |
[ |
<89.72%> |
] |
|
|
Return on Net
Assets |
: |
Unfavourable |
[ |
<53.25%> |
] |
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The lower turnover
could be due to the intense market competition.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. |
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Working
Capital Control |
|
|
|
|
|
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|
Stock Ratio |
: |
Favourable |
[ |
28 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
83 Days |
] |
|
|
Creditors
Ratio |
: |
Unfavourable |
[ |
73 Days |
] |
|
|
|
|
|
|
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|
The SC's
stocks were moving fast thus reducing its holding cost. This had reduced
funds being tied up in stocks. The high debtors' ratio could indicate that the
SC was weak in its credit control. However, the SC could also giving longer
credit periods to its customers in order to boost its sales or to capture /
retain its market share. 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. |
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Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
0.86 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.05 Times |
] |
|
|
|
|
|
|
|
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|
The SC's
liquid ratio was slightly low. This could indicate that the SC's working capital
was slightly deficient. The SC will have to improve its liquidity position
either by obtaining short term financing or increase its paid up capital so
that it can meet all its short term obligations as and when they fall due. |
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Solvency |
|
|
|
|
|
|
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Interest Cover |
: |
Unfavourable |
[ |
<5.05
Times> |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.80 Times |
] |
|
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|
|
|
|
|
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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. |
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Overall
Assessment : |
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|
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|
The SC's
losses could be attributed to the lower turnover which in turn could be the
result of unfavourable market conditions. The SC's liquidity was at an
acceptable range. If the SC is able to obtain further short term financing,
it should be able to meet all its short term obligations. 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 |
||||||
|
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 : |
TRADING |
|
|
|
|
|
|
|
The wholesale
and retail trade sector contracted by 1.5% in the fourth quarter of 2012,
extending the 0.2% decline in the preceding quarter. For the whole of 2012,
the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector
was weighed down primarily by the wholesale trade segment. In 2012, the
wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth
in 2011. Growth of the retail trade segment also moderated to 2.0%, from
3.2% in the year 2011. |
|
|
|
|
|
The domestic
wholesale trade index grew by 1.2% in the fourth quarter of 2012, an
improvement from the 5.4% decline in the third quarter. This was partly due
to an increase in the sales of chemicals & chemical products and ship
chandlers & bunkering. For the full year of 2012, the domestic
wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011.
The foreign wholesale trade index grew by 8.6% in the fourth quarter, an
increase from the 6.6% growth in the third quarter. The expansion was
partly due to resilient sales of petroleum & petroleum products. For
the whole of 2012, the foreign wholesale trade index expanded by 9.1%,
faster than the 4.3% increase in 2011. |
|
|
|
|
|
In the fourth
quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3%
decline in the third quarter. Excluding motor vehicles, retail sales volume
grew by 0.4%, a slight moderation compared to the 1.5% gain in the third
quarter of 2012. The sales volume of motor vehicles fell by 11% in the
fourth quarter of 2012, after contracting by 6.1% in the third quarter. The
sales of several discretionary items also declined in the fourth quarter.
Besides, the sales of optical goods & books in 2012 fell by 3.6%, while
the sales of telecommunications apparatus & computers declined by 1.4%.
|
|
|
|
|
|
For 2012 as a whole,
retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011.
Excluding motor vehicle sales, the increase in retail sales volume also
moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries
registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined. |
|
|
|
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
WE HOLDINGS
LTD. |
|
Financial Year
End |
2013-03-31 |
2012-03-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
15 |
12 |
12 |
|
Consolidated
Account |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited
Account |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
TURNOVER |
62,517,000 |
86,266,000 |
90,076,000 |
52,453,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
62,517,000 |
86,266,000 |
90,076,000 |
52,453,000 |
|
Costs of Goods
Sold |
<56,651,000> |
<76,875,000> |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
5,866,000 |
9,391,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
<4,429,000> |
<4,427,000> |
<7,949,000> |
988,000 |
|
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
<79,000> |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE TAXATION |
<4,508,000> |
<4,427,000> |
<7,949,000> |
988,000 |
|
Taxation |
<29,000> |
<82,000> |
<208,000> |
<244,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
AFTER TAXATION |
<4,537,000> |
<4,509,000> |
<8,157,000> |
744,000 |
|
Minority
interests |
23,000 |
486,000 |
4,133,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS |
<4,514,000> |
<4,023,000> |
<4,024,000> |
744,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS |
<4,514,000> |
<4,023,000> |
<4,024,000> |
744,000 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously
reported |
<7,446,000> |
<3,423,000> |
2,773,000 |
2,029,000 |
|
Prior year
adjustment |
75,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
<7,371,000> |
<3,423,000> |
2,773,000 |
2,029,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
<11,885,000> |
<7,446,000> |
<1,251,000> |
2,773,000 |
|
TRANSFER TO
RESERVES - General |
1,649,000 |
- |
- |
- |
|
DIVIDENDS -
Ordinary (paid & proposed) |
- |
- |
<2,172,000> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
<10,236,000> |
<7,446,000> |
<3,423,000> |
2,773,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|
|
|
|
|
Lease interest |
745,000 |
804,000 |
643,000 |
328,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
745,000 |
804,000 |
643,000 |
328,000 |
|
|
============= |
============= |
============= |
============= |
|
WE HOLDINGS
LTD. |
|
ASSETS
EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
5,597,000 |
5,227,000 |
2,774,000 |
2,436,000 |
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Associated
companies |
- |
114,000 |
91,000 |
- |
|
Others |
156,000 |
268,000 |
126,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS |
156,000 |
382,000 |
217,000 |
- |
|
|
|
|
|
|
|
INTANGIBLE
ASSETS |
|
|
|
|
|
Computer
software |
64,000 |
100,000 |
146,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE
ASSETS |
64,000 |
100,000 |
146,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM ASSETS |
5,817,000 |
5,709,000 |
3,137,000 |
2,436,000 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Stocks |
4,800,000 |
6,404,000 |
9,716,000 |
4,288,000 |
|
Trade debtors |
14,245,000 |
10,001,000 |
18,905,000 |
12,347,000 |
|
Other debtors,
deposits & prepayments |
731,000 |
290,000 |
548,000 |
542,000 |
|
Amount due
from associated companies |
- |
193,000 |
- |
- |
|
Cash &
bank balances |
6,386,000 |
5,827,000 |
8,141,000 |
6,421,000 |
|
Others |
141,000 |
177,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT
ASSETS |
26,303,000 |
22,892,000 |
37,310,000 |
23,598,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
32,120,000 |
28,601,000 |
40,447,000 |
26,034,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Trade
creditors |
11,284,000 |
7,166,000 |
12,830,000 |
8,194,000 |
|
Other
creditors & accruals |
1,134,000 |
1,831,000 |
1,809,000 |
1,072,000 |
|
Hire purchase
& lease creditors |
2,000 |
21,000 |
54,000 |
8,000 |
|
Bank overdraft |
467,000 |
572,000 |
68,000 |
- |
|
Short term
borrowings/Term loans |
6,224,000 |
2,032,000 |
4,644,000 |
751,000 |
|
Bill &
acceptances payable |
5,905,000 |
2,691,000 |
5,147,000 |
2,940,000 |
|
Amounts owing
to associated companies |
- |
7,000 |
- |
- |
|
Provision for
taxation |
37,000 |
25,000 |
96,000 |
269,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT
LIABILITIES |
25,053,000 |
14,345,000 |
24,648,000 |
13,234,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT
ASSETS/(LIABILITIES) |
1,250,000 |
8,547,000 |
12,662,000 |
10,364,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
7,067,000 |
14,256,000 |
15,799,000 |
12,800,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share
capital |
12,844,000 |
7,851,000 |
7,789,000 |
6,736,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE
CAPITAL |
12,844,000 |
7,851,000 |
7,789,000 |
6,736,000 |
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
Retained
profit/(loss) carried forward |
<10,236,000> |
<7,446,000> |
<3,423,000> |
2,773,000 |
|
Others |
2,412,000 |
2,270,000 |
248,000 |
<206,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
<7,824,000> |
<5,176,000> |
<3,175,000> |
2,567,000 |
|
|
|
|
|
|
|
MINORITY
INTEREST |
11,000 |
1,681,000 |
2,171,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS'
FUNDS/EQUITY |
5,031,000 |
4,356,000 |
6,785,000 |
9,303,000 |
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
Long term
loans |
1,484,000 |
9,428,000 |
8,936,000 |
3,455,000 |
|
Lease
obligations |
- |
4,000 |
31,000 |
42,000 |
|
Deferred
taxation |
552,000 |
468,000 |
47,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM LIABILITIES |
2,036,000 |
9,900,000 |
9,014,000 |
3,497,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,067,000 |
14,256,000 |
15,799,000 |
12,800,000 |
|
|
============= |
============= |
============= |
============= |
|
WE HOLDINGS
LTD. |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
6,386,000 |
5,827,000 |
8,141,000 |
6,421,000 |
|
Net Liquid
Funds |
14,000 |
2,564,000 |
2,926,000 |
3,481,000 |
|
Net Liquid Assets |
<3,550,000> |
2,143,000 |
2,946,000 |
6,076,000 |
|
Net Current
Assets/(Liabilities) |
1,250,000 |
8,547,000 |
12,662,000 |
10,364,000 |
|
Net Tangible
Assets |
7,003,000 |
14,156,000 |
15,653,000 |
12,800,000 |
|
Net Monetary
Assets |
<5,586,000> |
<7,757,000> |
<6,068,000> |
2,579,000 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
Total
Borrowings |
14,082,000 |
14,748,000 |
18,880,000 |
7,196,000 |
|
Total
Liabilities |
27,089,000 |
24,245,000 |
33,662,000 |
16,731,000 |
|
Total Assets |
32,120,000 |
28,601,000 |
40,447,000 |
26,034,000 |
|
Net Assets |
7,067,000 |
14,256,000 |
15,799,000 |
12,800,000 |
|
Net Assets
Backing |
5,031,000 |
4,356,000 |
6,785,000 |
9,303,000 |
|
Shareholders'
Funds |
5,031,000 |
4,356,000 |
6,785,000 |
9,303,000 |
|
Total Share
Capital |
12,844,000 |
7,851,000 |
7,789,000 |
6,736,000 |
|
Total Reserves |
<7,824,000> |
<5,176,000> |
<3,175,000> |
2,567,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
Cash Ratio |
0.25 |
0.41 |
0.33 |
0.49 |
|
Liquid Ratio |
0.86 |
1.15 |
1.12 |
1.46 |
|
Current Ratio |
1.05 |
1.60 |
1.51 |
1.78 |
|
WORKING
CAPITAL CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
28 |
27 |
39 |
30 |
|
Debtors Ratio |
83 |
42 |
77 |
86 |
|
Creditors
Ratio |
73 |
34 |
52 |
57 |
|
SOLVENCY
RATIOS (Times) |
|
|
|
|
|
Gearing Ratio |
2.80 |
3.39 |
2.78 |
0.77 |
|
Liabilities
Ratio |
5.38 |
5.57 |
4.96 |
1.80 |
|
Times Interest
Earned Ratio |
<5.05> |
<4.51> |
<11.36> |
4.01 |
|
Assets Backing
Ratio |
0.55 |
1.80 |
2.01 |
1.90 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
Operating
Profit Margin |
<7.21> |
<5.13> |
<8.82> |
1.88 |
|
Net Profit
Margin |
<7.22> |
<4.66> |
<4.47> |
1.42 |
|
Return On Net
Assets |
<53.25> |
<25.41> |
<46.24> |
10.28 |
|
Return On
Capital Employed |
<49.44> |
<21.79> |
<40.06> |
10.27 |
|
Return On Shareholders'
Funds/Equity |
<89.72> |
<92.36> |
<59.31> |
8.00 |
|
Dividend Pay
Out Ratio (Times) |
0.00 |
0.00 |
0.54 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.86 |
|
|
1 |
Rs.102.50 |
|
Euro |
1 |
Rs.87.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.