|
Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
MIDEA ELECTRIC TRADING ( |
|
|
|
|
Registered Office : |
50, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.01.2008 |
|
|
|
|
Com. Reg. No.: |
200800970-G |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trader of Air Conditioner, Refrigerator, Fan, Washing Machine, Dehumidifier, Wine Chiller and Other Household Electrical Appliances |
|
|
|
|
No of Employees : |
Not Available [We tried to confirm the number of employees but no one is ready to
part any information from the company management.] |
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 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
200800970-G |
|
COMPANY NAME |
: |
MIDEA ELECTRIC
TRADING ( |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
11/01/2008 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
50, |
|
BUSINESS ADDRESS |
: |
50, |
|
TEL.NO. |
: |
65-65320216 |
|
FAX.NO. |
: |
65-65322782 |
|
CONTACT PERSON |
: |
BAEY CHENG SONG ( MANAGING DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
TRADING OF AIR CONDITIONER, REFRIGERATOR,
WASHING MACHINE, DEHUMIDIFIER, WINE CHILLER AND OTHER HOUSEHOLD ELECTRICAL
APPLIANCES |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
50,700,000.00 ORDINARY SHARE, OF A VALUE
OF SGD 64,760,000.00 |
|
|
|
|
|
SALES |
: |
USD 2,528,905,000 [2012] |
|
NET WORTH |
: |
USD 189,088,000 [2012] |
|
|
|
|
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY / BACKGROUND
|
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) trading of air conditioner, refrigerator, washing machine, dehumidifier, wine chiller and other household electrical appliances.
The immediate holding company of the Subject is MIDEA ELECTRIC INVESTMENT (BVI) LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.
The ultimate holding company of the Subject is GUANGDONG MIDEA ELECTRIC APPLIANCES CO., LTD, a company incorporated in CHINA.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
15/04/2014 |
SGD 64,760,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MIDEA ELECTRIC INVESTMENT (BVI) LIMITED |
P.O. BOX 3340, ROAD TOWN, TORTOLA, VIRGIN ISLANDS,
BRITISH. |
T07UF3838 |
50,700,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
50,700,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
|
UNITED STATES |
MIDEA LATIN AMERICA CORPORATION |
100.00 |
31/12/2011 |
|
|
|
|
|
|
|
|
NETHERLANDS |
MIDEA ELECTRICS NETHERLANDS B.V. |
100.00 |
31/12/2011 |
|
|
|
|
|
|
|
|
MEXICO |
MIDEA MEXICO S DE RL DE CV |
99.00 |
31/12/2011 |
|
|
|
|
|
|
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
BAEY CHENG SONG |
|
Address |
: |
37, GROVE DRIVE, HENRY PARK, 279077, SINGAPORE. |
|
IC / PP No |
: |
S0247168Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
11/01/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
GU YANMIN |
|
Address |
: |
12-1-208, YIXIN YUAN, XING HE WAN, YING BIN ROAD, PANYU DISTRICT, GUANGZHOU, GUANGDONG PROVINCE, P.R.C., CHINA. |
|
IC / PP No |
: |
G39865353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
22/02/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
LIN GE |
|
Address |
: |
BLOCK 4, DONGJI ROAD 6, 401, BEJIAO SHUNDE, FOSHAN, GUANGDONG, CHINA. |
|
IC / PP No |
: |
G26119298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
26/03/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
YUAN LIQUN |
|
Address |
: |
89, DIE CUI TING, XI YUAN, BI GUI YUAN, BEIJIAO TOWN, SHUNDE DISTRICT, FOSHAN CITY, GUANGDONG PROVINCE, CHINA. |
|
IC / PP No |
: |
G36491385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
25/03/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
|
|
|
1) |
Name of Subject |
: |
BAEY CHENG SONG |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
AUDITOR
|
|
Auditor |
: |
RSM CHIO LIM LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
WONG YOEN HAR |
|
|
IC / PP No |
: |
S1771279I |
|
|
|
|
|
|
|
Address |
: |
243, BISHAN STREET 22, 21-280, 570243, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The Subject refused to disclosed its supplier.
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CASH |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
Goods Traded |
: |
AIR CONDITIONER, REFRIGERATOR, WASHING MACHINE, DEHUMIDIFIER, WINE CHILLER AND OTHER HOUSEHOLD ELECTRICAL APPLIANCES
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of air
conditioner, refrigerator, washing machine, dehumidifier, wine chiller and
other household electrical appliances.
The Subject involved in trading and wholesale of household electrical
appliances.
The major products are :
- Refrigerator
- Air Conditioner
- Washing Machine
- Wine cooler
- Fan
- Other household electrical appliances
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65320216 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
171 CHIN SWEE ROAD, NO.10-07 SAN CENTRE, SINGAPORE 169877 |
|
Current Address |
: |
50, RAFFLES PLACE, 38-05, SINGAPORE LAND TOWER, 048623, SINGAPORE. |
|
Match |
: |
NO |
|
|
|
|
Other Investigations
we contacted one of the staff from
the Subject and she provided some information.
The Subject refused to disclose its banker and number of employees.
The Subject had shifted from the address provided.
FINANCIAL ANALYSIS
|
|
|
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2010 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
40.73% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
33.79% |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.
The higher profit could be attributed to the increase in turnover. Generally
the Subject was profitable. The favourable return on shareholders' funds and
return on net assets indicate that the Subject's management was efficient in
utilising the assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
46 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost. This
had reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the Subject. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.06 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.06 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the Subject
is able to meet all its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Acceptable |
[ |
5.40 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject'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
Subject is able to generate sufficient income to service its interest and repay
the loans. The Subject had no gearing and hence it had virtually no financial
risk. The Subject was financed by its shareholders' funds and internally
generated fund. During the economic downturn, the Subject, having a zero
gearing, will be able to compete better than those which are highly geared in
the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay its short term obligations. The
Subject had an acceptable interest cover. If there is no sudden sharp
increase in interest rate or fall in the Subject's profit, we do believe the
Subject is able to generate sufficient cash flow to service its interest
payment. The Subject was a zero gearing company, it was solely dependant on
its shareholders to provide funds to finance its business. The Subject has
good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : FAIR |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
|
|
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production
(2011 = 100) |
|
|
|
|
|
INDUSTRY ANALYSIS
|
|
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 |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject 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 USD 189,088,000, the Subject should be able to maintain its business in the near terms.
We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.
Based on the above condition, we recommend credit be granted to the Subject promptly. |
|
|
PROFIT AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH |
|
MIDEA ELECTRIC
TRADING ( |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
|
|
|
|
|
TURNOVER |
2,528,905,000 |
2,500,393,000 |
804,657,000 |
|
|
---------------- |
---------------- |
---------------- |
|
Total Turnover |
2,528,905,000 |
2,500,393,000 |
804,657,000 |
|
Costs of Goods Sold |
(2,458,047,000) |
(2,427,479,000) |
(780,702,000) |
|
|
---------------- |
---------------- |
---------------- |
|
Gross Profit |
70,858,000 |
72,914,000 |
23,955,000 |
|
|
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
79,620,000 |
44,544,000 |
21,584,000 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
79,620,000 |
44,544,000 |
21,584,000 |
|
Taxation |
(2,598,000) |
(2,959,000) |
(1,016,000) |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
77,022,000 |
41,585,000 |
20,568,000 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
As previously reported |
61,554,000 |
39,937,000 |
19,369,000 |
|
|
---------------- |
---------------- |
---------------- |
|
As restated |
61,554,000 |
39,937,000 |
19,369,000 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
138,576,000 |
81,522,000 |
39,937,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(19,968,000) |
- |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
138,576,000 |
61,554,000 |
39,937,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
Others |
18,076,000 |
5,697,000 |
810,000 |
|
|
---------------- |
---------------- |
---------------- |
|
|
18,076,000 |
5,697,000 |
810,000 |
|
|
============= |
============= |
============= |
BALANCE SHEET
|
|
|
|
MIDEA ELECTRIC TRADING
(SINGAPORE) CO. PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
FIXED ASSETS |
14,000 |
12,000 |
6,000 |
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
Subsidiary companies |
197,700,000 |
38,228,000 |
38,228,000 |
|
Associated companies |
45,257,000 |
45,257,000 |
14,768,000 |
|
Investments |
2,418,000 |
1,818,000 |
1,818,000 |
|
Others |
6,779,000 |
6,779,000 |
2,639,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
252,154,000 |
92,082,000 |
57,453,000 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
252,168,000 |
92,094,000 |
57,459,000 |
|
|
|
|
|
|
Stocks |
1,465,000 |
716,000 |
- |
|
Trade debtors |
321,280,000 |
282,925,000 |
175,992,000 |
|
Other debtors, deposits & prepayments |
94,000 |
126,000 |
2,033,000 |
|
Amount due from subsidiary companies |
26,269,000 |
130,292,000 |
60,000 |
|
Amount due from related companies |
228,345,000 |
246,639,000 |
60,296,000 |
|
Cash & bank balances |
50,240,000 |
28,039,000 |
14,677,000 |
|
Others |
17,083,000 |
7,564,000 |
54,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
644,776,000 |
696,301,000 |
253,112,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
896,944,000 |
788,395,000 |
310,571,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
Trade creditors |
9,100,000 |
7,141,000 |
2,855,000 |
|
Other creditors & accruals |
- |
28,000 |
- |
|
Deposits from customers |
75,325,000 |
65,335,000 |
48,911,000 |
|
Amounts owing to subsidiary companies |
- |
561,000 |
- |
|
Amounts owing to related companies |
90,382,000 |
152,596,000 |
132,294,000 |
|
Provision for taxation |
2,044,000 |
2,784,000 |
940,000 |
|
Other liabilities |
431,005,000 |
447,884,000 |
75,122,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
607,856,000 |
676,329,000 |
260,122,000 |
|
|
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
36,920,000 |
19,972,000 |
(7,010,000) |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
289,088,000 |
112,066,000 |
50,449,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
Ordinary share capital |
50,512,000 |
50,512,000 |
512,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
50,512,000 |
50,512,000 |
512,000 |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
138,576,000 |
61,554,000 |
39,937,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
138,576,000 |
61,554,000 |
39,937,000 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
189,088,000 |
112,066,000 |
40,449,000 |
|
|
|
|
|
|
Others |
100,000,000 |
- |
10,000,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
100,000,000 |
- |
10,000,000 |
|
|
---------------- |
---------------- |
---------------- |
|
|
289,088,000 |
112,066,000 |
50,449,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
Contingent Liabilities |
7,000,000 |
4,345,000 |
|
FINANCIAL RATIO
|
|
|
|
MIDEA ELECTRIC
TRADING (SINGAPORE) CO. PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
|
Cash |
50,240,000 |
28,039,000 |
14,677,000 |
|
Net Liquid Funds |
50,240,000 |
28,039,000 |
14,677,000 |
|
Net Liquid Assets |
35,455,000 |
19,256,000 |
(7,010,000) |
|
Net Current Assets/(Liabilities) |
36,920,000 |
19,972,000 |
(7,010,000) |
|
Net Tangible Assets |
289,088,000 |
112,066,000 |
50,449,000 |
|
Net Monetary Assets |
(64,545,000) |
19,256,000 |
(17,010,000) |
|
BALANCE SHEET
ITEMS |
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
|
Total Liabilities |
707,856,000 |
676,329,000 |
270,122,000 |
|
Total Assets |
896,944,000 |
788,395,000 |
310,571,000 |
|
Net Assets |
289,088,000 |
112,066,000 |
50,449,000 |
|
Net Assets Backing |
189,088,000 |
112,066,000 |
40,449,000 |
|
Shareholders' Funds |
189,088,000 |
112,066,000 |
40,449,000 |
|
Total Share Capital |
50,512,000 |
50,512,000 |
512,000 |
|
Total Reserves |
138,576,000 |
61,554,000 |
39,937,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
Cash Ratio |
0.08 |
0.04 |
0.06 |
|
Liquid Ratio |
1.06 |
1.03 |
0.97 |
|
Current Ratio |
1.06 |
1.03 |
0.97 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
Stock Ratio |
0 |
0 |
0 |
|
Debtors Ratio |
46 |
41 |
80 |
|
Creditors Ratio |
1 |
1 |
1 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
3.74 |
6.04 |
6.68 |
|
Times Interest Earned Ratio |
5.40 |
8.82 |
27.65 |
|
Assets Backing Ratio |
5.72 |
2.22 |
98.53 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
Operating Profit Margin |
3.15 |
1.78 |
2.68 |
|
Net Profit Margin |
3.05 |
1.66 |
2.56 |
|
Return On Net Assets |
33.79 |
44.83 |
44.39 |
|
Return On Capital Employed |
33.79 |
44.83 |
44.39 |
|
Return On Shareholders' Funds/Equity |
40.73 |
37.11 |
50.85 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.48 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
Contingent Liabilities |
7,000,000 |
4,345,000 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.58 |
|
|
1 |
Rs. 99.98 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.