MIRA INFORM REPORT

 

 

Report Date :

13.01.2014

 

IDENTIFICATION DETAILS

 

Name :

AMTEK PRECISION TECHNOLOGY PTE. LTD.

 

 

Registered Office :

35, Pioneer Road North, 628475

 

 

Country :

Singapore 

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

04.12.2007

 

 

Com. Reg. No.:

200722413-R

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

designing and manufacturing of precision tooling, precision metal parts and casings, prototype making and the mechanical sub-assembly of semi-finished products, cold-forging progressive stamping of precision metal parts; and assembly and testing of computerised related components.

 

 

No. of Employees :

1,200 [2014]

 

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 – September 30, 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.

:

200722413-R

COMPANY NAME

:

AMTEK PRECISION TECHNOLOGY PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

04/12/2007

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

35, PIONEER ROAD NORTH, 628475, SINGAPORE.

BUSINESS ADDRESS

:

35, PIONEER ROAD NORTH, 628475, SINGAPORE.

TEL.NO.

:

65-62640033

FAX.NO.

:

65-62652510

EMAIL

:

SALES@AMTEK.COM.SG

WEB SITE

:

WWW.AMTEK.COM.SG

CONTACT PERSON

:

HO KHEONG CHUN PETER ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

MANUFACTURE OF METAL PRECISION COMPONENTS

 

 

 

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,000,000.00 
1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00 

 

 

 

SALES

:

USD 145,942,000 [2013]

NET WORTH

:

USD (11,458,000) [2013]

 

 

 

STAFF STRENGTH

:

1,200 [2014]

BANKER (S)

:

STANDARD CHARTERED BANK (HONG KONG) LIMITED

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 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) manufacture of metal precision components.

 

The immediate and ultimate holding company of the Subject is AMTEK ENGINEERING LTD, a company incorporated in SINGAPORE.

 

Share Capital History

Date

Issue & Paid Up Capital

15/02/2013

USD 1000000.00 & SGD 1.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

AMTEK ENGINEERING LTD
[USD 1,000,000 & SGD 1]

35, PIONEER ROAD NORTH, 628475, SINGAPORE.

198003886K

1,000,001.00

100.00

 

 

 

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

------

 

 

 

1,000,001.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

Name Of Subject

:

YEONG BOU WAI

Address

:

11, EVELYN ROAD, 16-01, SETIA RESIDENCES, 309304, SINGAPORE.

IC / PP No

:

S1373449F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/01/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

Name Of Subject

:

NG WON LEIN

Address

:

24, TAI KENG AVENUE, TAI KENG GARDEN, 535508, SINGAPORE.

IC / PP No

:

S2590822H

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/01/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

Name Of Subject

:

ANG TONG HUAT

Address

:

95, YISHUN AVENUE 1, 10-26, ESTUARY, THE, 769137, SINGAPORE.

IC / PP No

:

S1667434F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/11/2012

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

HO KHEONG CHUN PETER

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

JOCELIN SOON SWEE HAR

 

IC / PP No

:

S8217013H

 

 

 

 

 

Address

:

25, TAMPINES STREET 34, 03-18, EDEN AT TAMPINES, THE, 529234, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

STANDARD CHARTERED BANK (HONG KONG) LIMITED

 

 

 

 

 

 

 

 

 

 

 

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

:

YES

Overseas

:

YES

 

 

 



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

[

 

]

 

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

:

ASIA

EUROPE

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

PRECISION TOOLING, PRECISION METAL PARTS AND CASINGS

 

 

 

 

Total Number of Employees:

 

YEAR

2014

2012

2011

2010

 

 

 

 

 

GROUP

N/A

N/A

N/A

N/A

 

 

 

 

 

COMPANY

1,200

1,300

1,200

1,400

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:

The Subject is principally engaged in the (as a / as an) manufacture of metal precision components. 

The Subject undertakes the design and manufacture of precision tooling, precision metal parts and casings, prototype making and the mechanical sub-assembly of semi-finished products, cold-forging progressive stamping of precision metal parts; and assembly and testing of computerised related components.

Background of the Subject's parent company (Amtek Engineering Ltd):
Amtek is a leading global precision metal stamping and tooling specialist with industrial design and assembly capabilities. They have built up successful partnerships with OEMS from diverse industries, providing them with innovative manufacturing solutions. Today, the company has he expertise to provide full turnkey manufacturing solutions, from design and product development to final test and assembly services. Its core competencies now include the manufacture and assembly of products and components that incorporate metal, plastics and rubber.

Headquartered in Singapore, their global network consists of manufacturing facilities and offices in 12 key countries that span across three continents.

Product and service: 
* cutting tools 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62640033

Match

:

N/A

 

 

 

Address Provided by Client

:

NO. 35, PIONEER ROAD NORTH, SINGAPORE 628

Current Address

:

35, PIONEER ROAD NORTH, 628475, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


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

The address provided is incomplete.

 

 

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Decreased

[

2010 - 2013

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2013

]

 

Return on Shareholder Funds

:

Unfavourable

[

21.98%

]

 

Return on Net Assets

:

Unfavourable

[

6.65%

]

 

 

 

 

 

 

 

 

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

22 Days

]

 

Debtor Ratio

:

Unfavourable

[

74 Days

]

 

Creditors Ratio

:

Unfavourable

[

67 Days

]

 

 

 

 

 

 

 

 

The Subject'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 Subject was weak in its credit control. However, the Subject 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 Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Acceptable

[

0.99 Times

]

 

Current Ratio

:

Unfavourable

[

1.06 Times

]

 

 

 

 

 

 

 

 

The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject 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.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Unfavourable

[

0.27 Times

]

 

Gearing Ratio

:

Unfavourable

[

(9.16 Times)

]

 

 

 

 

 

 

 

 

The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject's gearing was negative during the year as its shareholders' funds was in the red. This means the Subject is running its business using borrowed money. We consider the Subject as facing high financial risks.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Although the Subject's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject has high financial risks. If its shareholders do not inject more capital into the company or if its business performance does not improve, its going concern may be in question.

 

 

 

 

 

 

 

Overall financial condition of the Subject : 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 2007, the Subject is a Private Limited company, focusing on manufacture of metal precision components. Having been in business for 7 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. The Subject is well backed by a listed company shareholders which would stimulate further growth for the Subject. Hence, the potential growth of the Subject is positive. The capital standing of the Subject is fair. 

Our investigation revealed that the Subject serves both local and overseas clients. Penetrating into the overseas countries has well diversified its business risk. However, being a loss making company indicates that the Subject faces difficulties in the market. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject 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. 

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. The Subject has generated an unfavourable gearing ratio indicated that the Subject is in high financial risk. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD 11,458,000. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations. 

The Subject'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 Subject's payment record regarded as fair. With poor financial condition, the Subject may unable to pay its creditors on the given period of time. 

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

Based on the above unfavourable financial condition, we regard granting credit to the Subject 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.

AMTEK PRECISION TECHNOLOGY PTE. LTD.

 

Financial Year End

2013-06-30

2012-06-30

2011-06-30

2010-06-30

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

USD

USD

USD

USD

 

 

 

 

 

TURNOVER

145,942,000

167,846,000

192,063,000

211,989,000

 

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

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

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

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

Total Turnover

145,942,000

167,846,000

192,063,000

211,989,000

Costs of Goods Sold

(134,418,000)

(152,319,000)

(167,824,000)

(187,930,000)

 

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

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

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

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

Gross Profit

11,524,000

15,527,000

24,239,000

24,059,000

 

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

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

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

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

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

(3,227,000)

(5,776,000)

-

-

SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES

-

-

6,796,000

(3,723,000)

 

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(3,227,000)

(5,776,000)

6,796,000

(3,723,000)

Taxation

708,000

(118,000)

(1,164,000)

(2,330,000)

 

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(2,519,000)

(5,894,000)

5,632,000

(6,053,000)

 

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

(9,939,000)

(4,045,000)

(9,677,000)

(3,624,000)

 

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

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

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

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

As restated

(9,939,000)

(4,045,000)

(9,677,000)

(3,624,000)

 

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(12,458,000)

(9,939,000)

(4,045,000)

(9,677,000)

 

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(12,458,000)

(9,939,000)

(4,045,000)

(9,677,000)

 

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

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

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

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

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

Lease interest

3,813,000

4,205,000

41,000

39,000

Term loan / Borrowing

-

-

4,139,000

4,407,000

Others

620,000

600,000

421,000

403,000

 

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

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

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

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

 

4,433,000

4,805,000

4,601,000

4,849,000

 

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

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

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

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

 

 

 

BALANCE SHEET

 

 

AMTEK PRECISION TECHNOLOGY PTE. LTD.

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

10,789,000

22,421,000

24,834,000

29,928,000

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

Others

4,000

35,000

71,000

182,000

 

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

4,000

35,000

71,000

182,000

 

 

 

 

 

INTANGIBLE ASSETS

 

 

 

 

Others

41,000

-

-

-

 

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

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

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

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

TOTAL INTANGIBLE ASSETS

41,000

-

-

-

 

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

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

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

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

TOTAL LONG TERM ASSETS

10,834,000

22,456,000

24,905,000

30,110,000

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Stocks

8,943,000

14,566,000

12,189,000

7,972,000

Trade debtors

29,415,000

36,806,000

37,486,000

38,326,000

Other debtors, deposits & prepayments

20,089,000

6,448,000

3,964,000

6,326,000

Short term deposits

-

-

10,000,000

-

Short term loans & advances

-

32,000

-

-

Amount due from holding company

24,694,000

35,021,000

40,514,000

33,169,000

Amount due from related companies

38,727,000

32,279,000

26,093,000

29,948,000

Cash & bank balances

6,471,000

9,409,000

10,779,000

8,748,000

Others

9,158,000

-

2,164,000

2,268,000

 

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

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

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

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

TOTAL CURRENT ASSETS

137,497,000

134,561,000

143,189,000

126,757,000

 

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

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

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

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

TOTAL ASSET

148,331,000

157,017,000

168,094,000

156,867,000

 

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

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

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

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

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade creditors

24,707,000

33,498,000

29,376,000

32,473,000

Other creditors & accruals

6,467,000

5,689,000

7,282,000

11,052,000

Short term borrowings/Term loans

76,110,000

49,110,000

39,110,000

35,300,000

Amounts owing to related companies

20,932,000

25,803,000

22,632,000

14,222,000

Provision for taxation

923,000

1,445,000

3,050,000

2,729,000

Lease payables

121,000

117,000

109,000

82,000

Other liabilities

930,000

1,576,000

1,281,000

1,275,000

 

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

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

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

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

TOTAL CURRENT LIABILITIES

130,190,000

117,238,000

102,840,000

97,133,000

 

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

7,307,000

17,323,000

40,349,000

29,624,000

 

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

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

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

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

TOTAL NET ASSETS

18,141,000

39,779,000

65,254,000

59,734,000

 

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

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

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

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

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

1,000,000

1,000,000

1,000,000

1,000,000

 

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

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

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

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

TOTAL SHARE CAPITAL

1,000,000

1,000,000

1,000,000

1,000,000

 

 

 

 

 

RESERVES

 

 

 

 

Retained profit/(loss) carried forward

(12,458,000)

(9,939,000)

(4,045,000)

(9,677,000)

 

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

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

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

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

TOTAL RESERVES

(12,458,000)

(9,939,000)

(4,045,000)

(9,677,000)

 

 

 

 

 

 

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

(11,458,000)

(8,939,000)

(3,045,000)

(8,677,000)

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

Long term loans

28,706,000

47,816,000

66,926,000

66,300,000

Lease obligations

131,000

140,000

266,000

322,000

Deferred taxation

762,000

762,000

1,107,000

1,789,000

 

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

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

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

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

TOTAL LONG TERM LIABILITIES

29,599,000

48,718,000

68,299,000

68,411,000

 

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

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

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

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

 

18,141,000

39,779,000

65,254,000

59,734,000

 

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

AMTEK PRECISION TECHNOLOGY PTE. LTD.

 

TYPES OF FUNDS

 

 

 

 

Cash

6,471,000

9,409,000

20,779,000

8,748,000

Net Liquid Funds

6,471,000

9,409,000

20,779,000

8,748,000

Net Liquid Assets

(1,636,000)

2,757,000

28,160,000

21,652,000

Net Current Assets/(Liabilities)

7,307,000

17,323,000

40,349,000

29,624,000

Net Tangible Assets

18,100,000

39,779,000

65,254,000

59,734,000

Net Monetary Assets

(31,235,000)

(45,961,000)

(40,139,000)

(46,759,000)

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

104,947,000

97,066,000

106,302,000

101,922,000

Total Liabilities

159,789,000

165,956,000

171,139,000

165,544,000

Total Assets

148,331,000

157,017,000

168,094,000

156,867,000

Net Assets

18,141,000

39,779,000

65,254,000

59,734,000

Net Assets Backing

(11,458,000)

(8,939,000)

(3,045,000)

(8,677,000)

Shareholders' Funds

(11,458,000)

(8,939,000)

(3,045,000)

(8,677,000)

Total Share Capital

1,000,000

1,000,000

1,000,000

1,000,000

Total Reserves

(12,458,000)

(9,939,000)

(4,045,000)

(9,677,000)

LIQUIDITY (Times)

 

 

 

 

Cash Ratio

0.05

0.08

0.20

0.09

Liquid Ratio

0.99

1.02

1.27

1.22

Current Ratio

1.06

1.15

1.39

1.30

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

22

32

23

14

Debtors Ratio

74

80

71

66

Creditors Ratio

67

80

64

63

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

(9.16)

(10.86)

(34.91)

(11.75)

Liabilities Ratio

(13.95)

(18.57)

(56.20)

(19.08)

Times Interest Earned Ratio

0.27

(0.20)

2.48

0.23

Assets Backing Ratio

18.10

39.78

65.25

59.73

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

(2.21)

(3.44)

3.54

(1.76)

Net Profit Margin

(1.73)

(3.51)

2.93

(2.86)

Return On Net Assets

6.65

(2.44)

17.47

1.89

Return On Capital Employed

6.63

(2.44)

17.47

1.89

Return On Shareholders' Funds/Equity

21.98

65.94

(184.96)

69.76

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.61.94

UK Pound

1

Rs.102.06

Euro

1

Rs.84.31

 

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.