MIRA INFORM REPORT

 

 

Report Date :

03.07.2014

 

IDENTIFICATION DETAILS

 

Name :

HONEYWELL PTE LTD

 

 

Registered Office :

17, Changi Business Park Central 1, 01-01, Honeywell Building, 486073

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

20.12.1978

 

 

Com. Reg. No.:

197803309-M

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Supply, Installation & Maintenance of Honeywell Control Systems and Provision of Regional Support Services to Its Related Company

 

 

No of Employees :

250 [2014]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore

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

 

 

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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

197803309-M

COMPANY NAME

:

HONEYWELL PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

20/12/1978

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

17, CHANGI BUSINESS PARK CENTRAL 1, 01-01, HONEYWELL BUILDING, 486073, SINGAPORE.

BUSINESS ADDRESS

:

17, CHANGI BUSINESS PARK CENTRAL 1, 01-01, HONEYWELL BUILDING, 486073, SINGAPORE.

TEL.NO.         

:

65-63552828

FAX.NO.

:

65-64453033

WEB SITE

:

WWW.HONEYWELL.COM

CONTACT PERSON

:

TOH YUE KANG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

SUPPLY, INSTALLATION & MAINTENANCE OF HONEYWELL CONTROL SYSTEMS AND PROVISION OF REGIONAL SUPPORT SERVICES TO ITS RELATED COMPANY

ISSUED AND PAID UP CAPITAL

:

11,300,000.00 ORDINARY SHARE, OF A VALUE OF SGD 11,300,000.00

SALES

:

SGD 191,890,000 [2013]

NET WORTH

:

SGD 70,938,000 [2013]

STAFF STRENGTH

:

250 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL 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) supply, installation & maintenance of honeywell control systems and provision of regional support services to its related company.

 

The immediate and ultimate holding company of the Subject is HONEYWELL INTERNATIONAL INC., a company incorporated in UNITED STATES.

 

Share Capital History

Date

Issue & Paid Up Capital

17/06/2014

SGD 11,300,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

HONEYWELL INTERNATIONAL INC.

2711, CENTERVILLE ROAD, SUITE 400, WILMINGTON DELAWARE, 19808, UNITED STATES.

T04UF2160

11,300,000.00

100.00

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

------

11,300,000.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

198502120H

SINGAPORE

HONEYWELL AEROSPACE PTE LTD

100.00

31/12/2013

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

GERARD FRANCIS WILLIS

Address

:

ROOM 14A, BLOCK 46, JIA XIN GARDEN, LANE 1030, YAN AN XI ROAD, SHANGHAI, CHINA.

IC / PP No

:

711188177

Nationality

:

AMERICAN

Date of Appointment

:

24/03/2006

 

DIRECTOR 2

 

Name Of Subject

:

TOH YUE KANG

Address

:

30, MOUNT ELIZABETH, 19-32, HIGH POINT, 228519, SINGAPORE.

IC / PP No

:

S6868975I

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/04/2009

 

DIRECTOR 3

 

Name Of Subject

:

ASHISH MADHUKAR GAIKWAD

Address

:

FLAT 504, BUILDING A/7, KARISHMA SOCIETY, OFF KARVE ROAD KOTHRUD, PUNE, 411029, INDIA.

IC / PP No

:

Z1724872

Nationality

:

INDIAN

Date of Appointment

:

29/01/2010

 

DIRECTOR 4

 

Name Of Subject

:

SEAH SIEW LENG @ SHI XIAOLING

Address

:

45, SIMS DRIVE, 10-150, 380045, SINGAPORE.

IC / PP No

:

S8026708H

Nationality

:

SINGAPOREAN

Date of Appointment

:

26/04/2013



MANAGEMENT

 

 

1)

Name of Subject

:

TOH YUE KANG

Position

:

DIRECTOR

 

2)

Name of Subject

:

ESTHER

Position

:

STAFF

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

KELOTH RAJ KUMAR

IC / PP No

:

S1707500D

Address

:

192, PASIR RIS STREET 12, 04-14, 510192, 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

:

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

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Services

:

SUPPLY, INSTALLATION & MAINTENANCE OF HONEYWELL CONTROL SYSTEMS AND PROVISION OF REGIONAL SUPPORT SERVICES TO ITS RELATED COMPANY

 

Total Number of Employees:

YEAR

2014

GROUP

N/A

COMPANY

250

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) supply, installation & maintenance of honeywell control systems and provision of regional support services to its related company.


Honeywell, a global Fortune 100 corporation, has a number of exciting opportunities available right now.


It is a diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. employs more than 120,000 people.

 

Honeywell Building Solutions provides world-class solutions for all facilities operational needs, including Building Automation Control, fire and Life Safety systems, HVAC install, maintenance and retrofit.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63552828

Match

:

N/A

Address Provided by Client

:

17, CHANGI BUSINESS PARK CENTRAL 1, 01-01, HONEYWELL BUILDING,486073 SINGAPORE

Current Address

:

17, CHANGI BUSINESS PARK CENTRAL 1, 01-01, HONEYWELL BUILDING, 486073, SINGAPORE.

Match

:

YES

 

Other Investigations


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



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2010 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2013

]

Return on Shareholder Funds

:

Acceptable

[

29.37%

]

Return on Net Assets

:

Favourable

[

35.25%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years. The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

8 Days

]

Debtor Ratio

:

Favourable

[

49 Days

]

Creditors Ratio

:

Favourable

[

52 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

[

1.47 Times

]

Current Ratio

:

Unfavourable

[

1.50 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

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Acceptable

[

0.99 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. The Subject's gearing was slightly high. The Subject is utilising the leverage concept to fund its expansion. However, the high gearing has added financial risks to the Subject. It will be more vulnerable in times of economy downturn.

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 did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject's gearing was slightly high and its financial risk was also high. If no plans are made to reduce its gearing, the Subject's performance may deteriorate in the coming year.

Overall financial condition of the Subject : STRONG

 

 

 

 

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 :

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 percentage points. 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 1978, the Subject is a Private Limited company, focusing on supply, installation & maintenance of honey well control systems and provision of regional support services to its related company. The Subject has been in business for over 3 decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.


Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 250 staff in its operations. The Subject has a good management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.


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. Return on shareholders' funds of the Subject was at an acceptable range 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. The gearing level of the Subject is slightly high, therefore it faces moderate financial risk. Given a positive net worth standing at SGD 70,938,000, the Subject should be able to maintain its business in the near terms.


Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 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. Overall the Subject has a good control over its resources.


The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.


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. As the Subject is long presence in the market, it should have acquired competitive edge against other players in the same fields.


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 SINGAPORE FINANCIAL REPORTING STANDARDS.

HONEYWELL PTE LTD

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

SGD

SGD

SGD

SGD

TURNOVER

191,890,000

163,563,000

149,911,000

151,106,000

Other Income

(862,000)

768,000

380,000

141,000

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

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

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

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

Total Turnover

191,028,000

164,331,000

150,291,000

151,247,000

Costs of Goods Sold

(143,984,000)

(118,905,000)

(114,599,000)

(117,439,000)

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

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

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

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

Gross Profit

47,044,000

45,426,000

35,692,000

33,808,000

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

26,691,000

22,911,000

10,091,000

6,076,000

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

26,691,000

22,911,000

10,091,000

6,076,000

Taxation

(5,858,000)

(6,152,000)

(4,930,000)

(3,631,000)

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

20,833,000

16,759,000

5,161,000

2,445,000

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

30,034,000

13,275,000

8,114,000

5,669,000

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

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

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

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

As restated

30,034,000

13,275,000

8,114,000

5,669,000

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

50,867,000

30,034,000

13,275,000

8,114,000

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

50,867,000

30,034,000

13,275,000

8,114,000

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

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

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

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

 

 

 

 

BALANCE SHEET

 

 

HONEYWELL PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

12,576,000

8,620,000

2,827,000

3,771,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

-

-

2,787,000

2,787,000

Loans & advances - non-current

-

-

53,000

43,000

Deferred assets

-

-

408,000

450,000

Others

-

-

1,921,000

1,392,000

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

-

5,169,000

4,672,000

INTANGIBLE ASSETS

Deferred/Expenditure carried forward

-

-

581,000

935,000

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

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

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

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

TOTAL INTANGIBLE ASSETS

-

-

581,000

935,000

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

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

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

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

TOTAL LONG TERM ASSETS

12,576,000

8,620,000

8,577,000

9,378,000

Stocks

4,095,000

4,448,000

4,120,000

4,008,000

Trade debtors

25,723,000

27,284,000

26,321,000

34,547,000

Other debtors, deposits & prepayments

-

-

46,384,000

25,863,000

Amount due from holding company

223,000

1,333,000

1,263,000

358,000

Amount due from related companies

88,881,000

61,717,000

4,787,000

3,174,000

Cash & bank balances

56,269,000

39,109,000

18,530,000

26,887,000

Amount owing by customer

10,376,000

10,295,000

11,290,000

7,392,000

Dividend Received

2,872,000

1,657,000

-

-

Others

115,000

246,000

528,000

372,000

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

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

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

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

TOTAL CURRENT ASSETS

188,554,000

146,089,000

113,223,000

102,601,000

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

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

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

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

TOTAL ASSET

201,130,000

154,709,000

121,800,000

111,979,000

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

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

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

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

CURRENT LIABILITIES

Trade creditors

20,494,000

15,775,000

23,385,000

24,766,000

Other creditors & accruals

11,677,000

10,497,000

13,832,000

11,235,000

Bank overdraft

-

-

76,000

-

Short term borrowings/Term loans

70,392,000

56,323,000

44,027,000

39,514,000

Deposits from customers

4,269,000

4,378,000

3,905,000

5,428,000

Amounts owing to holding company

2,314,000

1,234,000

-

-

Amounts owing to related companies

9,028,000

10,103,000

1,171,000

1,502,000

Provision for taxation

6,387,000

5,298,000

3,270,000

3,357,000

Other liabilities

851,000

611,000

848,000

1,414,000

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

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

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

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

TOTAL CURRENT LIABILITIES

125,412,000

104,219,000

90,514,000

87,216,000

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

63,142,000

41,870,000

22,709,000

15,385,000

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

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

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

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

TOTAL NET ASSETS

75,718,000

50,490,000

31,286,000

24,763,000

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

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

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

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

SHARE CAPITAL

Ordinary share capital

11,300,000

11,300,000

11,300,000

11,300,000

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

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

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

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

TOTAL SHARE CAPITAL

11,300,000

11,300,000

11,300,000

11,300,000

Capital reserve

8,771,000

7,657,000

6,556,000

5,349,000

Retained profit/(loss) carried forward

50,867,000

30,034,000

13,275,000

8,114,000

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

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

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

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

TOTAL RESERVES

59,638,000

37,691,000

19,831,000

13,463,000

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

70,938,000

48,991,000

31,131,000

24,763,000

Others

4,780,000

1,499,000

155,000

-

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

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

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

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

TOTAL LONG TERM LIABILITIES

4,780,000

1,499,000

155,000

-

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

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

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

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

75,718,000

50,490,000

31,286,000

24,763,000

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

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

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

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

 

 

 

 

FINANCIAL RATIO

 

 

HONEYWELL PTE LTD

 

TYPES OF FUNDS

Cash

56,269,000

39,109,000

18,530,000

26,887,000

Net Liquid Funds

56,269,000

39,109,000

18,454,000

26,887,000

Net Liquid Assets

59,047,000

37,422,000

18,589,000

11,377,000

Net Current Assets/(Liabilities)

63,142,000

41,870,000

22,709,000

15,385,000

Net Tangible Assets

75,718,000

50,490,000

30,705,000

23,828,000

Net Monetary Assets

54,267,000

35,923,000

18,434,000

11,377,000

BALANCE SHEET ITEMS

Total Borrowings

70,392,000

56,323,000

44,103,000

39,514,000

Total Liabilities

130,192,000

105,718,000

90,669,000

87,216,000

Total Assets

201,130,000

154,709,000

121,800,000

111,979,000

Net Assets

75,718,000

50,490,000

31,286,000

24,763,000

Net Assets Backing

70,938,000

48,991,000

31,131,000

24,763,000

Shareholders' Funds

70,938,000

48,991,000

31,131,000

24,763,000

Total Share Capital

11,300,000

11,300,000

11,300,000

11,300,000

Total Reserves

59,638,000

37,691,000

19,831,000

13,463,000

LIQUIDITY (Times)

Cash Ratio

0.45

0.38

0.20

0.31

Liquid Ratio

1.47

1.36

1.21

1.13

Current Ratio

1.50

1.40

1.25

1.18

WORKING CAPITAL CONTROL (Days)

Stock Ratio

8

10

10

10

Debtors Ratio

49

61

64

83

Creditors Ratio

52

48

74

77

SOLVENCY RATIOS (Times)

Gearing Ratio

0.99

1.15

1.42

1.60

Liabilities Ratio

1.84

2.16

2.91

3.52

Times Interest Earned Ratio

0.00

0.00

0.00

0.00

Assets Backing Ratio

6.70

4.47

2.72

2.11

PERFORMANCE RATIO (%)

Operating Profit Margin

13.91

14.01

6.73

4.02

Net Profit Margin

10.86

10.25

3.44

1.62

Return On Net Assets

35.25

45.38

32.25

24.54

Return On Capital Employed

35.25

45.38

31.59

23.64

Return On Shareholders' Funds/Equity

29.37

34.21

16.58

9.87

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. 59.97

UK Pound

1

Rs. 102.89

Euro

1

Rs. 82.02

 

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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.