MIRA INFORM REPORT

 

 

Report Date :

09.06.2014

 

IDENTIFICATION DETAILS

 

Name :

MANITOU ASIA PTE LTD

 

 

Registered Office :

57, Tuas South Avenue 1, 637327

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

27.11.1992

 

 

Com. Reg. No.:

199206397-D

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of Industrial Machinery and Equipment

 

 

No. of Employees :

35 [2014]

 

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 :

Exist

 

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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.

:

199206397-D

COMPANY NAME

:

MANITOU ASIA PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/11/1992

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

57, TUAS SOUTH AVENUE 1, 637327, SINGAPORE.

BUSINESS ADDRESS

:

57, TUAS SOUTH AVENUE 1, 637327, SINGAPORE.

TEL.NO.

:

65-68620771

FAX.NO.

:

65-68620216

CONTACT PERSON

:

ANTOINE MARIE ROBERT CHAZELLE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT

ISSUED AND PAID UP CAPITAL

:

400,000.00 ORDINARY SHARE, OF A VALUE OF SGD 400,000.00

SALES

:

SGD 36,104,962 [2012]

NET WORTH

:

SGD 8,818,191 [2012]

STAFF STRENGTH

:

35 [2014]

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

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) wholesale of industrial machinery and equipment.

 

The immediate and ultimate holding company of the Subject is MANITOU BF S.A., a company incorporated in FRANCE.

 

Share Capital History

Date

Issue & Paid Up Capital

15/02/2013

SGD 400,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

MANITOU BF S.A.

430, RUE DE L'AUBINIERE-BP 10219, ANCENIS CEDEX FRANCE, 44158, FRANCE.

T07UF0093

400,000.00

100.00

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

------

400,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

ANTOINE MARIE ROBERT CHAZELLE

Address

:

50, DUCHESS AVENUE 04-06, DUCHESS CREST, 269196, SINGAPORE.

IC / PP No

:

G5160669N

Nationality

:

FRENCH

Date of Appointment

:

01/09/2011

 

DIRECTOR 2

 

Name Of Subject

:

PIERRE-FRANCIS MICHEL PIRON

Address

:

58, RUE CASIMIR PERIER, 44000 NANTES, FRANCE.

IC / PP No

:

12AK84533

Nationality

:

FRENCH

Date of Appointment

:

08/06/2012


MANAGEMENT

 

 

1)

Name of Subject

:

ANTOINE MARIE ROBERT CHAZELLE

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

RSM CHIO LIM LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

GERARD ANTHONY CORDEIRO

IC / PP No

:

S0194059G

Address

:

12, BODMIN DRIVE, SERANGOON GARDEN ESTATE, 559612, SINGAPORE.

 

 

BANKING


No Banker found in our databank.


ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201403836

16/04/2014

N/A

MANITOU BF S.A.

SGD 11,925,264.00

Unsatisfied

 

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

LEGAL ACTION

 

 

Code No

:

99

Case No

:

12279

Year

:

2011

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

13/05/2011

Solicitor Ref

:

L.KB.11.0153.PL

Solicitor Firm

:

KURU & CO

Plaintiff

:

LAM KAI MING (LIN KAIMING)

Defendants

:

MANITOU ASIA PTE LTD (199206397)

Amount Claimed

:

0

Remark

:

TORT- NEGLIGENCE

Code No

:

99

Case No

:

32996

Year

:

2012

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

14/12/2012

Solicitor Ref

:

TWK/CCC/2165/12/S MRT

Solicitor Firm

:

TAN KOK QUAN PARTNERSHIP

Plaintiff

:

HO CHAK CHONG
SMRT TAXIS PTE LTD

Defendants

:

MANITOU ASIA PTE LTD (199206397)

Amount Claimed

:

8842.22

Nature of Claim

:

SGD

Remark

:

OTHERS / MISCELLANEOUS

 

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

 

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 disclose its suppliers.


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

[

X

]

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

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

INDUSTRIAL & AGRICULTURAL MACHINERY AND EQUIPMENT

 

Total Number of Employees:

YEAR

2014

2013

GROUP

N/A

N/A

COMPANY

35

25

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of industrial machinery and equipment.

The Subject sells and rents construction, industrial and agricultural machineries.


The Subject also provides repair services for the machineries.

 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68620771

Match

:

N/A

Address Provided by Client

:

NO 57, TUAS SOUTH AVENUE - 1, SINGAPORE 637327

Current Address

:

57, TUAS SOUTH AVENUE 1, 637327, SINGAPORE.

Match

:

YES

 

Other Investigations


On 5th June 2014 we contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2010 - 2012

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2012

]

Return on Shareholder Funds

:

Unfavourable

[

6.36%

]

Return on Net Assets

:

Unfavourable

[

4.84%

]

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. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Unfavourable

[

81 Days

]

Debtor Ratio

:

Unfavourable

[

85 Days

]

Creditors Ratio

:

Favourable

[

4 Days

]

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. 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

:

Acceptable

[

0.97 Times

]

Current Ratio

:

Unfavourable

[

1.58 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

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. 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'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. 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 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

 


Incorporated in 1992, the Subject is a Private Limited company, focusing on wholesale of industrial machinery and equipment. The Subject has been in business for over two 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.


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 operating on a medium scale and it has approximately 35 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.


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. 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 however managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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 SGD 8,818,191, 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.


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


The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry


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.

 

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

SGD

SGD

SGD

TURNOVER

36,104,962

21,205,012

17,254,159

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

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

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

Total Turnover

36,104,962

21,205,012

17,254,159

Costs of Goods Sold

(28,218,477)

(15,080,674)

-

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

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

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

Gross Profit

7,886,485

6,124,338

-

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

442,980

254,276

399,684

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

442,980

254,276

399,684

Taxation

117,834

148,406

7,094

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

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

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

PROFIT/(LOSS) AFTER TAXATION

560,814

402,682

406,778

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

7,857,377

7,629,695

7,222,917

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

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

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

As restated

7,857,377

7,629,695

7,222,917

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

8,418,191

8,032,377

7,629,695

DIVIDENDS - Ordinary (paid & proposed)

-

(175,000)

-

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

8,418,191

7,857,377

7,629,695

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

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

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

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

1,542,235

2,249,846

3,464,687

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

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

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

TOTAL LONG TERM ASSETS

1,542,235

2,249,846

3,464,687

Stocks

7,971,386

4,104,068

2,480,258

Contract work-in-progress

5,537

116,280

-

Trade debtors

8,436,812

3,349,062

5,478,549

Other debtors, deposits & prepayments

119,368

70,839

486,159

Short term deposits

1,721,305

271,212

-

Amount due from holding company

-

-

16,522

Amount due from related companies

-

-

1,754

Cash & bank balances

2,530,237

1,588,059

327,532

Others

25,532

38,953

-

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

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

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

TOTAL CURRENT ASSETS

20,810,177

9,538,473

8,790,774

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

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

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

TOTAL ASSET

22,352,412

11,788,319

12,255,461

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

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

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

CURRENT LIABILITIES

Trade creditors

319,342

377,002

2,861,324

Other creditors & accruals

401,878

372,439

434,365

Deposits from customers

345,095

93,980

288,801

Amounts owing to holding company

9,820,492

1,390,673

132,457

Amounts owing to related companies

2,202,728

699,241

-

Provision for taxation

70

224,419

65,316

Other liabilities

111,025

208,181

-

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

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

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

TOTAL CURRENT LIABILITIES

13,200,630

3,365,935

3,782,263

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

7,609,547

6,172,538

5,008,511

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

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

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

TOTAL NET ASSETS

9,151,782

8,422,384

8,473,198

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

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

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

SHARE CAPITAL

Ordinary share capital

400,000

400,000

400,000

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

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

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

TOTAL SHARE CAPITAL

400,000

400,000

400,000

Retained profit/(loss) carried forward

8,418,191

7,857,377

7,629,695

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

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

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

TOTAL RESERVES

8,418,191

7,857,377

7,629,695

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

8,818,191

8,257,377

8,029,695

Deferred taxation

78,986

165,007

443,503

Others

254,605

-

-

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

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

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

TOTAL LONG TERM LIABILITIES

333,591

165,007

443,503

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

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

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

9,151,782

8,422,384

8,473,198

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

4,251,542

1,859,271

327,532

Net Liquid Funds

4,251,542

1,859,271

327,532

Net Liquid Assets

(361,839)

2,068,470

2,528,253

Net Current Assets/(Liabilities)

7,609,547

6,172,538

5,008,511

Net Tangible Assets

9,151,782

8,422,384

8,473,198

Net Monetary Assets

(695,430)

1,903,463

2,084,750

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

Total Liabilities

13,534,221

3,530,942

4,225,766

Total Assets

22,352,412

11,788,319

12,255,461

Net Assets

9,151,782

8,422,384

8,473,198

Net Assets Backing

8,818,191

8,257,377

8,029,695

Shareholders' Funds

8,818,191

8,257,377

8,029,695

Total Share Capital

400,000

400,000

400,000

Total Reserves

8,418,191

7,857,377

7,629,695

LIQUIDITY (Times)

Cash Ratio

0.32

0.55

0.09

Liquid Ratio

0.97

1.61

1.67

Current Ratio

1.58

2.83

2.32

WORKING CAPITAL CONTROL (Days)

Stock Ratio

81

73

52

Debtors Ratio

85

58

116

Creditors Ratio

4

9

61

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

Liabilities Ratio

1.53

0.43

0.53

Times Interest Earned Ratio

0.00

0.00

0.00

Assets Backing Ratio

22.88

21.06

21.18

PERFORMANCE RATIO (%)

Operating Profit Margin

1.23

1.20

2.32

Net Profit Margin

1.55

1.90

2.36

Return On Net Assets

4.84

3.02

4.72

Return On Capital Employed

4.84

3.02

4.72

Return On Shareholders' Funds/Equity

6.36

4.88

5.07

Dividend Pay Out Ratio (Times)

0.00

0.43

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0




FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.20

UK Pound

1

Rs.99.52

Euro

1

Rs.80.83

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NNA

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.