MIRA INFORM REPORT

 

 

Report Date :

14.06.2014

 

IDENTIFICATION DETAILS

 

Name :

PHOON HUAT AND COMPANY (PRIVATE) LIMITED

 

 

Registered Office :

231A, Pandan Loop, 128419

 

 

Country :

Singapore

 

 

Financials (as on) :

28.02.2013

 

 

Date of Incorporation :

17.12.1965

 

 

Com. Reg. No.:

196500305-D

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is principally engaged in the bakery and supplier of food ingredients.

 

 

No. of Employees

230 [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 :

--

 

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

 

 

 

Company name and address

 

 

REGISTRATION NO.

:

196500305-D

COMPANY NAME

:

PHOON HUAT AND COMPANY (PRIVATE) LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

17/12/1965

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

231A, PANDAN LOOP, 128419, SINGAPORE.

BUSINESS ADDRESS

:

231A PANDAN LOOP, 128419, SINGAPORE.

TEL.NO.

:

65-62888866

FAX.NO.

:

65-63832993

EMAIL

:

SALES@PHOONHUAT.COM

WEB SITE

:

WWW.PHOONHUAT.COM

CONTACT PERSON

:

WONG CHEN LIONG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

BAKERY AND SUPPLIER OF FOOD INGREDIENTS

ISSUED AND PAID UP CAPITAL

:

12,659,400.00 ORDINARY SHARE, OF A VALUE OF SGD 12,659,400.00

SALES

:

SGD 80,412,774 [2013]

NET WORTH

:

SGD 51,267,233 [2013]

STAFF STRENGTH

:

230 [2014]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

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) bakery and supplier of food ingredients.

 

Share Capital History

Date

Issue & Paid Up Capital

13/06/2014

SGD 12,659,400.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

WONG CHEN LIONG +

228, OCEAN DRIVE, 04-34, THE BERTH BY THE COVE, 098616, SINGAPORE.

S0800860D

2,443,800.00

19.30

WONG CHEN KENG +

12A, ST. HELIER'S AVENUE, 555812, SINGAPORE.

S0813470G

1,793,809.00

14.17

TECK CHENG & LI PTE. LTD.

231A, PANDAN LOOP, 128419, SINGAPORE.

197600478H

1,776,000.00

14.03

LONG WEE FONG

248, LORONG CHUAN, 12-03, CHUAN PARK, 556747, SINGAPORE.

S0603996J

1,226,360.00

9.69

WONG TECK FOO

34A, BRIGHTON CRESCENT, 559186, SINGAPORE.

S1354248A

970,397.00

7.67

WONG TECK TOR

248, LORONG CHUAN, 12-03, CHUAN PARK, 556747, SINGAPORE.

S0048510A

905,600.00

7.15

WONG TECK KENG

248, LORONG CHUAN, 12-03, CHUAN PARK, 556747, SINGAPORE.

S1170216C

905,600.00

7.15

WONG TECK FONG +

22, TAMAN WARNA, 276358, SINGAPORE.

S0032773E

655,650.00

5.18

WONG TECK MAIN

12A, ST. HELIER'S AVENUE, 555812, SINGAPORE.

S1459934G

485,198.00

3.83

RYAN WONG TECK YAN @ WANG DEXIAN

52, WEST COAST CRESCENT, 04-10, WEST BAY CONDOMINIUM, 128036, SINGAPORE.

S7206014H

485,198.00

3.83

AUDREY WONG TECK PENG

5A, ST. HELIER'S AVENUE, 555801, SINGAPORE.

S1236343E

485,198.00

3.83

WONG TECK NEE

22, ST. GEORGE'S ROAD, 22-184, 321022, SINGAPORE.

S1236338I

306,590.00

2.42

LILL DUDE PTE. LTD.

4, BATTERY ROAD, 23-01, BANK OF CHINA BUILDING, 049908, SINGAPORE.

200300784R

220,000.00

1.74

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

------

12,659,400.00

100.00

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

WONG TECK FONG

Address

:

22, TAMAN WARNA, 276358, SINGAPORE.

IC / PP No

:

S0032773E

Nationality

:

SINGAPOREAN

Date of Appointment

:

07/04/1997

 

DIRECTOR 2

 

Name Of Subject

:

WONG CHEN KENG

Address

:

12A, ST. HELIER'S AVENUE, 555812, SINGAPORE.

IC / PP No

:

S0813470G

Nationality

:

SINGAPOREAN

Date of Appointment

:

17/12/1965

 

DIRECTOR 3

 

Name Of Subject

:

WONG CHEN LIONG

Address

:

228, OCEAN DRIVE, 04-34, THE BERTH BY THE COVE, 098616, SINGAPORE.

IC / PP No

:

S0800860D

Nationality

:

SINGAPOREAN

Date of Appointment

:

10/02/1969

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

WONG CHEN LIONG

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

BDO LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

WONG TECK FONG

IC / PP No

:

S0032773E

Address

:

22, TAMAN WARNA, 276358, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201108869

20/07/2011

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201110159

16/08/2011

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201113001

17/10/2011

N/A

MALAYAN BANKING BERHAD

-

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

:

2679

Year

:

2009

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

30/01/2009

Solicitor

:

SINNAIAH KALAI ARASAN

Solicitor Ref

:

KA.13/1236.08.N QK.KC

Solicitor Firm

:

KALAI & CO

Plaintiff

:

KWEK YEOW HONG (GUO YAOFENG)

Defendants

:

PHOON HUAT AND COMPANY (PRIVATE) LIMITED (196500305)

Amount Claimed

:

0

Remark

:

TORT - NEGLIGENCE

Code No

:

99

Case No

:

6701

Year

:

2009

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

04/03/2009

Solicitor

:

LOGANATHAN MARIMUTHU

Solicitor Ref

:

ML.SMRT.7750.09

Solicitor Firm

:

ABRAHAM LOGAN & PARTNERS

Plaintiff

:

SMRT BUSES LTD LOGANATHAN

Defendants

:

PHOON HUAT AND COMPANY (PRIVATE) LIMITED (196500305)

Amount Claimed

:

3200

Nature of Claim

:

SGD

Remark

:

TORT - NEGLIGENCE

 

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

:

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

[

X

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

FOOD INGREDIENTS

Services

:

BAKERY

 

Total Number of Employees:

YEAR

2014

GROUP

N/A

COMPANY

230

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) bakery and supplier of food ingredients.

The Subject is the leading supplier of bakery products, beverage & dessert ingredients.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

65-62898989

Current Telephone Number

:

65-62888866

Match

:

YES

Address Provided by Client

:

231A PANDAN LOOP SINGAPORE 128419

Current Address

:

231A PANDAN LOOP, 128419, SINGAPORE.

Match

:

YES

 

Other Investigations


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


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2011 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2011 - 2013

]

Return on Shareholder Funds

:

Favourable

[

49.83%

]

Return on Net Assets

:

Favourable

[

48.42%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Unfavourable

[

82 Days

]

Debtor Ratio

:

Favourable

[

48 Days

]

Creditors Ratio

:

Favourable

[

29 Days

]

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. 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

[

2.42 Times

]

Current Ratio

:

Favourable

[

4.98 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

:

Favourable

[

133.47 Times

]

Gearing Ratio

:

Favourable

[

0.07 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

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 :

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 1965, the Subject is a Private Limited company, focusing on bakery and supplier of food ingredients. With its long track record in the industry, the Subject should have set up pretty sound supply channels and is able to meet the demands of its customers to a large extent. 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 230 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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at SGD 51,267,233, 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.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

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.

In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term.

 



PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

PHOON HUAT AND COMPANY (PRIVATE) LIMITED

 

Financial Year End

2013-02-28

2012-02-28

2011-02-28

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

80,412,774

75,539,149

67,205,417

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

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

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

Total Turnover

80,412,774

75,539,149

67,205,417

Costs of Goods Sold

(52,046,690)

(50,974,865)

-

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

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

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

Gross Profit

28,366,084

24,564,284

-

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

27,383,273

9,099,469

7,172,037

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

27,383,273

9,099,469

7,172,037

Taxation

(1,835,139)

(4,234,369)

(1,195,881)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

25,548,134

4,865,100

5,976,156

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

34,200,898

30,910,470

24,934,314

Prior year adjustment

-

(55,544)

-

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

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

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

As restated

34,200,898

30,854,926

24,934,314

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

59,749,032

35,720,026

30,910,470

DIVIDENDS - Ordinary (paid & proposed)

(21,141,199)

(1,519,128)

-

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

38,607,833

34,200,898

30,910,470

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

7,398

-

Term loan / Borrowing

182,088

219,161

-

Trust receipts

6,141

7,569

-

Others

18,485

71,944

-

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

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

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

206,714

306,072

-

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

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

 

BALANCE SHEET

 

 

PHOON HUAT AND COMPANY (PRIVATE) LIMITED

 

ASSETS EMPLOYED:

FIXED ASSETS

28,714,258

37,195,525

38,482,212

Investment properties

86,670

7,700,511

-

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

86,670

7,700,511

-

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

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

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

TOTAL LONG TERM ASSETS

28,800,928

44,896,036

38,482,212

Stocks

18,144,960

16,593,104

-

Trade debtors

10,473,033

9,656,437

-

Other debtors, deposits & prepayments

409,288

374,620

-

Cash & bank balances

6,234,376

1,826,201

-

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

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

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

TOTAL CURRENT ASSETS

35,261,657

28,450,362

25,592,519

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

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

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

TOTAL ASSET

64,062,585

73,346,398

64,074,731

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

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

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

CURRENT LIABILITIES

Trade creditors

4,147,816

7,471,006

-

Short term borrowings/Term loans

261,600

1,671,970

-

Provision for taxation

2,678,203

1,649,699

-

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

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

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

TOTAL CURRENT LIABILITIES

7,087,619

10,792,675

20,504,861

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

28,174,038

17,657,687

5,087,658

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

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

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

TOTAL NET ASSETS

56,974,966

62,553,723

43,569,870

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

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

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

SHARE CAPITAL

Ordinary share capital

12,659,400

12,659,400

12,659,400

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

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

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

TOTAL SHARE CAPITAL

12,659,400

12,659,400

12,659,400

Retained profit/(loss) carried forward

38,607,833

34,200,898

30,910,470

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

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

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

TOTAL RESERVES

38,607,833

34,200,898

30,910,470

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

51,267,233

46,860,298

43,569,870

Long term loans

3,358,429

12,764,741

-

Deferred taxation

2,349,304

2,928,684

-

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

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

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

TOTAL LONG TERM LIABILITIES

5,707,733

15,693,425

-

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

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

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

56,974,966

62,553,723

43,569,870

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

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

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

 

FINANCIAL RATIO

 

 

PHOON HUAT AND COMPANY (PRIVATE) LIMITED

 

TYPES OF FUNDS

Cash

6,234,376

1,826,201

-

Net Liquid Funds

6,234,376

1,826,201

-

Net Liquid Assets

10,029,078

1,064,583

5,087,658

Net Current Assets/(Liabilities)

28,174,038

17,657,687

5,087,658

Net Tangible Assets

56,974,966

62,553,723

43,569,870

Net Monetary Assets

4,321,345

(14,628,842)

5,087,658

BALANCE SHEET ITEMS

Total Borrowings

3,620,029

14,436,711

-

Total Liabilities

12,795,352

26,486,100

20,504,861

Total Assets

64,062,585

73,346,398

64,074,731

Net Assets

56,974,966

62,553,723

43,569,870

Net Assets Backing

51,267,233

46,860,298

43,569,870

Shareholders' Funds

51,267,233

46,860,298

43,569,870

Total Share Capital

12,659,400

12,659,400

12,659,400

Total Reserves

38,607,833

34,200,898

30,910,470

LIQUIDITY (Times)

Cash Ratio

0.88

0.17

-

Liquid Ratio

2.42

1.10

-

Current Ratio

4.98

2.64

1.25

WORKING CAPITAL CONTROL (Days)

Stock Ratio

82

80

-

Debtors Ratio

48

47

-

Creditors Ratio

29

53

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.07

0.31

-

Liabilities Ratio

0.25

0.57

0.47

Times Interest Earned Ratio

133.47

30.73

-

Assets Backing Ratio

4.50

4.94

3.44

PERFORMANCE RATIO (%)

Operating Profit Margin

34.05

12.05

10.67

Net Profit Margin

31.77

6.44

8.89

Return On Net Assets

48.42

15.04

16.46

Return On Capital Employed

48.42

15.04

16.46

Return On Shareholders' Funds/Equity

49.83

10.38

13.72

Dividend Pay Out Ratio (Times)

0.83

0.31

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.48

UK Pound

1

Rs.100.93

Euro

1

Rs.80.71

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.