|
Report Date : |
21.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
LF PRODUCTS PTE. LTD. |
|
|
|
|
Formerly Known as : |
INNO PRODUCT PTE. LTD. |
|
|
|
|
Registered Office : |
10, Raeburn Park, 03-08, 088702 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.07.2010 |
|
|
|
|
Com. Reg. No.: |
201014499-W |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· engaged in trading of furniture. · Engaged in Selling Bedroom, Dining, Garden, Kitchen, Living Room, Office and Outdoor Furniture’s. |
|
|
|
|
No of Employees : |
50 [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 : |
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 |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
201014499-W |
|
COMPANY NAME |
: |
LF PRODUCTS PTE.
LTD. |
|
FORMER NAME |
: |
INNO PRODUCT PTE. LTD. (15/12/2010) |
|
INCORPORATION DATE |
: |
08/07/2010 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
10, RAEBURN PARK, 03-08, 088702,
SINGAPORE. |
|
BUSINESS ADDRESS |
: |
10, RAEBURN PARK, 03-08, BLOCK A, 088702,
SINGAPORE. |
|
TEL.NO. |
: |
65-63338893 |
|
FAX.NO. |
: |
65-68359383 |
|
CONTACT PERSON |
: |
MUKHTAR AHMED S/O MOHAMED ZAKERIA (
MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF FURNITURE |
|
ISSUED AND PAID UP CAPITAL |
: |
10,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 10,000.00 |
|
SALES |
: |
USD 552,627,898 [2012] |
|
NET WORTH |
: |
USD 27,954,872 [2012] |
|
STAFF STRENGTH |
: |
50 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) trading of furniture.
The immediate holding company of the Subject is LF CENTENNIAL PTE. LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the Subject is LI & FUNG LIMITED, a company incorporated in BERMUDA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
14/02/2014 |
SGD 10,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
LF CENTENNIAL PTE. LTD. |
10, RAEBURN PARK, 03-08, 088702, SINGAPORE. |
200618333D |
10,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
10,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
CHINA |
LF PRODUCTS (SHANGHAI) LTD. |
100.00 |
31/12/2012 |
|
|
HONG KONG |
LF PRODUCTS (HONG KONG) LTD. |
100.00 |
31/12/2012 |
|
DIRECTOR 1
|
Name Of Subject |
: |
MUKHTAR AHMED S/O MOHAMED ZAKERIA |
|
Address |
: |
454, TAMPINES STREET 42, 07-252, 520454,
SINGAPORE. |
|
IC / PP No |
: |
S1163788D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/01/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
ONUR GUR |
|
Address |
: |
42, KEPPEL BAY DRIVE, 05-112, CARIBBEAN AT
KEPPEL BAY, 098656, SINGAPORE. |
|
IC / PP No |
: |
G6305820W |
|
Nationality |
: |
TURK |
|
Date of Appointment |
: |
01/11/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
DWIJENDRANATH RAMDIN |
|
Address |
: |
60, TANAH MERAH KECHIL AVENUE, 10-17, CASA
MERAH, 465529, SINGAPORE. |
|
IC / PP No |
: |
S2768879I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/11/2012 |
|
1) |
Name of Subject |
: |
MUKHTAR AHMED S/O MOHAMED ZAKERIA |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
CHEW SOR HUA |
|
IC / PP No |
: |
S1688526F |
|
|
Address |
: |
6, JALAN IKAN MERAH, THOMSON PARK, 578037,
SINGAPORE. |
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers information.
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 |
[ |
] |
|||||||||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose any information on its clientele.
|
Goods Traded |
: |
FURNITURES |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
50 |
50 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of furniture.
The Subject is one of the members of Singapore Furniture Association.
The Subject sells bedroom, dining, garden, kitchen, living room, office and
outdoor furniture’s.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63338893 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
10, RAEBURN PARK, 03-08, BLOCK A,088702
SINGAPORE |
|
Current Address |
: |
10, RAEBURN PARK, 03-08, BLOCK A, 088702,
SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
274.81% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
289.73% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The higher profit could be attributed to the increase in
turnover. Generally the Subject was profitable. The favourable return on
shareholders' funds and return on net assets indicate that the Subject's
management was efficient in utilising the assets to generate returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
82 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
65 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 |
: |
Favourable |
[ |
1.07 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.08 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 |
: |
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 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 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 : STABLE |
||||||
|
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) |
|||||
|
(Source : Department of Statistics) |
|
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 |
|
|
Incorporated in 2010, the Subject is a
Private Limited company, focusing on trading of furniture. The Subject has
been in business for 4 years and it has slowly been building up contact with
its clients while competing in the industry. However, it has yet to enjoy a
stable market shares as it need to compete many well established players in
the same field. Having strong support from its holding company has enabled
the Subject to remain competitive despite the challenging business
environment. The Subject is operating on a medium scale
and it has approximately 50 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.
Based on the higher profitability, the Subject has generated a favourable
return based on its existing shareholders' funds which indicated that the
management was efficient in utilising its funds to generate income. The
Subject is in good liquidity position with its current liabilities well
covered by it current assets. Hence, it has sufficient working capital to meet
its short term financial obligations. Being a zero geared company, the
Subject virtually has no financial risk as it is mainly dependent on its
internal funds to finance its business. Given a positive net worth standing
at USD 27,954,872, 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 payment habit is average.
With its adequate working capital, the Subject should be able to pay its
short term debts. 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. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
LF PRODUCTS PTE.
LTD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
5 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
552,627,898 |
188,562,350 |
28,228,317 |
|
Other Income |
2,470,343 |
405,349 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
555,098,241 |
188,967,699 |
28,228,317 |
|
Costs of Goods Sold |
(440,663,086) |
(141,379,511) |
(19,545,777) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
114,435,155 |
47,588,188 |
8,682,540 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
80,993,480 |
38,199,018 |
7,177,072 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
80,993,480 |
38,199,018 |
7,177,072 |
|
Taxation |
(4,171,305) |
(1,892,058) |
(358,854) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
76,822,175 |
36,306,960 |
6,818,218 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
21,125,178 |
6,818,218 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
21,125,178 |
6,818,218 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
97,947,353 |
43,125,178 |
6,818,218 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(70,000,000) |
(22,000,000) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
27,947,353 |
21,125,178 |
6,818,218 |
|
============= |
============= |
============= |
|
|
LF PRODUCTS PTE.
LTD. |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
313,031 |
285,638 |
- |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||
|
Subsidiary companies |
772,607 |
772,607 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
772,607 |
772,607 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,085,638 |
1,058,245 |
- |
|
Stocks |
2,443,889 |
- |
- |
|
Trade debtors |
123,881,809 |
57,131,188 |
2,761,210 |
|
Other debtors, deposits & prepayments |
14,312,663 |
15,699,717 |
6,935,305 |
|
Amount due from related companies |
20,870,140 |
1,851,133 |
29,912 |
|
Cash & bank balances |
202,037,038 |
31,900,868 |
9,317,082 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
363,545,539 |
106,582,906 |
19,043,509 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
364,631,177 |
107,641,151 |
19,043,509 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade creditors |
78,340,139 |
30,583,196 |
4,310,452 |
|
Other creditors & accruals |
15,238,024 |
12,178,658 |
765,024 |
|
Deposits from customers |
- |
- |
948,373 |
|
Amounts owing to related companies |
238,949,533 |
41,888,490 |
5,116,411 |
|
Provision for taxation |
4,148,609 |
1,858,110 |
358,854 |
|
Other liabilities |
- |
- |
718,658 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
336,676,305 |
86,508,454 |
12,217,772 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
26,869,234 |
20,074,452 |
6,825,737 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
27,954,872 |
21,132,697 |
6,825,737 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
7,519 |
7,519 |
7,519 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
7,519 |
7,519 |
7,519 |
|
Retained profit/(loss) carried forward |
27,947,353 |
21,125,178 |
6,818,218 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
27,947,353 |
21,125,178 |
6,818,218 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
27,954,872 |
21,132,697 |
6,825,737 |
|
---------------- |
---------------- |
---------------- |
|
|
27,954,872 |
21,132,697 |
6,825,737 |
|
|
============= |
============= |
============= |
|
|
LF PRODUCTS PTE.
LTD. |
|
TYPES OF FUNDS |
|||
|
Cash |
202,037,038 |
31,900,868 |
9,317,082 |
|
Net Liquid Funds |
202,037,038 |
31,900,868 |
9,317,082 |
|
Net Liquid Assets |
24,425,345 |
20,074,452 |
6,825,737 |
|
Net Current Assets/(Liabilities) |
26,869,234 |
20,074,452 |
6,825,737 |
|
Net Tangible Assets |
27,954,872 |
21,132,697 |
6,825,737 |
|
Net Monetary Assets |
24,425,345 |
20,074,452 |
6,825,737 |
|
BALANCE SHEET
ITEMS |
|||
|
Total Borrowings |
0 |
0 |
0 |
|
Total Liabilities |
336,676,305 |
86,508,454 |
12,217,772 |
|
Total Assets |
364,631,177 |
107,641,151 |
19,043,509 |
|
Net Assets |
27,954,872 |
21,132,697 |
6,825,737 |
|
Net Assets Backing |
27,954,872 |
21,132,697 |
6,825,737 |
|
Shareholders' Funds |
27,954,872 |
21,132,697 |
6,825,737 |
|
Total Share Capital |
7,519 |
7,519 |
7,519 |
|
Total Reserves |
27,947,353 |
21,125,178 |
6,818,218 |
|
LIQUIDITY (Times) |
|||
|
Cash Ratio |
0.60 |
0.37 |
0.76 |
|
Liquid Ratio |
1.07 |
1.23 |
1.56 |
|
Current Ratio |
1.08 |
1.23 |
1.56 |
|
WORKING CAPITAL
CONTROL (Days) |
|||
|
Stock Ratio |
2 |
0 |
0 |
|
Debtors Ratio |
82 |
111 |
36 |
|
Creditors Ratio |
65 |
79 |
80 |
|
SOLVENCY RATIOS
(Times) |
|||
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
12.04 |
4.09 |
1.79 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
|
Assets Backing Ratio |
3,717.90 |
2,810.57 |
907.80 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating Profit Margin |
14.66 |
20.26 |
25.43 |
|
Net Profit Margin |
13.90 |
19.25 |
24.15 |
|
Return On Net Assets |
289.73 |
180.76 |
105.15 |
|
Return On Capital Employed |
289.73 |
180.76 |
105.15 |
|
Return On Shareholders' Funds/Equity |
274.81 |
171.80 |
99.89 |
|
Dividend Pay Out Ratio (Times) |
0.91 |
0.61 |
0.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.28 |
|
UK Pound |
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.