MIRA INFORM REPORT

 

 

Report Date :

01.03.2014

 

IDENTIFICATION DETAILS

 

Name :

INVISTA SINGAPORE FIBRES PTE. LTD.

 

 

Formerly Known as: 

DU PONT SINGAPORE FIBRES PTE LTD

 

 

Registered Office :

39, Tuas Crescent, 638726

 

 

Country :

Singapore 

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

06.03.1991

 

 

Com. Reg. No.:

199100954-E

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

engaged in manufacturing of polymers and fibers, primarily for nylon, spandex and polyester applications. 

 

 

No. of Employees

400 [2014]

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct  

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Singapore 

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Singapore ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

N/A - Not Applicable

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199100954-E

COMPANY NAME

:

INVISTA SINGAPORE FIBRES PTE. LTD.

FORMER NAME

:

DU PONT SINGAPORE FIBRES PTE LTD (02/08/2004)

INCORPORATION DATE

:

06/03/1991

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

39, TUAS CRESCENT, 638726, SINGAPORE.

BUSINESS ADDRESS

:

39 TUAS CRESCENT, 638726, SINGAPORE.

TEL.NO.

:

65-68613332

FAX.NO.

:

65-68604766

CONTACT PERSON

:

JUNG SANG WOO ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURING OF POLYMERS AND FIBERS, PRIMARILY FOR NYLON, SPANDEX AND POLYESTER APPLICATIONS

ISSUED AND PAID UP CAPITAL

:

25,000.00 ORDINARY SHARE, OF A VALUE OF SGD 25,000.00 

SALES

:

USD 106,534,000 [2012]

NET WORTH

:

USD 100,619,000 [2012]

STAFF STRENGTH

:

400 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MATURE

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

The Subject is principally engaged in the (as a / as an) manufacturing of polymers and fibers, primarily for nylon, spandex and polyester applications.

 

The immediate holding company of the Subject is INVISTA (SINGAPORE) PTE. LTD., a company incorporated in SINGAPORE.

 

Share Capital History

Date

Issue & Paid Up Capital

15/02/2013

SGD 25,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

INVISTA (SINGAPORE) PTE. LTD.

39, TUAS CRESCENT, 638726, SINGAPORE.

198900445N

20,000.00

80.00

ISH-TORAY PTE. LTD.

80, RAFFLES PLACE, 32-01, UOB PLAZA, 048624, SINGAPORE.

199103390N

5,000.00

20.00

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

------

25,000.00

100.00

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

=====

+ Also Director

 

DIRECTORS


DIRECTOR 1

Name Of Subject

:

WANG FANG

Address

:

64, PAVILION RISE, 658059, SINGAPORE.

IC / PP No

:

S2647763H

Nationality

:

SINGAPOREAN

Date of Appointment

:

31/03/2012

 

DIRECTOR 2

Name Of Subject

:

SIEW WAI FAN

Address

:

65, CHEMPAKA AVENUE, OASIS @ MULBERRY, 349673, SINGAPORE.

IC / PP No

:

S1668089C

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/06/2000

 

DIRECTOR 3

Name Of Subject

:

SHIN-ICHI TERASHIMA

Address

:

13-1, IKENOSATO, OTSU, SHIGA, JAPAN.

IC / PP No

:

TH8259805

Nationality

:

JAPANESE

Date of Appointment

:

15/03/2010

 

DIRECTOR 4

Name Of Subject

:

MR. JUNG SANG WOO

Address

:

66, FARRER ROAD, 02-05, SPANISH VILLAGE, 268849, SINGAPORE.

IC / PP No

:

G5274332Q

Nationality

:

KOREAN

Date of Appointment

:

17/12/2012

 

DIRECTOR 5

Name Of Subject

:

TAY CHIEW PIENG

Address

:

219, BUKIT BATOK STREET 21, 08-395, 650219, SINGAPORE.

IC / PP No

:

S7312957E

Nationality

:

SINGAPOREAN

Date of Appointment

:

20/04/2013



MANAGEMENT

 

 

 

1)

Name of Subject

:

JUNG SANG WOO

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ABDUL JABBAR BIN KARAM DIN

IC / PP No

:

S6936625B

Address

:

21, SIGLAP HILL, FRANKEL ESTATE, 456076, 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

:

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

:

N/A

Overseas

:

N/A

 

The Subject refused to disclose its clientele information. 

OPERATIONS

 

Products manufactured

:

POLYMERS AND FIBERS, PRIMARILY FOR NYLON, SPANDEX AND POLYESTER APPLICATIONS

 

Total Number of Employees:

YEAR

2014

2013

GROUP

N/A

N/A

COMPANY

400

400

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) manufacturing of polymers and fibers, primarily for nylon, spandex and polyester applications. 

The Subject refused to disclose any information on its operation. 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68613332

Match

:

N/A

Address Provided by Client

:

39 TUAS CRESCENT SINGAPORE 638726

Current Address

:

39 TUAS CRESCENT, 638726, SINGAPORE.

Match

:

YES

 

Other Investigations

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

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

2010 - 2012

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2012

]

Return on Shareholder Funds

:

Unfavourable

[

(1.10%)

]

Return on Net Assets

:

Unfavourable

[

(1.51%)

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Unfavourable

[

72 Days

]

Debtor Ratio

:

Favourable

[

16 Days

]

Creditors Ratio

:

Favourable

[

14 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

[

1.43 Times

]

Current Ratio

:

Favourable

[

2.68 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 :

The Subject's losses could be attributed to the lower turnover which in turn could be the result of unfavourable market conditions. 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 : FAIR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2008

2009

2010

2011

2012

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

(0.8)

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

(2.2)

4.3

12.8

8.5

(1.3)

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

(32.5)

25.6

9.4

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

(10.78)

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

(0.8)

11.4

2.8

(5)

(2.2)

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

(15.9)

(11.5)

(25.3)

(0.7)

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

(7.7)

103.7

(26.3)

(38.2)

35.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

(0.32)

3.25

(0.48)

4.25

3.64

Fish Supply & Wholesale

(6.31)

(1.93)

(10.5)

12.10

(0.5)

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

Construction

45.90

(36.9)

14.20

20.50

28.70

Real Estate

(11.2)

1.4

21.3

25.4

31.9

 

Services

Electricity, Gas & Water

(1.3)

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

(5.9)

(16.4)

(0.4)

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

(0.9)

(1.4)

0.30

 

* Based on Index of Industrial Production (2011 = 100)

(Source : Department of Statistics)

 

INDUSTRY ANALYSIS

 

INDUSTRY :

MANUFACTURING

The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.

Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%. 

Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.

The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.

The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%. 

The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.

Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%. 

OVERALL INDUSTRY OUTLOOK : MATURE

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1991, the Subject is a Private Limited company, focusing on manufacturing of polymers and fibers, primarily for nylon, spandex and polyester applications. 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. 

The Subject is a fairly large and rapidly growing company with over 400 staff in its 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. 

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, 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 100,619,000, 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. 

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

Based on the above condition, we recommend credit be granted to the Subject normally.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

INVISTA SINGAPORE FIBRES PTE. LTD.

 

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

USD

USD

USD

TURNOVER

106,534,000

124,207,000

144,493,000

Other Income

599,000

564,000

429,000

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

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

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

Total Turnover

107,133,000

124,771,000

144,922,000

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(1,577,000)

10,356,000

42,102,000

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(1,577,000)

10,356,000

42,102,000

Taxation

466,000

671,000

(4,493,000)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(1,111,000)

11,027,000

37,609,000

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

121,716,000

160,689,000

123,080,000

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

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

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

As restated

121,716,000

160,689,000

123,080,000

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

120,605,000

171,716,000

160,689,000

DIVIDENDS - Ordinary (paid & proposed)

(20,000,000)

(50,000,000)

-

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

100,605,000

121,716,000

160,689,000

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

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

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

 

 

 

BALANCE SHEET

 

 

INVISTA SINGAPORE FIBRES PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

75,884,000

75,191,000

83,218,000

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

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

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

TOTAL LONG TERM ASSETS

75,884,000

75,191,000

83,218,000

CURRENT ASSETS

Stocks

21,032,000

19,355,000

19,428,000

Trade debtors

4,811,000

5,318,000

15,659,000

Other debtors, deposits & prepayments

701,000

1,343,000

1,042,000

Amount due from holding company

274,000

195,000

-

Amount due from related companies

9,585,000

7,058,000

-

Cash & bank balances

8,776,000

40,708,000

73,372,000

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

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

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

TOTAL CURRENT ASSETS

45,179,000

73,977,000

109,501,000

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

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

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

TOTAL ASSET

121,063,000

149,168,000

192,719,000

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

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

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

CURRENT LIABILITIES

Trade creditors

3,974,000

9,215,000

9,521,000

Other creditors & accruals

4,527,000

4,091,000

15,791,000

Amounts owing to holding company

2,957,000

6,748,000

-

Amounts owing to related companies

5,400,000

3,421,000

-

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

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

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

TOTAL CURRENT LIABILITIES

16,858,000

23,475,000

25,312,000

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

28,321,000

50,502,000

84,189,000

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

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

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

TOTAL NET ASSETS

104,205,000

125,693,000

167,407,000

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

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

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

SHARE CAPITAL

Ordinary share capital

14,000

14,000

14,000

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

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

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

TOTAL SHARE CAPITAL

14,000

14,000

14,000

RESERVES

Retained profit/(loss) carried forward

100,605,000

121,716,000

160,689,000

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

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

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

TOTAL RESERVES

100,605,000

121,716,000

160,689,000

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

100,619,000

121,730,000

160,703,000

LONG TERM LIABILITIES

Deferred taxation

3,586,000

3,963,000

6,704,000

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

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

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

TOTAL LONG TERM LIABILITIES

3,586,000

3,963,000

6,704,000

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

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

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

104,205,000

125,693,000

167,407,000

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

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

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

 

 

 

FINANCIAL RATIO

 

 

INVISTA SINGAPORE FIBRES PTE. LTD.

 

TYPES OF FUNDS

Cash

8,776,000

40,708,000

73,372,000

Net Liquid Funds

8,776,000

40,708,000

73,372,000

Net Liquid Assets

7,289,000

31,147,000

64,761,000

Net Current Assets/(Liabilities)

28,321,000

50,502,000

84,189,000

Net Tangible Assets

104,205,000

125,693,000

167,407,000

Net Monetary Assets

3,703,000

27,184,000

58,057,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

Total Liabilities

20,444,000

27,438,000

32,016,000

Total Assets

121,063,000

149,168,000

192,719,000

Net Assets

104,205,000

125,693,000

167,407,000

Net Assets Backing

100,619,000

121,730,000

160,703,000

Shareholders' Funds

100,619,000

121,730,000

160,703,000

Total Share Capital

14,000

14,000

14,000

Total Reserves

100,605,000

121,716,000

160,689,000

LIQUIDITY (Times)

Cash Ratio

0.52

1.73

2.90

Liquid Ratio

1.43

2.33

3.56

Current Ratio

2.68

3.15

4.33

WORKING CAPITAL CONTROL (Days)

Stock Ratio

72

57

49

Debtors Ratio

16

16

40

Creditors Ratio

14

27

24

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

Liabilities Ratio

0.20

0.23

0.20

Times Interest Earned Ratio

0.00

0.00

0.00

Assets Backing Ratio

7,443.21

8,978.07

11,957.64

PERFORMANCE RATIO (%)

Operating Profit Margin

(1.48)

8.34

29.14

Net Profit Margin

(1.04)

8.88

26.03

Return On Net Assets

(1.51)

8.24

25.15

Return On Capital Employed

(1.51)

8.24

25.15

Return On Shareholders' Funds/Equity

(1.10)

9.06

23.40

Dividend Pay Out Ratio (Times)

18.00

4.53

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0





FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

        Rs.62.07

UK Pound

1

Rs.103.61

Euro

1

Rs.85.03

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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