MIRA INFORM REPORT

 

 

Report Date :

30.10.2014

 

IDENTIFICATION DETAILS

 

Name :

PEGASUS SEWING MACHINE PTE. LTD.

 

 

Registered Office :

135, Joo Seng Road, 03-04, 368363

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

03.11.1981

 

 

Com. Reg. No.:

198105124-G

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Subject is Engaged in manufacturing of Industrial Sewing Machines that produce Chainstitches (Kan-Nui), which are used in Sewing Factories & Chainstitches (Kan-Nui) is most suitable for Sewing Stretchy Knit Fabrics such as T-shirts and swimsuits

 

 

No of Employees :

23 [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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

198105124-G

COMPANY NAME

:

PEGASUS SEWING MACHINE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

03/11/1981

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

135, JOO SENG ROAD, 03-04, 368363, SINGAPORE.

BUSINESS ADDRESS

:

135 JOO SENG ROAD, 03-04, PM INDUSTRIAL BUILDING, 368363, SINGAPORE.

TEL.NO.

:

65-62963638

FAX.NO.

:

65-62972353

WEB SITE

:

WWW.PEGASUS.COM.SG

CONTACT PERSON

:

TAN CHOON CHUAN ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

Engaged in manufacturing of industrial sewing machines that produce Chainstitches (Kan-Nui), which are used in sewing factories & Chainstitches (Kan-Nui) is most suitable for Sewing Stretchy Knit Fabrics such as T-shirts and swimsuits

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 48,757,018 [2012]

NET WORTH

:

USD 8,188,624 [2012]

STAFF STRENGTH

:

23 [2014]

BANKER (S)

:

HSBC PRIVATE BANK (SUISSE) SA

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

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) trading of industrial sewing machines

 

The ultimate holding company of the Subject is PEGASUS SEWING MACHINE MFG. CO. LTD, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

28/06/2013

SGD 400,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

PEGASUS SEWING MACHINE MANUFACTURING CO. LTD.

7-2, SAGISU 5-CHOME, FUKUSHIMA-KU, OSAKA 533, JAPAN.

S81UF0229

400,000.00

100.00

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

------

400,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

Name Of Subject

:

YASUYUKI FUNABIKI

Address

:

B501, 1-2, AKUTAGAWA-CHO, TAKATSUKI-SHI, OSAKA, JAPAN.

IC / PP No

:

TG6156436

Nationality

:

JAPANESE

Date of Appointment

:

23/06/2009

 

DIRECTOR 2

 

Name Of Subject

:

MORIAKI SHIMIZU

Address

:

12-31, OKAMOTO 5-CHOME, HIGASHINADA-KU KOBE-CITY, HYOGO PREFECTURE, JAPAN.

IC / PP No

:

TK0345742

Nationality

:

JAPANESE

Date of Appointment

:

05/01/1998

 

DIRECTOR 3

 

Name Of Subject

:

TAN CHOON CHUAN

Address

:

3, ST. MICHAEL'S ROAD, 25-05, ONE ST MICHAEL'S, 328007, SINGAPORE.

IC / PP No

:

S1658663C

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/07/2003

 

DIRECTOR 4

 

Name Of Subject

:

TAKASHI ASAKO

Address

:

135, JOO SENG ROAD, 03-04, 368363, SINGAPORE.

IC / PP No

:

G5407318L

Nationality

:

JAPANESE

Date of Appointment

:

01/03/2013

 

DIRECTOR 5

 

Name Of Subject

:

KOJI SUENAGA

Address

:

4-22-9, HIMURO-CHO, TAKATSUKI-SHI, OSAKA, JAPAN.

IC / PP No

:

TH7494174

Nationality

:

JAPANESE

Date of Appointment

:

23/06/2009

 

DIRECTOR 6

 

Name Of Subject

:

MASAO KATSURA

Address

:

6-3-25, TANABE, HIGASHI-SUMIYOSHI-KU, OSAKA, JAPAN.

IC / PP No

:

TK0845403

Nationality

:

JAPANESE

Date of Appointment

:

10/07/2000



MANAGEMENT

 

 

 

1)

Name of Subject

:

MASAO KATSURA

Position

:

MANAGING DIRECTOR

 

2)

Name of Subject

:

TAKASHI ASAKO

Position

:

MANAGING DIRECTOR

 

3)

Name of Subject

:

TAN CHOON CHUAN

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN LILY

IC / PP No

:

S2668267C

Address

:

259A, COMPASSVALE ROAD, 13-609, 541259, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

HSBC PRIVATE BANK (SUISSE) SA

 

 

 

ENCUMBRANCE (S)

 

No encumbrance was found in our databank at the time of investigation. 

 

 

LEGAL CHECK AGAINST SUBJECT


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

No legal action was found in our databank. 

No winding up petition was found in our databank. 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES


The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

 

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA PACIFIC

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)


The Subject provides different credit term to different customers. 

 

OPERATIONS

 

Goods Traded

:

SEWING MACHINES

 

Total Number of Employees:

YEAR

2014

2013

GROUP

N/A

N/A

COMPANY

23

23

 

Branch

:

NO

 

Other Information:

 

The Subject is principally engaged in the (as a / as an) trading of sewing machines. 

The Subject is one of the companies listed under the PEGASUS group of companies.

Engaged in manufacturing of industrial sewing machines that produce Chainstitches (Kan-Nui), which are used in sewing factories & Chainstitches (Kan-Nui) is most suitable for Sewing Stretchy Knit Fabrics such as T-shirts and swimsuits

 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62963638

Match

:

N/A

Address Provided by Client

:

N/A

Current Address

:

135 JOO SENG ROAD, 03-04, PM INDUSTRIAL BUILDING, 368363, SINGAPORE.

Match

:

N/A

 

Other Investigations

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

:

Decreased

[

2010 - 2012

]

Return on Shareholder Funds

:

Unfavourable

[

4.25%

]

Return on Net Assets

:

Unfavourable

[

7.92%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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

[

93 Days

]

Debtor Ratio

:

Unfavourable

[

126 Days

]

Creditors Ratio

:

Favourable

[

19 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

[

0.82 Times

]

Current Ratio

:

Unfavourable

[

1.34 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

:

Unfavourable

[

2.16 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. 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 higher turnover had helped to reduce the Subject's losses. 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 : LIMITED

 

 

 

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)

(Source : Department of Statistics)

 

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 1981, the Subject is a Private Limited company, focusing on trading of sewing machines. The Subject has been in business for over 3 decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 

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's business operation is supported by 23 employees. 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 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 USD 8,188,624, the Subject should be able to maintain its business in the near terms. 

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

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

The industry 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.

PEGASUS SEWING MACHINE 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

48,757,018

46,484,709

44,621,887

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

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

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

Total Turnover

48,757,018

46,484,709

44,621,887

Costs of Goods Sold

(42,110,584)

(40,528,819)

(38,883,875)

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

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

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

Gross Profit

6,646,434

5,955,890

5,738,012

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

347,879

(362,872)

141,246

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

347,879

(362,872)

141,246

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

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

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

PROFIT/(LOSS) AFTER TAXATION

347,879

(362,872)

141,246

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

7,657,311

8,020,183

7,878,937

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

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

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

As restated

7,657,311

8,020,183

7,878,937

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

8,005,190

7,657,311

8,020,183

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

8,005,190

7,657,311

8,020,183

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

184,246

131,549

95,906

Others

116,743

49,453

15,215

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

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

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

300,989

181,002

111,121

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

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

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

 

 

 

BALANCE SHEET

 

 

PEGASUS SEWING MACHINE PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

6,419

15,730

34,586

Others

54,448

54,448

54,448

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

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

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

TOTAL INTANGIBLE ASSETS

54,448

54,448

54,448

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

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

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

TOTAL LONG TERM ASSETS

60,867

70,178

89,034

Stocks

12,379,655

13,285,807

6,900,881

Trade debtors

16,879,291

15,566,151

17,431,067

Other debtors, deposits & prepayments

110,647

90,590

97,182

Short term deposits

500,000

550,000

1,650,000

Cash & bank balances

2,098,855

2,530,848

1,092,208

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

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

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

TOTAL CURRENT ASSETS

31,968,448

32,023,396

27,171,338

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

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

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

TOTAL ASSET

32,029,315

32,093,574

27,260,372

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

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

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

CURRENT LIABILITIES

Trade creditors

2,213,933

1,767,275

18,860,586

Other creditors & accruals

121,618

124,477

116,368

Amounts owing to holding company

21,504,901

22,360,892

-

Amounts owing to related companies

239

185

-

Other liabilities

-

-

79,801

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

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

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

TOTAL CURRENT LIABILITIES

23,840,691

24,252,829

19,056,755

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

8,127,757

7,770,567

8,114,583

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

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

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

TOTAL NET ASSETS

8,188,624

7,840,745

8,203,617

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

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

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

SHARE CAPITAL

Ordinary share capital

183,434

183,434

183,434

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

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

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

TOTAL SHARE CAPITAL

183,434

183,434

183,434

Retained profit/(loss) carried forward

8,005,190

7,657,311

8,020,183

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

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

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

TOTAL RESERVES

8,005,190

7,657,311

8,020,183

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

8,188,624

7,840,745

8,203,617

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

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

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

8,188,624

7,840,745

8,203,617

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

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

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

 

 

 

FINANCIAL RATIO

 

 

PEGASUS SEWING MACHINE PTE. LTD.

 

TYPES OF FUNDS

Cash

2,598,855

3,080,848

2,742,208

Net Liquid Funds

2,598,855

3,080,848

2,742,208

Net Liquid Assets

(4,251,898)

(5,515,240)

1,213,702

Net Current Assets/(Liabilities)

8,127,757

7,770,567

8,114,583

Net Tangible Assets

8,134,176

7,786,297

8,149,169

Net Monetary Assets

(4,251,898)

(5,515,240)

1,213,702

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

Total Liabilities

23,840,691

24,252,829

19,056,755

Total Assets

32,029,315

32,093,574

27,260,372

Net Assets

8,188,624

7,840,745

8,203,617

Net Assets Backing

8,188,624

7,840,745

8,203,617

Shareholders' Funds

8,188,624

7,840,745

8,203,617

Total Share Capital

183,434

183,434

183,434

Total Reserves

8,005,190

7,657,311

8,020,183

LIQUIDITY (Times)

Cash Ratio

0.11

0.13

0.14

Liquid Ratio

0.82

0.77

1.06

Current Ratio

1.34

1.32

1.43

WORKING CAPITAL CONTROL (Days)

Stock Ratio

93

104

56

Debtors Ratio

126

122

143

Creditors Ratio

19

16

177

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

Liabilities Ratio

2.91

3.09

2.32

Times Interest Earned Ratio

2.16

(1.00)

2.27

Assets Backing Ratio

44.34

42.45

44.43

PERFORMANCE RATIO (%)

Operating Profit Margin

0.71

(0.78)

0.32

Net Profit Margin

0.71

(0.78)

0.32

Return On Net Assets

7.92

(2.32)

3.08

Return On Capital Employed

7.87

(2.30)

3.06

Return On Shareholders' Funds/Equity

4.25

(4.63)

1.72

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.32

UK Pound

1

Rs.99.00

Euro

1

Rs.78.14

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

 

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.