MIRA INFORM REPORT

 

 

Report Date :

02.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

DANFOSS INDUSTRIES PTE LTD

 

 

Registered Office :

25, International Business Park, 03-57/58, German Centre, 609916

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.12.1983

 

 

Com. Reg. No.:

198305749-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of Lifts, Escalators & Industrial & Office Air- Conditioning Equipment

 

 

No. of Employees :

15

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

198305749-C

COMPANY NAME

:

DANFOSS INDUSTRIES PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

05/12/1983

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

25, INTERNATIONAL BUSINESS PARK, 03-57/58, GERMAN CENTRE, 609916, SINGAPORE.

BUSINESS ADDRESS

:

25 INTERNATIONAL BUSINESS PARK GERMAN CENTRE #03-57/58, 609916, SINGAPORE.

TEL.NO.

:

65-68859788

FAX.NO.

:

65-68859799

WEB SITE

:

WWW.DANFOSS.COM

CONTACT PERSON

:

KJELD STARK ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

WHOLESALE OF LIFTS, ESCALATORS & INDUSTRIAL & OFFICE AIR- CONDITIONING EQUIPMENT

 

 

 

ISSUED AND PAID UP CAPITAL

:

14,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 18,500,000.00

 

 

 

SALES

:

USD 100,727,601 [2013]

NET WORTH

:

USD 8,536,865 [2013]

 

 

 

STAFF STRENGTH

:

15 [2014]

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) wholesale of lifts, escalators & industrial & office air- conditioning equipment.

 

The immediate and ultimate holding company of the Subject is DANFOSS A/S, a company incorporated in DENMARK.

 

Share Capital History

Date

Issue & Paid Up Capital

25/08/2014

SGD 18,500,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

DANFOSS A/S

DK 6430, NORDBORG, DENMARK.

T04UF0365

14,000,000.00

100.00

 

 

 

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

------

 

 

 

14,000,000.00

100.00

 

 

 

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

=====

 

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. KJELD STARK

Address

:

KONGEVEJ 74, DK-6400, SONDERBORG, DENMARK.

IC / PP No

:

203501741

 

 

 

 

 

 

 

 

 

Nationality

:

DANE

Date of Appointment

:

01/10/2010

 

DIRECTOR 2

 

Name Of Subject

:

HON HWEE CHERN

Address

:

234, WESTWOOD AVENUE, 05-33, FLORAVALE, 648361, SINGAPORE.

IC / PP No

:

S7133785E

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

12/12/2012

 

DIRECTOR 3

 

Name Of Subject

:

ANDERS STAHLSCHMIDT

Address

:

LILLEHAVSTIEN 2, DK-6440, AUGUSTENBORG, DENMARK.

IC / PP No

:

101248324

 

 

 

 

 

 

 

 

 

Nationality

:

DANE

Date of Appointment

:

07/01/2008



MANAGEMENT

 

 

 

1)

Name of Subject

:

KJELD STARK

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

LEE BEE FONG

 

IC / PP No

:

S7376654J

 

 

 

 

 

Address

:

118D, JALAN MEMBINA, 07-103, 164118, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

NOR HAFIZA BINTE ALWI

 

IC / PP No

:

S1788410G

 

 

 

 

 

Address

:

2, GHIM MOH ROAD, 07-318, 270002, 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 againt 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

[

 

]

 

Average 61-90 Days

[

X

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

 

CLIENTELE

 

 Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

ASIA

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

 Goods Traded

:

DANFOSS PRODUCTS INCLUDING REFRIGERATION, AIR-CONDITIONING, DRIVES

 

 

 

Services

:

REPAIR OF REFRIGERATING, AIR-CONDITIONING & VENTILATING MACHINERY

 

 

 

 

Total Number of Employees:

YEAR

2014

2013

 

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

15

21

 

 

 

 

 

 

 

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of lifts, escalators & industrial & office air- conditioning equipment.

The Subject's Product Categories are as follows:

* Refrigeration and A/C
* Heating
* VLT® Drives
* High-Pressure Pumps
* Industrial Automation

The Subject also provides repair and maintenance services for the products.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68859788

Match

:

N/A

 

 

 

Address Provided by Client

:

25 INTERNATIONAL BUSINESS PARK GERMAN CENTRE #03-57/58 SINGAPORE 609916

Current Address

:

25 INTERNATIONAL BUSINESS PARK GERMAN CENTRE #03-57/58, 609916, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations


On 25th August 2014 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2010 - 2013

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2013

]

 

Return on Shareholder Funds

:

Unfavourable

[

(51.32%)

]

 

Return on Net Assets

:

Unfavourable

[

(44.36%)

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.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

:

Favourable

[

25 Days

]

 

Debtor Ratio

:

Favourable

[

52 Days

]

 

Creditors Ratio

:

Favourable

[

58 Days

]

 

 

 

 

 

 

 

 

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. 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

[

1.08 Times

]

 

Current Ratio

:

Unfavourable

[

1.51 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

:

Unfavourable

[

(157,782.83 Times)

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 increased but its turnover showed a  fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. 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's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 1983, the Subject is a Private Limited company, focusing on wholesale of lifts, escalators & industrial & office air- conditioning equipment. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 15 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.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. 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 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 8,536,865, the Subject should be able to maintain its business in the near terms.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth .

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 normally.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

DANFOSS INDUSTRIES PTE LTD

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

 

 

 

 

 

TURNOVER

100,727,601

100,323,457

132,495,614

119,266,780

Other Income

254,161

387,064

251,093

221,877

 

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

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

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

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

Total Turnover

100,981,762

100,710,521

132,746,707

119,488,657

 

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

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

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

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

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

(3,786,812)

3,391,203

7,878,664

4,254,155

 

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(3,786,812)

3,391,203

7,878,664

4,254,155

Taxation

(593,989)

(424,808)

(1,562,286)

(1,236,346)

 

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(4,380,801)

2,966,395

6,316,378

3,017,809

 

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

4,909,188

8,242,793

4,926,415

5,408,627

 

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

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

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

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

As restated

4,909,188

8,242,793

4,926,415

5,408,627

 

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

528,387

11,209,188

11,242,793

8,426,436

DIVIDENDS - Ordinary (paid & proposed)

(2,900,000)

(6,300,000)

(3,000,000)

(3,500,021)

 

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(2,371,613)

4,909,188

8,242,793

4,926,415

 

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

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

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

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

 

 

 

 

 

Lease interest

24

597

1,705

1,165

 

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

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

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

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

 

24

597

1,705

1,165

 

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

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

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

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

 

 

 

BALANCE SHEET

 

 

DANFOSS INDUSTRIES PTE LTD

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

39,050

53,841

69,113

72,238

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

Subsidiary companies

-

6,370,000

-

-

Deferred assets

-

-

122,194

85,000

Others

125,129

194,896

-

-

 

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

125,129

6,564,896

122,194

85,000

 

 

 

 

 

 

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

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

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

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

TOTAL LONG TERM ASSETS

164,179

6,618,737

191,307

157,238

 

 

 

 

 

Stocks

7,032,918

7,703,428

9,137,511

16,204,108

Trade debtors

14,424,225

14,067,580

15,878,901

13,754,459

Other debtors, deposits & prepayments

3,386,712

2,490,680

17,324,730

18,153,609

Cash & bank balances

49,793

240,040

769,696

669,271

 

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

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

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

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

TOTAL CURRENT ASSETS

24,893,648

24,501,728

43,110,838

48,781,447

 

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

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

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

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

TOTAL ASSET

25,057,827

31,120,465

43,302,145

48,938,685

 

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

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

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

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

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade creditors

16,036,349

14,403,389

19,407,130

30,849,598

Other creditors & accruals

-

-

2,863,666

1,370,759

Short term borrowings/Term loans

-

-

27,171

26,690

Interest payable

-

17,289

-

-

Provision for taxation

484,613

722,527

1,584,366

690,339

Other liabilities

-

-

64,352

63,289

 

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

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

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

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

TOTAL CURRENT LIABILITIES

16,520,962

15,143,205

23,946,685

33,000,675

 

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

8,372,686

9,358,523

19,164,153

15,780,772

 

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

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

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

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

TOTAL NET ASSETS

8,536,865

15,977,260

19,355,460

15,938,010

 

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

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

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

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

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

10,908,478

10,908,478

10,908,478

10,908,478

 

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

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

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

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

TOTAL SHARE CAPITAL

10,908,478

10,908,478

10,908,478

10,908,478

 

 

 

 

 

Capital reserve

-

159,594

-

-

General reserve

-

-

187,975

59,256

Retained profit/(loss) carried forward

(2,371,613)

4,909,188

8,242,793

4,926,415

 

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

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

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

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

TOTAL RESERVES

(2,371,613)

5,068,782

8,430,768

4,985,671

 

 

 

 

 

 

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

8,536,865

15,977,260

19,339,246

15,894,149

 

 

 

 

 

Other long term borrowings

-

-

16,214

43,861

 

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

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

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

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

TOTAL LONG TERM LIABILITIES

-

-

16,214

43,861

 

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

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

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

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

 

8,536,865

15,977,260

19,355,460

15,938,010

 

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

DANFOSS INDUSTRIES PTE LTD

 

TYPES OF FUNDS

 

 

 

 

Cash

49,793

240,040

769,696

669,271

Net Liquid Funds

49,793

240,040

769,696

669,271

Net Liquid Assets

1,339,768

1,655,095

10,026,642

(423,336)

Net Current Assets/(Liabilities)

8,372,686

9,358,523

19,164,153

15,780,772

Net Tangible Assets

8,536,865

15,977,260

19,355,460

15,938,010

Net Monetary Assets

1,339,768

1,655,095

10,010,428

(467,197)

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

0

0

43,385

70,551

Total Liabilities

16,520,962

15,143,205

23,962,899

33,044,536

Total Assets

25,057,827

31,120,465

43,302,145

48,938,685

Net Assets

8,536,865

15,977,260

19,355,460

15,938,010

Net Assets Backing

8,536,865

15,977,260

19,339,246

15,894,149

Shareholders' Funds

8,536,865

15,977,260

19,339,246

15,894,149

Total Share Capital

10,908,478

10,908,478

10,908,478

10,908,478

Total Reserves

(2,371,613)

5,068,782

8,430,768

4,985,671

LIQUIDITY (Times)

 

 

 

 

Cash Ratio

0.00

0.02

0.03

0.02

Liquid Ratio

1.08

1.11

1.42

0.99

Current Ratio

1.51

1.62

1.80

1.48

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

25

28

25

50

Debtors Ratio

52

51

44

42

Creditors Ratio

58

52

53

94

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

0.00

0.00

0.00

0.00

Liabilities Ratio

1.94

0.95

1.24

2.08

Times Interest Earned Ratio

(157,782.83)

5,681.41

4,621.92

3,652.64

Assets Backing Ratio

0.78

1.46

1.77

1.46

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

(3.76)

3.38

5.95

3.57

Net Profit Margin

(4.35)

2.96

4.77

2.53

Return On Net Assets

(44.36)

21.23

40.71

26.70

Return On Capital Employed

(44.36)

21.23

40.71

26.70

Return On Shareholders' Funds/Equity

(51.32)

18.57

32.66

18.99

Dividend Pay Out Ratio (Times)

0.66

2.12

0.47

1.16

NOTES TO ACCOUNTS

 

 

 

 

Contingent Liabilities

0

0

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.47

UK Pound

1

Rs.100.42

Euro

1

Rs.79.39

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PDT

 

               

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.