MIRA INFORM REPORT

 

 

Report No. :

336065

Report Date :

10.08.2015

 

IDENTIFICATION DETAILS

 

Name :

MAKINO ASIA PTE LTD

 

 

Registered Office :

2, Gul Avenue, 629649

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.05.1973

 

 

Com. Reg. No.:

197300960-K

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is engaged in the manufacture and repair of machinery and machine-tools - metal cutting types.

 

 

No. of Employees :

450 [2015]

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

 

 

Source : CIA

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

197300960-K

COMPANY NAME

:

MAKINO ASIA PTE LTD

FORMER NAME

:

LEBLOND MAKINO ASIA PTE LTD (07/05/1992)

INCORPORATION DATE

:

23/05/1973

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

2, GUL AVENUE, 629649, SINGAPORE.

BUSINESS ADDRESS

:

2 GUL AVENUE, 629649, SINGAPORE.

TEL.NO.

:

65-68615722

FAX.NO.

:

65-68611600

WEB SITE

:

WWW.MAKINO.COM.SG

CONTACT PERSON

:

DR MOH CHONG TAU ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE AND REPAIR OF MACHINERY AND MACHINE-TOOLS - METAL CUTTING TYPES

ISSUED AND PAID UP CAPITAL

:

1,641,377.00 ORDINARY SHARE, OF A VALUE OF SGD 13,626,377.00 

SALES

:

SGD 402,517,256 [2014]

NET WORTH

:

SGD 298,152,041 [2014]

STAFF STRENGTH

:

450 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

NO COMPLAINTS

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

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) manufacture and repair of machinery and machine-tools - metal cutting types.

The ultimate holding company of the Subject is MAKINO MILLING MACHINE CO., LTD, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

24/02/2015

SGD 13,626,377.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

MAKINO MILLING MACHINE CO., LTD

3-19, NAKANE 2, CHO-ME, MEGURO-KU, TOKYO, 152-8578, JAPAN.

T05UF0531

1,641,377.00

100.00

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

------

1,641,377.00

100.00

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

=====

 

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No

Country

Company

(%)

As At

INDONESIA

PT MAKINO INDONESIA

100.00

31/03/2013

THAILAND

MAKINO (THAILAND) CO., LTD

100.00

31/03/2013

INDIA

MAKINO (INDIA) PRIVATE LIMITED

100.00

31/03/2013

CHINA

MAKINO (CHINA) CO., LTD

100.00

31/03/2013

 



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MATSUNAGA KAZUHIKO

Address

:

33, HUME AVENUE, 10-08, SYMPHONY HEIGHTS, 598734, SINGAPORE.

IC / PP No

:

TZ0560257

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2008

 

DIRECTOR 2

 

Name Of Subject

:

TAMURA YASUYUKI

Address

:

1-14-1-707, KAMOI MIDORI-KU, YOKOHAMA, KANAGAWA, 226-0003, JAPAN.

IC / PP No

:

TH3774429

Nationality

:

JAPANESE

Date of Appointment

:

19/07/2011

 

DIRECTOR 3

 

Name Of Subject

:

KUMBAKONAM SUBRAMANIAM SANKARAN

Address

:

1, JALAN ANGKLONG, FABER GARDEN, 578705, SINGAPORE.

IC / PP No

:

S2201992I

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/01/2002

 

DIRECTOR 4

 

Name Of Subject

:

SUZUKI SHINGO

Address

:

3-3-10, MIWAMIDORIYAMA MACHIDA, TOKYO, JAPAN.

IC / PP No

:

TH8078180

Nationality

:

JAPANESE

Date of Appointment

:

01/08/2013

 

DIRECTOR 5

 

Name Of Subject

:

TOSHIYUKI NAGANO

Address

:

SAKAEMACHI, 119-1, USHIKU CITY, IBARAKI-KEN, JAPAN.

IC / PP No

:

TH1412301

Nationality

:

JAPANESE

Date of Appointment

:

01/08/2010

 

DIRECTOR 6

 

Name Of Subject

:

SHUN MAKINO

Address

:

4-35-5, UTSUKUSHIGAOKA MIDORI-KU, YOKOHAMA CITY, KANAGAWA PREF, JAPAN.

IC / PP No

:

TG7871690

Nationality

:

JAPANESE

Date of Appointment

:

31/07/1987

 

DIRECTOR 7

 

Name Of Subject

:

DR MOH CHONG TAU

Address

:

30, SIMON PLACE, 545972, SINGAPORE.

IC / PP No

:

S1283127G

Nationality

:

SINGAPOREAN

Date of Appointment

:

23/04/1985

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

DR MOH CHONG TAU

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

DR MOH CHONG TAU

IC / PP No

:

S1283127G

Address

:

30, SIMON PLACE, 545972, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank. 

 

Encumbrance (S)

 

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

 

 

LITIGATION 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

[

X

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

MACHINERY AND MACHINE- TOOLS - METAL CUTTING TYPES

 

Total Number of Employees:

YEAR

2015

2014

GROUP

N/A

N/A

COMPANY

450

500

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacture and repair of machinery and machine-tools - metal cutting types. 

Makino Asia developed into a fully integrated manufacturing company, incorporating Research and Development (R&D), engineering production and business administration under one roof. 

Advanced processing, manufacturing and assembly are the key integral functions of its enterprise. 

Makino Asia produces the F- and E-series milling machines as well as the EDAF- and EDGE- electrical discharge machines and DUO-series and newly launched U3 wire electrical discharge machines on site. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68615722

Match

:

N/A

Address Provided by Client

:

2 GUL AVENUE, SINGAPORE 629649

Current Address

:

2 GUL AVENUE, 629649, SINGAPORE.

Match

:

YES

 

Other Investigations


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

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2012 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2012 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

6.78%

]

Return on Net Assets

:

Unfavourable

[

6.91%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. 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

[

86 Days

]

Debtor Ratio

:

Favourable

[

53 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 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

[

1.62 Times

]

Current Ratio

:

Favourable

[

2.29 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Favourable

[

70.51 Times

]

Gearing Ratio

:

Favourable

[

0.01 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject 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 recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : STRONG

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

Services

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

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



INDUSTRY ANALYSIS

 

INDUSTRY :

MANUFACTURING

In the third quarter of 2014, manufacturing output has increased by 1.9%, extending the 1.5% growth in the previous quarter. Growth was largely driven by the biomedical manufacturing and chemicals clusters. Besides, for the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth recorded in the previous year. All clusters recorded an expansion in 2013, except the biomedical manufacturing cluster.

The chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by the petrochemicals and specialty chemicals segments, which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%.

Besides, output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter of 2014. The medical technology segment posted robust growth of 23% due to higher production of medical instruments and supplies, while the output of the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the biomedical manufacturing cluster recorded only a flat growth.

In the third quarter of 2014, the transport engineering cluster contracted by 2.0%, dragged down by the aerospace segment. Output in the aerospace segment plunged by 18% on the back of fewer repair jobs from commercial airlines. This was mitigated by the 4.1% growth in the marine & offshore engineering segment, which was supported by higher contributions from rig building projects. Nonetheless, for the whole of 2013, the transport engineering cluster grew by 5.2%.

Moreover, output of the precision engineering cluster increased by 1.3% in the third quarter of 2014. The machinery & systems segment grew by 6.2%, supported by higher demand for semiconductor-related equipment and mechanical engineering work. This was partly offset by the decline in the output of the precision modules & components segment. Conversely, in the full year of 2013, the precision engineering cluster's output declined by 5.6%.

Furthermore, in the third quarter of 2014, output of the general manufacturing industries declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment was more than offset by declines in the other two segments. In particular, the miscellaneous industries segment contracted by 4.7% on the back of lower output in construction-related products, such as concrete & cement products and steel structural components. For the full year of 2013, the general manufacturing cluster grew by 2.8%.

Besides, in the third quarter of 2014, the electronics cluster expanded by 0.9%, reversing the 5.0% contraction in the previous quarter. Growth was supported by an expansion in the computer peripherals (6.3%) and data storage (2.6%) segments. Moreover, for the year 2013, the electronics cluster expanded by 3.5%.

OVERALL INDUSTRY OUTLOOK : MATURE



CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1973, the Subject is a Private Limited company, focusing on manufacture and repair of machinery and machine-tools - metal cutting types. 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. The Subject is a large entity with strong capital position of SGD 13,626,377. We are confident with the Subject's business and its future growth prospect. Having strong support from its shareholder 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 is a fairly large and rapidly growing company with over 450 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. 

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at SGD 298,152,041, 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. 

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

The industry 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 promptly.

 

PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

Months

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

FULL

Currency

SGD

SGD

SGD

TURNOVER

402,517,256

628,171,509

489,171,945

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

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

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

Total Turnover

402,517,256

628,171,509

489,171,945

Costs of Goods Sold

(327,623,537)

(525,454,890)

(402,002,123)

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

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

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

Gross Profit

74,893,719

102,716,619

87,169,822

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

20,691,332

40,405,825

32,944,828

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

20,691,332

40,405,825

32,944,828

Taxation

(486,550)

(5,231,655)

(5,598,846)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

20,204,782

35,174,170

27,345,982

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

281,494,610

256,320,440

234,974,458

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

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

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

As restated

281,494,610

256,320,440

234,974,458

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

301,699,392

291,494,610

262,320,440

DIVIDENDS - Ordinary (paid & proposed)

(7,000,000)

(10,000,000)

(6,000,000)

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

294,699,392

281,494,610

256,320,440

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

-

12,801

Others

297,657

323,853

266,841

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

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

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

297,657

323,853

279,642

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

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

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

 

 

 

 

BALANCE SHEET

 

 

ASSETS EMPLOYED:

FIXED ASSETS

112,366,683

104,957,134

96,258,567

Deferred assets

455,256

624,674

632,217

Deposits

1,029,886

1,122,874

1,085,395

Others

2,947,287

3,148,629

3,763,648

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

4,432,429

4,896,177

5,481,260

INTANGIBLE ASSETS

Deferred/Expenditure carried forward

39,009

54,733

33,106

Others

5,507,284

1,694,636

-

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

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

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

TOTAL INTANGIBLE ASSETS

5,546,293

1,749,369

33,106

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

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

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

TOTAL LONG TERM ASSETS

122,345,405

111,602,680

101,772,933

Stocks

94,956,145

96,420,992

102,027,668

Trade debtors

58,000,788

74,888,796

99,778,842

Other debtors, deposits & prepayments

12,777,002

13,648,104

14,623,417

Amount due from holding company

2,476,035

3,937,095

2,290,609

Amount due from related companies

26,254,987

27,716,746

22,362,797

Cash & bank balances

127,074,221

120,532,876

87,029,411

Others

57,293

61,501

87,526

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

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

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

TOTAL CURRENT ASSETS

321,596,471

337,206,110

328,200,270

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

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

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

TOTAL ASSET

443,941,876

448,808,790

429,973,203

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

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

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

CURRENT LIABILITIES

Trade creditors

17,228,777

11,227,430

13,469,163

Other creditors & accruals

61,204,235

54,923,669

54,247,684

Hire purchase & lease creditors

-

-

817

Amounts owing to holding company

28,630,018

46,028,755

56,511,739

Amounts owing to related companies

32,671,317

39,709,989

34,365,838

Provision for taxation

505,331

4,648,597

4,222,419

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

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

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

TOTAL CURRENT LIABILITIES

140,239,678

156,538,440

162,817,660

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

181,356,793

180,667,670

165,382,610

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

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

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

TOTAL NET ASSETS

303,702,198

292,270,350

267,155,543

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

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

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

SHARE CAPITAL

Ordinary share capital

13,626,377

13,626,377

13,626,377

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

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

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

TOTAL SHARE CAPITAL

13,626,377

13,626,377

13,626,377

Exchange equalisation/fluctuation reserve

(10,173,728)

(8,094,082)

(5,621,730)

Retained profit/(loss) carried forward

294,699,392

281,494,610

256,320,440

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

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

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

TOTAL RESERVES

284,525,664

273,400,528

250,698,710

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

298,152,041

287,026,905

264,325,087

Hire purchase creditors

2,523,000

2,523,000

-

Deferred taxation

3,027,157

2,720,445

2,830,456

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

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

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

TOTAL LONG TERM LIABILITIES

5,550,157

5,243,445

2,830,456

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

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

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

303,702,198

292,270,350

267,155,543

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

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

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

 

 

FINANCIAL RATIO

 

 

 

 

TYPES OF FUNDS

Cash

127,074,221

120,532,876

87,029,411

Net Liquid Funds

127,074,221

120,532,876

87,029,411

Net Liquid Assets

86,400,648

84,246,678

63,354,942

Net Current Assets/(Liabilities)

181,356,793

180,667,670

165,382,610

Net Tangible Assets

298,155,905

290,520,981

267,122,437

Net Monetary Assets

80,850,491

79,003,233

60,524,486

BALANCE SHEET ITEMS

Total Borrowings

2,523,000

2,523,000

817

Total Liabilities

145,789,835

161,781,885

165,648,116

Total Assets

443,941,876

448,808,790

429,973,203

Net Assets

303,702,198

292,270,350

267,155,543

Net Assets Backing

298,152,041

287,026,905

264,325,087

Shareholders' Funds

298,152,041

287,026,905

264,325,087

Total Share Capital

13,626,377

13,626,377

13,626,377

Total Reserves

284,525,664

273,400,528

250,698,710

LIQUIDITY (Times)

Cash Ratio

0.91

0.77

0.53

Liquid Ratio

1.62

1.54

1.39

Current Ratio

2.29

2.15

2.02

WORKING CAPITAL CONTROL (Days)

Stock Ratio

86

56

76

Debtors Ratio

53

44

74

Creditors Ratio

19

8

12

SOLVENCY RATIOS (Times)

Gearing Ratio

0.01

0.01

0.00

Liabilities Ratio

0.49

0.56

0.63

Times Interest Earned Ratio

70.51

125.77

118.81

Assets Backing Ratio

21.88

21.32

19.60

PERFORMANCE RATIO (%)

Operating Profit Margin

5.14

6.43

6.73

Net Profit Margin

5.02

5.60

5.59

Return On Net Assets

6.91

13.94

12.44

Return On Capital Employed

6.79

13.85

12.43

Return On Shareholders' Funds/Equity

6.78

12.25

10.35

Dividend Pay Out Ratio (Times)

0.35

0.28

0.22

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.81

UK Pound

1

Rs.98.93

Euro

1

Rs.69.66

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

VNT

 

               

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.