MIRA INFORM REPORT

 

 

Report No. :

353768

Report Date :

15.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SOJITZ ASIA PTE. LTD.

 

 

Formerly Known As :

NICHIMEN ASIA OCEANIA PTE. LTD.

 

 

Registered Office :

77, Robinson Road, 32-00, Robinson 77, 068896

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

15.08.1998

 

 

Com. Reg. No.:

199803975-R

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Building Construction.

 

 

No. of Employee :

70 [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 :

Usually 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 – 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.

:

199803975-R

COMPANY NAME

:

SOJITZ ASIA PTE. LTD.

FORMER NAME

:

NICHIMEN ASIA OCEANIA PTE. LTD. (01/04/2004)

INCORPORATION DATE

:

15/08/1998

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

77, ROBINSON ROAD, 32-00, ROBINSON 77, 068896, SINGAPORE.

BUSINESS ADDRESS

:

77, ROBINSON ROAD, 32-00, ROBINSON 77, 068896, SINGAPORE.

TEL.NO.

:

65-64382566/64289165

FAX.NO.

:

65-64382766

CONTACT PERSON

:

HIDEAKI KATO ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

BUILDING CONSTRUCTION

ISSUED AND PAID UP CAPITAL

:

134,956,632.00 ORDINARY SHARE, OF A VALUE OF USD 136,507,473.60

SALES

:

USD 936,017,000 [2015]

NET WORTH

:

USD 131,588,000 [2015]

STAFF STRENGTH

:

70 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

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) building construction.

 

The immediate holding company of the Subject is SOJITZ CORPORATION, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

11/12/2015

USD 0.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

SOJITZ CORPORATION

1-1, UCHISAIWAICHO, 2-CHOME, CHIYODA-KU, TOKYO, 100-8691

T04UF1077

134,956,632.00

100.00

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

------

134,956,632.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

INDONESIA

P.T. SOJITZ INDONESIA

-

100.00

31/03/2015

THAILAND

SOJITZ (THAILAND) CO. LTD

-

100.00

31/03/2015

VIETNAM

SOJITZ VIETNAM CO. LTD

-

100.00

31/03/2015

INDIA

SOJITZ INDIA PTE LTD

-

100.00

31/03/2015

THAILAND

HYUNDAI MOTOR (THAILAND) CO LTD

-

70.00

31/03/2015

PHILIPPINES

SOJITZ PHILIPPINES CORPORATION

-

60.00

31/03/2015

PHILIPPINES

SOJITZ PHILIPPINES TRADING

-

60.00

31/03/2015

THAILAND

SOJITZ MANAGEMENT (THAILAND) CO. LTD.

-

49.00

31/03/2015

63094A

MALAYSIA

SOJITZ (MALAYSIA) SDN. BHD.

-

40.00

31/03/2015



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SHIGERU NISHIHARA

Address

:

BURAUTORIE1201, 12-15, 2-CHOME, SHIMOMARUKO, OTA-KU, JAPAN.

IC / PP No

:

TH2583922

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2015

 

DIRECTOR 2

 

Name Of Subject

:

JUNICHI HAMATSUKA

Address

:

2, MOUNT ELIZABETH LINK, 10-1003, FRASER RESIDENCE SINGAPORE, 227973, SINGAPORE.

IC / PP No

:

G3146884T

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2015

 

DIRECTOR 3

 

Name Of Subject

:

HIDEAKI KATO

Address

:

11, ORCHARD TURN, 22-05, 238800, SINGAPORE.

IC / PP No

:

G3030830T

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2014




MANAGEMENT

 

 

 

1)

Name of Subject

:

HIDEAKI KATO

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN CHOW PHENG

IC / PP No

:

S1298885J

Address

:

59, TELOK BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE.

 

2)

Company Secretary

:

CHANG SOW KUEN

IC / PP No

:

S1365694J

Address

:

130, GEYLANG EAST AVENUE 1, 02-299, 380130, 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

:

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

Credit Term

:

N/A

Payment Mode

:

N/A

 

 

OPERATIONS

 

Services

:

BUILDING CONSTRUCTION

 

Total Number of Employees:

 

YEAR

2015

2014

2013

2012

2011

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

70

70

70

80

75

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) building construction.

The Subject engaged in building construction service.

The Subject also engaged in trading of agriculture product, chemical and plastic product, textile etc.


RECENT DEVELOPMENT


19th November 2014

Sojitz Wins Contract for Electrification Works on Western Dedicated Freight Corridor Project in India.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6564382566

Current Telephone Number

:

65-64382566/64289165

Match

:

YES

Address Provided by Client

:

77, ROBINSON ROAD, 32-00, ROBINSON 77,068896,SINGAPORE

Current Address

:

77, ROBINSON ROAD, 32-00, ROBINSON 77, 068896, SINGAPORE.

Match

:

YES

 

Other Investigations


On 10th December 2015 we contacted one of the staff from the Subject and she provided some information on the Subject.

 

 

FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2012 - 2015

]

Profit/(Loss) Before Tax

:

Decreased

[

2012 - 2015

]

Return on Shareholder Funds

:

Unfavourable

[

7.94%

]

Return on Net Assets

:

Acceptable

[

12.95%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. 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

:

Favourable

[

36 Days

]

Debtor Ratio

:

Unfavourable

[

110 Days

]

Creditors Ratio

:

Unfavourable

[

74 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

Liquidity

Liquid Ratio

:

Acceptable

[

0.95 Times

]

Current Ratio

:

Unfavourable

[

1.12 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

:

Acceptable

[

6.84 Times

]

Gearing Ratio

:

Favourable

[

0.73 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. 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 : FAIR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2010

2011

2012

2013

2014

 

Population (Million)

5.08

5.18

5.31

5.40

5.47

Gross Domestic Products ( % )

14.5

4.9

1.3

3.7

(3.5)

Consumer Price Index

2.8

5.2

4.6

2.4

2.4

Total Imports (Million)

423,221.8

459,655.1

474,554.0

466,762.0

463,779.1

Total Exports (Million)

478,840.7

514,741.2

510,329.0

513,391.0

518,922.7

 

Unemployment Rate (%)

2.2

2.1

2.0

1.9

1.9

Tourist Arrival (Million)

11.64

13.17

14.49

15.46

15.01

Hotel Occupancy Rate (%)

85.6

86.5

86.4

86.3

85.5

Cellular Phone Subscriber (Million)

1.43

1.50

1.52

1.97

1.98

 

Registration of New Companies (No.)

29,798

32,317

31,892

37,288

41,589

Registration of New Companies (%)

12.8

8.5

(1.3)

9.8

11.5

Liquidation of Companies (No.)

15,126

19,005

17,218

17,369

18,767

Liquidation of Companies (%)

(32.5)

25.6

9.4

(5.3)

8.0

 

Registration of New Businesses (No.)

23,978

23,494

24,788

22,893

35,773

Registration of New Businesses (%)

(10.78)

2.02

5.51

1.70

56.30

Liquidation of Businesses (No.)

24,211

23,005

22,489

22,598

22,098

Liquidation of Businesses (%)

2.8

(5)

(2.2)

0.5

(2.2)

 

Bankruptcy Orders (No.)

1,537

1,527

1,748

1,992

1,757

Bankruptcy Orders (%)

(25.3)

(0.7)

14.5

14.0

(11.8)

Bankruptcy Discharges (No.)

2,252

1,391

1,881

2,584

3,546

Bankruptcy Discharges (%)

(26.3)

(38.2)

35.2

37.4

37.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(10.5)

12.10

(0.5)

-

2.80

 

Manufacturing *

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

96.4

100.0

103.5

103.5

105.0

Textiles

122.1

100.0

104.0

87.1

74.9

Wearing Apparel

123.3

100.0

92.1

77.8

49.5

Leather Products & Footwear

81.8

100.0

98.6

109.8

95.9

Wood & Wood Products

104.0

100.0

95.5

107.4

112.0

Paper & Paper Products

106.1

100.0

97.4

103.2

103.4

Printing & Media

103.5

100.0

93.0

86.1

80.3

Crude Oil Refineries

95.6

100.0

99.4

93.5

85.6

Chemical & Chemical Products

97.6

100.0

100.5

104.1

114.0

Pharmaceutical Products

75.3

100.0

109.7

107.2

115.7

Rubber & Plastic Products

112.3

100.0

96.5

92.9

92.8

Non-metallic Mineral

92.5

100.0

98.2

97.6

82.2

Basic Metals

102.2

100.0

90.6

76.5

98.3

Fabricated Metal Products

103.6

100.0

104.3

105.1

105.1

Machinery & Equipment

78.5

100.0

112.9

114.5

124.0

Electrical Machinery

124.1

100.0

99.3

108.5

121.3

Electronic Components

113.6

100.0

90.6

94.3

95.0

Transport Equipment

94.0

100.0

106.3

107.5

103.2

 

Construction

14.20

20.50

28.70

-

22.00

Real Estate

21.3

25.4

31.9

-

145.1

 

Services

Electricity, Gas & Water

4.00

7.00

6.30

-

Transport, Storage & Communication

12.80

7.40

5.30

-

14.20

Finance & Insurance

(0.4)

8.90

0.50

-

6.00

Government Services

9.70

6.90

6.00

-

Education Services

(0.9)

(1.4)

0.30

-

5.98

 

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



INDUSTRY ANALYSIS

 

INDUSTRY :

CONSTRUCTION

For the whole of 2013, the sector expanded by 5.9%, slower than the growth of 8.6% in the previous year. Total construction output increased by 5.4% on the back of robust private and public residential building activities. Besides, total construction demand increased by 17% to $36 billion in 2013, setting a new record high. The increase was driven by robust construction demand from the public sector.

Public sector construction demand rose by 56% to $15 billion in 2013. The increase was supported by a ramp-up of public-housing developments and significant increase in civil engineering construction demand on account of the award of various Thomson MRT Line contracts. Besides, despite a slight drop of 1.1%, total private sector construction demand remained relatively strong at $21 billion. Demand was fuelled by residential developments, where contracts awarded increased by 15% to reach $9.8 billion in 2013, the highest on record. Besides, civil engineering construction demand contracted by 45% due to the high base in 2012. However, the value of civil engineering contracts awarded in 2013 was still higher than that achieved between 2009 and 2011, supported largely by the construction of major utilities and berth facilities.

In 2013, construction output has increased by 5.4% to reach $33 billion, surpassing the previous peak of $32 billion in 2012. Growth was underpinned by strong on-site construction activities for public and private residential, private industrial and civil engineering developments. Total construction output in 2014 is projected to rise to between $34 billion and $36 billion, supported by record high levels of contracts awarded in 2013 and continued robust on-site activities from the high levels of demand since 2011.

Public sector construction output reached $12 billion in 2013, comparable to that achieved in 2012, supported largely by an increase in onsite construction activities for public housing (18%) and institutional and other building (4.7%) projects. Some of the major institutional building projects under construction included the Singapore University of Technology and Design (SUTD) Campus Phase 1, Ng Teng Fong Hospital, National Heart Centre, National Art Gallery and Victoria Concert Hall. Additionally, even though civil engineering construction output has contracted by 9.6% in 2013, progress payments remained robust at $4.8 billion, supported by new rail construction such as the Downtown Line Stages 2 & 3 as well as other infrastructure projects like Tuas West Extension and Marina Coastal Expressway.

Private sector construction output expanded by 8.3% to $21 billion in 2013, underpinned by growth across all development types. In particular, robust growth in on-site construction activities for residential developments (13%) and civil engineering (14%) projects supported overall output growth.

BCA forecasts total construction demand in 2014 to be between $31 billion and $38 billion. Demand from the public sector is expected to strengthen to between $19 billion and $22 billion, contributing close to 60% of projected total construction demand. The boost to overall demand is likely to come from stronger institutional and civil engineering construction works. At the same time, private sector demand is projected to soften to between $12 billion and $16 billion, due to the anticipated reduction in residential construction demand as property market sentiments remain subdued following the various property cooling measures.

Furthermore, BMI continues to expect construction and infrastructure growth in Singapore to moderate over the 2014-2020 period. Real growth for the construction sector is forecast to slow from 5.9% in 2014 to3.0% in 2019, while real growth for the infrastructure sector is expected to fall from 12.7% in 2014 to 4.0%in 2019. This moderation is primarily due to declining housing demand, longer construction periods for planned infrastructure projects and a poor export outlook, which could curb investment in non-residential buildings.

In September 2014, Singapore's Land Transit Authority (LTA) announced that Phase 2 of the Mass Rapid Transit (MRT) system's Downtown Line would open ahead of schedule in Q116. The project had previously been delayed by financial troubles at one of its key contractors, and was expected to come online only by Q216. Phase 2 of the Downtown Line will include 12 stations, nine of which will be completely new. The project's total cost is estimated at approximately SGD800mn.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

 

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1998, the Subject is a Private Limited company, focusing on building construction. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. The Subject have a strong capital position of USD 136,507,474. We are confident with the Subject's business and its future growth prospect. 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 moderate size company, the Subject has a total workforce of 70 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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 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 USD 131,588,000, the Subject should be able to maintain its business in the near terms.

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 normally.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2015-03-31

2014-03-31

2013-03-31

2012-03-31

2010-12-31

Months

12

12

12

15

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

936,017,000

827,553,000

694,310,000

801,442,000

1,532,470,000

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

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

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

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

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

Total Turnover

936,017,000

827,553,000

694,310,000

801,442,000

1,532,470,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

15,619,000

19,828,000

15,492,000

14,869,000

13,665,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

15,619,000

19,828,000

15,492,000

14,869,000

13,665,000

Taxation

(4,748,000)

(4,922,000)

(4,315,000)

(2,849,000)

(4,370,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

10,871,000

14,906,000

11,177,000

12,020,000

9,295,000

Minority interests

(429,000)

(207,000)

66,000

(470,000)

(680,000)

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

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

10,442,000

14,699,000

11,243,000

11,550,000

8,615,000

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

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

10,442,000

14,699,000

11,243,000

11,550,000

8,615,000

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

27,963,000

20,185,000

14,950,000

15,400,000

6,785,000

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

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

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

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

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

As restated

27,963,000

20,185,000

14,950,000

15,400,000

6,785,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

38,405,000

34,884,000

26,193,000

26,950,000

15,400,000

TRANSFER TO RESERVES - General

12,530,000

79,000

(8,000)

-

-

DIVIDENDS - Ordinary (paid & proposed)

(10,000,000)

(7,000,000)

(6,000,000)

(12,000,000)

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

40,935,000

27,963,000

20,185,000

14,950,000

15,400,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

-

-

2,000

4,000

-

Others

2,675,000

2,373,000

2,247,000

3,083,000

2,571,000

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

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

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

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

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

2,675,000

2,373,000

2,249,000

3,087,000

2,571,000

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

1,197,000

919,000

904,000

1,050,000

743,000

AMORTIZATION

42,000

34,000

14,000

14,000

(8,000)

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

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

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

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

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

1,239,000

953,000

918,000

1,064,000

735,000

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

15,802,000

5,692,000

2,991,000

2,725,000

2,812,000

Associated companies

1,362,000

7,966,000

7,829,000

6,061,000

3,897,000

Investments

16,332,000

14,564,000

14,276,000

13,332,000

6,119,000

Loans & advances - non-current

35,000,000

35,000,000

31,750,000

17,500,000

-

Deferred assets

1,955,000

1,684,000

1,804,000

2,303,000

1,505,000

Others

7,932,000

-

758,000

714,000

308,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

62,581,000

59,214,000

56,417,000

39,910,000

11,829,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

78,383,000

64,906,000

59,408,000

42,635,000

14,641,000

Short term quoted/unquoted investments

-

-

-

-

245,000

Stocks

91,963,000

52,962,000

41,145,000

39,796,000

29,271,000

Trade debtors

280,991,000

390,132,000

339,476,000

347,973,000

292,114,000

Other debtors, deposits & prepayments

12,666,000

16,849,000

16,127,000

13,408,000

10,712,000

Short term deposits

6,455,000

11,434,000

71,346,000

15,973,000

-

Amount due from related companies

129,968,000

41,530,000

34,026,000

39,025,000

39,081,000

Cash & bank balances

81,557,000

27,123,000

40,410,000

31,828,000

149,187,000

Others

-

-

-

-

14,642,000

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

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

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

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

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

TOTAL CURRENT ASSETS

603,600,000

540,030,000

542,530,000

488,003,000

535,252,000

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

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

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

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

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

TOTAL ASSET

681,983,000

604,936,000

601,938,000

530,638,000

549,893,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

189,605,000

258,256,000

293,551,000

231,492,000

231,054,000

Other creditors & accruals

26,419,000

11,067,000

8,545,000

12,515,000

-

Hire purchase & lease creditors

13,000

15,000

35,000

25,000

19,000

Short term borrowings/Term loans

95,785,000

63,276,000

61,512,000

63,405,000

122,744,000

Deposits from customers

480,000

416,000

-

-

-

Bill & acceptances payable

-

-

88,000

-

-

Interest payable

106,000

85,000

-

-

-

Amounts owing to related companies

220,599,000

83,097,000

62,937,000

56,115,000

26,866,000

Provision for taxation

7,675,000

4,595,000

4,614,000

3,831,000

4,260,000

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

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

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

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

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

TOTAL CURRENT LIABILITIES

540,682,000

420,807,000

431,282,000

367,383,000

384,943,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

62,918,000

119,223,000

111,248,000

120,620,000

150,309,000

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

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

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

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

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

TOTAL NET ASSETS

141,301,000

184,129,000

170,656,000

163,255,000

164,950,000

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

136,507,000

136,507,000

136,507,000

136,507,000

136,507,000

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

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

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

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

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

TOTAL SHARE CAPITAL

136,507,000

136,507,000

136,507,000

136,507,000

136,507,000

Exchange equalisation/fluctuation reserve

2,736,000

3,566,000

7,785,000

-

-

General reserve

(63,966,000)

1,771,000

-

-

-

Retained profit/(loss) carried forward

40,935,000

27,963,000

20,185,000

14,950,000

15,400,000

Others

-

-

1,620,000

7,381,000

9,246,000

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

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

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

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

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

TOTAL RESERVES

(20,295,000)

33,300,000

29,590,000

22,331,000

24,646,000

MINORITY INTEREST

15,376,000

3,964,000

4,374,000

4,300,000

3,730,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

131,588,000

173,771,000

170,471,000

163,138,000

164,883,000

Other long term borrowings

733,000

-

-

-

-

Hire purchase creditors

-

14,000

24,000

26,000

5,000

Deferred taxation

-

124,000

161,000

91,000

62,000

Others

8,980,000

10,220,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

9,713,000

10,358,000

185,000

117,000

67,000

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

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

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

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

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

141,301,000

184,129,000

170,656,000

163,255,000

164,950,000

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

88,012,000

38,557,000

111,756,000

47,801,000

149,187,000

Net Liquid Funds

88,012,000

38,557,000

111,668,000

47,801,000

149,187,000

Net Liquid Assets

(29,045,000)

66,261,000

70,103,000

80,824,000

121,038,000

Net Current Assets/(Liabilities)

62,918,000

119,223,000

111,248,000

120,620,000

150,309,000

Net Tangible Assets

141,301,000

184,129,000

170,656,000

163,255,000

164,950,000

Net Monetary Assets

(38,758,000)

55,903,000

69,918,000

80,707,000

120,971,000

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

18,294,000

22,201,000

17,741,000

17,956,000

16,236,000

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

19,533,000

23,154,000

18,659,000

19,020,000

16,971,000

BALANCE SHEET ITEMS

Total Borrowings

96,531,000

63,305,000

61,659,000

63,456,000

122,768,000

Total Liabilities

550,395,000

431,165,000

431,467,000

367,500,000

385,010,000

Total Assets

681,983,000

604,936,000

601,938,000

530,638,000

549,893,000

Net Assets

141,301,000

184,129,000

170,656,000

163,255,000

164,950,000

Net Assets Backing

131,588,000

173,771,000

170,471,000

163,138,000

164,883,000

Shareholders' Funds

131,588,000

173,771,000

170,471,000

163,138,000

164,883,000

Total Share Capital

136,507,000

136,507,000

136,507,000

136,507,000

136,507,000

Total Reserves

(20,295,000)

33,300,000

29,590,000

22,331,000

24,646,000

LIQUIDITY (Times)

Cash Ratio

0.16

0.09

0.26

0.13

0.39

Liquid Ratio

0.95

1.16

1.16

1.22

1.31

Current Ratio

1.12

1.28

1.26

1.33

1.39

WORKING CAPITAL CONTROL (Days)

Stock Ratio

36

23

22

18

7

Debtors Ratio

110

172

178

158

70

Creditors Ratio

74

114

154

105

55

SOLVENCY RATIOS (Times)

Gearing Ratio

0.73

0.36

0.36

0.39

0.74

Liabilities Ratio

4.18

2.48

2.53

2.25

2.34

Times Interest Earned Ratio

6.84

9.36

7.89

5.82

6.32

Assets Backing Ratio

1.04

1.35

1.25

1.20

1.21

PERFORMANCE RATIO (%)

Operating Profit Margin

1.67

2.40

2.23

1.86

0.89

Net Profit Margin

1.12

1.78

1.62

1.44

0.56

Return On Net Assets

12.95

12.06

10.40

11.00

9.84

Return On Capital Employed

11.68

11.80

10.13

10.71

9.62

Return On Shareholders' Funds/Equity

7.94

8.46

6.60

7.08

5.22

Dividend Pay Out Ratio (Times)

0.96

0.48

0.53

1.04

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.99

UK Pound

1

Rs.101.78

Euro

1

Rs.73.47

USD

1

Rs.67.05

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

ANK

 

 

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.