|
Report No. : |
355598 |
|
Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SURTECO PTE. LTD. |
|
|
|
|
Registered Office : |
25, International Business
Park, 02-70/71, German Centre, 609916 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
14.04.1998 |
|
|
|
|
Com. Reg. No.: |
199801794-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of extruded thermoplastic
edgings and profiles. |
|
|
|
|
No. of Employee : |
10 [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 |
|
REGISTRATION NO. |
: |
199801794-H |
|
COMPANY NAME |
: |
SURTECO PTE. LTD. |
|
FORMER NAME |
: |
DOELLKEN PTE LTD (02/01/2009) |
|
INCORPORATION DATE |
: |
14/04/1998 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
25, INTERNATIONAL BUSINESS
PARK, 02-70/71, GERMAN CENTRE, 609916, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
25, INTERNATIONAL BUSINESS
PARK, 02-70/71, GERMAN CENTRE, 609916, SINGAPORE. |
|
TEL.NO. |
: |
65-62260669 |
|
FAX.NO. |
: |
65-62260797 |
|
EMAIL |
: |
INFO@SG.SURTECO.COM |
|
WEB SITE |
: |
WWW.SG.SURTECO.COM |
|
CONTACT PERSON |
: |
HANS LENNART KLINGEBORN (
MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF EXTRUDED
THERMOPLASTIC EDGINGS AND PROFILES |
|
ISSUED AND PAID UP CAPITAL |
: |
500,000.00 ORDINARY SHARE, OF A
VALUE OF SGD 500,000.00 |
|
SALES |
: |
SGD 13,631,570 [2014] |
|
NET WORTH |
: |
SGD 4,792,786 [2014] |
|
STAFF STRENGTH |
: |
10 [2015] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY / BACKGROUND
|
The Subject is a private limited
company and is allowed to have a minimum of one and a maximum of forty-nine
shareholders. As a private limited company, the Subject must have at least two
directors. A private limited company is a separate legal entity from its
shareholders. As a separate legal entity, the Subject is capable of owning
assets, entering into contracts, sue or be sued by other companies. The
liabilities of the shareholders are to the extent of the equity they have taken
up and the creditors cannot claim on shareholders' personal assets even if the
Subject is insolvent. The Subject is governed by the Companies Act and the
company must file its annual returns, together with its financial statements
with the Registrar of Companies.
The Subject is principally
engaged in the (as a / as an) trading of extruded thermoplastic edgings and
profiles.
The immediate holding company of
the Subject is DOELLKEN KUNSTSTOFFVERARBEITUNG GMBH, a company incorporated in
GERMANY.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
18/12/2015 |
SGD 500,000.00 |
The major shareholder(s) of the
Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
DOELLKEN KUNSTSTOFFVERARBEITUNG
GMBH |
BEISENSTR 50, 45954, GLADBECK
GERMANY |
011049 |
500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
HEINZ PETER ALOIS SCHULTE |
|
Address |
: |
58638, ISERLOHN, OESTRICHER
STRASSE, 119 D, GERMANY. |
|
IC / PP No |
: |
C7TH1157H |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
01/07/2013 |
DIRECTOR 2
|
Name Of Subject |
: |
HANS LENNART KLINGEBORN |
|
Address |
: |
50E, FABER HEIGHTS, 03-32,
FABER CREST, 129199, SINGAPORE. |
|
IC / PP No |
: |
G5627336R |
|
Nationality |
: |
SWEDE |
|
Date of Appointment |
: |
12/10/2006 |
|
1) |
Name of Subject |
: |
HANS LENNART KLINGEBORN |
|
Position |
: |
MANAGING DIRECTOR |
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
CHIA LAY BENG |
|
IC / PP No |
: |
S0107267F |
|
|
Address |
: |
93, MEYER ROAD, 04-04, THE
MEYERISE, 437986, SINGAPORE. |
|
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 against the Subject whether the
subject has been involved in any litigation.
|
LEGAL ACTION |
|
||||||||||||
|
|||||||||||||
|
Code No |
: |
99 |
Case No |
: |
17380 |
||||||||
|
Year |
: |
2009 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
MAGISTRATE COURT |
|||||||||||
|
Date Filed |
: |
10/05/2010 |
|||||||||||
|
Solicitor Ref |
: |
FMS/MJSWH/31919.6 |
|||||||||||
|
Solicitor Firm |
: |
RODYK & DAVIDSON LLP |
|||||||||||
|
Plaintiff |
: |
DETLEV KURT SIEBKE |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Hearing Date |
: |
N/A |
|||||||||||
|
Amount Claimed |
: |
41250 |
|||||||||||
|
Nature of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
CONTRACT - OTHERS |
|||||||||||
|
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its clientele.
OPERATIONS
|
|
Goods Traded |
: |
EXTRUDED THERMOPLASTIC EDGINGS
AND PROFILES |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2013 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
10 |
10 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of extruded
thermoplastic edgings and profiles.
The Subject specialises in plastic extrusion experience.
The product portfolio includes plastic edgebandings, papers printed with
decorative designs, decorative flat foils based on specialist papers for
technical applications.
The Subject provides the best service and product quality for furniture
industry.
CURRENT INVESTIGATION
|
Latest fresh investigations carried
out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62260669 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
25, INTERNATIONAL BUSINESS PARK,
#02-70-71 GERMAN CENTRE, SINGAPORE 609916 |
|
Current Address |
: |
25, INTERNATIONAL BUSINESS
PARK, 02-70/71, GERMAN CENTRE, 609916, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
On 17th December 2015 we contacted one of the staff from the Subject and he
provided some information.
The Subject refused to disclose its bankers.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
13.23% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.72% |
] |
|
|
The continuous fall in turnover
could be due to the lower demand for the Subject's products / services.The
Subject's profit fell sharply because of the high operating costs incurred.
The Subject's management had generated acceptable return for its shareholders
using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
8 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
58 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
0 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 management was quite efficient in handling its debtors.
The Subject's debtors days were at an acceptable range, thus the risk of its
debts turning bad was minimised. 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 |
[ |
4.77 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
5.01 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 |
[ |
99.10 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 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's performance deteriorated
over the years with lower turnover and profit. 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 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 : STRONG |
||||||
|
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 : |
TRADING |
|
The wholesale and retail trade
sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8
per cent growth in the previous quarter. In 2013, the wholesale and retail sector
expanded by 5.0%, after declining by 1.4% the year before. Growth of the
sector was driven by the wholesale trade segment. |
|
|
The domestic wholesale trade
index has increased by 3.2% in the fourth quarter of 2013, moderating from
the 6.6% growth in the previous quarter. The slower growth was due to a
decline in the sales of furniture and household equipment (-12%) and
petroleum and petroleum products (-0.6%). For the full year, the domestic
wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the
other hand, the foreign wholesale trade index has increased by a slower pace
of 5.6% in the fourth quarter, compared to the 7.7% expansion in the
preceding quarter. The slowdown was due to a fall in the sales of
telecommunication equipment and computer (-3.8%) and petroleum and petroleum
products (-2.5%). For the full year, the growth of the foreign wholesale
trade index moderated slightly to 8.6% from 9.1% in the previous year. |
|
|
In the fourth quarter of 2013, retail
sales volume fell by 6.2%, extending the 5.6% decline in the previous
quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a
slower pace of expansion as compared to the 1.6% gain in the preceding
quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter
of 2013, extending the 32% decline in the previous quarter. Meanwhile, the
sales of several discretionary items also fell in the fourth quarter of 2013.
For instance, the sales of telecommunications apparatus and computers fell by
12%, while the sales of furniture and household equipment declined by 5.4%. |
|
|
For the full year, retail sales
volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012.
Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013,
slower than the 1.7% increase in 2012. Watches and jewellery recorded the
largest increase (11%) in sales in 2013, followed by optical goods and book
(3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications
apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and
petrol service stations (-1.4) declined in 2013. |
|
|
OVERALL INDUSTRY OUTLOOK :
AVERAGE GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE
PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report
(Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
13,631,570 |
13,753,430 |
15,698,799 |
17,526,665 |
13,500,597 |
|
Other Income |
155,821 |
64,545 |
55,995 |
44,436 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
13,787,391 |
13,817,975 |
15,754,794 |
17,571,101 |
13,500,597 |
|
Costs of Goods Sold |
(10,081,539) |
(9,569,569) |
(11,162,642) |
(11,908,572) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
3,705,852 |
4,248,406 |
4,592,152 |
5,662,529 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
698,572 |
1,053,373 |
1,863,540 |
1,982,174 |
1,495,413 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
698,572 |
1,053,373 |
1,863,540 |
1,982,174 |
1,495,413 |
|
Taxation |
(64,690) |
(155,769) |
(261,358) |
(318,001) |
(243,310) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
633,882 |
897,604 |
1,602,182 |
1,664,173 |
1,252,103 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT
FORWARD |
|||||
|
As previously reported |
4,556,508 |
3,658,904 |
3,720,895 |
3,308,825 |
2,056,722 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
4,556,508 |
3,658,904 |
3,720,895 |
3,308,825 |
2,056,722 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
5,190,390 |
4,556,508 |
5,323,077 |
4,972,998 |
3,308,825 |
|
DIVIDENDS - Ordinary (paid
& proposed) |
(897,604) |
- |
(1,664,173) |
(1,252,103) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED
FORWARD |
4,292,786 |
4,556,508 |
3,658,904 |
3,720,895 |
3,308,825 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes
to P&L) |
|||||
|
Loan from holding company |
7,121 |
23,409 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,121 |
23,409 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION (as per notes to
P&L) |
48,851 |
50,745 |
26,710 |
10,257 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
48,851 |
50,745 |
26,710 |
10,257 |
- |
|
|
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
163,683 |
176,864 |
229,386 |
73,862 |
31,803 |
|
Investments |
3,165 |
3,165 |
3,165 |
3,165 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
3,165 |
3,165 |
3,165 |
3,165 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
166,848 |
180,029 |
232,551 |
77,027 |
31,803 |
|
Stocks |
287,312 |
111,127 |
136,808 |
103,789 |
- |
|
Trade debtors |
2,153,651 |
2,946,733 |
6,870,269 |
4,674,402 |
- |
|
Other debtors, deposits &
prepayments |
138,713 |
102,577 |
61,413 |
111,098 |
- |
|
Amount due from holding company |
- |
- |
- |
89,298 |
- |
|
Amount due from related
companies |
2,524,057 |
3,210,475 |
- |
- |
- |
|
Cash & bank balances |
674,456 |
1,012,976 |
661,270 |
701,649 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
5,778,189 |
7,383,888 |
7,729,760 |
5,680,236 |
5,377,736 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
5,945,037 |
7,563,917 |
7,962,311 |
5,757,263 |
5,409,539 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
- |
- |
463,699 |
422,368 |
- |
|
Other creditors & accruals |
802,011 |
920,074 |
543,928 |
818,400 |
- |
|
Amounts owing to holding
company |
128,700 |
1,182,650 |
2,547,515 |
- |
- |
|
Amounts owing to related
companies |
152,630 |
251,666 |
- |
- |
- |
|
Provision for taxation |
68,910 |
153,019 |
248,265 |
295,600 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,152,251 |
2,507,409 |
3,803,407 |
1,536,368 |
1,600,714 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
4,625,938 |
4,876,479 |
3,926,353 |
4,143,868 |
3,777,022 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
4,792,786 |
5,056,508 |
4,158,904 |
4,220,895 |
3,808,825 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
Retained profit/(loss) carried
forward |
4,292,786 |
4,556,508 |
3,658,904 |
3,720,895 |
3,308,825 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
4,292,786 |
4,556,508 |
3,658,904 |
3,720,895 |
3,308,825 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
4,792,786 |
5,056,508 |
4,158,904 |
4,220,895 |
3,808,825 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,792,786 |
5,056,508 |
4,158,904 |
4,220,895 |
3,808,825 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
674,456 |
1,012,976 |
661,270 |
701,649 |
- |
|
Net Liquid Funds |
674,456 |
1,012,976 |
661,270 |
701,649 |
- |
|
Net Liquid Assets |
4,338,626 |
4,765,352 |
3,789,545 |
4,040,079 |
3,777,022 |
|
Net Current
Assets/(Liabilities) |
4,625,938 |
4,876,479 |
3,926,353 |
4,143,868 |
3,777,022 |
|
Net Tangible Assets |
4,792,786 |
5,056,508 |
4,158,904 |
4,220,895 |
3,808,825 |
|
Net Monetary Assets |
4,338,626 |
4,765,352 |
3,789,545 |
4,040,079 |
3,777,022 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest &
Tax (EBIT) |
705,693 |
1,076,782 |
1,863,540 |
1,982,174 |
- |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
754,544 |
1,127,527 |
1,890,250 |
1,992,431 |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
- |
|
Total Liabilities |
1,152,251 |
2,507,409 |
3,803,407 |
1,536,368 |
1,600,714 |
|
Total Assets |
5,945,037 |
7,563,917 |
7,962,311 |
5,757,263 |
5,409,539 |
|
Net Assets |
4,792,786 |
5,056,508 |
4,158,904 |
4,220,895 |
3,808,825 |
|
Net Assets Backing |
4,792,786 |
5,056,508 |
4,158,904 |
4,220,895 |
3,808,825 |
|
Shareholders' Funds |
4,792,786 |
5,056,508 |
4,158,904 |
4,220,895 |
3,808,825 |
|
Total Share Capital |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
Total Reserves |
4,292,786 |
4,556,508 |
3,658,904 |
3,720,895 |
3,308,825 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.59 |
0.40 |
0.17 |
0.46 |
- |
|
Liquid Ratio |
4.77 |
2.90 |
2.00 |
3.63 |
- |
|
Current Ratio |
5.01 |
2.94 |
2.03 |
3.70 |
3.36 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
8 |
3 |
3 |
2 |
- |
|
Debtors Ratio |
58 |
78 |
160 |
97 |
- |
|
Creditors Ratio |
0 |
0 |
15 |
13 |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
- |
|
Liabilities Ratio |
0.24 |
0.50 |
0.91 |
0.36 |
0.42 |
|
Times Interest Earned Ratio |
99.10 |
46.00 |
0 |
0 |
- |
|
Assets Backing Ratio |
9.59 |
10.11 |
8.32 |
8.44 |
7.62 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
5.12 |
7.66 |
11.87 |
11.31 |
11.08 |
|
Net Profit Margin |
4.65 |
6.53 |
10.21 |
9.50 |
9.27 |
|
Return On Net Assets |
14.72 |
21.29 |
44.81 |
46.96 |
39.26 |
|
Return On Capital Employed |
14.72 |
21.29 |
44.81 |
46.96 |
39.26 |
|
Return On Shareholders'
Funds/Equity |
13.23 |
17.75 |
38.52 |
39.43 |
32.87 |
|
Dividend Pay Out Ratio (Times) |
1.42 |
0 |
1.04 |
0.75 |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
SGD |
1 |
Rs.46.99 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.