MIRA INFORM REPORT

 

 

Report No. :

308002

Report Date :

17.02.2015

 

IDENTIFICATION DETAILS

 

Name :

ANDRITZ SINGAPORE PTE. LTD.

 

 

Registered Office :

25, Tuas Avenue, 4, 639375

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

18.04.2002

 

 

Com. Reg. No.:

200203251-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacture and repair of machinery for mining, quarrying and construction

 

 

No. of Employee :

50 [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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200203251-W

COMPANY NAME

:

ANDRITZ SINGAPORE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

18/04/2002

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

25, TUAS AVENUE, 4, 639375, SINGAPORE.

BUSINESS ADDRESS

:

25, TUAS AVENUE 4,, 639375, SINGAPORE.

TEL.NO.

:

65-65121800

FAX.NO.

:

65-68634482

WEB SITE

:

WWW.ANDRITZ.COM

CONTACT PERSON

:

ZICK MATTHIAS ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE AND REPAIR OF MACHINERY FOR MINING, QUARRYING AND CONSTRUCTION

ISSUED AND PAID UP CAPITAL

:

500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 500,000.00

SALES

:

SGD 54,827,264 [2013]

NET WORTH

:

SGD 10,445,468 [2013]

STAFF STRENGTH

:

50 [2015]

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

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 for mining, quarrying and construction.

 

The immediate holding company of the Subject is ANDRITZ AG, a company incorporated in AUSTRIA.

 

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

16/02/2015

SGD 500,000.00

SGD 500,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

ANDRITZ AG

STATTEGGER STRASSE, 18, A-8045, GRAZ, AUSTRIA.

T03UF1369

500,000.00

100.00

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

------

500,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

ZICK MATTHIAS

Address

:

993, BUKIT TIMAH ROAD, 05-02, MAPLEWOODS, 589631, SINGAPORE.

IC / PP No

:

G6332570N

Nationality

:

GERMAN

Date of Appointment

:

01/01/2010

 

DIRECTOR 2

 

Name Of Subject

:

TAN WEE LAN

Address

:

71, CHOA CHU KANG LOOP, 11-17, NORTHVALE, 68673, SINGAPORE.

IC / PP No

:

S1518334I

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/11/2005

 

DIRECTOR 3

 

Name Of Subject

:

HIDDE FRANKENA

Address

:

AKKERWEG 6, 3862, PP NIJKERK, THE NETHERLANDS, NETHERLANDS.

IC / PP No

:

NTCFDP481

Nationality

:

DUTCH

Date of Appointment

:

30/06/2014

 


MANAGEMENT

 

 

 

1)

Name of Subject

:

ZICK MATTHIAS

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

P G WEE PARTNERSHI P LLP

Auditor' Address

:

N/A

 

Auditor

:

P G WEE PARTNERSHI P 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.

 

 

 

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 against the Subject whether the subject has been involved in any litigation.

 

LEGAL ACTION

 

 

Code No

:

99

Case No

:

25783

Year

:

2008

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

06/10/2008

Plaintiff

:

LEE KUM THYE

Defendants

:

ANDRITZ SINGAPORE PTE LTD (200203251)

25, TUAS AVENUE 4, 639375, SINGAPORE.

Amount Claimed

:

6000

Nature of Claim

:

SGD

Remark

:

 

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

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

MACHINERY FOR MINING, QUARRYING & CONSTRUCTION

Ownership of premises

:

LEASED/RENTED

 

Total Number of Employees:

YEAR

2015

2011

GROUP

N/A

N/A

COMPANY

50

50

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacture and repair of machinery for mining, quarrying and construction.

The Subject is under the ANDRITZ GROUP, a global market leader for customized plant, systems and services for hydropower, the pulp and paper, steel and other specialized industries (solid/liquid separation, feed and biofuel).

The Group focuses on five business areas:

* HYDRO
* PULP & PAPER
* METALS
* ENVIRONMENT & PROCESS
* FEED & BIOFUEL

The Subject is a global supplier of turnkey electromechanical equipment and services for hydro power plants; the product range also covers pumps for the pulp and paper industries, and space technology components (e.g. for the European ARIANE rocket launcher program).


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6565121800

Current Telephone Number

:

65-65121800

Match

:

YES

Address Provided by Client

:

25 TUAS AVENUE 4, SINGAPORE 639375

Current Address

:

25, TUAS AVENUE 4,, 639375, SINGAPORE.

Match

:

YES

 

Other Investigations


On 13th February 2015 we contacted one of the staff from the Subject and he provided some information.

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2013

]

Return on Shareholder Funds

:

Favourable

[

47.90%

]

Return on Net Assets

:

Favourable

[

56.75%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

44 Days

]

Debtor Ratio

:

Favourable

[

51 Days

]

Creditors Ratio

:

Favourable

[

56 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.13 Times

]

Current Ratio

:

Unfavourable

[

1.42 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

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.09 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. 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 :

Generally, the Subject's performance has improved with higher 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. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 : STABLE

 

 

 

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 2002, the Subject is a Private Limited company, focusing on manufacture and repair of machinery for mining, quarrying and 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. Presently, the issued and paid up capital of the Subject stands at SGD 500,000. However, with a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

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 operating on a medium scale and it has approximately 50 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. 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 10,445,468, the Subject should be able to maintain its business in the near terms.

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

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

The industry 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

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

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

SUMMARY

FULL

FULL

Currency

SGD

SGD

SGD

SGD

SGD

TURNOVER

54,827,264

44,861,719

31,352,366

33,511,431

54,126,151

Other Income

1,558,764

493,801

-

-

-

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

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

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

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

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

Total Turnover

56,386,028

45,355,520

31,352,366

33,511,431

54,126,151

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

5,928,188

2,653,121

1,590,546

1,363,090

5,338,216

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

5,928,188

2,653,121

1,590,546

1,363,090

5,338,216

Taxation

(925,001)

(371,726)

(155,920)

(165,424)

(899,801)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

5,003,187

2,281,395

1,434,626

1,197,666

4,438,415

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

7,242,281

6,394,886

6,158,260

8,388,834

7,033,608

Prior year adjustment

-

-

(1,198,000)

-

-

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

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

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

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

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

As restated

7,242,281

6,394,886

4,960,260

8,388,834

7,033,608

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

12,245,468

8,676,281

6,394,886

9,586,500

11,472,023

DIVIDENDS - Ordinary (paid & proposed)

(2,300,000)

(1,434,000)

-

(3,428,240)

(3,083,189)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

9,945,468

7,242,281

6,394,886

6,158,260

8,388,834

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

-

-

-

15,140

-

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

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

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

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

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

-

-

-

15,140

-

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

218,021

152,190

511,791

170,494

285,684

Deferred assets

915,333

670,334

-

332,119

123,102

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

915,333

670,334

-

332,119

123,102

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

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

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

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

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

TOTAL LONG TERM ASSETS

1,133,354

822,524

511,791

502,613

408,786

Stocks

6,542,009

10,041,686

-

3,374,088

5,238,551

Trade debtors

7,728,972

9,103,192

-

6,347,526

7,383,867

Other debtors, deposits & prepayments

48,689

38,777

-

3,361,757

2,616,166

Short term deposits

3,000,000

1,000,000

-

-

-

Cash & bank balances

10,926,065

3,073,813

-

3,407,065

4,347,801

Amount owing by customer

2,126,130

2,408,973

-

-

-

Others

863,436

946,279

-

1,018,297

306,039

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

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

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

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

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

TOTAL CURRENT ASSETS

31,235,301

26,612,720

19,816,252

17,508,733

19,892,424

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

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

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

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

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

TOTAL ASSET

32,368,655

27,435,244

20,328,043

18,011,346

20,301,210

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

8,420,417

7,575,173

-

2,587,054

1,001,358

Other creditors & accruals

-

-

-

573,267

1,273,651

Short term borrowings/Term loans

-

-

-

-

1,009,700

Deposits from customers

1,956,767

858,992

-

-

-

Bill & acceptances payable

972,790

1,677,823

-

-

-

Other liabilities & accruals

-

-

-

2,594,979

1,487,479

Amounts owing to related companies

-

-

-

3,344,823

4,404,852

Provision for taxation

1,219,316

697,925

-

394,269

1,009,140

Other liabilities

9,353,897

8,883,050

-

1,858,694

1,226,196

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

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

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

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

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

TOTAL CURRENT LIABILITIES

21,923,187

19,692,963

13,433,157

11,353,086

11,412,376

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

9,312,114

6,919,757

6,383,095

6,155,647

8,480,048

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

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

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

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

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

TOTAL NET ASSETS

10,445,468

7,742,281

6,894,886

6,658,260

8,888,834

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

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

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

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

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

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

9,945,468

7,242,281

6,394,886

6,158,260

8,388,834

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

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

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

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

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

TOTAL RESERVES

9,945,468

7,242,281

6,394,886

6,158,260

8,388,834

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

10,445,468

7,742,281

6,894,886

6,658,260

8,888,834

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

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

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

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

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

10,445,468

7,742,281

6,894,886

6,658,260

8,888,834

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

13,926,065

4,073,813

-

3,407,065

4,347,801

Net Liquid Funds

12,953,275

2,395,990

-

3,407,065

4,347,801

Net Liquid Assets

2,770,105

(3,121,929)

6,383,095

2,781,559

3,241,497

Net Current Assets/(Liabilities)

9,312,114

6,919,757

6,383,095

6,155,647

8,480,048

Net Tangible Assets

10,445,468

7,742,281

6,894,886

6,658,260

8,888,834

Net Monetary Assets

2,770,105

(3,121,929)

6,383,095

2,781,559

3,241,497

BALANCE SHEET ITEMS

Total Borrowings

972,790

1,677,823

-

0

1,009,700

Total Liabilities

21,923,187

19,692,963

13,433,157

11,353,086

11,412,376

Total Assets

32,368,655

27,435,244

20,328,043

18,011,346

20,301,210

Net Assets

10,445,468

7,742,281

6,894,886

6,658,260

8,888,834

Net Assets Backing

10,445,468

7,742,281

6,894,886

6,658,260

8,888,834

Shareholders' Funds

10,445,468

7,742,281

6,894,886

6,658,260

8,888,834

Total Share Capital

500,000

500,000

500,000

500,000

500,000

Total Reserves

9,945,468

7,242,281

6,394,886

6,158,260

8,388,834

LIQUIDITY (Times)

Cash Ratio

0.64

0.21

-

0.30

0.38

Liquid Ratio

1.13

0.84

-

1.25

1.28

Current Ratio

1.42

1.35

1.48

1.54

1.74

WORKING CAPITAL CONTROL (Days)

Stock Ratio

44

82

-

37

35

Debtors Ratio

51

74

-

69

50

Creditors Ratio

56

62

-

28

7

SOLVENCY RATIOS (Times)

Gearing Ratio

0.09

0.22

-

0.00

0.11

Liabilities Ratio

2.10

2.54

1.95

1.71

1.28

Times Interest Earned Ratio

0.00

0.00

-

91.03

0.00

Assets Backing Ratio

20.89

15.48

13.79

13.32

17.78

PERFORMANCE RATIO (%)

Operating Profit Margin

10.81

5.91

5.07

4.07

9.86

Net Profit Margin

9.13

5.09

4.58

3.57

8.20

Return On Net Assets

56.75

34.27

23.07

20.70

60.06

Return On Capital Employed

56.75

34.27

23.07

20.70

60.06

Return On Shareholders' Funds/Equity

47.90

29.47

20.81

17.99

49.93

Dividend Pay Out Ratio (Times)

0.46

0.63

-

2.86

0.69

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

-

0

0

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.96.00

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.