MIRA INFORM REPORT

 

 

Report No. :

310225

Report Date :

26.02.2015

 

IDENTIFICATION DETAILS

 

Name :

SPECTRIS PTE. LTD.

 

 

Formerly Known As :

BTG SEA PTE LTD (06/01/1996)

SPECTRIS PTE LTD (06/01/1996)

BTG BONNIER TECHNOLOGY PTE LTD (10/08/1989)

 

 

Registered Office :

31, Kaki Bukit Road 3, 04- 05 Techlink, 417818

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

22.04.1981

 

 

Com. Reg. No.:

198101779-G

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading and Repair of Process Control Equipment and Related Products.

 

 

No. of Employee :

80 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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.

:

198101779-G

COMPANY NAME

:

SPECTRIS PTE. LTD.

FORMER NAME

:

BTG SEA PTE LTD (06/01/1996)
SPECTRIS PTE LTD (06/01/1996)
BTG BONNIER TECHNOLOGY PTE LTD (10/08/1989)

INCORPORATION DATE

:

22/04/1981

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

31, KAKI BUKIT ROAD 3, 04- 05 TECHLINK, 417818, SINGAPORE.

BUSINESS ADDRESS

:

31 KAKI BUKIT ROAD 3, #04-05/07 TECHLINK LOBBY B, 417818, SINGAPORE.

TEL.NO.

:

65-64960336

FAX.NO.

:

65-64960354

CONTACT PERSON

:

KENNETH DOUGAL TURNER SMITH ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING AND REPAIR OF PROCESS CONTROL EQUIPMENT AND RELATED PRODUCTS

ISSUED AND PAID UP CAPITAL

:

564,321.00 ORDINARY SHARE, OF A VALUE OF SGD 21,892,382.00

SALES

:

EUR 56,341,000 [2013]

NET WORTH

:

EUR 33,756,000 [2013]

STAFF STRENGTH

:

80 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

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 and repair of process control equipment and related products.

 

The immediate holding company of the Subject is SPECTRIS GROUP HOLDINGS LIMITED, a company incorporated in UNITED KINGDOM.

The ultimate holding company of the Subject is SPECTRIS PLC, a company incorporated in UNITED KINGDOM.

 

Share Capital History

 

Date

Issue & Paid Up Capital

02/01/2015

SGD 21,892,382.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

SPECTRIS GROUP HOLDINGS LIMITED

HERITAGE HOUSE, CHURCH ROAD, EGHAM, SURREY, TW20 9QD, UNITED KINGDOM.

T08UF1887

564,321.00

100.00

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

------

564,321.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

CHINA

HOTTINGER BALDWIN (SUZHOU) ELECTRONIC MEASUREMENT TECHNOLOGY CO., LTD

100.00

31/12/2013

CHINA

SPECTRIS INSTRUMENTATION & SYSTEM SHANGHAI LTD

100.00

31/12/2013



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. KENNETH DOUGAL TURNER SMITH

Address

:

ROUTE DORON 4, 1083, MEZIERES, VAUD, SWITZERLAND.

IC / PP No

:

761232426

Nationality

:

BRITISH

Date of Appointment

:

15/08/2011

 

DIRECTOR 2

 

Name Of Subject

:

TAN TENG GUAN

Address

:

9, GREENLEAF VIEW, BAN GUAN PARK, 279249, SINGAPORE.

IC / PP No

:

S1374503Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

11/12/1995



MANAGEMENT

 

1)

Name of Subject

:

KENNETH DOUGAL TURNER SMITH

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

JULIANA LOH JOO HUI

IC / PP No

:

S2558149J

Address

:

22, SAINT GEORGES ROAD, 12-182, 321022, 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.

No legal action was found in our databank.


No winding up petition was found in our databank.



PAYMENT RECORD

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers.


The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

 

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

PROCESS CONTROL EQUIPMENT

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

80

66

66

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading and repair of process control equipment and related products.


The Subject refused to disclose its operation.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-64960336

Match

:

N/A

Address Provided by Client

:

31 KAKI BUKIT ROAD 3, #06-04/05, TECHLINK SINGAPORE 417818

Current Address

:

31 KAKI BUKIT ROAD 3, #04-05/07 TECHLINK LOBBY B, 417818, SINGAPORE.

Match

:

NO

 

Other Investigations


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

 

The address provided also belongs to the Subject.

 

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2013

]

Return on Shareholder Funds

:

Favourable

[

39.67%

]

Return on Net Assets

:

Favourable

[

43.72%

]

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. 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

[

30 Days

]

Debtor Ratio

:

Favourable

[

43 Days

]

Creditors Ratio

:

Favourable

[

48 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

[

1.85 Times

]

Current Ratio

:

Favourable

[

2.12 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

[

0.00 Times

]

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

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 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 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

 

 

 

 

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 :

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

 


Incorporated in 1981, the Subject is a Private Limited company, focusing on trading and repair of process control equipment and related products. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. The Subject have a strong capital position of SGD 21,892,382. 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 80 employees in its business operations. The Subject has a good  management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.


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. 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at EUR 33,756,000, the Subject should be able to maintain its business in the near terms.


Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.


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.


In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term.

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

SPECTRIS PTE. LTD.

 

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

FULL

SUMMARY

SUMMARY

Currency

EUR

EUR

EUR

SGD

SGD

TURNOVER

56,341,000

55,172,000

51,224,000

66,953,293

74,283,599

Other Income

12,621,000

14,445,000

2,597,000

-

-

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

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

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

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

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

Total Turnover

68,962,000

69,617,000

53,821,000

66,953,293

74,283,599

Costs of Goods Sold

(44,449,000)

(44,190,000)

(41,881,000)

-

-

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

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

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

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

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

Gross Profit

24,513,000

25,427,000

11,940,000

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

14,758,000

16,986,000

4,614,000

14,424,718

8,192,902

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

14,758,000

16,986,000

4,614,000

14,424,718

8,192,902

Taxation

(1,368,000)

(1,311,000)

(937,000)

(633,744)

(1,594,922)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

13,390,000

15,675,000

3,677,000

13,790,974

6,597,979

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

23,712,000

18,700,206

15,023,206

1,232,232

(5,365,747)

Prior year adjustment

-

(10,663,206)

-

-

-

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

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

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

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

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

As restated

23,712,000

8,037,000

15,023,206

1,232,232

(5,365,747)

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

37,102,000

23,712,000

18,700,206

15,023,206

1,232,232

DIVIDENDS - Ordinary (paid & proposed)

(17,904,000)

-

-

-

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

19,198,000

23,712,000

18,700,206

15,023,206

1,232,232

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

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

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

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

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

 

 

 

 

BALANCE SHEET

 

 

SPECTRIS PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

394,000

270,000

261,000

2,865,931

3,365,885

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

12,489,000

12,489,000

12,489,000

-

-

Deferred assets

123,000

83,000

78,000

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

12,612,000

12,572,000

12,567,000

-

-

Own goodwill

1,423,000

1,423,000

1,423,000

-

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

1,423,000

1,423,000

1,423,000

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

14,429,000

14,265,000

14,251,000

2,865,931

3,365,885

Stocks

4,694,000

4,743,000

2,064,000

-

-

Trade debtors

6,618,000

5,628,000

5,376,000

-

-

Other debtors, deposits & prepayments

637,000

193,000

246,000

-

-

Amount due from holding company

22,906,000

29,630,000

17,463,000

-

-

Amount due from related companies

756,000

736,000

1,157,000

-

-

Cash & bank balances

939,000

803,000

736,000

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

36,550,000

41,733,000

27,042,000

41,776,052

44,724,722

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

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

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

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

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

TOTAL ASSET

50,979,000

55,998,000

41,293,000

44,641,984

48,090,607

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

5,820,000

6,244,000

5,509,000

-

-

Other creditors & accruals

1,130,000

1,933,000

1,503,000

-

-

Amounts owing to related companies

9,376,000

8,728,000

9,302,000

-

-

Provision for taxation

897,000

824,000

883,000

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

17,223,000

17,729,000

17,197,000

30,368,660

25,472,988

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

19,327,000

24,004,000

9,845,000

11,407,392

19,251,734

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

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

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

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

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

TOTAL NET ASSETS

33,756,000

38,269,000

24,096,000

14,273,323

22,617,619

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

12,591,000

12,591,000

12,591,000

21,892,382

21,892,382

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

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

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

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

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

TOTAL SHARE CAPITAL

12,591,000

12,591,000

12,591,000

21,892,382

21,892,382

Exchange equalisation/fluctuation reserve

(1,607,000)

(1,668,000)

(200,000)

-

-

Retained profit/(loss) carried forward

19,198,000

23,712,000

18,700,206

15,023,206

1,232,232

Employee share option reserve

269,000

329,000

363,000

-

-

Others

3,305,000

3,305,000

3,305,000

(14,037,477)

(506,995)

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

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

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

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

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

TOTAL RESERVES

21,165,000

25,678,000

11,505,000

(7,641,944)

725,237

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

33,756,000

38,269,000

24,096,000

14,250,438

22,617,619

TOTAL LONG TERM LIABILITIES

-

-

-

22,885

0

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

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

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

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

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

33,756,000

38,269,000

24,096,000

14,273,323

22,617,619

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

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

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

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

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

 

 

 

 

FINANCIAL RATIO

 

 

SPECTRIS PTE. LTD.

 

TYPES OF FUNDS

Cash

939,000

803,000

736,000

-

-

Net Liquid Funds

939,000

803,000

736,000

-

-

Net Liquid Assets

14,633,000

19,261,000

7,781,000

11,407,392

19,251,734

Net Current Assets/(Liabilities)

19,327,000

24,004,000

9,845,000

11,407,392

19,251,734

Net Tangible Assets

32,333,000

36,846,000

22,673,000

14,273,323

22,617,619

Net Monetary Assets

14,633,000

19,261,000

7,781,000

11,384,507

19,251,734

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

-

-

Total Liabilities

17,223,000

17,729,000

17,197,000

30,391,545

25,472,988

Total Assets

50,979,000

55,998,000

41,293,000

44,641,983

48,090,607

Net Assets

33,756,000

38,269,000

24,096,000

14,273,323

22,617,619

Net Assets Backing

33,756,000

38,269,000

24,096,000

14,250,438

22,617,619

Shareholders' Funds

33,756,000

38,269,000

24,096,000

14,250,438

22,617,619

Total Share Capital

12,591,000

12,591,000

12,591,000

21,892,382

21,892,382

Total Reserves

21,165,000

25,678,000

11,505,000

(7,641,944)

725,237

LIQUIDITY (Times)

Cash Ratio

0.05

0.05

0.04

-

-

Liquid Ratio

1.85

2.09

1.45

-

-

Current Ratio

2.12

2.35

1.57

1.38

1.76

WORKING CAPITAL CONTROL (Days)

Stock Ratio

30

31

15

-

-

Debtors Ratio

43

37

38

-

-

Creditors Ratio

48

52

48

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

-

-

Liabilities Ratio

0.51

0.46

0.71

2.13

1.13

Times Interest Earned Ratio

0.00

0.00

0.00

-

-

Assets Backing Ratio

2.57

2.93

1.80

0.65

1.03

PERFORMANCE RATIO (%)

Operating Profit Margin

26.19

30.79

9.01

21.54

11.03

Net Profit Margin

23.77

28.41

7.18

20.60

8.88

Return On Net Assets

43.72

44.39

19.15

101.06

36.22

Return On Capital Employed

41.95

42.79

18.08

101.06

36.22

Return On Shareholders' Funds/Equity

39.67

40.96

15.26

96.78

29.17

Dividend Pay Out Ratio (Times)

1.34

0.00

0.00

-

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.05

UK Pound

1

Rs.96.03

Euro

1

Rs.70.43

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

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.