|
Report No. : |
309046 |
|
Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
POLYCORE OPTICAL (PTE) LTD |
|
|
|
|
Registered Office : |
27, UBI Road, 4, 05-01, 408618 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.01.1976 |
|
|
|
|
Com. Reg. No.: |
197600174-C |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of lenses |
|
|
|
|
No of Employees : |
40 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But 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 – 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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. |
: |
197600174-C |
|
COMPANY NAME |
: |
POLYCORE OPTICAL
(PTE) LTD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
26/01/1976 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
27, UBI ROAD, 4, 05-01, 408618, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
27, UBI ROAD 4, 05-01 MSL BUILDING,
408618, SINGAPORE. |
|
TEL.NO. |
: |
65-67476677 |
|
FAX.NO. |
: |
65-67443664 |
|
WEB SITE |
: |
WWW.POLYCORE.COM |
|
CONTACT PERSON |
: |
ERIC FRANCOIS MARIE-ANGE THOREUX (
DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF LENSES |
|
ISSUED AND PAID UP CAPITAL |
: |
76,000,000.00 ORDINARY SHARE, OF A VALUE
OF SGD 76,000,000.00 |
|
SALES |
: |
USD 11,749,752 [2013] |
|
NET WORTH |
: |
USD 39,676,425 [2013] |
|
STAFF STRENGTH |
: |
40 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
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 of lenses.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
25/02/2015 |
SGD 76,000,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
OSA INVESTMENTS HOLDINGS PTE. LTD. |
201, KALLANG BAHRU, 03-00, ESSILOR
BUILDING, 1, 339338, SINGAPORE. |
201002428G |
38,000,000.00 |
50.00 |
|
POLYCORE HOLDING CORPORATION |
QUIJANO AND ASSOCIATES, TOP FLR SALDUBA
BLDG, URBANIZACION OBARRIO, PANAMA 5, PANAMA. |
T04UF0229A |
38,000,000.00 |
50.00 |
|
--------------- |
------ |
|||
|
76,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
BILLY LAURENCE |
|
Address |
: |
2D, UPPER BOON KENG ROAD, 24-664, 384002,
SINGAPORE. |
|
IC / PP No |
: |
S8075280F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
04/12/2014 |
DIRECTOR 2
|
Name Of Subject |
: |
CHRISTIAN JEAN BACHHEIMER |
|
Address |
: |
121, TANJONG RHU ROAD, 11-36, TANJONG RIA
CONDOMINIUM, 436914, SINGAPORE. |
|
IC / PP No |
: |
G6098488W |
|
Nationality |
: |
FRENCH |
|
Date of Appointment |
: |
04/08/2008 |
DIRECTOR 3
|
Name Of Subject |
: |
ERIC FRANCOIS MARIE-ANGE THOREUX |
|
Address |
: |
3, CITE VANEAU, 75007, PARIS, FRANCE. |
|
IC / PP No |
: |
12DH07758 |
|
Nationality |
: |
FRENCH |
|
Date of Appointment |
: |
01/07/2013 |
DIRECTOR 4
|
Name Of Subject |
: |
CLAUDE JEAN ALPHONSE JOULOT |
|
Address |
: |
04, PLACE LEON BLUM, 75011, PARIS, FRANCE. |
|
IC / PP No |
: |
12AF29484 |
|
Nationality |
: |
FRENCH |
|
Date of Appointment |
: |
01/07/2013 |
DIRECTOR 5
|
Name Of Subject |
: |
CHERRIER PATRICK JACQUES |
|
Address |
: |
9, ARDMORE PARK, 15-02, ARDMORE PARK,
259955, SINGAPORE. |
|
IC / PP No |
: |
S2766632I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/07/2013 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
ERIC FRANCOIS MARIE-ANGE THOREUX |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
MAZARS LLP |
|
Auditor' Address |
: |
N/A |
|
Auditor |
: |
MAZARS LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
LO SWEE OI |
|
IC / PP No |
: |
S1611477D |
|
|
Address |
: |
135, CASHEW ROAD, 10-129, 670135, 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 |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
LENSES |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
40 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of lenses.
The Subject specializes in the high-quality ophthalmic lenses.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-67476677 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
33 UBI AVENUE 3, #05-52 VERTEX SINGAPORE
408868 |
|
Current Address |
: |
27, UBI ROAD 4, 05-01 MSL BUILDING,
408618, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject and he provided some information.
The Subject is not aware of the address provided.
The Subject refused to disclose its bankers.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
5.34% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
(0.58%) |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(1.32%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(0.73%) |
] |
|
|
The lower turnover could be due to the unfavourable market conditions.Higher
losses before tax during the year could be due to the higher operating costs
incurred. The Subject's unfavourable returns on shareholders' funds indicate
the management's inefficiency in utilising its assets to generate returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
26 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
51 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
7 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 |
[ |
1.75 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.82 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 |
: |
Unfavourable |
[ |
(1.24 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not improve,
the Subject may be vulnerable to default in servicing the interest. 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 losses could be attributed to the lower turnover which
in turn could be the result of unfavourable market conditions. 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's interest
cover was negative, indicating that it did not generate sufficient income to
service its interest. If its result does not show impressive improvements or
succeed obtaining short term financing or capital injection, it may not be
able to service its interest and repay the loans. 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 : LIMITED |
||||||
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
|
|
Due to the challenging market conditions,
the Subject's business performance seems to be deteriorating and losses
incurred. The Subject has generated an unfavourable return on shareholders'
funds indicating that the management was inefficient in utilising its funds
to generate return. The Subject is in good liquidity position with its
current liabilities well covered by it current assets. Hence, it has
sufficient working capital to meet its short term financial obligations.
Being a 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 USD 39,676,425, the Subject should be able to
maintain its business in the near terms. Without a strong assets backing, the
Subject may face difficulties in getting loans for its future expansion and
continued growth . 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. 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. |
|
POLYCORE OPTICAL
(PTE) LTD |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
TURNOVER |
11,749,752 |
12,413,078 |
|
---------------- |
---------------- |
|
|
Total Turnover |
11,749,752 |
12,413,078 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(523,428) |
(520,412) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(523,428) |
(520,412) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(523,428) |
(520,412) |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
(9,777,462) |
(9,257,050) |
|
---------------- |
---------------- |
|
|
As restated |
(9,777,462) |
(9,257,050) |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(10,300,890) |
(9,777,462) |
|
TRANSFER TO RESERVES - General |
456,315 |
- |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(9,844,575) |
(9,777,462) |
|
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
||
|
Loan from holding company |
32,126 |
- |
|
Term loan / Borrowing |
201,565 |
226,631 |
|
---------------- |
---------------- |
|
|
233,691 |
226,631 |
|
|
============= |
============= |
BALANCE
SHEET
|
|
|
|
POLYCORE OPTICAL
(PTE) LTD |
|
ASSETS EMPLOYED: |
||
|
FIXED ASSETS |
739,838 |
1,026,861 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
||
|
Subsidiary companies |
27,778,966 |
22,292,401 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
27,778,966 |
22,292,401 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
28,518,804 |
23,319,262 |
|
Stocks |
849,378 |
82,724 |
|
Trade debtors |
1,653,066 |
(6,251,359) |
|
Other debtors, deposits & prepayments |
3,954,719 |
149,634 |
|
Amount due from subsidiary companies |
15,238,821 |
27,068,801 |
|
Amount due from related companies |
570,487 |
- |
|
Cash & bank balances |
2,581,239 |
1,209,389 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
24,847,710 |
22,259,189 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
53,366,514 |
45,578,451 |
|
============= |
============= |
|
|
CURRENT
LIABILITIES |
||
|
Trade creditors |
210,021 |
292,580 |
|
Other creditors & accruals |
293,220 |
189,229 |
|
Short term borrowings/Term loans |
- |
4,763,101 |
|
Amounts owing to holding company |
11,788,218 |
19,994,351 |
|
Amounts owing to subsidiary companies |
1,398,630 |
900,337 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
13,690,089 |
26,139,598 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
11,157,621 |
(3,880,409) |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
39,676,425 |
19,438,853 |
|
============= |
============= |
|
|
SHARE CAPITAL |
||
|
Ordinary share capital |
49,521,000 |
28,760,000 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
49,521,000 |
28,760,000 |
|
Exchange equalisation/fluctuation reserve |
- |
456,315 |
|
Retained profit/(loss) carried forward |
(9,844,575) |
(9,777,462) |
|
Others |
0 |
- |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(9,844,575) |
(9,321,147) |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
39,676,425 |
19,438,853 |
|
---------------- |
---------------- |
|
|
39,676,425 |
19,438,853 |
|
|
============= |
============= |
|
FINANCIAL
RATIO
|
|
|
|
POLYCORE OPTICAL
(PTE) LTD |
|
TYPES OF FUNDS |
||
|
Cash |
2,581,239 |
1,209,389 |
|
Net Liquid Funds |
2,581,239 |
1,209,389 |
|
Net Liquid Assets |
10,308,243 |
(3,963,133) |
|
Net Current Assets/(Liabilities) |
11,157,621 |
(3,880,409) |
|
Net Tangible Assets |
39,676,425 |
19,438,853 |
|
Net Monetary Assets |
10,308,243 |
(3,963,133) |
|
BALANCE SHEET
ITEMS |
||
|
Total Borrowings |
0 |
4,763,101 |
|
Total Liabilities |
13,690,089 |
26,139,598 |
|
Total Assets |
53,366,514 |
45,578,451 |
|
Net Assets |
39,676,425 |
19,438,853 |
|
Net Assets Backing |
39,676,425 |
19,438,853 |
|
Shareholders' Funds |
39,676,425 |
19,438,853 |
|
Total Share Capital |
49,521,000 |
28,760,000 |
|
Total Reserves |
(9,844,575) |
(9,321,147) |
|
LIQUIDITY
(Times) |
||
|
Cash Ratio |
0.19 |
0.05 |
|
Liquid Ratio |
1.75 |
0.85 |
|
Current Ratio |
1.82 |
0.85 |
|
WORKING CAPITAL
CONTROL (Days) |
||
|
Stock Ratio |
26 |
2 |
|
Debtors Ratio |
51 |
(184) |
|
Creditors Ratio |
7 |
9 |
|
SOLVENCY RATIOS
(Times) |
||
|
Gearing Ratio |
0.00 |
0.25 |
|
Liabilities Ratio |
0.35 |
1.34 |
|
Times Interest Earned Ratio |
(1.24) |
(1.30) |
|
Assets Backing Ratio |
0.80 |
0.68 |
|
PERFORMANCE
RATIO (%) |
||
|
Operating Profit Margin |
(4.45) |
(4.19) |
|
Net Profit Margin |
(4.45) |
(4.19) |
|
Return On Net Assets |
(0.73) |
(1.51) |
|
Return On Capital Employed |
(0.73) |
(1.51) |
|
Return On Shareholders' Funds/Equity |
(1.32) |
(2.68) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.79 |
|
|
1 |
Rs. 95.42 |
|
Euro |
1 |
Rs. 69.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.