MIRA INFORM REPORT

 

 

Report No. :

301756

Report Date :

06.01.2015

 

IDENTIFICATION DETAILS

 

Name :

GRASS VALLEY SINGAPORE PTE. LTD.

 

 

Registered Office :

83, Clemenceau Avenue, 07-01/04, 239920

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

27.07.2009

 

 

Com. Reg. No.:

200913574-D

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of broadcast/media equipments

 

 

No. of Employee :

35 [2014]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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.

:

200913574-D

COMPANY NAME

:

GRASS VALLEY SINGAPORE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/07/2009

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

83, CLEMENCEAU AVENUE, 07-01/04, 239920, SINGAPORE.

BUSINESS ADDRESS

:

83, CLEMENCEAU AVENUE, #07-01/04 UE SQUARE, 239920, SINGAPORE.

TEL.NO.

:

65-63791313

FAX.NO.

:

65-63791772

WEB SITE

:

WWW.GRASSVALLEY.COM

CONTACT PERSON

:

CINDY YING LIU ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF BROADCAST/MEDIA EQUIPMENTS

ISSUED AND PAID UP CAPITAL

:

1,000,001.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,001.00

SALES

:

USD 26,208,550 [2013]

NET WORTH

:

USD (2,511,787) [2013]

STAFF STRENGTH

:

35 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

The Subject is principally engaged in the (as a / as an) trading of broadcast/media equipments.

 

The immediate holding company of the Subject is BELDEN FAR EAST HOLDINGS B.V., a company incorporated in NETHERLANDS.

 

Share Capital History

Date

Issue & Paid Up Capital

05/01/2015

SGD 1,000,001.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

BELDEN FAR EAST HOLDINGS B.V.

EDISONSTRAAT, 9, 5928PG, VENLO, THE NETHERLANDS, NETHERLANDS.

T14UF5191

1,000,001.00

100.00

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

------

1,000,001.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

869606X

MALAYSIA

GRASS VALLEY MALAYSIA SDN. BHD.

100.00

31/12/2013

HONG KONG

GRASS VALLEY HONG KONG LIMITED

100.00

31/12/2013

CHINA

GRASS VALLEY CHINA CO. LTD

100.00

31/12/2013

INDIA

GRASS VALLEY INDIA PRIVATE LIMITED

99.00

31/12/2013



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

CINDY YING LIU

Address

:

38, CHAY YAN STREET, 13-06, THE REGENCY AT TIONG BAHRU, 169907, SINGAPORE.

IC / PP No

:

S6968443B

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/02/2013

 

MANAGEMENT

 

1)

Name of Subject

:

CINDY YING LIU

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. TAY CHEE WAH

IC / PP No

:

S6968275H

New IC No

:

690320-10-5700

Address

:

1, BEDOK SOUTH AVENUE, 1, 09-921, 460001, SINGAPORE.

 

2)

Company Secretary

:

LOW SIEW TIAN

IC / PP No

:

S6963151G

Address

:

453, TAMPINES STREET, 42, 11-204, 520453, 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

:

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

[

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
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

BROADCAST/MEDIA EQUIPMENTS

 

Total Number of Employees:

YEAR

2014

GROUP

N/A

COMPANY

35

 

Branch

:

NO

Other Information:

 

The Subject is principally engaged in the (as a / as an) trading of broadcast/media equipments.


At Grass Valley, its size and stability gives it the strength to withstand the cyclical nature of the broadcast/media business while continuing to invest in innovation.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63791313

Match

:

N/A

Address Provided by Client

:

83 CLEMENCEAU AVENUE, # 07-01/04 UE SQUARE 239920 SINGAPORE

Current Address

:

83, CLEMENCEAU AVENUE, #07-01/04 UE SQUARE, 239920, SINGAPORE.

Match

:

YES

 

Other Investigations


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

 

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2013

]

Return on Shareholder Funds

:

Unfavourable

[

21.48%

]

Return on Net Assets

:

Unfavourable

[

21.48%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

13 Days

]

Debtor Ratio

:

Favourable

[

48 Days

]

Creditors Ratio

:

Favourable

[

11 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

:

Unfavourable

[

0.54 Times

]

Current Ratio

:

Unfavourable

[

0.63 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

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 :

The Subject's turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. 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 : POOR

 

 

 

 

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 2009, the Subject is a Private Limited company, focusing on trading of broadcast/media equipments. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Presently, the issued and paid up capital of the Subject stands at SGD 1,000,001. The Subject have a strong support from its holding company.


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. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.


Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -2,511,787. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . 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.


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.


Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

GRASS VALLEY SINGAPORE 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

SUMMARY

SUMMARY

SUMMARY

Currency

USD

USD

SGD

SGD

SGD

TURNOVER

26,208,550

25,666,099

36,964,139

8,773,552

0

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

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

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

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

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

Total Turnover

26,208,550

25,666,099

36,964,139

8,773,552

-

Costs of Goods Sold

(19,069,170)

(20,308,069)

-

-

-

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

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

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

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

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

Gross Profit

7,139,380

5,358,030

-

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(539,431)

(1,043,041)

-

-

770

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(539,431)

(1,043,041)

-

-

770

Taxation

0

(27,302)

0

0

0

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(539,431)

(1,070,343)

-

-

770

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(3,147,585)

770

770

770

0

Prior year adjustment

-

(2,078,012)

-

-

-

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

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

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

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

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

As restated

(3,147,585)

(2,077,242)

770

770

-

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(3,687,016)

(3,147,585)

770

770

770

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(3,687,016)

(3,147,585)

770

770

770

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

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

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

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

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

 

 

 

 

BALANCE SHEET

 

 

GRASS VALLEY SINGAPORE PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

235,354

346,232

1,786,836

1,964,053

189,014

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

1,190,690

1,190,690

-

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

1,190,690

1,190,690

-

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

1,426,044

1,536,922

1,786,836

1,964,053

189,014

Stocks

960,144

1,431,877

-

-

-

Trade debtors

3,456,823

3,877,046

-

-

-

Other debtors, deposits & prepayments

566,358

870,035

-

-

-

Amount due from subsidiary companies

195,827

4,970

-

-

-

Amount due from related companies

525,479

510,187

-

-

-

Cash & bank balances

977,394

2,326,304

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

6,682,025

9,020,419

10,118,699

10,949,257

992,638

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

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

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

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

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

TOTAL ASSET

8,108,069

10,557,341

11,905,535

12,913,310

1,181,652

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

572,654

420,326

-

-

-

Other creditors & accruals

2,002,057

2,275,362

-

-

-

Amounts owing to related companies

7,820,554

9,504,249

-

-

-

Other liabilities

224,591

329,760

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

10,619,856

12,529,697

12,807,548

11,490,861

180,881

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(3,937,831)

(3,509,278)

(2,688,849)

(541,605)

811,757

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

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

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

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

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

TOTAL NET ASSETS

(2,511,787)

(1,972,356)

(902,013)

1,422,449

1,000,771

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

694,011

694,011

1,000,001

1,000,001

1,000,001

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

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

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

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

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

TOTAL SHARE CAPITAL

694,011

694,011

1,000,001

1,000,001

1,000,001

Capital reserve

481,218

481,218

-

-

-

Retained profit/(loss) carried forward

(3,687,016)

(3,147,585)

770

770

770

Others

-

-

-

(186,534)

0

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

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

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

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

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

TOTAL RESERVES

(3,205,798)

(2,666,367)

(1,902,014)

422,448

770

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

(2,511,787)

(1,972,356)

(902,013)

1,422,449

1,000,771

TOTAL LONG TERM LIABILITIES

-

-

-

0

0

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

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

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

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

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

(2,511,787)

(1,972,356)

(902,013)

1,422,449

1,000,771

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

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

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

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

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

 

 

 

 

FINANCIAL RATIO

 

 

GRASS VALLEY SINGAPORE PTE. LTD.

 

TYPES OF FUNDS

Cash

977,394

2,326,304

-

-

-

Net Liquid Funds

977,394

2,326,304

-

-

-

Net Liquid Assets

(4,897,975)

(4,941,155)

(2,688,849)

(541,604)

811,757

Net Current Assets/(Liabilities)

(3,937,831)

(3,509,278)

(2,688,849)

(541,604)

811,757

Net Tangible Assets

(2,511,787)

(1,972,356)

(902,013)

1,422,449

1,000,771

Net Monetary Assets

(4,897,975)

(4,941,155)

(2,688,849)

(541,604)

811,757

BALANCE SHEET ITEMS

Total Borrowings

0

0

-

-

-

Total Liabilities

10,619,856

12,529,697

12,807,548

11,490,861

180,881

Total Assets

8,108,069

10,557,341

11,905,535

12,913,310

1,181,652

Net Assets

(2,511,787)

(1,972,356)

(902,013)

1,422,448

1,000,771

Net Assets Backing

(2,511,787)

(1,972,356)

(902,013)

1,422,449

1,000,771

Shareholders' Funds

(2,511,787)

(1,972,356)

(902,013)

1,422,449

1,000,771

Total Share Capital

694,011

694,011

1,000,001

1,000,001

1,000,001

Total Reserves

(3,205,798)

(2,666,367)

(1,902,014)

422,448

770

LIQUIDITY (Times)

Cash Ratio

0.09

0.19

-

-

-

Liquid Ratio

0.54

0.61

-

-

-

Current Ratio

0.63

0.72

0.79

0.95

5.49

WORKING CAPITAL CONTROL (Days)

Stock Ratio

13

20

-

-

-

Debtors Ratio

48

55

-

-

-

Creditors Ratio

11

8

-

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

-

-

-

Liabilities Ratio

(4.23)

(6.35)

(14.20)

8.08

0.18

Times Interest Earned Ratio

0.00

0.00

-

-

-

Assets Backing Ratio

(3.62)

(2.84)

(0.90)

1.42

1.00

PERFORMANCE RATIO (%)

Operating Profit Margin

(2.06)

(4.06)

-

-

-

Net Profit Margin

(2.06)

(4.17)

-

-

-

Return On Net Assets

21.48

52.88

-

-

0.08

Return On Capital Employed

21.48

52.88

-

-

0.08

Return On Shareholders' Funds/Equity

21.48

54.27

-

-

0.08

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.63.38

UK Pound

1

Rs.96.84

Euro

1

Rs.75.66

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

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%)

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.