MIRA INFORM REPORT

 

 

Report No. :

304108

Report Date :

23.01.2015

 

IDENTIFICATION DETAILS

 

Name :

AV CONCEPT SINGAPORE PTE. LTD.

 

 

Formerly Known As :

BOSTEX ELECTRONICS PTE LTD

 

 

Registered Office :

219, Henderson Road, 10- 01, Henderson Industrial Park, 159556

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.10.1989

 

 

Com. Reg. No.:

198904746-N

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of Electronic Components

 

 

No. of Employee :

20 [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 – 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.

:

198904746-N

COMPANY NAME

:

AV CONCEPT SINGAPORE PTE. LTD.

FORMER NAME

:

BOSTEX ELECTRONICS PTE LTD (02/01/2004)

INCORPORATION DATE

:

30/10/1989

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

219, HENDERSON ROAD, 10- 01, HENDERSON INDUSTRIAL PARK, 159556, SINGAPORE.

BUSINESS ADDRESS

:

219 HENDERSON ROAD, 10-01 HENDERSON INDUSTRIAL PARK, 159556, SINGAPORE.

TEL.NO.

:

65-62765130

FAX.NO.

:

65-62765132

EMAIL

:

AVSINGAPORE@AVCONCEPT.COM

WEB SITE

:

AVSINGAPORE@AVCONCEPT.COM

CONTACT PERSON

:

SO YUK KWAN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF ELECTRONIC COMPONENTS

ISSUED AND PAID UP CAPITAL

:

4,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 4,000,000.00 

SALES

:

SGD 296,337,059 [2014]

NET WORTH

:

SGD 13,695,114 [2014]

STAFF STRENGTH

:

20 [2015]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

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) wholesale of electronic components.

The immediate holding company of the Subject is AV ELECTRONICS GROUP LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

 

Share Capital History

Date

Issue & Paid Up Capital

21/01/2015

SGD 4,000,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

AV ELECTRONICS GROUP LIMITED

P.O. BOX 3340, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.

T03UF0282K

4,000,000.00

100.00

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

------

4,000,000.00

100.00

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

=====

+ Also Director

 

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

Local No

Country

Company

(%)

As At

201223830K

SINGAPORE

AV PASSIVE SOLUTIONS (SINGAPORE) PTE. LTD.

100.00

20/01/2015

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SO YUK KWAN

Address

:

16, JERVOIS HILL, 247712, SINGAPORE.

IC / PP No

:

S2600305I

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/10/1989

 

DIRECTOR 2

 

Name Of Subject

:

YEUNG KIT LING

Address

:

16, JERVOIS HILL, 247712, SINGAPORE.

IC / PP No

:

S2600306G

Nationality

:

SINGAPOREAN

Date of Appointment

:

07/04/1993

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

SO YUK KWAN

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

 

1)

Company Secretary

:

SUSIE LOW GEOK ENG

IC / PP No

:

S0167313J

Address

:

201, BISHAN STREET 23, 08-469, 570201, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

ENCUMBRANCE (S)

 

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201211622

10/10/2012

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201211839

15/10/2012

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

 

 

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

:

30216

Year

:

2010

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

10/11/2010

Solicitor Ref

:

WL.110.07

Solicitor Firm

:

WINSTON LOW & PARTNERS

Plaintiff

:

STVE PTE LTD

Defendants

:

AV CONCEPT SINGAPORE PTE LTD (198904746)

219 HENDERSON ROAD, 10-01 HENDERSON INDUSTRIAL PARK, 159556, SINGAPORE.

Amount Claimed

:

4362.35

Nature of Claim

:

SGD

Remark

:

NEGLIGENCE RELATED

 

No winding up petition was found in our databank

 

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

Import Countries

:

INDIA



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

:

SOUTHEAST ASIA

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

ELECTRONIC COMPONENTS

Ownership of premises

:

OWNED

 

Total Number of Employees:

 

YEAR

2015

2014

2013

2012

2011

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

20

20

20

20

20

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of electronic components. 

The Group's extensive distribution network and experienced sales and marketing team have enabled the Group to become one of the largest semiconductor distributors for Samsung Electronics and Fairchild Semiconductor in the Asia Pacific region.

The Subject's products are as follows:
* Memory ldram, sram, flash, mask rom 
* System lsi (mcu, ldi, media, consumer ic) 
* Tft panel
* Analog & mixed signal product 
* Discrete product 
* Microcontroller 
* Non-volatile memory 
* Optoelectronics
* Solution recommendations 
* Software programming support for mcu/ldi 
* Sebugation of firm ware

The trade names/brands are as follows:

* I river, mp3 cd player 
* Samsung, transistor, ic, memory

The Subject is the agent & distributor/ dealer of: 
* Samsung electronics co.ltd (korea) 
* Fairchild semiconductor (united states) 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62765130

Match

:

N/A

Address Provided by Client

:

219 HENDERSON ROAD, 10-01 HENDERSON INDUSTRIAL PARK,159556,SINGAPORE

Current Address

:

219 HENDERSON ROAD, 10-01 HENDERSON INDUSTRIAL PARK, 159556, SINGAPORE.

Match

:

YES

 

Other Investigations


On 21st January 2015 we contacted one of the staff from the Subject and she provided some information.

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

8.97%

]

Return on Net Assets

:

Acceptable

[

16.71%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

21 Days

]

Debtor Ratio

:

Favourable

[

18 Days

]

Creditors Ratio

:

Favourable

[

9 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

[

0.73 Times

]

Current Ratio

:

Unfavourable

[

1.26 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

:

Unfavourable

[

2.00 Times

]

Gearing Ratio

:

Unfavourable

[

1.84 Times

]

The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

Overall Assessment :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

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

 

 


Incorporated in 1989, the Subject is a Private Limited company, focusing on wholesale of electronic components. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 4,000,000 allows the Subject to expand its business more comfortably. 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. Being a small company, the Subject's business operation is supported by 20 employees. 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. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at SGD 13,695,114, 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. 

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.

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

SGD

SGD

SGD

SGD

SGD

TURNOVER

296,337,059

227,379,291

235,949,513

225,889,214

144,305,580

Other Income

486,040

265,438

97,866

-

-

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

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

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

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

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

Total Turnover

296,823,099

227,644,729

236,047,379

225,889,214

144,305,580

Costs of Goods Sold

(289,712,968)

(222,964,664)

(231,510,414)

-

-

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

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

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

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

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

Gross Profit

7,110,131

4,680,065

4,536,965

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,407,372

248,671

280,738

899,197

940,236

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,407,372

248,671

280,738

899,197

940,236

Taxation

(178,651)

(58,538)

26,137

(110,000)

(41,613)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,228,721

190,133

306,875

789,197

898,623

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

6,929,880

6,739,747

6,432,872

5,497,063

4,598,440

Prior year adjustment

-

-

-

146,612

-

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

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

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

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

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

As restated

6,929,880

6,739,747

6,432,872

5,643,675

4,598,440

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

8,158,601

6,929,880

6,739,747

6,432,872

5,497,063

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

8,158,601

6,929,880

6,739,747

6,432,872

5,497,063

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Hire purchase

9,223

9,223

9,223

6,431

12,457

Term loan / Borrowing

61,385

17,700

-

-

-

Trust receipts

622,046

509,328

462,410

295,041

164,480

Others

719,730

351,045

384,357

365,996

243,399

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

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

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

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

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

1,412,384

887,296

855,990

667,468

420,336

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

3,284,556

3,305,966

3,182,622

2,255,705

2,095,379

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

425,000

425,000

-

-

-

Investment properties

4,750,000

5,000,000

5,000,000

4,003,388

4,086,226

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

5,175,000

5,425,000

5,000,000

4,003,388

4,086,226

Goodwill on consolidation

-

-

-

99,656

105,689

Others

81,557

87,590

93,623

-

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

81,557

87,590

93,623

99,656

105,689

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

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

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

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

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

TOTAL LONG TERM ASSETS

8,541,113

8,818,556

8,276,245

6,358,749

6,287,294

Stocks

17,058,594

15,742,007

12,332,353

16,496,893

5,502,620

Trade debtors

14,237,910

12,420,120

11,018,851

9,949,630

10,964,876

Other debtors, deposits & prepayments

67,598

767,545

464,996

443,179

768,695

Amount due from subsidiary companies

136,068

60,685

-

-

-

Amount due from related companies

6,832,249

6,938,329

1,815,318

1,525,670

4,016

Cash & bank balances

2,343,594

3,801,891

2,336,817

2,822,291

2,966,019

Others

-

2,729,540

39,005

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

40,676,013

42,460,117

28,007,340

31,237,663

20,206,226

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

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

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

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

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

TOTAL ASSET

49,217,126

51,278,673

36,283,585

37,596,412

26,493,520

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

7,239,867

16,101,523

7,185,161

12,074,470

5,754,665

Other creditors & accruals

452,415

480,880

340,889

568,315

442,331

Hire purchase & lease creditors

38,787

68,573

68,573

68,573

40,280

Short term borrowings/Term loans

175,374

186,971

-

-

-

Other borrowings

22,206,892

17,532,600

-

-

-

Other liabilities & accruals

1,357,960

820,199

-

-

-

Amounts owing to holding company

342,626

241,678

147,804

-

-

Amounts owing to related companies

296,075

150,476

-

190,033

388,137

Provision for taxation

230,000

23,000

-

130,878

30,398

Other liabilities

-

-

16,203,203

13,708,036

9,885,232

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

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

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

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

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

TOTAL CURRENT LIABILITIES

32,339,996

35,605,900

23,945,630

26,740,305

16,541,043

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

8,336,017

6,854,217

4,061,710

4,497,358

3,665,183

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

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

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

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

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

TOTAL NET ASSETS

16,877,130

15,672,773

12,337,955

10,856,107

9,952,477

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

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

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

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

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

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

TOTAL SHARE CAPITAL

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Revaluation reserve

1,536,513

1,374,042

1,136,170

219,142

219,142

Retained profit/(loss) carried forward

8,158,601

6,929,880

6,739,747

6,432,872

5,497,063

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

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

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

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

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

TOTAL RESERVES

9,695,114

8,303,922

7,875,917

6,505,402

5,716,205

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

13,695,114

12,303,922

11,875,917

10,505,402

9,716,205

Long term loans

2,761,181

2,934,586

-

-

-

Hire purchase creditors

77,752

116,539

185,112

253,685

131,332

Deferred taxation

325,923

292,646

243,926

56,100

56,100

Others

17,160

25,080

33,000

40,920

48,840

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

3,182,016

3,368,851

462,038

350,705

236,272

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

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

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

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

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

16,877,130

15,672,773

12,337,955

10,856,107

9,952,477

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

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

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

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

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

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

2,343,594

3,801,891

2,336,817

2,822,291

2,966,019

Net Liquid Funds

2,343,594

3,801,891

2,336,817

2,822,291

2,966,019

Net Liquid Assets

(8,722,577)

(8,887,790)

(8,270,643)

(11,999,535)

(1,837,437)

Net Current Assets/(Liabilities)

8,336,017

6,854,217

4,061,710

4,497,358

3,665,183

Net Tangible Assets

16,795,573

15,585,183

12,244,332

10,756,451

9,846,788

Net Monetary Assets

(11,904,593)

(12,256,641)

(8,732,681)

(12,350,240)

(2,073,709)

BALANCE SHEET ITEMS

Total Borrowings

25,259,986

20,839,269

253,685

322,258

171,612

Total Liabilities

35,522,012

38,974,751

24,407,668

27,091,010

16,777,315

Total Assets

49,217,126

51,278,673

36,283,585

37,596,412

26,493,520

Net Assets

16,877,130

15,672,773

12,337,955

10,856,107

9,952,477

Net Assets Backing

13,695,114

12,303,922

11,875,917

10,505,402

9,716,205

Shareholders' Funds

13,695,114

12,303,922

11,875,917

10,505,402

9,716,205

Total Share Capital

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Total Reserves

9,695,114

8,303,922

7,875,917

6,505,402

5,716,205

LIQUIDITY (Times)

Cash Ratio

0.07

0.11

0.10

0.11

0.18

Liquid Ratio

0.73

0.75

0.65

0.55

0.89

Current Ratio

1.26

1.19

1.17

1.17

1.22

WORKING CAPITAL CONTROL (Days)

Stock Ratio

21

25

19

27

14

Debtors Ratio

18

20

17

16

28

Creditors Ratio

9

26

11

20

15

SOLVENCY RATIOS (Times)

Gearing Ratio

1.84

1.69

0.02

0.03

0.02

Liabilities Ratio

2.59

3.17

2.06

2.58

1.73

Times Interest Earned Ratio

2.00

1.28

1.33

2.35

3.24

Assets Backing Ratio

4.20

3.90

3.06

2.69

2.46

PERFORMANCE RATIO (%)

Operating Profit Margin

0.47

0.11

0.12

0.40

0.65

Net Profit Margin

0.41

0.08

0.13

0.35

0.62

Return On Net Assets

16.71

7.25

9.21

14.43

13.67

Return On Capital Employed

16.59

7.18

9.09

14.21

13.47

Return On Shareholders' Funds/Equity

8.97

1.55

2.58

7.51

9.25

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.93.33

Euro

1

Rs.71.49

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.