|
Report No. : |
331334 |
|
Report Date : |
10.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PEGASUS SEWING MACHINE PTE. LTD. |
|
|
|
|
Registered Office : |
135, Joo Seng Road, 03-04, 368363 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.11.1981 |
|
|
|
|
Com. Reg. No.: |
198105124-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Sewing Machines. |
|
|
|
|
No. of Employees : |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC
OVERVIEW
Singapore has a highly
developed and successful free-market economy. It enjoys a remarkably open and corruption-free
environment, stable prices, and a per capita GDP higher than that of most
developed countries. The economy depends heavily on exports, particularly in
consumer electronics, information technology products, pharmaceuticals, and on
a growing financial services sector. The economy contracted 0.6% in 2009 as a
result of the global financial crisis, but rebounded 15.1% in 2010, on the
strength of renewed exports, before slowing to in 2011-13, largely a result of
soft demand for exports during the second European recession. Over the longer
term, the government hopes to establish a new growth path that focuses on
raising productivity. Singapore has attracted major investments in
pharmaceuticals and medical technology production and will continue efforts to
establish Singapore as Southeast Asia's financial and high-tech hub.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
198105124-G |
||||
|
COMPANY NAME |
: |
PEGASUS SEWING MACHINE PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
03/11/1981 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
135, JOO SENG ROAD, 03-04, 368363, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
135 JOO SENG ROAD, 03-04, PM INDUSTRIAL
BUILDING, 368363, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62963638 |
||||
|
FAX.NO. |
: |
65-62972353 |
||||
|
WEB SITE |
: |
WWW.PEGASUS.COM.SG |
||||
|
CONTACT PERSON |
: |
MASAO KATSURA (MANAGING DIRECTOR) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF SEWING MACHINES |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
400,000.00 ORDINARY SHARE, OF A VALUE OF SGD 400,000.00 |
||||
|
SALES |
: |
USD 62,338,907 [2013] |
||||
|
NET WORTH |
: |
USD 9,783,160 [2013] |
||||
|
STAFF STRENGTH |
: |
25 [2015] |
||||
|
|
|
|
||||
|
|
|
|
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
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) trading of
sewing machines.
The ultimate holding company of the Subject is PEGASUS SEWING MACHINE
MFG. CO. LTD, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
05/02/2015 |
SGD 400,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
PEGASUS SEWING MACHINE MANUFACTURING CO. LTD. |
7-2, SAGISU, 5-CHOME, FUKUSHIMA-KU, OSAKA, 533, JAPAN. |
S81UF0229 |
400,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
400,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
YASUYUKI FUNABIKI |
|
Address |
: |
B501, 1-2, AKUTAGAWA-CHO, TAKATSUKI-SHI, OSAKA, JAPAN. |
|
IC / PP No |
: |
TG6156436 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
23/06/2009 |
DIRECTOR 2
|
Name Of Subject |
: |
MORIAKI SHIMIZU |
|
Address |
: |
12-31, OKAMOTO, 5-CHOME, HIGASHINADA-KU KOBE-CITY, HYOGO PREFECTURE,
JAPAN. |
|
IC / PP No |
: |
TK0345742 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
05/01/1998 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. TAN CHOON CHUAN |
|
Address |
: |
33, BALMORAL ROAD, 12-02, 259811, SINGAPORE. |
|
IC / PP No |
: |
S1658663C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
21/07/2003 |
DIRECTOR 4
|
Name Of Subject |
: |
TAKASHI ASAKO |
|
Address |
: |
135, JOO SENG ROAD, 03-04, 368363, SINGAPORE. |
|
IC / PP No |
: |
G5407318L |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/03/2013 |
DIRECTOR 5
|
Name Of Subject |
: |
KOJI SUENAGA |
|
Address |
: |
4-22-9, HIMURO-CHO, TAKATSUKI-SHI, OSAKA, JAPAN. |
|
IC / PP No |
: |
TH7494174 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
23/06/2009 |
DIRECTOR 6
|
Name Of Subject |
: |
MASAO KATSURA |
|
Address |
: |
6-3-25, TANABE, HIGASHI-SUMIYOSHI-KU, OSAKA, JAPAN. |
|
IC / PP No |
: |
TK0845403 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
10/07/2000 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
MASAO KATSURA |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
TAKASHI ASAKO |
|
Position |
: |
MANAGING DIRECTOR |
AUDITOR
|
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
CHAN LILY |
|
IC / PP No |
: |
S2668267C |
|
|
Address |
: |
259A, COMPASSVALE ROAD, 13-609, 541259, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
HSBC PRIVATE BANK (SUISSE) SA |
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 againt 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 |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
SEWING MACHINES |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
25 |
23 |
23 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of sewing
machines.
The Subject is one of the companies listed under the PEGASUS group of
companies.
The Subject specializing in industrial sewing machines that produce
chainstitches.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62963638 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
135 JOO SENG ROAD, 03-04, PM INDUSTRIAL BUILDING,368363,SINGAPORE |
|
Current Address |
: |
135 JOO SENG ROAD, 03-04, PM INDUSTRIAL BUILDING, 368363, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
16.30% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
21.41% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
higher profit could be attributed to the increase in turnover. The Subject's management
had generated acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
112 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
156 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The Subject's debtors ratio
was high. The Subject should tighten its credit control and improve its
collection period. 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 |
[ |
0.76 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.24 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 |
: |
Acceptable |
[ |
8.37 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp fall
in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. 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 : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. 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 had an
acceptable interest cover. If there is no sudden sharp increase in interest
rate or fall in the Subject's profit, we do believe the Subject is able to
generate sufficient cash flow to service its interest payment. 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 : FAIR |
||||||
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
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
SGD |
|
TURNOVER |
62,338,907 |
48,757,018 |
46,484,709 |
44,621,887 |
38,900,216 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
62,338,907 |
48,757,018 |
46,484,709 |
44,621,887 |
38,900,216 |
|
Costs of Goods Sold |
(53,931,892) |
(42,110,584) |
(40,528,819) |
(38,883,875) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
8,407,015 |
6,646,434 |
5,955,890 |
5,738,012 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,844,536 |
347,879 |
(362,872) |
141,246 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,844,536 |
347,879 |
(362,872) |
141,246 |
- |
|
Taxation |
(250,000) |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,594,536 |
347,879 |
(362,872) |
141,246 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
8,005,190 |
7,657,311 |
8,020,183 |
7,878,937 |
9,802,931 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
8,005,190 |
7,657,311 |
8,020,183 |
7,878,937 |
9,802,931 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
9,599,726 |
8,005,190 |
7,657,311 |
8,020,183 |
9,802,931 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
9,599,726 |
8,005,190 |
7,657,311 |
8,020,183 |
9,802,931 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
239,255 |
184,246 |
131,549 |
95,906 |
- |
|
Others |
11,079 |
116,743 |
49,453 |
15,215 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
250,334 |
300,989 |
181,002 |
111,121 |
- |
|
|
|
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
35,157 |
6,419 |
15,730 |
34,586 |
166,456 |
|
Others |
54,448 |
54,448 |
54,448 |
54,448 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
54,448 |
54,448 |
54,448 |
54,448 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
89,605 |
60,867 |
70,178 |
89,034 |
166,456 |
|
Stocks |
19,099,791 |
12,379,655 |
13,285,807 |
6,900,881 |
- |
|
Trade debtors |
26,609,105 |
16,879,291 |
15,566,151 |
17,431,067 |
- |
|
Other debtors, deposits & prepayments |
150,560 |
110,647 |
90,590 |
97,182 |
- |
|
Short term deposits |
1,150,000 |
500,000 |
550,000 |
1,650,000 |
- |
|
Cash & bank balances |
2,558,786 |
2,098,855 |
2,530,848 |
1,092,208 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
49,568,242 |
31,968,448 |
32,023,396 |
27,171,338 |
30,115,069 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
49,657,847 |
32,029,315 |
32,093,574 |
27,260,372 |
30,281,526 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
3,148,191 |
2,213,933 |
1,767,275 |
18,860,586 |
- |
|
Other creditors & accruals |
144,018 |
121,618 |
124,477 |
116,368 |
- |
|
Amounts owing to holding company |
36,332,478 |
21,504,901 |
22,360,892 |
- |
- |
|
Amounts owing to related companies |
- |
239 |
185 |
- |
- |
|
Provision for taxation |
250,000 |
- |
- |
- |
- |
|
Other liabilities |
- |
- |
- |
79,801 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
39,874,687 |
23,840,691 |
24,252,829 |
19,056,755 |
19,989,923 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
9,693,555 |
8,127,757 |
7,770,567 |
8,114,583 |
10,125,147 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
9,783,160 |
8,188,624 |
7,840,745 |
8,203,617 |
10,291,603 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
183,434 |
183,434 |
183,434 |
183,434 |
400,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
183,434 |
183,434 |
183,434 |
183,434 |
400,000 |
|
Retained profit/(loss) carried forward |
9,599,726 |
8,005,190 |
7,657,311 |
8,020,183 |
9,802,931 |
|
Others |
- |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
9,599,726 |
8,005,190 |
7,657,311 |
8,020,183 |
9,802,931 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
9,783,160 |
8,188,624 |
7,840,745 |
8,203,617 |
10,202,931 |
|
TOTAL LONG TERM LIABILITIES |
- |
- |
- |
- |
88,672 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,783,160 |
8,188,624 |
7,840,745 |
8,203,617 |
10,291,603 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
TYPES OF FUNDS |
|||||
|
Cash |
3,708,786 |
2,598,855 |
3,080,848 |
2,742,208 |
- |
|
Net Liquid Funds |
3,708,786 |
2,598,855 |
3,080,848 |
2,742,208 |
- |
|
Net Liquid Assets |
(9,406,236) |
(4,251,898) |
(5,515,240) |
1,213,702 |
10,125,147 |
|
Net Current Assets/(Liabilities) |
9,693,555 |
8,127,757 |
7,770,567 |
8,114,583 |
10,125,147 |
|
Net Tangible Assets |
9,728,712 |
8,134,176 |
7,786,297 |
8,149,169 |
10,291,603 |
|
Net Monetary Assets |
(9,406,236) |
(4,251,898) |
(5,515,240) |
1,213,702 |
10,036,474 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
- |
|
Total Liabilities |
39,874,687 |
23,840,691 |
24,252,829 |
19,056,755 |
20,078,595 |
|
Total Assets |
49,657,847 |
32,029,315 |
32,093,574 |
27,260,372 |
30,281,526 |
|
Net Assets |
9,783,160 |
8,188,624 |
7,840,745 |
8,203,617 |
10,291,603 |
|
Net Assets Backing |
9,783,160 |
8,188,624 |
7,840,745 |
8,203,617 |
10,202,931 |
|
Shareholders' Funds |
9,783,160 |
8,188,624 |
7,840,745 |
8,203,617 |
10,202,931 |
|
Total Share Capital |
183,434 |
183,434 |
183,434 |
183,434 |
400,000 |
|
Total Reserves |
9,599,726 |
8,005,190 |
7,657,311 |
8,020,183 |
9,802,931 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.09 |
0.11 |
0.13 |
0.14 |
- |
|
Liquid Ratio |
0.76 |
0.82 |
0.77 |
1.06 |
- |
|
Current Ratio |
1.24 |
1.34 |
1.32 |
1.43 |
1.51 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
112 |
93 |
104 |
56 |
- |
|
Debtors Ratio |
156 |
126 |
122 |
143 |
- |
|
Creditors Ratio |
21 |
19 |
16 |
177 |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
4.08 |
2.91 |
3.09 |
2.32 |
1.97 |
|
Times Interest Earned Ratio |
8.37 |
2.16 |
(1.00) |
2.27 |
- |
|
Assets Backing Ratio |
53.04 |
44.34 |
42.45 |
44.43 |
25.73 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.96 |
0.71 |
(0.78) |
0.32 |
- |
|
Net Profit Margin |
2.56 |
0.71 |
(0.78) |
0.32 |
- |
|
Return On Net Assets |
21.41 |
7.92 |
(2.32) |
3.08 |
- |
|
Return On Capital Employed |
21.29 |
7.87 |
(2.30) |
3.06 |
- |
|
Return On Shareholders' Funds/Equity |
16.30 |
4.25 |
(4.63) |
1.72 |
- |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.97.85 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.