MIRA INFORM REPORT
|
Report No. : |
332467 |
|
Report Date : |
22.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADVANIDE PTE. LTD. |
|
|
|
|
Formerly Known As : |
ACG IDENTIFICATION TECHNOLOGIES ASIA PTE. LTD.
|
|
|
|
|
Registered Office : |
111, Somerset Road, 05-08, Tripleone Somerset, 238164 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.10.1998 |
|
|
|
|
Com. Reg. No.: |
199805061-C |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
The Subject is principally engaged in trading of components for rfid transponders, chip cards, and rfid readers and terminals. |
|
|
|
|
No. of Employees : |
16 [2015] |
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 : |
No Complaints |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Unemployment
is very low. The economy depends heavily on exports, particularly of consumer
electronics, information technology products, medical and optical devices,
pharmaceuticals, and on its vibrant transportation, business, and financial
services sectors. The economy contracted 0.6% in 2009 as a result of the global
financial crisis, but has continued to grow since 2010 on the strength of
renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft
demand for exports amid a sluggish global economy and weak growth in
Singapore’s manufacturing sector. The government is attempting to restructure
Singapore’s economy by weaning its dependence on foreign labor, addressing weak
productivity, and increasing Singaporean wages. Singapore has attracted major
investments in pharmaceuticals and medical technology production and will
continue efforts to strengthen its position as Southeast Asia's leading
financial and high-tech hub. Singapore is a member of the 12-nation
Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive
Economic Partnership negotiations with the nine other ASEAN members plus
Australia, China, India, Japan, South Korea and New Zealand, and in 2015,
Singapore will form, with the other ASEAN members, the ASEAN Economic
Community.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
REGISTRATION
NO. |
: |
199805061-C |
|
COMPANY
NAME |
: |
ADVANIDE
PTE. LTD. |
|
FORMER
NAME |
: |
ACG
IDENTIFICATION TECHNOLOGIES ASIA PTE. LTD. (01/06/2007) |
|
INCORPORATION
DATE |
: |
15/10/1998 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
111,
SOMERSET ROAD, 05-08, TRIPLEONE SOMERSET, 238164, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
111,
SOMERSET ROAD, 05-08, TRIPLEONE SOMERSET, 238164, SINGAPORE. |
|
TEL.NO. |
: |
65-67380030 |
|
FAX.NO. |
: |
65-67380090 |
|
WEB
SITE |
: |
WWW.ADVANIDE.COM |
|
CONTACT
PERSON |
: |
LIAN
YEOW MENG ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF COMPONENTS FOR RFID TRANSPONDERS, CHIP CARDS, AND RFID READERS AND
TERMINALS |
|
ISSUED
AND PAID UP CAPITAL |
: |
100,000.00
ORDINARY SHARE, OF A VALUE OF SGD 100,000.00 |
|
SALES |
: |
USD
102,119,983 [2013] |
|
NET
WORTH |
: |
USD
4,945,893 [2013] |
|
STAFF
STRENGTH |
: |
16
[2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STABLE |
|
PAYMENT |
: |
AVERAGE |
|
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 components for
rfid transponders, chip cards, and rfid readers and terminals.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
16/07/2015 |
SGD
100,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
HID
GLOBAL GMBH |
DANTESTRASSE,
4-6, 65189, WIEISBADEN, GERMANY. |
T03UF1654 |
100,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
100,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
DIRECTOR
1
|
Name
Of Subject |
: |
LIAN
YEOW MENG |
|
Address |
: |
10,
JALAN LIMAU PURUT, BEDOKVILLE, 468184, SINGAPORE. |
|
IC
/ PP No |
: |
S6942265I |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
28/02/2005 |
DIRECTOR
2
|
Name
Of Subject |
: |
DENIS
RAYMOND HEBERT |
|
Address |
: |
3709,
PAPPY'S WAY, AUSTIN TX, 78730, AMERICAN SAMOA. |
|
IC
/ PP No |
: |
444792207 |
|
Nationality |
: |
AMERICAN |
|
Date
of Appointment |
: |
09/03/2015 |
DIRECTOR
3
|
Name
Of Subject |
: |
HOLGER
HUBERT ROESSNER |
|
Address |
: |
345,
UPPER BUKIT TIMAH ROAD, 03-08, HILLSIDE, THE, 588197, SINGAPORE. |
|
IC
/ PP No |
: |
S7083852D |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
15/10/1998 |
MANAGEMENT
|
1)
|
Name
of Subject |
: |
LIAN
YEOW MENG |
|
Position |
: |
DIRECTOR |
AUDITOR
|
Auditor |
: |
PAUL
HOOI & COMPANY |
|
Auditor'
Address |
: |
N/A |
|
Auditor |
: |
PAUL
HOOI & COMPANY |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
1)
|
Company
Secretary |
: |
LIAN
YEOW MENG |
|
IC
/ PP No |
: |
S6942265I |
|
|
Address |
: |
10,
JALAN LIMAU PURUT, BEDOKVILLE, 468184, SINGAPORE. |
|
BANKING
No Banker found in our databank
ENCUMBRANCE
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 |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
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 |
: |
|
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
16 |
||||||||
|
Branch |
: |
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of components
for rfid transponders, chip cards, and rfid readers and terminals.
The Subject is one of the leading silicon distributors, focused on components
for RFID transponders, chip cards and RFID readers and terminals.
CURRENT
INVESTIGATION
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-67380030 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
SOMERSET
ROAD, #05-08 SINGAPORE 238154 |
|
Current
Address |
: |
111,
SOMERSET ROAD, 05-08, TRIPLEONE SOMERSET, 238164, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject's registered office and she
provided some information.
The address provided is incomplete.
She refused to disclose the Subject bankers.
FINANCIAL
ANALYSIS
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
40.74% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
52.45% |
] |
|
|
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. Generally the Subject was profitable. The favourable return on
shareholders' funds and return on net assets indicate that the Subject's
management was efficient in utilising the assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
27
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
29
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
33
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 |
[ |
0.78
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.41
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 |
: |
Favourable |
[ |
10.77
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.26
Times |
] |
|
|
The
interest cover showed that the Subject was able to service the interest. The
favourable interest cover could indicate that the Subject was making enough
profit to pay for the interest accrued. The Subject was lowly geared thus it
had a low financial risk. The Subject was mainly financed by its
shareholders' funds and internally generated funds. In times of economic
slowdown / downturn, the Subject being a lowly geared company, will be able
to compete better than those companies which are highly geared in the same
industry. |
||||||
|
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. With the
favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject as a lowly
geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
Overall
financial condition of the Subject : STABLE |
||||||
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 1998, the Subject is a Private Limited company, focusing on
trading of components for rfid transponders, chip cards, and rfid readers and
terminals. Having been in the industry for over a decade, the Subject has
achieved a certain market share and has built up a satisfactory reputation in
the market. It should have received supports from its regular customers.
Presently, the issued and paid up capital of the Subject stands at SGD 100,000.
However, with a strong backing from its shareholder, 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 16 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. Based on the higher profitability, the
Subject has generated a favourable return based on its existing shareholders'
funds which indicated that the management was efficient in utilising its funds
to generate income. 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 lowly geared company,
the Subject is exposed to low financial risk as it is mainly dependent on its
internal funds to finance its business needs. Given a positive net worth
standing at USD 4,945,893, 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.
The Subject's payment habit is average. With its adequate working capital, the
Subject should be able to pay its short term debts.
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
promptly.
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 |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
USD |
USD |
SGD |
SGD |
SGD |
|
TURNOVER |
102,119,983 |
71,699,963 |
81,202,551 |
58,513,025 |
33,818,137 |
|
Other
Income |
41,817 |
50,220 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
102,161,800 |
71,750,183 |
81,202,551 |
58,513,025 |
33,818,137 |
|
Costs
of Goods Sold |
(96,464,626) |
(66,900,628) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
5,697,174 |
4,849,555 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
2,353,488 |
1,535,685 |
1,234,094 |
1,285,826 |
(194,186) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
2,353,488 |
1,535,685 |
1,234,094 |
1,285,826 |
(194,186) |
|
Taxation |
(338,389) |
(431,386) |
(263,914) |
(292,940) |
(10,453) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
2,015,099 |
1,104,299 |
970,180 |
992,886 |
(204,639) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
4,371,642 |
3,267,343 |
2,881,917 |
1,889,031 |
1,889,031 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
4,371,642 |
3,267,343 |
2,881,917 |
1,889,031 |
1,889,031 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
6,386,741 |
4,371,642 |
3,852,097 |
2,881,917 |
1,889,031 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(1,500,000) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
4,886,741 |
4,371,642 |
3,852,097 |
2,881,917 |
1,889,031 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Term
loan / Borrowing |
69,907 |
95,775 |
- |
- |
- |
|
Others |
170,890 |
62,574 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
240,797 |
158,349 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
52,823 |
48,826 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
52,823 |
48,826 |
- |
- |
- |
|
|
============= |
============= |
BALANCE
SHEET
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
103,777 |
137,477 |
54,518 |
47,237 |
74,067 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
103,777 |
137,477 |
54,518 |
47,237 |
74,067 |
|
Stocks |
7,420,098 |
7,418,787 |
- |
- |
- |
|
Trade
debtors |
7,998,693 |
10,911,279 |
- |
- |
- |
|
Other
debtors, deposits & prepayments |
447,380 |
314,481 |
- |
- |
- |
|
Cash
& bank balances |
647,110 |
79,719 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
16,513,281 |
18,724,266 |
14,667,484 |
15,531,703 |
7,889,594 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
16,617,058 |
18,861,743 |
14,722,002 |
15,578,940 |
7,963,661 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
8,721,949 |
7,981,464 |
- |
- |
- |
|
Other
creditors & accruals |
1,034,482 |
736,007 |
- |
- |
- |
|
Bank
overdraft |
1,309,749 |
5,181,478 |
- |
- |
- |
|
Provision
for taxation |
604,985 |
532,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
11,671,165 |
14,430,949 |
11,395,507 |
12,597,023 |
5,974,630 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
4,842,116 |
4,293,317 |
3,271,977 |
2,934,680 |
1,914,964 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
4,945,893 |
4,430,794 |
3,326,495 |
2,981,917 |
1,989,031 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
59,152 |
59,152 |
100,000 |
100,000 |
100,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
59,152 |
59,152 |
100,000 |
100,000 |
100,000 |
|
Retained
profit/(loss) carried forward |
4,886,741 |
4,371,642 |
3,852,097 |
2,881,917 |
1,889,031 |
|
Others |
- |
- |
(625,602) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
4,886,741 |
4,371,642 |
3,226,495 |
2,881,917 |
1,889,031 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
4,945,893 |
4,430,794 |
3,326,495 |
2,981,917 |
1,989,031 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,945,893 |
4,430,794 |
3,326,495 |
2,981,917 |
1,989,031 |
|
|
============= |
============= |
============= |
============= |
============= |
FINANCIAL
RATIO
|
TYPES
OF FUNDS |
|||||
|
Cash |
647,110 |
79,719 |
- |
- |
- |
|
Net
Liquid Funds |
(662,639) |
(5,101,759) |
- |
- |
- |
|
Net
Liquid Assets |
(2,577,982) |
(3,125,470) |
3,271,977 |
2,934,680 |
1,914,964 |
|
Net
Current Assets/(Liabilities) |
4,842,116 |
4,293,317 |
3,271,977 |
2,934,680 |
1,914,964 |
|
Net
Tangible Assets |
4,945,893 |
4,430,794 |
3,326,495 |
2,981,917 |
1,989,031 |
|
Net
Monetary Assets |
(2,577,982) |
(3,125,470) |
3,271,977 |
2,934,680 |
1,914,964 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
2,594,285 |
1,694,034 |
- |
- |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
2,647,108 |
1,742,860 |
- |
- |
- |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
1,309,749 |
5,181,478 |
- |
- |
- |
|
Total
Liabilities |
11,671,165 |
14,430,949 |
11,395,507 |
12,597,023 |
5,974,630 |
|
Total
Assets |
16,617,058 |
18,861,743 |
14,722,002 |
15,578,940 |
7,963,661 |
|
Net
Assets |
4,945,893 |
4,430,794 |
3,326,495 |
2,981,917 |
1,989,031 |
|
Net
Assets Backing |
4,945,893 |
4,430,794 |
3,326,495 |
2,981,917 |
1,989,031 |
|
Shareholders'
Funds |
4,945,893 |
4,430,794 |
3,326,495 |
2,981,917 |
1,989,031 |
|
Total
Share Capital |
59,152 |
59,152 |
100,000 |
100,000 |
100,000 |
|
Total
Reserves |
4,886,741 |
4,371,642 |
3,226,495 |
2,881,917 |
1,889,031 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.06 |
0.01 |
- |
- |
- |
|
Liquid
Ratio |
0.78 |
0.78 |
- |
- |
- |
|
Current
Ratio |
1.41 |
1.30 |
1.29 |
1.23 |
1.32 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
27 |
38 |
- |
- |
- |
|
Debtors
Ratio |
29 |
56 |
- |
- |
- |
|
Creditors
Ratio |
33 |
44 |
- |
- |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.26 |
1.17 |
- |
- |
- |
|
Liabilities
Ratio |
2.36 |
3.26 |
3.43 |
4.22 |
3.00 |
|
Times
Interest Earned Ratio |
10.77 |
10.70 |
- |
- |
- |
|
Assets
Backing Ratio |
83.61 |
74.91 |
33.26 |
29.82 |
19.89 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
2.30 |
2.14 |
1.52 |
2.20 |
(0.57) |
|
Net
Profit Margin |
1.97 |
1.54 |
1.19 |
1.70 |
(0.61) |
|
Return
On Net Assets |
52.45 |
38.23 |
37.10 |
43.12 |
(9.76) |
|
Return
On Capital Employed |
41.47 |
17.62 |
37.10 |
43.12 |
(9.76) |
|
Return
On Shareholders' Funds/Equity |
40.74 |
24.92 |
29.17 |
33.30 |
(10.29) |
|
Dividend
Pay Out Ratio (Times) |
0.74 |
0 |
- |
- |
- |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
UK Pound |
1 |
Rs.99.14 |
|
Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
VNT |
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.