|
Report No. : |
334356 |
|
Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
HI-P INTERNATIONAL LIMITED |
|
|
|
|
Registered Office : |
11, International Business Parkhi-P Building, 609926, |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.12.1980 |
|
|
|
|
Com. Reg. No.: |
198004817-H |
|
|
|
|
Legal Form : |
Public |
|
|
|
|
Line of Business : |
Subject is principally engaged in
the assembly of telecommunications, consumer electronics and computing
products and investment holding companies |
|
|
|
|
No. of Employees : |
412 |
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 |
|
|
|
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 |
|
REGISTRATION NO. |
: |
198004817-H |
|
COMPANY NAME |
: |
HI-P INTERNATIONAL LIMITED |
|
FORMER NAME |
: |
HI-P INTERNATIONAL PTE LTD
(10/10/2003) |
|
INCORPORATION DATE |
: |
26/12/1980 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PUBLIC |
|
LISTED STATUS |
: |
YES |
|
LISTED DATE |
: |
17/12/2003 |
|
REGISTERED ADDRESS |
: |
11, INTERNATIONAL BUSINESS PARKHI-P
BUILDING, 609926, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
11, INTERNATIONAL BUSINESS
PARK, HI-P BUILDING, 609926, SINGAPORE. |
|
TEL.NO. |
: |
65-62685459 |
|
FAX.NO. |
: |
65-65641787 |
|
EMAIL |
: |
WB.LEE@HI-P.COM |
|
WEB SITE |
: |
WWW.HI-P.COM |
|
CONTACT PERSON |
: |
YAO HSIAO TUNG ( CEO ) |
|
PRINCIPAL ACTIVITY |
: |
ASSEMBLY OF
TELECOMMUNICATIONS, CONSUMER ELECTRONICS AND COMPUTING PRODUCTS AND
INVESTMENT HOLDING COMPANIES |
|
ISSUED AND PAID UP CAPITAL |
: |
887,175,000.00 ORDINARY
SHARE, OF A VALUE OF SGD 119,725,495.00 |
|
SALES |
: |
SGD 951,396,000 [2014] |
|
NET WORTH |
: |
SGD 606,929,000 [2014] |
|
STAFF STRENGTH |
: |
412 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
NO COMPLAINTS |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
As a public limited company,
the Subject must have at least one shareholder but there is no limit on the
maximum number of shareholders. The Subject must have at least two directors. A
public 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, suing or be sued by other companies. The liabilities of the
shareholders are only up 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 must file in its
annual return, together with its financial statements with the Registrar of
Companies.
The Subject is principally
engaged in the (as a / as an) assembly of telecommunications, consumer
electronics and computing products and investment holding companies.
Share Capital
History
|
Date |
Issue & Paid Up Capital |
|
04/12/2014 |
SGD 129,289,801.54 |
The major shareholder(s) of
the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
YAO HSIAO TUNG + |
3, SWETTENHAM ROAD, 248076,
SINGAPORE. |
S2201741A |
492,576,144.00 |
55.52 |
|
MOLEX INTERNATIONAL INC |
222, WELLINGTON COURT LISLE
ILLINOIS 60532A, UNITED STATES. |
T08UF4592 |
178,236,020.00 |
20.09 |
|
DBS NOMINEES PTE LTD |
- |
993504T |
25,771,062.00 |
2.90 |
|
RAFFLES NOMINEES (PTE) LIMITED |
STANDARD CHARTERED @ CHANGI,
03-00, 7, CHANGI BUSINESS PARK CRESCENT, 486028, SINGAPORE. |
193700032R |
22,182,499.00 |
2.50 |
|
CITIBANK NOMINEES SINGAPORE
PTE LTD |
8, MARINA VIEW, 21-00, ASIA
SQUARE, TOWER 1, 018960, SINGAPORE. |
198801936 |
14,719,000.00 |
1.66 |
|
UNITED OVERSEAS BANK
NOMINEES (PRIVATE) LIMITED |
- |
196800520 |
4,836,500.00 |
0.55 |
|
HSBC (SINGAPORE) NOMINEES
PTE. LTD. |
21, COLLYER QUAY, 10-02,
HSBC BUILDING, 049320, SINGAPORE. |
194600097 |
2,877,560.00 |
0.32 |
|
RODERICK SER PHUAY KEE |
- |
- |
2,600,000.00 |
0.29 |
|
DBSN SERVICES PTE LTD |
12, MARINA BOULEVARD, MARINA
BAY, FINANCIAL CENTRE, 018982, SINGAPORE. |
200602090 |
2,531,700.00 |
0.29 |
|
LIN CHIEN + |
2, MAKEWAY AVENUE, 02-01, MAKEWAY
VIEW, 228599, SINGAPORE. |
S2196728I |
2,000,000.00 |
0.23 |
|
WEE BEE HOON |
- |
- |
1,587,000.00 |
0.18 |
|
PHILLIP SECURITIES PTE LTD |
- |
197501035Z |
1,575,400.00 |
0.18 |
|
SOH SAI KIANG |
- |
- |
1,480,000.00 |
0.17 |
|
REMAINING SHAREHOLDERS |
- |
- |
134,202,115.00 |
15.13 |
|
--------------- |
------ |
|||
|
887,175,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in
other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
201425550M |
SINGAPORE |
HI-P HOLDINGS PTE. LTD. |
100.00 |
29/07/2015 |
|
200913762W |
SINGAPORE |
HI-P FLEX PTE. LTD. |
100.00 |
29/07/2015 |
|
200107567C |
SINGAPORE |
HI-P (SINGAPORE) TECHNOLOGY PTE.
LTD. |
100.00 |
29/07/2015 |
|
200008125D |
SINGAPORE |
HI-P ELECTRONICS PTE. LTD. |
100.00 |
29/07/2015 |
DIRECTOR 1
|
Name Of Subject |
: |
YEO TIONG ENG |
|
Address |
: |
44, PEMIMPIN PLACE, 576041,
SINGAPORE. |
|
IC / PP No |
: |
S0111311I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/04/1987 |
DIRECTOR 2
|
Name Of Subject |
: |
LEONG LAI PENG |
|
Address |
: |
13, LENGKOK MARIAM, CHANGI
GROVE, 509116, SINGAPORE. |
|
IC / PP No |
: |
S1297526J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
09/11/2006 |
DIRECTOR 3
|
Name Of Subject |
: |
WONG HUEY FANG |
|
Address |
: |
3, SWETTENHAM ROAD, 248076,
SINGAPORE. |
|
IC / PP No |
: |
S2201742Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
21/01/1988 |
DIRECTOR 4
|
Name Of Subject |
: |
GERALD LIM THIEN SU |
|
Address |
: |
12, JALAN KEMBANG MELATI,
CHIP HOCK GARDENS, 258773, SINGAPORE. |
|
IC / PP No |
: |
S1245443J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/11/2010 |
DIRECTOR 5
|
Name Of Subject |
: |
LIN CHIEN |
|
Address |
: |
2, MAKEWAY AVENUE, 02-01,
MAKEWAY VIEW, 228599, SINGAPORE. |
|
IC / PP No |
: |
S2196728I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
04/08/2004 |
DIRECTOR 6
|
Name Of Subject |
: |
YAO HSIAO TUNG |
|
Address |
: |
3, SWETTENHAM ROAD, 248076,
SINGAPORE. |
|
IC / PP No |
: |
S2201741A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/10/1991 |
|
1) |
Name of Subject |
LIM THIEN SU |
|
Position |
CHAIRMAN |
|
|
2) |
Name of Subject |
TAY EWEE LIANG |
|
Position |
DEPUTY CEO |
|
|
3) |
Name of Subject |
YAO HSIAO TUNG |
|
Position |
CEO, MANAGING DIRECTOR |
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
CHAN WAN MEI |
|
IC / PP No |
: |
S7268474E |
|
|
Address |
: |
577, PASIR RIS STREET 53,
06-96, 510577, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
TAY CHEE WAH |
|
IC / PP No |
: |
S6968275H |
|
|
Address |
: |
1, BEDOK SOUTH AVENUE, 1,
09-921, 460001, SINGAPORE. |
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* 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.
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
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 |
[ |
] |
|||||||||
|
Local |
: |
YES |
|
||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|
|
Services |
: |
INVESTMENT HOLDING COMPANIES |
|
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
|
|||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
412 |
412 |
412 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) assembly of
telecommunications, consumer electronics and computing products and investment
holding companies.
The Subject is listed international corporation providing integrated and
turnkey contract manufacturing services to some of the biggest world-class
Multinational Companies in the consumer electronics, disk drive, medical and
telecommunications industries.
The Subject is a global vertically integrated contract manufacturer serving the
wireless telecommunications, consumer electronics and computing and automotive
industries.
The Subject's main product are:
- wireless product
- Consumer electronic
Jun 24 2015
The Board of Directors of Hi-P International Limited announced that the company
and its wholly-owned subsidiaries, Hi-P Electronics Pte Ltd. (Hi-P Electronics)
and Hi-P (Singapore) Technology Pte Ltd. (Hi-P (Singapore) Technology) have on
June 24, 2015 accepted an offer from DBS Bank Ltd. (the Bank) to revise its
banking facilities to $130,000,000 and SGD 1,100,000 (the Increased
Facilities). The Increased Facilities comprise of overdraft facility, letters
of credit, fixed advanced facility, short term loan, and letters of guarantee.
The Increased Facilities are uncommitted and unsecured. The Bank has the right
to review the Increased Facilities from time to time and to demand repayment of
all outstanding Increased Facilities, actual or contingent. The Company, Hi-P
Electronics, and Hi-P (Singapore) Technology are jointly and severally liable
to the Bank for the outstanding Facilities.
May 4 2015
Hi-P International Limited announced consolidated earnings results for the
first quarter ended March 31, 2015. For the quarter, the company's revenue was
SGD 279.8 million compared with SGD 178.9 million a year ago. Loss before tax
was SGD 11.9 million compared with SGD 12.3 million a year ago. Loss
attributable to owners of the company was SGD 13.8 million or 1.69 cents per
basic and diluted share compared with SGD 12.3 million or 1.50 cents per basic
and diluted share a year ago. Revenue increased by 56.4%, contributed by: ODM
& other high component content assembly products and orders from new
customers. Net loss due to: Startup costs for Nantong plant, labour and
depreciation costs incurred for plant under renovation pending new projects
ramp up in second half of 2015 and higher inventory write-off and provisions.
Net debt was SGD 65.4 million. Net cash flows used in operating activities was
SGD 18.332 million compared with net cash flows generated from operating
activities of SGD 67.71 million a year ago. Capex amounted to SGD 50.3 million.
Barring any other unforeseen circumstances, the group expects higher revenue in
second quarter of 2015 as compared to second quarter of 2014. The group expects
to record a loss in second quarter of 2015. The group expects higher revenue in
second half of 2015 as compared to first half of 2015. The group expects to be
profitable in second half of 2015. The group expects higher revenue and profit
in fiscal year 2015 as compared to fiscal year 2014.
May 5 2014
Hi-P International Limited reported earnings results for the first quarter
ended March 31, 2014. For the quarter, the company reported net loss of SGD
12.3 million mainly due to lower sales, change in product mix, slower pace of
decrease in labour costs as compared to the decrease in sales, as well as net
fair value loss on forex hedging. Revenue decreased by SGD 88.7 million or
33.1% year over year to SGD 178.9 million. The decrease was mainly due to lower
sales volumes from key customers. The decrease was partially offset by orders
from new customers, which was in line with its strategy to diversify its
customer base. Earnings per share were 1.50 cents against 0.83 cents a year
ago. Net asset value per share was 70.18 cents against 71.90 cents a year ago.
The Group expects lower revenue in the second quarter of 2014 as compared to
second quarter of 2013, and expects to record a loss in the second quarter of
2014. The Group expects higher revenue and lower loss in the second quarter of
2014 as compared to first quarter of 2014. The Group expects lower revenue but
higher profit in fiscal year 2014 as compared to fiscal year 2013.
Apr 29 2014
Hi-P International Ltd., Special/Extraordinary Shareholders Meeting, Apr 29,
2014., at 15:15 Singapore Standard Time. Location: Ficus 3 Room, Level 2.
Agenda: To propose share purchase mandate; to propose adoption of the company
employee share option scheme 2014; to propose grant of authority to grant
options and issue shares under the company 2014; to propose grant of authority
to offer and grant options at a discount under the company 2014; to propose
participation by Mr. Yao Hsiao Tung, a controlling shareholder, in the company
2014; to propose participation by Madam Wong Huey Fang, an associate of the
controlling shareholder, Mr. Yao Hsiao Tung, in the company 2014; to proposed
participation by Mr. Yao Hsiao Kuang, an associate of the controlling
shareholder, Mr. Yao Hsiao Kuang, in the company 2014; to propose grant of an
award of 96,315 shares to Mr. Yao Hsiao Kuang under the hi-p employee share
award scheme; to propose grant of an award of 11,986 shares to Madam Wong Huey
Fang under the hi-p employee share award scheme; and to propose grant of an
award of 2,476 to Mr. Yao Hsiao Kuang under the hi-p employee share award
scheme.
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62685459 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
11, INTERNATIONAL BUSINESS
PARK, JURONG EAST, SINGAPORE 609926 |
|
Current Address |
: |
11, INTERNATIONAL BUSINESS
PARK, HI-P BUILDING, 609926, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.72% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
2.84% |
] |
|
|
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 |
: |
Unfavourable |
[ |
86 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
106 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
110 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
unfavourable creditors' ratio could be due to the Subject taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the Subject and its suppliers and the Subject may inadvertently have
to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Acceptable |
[ |
0.94 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.29 Times |
] |
|
|
The Subject's liquid ratio
was slightly low. This could indicate that the Subject's working capital was
slightly deficient. The Subject will have to improve its liquidity position
either by obtaining short term financing or increase its paid up capital so
that it can meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
10.31 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.35 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. The
Subject's liquidity was at an acceptable range. If the Subject is able to
obtain further short term financing, it should be able to meet all its short
term obligations. 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 : 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 : |
ECONOMY |
|
The Ministry of Trade and
Industry (MTI) announced that it expects the Singapore economy to grow by
around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the
economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due
to strong growth in the services producing industries, particularly the
finance & insurance, as well as wholesale & retail trade sectors. |
|
|
In 2013, all sectors
contributed positively to growth. Finance & insurance was the largest
contributor (1.2 percentage-points), followed by wholesale & retail trade
(0.8 percentage-points) and business services (0.6 percentage-points). Growth
in the manufacturing sector was improved by 1.7%, on the back of strong
growth in the electronics and transport engineering clusters. By contrast,
growth in the construction sector moderated to 5.9%, from 8.6% in 2012. |
|
|
Growth in the services
producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was
mainly due to stronger growth in the finance & insurance and wholesale
& retail trade sectors. The finance & insurance sector grew by 11%,
up from 1.3% in the previous year. The wholesale & retail trade sector
has expanded by 5.0%, after declining by 1.4% the year before. |
|
|
For the whole of 2013, growth
in total demand was 3.1%, similar to the pace of growth in 2012. External
demand was the key contributor to total demand growth, accounting for 2.7
percentage-points, or almost 90%, of the increase. External demand grew at a
faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported
mainly by growth in the exports of machinery & transport equipment,
miscellaneous manufactures, and transport services. Total domestic demand
rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth
in total domestic demand was primarily due to the decline in gross fixed
capital formation (GFCF). |
|
|
For the full year, total
consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in
2012. Public consumption expenditure increased by 11%, a strong rebound from
the 1.9% decline in 2012. Private consumption expenditure recorded gains of
2.7%, moderating from the 4.1% increase in the preceding year. |
|
|
Furthermore, in the first three
quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis.
For the rest of the year, growth is expected to ease slightly on a
year-on-year basis, in line with a projected slowdown in the global economy.
Externally-oriented sectors such as the manufacturing and transportation
& storage sectors are likely to slow, whereas growth in the construction
sector will continue to be weighed down by the weakness in private sector
construction activities. On the other hand, domestically-oriented sectors
like business services are likely to remain resilient. |
|
|
Additionally, the labour
market in Singapore is expected to remain tight in 2015, with low
unemployment and rising vacancy rates. Against this global and domestic
backdrop, the growth outlook for the Singapore economy remains modest. In
tandem with the expected pick-up in external demand, externally-oriented
sectors such as manufacturing, wholesale trade and finance & insurance
are likely to provide support to growth. While some domestically-oriented
sectors such as businesses services are expected to remain resilient,
labour-intensive ones like construction, retail and food services may see
their growth weighed down by labour constraints. |
|
|
OVERALL INDUSTRY OUTLOOK :
MARGINAL GROWTH |
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
HI-P INTERNATIONAL LIMITED |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
951,396,000 |
1,262,467,000 |
1,166,741,000 |
1,203,909,000 |
957,702,000 |
|
Other Income |
19,677,000 |
11,091,000 |
13,306,000 |
28,065,000 |
20,361,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
971,073,000 |
1,273,558,000 |
1,180,047,000 |
1,231,974,000 |
978,063,000 |
|
Costs of Goods Sold |
(881,387,000) |
(1,164,916,000) |
(1,068,890,000) |
(1,073,145,000) |
(776,153,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
89,686,000 |
108,642,000 |
111,157,000 |
158,829,000 |
201,910,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM
OPERATIONS |
15,556,000 |
11,217,000 |
22,227,000 |
59,357,000 |
88,047,000 |
|
SHARE OF PROFITS/(LOSSES) OF
ASSOCIATED COMPANIES |
157,000 |
(30,000) |
325,000 |
31,000 |
220,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
TAXATION |
15,713,000 |
11,187,000 |
22,552,000 |
59,388,000 |
88,267,000 |
|
Taxation |
(5,244,000) |
(4,785,000) |
(4,599,000) |
(14,428,000) |
(21,332,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
10,469,000 |
6,402,000 |
17,953,000 |
44,960,000 |
66,935,000 |
|
Minority interests |
(5,000) |
(4,000) |
(5,000) |
29,000 |
334,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
EXTRAORDINARY ITEMS |
10,464,000 |
6,398,000 |
17,948,000 |
44,989,000 |
67,269,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE
TO SHAREHOLDERS |
10,464,000 |
6,398,000 |
17,948,000 |
44,989,000 |
67,269,000 |
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|||||
|
As previously reported |
469,249,000 |
474,409,000 |
477,068,000 |
463,701,000 |
432,016,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
469,249,000 |
474,409,000 |
477,068,000 |
463,701,000 |
432,016,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
479,713,000 |
480,807,000 |
495,016,000 |
508,690,000 |
499,285,000 |
|
TRANSFER TO RESERVES -
Statutory |
(224,000) |
(1,650,000) |
(783,000) |
(1,811,000) |
(9,522,000) |
|
DIVIDENDS - Ordinary (paid
& proposed) |
(4,910,000) |
(9,908,000) |
(19,824,000) |
(29,811,000) |
(26,062,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD |
474,579,000 |
469,249,000 |
474,409,000 |
477,068,000 |
463,701,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per
notes to P&L) |
|||||
|
Lease interest |
173,000 |
219,000 |
267,000 |
331,000 |
387,000 |
|
Term loan / Borrowing |
1,515,000 |
1,857,000 |
3,686,000 |
1,134,000 |
12,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,688,000 |
2,076,000 |
3,953,000 |
1,465,000 |
399,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes
to P&L) |
77,749,000 |
86,561,000 |
69,749,000 |
59,487,000 |
45,777,000 |
|
AMORTIZATION |
1,675,000 |
1,179,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
79,424,000 |
87,740,000 |
69,749,000 |
59,487,000 |
45,777,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
384,130,000 |
346,382,000 |
363,912,000 |
284,392,000 |
255,549,000 |
|
Associated companies |
2,089,000 |
1,930,000 |
1,886,000 |
2,328,000 |
2,355,000 |
|
Deferred assets |
26,566,000 |
21,121,000 |
12,740,000 |
13,974,000 |
11,537,000 |
|
Others |
67,000 |
151,000 |
223,000 |
87,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
28,722,000 |
23,202,000 |
14,849,000 |
16,389,000 |
13,892,000 |
|
Concession rights |
12,498,000 |
12,564,000 |
1,365,000 |
- |
- |
|
Others |
4,531,000 |
5,689,000 |
12,000 |
12,000 |
12,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
17,029,000 |
18,253,000 |
1,377,000 |
12,000 |
12,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
429,881,000 |
387,837,000 |
380,138,000 |
300,793,000 |
269,453,000 |
|
Short term quoted/unquoted
investments |
- |
- |
- |
- |
3,906,000 |
|
Stocks |
223,082,000 |
163,417,000 |
145,509,000 |
124,832,000 |
100,472,000 |
|
Trade debtors |
276,895,000 |
277,310,000 |
291,675,000 |
257,913,000 |
229,267,000 |
|
Other debtors, deposits
& prepayments |
30,091,000 |
44,232,000 |
35,856,000 |
34,599,000 |
6,902,000 |
|
Short term deposits |
85,315,000 |
50,073,000 |
39,601,000 |
131,607,000 |
35,177,000 |
|
Amount due from related
companies |
900,000 |
998,000 |
788,000 |
806,000 |
764,000 |
|
Amount due from associated
companies |
- |
- |
150,000 |
- |
- |
|
Cash & bank balances |
122,831,000 |
81,548,000 |
126,416,000 |
132,455,000 |
179,801,000 |
|
Others |
79,382,000 |
21,057,000 |
31,055,000 |
93,088,000 |
31,949,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
818,496,000 |
638,635,000 |
671,050,000 |
775,300,000 |
588,238,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,248,377,000 |
1,026,472,000 |
1,051,188,000 |
1,076,093,000 |
857,691,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
265,615,000 |
189,283,000 |
217,877,000 |
207,307,000 |
185,650,000 |
|
Other creditors &
accruals |
141,752,000 |
109,737,000 |
60,023,000 |
104,048,000 |
38,818,000 |
|
Hire purchase & lease
creditors |
- |
- |
541,000 |
583,000 |
572,000 |
|
Short term borrowings/Term
loans |
209,130,000 |
100,992,000 |
141,687,000 |
116,109,000 |
- |
|
Other liabilities &
accruals |
- |
- |
32,189,000 |
33,467,000 |
35,965,000 |
|
Amounts owing to subsidiary
companies |
- |
- |
- |
- |
36,000 |
|
Provision for taxation |
12,379,000 |
16,379,000 |
10,597,000 |
10,742,000 |
19,858,000 |
|
Lease payables |
3,347,000 |
640,000 |
- |
- |
- |
|
Other liabilities |
3,352,000 |
7,338,000 |
5,049,000 |
2,835,000 |
296,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
635,575,000 |
424,369,000 |
467,963,000 |
475,091,000 |
281,195,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
182,921,000 |
214,266,000 |
203,087,000 |
300,209,000 |
307,043,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
612,802,000 |
602,103,000 |
583,225,000 |
601,002,000 |
576,496,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
119,725,000 |
119,725,000 |
119,725,000 |
119,725,000 |
119,725,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
119,725,000 |
119,725,000 |
119,725,000 |
119,725,000 |
119,725,000 |
|
Capital reserve |
169,000 |
169,000 |
169,000 |
169,000 |
- |
|
Exchange
equalisation/fluctuation reserve |
2,221,000 |
(4,065,000) |
(31,775,000) |
(11,089,000) |
- |
|
Statutory reserve |
50,838,000 |
50,616,000 |
48,967,000 |
48,202,000 |
- |
|
General reserve |
- |
- |
3,890,000 |
- |
21,263,000 |
|
Retained profit/(loss)
carried forward |
474,579,000 |
469,249,000 |
474,409,000 |
477,068,000 |
463,701,000 |
|
Employee share option
reserve |
9,422,000 |
8,705,000 |
7,727,000 |
5,893,000 |
- |
|
Others |
(51,035,000) |
(46,324,000) |
(44,285,000) |
(44,235,000) |
(34,040,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
486,194,000 |
478,350,000 |
459,102,000 |
476,008,000 |
450,924,000 |
|
MINORITY INTEREST |
1,010,000 |
984,000 |
923,000 |
962,000 |
942,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
606,929,000 |
599,059,000 |
579,750,000 |
596,695,000 |
571,591,000 |
|
Hire purchase creditors |
2,785,000 |
1,601,000 |
2,073,000 |
2,725,000 |
3,377,000 |
|
Deferred taxation |
3,088,000 |
1,443,000 |
1,402,000 |
1,582,000 |
1,528,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
5,873,000 |
3,044,000 |
3,475,000 |
4,307,000 |
4,905,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
612,802,000 |
602,103,000 |
583,225,000 |
601,002,000 |
576,496,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
|||||
|
Cash |
208,146,000 |
131,621,000 |
166,017,000 |
264,062,000 |
214,978,000 |
|
Net Liquid Funds |
208,146,000 |
131,621,000 |
166,017,000 |
264,062,000 |
214,978,000 |
|
Net Liquid Assets |
(40,161,000) |
50,849,000 |
57,578,000 |
175,377,000 |
206,571,000 |
|
Net Current
Assets/(Liabilities) |
182,921,000 |
214,266,000 |
203,087,000 |
300,209,000 |
307,043,000 |
|
Net Tangible Assets |
595,773,000 |
583,850,000 |
581,848,000 |
600,990,000 |
576,484,000 |
|
Net Monetary Assets |
(46,034,000) |
47,805,000 |
54,103,000 |
171,070,000 |
201,666,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest
& Tax (EBIT) |
0 |
13,263,000 |
26,505,000 |
60,853,000 |
88,666,000 |
|
Earnings Before Interest,
Taxes, Depreciation And Amortization (EBITDA) |
96,825,000 |
101,003,000 |
96,254,000 |
120,340,000 |
134,443,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
211,915,000 |
102,593,000 |
144,301,000 |
119,417,000 |
3,949,000 |
|
Total Liabilities |
641,448,000 |
427,413,000 |
471,438,000 |
479,398,000 |
286,100,000 |
|
Total Assets |
1,248,377,000 |
1,026,472,000 |
1,051,188,000 |
1,076,093,000 |
857,691,000 |
|
Net Assets |
612,802,000 |
602,103,000 |
583,225,000 |
601,002,000 |
576,496,000 |
|
Net Assets Backing |
606,929,000 |
599,059,000 |
579,750,000 |
596,695,000 |
571,591,000 |
|
Shareholders' Funds |
606,929,000 |
599,059,000 |
579,750,000 |
596,695,000 |
571,591,000 |
|
Total Share Capital |
119,725,000 |
119,725,000 |
119,725,000 |
119,725,000 |
119,725,000 |
|
Total Reserves |
486,194,000 |
478,350,000 |
459,102,000 |
476,008,000 |
450,924,000 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.33 |
0.31 |
0.35 |
0.56 |
0.76 |
|
Liquid Ratio |
0.94 |
1.12 |
1.12 |
1.37 |
1.73 |
|
Current Ratio |
1.29 |
1.50 |
1.43 |
1.63 |
2.09 |
|
WORKING CAPITAL CONTROL
(Days) |
|||||
|
Stock Ratio |
86 |
47 |
46 |
38 |
38 |
|
Debtors Ratio |
106 |
80 |
91 |
78 |
87 |
|
Creditors Ratio |
110 |
59 |
74 |
71 |
87 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.35 |
0.17 |
0.25 |
0.20 |
0.01 |
|
Liabilities Ratio |
1.06 |
0.71 |
0.81 |
0.80 |
0.50 |
|
Times Interest Earned Ratio |
10.31 |
6.39 |
6.71 |
41.54 |
222.22 |
|
Assets Backing Ratio |
4.98 |
4.88 |
4.86 |
5.02 |
4.82 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
1.65 |
0.89 |
1.93 |
4.93 |
9.22 |
|
Net Profit Margin |
1.10 |
0.51 |
1.54 |
3.74 |
7.02 |
|
Return On Net Assets |
2.84 |
2.20 |
4.54 |
10.13 |
15.38 |
|
Return On Capital Employed |
2.76 |
2.13 |
4.52 |
10.10 |
15.34 |
|
Return On Shareholders'
Funds/Equity |
1.72 |
1.07 |
3.10 |
7.54 |
11.77 |
|
Dividend Pay Out Ratio
(Times) |
0.47 |
1.55 |
1.10 |
0.66 |
0.39 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
UK Pound |
1 |
Rs.99.83 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.