MIRA INFORM REPORT

 

 

Report No. :

326148

Report Date :

10.06.2015

 

IDENTIFICATION DETAILS

 

Name :

FUJITSU COMPONENTS ASIA PTE LTD

 

 

Formerly Known As :

FUJITSU TAKAMISAWA ASIA PACIFIC PTE LTD

 

 

Registered Office :

10, Collyer Quay, 10-01, Ocean Financial Centre, 049315

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.02.1996

 

 

Com. Reg. No.:

199601368-H

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of electronic components.

 

 

No. of Employee :

24 [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 – 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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

199601368-H

COMPANY NAME

:

FUJITSU COMPONENTS ASIA PTE LTD

FORMER NAME

:

FUJITSU TAKAMISAWA ASIA PACIFIC PTE LTD (08/10/2001)

INCORPORATION DATE

:

28/02/1996

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, COLLYER QUAY, 10-01, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.

BUSINESS ADDRESS

:

102E, PASIR PANJANG ROAD, 01-01, CITILINK WAREHOUSE COMPLEX, 118529, SINGAPORE.

TEL.NO.

:

65-63758560

FAX.NO.

:

65-62733021

CONTACT PERSON

:

GAN CHOON LIN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF ELECTRONIC COMPONENTS

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00

SALES

:

USD 63,748,000 [2014]

NET WORTH

:

USD 5,594,000 [2014]

STAFF STRENGTH

:

24 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

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) wholesale of electronic components.

 

The immediate holding company of the Subject is FUJITSU COMPONENT LIMITED, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

08/06/2015

SGD 1,000,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

FUJITSU COMPONENT LIMITED

12-4, HIGASHI-SHINAGAWA 4-CHOME, SHINAGAWA-KU, TOKYO, JAPAN.

0156

1,000,000.00

100.00

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

------

1,000,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

GAN CHOON LIN

Address

:

242, SIMEI STREET 5, 05-15, 520242, SINGAPORE.

IC / PP No

:

S2195632E

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/06/2003

 

DIRECTOR 2

 

Name Of Subject

:

HIROFUMI SASO

Address

:

488, WEST YAN'AN ROAD SHANGHAI, 200050, CHINA.

IC / PP No

:

TH4950432

Nationality

:

JAPANESE

Date of Appointment

:

01/02/2014

 

DIRECTOR 3

 

Name Of Subject

:

YASUHITO HARA

Address

:

4-22-1-1724, SHIBAURA, MINATO-KU TOKYO, 108-0023, JAPAN.

IC / PP No

:

TZ0465698

Nationality

:

JAPANESE

Date of Appointment

:

20/03/2001

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

GAN CHOON LIN

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ESTHER AU SIEW PENG

IC / PP No

:

S2595617F

Address

:

398, YISHUN RING ROAD, 10-1739, 760398, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.


ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LITIGATION CHECK AGAINST SUBJECT

 


* A check has been conducted in our databank 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

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

ELECTRONIC COMPONENTS

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

24

 

Branch

:

NO

Other Information:


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

The Subject refused to disclose its operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63758560

Match

:

N/A

Address Provided by Client

:

102E PASIR PANJANG ROAD, CITILINK WAREHOUSE COMPLEX, NO. 01-01, SINGAPORE 118529

Current Address

:

102E, PASIR PANJANG ROAD, 01-01, CITILINK WAREHOUSE COMPLEX, 118529, SINGAPORE.

Match

:

YES

 

Other Investigations


On 9th June 2015 we contacted one of the staff from the Subject and he only provided limited information.

The Subject refused to disclose its bankers.

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2014

]

Return on Shareholder Funds

:

Favourable

[

38.88%

]

Return on Net Assets

:

Favourable

[

46.21%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's profit fell sharply because of the high operating costs incurred. 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

:

Acceptable

[

65 Days

]

Debtor Ratio

:

Unfavourable

[

169 Days

]

Creditors Ratio

:

Favourable

[

1 Days

]

The Subject kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. 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

:

Acceptable

[

0.85 Times

]

Current Ratio

:

Unfavourable

[

1.15 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

[

27.71 Times

]

Gearing Ratio

:

Favourable

[

0.00 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 had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

The Subject's performance deteriorated over the years with lower turnover and profit. 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 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 : 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 1996, the Subject is a Private Limited company, focusing on wholesale of electronic components. 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. A paid up capital of SGD 1,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 24 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 5,594,000, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject promptly.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

SUMMARY

SUMMARY

Currency

USD

USD

SGD

SGD

SGD

TURNOVER

63,748,000

69,349,000

87,748,879

83,884,659

65,819,921

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

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

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

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

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

Total Turnover

63,748,000

69,349,000

87,748,879

83,884,659

65,819,921

Costs of Goods Sold

(54,373,000)

(58,934,000)

-

-

-

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

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

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

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

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

Gross Profit

9,375,000

10,415,000

-

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

2,564,000

4,146,000

3,551,838

3,547,000

2,186,784

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

2,564,000

4,146,000

3,551,838

3,547,000

2,186,784

Taxation

(389,000)

(704,000)

(614,097)

(535,000)

(372,057)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

2,175,000

3,442,000

2,937,741

3,012,000

1,814,727

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

2,710,000

7,268,000

11,626,004

8,614,004

6,799,277

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

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

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

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

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

As restated

2,710,000

7,268,000

11,626,004

8,614,004

6,799,277

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

4,885,000

10,710,000

14,563,745

11,626,004

8,614,004

DIVIDENDS - Ordinary (paid & proposed)

-

(8,000,000)

-

-

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

4,885,000

2,710,000

14,563,745

11,626,004

8,614,004

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

96,000

75,000

-

-

-

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

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

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

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

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

96,000

75,000

-

-

-

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

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

-

-

-

DEPRECIATION (as per notes to P&L)

27,000

23,000

-

-

-

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

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

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

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

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

27,000

23,000

-

-

-

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

49,000

41,000

107,932

93,000

86,054

Deferred assets

57,000

57,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

57,000

57,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

106,000

98,000

107,932

93,000

86,054

Stocks

11,297,000

18,479,000

-

-

-

Trade debtors

29,519,000

23,348,000

-

-

-

Other debtors, deposits & prepayments

112,000

94,000

-

-

-

Amount due from holding company

2,000

51,000

-

-

-

Amount due from related companies

792,000

418,000

-

-

-

Cash & bank balances

472,000

7,672,000

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

42,194,000

50,062,000

58,233,764

35,588,000

36,281,885

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

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

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

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

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

TOTAL ASSET

42,300,000

50,160,000

58,341,696

35,681,000

36,367,939

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

136,000

78,000

-

-

-

Other creditors & accruals

2,373,000

11,066,000

-

-

-

Amounts owing to holding company

14,168,000

8,150,000

-

-

-

Amounts owing to related companies

19,408,000

26,527,000

-

-

-

Provision for taxation

459,000

675,000

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

36,544,000

46,496,000

48,445,430

27,072,000

26,433,764

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

5,650,000

3,566,000

9,788,334

8,516,000

9,848,121

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

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

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

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

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

TOTAL NET ASSETS

5,756,000

3,664,000

9,896,266

8,609,000

9,934,175

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

709,000

709,000

1,000,000

1,000,000

1,000,000

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

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

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

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

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

TOTAL SHARE CAPITAL

709,000

709,000

1,000,000

1,000,000

1,000,000

Retained profit/(loss) carried forward

4,885,000

2,710,000

14,563,745

11,626,004

8,614,004

Others

-

-

(5,667,479)

(4,017,004)

-

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

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

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

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

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

TOTAL RESERVES

4,885,000

2,710,000

8,896,266

7,609,000

8,614,004

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

5,594,000

3,419,000

9,896,266

8,609,000

9,614,004

Retirement benefits provision

162,000

245,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

162,000

245,000

-

-

320,171

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

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

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

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

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

5,756,000

3,664,000

9,896,266

8,609,000

9,934,175

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

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

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

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

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

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

472,000

7,672,000

-

-

-

Net Liquid Funds

472,000

7,672,000

-

-

-

Net Liquid Assets

(5,647,000)

(14,913,000)

9,788,334

8,516,000

9,848,121

Net Current Assets/(Liabilities)

5,650,000

3,566,000

9,788,334

8,516,000

9,848,121

Net Tangible Assets

5,756,000

3,664,000

9,896,266

8,609,000

9,934,175

Net Monetary Assets

(5,809,000)

(15,158,000)

9,788,334

8,516,000

9,527,950

BALANCE SHEET ITEMS

Total Borrowings

0

0

-

-

-

Total Liabilities

36,706,000

46,741,000

48,445,430

27,072,000

26,753,935

Total Assets

42,300,000

50,160,000

58,341,696

35,681,000

36,367,939

Net Assets

5,756,000

3,664,000

9,896,266

8,609,000

9,934,175

Net Assets Backing

5,594,000

3,419,000

9,896,266

8,609,000

9,614,004

Shareholders' Funds

5,594,000

3,419,000

9,896,266

8,609,000

9,614,004

Total Share Capital

709,000

709,000

1,000,000

1,000,000

1,000,000

Total Reserves

4,885,000

2,710,000

8,896,266

7,609,000

8,614,004

LIQUIDITY (Times)

Cash Ratio

0.01

0.17

-

-

-

Liquid Ratio

0.85

0.68

-

-

-

Current Ratio

1.15

1.08

1.20

1.31

1.37

WORKING CAPITAL CONTROL (Days)

Stock Ratio

65

97

-

-

-

Debtors Ratio

169

123

-

-

-

Creditors Ratio

1

0

-

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

-

-

-

Liabilities Ratio

6.56

13.67

4.90

3.14

2.78

Times Interest Earned Ratio

27.71

56.28

-

-

-

Assets Backing Ratio

8.12

5.17

9.90

8.61

9.93

PERFORMANCE RATIO (%)

Operating Profit Margin

4.02

5.98

4.05

4.23

3.32

Net Profit Margin

3.41

4.96

3.35

3.59

2.76

Return On Net Assets

46.21

115.20

35.89

41.20

22.01

Return On Capital Employed

46.21

115.20

35.89

41.20

22.01

Return On Shareholders' Funds/Equity

38.88

100.67

29.69

34.99

18.88

Dividend Pay Out Ratio (Times)

0.00

2.32

-

-

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.94

UK Pound

1

Rs.98.27

Euro

1

Rs.72.37

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.