|
Report No. : |
326864 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIDEA ELECTRIC TRADING (SINGAPORE) CO. PTE.
LTD. |
|
|
|
|
Registered Office : |
50, Raffles Place, #38-05, 048623 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
11.01.2008 |
|
|
|
|
Com. Reg. No.: |
200800970-G |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in trading of Air
Conditioner, Refrigerator, Washing Machine, Dehumidifier, Wine Chiller and
other Household Electrical Appliances. |
|
|
|
|
No of Employees : |
Not Available [We tried to confirm the number of employees but no one is ready to part
any information from the company management.] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Singapore |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Singapore ECONOMIC OVERVIEW
Singapore has a highly
developed and successful free-market economy. It enjoys a remarkably open and corruption-free
environment, stable prices, and a per capita GDP higher than that of most
developed countries. The economy depends heavily on exports, particularly in
consumer electronics, information technology products, pharmaceuticals, and on
a growing financial services sector. The economy contracted 0.6% in 2009 as a
result of the global financial crisis, but rebounded 15.1% in 2010, on the
strength of renewed exports, before slowing to in 2011-13, largely a result of
soft demand for exports during the second European recession. Over the longer
term, the government hopes to establish a new growth path that focuses on
raising productivity. Singapore has attracted major investments in
pharmaceuticals and medical technology production and will continue efforts to
establish Singapore as Southeast Asia's financial and high-tech hub.
|
Source : CIA |
|
REGISTRATION NO. |
: |
200800970-G |
|
COMPANY NAME |
: |
MIDEA ELECTRIC
TRADING (SINGAPORE) CO. PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
11/01/2008 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
50, RAFFLES PLACE, #38-05, 048623,
SINGAPORE. |
|
BUSINESS ADDRESS |
: |
50, RAFFLES PLACE, 38-05, SINGAPORE LAND
TOWER, 048623, SINGAPORE. |
|
TEL.NO. |
: |
65-65320216 |
|
FAX.NO. |
: |
65-65322782 |
|
CONTACT PERSON |
: |
BAEY CHENG SONG ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
Engaged in trading of Air Conditioner,
Refrigerator, Washing Machine, Dehumidifier, Wine Chiller and other Household
Electrical Appliances. |
|
ISSUED AND PAID UP CAPITAL |
: |
50,700,000.00 ORDINARY SHARE, OF A VALUE
OF SGD 64,760,000.00 |
|
SALES |
: |
USD 2,814,093,000 [2013] |
|
NET WORTH |
: |
USD 286,202,000 [2013] |
|
STAFF STRENGTH |
: |
n/a [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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 air conditioner, refrigerator, washing machine, dehumidifier, wine chiller and other household electrical appliances.
The immediate holding company of the Subject is MIDEA ELECTRIC INVESTMENT (BVI) LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
04/12/2014 |
SGD 64,760,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MIDEA ELECTRIC INVESTMENT (BVI) LIMITED |
P.O. BOX 3340, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH. |
T07UF3838K |
50,700,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
50,700,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
NETHERLANDS |
MIDEA ELECTRICS NETHERLANDS B.V. |
100.00 |
31/12/2013 |
|
|
MEXICO |
MIDEA MEXICO S DE RL DE CV |
99.00 |
31/12/2013 |
|
DIRECTOR 1
|
Name Of Subject |
: |
BAEY CHENG SONG |
|
Address |
: |
37, GROVE DRIVE, HENRY PARK, 279077, SINGAPORE. |
|
IC / PP No |
: |
S0247168Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
11/01/2008 |
DIRECTOR 2
|
Name Of Subject |
: |
GU YANMIN |
|
Address |
: |
12-1-208, YIXIN YUAN, XING HE WAN, YING BIN ROAD, PANYU DISTRICT, GUANGZHOU, GUANGDONG PROVINCE, P.R.C., CHINA. |
|
IC / PP No |
: |
G39865353 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
22/02/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
YUAN LIQUN |
|
Address |
: |
89, DIE CUI TING, XI YUAN, BI GUI YUAN, BEIJIAO TOWN, SHUNDE DISTRICT, FOSHAN CITY, GUANGDONG PROVINCE, CHINA. |
|
IC / PP No |
: |
G36491385 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
25/03/2013 |
DIRECTOR 4
|
Name Of Subject |
: |
YANG YANWU |
|
Address |
: |
9, NO.603 DING XIANG COURT, YIN XING YA XUAN, 4 HE GUI ROAD DALIANG STREET, SHUNDE, FOSHAN, GUANGDONG, CHINA. |
|
IC / PP No |
: |
G3935563 |
|
Date of Appointment |
: |
16/12/2014 |
|
1) |
Name of Subject |
: |
BAEY CHENG SONG |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
RSM CHIO LIM LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
WONG YOEN HAR |
|
IC / PP No |
: |
S1771279I |
|
|
Address |
: |
243, BISHAN STREET 22, 21-280, 570243,
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 against 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclosed its supplier.
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 |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CASH |
|||
|
Goods Traded |
: |
AIR CONDITIONER, REFRIGERATOR, WASHING
MACHINE, DEHUMIDIFIER, WINE CHILLER AND OTHER HOUSEHOLD ELECTRICAL APPLIANCES |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
||||||||
|
|
|||||||||
|
COMPANY |
n/a |
||||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is
principally engaged in the (as a / as an) trading of air conditioner,
refrigerator, washing machine, dehumidifier, wine chiller and other household
electrical appliances.
The Subject involved in trading and wholesale of household electrical
appliances.
The major products are :
- Refrigerator
- Air Conditioner
- Washing Machine
- Wine cooler
- Fan
- Other household electrical appliances
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65320216 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
171 CHIN SWEE ROAD NO. 10-07, SAN CENTRE,
SINGAPORE 169877 |
|
Current Address |
: |
50, RAFFLES PLACE, 38-05, SINGAPORE LAND
TOWER, 048623, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the
Subject's registered office and she provided some information.
The Subject refused to disclose its number of employees.
The Subject had shifted from the above address provided .
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
48.99% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
41.87% |
] |
|
|
The Subject's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years.The higher
profit could be attributed to the increase in turnover. 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 |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
34 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
1 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 |
: |
Favourable |
[ |
1.09 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.09 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in order
to assure its creditors of its ability to meet short term obligations and the
Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
11.08 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 : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay 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 |
||||||
|
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) |
|||||
|
(Source : Department of Statistics) |
|
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 |
|
|
Incorporated in 2008, the Subject is a
Private Limited company, focusing on trading of air conditioner,
refrigerator, washing machine, dehumidifier, wine chiller and other household
electrical appliances. Having been in business for more than 5 years, the
Subject has established a remarkable clientele base for itself which has
contributed to its business growth. The Subject is a large entity with strong
capital position of SGD 64,760,000 . We are confident with the Subject's
business and its future growth prospect. Having strong support from its
holding company has enabled the Subject to remain competitive despite the
challenging business environment. 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. The
Subject is in good liquidity position with its current liabilities well
covered by it current assets. Hence, it has sufficient working capital to
meet its short term 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 286,202,000, 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. 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. |
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
MIDEA ELECTRIC
TRADING (SINGAPORE) CO. PTE. LTD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
SGD |
|
TURNOVER |
2,814,093,000 |
2,528,905,000 |
2,500,393,000 |
804,657,000 |
649,074,992 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
2,814,093,000 |
2,528,905,000 |
2,500,393,000 |
804,657,000 |
649,074,992 |
|
Costs of Goods Sold |
(2,706,339,000) |
(2,458,047,000) |
(2,427,479,000) |
(780,702,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
107,754,000 |
70,858,000 |
72,914,000 |
23,955,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
147,104,000 |
79,620,000 |
44,544,000 |
21,584,000 |
19,584,945 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
147,104,000 |
79,620,000 |
44,544,000 |
21,584,000 |
19,584,945 |
|
Taxation |
(6,903,000) |
(2,598,000) |
(2,959,000) |
(1,016,000) |
(913,735) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
140,201,000 |
77,022,000 |
41,585,000 |
20,568,000 |
18,671,210 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
138,576,000 |
61,554,000 |
39,937,000 |
19,369,000 |
(18,671,210) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
138,576,000 |
61,554,000 |
39,937,000 |
19,369,000 |
(18,671,210) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
278,777,000 |
138,576,000 |
81,522,000 |
39,937,000 |
0 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(43,087,000) |
- |
(19,968,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
235,690,000 |
138,576,000 |
61,554,000 |
39,937,000 |
0 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Others |
14,600,000 |
18,076,000 |
5,697,000 |
810,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
14,600,000 |
18,076,000 |
5,697,000 |
810,000 |
- |
|
|
============= |
============= |
============= |
============= |
|
MIDEA ELECTRIC
TRADING (SINGAPORE) CO. PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
17,000 |
14,000 |
12,000 |
6,000 |
3,834 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
274,357,000 |
197,700,000 |
38,228,000 |
38,228,000 |
- |
|
Associated companies |
45,257,000 |
45,257,000 |
45,257,000 |
14,768,000 |
- |
|
Investments |
4,622,000 |
2,418,000 |
1,818,000 |
1,818,000 |
- |
|
Others |
6,779,000 |
6,779,000 |
6,779,000 |
2,639,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
331,015,000 |
252,154,000 |
92,082,000 |
57,453,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
331,032,000 |
252,168,000 |
92,094,000 |
57,459,000 |
3,834 |
|
Stocks |
1,047,000 |
1,465,000 |
716,000 |
- |
- |
|
Trade debtors |
262,604,000 |
321,299,000 |
282,925,000 |
175,992,000 |
- |
|
Other debtors, deposits & prepayments |
239,905,000 |
45,000 |
126,000 |
2,033,000 |
- |
|
Short term deposits |
111,000 |
30,000 |
- |
- |
- |
|
Amount due from subsidiary companies |
1,168,000 |
26,269,000 |
130,292,000 |
60,000 |
- |
|
Amount due from related companies |
79,057,000 |
228,345,000 |
246,639,000 |
60,296,000 |
- |
|
Cash & bank balances |
24,870,000 |
50,240,000 |
28,039,000 |
14,677,000 |
- |
|
Others |
45,808,000 |
17,083,000 |
7,564,000 |
54,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
654,570,000 |
644,776,000 |
696,301,000 |
253,112,000 |
195,200,004 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
985,602,000 |
896,944,000 |
788,395,000 |
310,571,000 |
195,203,838 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
9,778,000 |
9,100,000 |
7,141,000 |
2,855,000 |
- |
|
Other creditors & accruals |
52,303,000 |
- |
28,000 |
- |
- |
|
Deposits from customers |
41,774,000 |
75,325,000 |
65,335,000 |
48,911,000 |
- |
|
Amounts owing to subsidiary companies |
- |
- |
561,000 |
- |
- |
|
Amounts owing to related companies |
169,643,000 |
90,382,000 |
152,596,000 |
132,294,000 |
- |
|
Provision for taxation |
8,251,000 |
2,044,000 |
2,784,000 |
940,000 |
- |
|
Other liabilities |
317,651,000 |
431,005,000 |
447,884,000 |
75,122,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
599,400,000 |
607,856,000 |
676,329,000 |
260,122,000 |
170,045,467 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
55,170,000 |
36,920,000 |
19,972,000 |
(7,010,000) |
25,154,537 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
386,202,000 |
289,088,000 |
112,066,000 |
50,449,000 |
25,158,372 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
50,512,000 |
50,512,000 |
50,512,000 |
512,000 |
64,760,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
50,512,000 |
50,512,000 |
50,512,000 |
512,000 |
64,760,000 |
|
Retained profit/(loss) carried forward |
235,690,000 |
138,576,000 |
61,554,000 |
39,937,000 |
0 |
|
Others |
- |
- |
- |
- |
(39,601,628) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
235,690,000 |
138,576,000 |
61,554,000 |
39,937,000 |
(39,601,628) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
286,202,000 |
189,088,000 |
112,066,000 |
40,449,000 |
25,158,372 |
|
Others |
100,000,000 |
100,000,000 |
- |
10,000,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
100,000,000 |
100,000,000 |
- |
10,000,000 |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
386,202,000 |
289,088,000 |
112,066,000 |
50,449,000 |
25,158,372 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
Contingent Liabilities |
7,000,000 |
4,345,000 |
|
MIDEA ELECTRIC
TRADING (SINGAPORE) CO. PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
24,981,000 |
50,270,000 |
28,039,000 |
14,677,000 |
- |
|
Net Liquid Funds |
24,981,000 |
50,270,000 |
28,039,000 |
14,677,000 |
- |
|
Net Liquid Assets |
54,123,000 |
35,455,000 |
19,256,000 |
(7,010,000) |
25,154,537 |
|
Net Current Assets/(Liabilities) |
55,170,000 |
36,920,000 |
19,972,000 |
(7,010,000) |
25,154,537 |
|
Net Tangible Assets |
386,202,000 |
289,088,000 |
112,066,000 |
50,449,000 |
25,158,372 |
|
Net Monetary Assets |
(45,877,000) |
(64,545,000) |
19,256,000 |
(17,010,000) |
25,154,537 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
- |
|
Total Liabilities |
699,400,000 |
707,856,000 |
676,329,000 |
270,122,000 |
170,045,467 |
|
Total Assets |
985,602,000 |
896,944,000 |
788,395,000 |
310,571,000 |
195,203,838 |
|
Net Assets |
386,202,000 |
289,088,000 |
112,066,000 |
50,449,000 |
25,158,371 |
|
Net Assets Backing |
286,202,000 |
189,088,000 |
112,066,000 |
40,449,000 |
25,158,371 |
|
Shareholders' Funds |
286,202,000 |
189,088,000 |
112,066,000 |
40,449,000 |
25,158,372 |
|
Total Share Capital |
50,512,000 |
50,512,000 |
50,512,000 |
512,000 |
64,760,000 |
|
Total Reserves |
235,690,000 |
138,576,000 |
61,554,000 |
39,937,000 |
(39,601,628) |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.04 |
0.08 |
0.04 |
0.06 |
- |
|
Liquid Ratio |
1.09 |
1.06 |
1.03 |
0.97 |
- |
|
Current Ratio |
1.09 |
1.06 |
1.03 |
0.97 |
1.15 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
0 |
0 |
0 |
- |
|
Debtors Ratio |
34 |
46 |
41 |
80 |
- |
|
Creditors Ratio |
1 |
1 |
1 |
1 |
- |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
2.44 |
3.74 |
6.04 |
6.68 |
6.76 |
|
Times Interest Earned Ratio |
11.08 |
5.40 |
8.82 |
27.65 |
- |
|
Assets Backing Ratio |
7.65 |
5.72 |
2.22 |
98.53 |
0.39 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
5.23 |
3.15 |
1.78 |
2.68 |
3.02 |
|
Net Profit Margin |
4.98 |
3.05 |
1.66 |
2.56 |
2.88 |
|
Return On Net Assets |
41.87 |
33.79 |
44.83 |
44.39 |
77.85 |
|
Return On Capital Employed |
41.87 |
33.79 |
44.83 |
44.39 |
77.85 |
|
Return On Shareholders' Funds/Equity |
48.99 |
40.73 |
37.11 |
50.85 |
74.21 |
|
Dividend Pay Out Ratio (Times) |
0.31 |
0.00 |
0.48 |
0.00 |
- |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
7,000,000 |
4,345,000 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.98.89 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.