MIRA INFORM REPORT

 

 

Report No. :

327394

Report Date :

20.06.2015

 

IDENTIFICATION DETAILS

 

Name :

PERKINELMER SINGAPORE PTE. LTD.

 

 

Formerly Known As :

EG&G SINGAPORE PTE LTD

 

PERKINELMER SINGAPORE PTE LTD


BERKSHIRE INVESTMENTS PTE LTD

 

 

Registered Office :

80, Raffles Place, 32-01, Uob Plaza, 048624

 

 

Country :

Singapore

 

 

Financials (as on) :

29.12.2013

 

 

Date of Incorporation :

14.10.1997

 

 

Com. Reg. No.:

199707113-D

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacture and repair of engineering and scientific instruments.

 

 

No. of Employees :

340 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

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. 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.

:

199707113-D

COMPANY NAME

:

PERKINELMER SINGAPORE PTE. LTD.

FORMER NAME

:

EG&G SINGAPORE PTE LTD (25/10/1999)
PERKINELMER SINGAPORE PTE LTD (25/10/1999)
BERKSHIRE INVESTMENTS PTE LTD (05/02/1998)

INCORPORATION DATE

:

14/10/1997

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, RAFFLES PLACE, 32-01, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

28, AYER RAJAH CRESCENT, 08-01, 139959, SINGAPORE.

TEL.NO.

:

65-68681688

FAX.NO.

:

65-67796567

WEB SITE

:

WWW.PERKINELMER.COM

CONTACT PERSON

:

JOHN LEO HEALY ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE AND REPAIR OF ENGINEERING AND SCIENTIFIC INSTRUMENTS

ISSUED AND PAID UP CAPITAL

:

5,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 53,752,003.00 

SALES

:

SGD 908,716,000 [2013]

NET WORTH

:

SGD 249,327,000 [2013]

STAFF STRENGTH

:

340 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MATURE

 

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) manufacture and repair of engineering and scientific instruments.

 

The immediate holding company of the Subject is PERKINELMER INTERNATIONAL C.V., a company incorporated in NETHERLANDS.

 

The ultimate holding company of the Subject is PERKINELMER, INC., a company incorporated in UNITED STATES.

 

Share Capital History

Date

Issue & Paid Up Capital

17/06/2015

SGD 53,752,003.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

PERKINELMER INTERNATIONAL C.V.

LIJNDONK 256 4825, BG BREDA, THE, NETHERLANDS.

T03UF1726

5,000,000.00

100.00

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

------

5,000,000.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

CHINA

PERKINELMER INSTRUMENTS (SHANGHAI) CO LIMITED

100.00

30/12/2012

INDIA

PERKINELMER (INDIA) PRIVATE LIMITED

99.99

30/12/2012

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

JOHN LEO HEALY

Address

:

940, WINTER STREET, WALTHAM, MASSACHUSETTS, 02451, UNITED STATES.

IC / PP No

:

210450839

Nationality

:

AMERICAN

Date of Appointment

:

01/09/2004

 

DIRECTOR 2

 

Name Of Subject

:

DAISY AUYEUNG YIK YAN

Address

:

11, LEEDON HEIGHTS, 29-32, D'LEEDON, 267955, SINGAPORE.

IC / PP No

:

S2626105H

Nationality

:

SINGAPOREAN

Date of Appointment

:

04/06/2010

 

DIRECTOR 3

 

Name Of Subject

:

TAY SEOW WAH

Address

:

50, CHOA CHU KANG NORTH 6, 15-08, YEW MEI GREEN, 689574, SINGAPORE.

IC / PP No

:

S1618139J

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/12/2011



MANAGEMENT

 

 

 

1)

Name of Subject

:

JOHN LEO HEALY

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. CHEW BEE LENG

IC / PP No

:

S7036104C

Address

:

609, BEDOK RESERVOIR ROAD, 08-644, 470609, SINGAPORE.

 

2)

Company Secretary

:

MARIAN HO WUI MEE

IC / PP No

:

S1787009B

Address

:

9, KENG CHIN ROAD, 08-04, BELLERIVE, 258711, 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 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.

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

 

Products manufactured

:

ENGINEERING AND SCIENTIFIC INSTRUMENTS

 

Total Number of Employees:

YEAR

2015

2014

GROUP

N/A

N/A

COMPANY

340

340

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacture and repair of engineering and scientific instruments. 

The Subject Develops, manufactures and markets analytical instruments for chromatography, proteomics, molecular spectroscopy and other applications. 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6568681688

Current Telephone Number

:

65-68681688

Match

:

YES

Address Provided by Client

:

28 AYER RAJAH CRESCENT NO. 08-01, SINGAPORE 139959

Current Address

:

28, AYER RAJAH CRESCENT, 08-01, 139959, SINGAPORE.

Match

:

YES

 

Other Investigations


On 16th June 2015 we contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its bankers.

 

 

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2010 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2013

]

Return on Shareholder Funds

:

Favourable

[

34.61%

]

Return on Net Assets

:

Favourable

[

32.51%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

46 Days

]

Debtor Ratio

:

Favourable

[

50 Days

]

Creditors Ratio

:

Favourable

[

45 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

[

1.56 Times

]

Current Ratio

:

Favourable

[

2.25 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

[

4,405.11 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 :

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 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 : STRONG

 

 

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 :

MANUFACTURING

In the third quarter of 2014, manufacturing output has increased by 1.9%, extending the 1.5% growth in the previous quarter. Growth was largely driven by the biomedical manufacturing and chemicals clusters. Besides, for the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth recorded in the previous year. All clusters recorded an expansion in 2013, except the biomedical manufacturing cluster.

The chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by the petrochemicals and specialty chemicals segments, which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%.

Besides, output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter of 2014. The medical technology segment posted robust growth of 23% due to higher production of medical instruments and supplies, while the output of the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the biomedical manufacturing cluster recorded only a flat growth.

In the third quarter of 2014, the transport engineering cluster contracted by 2.0%, dragged down by the aerospace segment. Output in the aerospace segment plunged by 18% on the back of fewer repair jobs from commercial airlines. This was mitigated by the 4.1% growth in the marine & offshore engineering segment, which was supported by higher contributions from rig building projects. Nonetheless, for the whole of 2013, the transport engineering cluster grew by 5.2%.

Moreover, output of the precision engineering cluster increased by 1.3% in the third quarter of 2014. The machinery & systems segment grew by 6.2%, supported by higher demand for semiconductor-related equipment and mechanical engineering work. This was partly offset by the decline in the output of the precision modules & components segment. Conversely, in the full year of 2013, the precision engineering cluster's output declined by 5.6%.

Furthermore, in the third quarter of 2014, output of the general manufacturing industries declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment was more than offset by declines in the other two segments. In particular, the miscellaneous industries segment contracted by 4.7% on the back of lower output in construction-related products, such as concrete & cement products and steel structural components. For the full year of 2013, the general manufacturing cluster grew by 2.8%.

Besides, in the third quarter of 2014, the electronics cluster expanded by 0.9%, reversing the 5.0% contraction in the previous quarter. Growth was supported by an expansion in the computer peripherals (6.3%) and data storage (2.6%) segments. Moreover, for the year 2013, the electronics cluster expanded by 3.5%.

OVERALL INDUSTRY OUTLOOK : MATURE

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1997, the Subject is a Private Limited company, focusing on manufacture and repair of engineering and scientific instruments. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. A paid up capital of SGD 53,752,003 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. The Subject is a fairly large and rapidly growing company with over 340 staff in its operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. 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 SGD 249,327,000, 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 has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market. 

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.

PERKINELMER SINGAPORE PTE. LTD.

 

Financial Year End

2013-12-29

2012-12-30

2012-01-01

2011-01-02

2010-01-03

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

SUMMARY

SUMMARY

Currency

SGD

SGD

SGD

SGD

SGD

TURNOVER

908,716,000

808,649,000

824,615,000

813,004,000

945,841,000

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

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

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

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

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

Total Turnover

908,716,000

808,649,000

824,615,000

813,004,000

945,841,000

Costs of Goods Sold

(586,228,000)

(539,589,000)

(530,022,000)

-

-

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

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

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

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

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

Gross Profit

322,488,000

269,060,000

294,593,000

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

83,678,000

59,152,000

97,642,000

52,862,000

53,126,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

83,678,000

59,152,000

97,642,000

52,862,000

53,126,000

Taxation

2,613,000

1,723,000

2,696,000

2,309,000

(5,149,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

86,291,000

60,875,000

100,338,000

55,171,000

47,977,000

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

187,583,000

155,708,000

240,770,000

185,599,000

137,622,000

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

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

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

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

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

As restated

187,583,000

155,708,000

240,770,000

185,599,000

137,622,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

273,874,000

216,583,000

341,108,000

240,770,000

185,599,000

DIVIDENDS - Ordinary (paid & proposed)

(67,600,000)

(29,000,000)

(185,400,000)

-

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

206,274,000

187,583,000

155,708,000

240,770,000

185,599,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

19,000

15,000

499,000

-

-

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

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

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

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

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

19,000

15,000

499,000

-

-

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

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

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

-

-

DEPRECIATION (as per notes to P&L)

3,249,000

3,460,000

3,503,000

-

-

AMORTIZATION

8,176,000

9,531,000

5,414,000

-

-

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

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

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

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

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

11,425,000

12,991,000

8,917,000

-

-

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

8,636,000

7,792,000

7,344,000

42,466,000

62,485,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

10,185,000

10,185,000

10,185,000

-

-

Others

377,000

355,000

368,000

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

10,562,000

10,540,000

10,553,000

-

-

Own goodwill

1,439,000

1,439,000

1,439,000

-

-

Intellectual property and license rights

29,520,000

36,910,000

47,135,000

-

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

30,959,000

38,349,000

48,574,000

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

50,157,000

56,681,000

66,471,000

42,466,000

62,485,000

Stocks

114,503,000

97,516,000

82,703,000

-

-

Trade debtors

125,380,000

118,430,000

111,456,000

-

-

Other debtors, deposits & prepayments

4,453,000

5,561,000

7,413,000

-

-

Amount due from holding company

822,000

1,068,000

23,520,000

-

-

Amount due from subsidiary companies

18,650,000

20,668,000

10,191,000

-

-

Amount due from related companies

62,180,000

56,983,000

55,656,000

-

-

Cash & bank balances

47,579,000

38,418,000

30,487,000

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

373,567,000

338,644,000

321,426,000

465,766,000

394,464,000

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

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

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

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

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

TOTAL ASSET

423,724,000

395,325,000

387,897,000

508,232,000

456,949,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

71,872,000

61,132,000

67,865,000

-

-

Other creditors & accruals

23,738,000

26,407,000

10,736,000

-

-

Hire purchase & lease creditors

159,000

150,000

154,000

-

-

Amounts owing to holding company

2,751,000

1,663,000

6,488,000

-

-

Amounts owing to subsidiary companies

4,260,000

2,070,000

2,430,000

-

-

Amounts owing to related companies

54,995,000

58,019,000

79,037,000

-

-

Provision for taxation

5,258,000

11,041,000

21,135,000

-

-

Other liabilities

3,206,000

3,079,000

3,345,000

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

166,239,000

163,561,000

191,190,000

172,538,000

227,154,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

207,328,000

175,083,000

130,236,000

293,228,000

167,310,000

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

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

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

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

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

TOTAL NET ASSETS

257,485,000

231,764,000

196,707,000

335,694,000

229,795,000

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

53,752,000

53,752,000

53,752,000

53,752,003

53,752,003

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

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

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

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

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

TOTAL SHARE CAPITAL

53,752,000

53,752,000

53,752,000

53,752,003

53,752,003

Exchange equalisation/fluctuation reserve

(10,699,000)

(17,279,000)

(13,543,000)

(12,082,003)

(84,178,003)

Retained profit/(loss) carried forward

206,274,000

187,583,000

155,708,000

240,770,000

185,599,000

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

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

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

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

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

TOTAL RESERVES

195,575,000

170,304,000

142,165,000

228,687,997

101,420,997

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

249,327,000

224,056,000

195,917,000

282,440,000

155,173,000

Lease obligations

115,000

179,000

301,000

-

-

Deferred taxation

355,000

813,000

489,000

-

-

Others

7,688,000

6,716,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

8,158,000

7,708,000

790,000

53,254,000

74,622,000

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

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

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

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

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

257,485,000

231,764,000

196,707,000

335,694,000

229,795,000

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

47,579,000

38,418,000

30,487,000

-

-

Net Liquid Funds

47,579,000

38,418,000

30,487,000

-

-

Net Liquid Assets

92,825,000

77,567,000

47,533,000

293,228,000

167,310,000

Net Current Assets/(Liabilities)

207,328,000

175,083,000

130,236,000

293,228,000

167,310,000

Net Tangible Assets

226,526,000

193,415,000

148,133,000

335,694,000

229,795,000

Net Monetary Assets

84,667,000

69,859,000

46,743,000

239,974,000

92,688,000

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

83,697,000

59,167,000

98,141,000

-

-

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

95,122,000

72,158,000

107,058,000

-

-

BALANCE SHEET ITEMS

Total Borrowings

274,000

329,000

455,000

-

-

Total Liabilities

174,397,000

171,269,000

191,980,000

225,792,000

301,776,000

Total Assets

423,724,000

395,325,000

387,897,000

508,232,000

456,949,000

Net Assets

257,485,000

231,764,000

196,707,000

335,694,000

229,795,000

Net Assets Backing

249,327,000

224,056,000

195,917,000

282,440,000

155,173,000

Shareholders' Funds

249,327,000

224,056,000

195,917,000

282,440,000

155,173,000

Total Share Capital

53,752,000

53,752,000

53,752,000

53,752,003

53,752,003

Total Reserves

195,575,000

170,304,000

142,165,000

228,687,997

101,420,997

LIQUIDITY (Times)

Cash Ratio

0.29

0.23

0.16

-

-

Liquid Ratio

1.56

1.47

1.25

-

-

Current Ratio

2.25

2.07

1.68

2.70

1.74

WORKING CAPITAL CONTROL (Days)

Stock Ratio

46

44

37

-

-

Debtors Ratio

50

53

49

-

-

Creditors Ratio

45

41

47

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

-

-

Liabilities Ratio

0.70

0.76

0.98

0.80

1.94

Times Interest Earned Ratio

4,405.11

3,944.47

196.68

-

-

Assets Backing Ratio

4.21

3.60

2.76

6.25

4.28

PERFORMANCE RATIO (%)

Operating Profit Margin

9.21

7.31

11.84

6.50

5.62

Net Profit Margin

9.50

7.53

12.17

6.79

5.07

Return On Net Assets

32.51

25.53

49.89

15.75

23.12

Return On Capital Employed

29.00

21.89

39.99

15.75

23.12

Return On Shareholders' Funds/Equity

34.61

27.17

51.21

19.53

30.92

Dividend Pay Out Ratio (Times)

0.78

0.48

1.85

-

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.85

UK Pound

1

Rs.101.00

Euro

1

Rs.72.46

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

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

 

Unlimited

 

71-85

Aa

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

 

Large

 

56-70

A

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

 

Fairly Large

 

41-55

Ba

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

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

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

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

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

 

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

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

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.