MIRA INFORM REPORT

 

 

Report No. :

328066

Report Date :

24.06.2015

 

IDENTIFICATION DETAILS

 

Name :

IPP FINANCIAL ADVISERSPTE. LTD.

 

 

Formerly Known As :

IPP CAPITAL ADVISORY PTE LTD (24/12/2002)

INVESTMENT PROTECTION PLANNING PTE LTD (15/05/1997)

 

 

Registered Office :

78, Shenton Way, 30-01, 079120

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.10.1983

 

 

Com. Reg. No.:

198304992-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Financial Planning Advisory Services

 

 

No of Employees :

50 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

D

 

 

SINGAPORE ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

198304992-C

COMPANY NAME

:

IPP FINANCIAL ADVISERSPTE. LTD.

FORMER NAME

:

IPP CAPITAL ADVISORY PTE LTD (24/12/2002)
INVESTMENT PROTECTION PLANNING PTE LTD (15/05/1997)

INCORPORATION DATE

:

19/10/1983

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

78, SHENTON WAY, 30-01, 079120, SINGAPORE.

BUSINESS ADDRESS

:

78, SHENTON WAY, 30-01, 079120, SINGAPORE.

TEL.NO.

:

65-65118888

FAX.NO.

:

65-65118801

WEB SITE

:

WWW.IPPFA.COM

CONTACT PERSON

:

WEE TIONG HOWE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

FINANCIAL PLANNING ADVISORY SERVICES

ISSUED AND PAID UP CAPITAL

:

20,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,800,000.00

SALES

:

SGD 45,645,501 [2013]

NET WORTH

:

SGD 3,956,527 [2013]

STAFF STRENGTH

:

50 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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) financial planning advisory services.

 

Share Capital History

Date

Issue & Paid Up Capital

22/06/2015

SGD 2,800,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

IPP FINANCIAL SERVICES HOLDINGS LTD

78, SHENTON WAY, 30-01, 079120, SINGAPORE.

200001792M

20,500,000.00

100.00

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

------

20,500,000.00

100.00

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

=====

 

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

SINGAPORE

IPP CAPITAL MANAGEMENT PTE LTD

100.00

N/A



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

WEE TIONG HOWE

Address

:

96, FERNHILL ROAD, LADYHILL PARK, 259134, SINGAPORE.

IC / PP No

:

S0086104I

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/10/1983

 

DIRECTOR 2

 

Name Of Subject

:

LAM CHOONG FEI

Address

:

27, TAMAN SERASI, 02-33, BOTANIC GARDENS VIEW, 257724, SINGAPORE.

IC / PP No

:

S2643494G

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/09/2002

 

DIRECTOR 3

 

Name Of Subject

:

TAY HUAI ENG

Address

:

68, TANAH MERAH KECHIL AVENUE, 02-35, CASA MERAH, 465533, SINGAPORE.

IC / PP No

:

S1393537H

Nationality

:

SINGAPOREAN

Date of Appointment

:

29/04/2004

 

DIRECTOR 4

 

Name Of Subject

:

TAN LYE POH @ CHEN LAIBAO

Address

:

55B, JALAN TAMAN, 10-02, RIO GARDENS, 329001, SINGAPORE.

IC / PP No

:

S7403473Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/09/2010



MANAGEMENT

 

1)

Name of Subject

:

WEE TIONG HOWE

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

LEE S F & CO

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

PETER TAY YEW BENG

IC / PP No

:

S0132013J

Address

:

370G, ALEXANDRA ROAD, 06-10, THE ANCHORAGE, 159960, 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

:

N/A

Overseas

:

N/A


The Subject is a service provider.

 

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

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

FINANCIAL PLANNING ADVISORY SERVICES

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

50

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) financial planning advisory services.


The Subject specialises in the Holistic Financial Planning, Expatriate Financial Services, Private Pensions, Education Fee Plans, Wealth Protection, Medical Cover, Estate and Legacy Planning, Wealth Management, Asset Allocation, Investment Advisory Services for QROPS, UK Tax Planning and others.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65118888

Match

:

N/A

Address Provided by Client

:

78 SHENTON WAY, #30-01 SINGAPORE 079120

Current Address

:

78, SHENTON WAY, 30-01, 079120, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and he provided some information.


The Subject refused to disclose its bankers.



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2013

]

Return on Shareholder Funds

:

Unfavourable

[

7.96%

]

Return on Net Assets

:

Unfavourable

[

7.96%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players. The higher profit could be attributed to the increase in turnover. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Nil

[

0 Days

]

Debtor Ratio

:

Favourable

[

40 Days

]

Creditors Ratio

:

Favourable

[

36 Days

]

As the Subject is a service oriented company, the Subject does not need to keep 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

[

1.41 Times

]

Current Ratio

:

Unfavourable

[

1.41 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

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. 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. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 :

ECONOMY

The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.

In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.

Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.

For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).

For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.

Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.

Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1983, the Subject is a Private Limited company, focusing on financial planning advisory services. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 2,800,000 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. The Subject is operating on a medium scale and it has approximately 50 employees in its business 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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 3,956,527, the Subject should be able to maintain its business in the near terms.


Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth.


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 maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.


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

 



PROFIT AND LOSS ACCOUNT

 

 

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

IPP FINANCIAL ADVISERSPTE. 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

SUMMARY

SUMMARY

SUMMARY

Currency

SGD

SGD

SGD

SGD

SGD

TURNOVER

45,645,501

44,862,981

45,151,965

41,243,502

36,927,099

Other Income

422,333

80,629

-

-

-

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

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

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

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

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

Total Turnover

46,067,834

44,943,610

45,151,965

41,243,502

36,927,099

Costs of Goods Sold

(34,983,493)

(34,627,906)

-

-

-

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

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

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

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

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

Gross Profit

11,084,341

10,315,704

-

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

314,999

180,007

643,979

171,425

474

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

314,999

180,007

643,979

171,425

474

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

314,999

180,007

643,979

171,425

474

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

841,528

661,521

17,542

(153,883)

(154,357)

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

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

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

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

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

As restated

841,528

661,521

17,542

(153,883)

(154,357)

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

1,156,527

841,528

661,521

17,542

(153,883)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,156,527

841,528

661,521

17,542

(153,883)

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

333,221

536,462

-

-

-

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

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

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

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

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

333,221

536,462

-

-

-

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

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

 

 

 

 

BALANCE SHEET

 

 

IPP FINANCIAL ADVISERSPTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

733,408

806,815

1,033,047

1,193,139

1,323,462

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

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

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

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

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

TOTAL LONG TERM ASSETS

733,408

806,815

1,033,047

1,193,139

1,323,462

Trade debtors

5,011,357

5,649,992

-

-

-

Other debtors, deposits & prepayments

977,847

1,130,423

-

-

-

Short term deposits

3,600,452

3,600,452

-

-

-

Amount due from related companies

-

110,462

-

-

-

Cash & bank balances

1,459,029

1,359,361

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

11,048,685

11,850,690

10,180,313

8,788,434

7,748,651

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

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

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

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

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

TOTAL ASSET

11,782,093

12,657,505

11,213,360

9,981,573

9,072,113

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

3,468,803

4,179,103

-

-

-

Other creditors & accruals

4,183,829

4,735,116

-

-

-

Amounts owing to holding company

75,152

-

-

-

-

Amounts owing to related companies

-

201

-

-

-

Provision for taxation

65,175

58,800

-

-

-

Other liabilities

32,607

42,757

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

7,825,566

9,015,977

7,751,839

7,164,031

6,425,996

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

3,223,119

2,834,713

2,428,474

1,624,403

1,322,655

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

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

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

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

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

TOTAL NET ASSETS

3,956,527

3,641,528

3,461,521

2,817,542

2,646,117

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

2,800,000

2,800,000

2,800,000

2,800,000

2,800,000

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

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

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

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

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

TOTAL SHARE CAPITAL

2,800,000

2,800,000

2,800,000

2,800,000

2,800,000

Retained profit/(loss) carried forward

1,156,527

841,528

661,521

17,542

(153,883)

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

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

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

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

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

TOTAL RESERVES

1,156,527

841,528

661,521

17,542

(153,883)

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

3,956,527

3,641,528

3,461,521

2,817,542

2,646,117

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

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

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

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

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

3,956,527

3,641,528

3,461,521

2,817,542

2,646,117

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

IPP FINANCIAL ADVISERSPTE. LTD.

 

TYPES OF FUNDS

Cash

5,059,481

4,959,813

-

-

-

Net Liquid Funds

5,059,481

4,959,813

-

-

-

Net Liquid Assets

3,223,119

2,834,713

2,428,474

1,624,403

1,322,655

Net Current Assets/(Liabilities)

3,223,119

2,834,713

2,428,474

1,624,403

1,322,655

Net Tangible Assets

3,956,527

3,641,528

3,461,521

2,817,542

2,646,117

Net Monetary Assets

3,223,119

2,834,713

2,428,474

1,624,403

1,322,655

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

314,999

180,007

-

-

-

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

648,220

716,469

-

-

-

BALANCE SHEET ITEMS

Total Borrowings

0

0

-

-

-

Total Liabilities

7,825,566

9,015,977

7,751,839

7,164,031

6,425,996

Total Assets

11,782,093

12,657,505

11,213,360

9,981,573

9,072,113

Net Assets

3,956,527

3,641,528

3,461,521

2,817,542

2,646,117

Net Assets Backing

3,956,527

3,641,528

3,461,521

2,817,542

2,646,117

Shareholders' Funds

3,956,527

3,641,528

3,461,521

2,817,542

2,646,117

Total Share Capital

2,800,000

2,800,000

2,800,000

2,800,000

2,800,000

Total Reserves

1,156,527

841,528

661,521

17,542

(153,883)

LIQUIDITY (Times)

Cash Ratio

0.65

0.55

-

-

-

Liquid Ratio

1.41

1.31

-

-

-

Current Ratio

1.41

1.31

1.31

1.23

1.21

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

-

-

-

Debtors Ratio

40

46

-

-

-

Creditors Ratio

36

44

-

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

-

-

-

Liabilities Ratio

1.98

2.48

2.24

2.54

2.43

Times Interest Earned Ratio

0.00

0.00

-

-

-

Assets Backing Ratio

1.41

1.30

1.24

1.01

0.95

PERFORMANCE RATIO (%)

Operating Profit Margin

0.69

0.40

1.43

0.42

0.00

Net Profit Margin

0.69

0.40

1.43

0.42

0.00

Return On Net Assets

7.96

4.94

18.60

6.08

0.02

Return On Capital Employed

7.96

4.94

18.60

6.08

0.02

Return On Shareholders' Funds/Equity

7.96

4.94

18.60

6.08

0.02

Dividend Pay Out Ratio (Times)

0.00

0.00

-

-

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.64

UK Pound

1

Rs. 100.41

Euro

1

Rs. 71.62

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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.