MIRA INFORM REPORT

 

 

Report No. :

323931

Report Date :

28.05.2015

 

IDENTIFICATION DETAILS

 

Name :

REDINGTON DISTRIBUTION PTE. LTD.

 

 

Registered Office :

60, Robinson Road, 12-02, Bea Building, 068892

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

28.03.2005

 

 

Com. Reg. No.:

200503995-E

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of computer hardware and peripheral equipment

 

 

No. of Employee :

20 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

NOTES :

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

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports. Growth in 2014 was slower at 13.9%, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200503995-E

COMPANY NAME

:

REDINGTON DISTRIBUTION PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/03/2005

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

60, ROBINSON ROAD, 12-02, BEA BUILDING, 068892, SINGAPORE.

BUSINESS ADDRESS

:

60 ROBINSON ROAD #12-02 BEA BUILDING, 068892, SINGAPORE.

TEL.NO.

:

65-64386626

FAX.NO.

:

65-64386616

WEB SITE

:

WWW.REDINGTONINDIA.COM

CONTACT PERSON

:

RAJ SHANKAR ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT

ISSUED AND PAID UP CAPITAL

:

3,800,000.00 ORDINARY SHARE, OF A VALUE OF USD 4,000,000.00

SALES

:

USD 319,963,731 [2014]

NET WORTH

:

USD 19,026,851 [2014]

STAFF STRENGTH

:

20 [2015]

BANKER (S)

:

BNP PARIBAS
DBS BANK LTD
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) wholesale of computer hardware and peripheral equipment.

 

The immediate holding company of the Subject is REDINGTON (INDIA) LIMITED, a company incorporated in INDIA.

 

Share Capital History

Date

Issue & Paid Up Capital

25/05/2015

USD 4,000,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

REDINGTON (INDIA) LIMITED

SPL GUINDY HOUSE, 95, MOUNT ROAD, GUINDY, CHENNAI, 600032, CHENNAI, INDIA.

T05UF1286

3,800,000.00

100.00

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

------

3,800,000.00

100.00

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

=====

+ Also Director

 

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



Local No

Country

Company

(%)

As At

SRI LANKA

REDINGTON SL PRIVATE LIMITED

100.00

31/03/2014

BANGLADESH

REDINGTON BANGLADESH LIMITED

99.00

31/03/2014



 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

RANGAREDDY JAYACHANDRAN

Address

:

31, LEONI HILL, 09-01, RIVERSHIRE, 23919, SINGAPORE.

IC / PP No

:

S2220352E

Nationality

:

SINGAPOREAN

Date of Appointment

:

28/03/2005

 

DIRECTOR 2

 

Name Of Subject

:

MR. RAJ SHANKAR

Address

:

1, TANJONG RHU ROAD, 19-04, THE WATERSIDE, 436879, SINGAPORE.

IC / PP No

:

S2678584G

Nationality

:

SINGAPOREAN

Date of Appointment

:

28/03/2005

 

DIRECTOR 3

 

Name Of Subject

:

RAMANATHAN SRINIVASAN

Address

:

15, ARDMORE PARK, 05-02, ARDMORE PARK, 259959, SINGAPORE.

IC / PP No

:

S2566556B

Nationality

:

SINGAPOREAN

Date of Appointment

:

28/03/2005




MANAGEMENT

 

 

 

1)

Name of Subject

:

RAJ SHANKAR

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

NGIAM MAY LING

IC / PP No

:

S7306309D

Address

:

9, CHUAN WALK, LA QUINTA PARK, 558415, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BNP PARIBAS

 

2)

Name

:

DBS BANK LTD

 

3)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

 

 

 

ENCUMBRANCE (S)


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

 

 

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

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

 

Goods Traded

:

COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT

Product Brand Name

:

HEWLETT PACKARD, CISCO SYSTEMS, SEAGATE, HITACHI, IBM

Ownership of premises

:

LEASED/RENTED

 

Total Number of Employees:

 

YEAR

2015

2014

2013

2012

GROUP

N/A

N/A

N/A

N/A

COMPANY

20

20

15

15

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of computer hardware and peripheral equipment.

The Subject is listed in the Singapore local directory under the classification of computer peripherals and accessories - wholesalers and manufacturers.

The Subject's principal activities are that of a general merchant and importer and exporter of computers, computer peripherals and components.

The Subject fulfills the leads and orders generated by Redington Sales team across each region along with vendor representatives.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-64386626

Match

:

N/A

Address Provided by Client

:

60 ROBINSON ROAD #12-02 BEA BUILDING SINGAPORE 068892

Current Address

:

60 ROBINSON ROAD #12-02 BEA BUILDING, 068892, SINGAPORE.

Match

:

YES

 

Other Investigations


On 22nd May 2015 we contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

Return on Shareholder Funds

:

Acceptable

[

20.06%

]

Return on Net Assets

:

Acceptable

[

26.57%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

17 Days

]

Debtor Ratio

:

Acceptable

[

60 Days

]

Creditors Ratio

:

Unfavourable

[

61 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

Liquidity

Liquid Ratio

:

Favourable

[

1.07 Times

]

Current Ratio

:

Unfavourable

[

1.31 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

[

32.14 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

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

Services

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

* Based on Index of Industrial Production (2011 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2005, the Subject is a Private Limited company, focusing on wholesale of computer hardware and peripheral equipment. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of USD 4,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 20 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

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. Return on shareholders' funds of the Subject was at a favourable range 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 19,026,851, 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.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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

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

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

319,963,731

290,842,909

280,103,126

227,791,421

146,104,710

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

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

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

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

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

Total Turnover

319,963,731

290,842,909

280,103,126

227,791,421

146,104,710

Costs of Goods Sold

(308,445,276)

(281,933,791)

(270,528,957)

-

-

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

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

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

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

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

Gross Profit

11,518,455

8,909,118

9,574,169

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

4,901,551

4,034,700

3,634,527

2,772,693

1,843,630

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

4,901,551

4,034,700

3,634,527

2,772,693

1,843,630

Taxation

(1,085,215)

(805,354)

(830,900)

(482,389)

(360,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

3,816,336

3,229,346

2,803,627

2,290,304

1,483,630

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

11,694,165

9,586,319

7,212,692

5,222,388

3,738,758

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

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

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

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

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

As restated

11,694,165

9,586,319

7,212,692

5,222,388

3,738,758

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

15,510,501

12,815,665

10,016,319

7,512,692

5,222,388

DIVIDENDS - Ordinary (paid & proposed)

(949,500)

(1,121,500)

(430,000)

(300,000)

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

14,561,001

11,694,165

9,586,319

7,212,692

5,222,388

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

157,381

225,012

326,514

130,900

92,595

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

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

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

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

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

157,381

225,012

326,514

130,900

92,595

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

47,982

39,210

44,935

32,142

10,110

Others

2,992

4,510

15,239

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

2,992

4,510

15,239

-

-

INTANGIBLE ASSETS

Deferred/Expenditure carried forward

-

-

-

2,919

-

Computer software

5,336

13,141

23,229

-

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

5,336

13,141

23,229

2,919

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

56,310

56,861

83,403

35,061

10,110

Stocks

14,608,040

9,028,758

11,218,574

12,665,160

6,591,463

Trade debtors

52,420,395

46,587,286

32,932,581

34,499,339

20,624,520

Other debtors, deposits & prepayments

2,585,851

2,300,932

1,111,684

1,200,943

1,096,641

Short term deposits

236,368

310,112

676,656

229,978

2,092,221

Amount due from holding company

-

-

272,472

-

-

Cash & bank balances

9,622,795

8,199,469

7,370,455

5,147,178

3,688,802

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

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

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

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

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

TOTAL CURRENT ASSETS

79,473,449

66,426,557

53,582,422

53,742,598

34,093,647

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

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

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

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

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

TOTAL ASSET

79,529,759

66,483,418

53,665,825

53,777,659

34,103,757

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

51,480,150

45,962,295

35,812,447

29,717,564

16,770,512

Other creditors & accruals

6,072,685

2,047,182

1,755,127

11,971,005

7,341,772

Hire purchase & lease creditors

2,029

1,830

3,225

1,639

-

Deposits from customers

2,060,250

1,591,765

991,841

-

-

Amounts owing to holding company

-

-

484,470

-

-

Provision for taxation

872,474

663,153

583,132

397,101

349,120

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

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

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

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

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

TOTAL CURRENT LIABILITIES

60,487,588

50,266,225

39,630,242

42,087,309

24,461,404

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

18,985,861

16,160,332

13,952,180

11,655,289

9,632,243

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

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

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

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

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

TOTAL NET ASSETS

19,042,171

16,217,193

14,035,583

11,690,350

9,642,353

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

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

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

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

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

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

TOTAL SHARE CAPITAL

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Exchange equalisation/fluctuation reserve

(15,626)

34,023

(43,896)

4,895

(2,950)

Retained profit/(loss) carried forward

14,561,001

11,694,165

9,586,319

7,212,692

5,222,388

Employee share option reserve

481,476

481,476

481,476

-

-

Others

-

-

-

467,032

422,915

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

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

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

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

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

TOTAL RESERVES

15,026,851

12,209,664

10,023,899

7,684,619

5,642,353

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

19,026,851

16,209,664

14,023,899

11,684,619

9,642,353

Lease obligations

-

2,093

7,527

5,132

-

Deferred taxation

4,565

-

621

-

-

Retirement benefits provision

10,755

5,436

2,852

-

-

Others

-

-

684

599

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

15,320

7,529

11,684

5,731

-

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

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

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

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

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

19,042,171

16,217,193

14,035,583

11,690,350

9,642,353

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

9,859,163

8,509,581

8,047,111

5,377,156

5,781,023

Net Liquid Funds

9,859,163

8,509,581

8,047,111

5,377,156

5,781,023

Net Liquid Assets

4,377,821

7,131,574

2,733,606

(1,009,871)

3,040,780

Net Current Assets/(Liabilities)

18,985,861

16,160,332

13,952,180

11,655,289

9,632,243

Net Tangible Assets

19,036,835

16,204,052

14,012,354

11,687,431

9,642,353

Net Monetary Assets

4,362,501

7,124,045

2,721,922

(1,015,602)

3,040,780

BALANCE SHEET ITEMS

Total Borrowings

2,029

3,923

10,752

6,771

0

Total Liabilities

60,502,908

50,273,754

39,641,926

42,093,040

24,461,404

Total Assets

79,529,759

66,483,418

53,665,825

53,777,659

34,103,757

Net Assets

19,042,171

16,217,193

14,035,583

11,690,350

9,642,353

Net Assets Backing

19,026,851

16,209,664

14,023,899

11,684,619

9,642,353

Shareholders' Funds

19,026,851

16,209,664

14,023,899

11,684,619

9,642,353

Total Share Capital

4,000,000

4,000,000

4,000,000

4,000,000

4,000,000

Total Reserves

15,026,851

12,209,664

10,023,899

7,684,619

5,642,353

LIQUIDITY (Times)

Cash Ratio

0.16

0.17

0.20

0.13

0.24

Liquid Ratio

1.07

1.14

1.07

0.98

1.12

Current Ratio

1.31

1.32

1.35

1.28

1.39

WORKING CAPITAL CONTROL (Days)

Stock Ratio

17

11

15

20

16

Debtors Ratio

60

58

43

55

52

Creditors Ratio

61

60

48

48

42

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

0.00

0.00

Liabilities Ratio

3.18

3.10

2.83

3.60

2.54

Times Interest Earned Ratio

32.14

18.93

12.13

22.18

20.91

Assets Backing Ratio

4.76

4.05

3.50

2.92

2.41

PERFORMANCE RATIO (%)

Operating Profit Margin

1.53

1.39

1.30

1.22

1.26

Net Profit Margin

1.19

1.11

1.00

1.01

1.02

Return On Net Assets

26.57

26.27

28.22

24.84

20.08

Return On Capital Employed

26.56

26.24

28.17

24.83

20.08

Return On Shareholders' Funds/Equity

20.06

19.92

19.99

19.60

15.39

Dividend Pay Out Ratio (Times)

0.25

0.35

0.15

0.13

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.95

UK Pound

1

Rs.98.64

Euro

1

Rs.69.86

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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

 

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

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

 

 

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

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