MIRA INFORM REPORT

 

 

Report No. :

324748

Report Date :

29.05.2015

 

IDENTIFICATION DETAILS

 

Name :

AVNET ASIA PTE LTD

 

 

Registered Office :

151, Lorong Chuan, 06-03, New Tech Park, 556741

 

 

Country :

Singapore

 

 

Financials (as on) :

27.06.2014

 

 

Date of Incorporation :

18.01.1999

 

 

Com. Reg. No.:

199900292-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of electronic components.

 

 

No. of Employee :

300 [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 :

Slow but correct

 

 

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.

:

199900292-C

COMPANY NAME

:

AVNET ASIA PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

18/01/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

151, LORONG CHUAN, 06-03, NEW TECH PARK, 556741, SINGAPORE.

BUSINESS ADDRESS

:

151, LORONG CHUAN, NEW TECH PARK, 06-03, 556741, SINGAPORE.

TEL.NO.

:

65-65806000

FAX.NO.

:

65-65806200

CONTACT PERSON

:

TAN BOON PIN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF ELECTRONIC COMPONENTS

ISSUED AND PAID UP CAPITAL

:

5,474,720.00 ORDINARY SHARE, OF A VALUE OF SGD 466,514,786.40
68,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 68,000,000.00
242,514.00 PREFERENCE SHARE, OF A VALUE OF SGD 242,514,000.00

SALES

:

USD 3,427,549,000 [2014]

NET WORTH

:

USD 812,855,000 [2014]

STAFF STRENGTH

:

300 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

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) trading of electronic components.

 

Share Capital History

Date

Issue & Paid Up Capital

19/03/2015

SGD 466,514,786.40 & USD 68,000,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

MEMEC GROUP HOLDINGS LIMITED
[ORDINARY SGD= 5474720, ORDINARY USD= 68000000, PREFERENCE SGD= 242514]

AVENT HOUSE, RUTHERFORD CLOSE, MEADWAY, STEVENAGE, HERTFORDSHIRE, SG1 2EF, ENGLAND AND WALES, UNITED KINGDOM.

T14UF0328

73,717,234.00

100.00

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

------

73,717,234.00

100.00

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

=====

+ Also Director

 

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



Local No

Country

Company

(%)

As At

199501472G

SINGAPORE

AVNET TECHNOLOGY SOLUTIONS (ASEAN) PTE. LTD.

100.00

28/06/2013

198905231K

SINGAPORE

AVNET EM JAPAN (ASIA) LIMITED

100.00

28/06/2013



 


DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MICHAEL RYAN MCCOY

Address

:

6125, E, WETHERSFIELD ROAD, SCOTTSDALE, ARIZONA, 85284, UNITED STATES.

IC / PP No

:

445421189

Nationality

:

AMERICAN

Date of Appointment

:

30/01/2013

 

DIRECTOR 2

 

Name Of Subject

:

MR. TAN BOON PIN

Address

:

50K, FABER HEIGHTS, 03-72, FABER CREST, 129204, SINGAPORE.

IC / PP No

:

S1605016D

Nationality

:

SINGAPOREAN

Date of Appointment

:

18/10/2011

 

DIRECTOR 3

 

Name Of Subject

:

ROBIN KWOK MAN-SING

Address

:

FLAT B-2/F, BLOCK 2, BEVERLEY HEIGHT, 56, CLOUD VIEW ROAD, HONG KONG, HONG KONG.

IC / PP No

:

BA828732

Nationality

:

CANADIAN

Date of Appointment

:

20/06/2013

 

DIRECTOR 4

 

Name Of Subject

:

VAIDYANATHAN RADHAKRISHNAN

Address

:

370D, ALEXANDRA ROAD, 02-09, THE ANCHORAGE, 159957, SINGAPORE.

IC / PP No

:

S2696461Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/07/2014



MANAGEMENT

 

 

 

1)

Name of Subject

:

TAN BOON PIN

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

PEK LAY PHENG @ BAI LIPING

IC / PP No

:

S7704449C

Address

:

318D, ANCHORVALE LINK, 06-229, 544318, SINGAPORE.

 

2)

Company Secretary

:

TAN BEE SUAN @ CHEN MEIZUAN

IC / PP No

:

S7124493H

Address

:

761, CHOA CHU KANG NORTH 5, 12-179, 680761, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


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

 

 

LITIGATION CHECK AGAINST SUBJECT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

 

 

OPERATIONS

 

Goods Traded

:

ELECTRONIC COMPONENTS

 

Total Number of Employees:

 

YEAR

2015

2014

2013

2012

GROUP

N/A

N/A

N/A

N/A

COMPANY

300

300

300

300

 

Branch

:

NO

Other Information:


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

The Subject is the distributor of electronic components, semiconductors and others.

The Subject supplies products including inter-connectors, passive and electro-mechanical components.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65806000

Match

:

N/A

Address Provided by Client

:

26, LOYANG DRIVE SINGAPORE 508970

Current Address

:

151, LORONG CHUAN, NEW TECH PARK, 06-03, 556741, SINGAPORE.

Match

:

NO

 

Other Investigations


On 28th May 2015 we contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its bankers.

The address provided is the Subject's warehouse.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2011 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2011 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

7.25%

]

Return on Net Assets

:

Unfavourable

[

9.42%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. 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

:

Favourable

[

30 Days

]

Debtor Ratio

:

Favourable

[

41 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

[

1.39 Times

]

Current Ratio

:

Unfavourable

[

1.89 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

:

Acceptable

[

9.07 Times

]

Gearing Ratio

:

Favourable

[

0.01 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

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 1999, the Subject is a Private Limited company, focusing on trading of electronic components. 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. The Subject is a large entity with strong capital position of SGD 466,514,786 & USD 68,000,000. We are confident with the Subject's business and its future growth prospect. With a strong backing from its shareholders, 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 300 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 812,855,000, the Subject should be able to maintain its business in the near terms.

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

2014-06-27

2013-06-28

2012-06-29

2011-07-01

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

TURNOVER

3,427,549,000

3,022,102,000

2,717,905,000

2,966,118,000

Other Income

13,854,000

12,338,000

11,835,000

30,489,000

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

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

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

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

Total Turnover

3,441,403,000

3,034,440,000

2,729,740,000

2,996,607,000

Costs of Goods Sold

(3,219,420,000)

(2,827,918,000)

(2,527,773,000)

(2,793,025,000)

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

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

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

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

Gross Profit

221,983,000

206,522,000

201,967,000

203,582,000

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

68,133,000

69,234,000

108,102,000

64,332,000

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

68,133,000

69,234,000

108,102,000

64,332,000

Taxation

(9,234,000)

(10,191,000)

(9,503,000)

(8,970,000)

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

58,899,000

59,043,000

98,599,000

55,362,000

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

58,899,000

59,043,000

98,599,000

55,362,000

Extraordinary items

-

-

(6,620,000)

-

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

58,899,000

59,043,000

91,979,000

55,362,000

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

232,146,000

173,103,000

74,504,000

19,142,000

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

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

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

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

As restated

232,146,000

173,103,000

74,504,000

19,142,000

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

291,045,000

232,146,000

166,483,000

74,504,000

TRANSFER TO RESERVES - General

-

-

6,620,000

-

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

291,045,000

232,146,000

173,103,000

74,504,000

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

-

-

-

113,000

Others

8,439,000

7,248,000

(8,175,000)

462,000

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

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

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

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

8,439,000

7,248,000

(8,175,000)

575,000

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

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

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

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

DEPRECIATION (as per notes to P&L)

2,198,000

2,714,000

2,126,000

1,422,000

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

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

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

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

2,198,000

2,714,000

2,126,000

1,422,000

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

2,491,000

4,119,000

6,038,000

3,178,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

314,345,000

314,345,000

315,292,000

260,886,000

Deferred assets

1,759,000

429,000

878,000

1,943,000

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

316,104,000

314,774,000

316,170,000

262,829,000

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

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

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

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

TOTAL LONG TERM ASSETS

318,595,000

318,893,000

322,208,000

266,007,000

Stocks

280,066,000

265,766,000

301,619,000

299,411,000

Trade debtors

383,511,000

363,113,000

311,309,000

372,898,000

Other debtors, deposits & prepayments

13,775,000

14,916,000

23,942,000

22,988,000

Amount due from related companies

246,335,000

214,855,000

239,485,000

154,017,000

Cash & bank balances

122,964,000

125,987,000

72,982,000

55,723,000

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

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

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

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

TOTAL CURRENT ASSETS

1,046,651,000

984,637,000

949,337,000

905,037,000

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

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

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

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

TOTAL ASSET

1,365,246,000

1,303,530,000

1,271,545,000

1,171,044,000

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

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

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

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

CURRENT LIABILITIES

Trade creditors

397,226,000

344,957,000

310,720,000

366,342,000

Other creditors & accruals

42,388,000

45,921,000

30,749,000

32,217,000

Short term borrowings/Term loans

11,770,000

11,770,000

-

-

Amounts owing to related companies

92,882,000

140,160,000

227,852,000

164,142,000

Provision for taxation

8,125,000

7,224,000

7,172,000

5,270,000

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

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

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

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

TOTAL CURRENT LIABILITIES

552,391,000

550,032,000

576,493,000

567,971,000

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

494,260,000

434,605,000

372,844,000

337,066,000

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

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

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

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

TOTAL NET ASSETS

812,855,000

753,498,000

695,052,000

603,073,000

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

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

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

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

SHARE CAPITAL

Ordinary share capital

507,321,000

507,321,000

507,321,000

507,321,000

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

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

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

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

TOTAL SHARE CAPITAL

507,321,000

507,321,000

507,321,000

507,321,000

Exchange equalisation/fluctuation reserve

14,489,000

14,031,000

14,628,000

21,248,000

Retained profit/(loss) carried forward

291,045,000

232,146,000

173,103,000

74,504,000

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

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

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

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

TOTAL RESERVES

305,534,000

246,177,000

187,731,000

95,752,000

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

812,855,000

753,498,000

695,052,000

603,073,000

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

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

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

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

812,855,000

753,498,000

695,052,000

603,073,000

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

122,964,000

125,987,000

72,982,000

55,723,000

Net Liquid Funds

122,964,000

125,987,000

72,982,000

55,723,000

Net Liquid Assets

214,194,000

168,839,000

71,225,000

37,655,000

Net Current Assets/(Liabilities)

494,260,000

434,605,000

372,844,000

337,066,000

Net Tangible Assets

812,855,000

753,498,000

695,052,000

603,073,000

Net Monetary Assets

214,194,000

168,839,000

71,225,000

37,655,000

BALANCE SHEET ITEMS

Total Borrowings

11,770,000

11,770,000

0

0

Total Liabilities

552,391,000

550,032,000

576,493,000

567,971,000

Total Assets

1,365,246,000

1,303,530,000

1,271,545,000

1,171,044,000

Net Assets

812,855,000

753,498,000

695,052,000

603,073,000

Net Assets Backing

812,855,000

753,498,000

695,052,000

603,073,000

Shareholders' Funds

812,855,000

753,498,000

695,052,000

603,073,000

Total Share Capital

507,321,000

507,321,000

507,321,000

507,321,000

Total Reserves

305,534,000

246,177,000

187,731,000

95,752,000

LIQUIDITY (Times)

Cash Ratio

0.22

0.23

0.13

0.10

Liquid Ratio

1.39

1.31

1.12

1.07

Current Ratio

1.89

1.79

1.65

1.59

WORKING CAPITAL CONTROL (Days)

Stock Ratio

30

32

41

37

Debtors Ratio

41

44

42

46

Creditors Ratio

45

45

45

48

SOLVENCY RATIOS (Times)

Gearing Ratio

0.01

0.02

0.00

0.00

Liabilities Ratio

0.68

0.73

0.83

0.94

Times Interest Earned Ratio

9.07

10.55

(12.22)

112.88

Assets Backing Ratio

1.60

1.49

1.37

1.19

PERFORMANCE RATIO (%)

Operating Profit Margin

1.99

2.29

3.98

2.17

Net Profit Margin

1.72

1.95

3.63

1.87

Return On Net Assets

9.42

10.15

14.38

10.76

Return On Capital Employed

9.42

10.15

14.38

10.76

Return On Shareholders' Funds/Equity

7.25

7.84

14.19

9.18

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.90

UK Pound

1

Rs.98.16

Euro

1

Rs.69.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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

 

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

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

 

 

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

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