|
Report No. : |
347793 |
|
Report Date : |
03.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
DANFOSS INDUSTRIES PTE LTD |
|
|
|
|
Registered Office : |
25, International Business Park, 03-57/58, German Centre, 609916 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
05.12.1983 |
|
|
|
|
Com. Reg. No.: |
198305749-C |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is wholesale of lifts, escalators & industrial &
office air- conditioning equipment |
|
|
|
|
No. of Employee : |
14 [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 |
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 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 |
|
REGISTRATION
NO. |
: |
198305749-C |
|
COMPANY
NAME |
: |
DANFOSS INDUSTRIES PTE LTD |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
05/12/1983 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
25,
INTERNATIONAL BUSINESS PARK, 03-57/58, GERMAN CENTRE, 609916, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
25
INTERNATIONAL BUSINESS PARK GERMAN CENTRE #03-57/58, 609916, SINGAPORE. |
|
TEL.NO. |
: |
65-68859788 |
|
FAX.NO. |
: |
65-68859799 |
|
WEB
SITE |
: |
WWW.DANFOSS.COM |
|
CONTACT
PERSON |
: |
KJELD
STARK ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
WHOLESALE
OF LIFTS, ESCALATORS & INDUSTRIAL & OFFICE AIR- CONDITIONING
EQUIPMENT |
|
ISSUED
AND PAID UP CAPITAL |
: |
14,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 18,500,000.00 |
|
SALES |
: |
USD
99,902,096 [2014] |
|
NET
WORTH |
: |
USD
10,246,818 [2014] |
|
STAFF
STRENGTH |
: |
14
[2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STABLE |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
GOOD |
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The Subject is principally engaged in the (as
a / as an) wholesale of lifts, escalators & industrial & office air-
conditioning equipment.
The
immediate holding company of the Subject is DANFOSS A/S, a company incorporated
in DENMARK.
Former
Address(es)
|
Address |
As
At Date |
|
25
INTERNATIONAL BUSINESS PARK #03-57/58 GERMAN CENTRE, 609916 |
03/11/2015 |
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
03/11/2015 |
SGD
18,500,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
DANFOSS
A/S |
DK
6430, NORDBORG, DENMARK. |
T04UF0365 |
14,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
14,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTOR 1
|
Name
Of Subject |
: |
KIM
KIRK CHRISTENSEN |
|
Address |
: |
FALKEVEJ
9, 6440, AUGUSGENBORG, DENMARK. |
|
IC
/ PP No |
: |
206857613 |
|
Nationality |
: |
DANE |
|
Date
of Appointment |
: |
01/07/2015 |
DIRECTOR
2
|
Name
Of Subject |
: |
HON
HWEE CHERN |
|
Address |
: |
761,
JURONG WEST STREET 74, 11-14, 640761, SINGAPORE. |
|
IC
/ PP No |
: |
S7133785E |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
12/12/2012 |
DIRECTOR
3
|
Name
Of Subject |
: |
ANDERS
STAHLSCHMIDT |
|
Address |
: |
LILLEHAVSTIEN
2, 6440, AUGUSTENBORG, DENMARK. |
|
IC
/ PP No |
: |
101248324 |
|
Nationality |
: |
DANE |
|
Date
of Appointment |
: |
07/01/2008 |
|
1) |
Name
of Subject |
: |
KJELD
STARK |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS
LLP |
|
Auditor'
Address |
: |
N/A |
|
1) |
Company
Secretary |
: |
LEE
BEE FONG |
|
IC
/ PP No |
: |
S7376654J |
|
|
Address |
: |
118D,
JALAN MEMBINA, 07-103, 164118, SINGAPORE. |
|
|
2) |
Company
Secretary |
: |
NOR
HAFIZA ALWI |
|
IC
/ PP No |
: |
S1788410G |
|
|
Address |
: |
2,
GHIM MOH ROAD, 07-318, 270002, SINGAPORE. |
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank 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.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
X |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Goods
Traded |
: |
DANFOSS
PRODUCTS INCLUDING REFRIGERATION, AIR-CONDITIONING, DRIVES |
|
|
Total
Number of Employees: |
|
||
|
YEAR |
2015 |
2014 |
2013 |
|
GROUP |
N/A |
N/A |
N/A |
|
COMPANY |
14 |
15 |
21 |
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) wholesale of lifts,
escalators & industrial & office air- conditioning equipment.
The Subject's Product Categories are as follows:
* Refrigeration and A/C
* Heating
* VLT® Drives
* High-Pressure Pumps
* Industrial Automation
The Subject also provides repair and maintenance services for the
products.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
65
6885 9799 |
|
Current
Telephone Number |
: |
65-68859788 |
|
Match |
: |
NO |
|
Address
Provided by Client |
: |
25
INTERNATIONAL BUSINESS PARK GERMAN CENTRE 03-57/58,609916,SINGAPORE |
|
Current
Address |
: |
25
INTERNATIONAL BUSINESS PARK GERMAN CENTRE #03-57/58, 609916, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
16.69% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
16.61% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The management had succeeded in turning the Subject into a
profit making company. The profit could be due to better control of its operating
costs and efficiency in utilising its resources. The Subject's management had
generated acceptable return for its shareholders using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
21
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
52
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
3
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 |
[ |
1.29
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.68
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 |
[ |
27.57
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 : |
||||||
|
The
Subject's turnover showed a volatile trend but its losses were lower when
compared to the previous corresponding period. This could suggest that the Subject
was more efficient in its operating cost control and was more competitive.
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 : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population
(Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross
Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer
Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total
Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total
Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment
Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist
Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel
Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular
Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration
of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration
of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation
of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation
of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration
of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration
of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation
of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation
of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy
Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy
Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy
Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish
Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing
* |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food,
Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing
Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather
Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood
& Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper
& Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing
& Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude
Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical
& Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical
Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber
& Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic
Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic
Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated
Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery
& Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical
Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic
Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport
Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real
Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport,
Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance
& Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government
Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education
Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
*
Based on Index of Industrial Production (2011 = 100) |
|
INDUSTRY
: |
TRADING |
|
The wholesale and retail trade sectors have
expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent
growth in the previous quarter. In 2013, the wholesale and retail sector expanded
by 5.0%, after declining by 1.4% the year before. Growth of the sector was
driven by the wholesale trade segment. |
|
|
The domestic wholesale trade index has
increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6%
growth in the previous quarter. The slower growth was due to a decline in the
sales of furniture and household equipment (-12%) and petroleum and petroleum
products (-0.6%). For the full year, the domestic wholesale trade index grew
by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign
wholesale trade index has increased by a slower pace of 5.6% in the fourth
quarter, compared to the 7.7% expansion in the preceding quarter. The
slowdown was due to a fall in the sales of telecommunication equipment and
computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full
year, the growth of the foreign wholesale trade index moderated slightly to
8.6% from 9.1% in the previous year. |
|
|
In the fourth quarter of 2013, retail sales
volume fell by 6.2%, extending the 5.6% decline in the previous quarter.
Excluding motor vehicles, retail sales volume increased by 0.4%, a slower
pace of expansion as compared to the 1.6% gain in the preceding quarter. The
sales volume of motor vehicles fell by 33% in the fourth quarter of 2013,
extending the 32% decline in the previous quarter. Meanwhile, the sales of
several discretionary items also fell in the fourth quarter of 2013. For
instance, the sales of telecommunications apparatus and computers fell by
12%, while the sales of furniture and household equipment declined by 5.4%. |
|
|
For the full year, retail sales volume
contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding
motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower
than the 1.7% increase in 2012. Watches and jewellery recorded the largest
increase (11%) in sales in 2013, followed by optical goods and book (3%) and
medical goods and toiletries (3%). By contrast, the sales of
telecommunications apparatus and computer (-7.3%), furniture and household
equipment (-4.2%) and petrol service stations (-1.4) declined in 2013. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE
GROWTH |
|
|
Incorporated in 1983, the Subject is a
Private Limited company, focusing on wholesale of lifts, escalators &
industrial & office air- conditioning equipment. The Subject has been in
business for over two decades. It has built up a strong clientele base and
good reputation will enable the Subject to further enhance its business in
the near term. The Subject is expected to enjoy a stable market shares. The
Subject have a strong capital position of SGD 18,500,000. We are confident
with the Subject's business and its future growth prospect. Having strong
support from its holding company has enabled the Subject to remain
competitive despite the challenging business environment. 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 14
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. Despite the lower turnover, the Subject's
pre-tax profit have increased compared to the previous year. The higher
profit could be due to better control of its operating costs and efficiency
in utilising its resources. Return on shareholders' funds of the Subject was
at an acceptable 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 10,246,818, the Subject
should be able to maintain its business in the near terms. Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. The industry shows an upward trend and this
trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. Based on the above condition, we recommend
credit be granted to the Subject promptly. |
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
DANFOSS
INDUSTRIES PTE LTD |
|
Financial
Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
99,902,096 |
100,727,601 |
100,323,457 |
132,495,614 |
119,266,780 |
|
Other
Income |
419,487 |
254,161 |
387,064 |
251,093 |
221,877 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
100,321,583 |
100,981,762 |
100,710,521 |
132,746,707 |
119,488,657 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,639,906 |
(3,786,812) |
3,391,203 |
7,878,664 |
4,254,155 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,639,906 |
(3,786,812) |
3,391,203 |
7,878,664 |
4,254,155 |
|
Taxation |
70,047 |
(593,989) |
(424,808) |
(1,562,286) |
(1,236,346) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,709,953 |
(4,380,801) |
2,966,395 |
6,316,378 |
3,017,809 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
(2,371,613) |
4,909,188 |
8,242,793 |
4,926,415 |
5,408,627 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
(2,371,613) |
4,909,188 |
8,242,793 |
4,926,415 |
5,408,627 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(661,660) |
528,387 |
11,209,188 |
11,242,793 |
8,426,436 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
(2,900,000) |
(6,300,000) |
(3,000,000) |
(3,500,021) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(661,660) |
(2,371,613) |
4,909,188 |
8,242,793 |
4,926,415 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Lease
interest |
- |
164 |
597 |
1,705 |
1,165 |
|
Loan
from holding company |
61,711 |
105,648 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
61,711 |
105,812 |
597 |
1,705 |
1,165 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
23,838 |
14,791 |
15,727 |
14,675 |
20,292 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
23,838 |
14,791 |
15,727 |
14,675 |
20,292 |
|
|
============= |
============= |
============= |
============= |
============= |
|
DANFOSS
INDUSTRIES PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
26,485 |
39,050 |
53,841 |
69,113 |
72,238 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
- |
- |
6,370,000 |
- |
- |
|
Deferred
assets |
35,470 |
125,129 |
- |
122,194 |
85,000 |
|
Others |
- |
- |
194,896 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
35,470 |
125,129 |
6,564,896 |
122,194 |
85,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
61,955 |
164,179 |
6,618,737 |
191,307 |
157,238 |
|
Stocks |
5,868,619 |
7,032,918 |
7,703,428 |
9,137,511 |
16,204,108 |
|
Trade
debtors |
14,267,759 |
14,424,225 |
14,067,580 |
15,878,901 |
13,754,459 |
|
Other
debtors, deposits & prepayments |
72,277 |
123,702 |
2,490,680 |
17,324,730 |
18,153,609 |
|
Amount
due from holding company |
6,941 |
22,519 |
- |
- |
- |
|
Amount
due from related companies |
4,929,600 |
3,240,491 |
- |
- |
- |
|
Cash
& bank balances |
6,526 |
49,793 |
240,040 |
769,696 |
669,271 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
25,151,722 |
24,893,648 |
24,501,728 |
43,110,838 |
48,781,447 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
25,213,677 |
25,057,827 |
31,120,465 |
43,302,145 |
48,938,685 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
916,523 |
1,335,727 |
14,403,389 |
19,407,130 |
30,849,598 |
|
Other
creditors & accruals |
1,851,931 |
627,544 |
- |
2,863,666 |
1,370,759 |
|
Short
term borrowings/Term loans |
- |
- |
- |
27,171 |
26,690 |
|
Interest
payable |
- |
- |
17,289 |
- |
- |
|
Amounts
owing to holding company |
3,831,637 |
648,775 |
- |
- |
- |
|
Amounts
owing to related companies |
5,457,202 |
7,506,532 |
- |
- |
- |
|
Provision
for taxation |
157,593 |
396,273 |
722,527 |
1,584,366 |
690,339 |
|
Other
liabilities |
2,751,973 |
6,006,111 |
- |
64,352 |
63,289 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
14,966,859 |
16,520,962 |
15,143,205 |
23,946,685 |
33,000,675 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
10,184,863 |
8,372,686 |
9,358,523 |
19,164,153 |
15,780,772 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
10,246,818 |
8,536,865 |
15,977,260 |
19,355,460 |
15,938,010 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
10,908,478 |
10,908,478 |
10,908,478 |
10,908,478 |
10,908,478 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
10,908,478 |
10,908,478 |
10,908,478 |
10,908,478 |
10,908,478 |
|
Capital
reserve |
- |
- |
159,594 |
- |
- |
|
General
reserve |
- |
- |
- |
187,975 |
59,256 |
|
Retained
profit/(loss) carried forward |
(661,660) |
(2,371,613) |
4,909,188 |
8,242,793 |
4,926,415 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(661,660) |
(2,371,613) |
5,068,782 |
8,430,768 |
4,985,671 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
10,246,818 |
8,536,865 |
15,977,260 |
19,339,246 |
15,894,149 |
|
Other
long term borrowings |
- |
- |
- |
16,214 |
43,861 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
- |
- |
16,214 |
43,861 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
10,246,818 |
8,536,865 |
15,977,260 |
19,355,460 |
15,938,010 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DANFOSS
INDUSTRIES PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
6,526 |
49,793 |
240,040 |
769,696 |
669,271 |
|
Net
Liquid Funds |
6,526 |
49,793 |
240,040 |
769,696 |
669,271 |
|
Net
Liquid Assets |
4,316,244 |
1,339,768 |
1,655,095 |
10,026,642 |
(423,336) |
|
Net
Current Assets/(Liabilities) |
10,184,863 |
8,372,686 |
9,358,523 |
19,164,153 |
15,780,772 |
|
Net
Tangible Assets |
10,246,818 |
8,536,865 |
15,977,260 |
19,355,460 |
15,938,010 |
|
Net
Monetary Assets |
4,316,244 |
1,339,768 |
1,655,095 |
10,010,428 |
(467,197) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
0 |
(3,681,000) |
3,391,800 |
7,880,369 |
4,255,320 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
1,725,455 |
(3,666,209) |
3,407,527 |
7,895,044 |
4,275,612 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
43,385 |
70,551 |
|
Total
Liabilities |
14,966,859 |
16,520,962 |
15,143,205 |
23,962,899 |
33,044,536 |
|
Total
Assets |
25,213,677 |
25,057,827 |
31,120,465 |
43,302,145 |
48,938,685 |
|
Net
Assets |
10,246,818 |
8,536,865 |
15,977,260 |
19,355,460 |
15,938,010 |
|
Net
Assets Backing |
10,246,818 |
8,536,865 |
15,977,260 |
19,339,246 |
15,894,149 |
|
Shareholders'
Funds |
10,246,818 |
8,536,865 |
15,977,260 |
19,339,246 |
15,894,149 |
|
Total
Share Capital |
10,908,478 |
10,908,478 |
10,908,478 |
10,908,478 |
10,908,478 |
|
Total
Reserves |
(661,660) |
(2,371,613) |
5,068,782 |
8,430,768 |
4,985,671 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0 |
0 |
0.02 |
0.03 |
0.02 |
|
Liquid
Ratio |
1.29 |
1.08 |
1.11 |
1.42 |
0.99 |
|
Current
Ratio |
1.68 |
1.51 |
1.62 |
1.80 |
1.48 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
21 |
25 |
28 |
25 |
50 |
|
Debtors
Ratio |
52 |
52 |
51 |
44 |
42 |
|
Creditors
Ratio |
3 |
5 |
52 |
53 |
94 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
1.46 |
1.94 |
0.95 |
1.24 |
2.08 |
|
Times
Interest Earned Ratio |
27.57 |
(34.79) |
5,681.41 |
4,621.92 |
3,652.64 |
|
Assets
Backing Ratio |
0.94 |
0.78 |
1.46 |
1.77 |
1.46 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.64 |
(3.76) |
3.38 |
5.95 |
3.57 |
|
Net
Profit Margin |
1.71 |
(4.35) |
2.96 |
4.77 |
2.53 |
|
Return
On Net Assets |
16.61 |
(43.12) |
21.23 |
40.71 |
26.70 |
|
Return
On Capital Employed |
16.61 |
(43.12) |
21.23 |
40.71 |
26.70 |
|
Return
On Shareholders' Funds/Equity |
16.69 |
(51.32) |
18.57 |
32.66 |
18.99 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0.66 |
2.12 |
0.47 |
1.16 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.