|
Report No. : |
348892 |
|
Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SMITHS DETECTION (ASIA PACIFIC) PTE. LTD. |
|
|
|
|
Formerly Known As : |
ASIA-PACIFIC SCAN PTE. LTD. |
|
|
|
|
Registered Office : |
100, Beach Road, 20-06, Shaw Towers, 189702 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.07.2014 |
|
|
|
|
Date of Incorporation : |
12.01.1995 |
|
|
|
|
Com. Reg. No.: |
199500253-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Retail sale of security and fire-fighting equipment |
|
|
|
|
No. of Employee : |
70 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION
NO. |
: |
199500253-G |
|
COMPANY
NAME |
: |
SMITHS
DETECTION (ASIA PACIFIC) PTE. LTD. |
|
FORMER
NAME |
: |
HEIMANN
SYSTEMS (ASIA PACIFIC) PTE. LTD. (03/09/2003) |
|
INCORPORATION
DATE |
: |
12/01/1995 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
100,
BEACH ROAD, 20-06, SHAW TOWERS, 189702, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
100,
BEACH ROAD, 20-06, SHAW TOWERS, 189702, SINGAPORE. |
|
TEL.NO. |
: |
65-64661700 |
|
FAX.NO. |
: |
65-64692506 |
|
CONTACT
PERSON |
: |
TAY
SWEE CHOON, GEORGE (ZHENG RUICHUN GEORGE) ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
RETAIL
SALE OF SECURITY AND FIRE-FIGHTING EQUIPMENT |
|
ISSUED
AND PAID UP CAPITAL |
: |
120,363,000.00
ORDINARY SHARE, OF A VALUE OF SGD 120,363,000.00 |
|
SALES |
: |
USD
58,268,000 [2014] |
|
NET
WORTH |
: |
USD
26,598,000 [2014] |
|
STAFF
STRENGTH |
: |
70
[2015] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL
CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
SLOW |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
MODERATE |
|
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) retail sale of security and fire-fighting equipment.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
06/11/2015 |
SGD
120,363,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
SMITHS
DETECTION GROUP LIMITED |
64,
CLARENDON ROAD, WATFORD, HERTS, WD17 1DA, UNITED KINGDOM. |
T05UF1746 |
120,363,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
120,363,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR 1
|
Name
Of Subject |
: |
GEORGE
TAY SWEE CHOON @ ZHENG RUICHUN GEORGE |
|
Address |
: |
46,
CEYLON ROAD, 02-05, BELLEZZA @ KATONG, 429634, SINGAPORE. |
|
IC
/ PP No |
: |
S7528333D |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
27/04/2015 |
DIRECTOR
2
|
Name
Of Subject |
: |
NATHAN
DAVID MANZI |
|
Address |
: |
35,
CHESTNUT CRESCENT, GREEN HILL ESTATE, 679392, SINGAPORE. |
|
IC
/ PP No |
: |
S7269808H |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
20/09/2011 |
MANAGEMENT
|
|
1) |
Name
of Subject |
: |
TAY
SWEE CHOON, GEORGE (ZHENG RUICHUN GEORGE) |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPE
RS LLP |
|
Auditor'
Address |
: |
N/A |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company
Secretary |
: |
M.
SIVAANANTHAN |
|
IC
/ PP No |
: |
S0181790F |
|
|
Address |
: |
101B,
LORONG 2, TOA PAYOH, 06-09, 311101, SINGAPORE. |
|
|
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against the Subject whether the subject
has been involved in any litigation.
|
LEGAL
ACTION |
|
||||||||||||
|
|||||||||||||
|
Code
No |
: |
99 |
Case
No |
: |
36719 |
||||||||
|
Year |
: |
2009 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
MAGISTRATE
COURT |
|||||||||||
|
Date
Filed |
: |
07/12/2009 |
|||||||||||
|
Solicitor
Ref |
: |
GS/9/7910/EL/JP |
|||||||||||
|
Solicitor
Firm |
: |
K.S.CHIA
GURDEEP & PARAM |
|||||||||||
|
Plaintiff |
: |
ABDUL
HALIM BIN ALIMAN |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Hearing
Date |
: |
N/A |
|||||||||||
|
Amount
Claimed |
: |
8075.20 |
|||||||||||
|
Nature
of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
TORTNEGLIGENCE(MOTOR
ACCIDENTS W/O DEATH/INJURY) |
|||||||||||
|
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 |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
SECURITY
AND FIRE-FIGHTING EQUIPMENT |
|
|
Total
Number of Employees: |
||
|
YEAR |
2015 |
|
|
GROUP |
N/A |
|
|
COMPANY |
70 |
|
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) retail sale of
security and fire-fighting equipment.
Smiths detection is a global leader in the provision of threat detection and
screening technologies for military, transportation, homeland security and
resilience applications.
The Subject is the Supplier of Security & Intelligence Systems, Smiths
X-Ray Baggage Scanners, Explosive Detectors, Metal Detectors and others.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-64661700 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
100
BEACH ROAD, 20-06 SHAW TOWERS, SINGAPORE 189702 |
|
Current
Address |
: |
100,
BEACH ROAD, 20-06, SHAW TOWERS, 189702, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(8.07%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(7.60%) |
] |
|
|
The continuous fall in turnover could be due
to the lower demand for the Subject's products / services.The Subject could
be more efficient in controlling its operating costs and had managed to
reduce its losses during the year. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
48 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
117 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
8 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 debtors ratio was high. The Subject should tighten its credit
control and improve its collection period. 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 |
: |
Unfavourable |
[ |
0.78 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.91 Times |
] |
|
|
A low liquid ratio means that the Subject may
be facing working capital deficiency. If the Subject cannot obtain additional
financing or injection of fresh capital, it may face difficulties in meeting
its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(21.54 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject incurred losses in the year. It
did not generate sufficient income to service its interest. If the situation
does not improve, the Subject may be vulnerable to default in servicing the
interest. The Subject had no gearing and hence it had virtually no financial
risk. The Subject was financed by its shareholders' funds and internally
generated fund. During the economic downturn, the Subject, having a zero
gearing, will be able to compete better than those which are highly geared in
the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover decreased,
its losses also decreased during the year. This could be the result of more
efficient control in its operating costs. Due to its weak liquidity position,
the Subject will be faced with problems in meeting all its short term
obligations if no short term loan is obtained or additional capital injected
into the Subject. The Subject's interest cover was negative, indicating that
it did not generate sufficient income to service its interest. If its result
does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. 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 : LIMITED |
||||||
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
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
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
SMITHS
DETECTION (ASIA PACIFIC) PTE. LTD. |
|
Financial
Year End |
2014-07-31 |
2013-07-31 |
2012-07-31 |
2011-07-31 |
2010-07-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
58,268,000 |
67,952,000 |
73,519,197 |
76,062,213 |
74,777,130 |
|
Other
Income |
1,639,000 |
752,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
59,907,000 |
68,704,000 |
73,519,197 |
76,062,213 |
74,777,130 |
|
Costs
of Goods Sold |
(48,115,000) |
(55,737,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
11,792,000 |
12,967,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(2,119,000) |
(5,281,000) |
(11,541,360) |
(8,262,450) |
(10,742,830) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(2,119,000) |
(5,281,000) |
(11,541,360) |
(8,262,450) |
(10,742,830) |
|
Taxation |
(28,000) |
(278,000) |
(11,390) |
253,100 |
(137,940) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(2,147,000) |
(5,559,000) |
(11,552,750) |
(8,009,350) |
(10,880,769) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
(25,534,000) |
(19,975,000) |
(34,970,931) |
(37,585,500) |
731,459 |
|
Prior
year adjustment |
- |
- |
14,995,931 |
2,614,569 |
(38,316,959) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
(25,534,000) |
(19,975,000) |
(19,975,000) |
(34,970,931) |
(37,585,500) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(27,681,000) |
(25,534,000) |
(19,975,000) |
(34,970,931) |
(37,585,500) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(27,681,000) |
(25,534,000) |
(19,975,000) |
(34,970,931) |
(37,585,500) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
70,000 |
6,000 |
- |
- |
- |
|
Loan
from holding company |
24,000 |
13,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
94,000 |
19,000 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
73,000 |
69,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
73,000 |
69,000 |
- |
- |
- |
|
|
============= |
============= |
BALANCE
SHEET
|
|
SMITHS
DETECTION (ASIA PACIFIC) PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
116,000 |
172,000 |
12,742,203 |
10,325,000 |
322,703 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
15,515,000 |
13,982,000 |
- |
- |
- |
|
Others |
14,500,000 |
7,403,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
30,015,000 |
21,385,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
30,131,000 |
21,557,000 |
12,742,203 |
10,325,000 |
322,703 |
|
Stocks |
5,270,000 |
6,231,000 |
- |
- |
- |
|
Contract
work-in-progress |
2,435,000 |
8,017,000 |
- |
- |
- |
|
Trade
debtors |
18,643,000 |
27,031,000 |
- |
- |
- |
|
Other
debtors, deposits & prepayments |
2,883,000 |
1,687,000 |
- |
- |
- |
|
Short
term deposits |
1,024,000 |
1,520,000 |
- |
- |
- |
|
Amount
due from related companies |
886,000 |
880,000 |
- |
- |
- |
|
Cash
& bank balances |
4,870,000 |
12,958,000 |
- |
- |
- |
|
Others |
83,000 |
127,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
36,094,000 |
58,451,000 |
65,208,417 |
56,947,000 |
67,282,839 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
66,225,000 |
80,008,000 |
77,950,620 |
67,272,000 |
67,605,542 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
1,003,000 |
1,026,000 |
- |
- |
- |
|
Other
creditors & accruals |
3,774,000 |
7,432,000 |
- |
- |
- |
|
Deposits
from customers |
312,000 |
2,425,000 |
- |
- |
- |
|
Amounts
owing to holding company |
15,300,000 |
11,600,000 |
- |
- |
- |
|
Amounts
owing to related companies |
17,233,000 |
21,835,000 |
- |
- |
- |
|
Provision
for taxation |
164,000 |
164,000 |
- |
- |
- |
|
Other
liabilities |
1,803,000 |
6,713,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
39,589,000 |
51,195,000 |
38,729,051 |
30,665,000 |
36,618,508 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(3,495,000) |
7,256,000 |
26,479,366 |
26,282,000 |
30,664,331 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
26,636,000 |
28,813,000 |
39,221,569 |
36,607,000 |
30,987,034 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
56,075,000 |
56,075,000 |
74,192,500 |
74,192,500 |
74,192,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
56,075,000 |
56,075,000 |
74,192,500 |
74,192,500 |
74,192,500 |
|
Capital
reserve |
428,000 |
428,000 |
- |
- |
- |
|
Exchange
equalisation/fluctuation reserve |
(2,224,000) |
(2,232,000) |
- |
- |
- |
|
Retained
profit/(loss) carried forward |
(27,681,000) |
(25,534,000) |
(19,975,000) |
(34,970,931) |
(37,585,500) |
|
Others |
- |
- |
(14,995,931) |
(2,614,569) |
(18,907,716) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(29,477,000) |
(27,338,000) |
(34,970,931) |
(37,585,500) |
(56,493,216) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
26,598,000 |
28,737,000 |
39,221,569 |
36,607,000 |
17,699,284 |
|
Others |
38,000 |
76,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
38,000 |
76,000 |
- |
- |
13,287,750 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
26,636,000 |
28,813,000 |
39,221,569 |
36,607,000 |
30,987,034 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
SMITHS
DETECTION (ASIA PACIFIC) PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
5,894,000 |
14,478,000 |
- |
- |
- |
|
Net
Liquid Funds |
5,894,000 |
14,478,000 |
- |
- |
- |
|
Net
Liquid Assets |
(8,765,000) |
1,025,000 |
26,479,366 |
26,282,000 |
30,664,331 |
|
Net
Current Assets/(Liabilities) |
(3,495,000) |
7,256,000 |
26,479,366 |
26,282,000 |
30,664,331 |
|
Net
Tangible Assets |
26,636,000 |
28,813,000 |
39,221,569 |
36,607,000 |
30,987,034 |
|
Net
Monetary Assets |
(8,803,000) |
949,000 |
26,479,366 |
26,282,000 |
17,376,581 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
(2,025,000) |
(5,262,000) |
- |
- |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
(1,952,000) |
(5,193,000) |
- |
- |
- |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
- |
- |
- |
|
Total
Liabilities |
39,627,000 |
51,271,000 |
38,729,051 |
30,665,000 |
49,906,258 |
|
Total
Assets |
66,225,000 |
80,008,000 |
77,950,620 |
67,272,000 |
67,605,542 |
|
Net
Assets |
26,636,000 |
28,813,000 |
39,221,569 |
36,607,000 |
30,987,034 |
|
Net
Assets Backing |
26,598,000 |
28,737,000 |
39,221,569 |
36,607,000 |
17,699,284 |
|
Shareholders'
Funds |
26,598,000 |
28,737,000 |
39,221,569 |
36,607,000 |
17,699,284 |
|
Total
Share Capital |
56,075,000 |
56,075,000 |
74,192,500 |
74,192,500 |
74,192,500 |
|
Total
Reserves |
(29,477,000) |
(27,338,000) |
(34,970,931) |
(37,585,500) |
(56,493,216) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.15 |
0.28 |
- |
- |
- |
|
Liquid
Ratio |
0.78 |
1.02 |
- |
- |
- |
|
Current
Ratio |
0.91 |
1.14 |
1.68 |
1.86 |
1.84 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
48 |
77 |
- |
- |
- |
|
Debtors
Ratio |
117 |
145 |
- |
- |
- |
|
Creditors
Ratio |
8 |
7 |
- |
- |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
- |
- |
- |
|
Liabilities
Ratio |
1.49 |
1.78 |
0.99 |
0.84 |
2.82 |
|
Times
Interest Earned Ratio |
(21.54) |
(276.95) |
- |
- |
- |
|
Assets
Backing Ratio |
0.48 |
0.51 |
0.53 |
0.49 |
0.42 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(3.64) |
(7.77) |
(15.70) |
(10.86) |
(14.37) |
|
Net
Profit Margin |
(3.68) |
(8.18) |
(15.71) |
(10.53) |
(14.55) |
|
Return
On Net Assets |
(7.60) |
(18.26) |
(29.43) |
(22.57) |
(34.67) |
|
Return
On Capital Employed |
(7.60) |
(18.26) |
(29.43) |
(22.57) |
(34.67) |
|
Return
On Shareholders' Funds/Equity |
(8.07) |
(19.34) |
(29.46) |
(21.88) |
(61.48) |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
- |
- |
- |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.