MIRA INFORM REPORT

 

 

Report No. :

351769

Report Date :

28.11.2015

           

IDENTIFICATION DETAILS

 

Name :

METSO ASIA PACIFIC PTE. LTD.

 

 

Formerly Known As :

METSO MINERALS (SINGAPORE) PTE LTD


NORDBERG SINGAPORE PTE LTD


REXNORD SINGAPORE PTE LTD

 

 

Registered Office :

2, Shenton Way, 18-01, SGX Centre I, 068804

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

02.07.1983

 

 

Com. Reg. No.:

198303078-N

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of industrial machinery and equipment.

 

 

No. of Employee :

10 [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 :

Usually 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 – 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.

:

198303078-N

COMPANY NAME

:

METSO ASIA PACIFIC PTE. LTD.

FORMER NAME

:

METSO MINERALS (SINGAPORE) PTE LTD (20/07/2015)
NORDBERG SINGAPORE PTE LTD (28/03/2001)
REXNORD SINGAPORE PTE LTD (03/11/1987)

INCORPORATION DATE

:

02/07/1983

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

2, SHENTON WAY, 18-01, SGX CENTRE I, 068804, SINGAPORE.

BUSINESS ADDRESS

:

180, CLEMENCEAU AVENUE, 06-01, HAW PAR CENTRE, 239922, SINGAPORE.

TEL.NO.

:

65-65111011

FAX.NO.

:

65-65110830

CONTACT PERSON

:

LOW SIEW LENG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF INDUSTRIAL MACHINERY AND EQUIPMENT

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

SGD 103,152,000 [2014]

NET WORTH

:

SGD 19,137,000 [2014]

STAFF STRENGTH

:

10 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

USUALLY CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

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) trading of industrial machinery and equipment.

 

Share Capital History

Date

Issue & Paid Up Capital

26/11/2015

SGD 2,500,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

METSO MINERALS OY

FABIANINKATU, 9A, 00130, HELSINKI

T10UF4054

2,500,000.00

100.00

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

------

2,500,000.00

100.00

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

EEVA LIISA VIRKKUNEN

Address

:

MUSEOKATU 7, B 19, HELSINKI, 00100, FINLAND.

IC / PP No

:

PN4509044

Nationality

:

FINN

Date of Appointment

:

31/08/2010

 

DIRECTOR 2

 

Name Of Subject

:

EKATERINA KATRI HEIKKILA

Address

:

VUORIMIEHENKATU, 14, C 70, 00140, HELSINKI, FINLAND.

IC / PP No

:

PR7082685

Nationality

:

FINN

Date of Appointment

:

19/08/2015

 

DIRECTOR 3

 

Name Of Subject

:

LOW SIEW LENG

Address

:

52, STEVENS ROAD, 02-04, FIFTY-TWO STEVENS, 257848, SINGAPORE.

IC / PP No

:

S2770563D

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/08/2015


MANAGEMENT

 

 

1)

Name of Subject

:

LOW SIEW LENG

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ALBAN KANG CHOON HWEE

IC / PP No

:

S1318801G

Address

:

3, JALAN PANDAN, 288788, SINGAPORE.

 

2)

Company Secretary

:

SUSAN MARY DE SILVA

IC / PP No

:

S2505139D

Address

:

54, KINGSMEAD ROAD, 267997, 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

:

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

[

X

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its clientele.

 

 

OPERATIONS

 

Goods Traded

:

INDUSTRIAL MACHINERY AND EQUIPMENT

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

10

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of industrial machinery and equipment.

The Subject refused to disclose its operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65111011

Match

:

N/A

Address Provided by Client

:

180 CLEMENCEAU AVENUE, HAW PAR CENTRE SINGAPORE 239922

Current Address

:

180, CLEMENCEAU AVENUE, 06-01, HAW PAR CENTRE, 239922, SINGAPORE.

Match

:

NO

 

Other Investigations


On 25th November 2015 we contacted one of the staff from the Subject and he provided some information.

The address provided is incomplete.

The Subject refused to disclose its bankers.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2014

]

Return on Shareholder Funds

:

Favourable

[

52.40%

]

Return on Net Assets

:

Favourable

[

61.03%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

7 Days

]

Debtor Ratio

:

Acceptable

[

62 Days

]

Creditors Ratio

:

Favourable

[

6 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The 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

[

1.91 Times

]

Current Ratio

:

Favourable

[

2.02 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : STRONG

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

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

 


Incorporated in 1983, the Subject is a Private Limited company, focusing on trading of industrial machinery and equipment. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of MYR 2,500,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Being a small company, the Subject's business operation is supported by 10 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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 SGD 19,137,000, the Subject should be able to maintain its business in the near terms.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

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.

In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

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

SUMMARY

SUMMARY

SUMMARY

Currency

SGD

SGD

SGD

SGD

SGD

TURNOVER

103,152,000

155,972,000

166,316,000

71,577,000

70,400,000

Other Income

1,246,000

46,000

-

-

-

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

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

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

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

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

Total Turnover

104,398,000

156,018,000

166,316,000

71,577,000

70,400,000

Costs of Goods Sold

(84,652,000)

(127,714,000)

-

-

-

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

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

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

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

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

Gross Profit

19,746,000

28,304,000

-

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

11,680,000

12,963,000

29,825,000

2,469,000

4,755,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

11,680,000

12,963,000

29,825,000

2,469,000

4,755,000

Taxation

(1,653,000)

(2,159,000)

(2,974,000)

(515,000)

(683,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

10,027,000

10,804,000

26,851,000

1,954,000

4,072,000

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

13,610,000

16,306,000

2,455,000

3,801,000

(271,000)

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

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

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

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

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

As restated

13,610,000

16,306,000

2,455,000

3,801,000

(271,000)

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

23,637,000

27,110,000

29,306,000

5,755,000

3,801,000

DIVIDENDS - Ordinary (paid & proposed)

(7,000,000)

(13,500,000)

(13,000,000)

(3,300,000)

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

16,637,000

13,610,000

16,306,000

2,455,000

3,801,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

-

12,000

-

-

-

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

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

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

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

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

-

12,000

-

-

-

-

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

-

-

-

DEPRECIATION (as per notes to P&L)

51,000

66,000

-

-

-

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

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

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

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

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

51,000

66,000

-

-

-

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

84,000

135,000

305,000

258,000

329,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

17,000

17,000

-

-

-

Deferred assets

38,000

108,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

55,000

125,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

139,000

260,000

305,000

258,000

329,000

Stocks

2,028,000

5,625,000

-

-

-

Trade debtors

17,530,000

30,584,000

-

-

-

Other debtors, deposits & prepayments

267,000

433,000

-

-

-

Amount due from related companies

10,908,000

856,000

-

-

-

Cash & bank balances

5,924,000

15,908,000

-

-

-

Others

950,000

21,519,000

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

37,607,000

74,925,000

58,708,000

49,919,000

28,617,000

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

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

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

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

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

TOTAL ASSET

37,746,000

75,185,000

59,013,000

50,177,000

28,946,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

1,357,000

3,103,000

-

-

-

Other creditors & accruals

4,962,000

5,255,000

-

-

-

Deposits from customers

3,718,000

11,233,000

-

-

-

Amounts owing to holding company

-

2,620,000

-

-

-

Amounts owing to related companies

6,754,000

34,023,000

-

-

-

Other liabilities

1,818,000

2,841,000

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

18,609,000

59,075,000

40,207,000

45,222,000

22,645,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

18,998,000

15,850,000

18,501,000

4,697,000

5,972,000

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

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

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

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

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

TOTAL NET ASSETS

19,137,000

16,110,000

18,806,000

4,955,000

6,301,000

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

2,500,000

2,500,000

2,500,000

2,500,000

2,500,000

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

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

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

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

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

TOTAL SHARE CAPITAL

2,500,000

2,500,000

2,500,000

2,500,000

2,500,000

Retained profit/(loss) carried forward

16,637,000

13,610,000

16,306,000

2,455,000

3,801,000

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

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

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

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

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

TOTAL RESERVES

16,637,000

13,610,000

16,306,000

2,455,000

3,801,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

19,137,000

16,110,000

18,806,000

4,955,000

6,301,000

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

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

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

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

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

19,137,000

16,110,000

18,806,000

4,955,000

6,301,000

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

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

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

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

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

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

5,924,000

15,908,000

-

-

-

Net Liquid Funds

5,924,000

15,908,000

-

-

-

Net Liquid Assets

16,970,000

10,225,000

18,501,000

4,697,000

5,972,000

Net Current Assets/(Liabilities)

18,998,000

15,850,000

18,501,000

4,697,000

5,972,000

Net Tangible Assets

19,137,000

16,110,000

18,806,000

4,955,000

6,301,000

Net Monetary Assets

16,970,000

10,225,000

18,501,000

4,697,000

5,972,000

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

11,680,000

12,975,000

-

-

-

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

11,731,000

13,041,000

-

-

-

BALANCE SHEET ITEMS

Total Borrowings

0

0

-

-

-

Total Liabilities

18,609,000

59,075,000

40,207,000

45,222,000

22,645,000

Total Assets

37,746,000

75,185,000

59,013,000

50,177,000

28,946,000

Net Assets

19,137,000

16,110,000

18,806,000

4,955,000

6,301,000

Net Assets Backing

19,137,000

16,110,000

18,806,000

4,955,000

6,301,000

Shareholders' Funds

19,137,000

16,110,000

18,806,000

4,955,000

6,301,000

Total Share Capital

2,500,000

2,500,000

2,500,000

2,500,000

2,500,000

Total Reserves

16,637,000

13,610,000

16,306,000

2,455,000

3,801,000

LIQUIDITY (Times)

Cash Ratio

0.32

0.27

-

-

-

Liquid Ratio

1.91

1.17

-

-

-

Current Ratio

2.02

1.27

1.46

1.10

1.26

WORKING CAPITAL CONTROL (Days)

Stock Ratio

7

13

-

-

-

Debtors Ratio

62

72

-

-

-

Creditors Ratio

6

9

-

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

-

-

-

Liabilities Ratio

0.97

3.67

2.14

9.13

3.59

Times Interest Earned Ratio

0

1,081.25

-

-

-

Assets Backing Ratio

7.65

6.44

7.52

1.98

2.52

PERFORMANCE RATIO (%)

Operating Profit Margin

11.32

8.31

17.93

3.45

6.75

Net Profit Margin

9.72

6.93

16.14

2.73

5.78

Return On Net Assets

61.03

80.54

158.59

49.83

75.46

Return On Capital Employed

61.03

80.54

158.59

49.83

75.46

Return On Shareholders' Funds/Equity

52.40

67.06

142.78

39.43

64.62

Dividend Pay Out Ratio (Times)

0.70

1.25

0.48

1.69

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.100.68

Euro

1

Rs.70.88

SGD

1

Rs.47.26

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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.