|
Report No. : |
343260 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
IIA TECHNOLOGIES PTE. LTD. |
|
|
|
|
Formerly Known As : |
THE GEMESIS COMPANY (S) PTE. LTD. NOZOMI TECHNOTRON PTE. LTD. |
|
|
|
|
Registered Office : |
65, Chulia Street, 38-02/03, Ocbc Centre, 049513 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
07.12.2005 |
|
|
|
|
Com. Reg. No.: |
200516961-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
LINE OF BUSINESS : |
SUBJECT
IS MANUFACTURE OF DIAMOND |
|
|
|
|
No. of Employee : |
165 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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. |
: |
200516961-K |
||||
|
COMPANY
NAME |
: |
IIA
TECHNOLOGIES PTE. LTD. |
||||
|
FORMER
NAME |
: |
THE
GEMESIS COMPANY (S) PTE. LTD. (14/11/2012) |
||||
|
INCORPORATION
DATE |
: |
07/12/2005 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
65,
CHULIA STREET, 38-02/03, OCBC CENTRE, 049513, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
17,
TUKANG INNOVATION DRIVE, 618300, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65555825 |
||||
|
FAX.NO. |
: |
65-65555830 |
||||
|
CONTACT
PERSON |
: |
MISRA
DEVI SHANKER ( CEO ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURE
OF DIAMOND |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
3,500,000.00
ORDINARY SHARE, OF A VALUE OF SGD 3,500,000.00 |
||||
|
SALES |
: |
USD
76,060,376 [2015] |
||||
|
NET
WORTH |
: |
USD
77,004,390 [2015] |
||||
|
STAFF
STRENGTH |
: |
165
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
N/A |
||||
|
CURRENCY
EXPOSURE |
: |
N/A |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
MATURE |
||||
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) manufacture of diamond.
The
ultimate holding company of the Subject is JRD INTERNATIONAL LIMITED, a company
incorporated in BAHAMAS.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
01/10/2015 |
SGD
3,500,000.00 & USD 69,429,087.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MS.
SONIA JATIN MEHTA + |
33B,
JALAN MUTIARA, 08-03, LATITUDE, 249208, SINGAPORE. |
S2766230G |
1,000,000.00 |
1.72 |
|
SPRING
FIELD GROUP LIMITED |
PROVIDENCE
HOUSE, EAST WING EAST HILL STREET, NASSAU, BAHAMAS. |
T06UF0865 |
57,081,508.00 |
98.28 |
|
--------------- |
------ |
|||
|
58,081,508.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
MALAYSIA |
SUNGATE
ORIENTAL LIMITED |
- |
100.00 |
02/10/2015 |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
MEHTA
SURAJ JATIN |
|
Address |
: |
33,
JALAN MUTIARA, 11-03, LATITUDE, 249208, SINGAPORE. |
|
IC
/ PP No |
: |
G0724138R |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
31/01/2013 |
DIRECTOR
2
|
Name
Of Subject |
: |
MICHAEL
TAN TECK NGUAN |
|
Address |
: |
205,
ANG MO KIO AVENUE 1, 07-1089, 560205, SINGAPORE. |
|
IC
/ PP No |
: |
S1217289C |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
07/12/2005 |
DIRECTOR
3
|
Name
Of Subject |
: |
MISRA
DEVI SHANKER |
|
Address |
: |
5,
ROSEWOOD DRIVE, 01-09, ROSEWOOD, 737936, SINGAPORE. |
|
IC
/ PP No |
: |
G6051933T |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
31/01/2013 |
DIRECTOR
4
|
Name
Of Subject |
: |
MEHTA
VISHAL JATIN |
|
Address |
: |
33,
JALAN MUTIARA, 11-03, LATITUDE, 249208, SINGAPORE. |
|
IC
/ PP No |
: |
S8187632J |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
27/07/2006 |
DIRECTOR
5
|
Name
Of Subject |
: |
MS.
SONIA JATIN MEHTA |
|
Address |
: |
33B,
JALAN MUTIARA, 08-03, LATITUDE, 249208, SINGAPORE. |
|
IC
/ PP No |
: |
S2766230G |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
03/05/2006 |
|
Remark |
: |
1000000
SHARES IN SGD |
|
MANAGEMENT |
|
1)
|
Name
of Subject |
: |
MISRA
DEVI SHANKER |
|
Position |
: |
CEO |
|
AUDITOR
|
|
Auditor |
: |
AT
ADLER |
|
Auditor'
Address |
: |
N/A |
|
|
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
JOCELYN
YAP CHING CHING |
|
IC
/ PP No |
: |
S7048039E |
|
|
Address |
: |
626,
UPPER THOMSON ROAD, 05-38, MEADOWS @ PEIRCE, 787130, SINGAPORE. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
UNITED
OVERSEAS BANK LIMITED |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201207434 |
04/07/2012 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201207440 |
04/07/2012 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201207445 |
04/07/2012 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201311760 |
28/08/2013 |
N/A |
BANCO
NACIONAL ULTRAMARINO S.A. |
- |
Unsatisfied |
|
C201510600 |
17/09/2015 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
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 supplier information.
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 |
: |
N/A |
|||
|
Overseas |
: |
N/A |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
N/A |
|||
The Subject refused to disclose its clientele information.
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
2013 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
165 |
165 |
|||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacture of
diamond.
The Subject's primary business is the growth of rough diamonds.
The Subject able to accelerate its research into processes that could grow
these diamonds due to their undivided attention to the Gem Quality Industry.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6565555825 |
|
Current
Telephone Number |
: |
65-65555825 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
17
TUKANG INNOVATION DRIVE,618300,,. |
|
Current
Address |
: |
17,
TUKANG INNOVATION DRIVE, 618300, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2011
- 2015 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2011
- 2015 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
14.08% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
11.99% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The Subject's management have been efficient in
controlling its operating costs. The Subject's management had generated
acceptable return for its shareholders using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Unfavourable |
[ |
141
Days |
] |
|
|
Debtor
Ratio |
: |
Unfavourable |
[ |
86
Days |
] |
|
|
Creditors
Ratio |
: |
Unfavourable |
[ |
73
Days |
] |
|
|
The
Subject could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. The Subject's debtors ratio was
high. The Subject should tighten its credit control and improve its
collection period. The unfavourable creditors' ratio could be due to the
Subject taking advantage of the credit granted by its suppliers. However this
may affect the goodwill between the Subject and its suppliers and the Subject
may inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Favourable |
[ |
1.07
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
2.21
Times |
] |
|
|
A
minimum liquid ratio of 1 should be maintained by the Subject in order to
assure its creditors of its ability to meet short term obligations and the
Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Acceptable |
[ |
8.64
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.46
Times |
] |
|
|
The
Subject's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the Subject is
able to generate sufficient income to service its interest and repay the
loans. The Subject was lowly geared thus it had a low financial risk. The
Subject was mainly financed by its shareholders' funds and internally
generated funds. In times of economic slowdown / downturn, the Subject being
a lowly geared company, will be able to compete better than those companies
which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the turnover was erratic, the Subject had maintained a steady growth in its profit.
This indicate the management's efficiency in controlling its costs and
profitability. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject had an acceptable interest cover. If there is no
sudden sharp increase in interest rate or fall in the Subject's profit, we do
believe the Subject is able to generate sufficient cash flow to service its
interest payment. The Subject as a lowly geared company, will be more secured
compared to those highly geared companies. It has the ability to meet all its
long term obligations. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
|
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
: |
MANUFACTURING |
|
In
the third quarter of 2014, manufacturing output has increased by 1.9%,
extending the 1.5% growth in the previous quarter. Growth was largely driven
by the biomedical manufacturing and chemicals clusters. Besides, for the
whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3%
growth recorded in the previous year. All clusters recorded an expansion in
2013, except the biomedical manufacturing cluster. |
|
|
The
chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by
the petrochemicals and specialty chemicals segments, which expanded by 8.9%
and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2%
in the third quarter of 2014 due to plant maintenance shutdowns. For the year
of 2013, the chemicals cluster grew only by 0.7%. |
|
|
Besides,
output of the biomedical manufacturing cluster expanded by 9.0% in the third
quarter of 2014. The medical technology segment posted robust growth of 23%
due to higher production of medical instruments and supplies, while the
output of the pharmaceuticals segment rose by 6.2%. However, in the whole of
2013, the biomedical manufacturing cluster recorded only a flat growth. |
|
|
In
the third quarter of 2014, the transport engineering cluster contracted by 2.0%,
dragged down by the aerospace segment. Output in the aerospace segment
plunged by 18% on the back of fewer repair jobs from commercial airlines.
This was mitigated by the 4.1% growth in the marine & offshore
engineering segment, which was supported by higher contributions from rig
building projects. Nonetheless, for the whole of 2013, the transport
engineering cluster grew by 5.2%. |
|
|
Moreover,
output of the precision engineering cluster increased by 1.3% in the third
quarter of 2014. The machinery & systems segment grew by 6.2%, supported
by higher demand for semiconductor-related equipment and mechanical
engineering work. This was partly offset by the decline in the output of the
precision modules & components segment. Conversely, in the full year of
2013, the precision engineering cluster's output declined by 5.6%. |
|
|
Furthermore,
in the third quarter of 2014, output of the general manufacturing industries
declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment
was more than offset by declines in the other two segments. In particular,
the miscellaneous industries segment contracted by 4.7% on the back of lower
output in construction-related products, such as concrete & cement
products and steel structural components. For the full year of 2013, the
general manufacturing cluster grew by 2.8%. |
|
|
Besides,
in the third quarter of 2014, the electronics cluster expanded by 0.9%,
reversing the 5.0% contraction in the previous quarter. Growth was supported
by an expansion in the computer peripherals (6.3%) and data storage (2.6%)
segments. Moreover, for the year 2013, the electronics cluster expanded by
3.5%. |
|
|
OVERALL
INDUSTRY OUTLOOK : MATURE |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
IIA
TECHNOLOGIES PTE. LTD. |
|
Financial
Year End |
2015-03-31 |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2011-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
GROUP |
GROUP |
Company |
GROUP |
GROUP |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
SUMMARY |
FULL |
FULL |
|
Currency |
USD |
USD |
SGD |
USD |
USD |
|
TURNOVER |
76,060,376 |
78,939,539 |
53,433,834 |
20,860,110 |
10,582,260 |
|
Other
Income |
1,904,519 |
328,900 |
- |
- |
3,654 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
77,964,895 |
79,268,439 |
53,433,834 |
20,860,110 |
10,585,914 |
|
Costs
of Goods Sold |
(59,384,883) |
(62,486,900) |
- |
(16,528,314) |
(7,695,471) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
18,580,012 |
16,781,539 |
- |
4,331,796 |
2,890,443 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
10,844,106 |
9,968,793 |
2,012,158 |
1,889,964 |
1,461,531 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
10,844,106 |
9,968,793 |
2,012,158 |
1,889,964 |
1,461,531 |
|
Taxation |
- |
32,782 |
0 |
(13,000) |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
10,844,106 |
10,001,575 |
2,012,158 |
1,876,964 |
1,461,531 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
7,392,454 |
(2,609,121) |
(2,012,158) |
(6,049,235) |
(7,510,766) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
7,392,454 |
(2,609,121) |
(2,012,158) |
(6,049,235) |
(7,510,766) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
18,236,560 |
7,392,454 |
- |
(4,172,271) |
(6,049,235) |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(13,000,000) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
5,236,560 |
7,392,454 |
- |
(4,172,271) |
(6,049,235) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
- |
- |
- |
54 |
177 |
|
Lease
interest |
358,356 |
430,799 |
- |
14,064 |
13,434 |
|
Term
loan / Borrowing |
1,039,690 |
368,936 |
- |
190,121 |
371,518 |
|
Others |
22,096 |
56,448 |
- |
913 |
229 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,420,142 |
856,183 |
- |
205,152 |
385,358 |
|
|
============= |
============= |
- |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
8,627,841 |
7,882,239 |
- |
1,857,607 |
1,401,613 |
|
AMORTIZATION |
25,892 |
14,855 |
- |
3,148 |
31,483 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
8,653,733 |
7,897,094 |
- |
1,860,755 |
1,433,096 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
IIA
TECHNOLOGIES PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
73,204,577 |
73,923,442 |
0 |
18,614,188 |
6,627,032 |
|
Others |
1,224 |
808,877 |
- |
14,608,374 |
2,551,787 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
1,224 |
808,877 |
- |
14,608,374 |
2,551,787 |
|
Goodwill
on consolidation |
468,180 |
352,588 |
- |
- |
- |
|
Patents
/ Copyrights |
- |
- |
- |
94,565 |
72,717 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
468,180 |
352,588 |
- |
94,565 |
72,717 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
73,673,981 |
75,084,907 |
0 |
33,317,127 |
9,251,536 |
|
Stocks |
26,893,487 |
13,976,944 |
- |
9,044,417 |
1,633,202 |
|
Contract
work-in-progress |
2,415,106 |
863,772 |
- |
- |
- |
|
Trade
debtors |
17,901,056 |
29,602,383 |
- |
14,368,520 |
15,835,391 |
|
Other
debtors, deposits & prepayments |
586,425 |
513,105 |
- |
5,989,104 |
458,478 |
|
Amount
due from holding company |
222,320 |
- |
- |
- |
- |
|
Amount
due from subsidiary companies |
507,746 |
- |
- |
- |
- |
|
Amount
due from related companies |
3,082,085 |
787,617 |
- |
539,123 |
- |
|
Amount
due from director |
- |
(967) |
- |
- |
- |
|
Cash
& bank balances |
682,532 |
980,540 |
- |
4,077,244 |
26,810 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
52,290,757 |
46,723,394 |
0 |
34,018,408 |
17,953,881 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
125,964,738 |
121,808,301 |
0 |
67,335,535 |
27,205,417 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
11,836,275 |
3,068,243 |
- |
6,330,207 |
363,284 |
|
Other
creditors & accruals |
1,521,886 |
2,839,073 |
- |
4,092,775 |
1,868,481 |
|
Hire
purchase & lease creditors |
1,435,885 |
1,527,254 |
- |
- |
- |
|
Short
term borrowings/Term loans |
8,500,748 |
3,691,538 |
- |
- |
8,006,666 |
|
Amounts
owing to holding company |
- |
3,890,144 |
- |
4,004,187 |
421,386 |
|
Amounts
owing to subsidiary companies |
241,214 |
- |
- |
- |
- |
|
Amounts
owing to related companies |
107,557 |
1,191,535 |
- |
1,965,669 |
5,092,679 |
|
Amounts
owing to director |
- |
- |
- |
22,514 |
- |
|
Provision
for taxation |
- |
- |
- |
13,000 |
- |
|
Lease
payables |
- |
- |
- |
67,488 |
62,305 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
23,643,565 |
16,207,787 |
0 |
16,495,840 |
15,814,801 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
28,647,192 |
30,515,607 |
0 |
17,522,568 |
2,139,080 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
102,321,173 |
105,600,514 |
0 |
50,839,695 |
11,390,616 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
71,767,830 |
71,767,830 |
0 |
54,767,830 |
17,186,323 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
71,767,830 |
71,767,830 |
0 |
54,767,830 |
17,186,323 |
|
Retained
profit/(loss) carried forward |
5,236,560 |
7,392,454 |
0 |
(4,172,271) |
(6,049,235) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
5,236,560 |
7,392,454 |
0 |
(4,172,271) |
(6,049,235) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
77,004,390 |
79,160,284 |
0 |
50,595,559 |
11,137,088 |
|
Long
term loans |
21,085,352 |
20,270,913 |
- |
- |
- |
|
Lease
obligations |
4,231,431 |
6,169,317 |
- |
244,136 |
253,528 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
25,316,783 |
26,440,230 |
0 |
244,136 |
253,528 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
102,321,173 |
105,600,514 |
0 |
50,839,695 |
11,390,616 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
IIA
TECHNOLOGIES PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
682,532 |
980,540 |
- |
4,077,244 |
26,810 |
|
Net
Liquid Funds |
682,532 |
980,540 |
- |
4,077,244 |
26,810 |
|
Net
Liquid Assets |
1,753,705 |
16,538,663 |
- |
8,478,151 |
505,878 |
|
Net
Current Assets/(Liabilities) |
28,647,192 |
30,515,607 |
- |
17,522,568 |
2,139,080 |
|
Net
Tangible Assets |
101,852,993 |
105,247,926 |
- |
50,745,130 |
11,317,899 |
|
Net
Monetary Assets |
(23,563,078) |
(9,901,567) |
- |
8,234,015 |
252,350 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
0 |
10,824,976 |
- |
2,095,116 |
1,846,889 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
20,917,981 |
18,722,070 |
- |
3,955,871 |
3,279,985 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
35,253,416 |
31,659,022 |
- |
244,136 |
8,260,194 |
|
Total
Liabilities |
48,960,348 |
42,648,017 |
- |
16,739,976 |
16,068,329 |
|
Total
Assets |
125,964,738 |
121,808,301 |
- |
67,335,535 |
27,205,417 |
|
Net
Assets |
102,321,173 |
105,600,514 |
- |
50,839,695 |
11,390,616 |
|
Net
Assets Backing |
77,004,390 |
79,160,284 |
- |
50,595,559 |
11,137,088 |
|
Shareholders'
Funds |
77,004,390 |
79,160,284 |
- |
50,595,559 |
11,137,088 |
|
Total
Share Capital |
71,767,830 |
71,767,830 |
- |
54,767,830 |
17,186,323 |
|
Total
Reserves |
5,236,560 |
7,392,454 |
- |
(4,172,271) |
(6,049,235) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.03 |
0.06 |
- |
0.25 |
0 |
|
Liquid
Ratio |
1.07 |
2.02 |
- |
1.51 |
1.03 |
|
Current
Ratio |
2.21 |
2.88 |
- |
2.06 |
1.14 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
141 |
69 |
- |
158 |
56 |
|
Debtors
Ratio |
86 |
137 |
- |
251 |
546 |
|
Creditors
Ratio |
73 |
18 |
- |
140 |
17 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.46 |
0.40 |
- |
0 |
0.74 |
|
Liabilities
Ratio |
0.64 |
0.54 |
- |
0.33 |
1.44 |
|
Times
Interest Earned Ratio |
8.64 |
12.64 |
- |
10.21 |
4.79 |
|
Assets
Backing Ratio |
1.42 |
1.47 |
- |
0.93 |
0.66 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
14.26 |
12.63 |
3.77 |
9.06 |
13.81 |
|
Net
Profit Margin |
14.26 |
12.67 |
3.77 |
9.00 |
13.81 |
|
Return
On Net Assets |
11.99 |
10.25 |
- |
4.12 |
16.21 |
|
Return
On Capital Employed |
11.77 |
10.07 |
- |
4.11 |
16.11 |
|
Return
On Shareholders' Funds/Equity |
14.08 |
12.63 |
- |
3.71 |
13.12 |
|
Dividend
Pay Out Ratio (Times) |
1.20 |
0 |
- |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.39 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.