MIRA INFORM REPORT

 

 

Report No. :

340667

Report Date :

15.09.2015

 

IDENTIFICATION DETAILS

 

Name :

PEGASUS SEWING MACHINE PTE. LTD.

 

 

Registered Office :

135, Joo Seng Road, 03-04, 368363

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

03.11.1981

 

 

Com. Reg. No.:

198105124-G

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of sewing machines.

 

 

No. of Employee :

25 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

A2

A2

 

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.

:

198105124-G

COMPANY NAME

:

PEGASUS SEWING MACHINE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

03/11/1981

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

135, JOO SENG ROAD, 03-04, 368363, SINGAPORE.

BUSINESS ADDRESS

:

135, JOO SENG ROAD, 03-04, PM INDUSTRIAL BUILDING, 368363, SINGAPORE.

TEL.NO.

:

65-62963638

FAX.NO.

:

65-62972353

WEB SITE

:

WWW.PEGASUS.COM.SG

CONTACT PERSON

:

TAKASHI ASAKO ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF SEWING MACHINES

ISSUED AND PAID UP CAPITAL

:

400,000.00 ORDINARY SHARE, OF A VALUE OF SGD 400,000.00 

SALES

:

USD 68,531,903 [2014]

NET WORTH

:

USD 12,060,647 [2014]

STAFF STRENGTH

:

25 [2015]

BANKER (S)

:

HSBC PRIVATE BANK (SUISSE) SA

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

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) trading of sewing machines.

 

The ultimate holding company of the Subject is PEGASUS SEWING MACHINE MFG. CO. LTD, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

14/09/2015

SGD 400,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

PEGASUS SEWING MACHINE MANUFACTURING CO. LTD.

7-2, SAGISU, 5-CHOME, FUKUSHIMA-KU, OSAKA, 533, JAPAN.

S81UF0229

400,000.00

100.00

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

------

400,000.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SHIGEMI MIMA

Address

:

NISHIYAMA-CHO, 6-27-314, KOUYOUEN, NISHINOMIYA-CITY HYOUGO PREFECTURE, JAPAN.

IC / PP No

:

TH5487068

Nationality

:

JAPANESE

Date of Appointment

:

15/06/2015

 

DIRECTOR 2

 

Name Of Subject

:

MORIAKI SHIMIZU

Address

:

12-31, OKAMOTO, 5-CHOME, HIGASHINADA-KU KOBE-CITY, HYOGO PREFECTURE, JAPAN.

IC / PP No

:

TK0345742

Nationality

:

JAPANESE

Date of Appointment

:

05/01/1998

 

DIRECTOR 3

 

Name Of Subject

:

MR. TAN CHOON CHUAN

Address

:

33, BALMORAL ROAD, 12-02, 259811, SINGAPORE.

IC / PP No

:

S1658663C

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/07/2003

 

DIRECTOR 4

 

Name Of Subject

:

TAKASHI ASAKO

Address

:

135, JOO SENG ROAD, 03-04, 368363, SINGAPORE.

IC / PP No

:

G5407318L

Nationality

:

JAPANESE

Date of Appointment

:

01/03/2013

 

DIRECTOR 5

 

Name Of Subject

:

KOJI SUENAGA

Address

:

4-22-9, HIMURO-CHO, TAKATSUKI-SHI, OSAKA, JAPAN.

IC / PP No

:

TH7494174

Nationality

:

JAPANESE

Date of Appointment

:

23/06/2009

 

DIRECTOR 6

 

Name Of Subject

:

MASAO KATSURA

Address

:

6-3-25, TANABE, HIGASHI-SUMIYOSHI-KU, OSAKA, JAPAN.

IC / PP No

:

TK0845403

Nationality

:

JAPANESE

Date of Appointment

:

10/07/2000

 

DIRECTOR 7

 

Name Of Subject

:

TAIZO YOSHIDA

Address

:

HASAMAGAOKA, 3-20-14, SANDA-CITY, HYOGO PREFECTURE, 669-1545, JAPAN.

IC / PP No

:

TK6082007

Nationality

:

JAPANESE

Date of Appointment

:

15/06/2015

 

DIRECTOR 8

 

Name Of Subject

:

TATSUSHI MORI

Address

:

30-2-708, HIGASHI IZUMIGAOKA, 1-CHOME, TOYONAKA CITY, 561-0861, OSAKA, JAPAN.

IC / PP No

:

TZ1053975

Nationality

:

JAPANESE

Date of Appointment

:

01/03/2015


MANAGEMENT

 

 

 

1)

Name of Subject

:

TAKASHI ASAKO

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN LILY

IC / PP No

:

S2668267C

Address

:

259A, COMPASSVALE ROAD, 13-609, 541259, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

HSBC PRIVATE BANK (SUISSE) SA

 

 

 

ENCUMBRANCE (S)


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

 

 

 

LITIGATION CHECK AGAINST SUBJECT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA PACIFIC

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

SEWING MACHINES

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

25

23

23

 

Branch

:

NO

Other Information:


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

The Subject is one of the companies listed under the PEGASUS group of companies.

The Subject specializing in industrial sewing machines that produce chainstitches. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62963638

Match

:

N/A

Address Provided by Client

:

135 JOO SENG ROAD 03 04 PM INDUSTRIAL BUIDING SINGAPORE 368863

Current Address

:

135, JOO SENG ROAD, 03-04, PM INDUSTRIAL BUILDING, 368363, SINGAPORE.

Match

:

YES

 

Other Investigations


On 10th September 2015 we contacted one of the staff from the Subject and she provided some information.



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

Return on Shareholder Funds

:

Acceptable

[

18.88%

]

Return on Net Assets

:

Acceptable

[

25.04%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Unfavourable

[

107 Days

]

Debtor Ratio

:

Unfavourable

[

118 Days

]

Creditors Ratio

:

Favourable

[

21 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 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

[

0.75 Times

]

Current Ratio

:

Unfavourable

[

1.35 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

:

Acceptable

[

9.40 Times

]

Gearing Ratio

:

Favourable

[

0.00 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 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 :

Generally, the Subject's performance has improved with higher turnover and profit. 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 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 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 : 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 :

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 1981, the Subject is a Private Limited company, focusing on trading of sewing machines. 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. Presently, the issued and paid up capital of the Subject stands at SGD 400,000. With a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 25 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. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 12,060,647, the Subject should be able to maintain its business in the near terms. 

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry. 

Based on the above condition, we recommend credit be granted to the Subject promptly.

 



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

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

68,531,903

62,338,907

48,757,018

46,484,709

44,621,887

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

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

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

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

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

Total Turnover

68,531,903

62,338,907

48,757,018

46,484,709

44,621,887

Costs of Goods Sold

(58,432,211)

(53,931,892)

(42,110,584)

(40,528,819)

(38,883,875)

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

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

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

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

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

Gross Profit

10,099,692

8,407,015

6,646,434

5,955,890

5,738,012

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

2,698,556

1,844,536

347,879

(362,872)

141,246

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

2,698,556

1,844,536

347,879

(362,872)

141,246

Taxation

(421,069)

(250,000)

-

-

-

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

2,277,487

1,594,536

347,879

(362,872)

141,246

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

9,599,726

8,005,190

7,657,311

8,020,183

7,878,937

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

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

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

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

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

As restated

9,599,726

8,005,190

7,657,311

8,020,183

7,878,937

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

11,877,213

9,599,726

8,005,190

7,657,311

8,020,183

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

11,877,213

9,599,726

8,005,190

7,657,311

8,020,183

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

309,343

239,255

184,246

131,549

95,906

Others

12,023

11,079

116,743

49,453

15,215

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

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

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

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

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

321,366

250,334

300,989

181,002

111,121

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

90,426

13,768

10,680

22,009

39,820

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

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

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

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

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

90,426

13,768

10,680

22,009

39,820

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

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

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

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

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

 

 

 

 

BALANCE SHEET

 

 

ASSETS EMPLOYED:

FIXED ASSETS

328,294

35,157

6,419

15,730

34,586

Others

54,448

54,448

54,448

54,448

54,448

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

54,448

54,448

54,448

54,448

54,448

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

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

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

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

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

TOTAL LONG TERM ASSETS

382,742

89,605

60,867

70,178

89,034

Stocks

20,157,393

19,099,791

12,379,655

13,285,807

6,900,881

Trade debtors

22,233,401

26,609,105

16,879,291

15,566,151

17,431,067

Other debtors, deposits & prepayments

127,791

150,560

110,647

90,590

97,182

Short term deposits

450,000

1,150,000

500,000

550,000

1,650,000

Amount due from holding company

4,015

-

-

-

-

Cash & bank balances

2,489,942

2,558,786

2,098,855

2,530,848

1,092,208

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

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

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

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

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

TOTAL CURRENT ASSETS

45,462,542

49,568,242

31,968,448

32,023,396

27,171,338

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

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

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

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

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

TOTAL ASSET

45,845,284

49,657,847

32,029,315

32,093,574

27,260,372

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

3,403,313

3,148,191

2,213,933

1,767,275

18,860,586

Other creditors & accruals

121,360

144,018

121,618

124,477

116,368

Amounts owing to holding company

29,760,653

36,332,478

21,504,901

22,360,892

-

Amounts owing to related companies

-

-

239

185

-

Provision for taxation

499,311

250,000

-

-

-

Other liabilities

-

-

-

-

79,801

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

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

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

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

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

TOTAL CURRENT LIABILITIES

33,784,637

39,874,687

23,840,691

24,252,829

19,056,755

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

11,677,905

9,693,555

8,127,757

7,770,567

8,114,583

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

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

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

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

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

TOTAL NET ASSETS

12,060,647

9,783,160

8,188,624

7,840,745

8,203,617

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

183,434

183,434

183,434

183,434

183,434

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

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

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

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

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

TOTAL SHARE CAPITAL

183,434

183,434

183,434

183,434

183,434

Retained profit/(loss) carried forward

11,877,213

9,599,726

8,005,190

7,657,311

8,020,183

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

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

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

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

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

TOTAL RESERVES

11,877,213

9,599,726

8,005,190

7,657,311

8,020,183

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

12,060,647

9,783,160

8,188,624

7,840,745

8,203,617

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

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

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

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

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

12,060,647

9,783,160

8,188,624

7,840,745

8,203,617

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

2,939,942

3,708,786

2,598,855

3,080,848

2,742,208

Net Liquid Funds

2,939,942

3,708,786

2,598,855

3,080,848

2,742,208

Net Liquid Assets

(8,479,488)

(9,406,236)

(4,251,898)

(5,515,240)

1,213,702

Net Current Assets/(Liabilities)

11,677,905

9,693,555

8,127,757

7,770,567

8,114,583

Net Tangible Assets

12,006,199

9,728,712

8,134,176

7,786,297

8,149,169

Net Monetary Assets

(8,479,488)

(9,406,236)

(4,251,898)

(5,515,240)

1,213,702

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

2,094,870

648,868

(181,870)

252,367

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

3,110,348

2,108,638

659,548

(159,861)

292,187

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

33,784,637

39,874,687

23,840,691

24,252,829

19,056,755

Total Assets

45,845,284

49,657,847

32,029,315

32,093,574

27,260,372

Net Assets

12,060,647

9,783,160

8,188,624

7,840,745

8,203,617

Net Assets Backing

12,060,647

9,783,160

8,188,624

7,840,745

8,203,617

Shareholders' Funds

12,060,647

9,783,160

8,188,624

7,840,745

8,203,617

Total Share Capital

183,434

183,434

183,434

183,434

183,434

Total Reserves

11,877,213

9,599,726

8,005,190

7,657,311

8,020,183

LIQUIDITY (Times)

Cash Ratio

0.09

0.09

0.11

0.13

0.14

Liquid Ratio

0.75

0.76

0.82

0.77

1.06

Current Ratio

1.35

1.24

1.34

1.32

1.43

WORKING CAPITAL CONTROL (Days)

Stock Ratio

107

112

93

104

56

Debtors Ratio

118

156

126

122

143

Creditors Ratio

21

21

19

16

177

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

0

Liabilities Ratio

2.80

4.08

2.91

3.09

2.32

Times Interest Earned Ratio

9.40

8.37

2.16

(1.00)

2.27

Assets Backing Ratio

65.45

53.04

44.34

42.45

44.43

PERFORMANCE RATIO (%)

Operating Profit Margin

3.94

2.96

0.71

(0.78)

0.32

Net Profit Margin

3.32

2.56

0.71

(0.78)

0.32

Return On Net Assets

25.04

21.41

7.92

(2.32)

3.08

Return On Capital Employed

24.93

21.29

7.87

(2.30)

3.06

Return On Shareholders' Funds/Equity

18.88

16.30

4.25

(4.63)

1.72

Dividend Pay Out Ratio (Times)

0

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.37

UK Pound

1

Rs.102.54

Euro

1

Rs.75.32

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

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.