MIRA INFORM REPORT

 

 

Report No. :

339752

Report Date :

16.09.2015

 

IDENTIFICATION DETAILS

 

Name :

LENOVO (SINGAPORE) PTE. LTD.

 

 

Formerly Known As :

IBM PRODUCTS ASIA PTE. LTD. (01/05/2005)

 

 

Registered Office :

151, Lorong Chuan, 02-01, New Tech Park, 556741

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.12.2004

 

 

Com. Reg. No.:

200415694-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Computers and Peripheral Equipment

 

 

No. of Employee :

300 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

NOTES:

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

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

 

EXECUTIVE SUMMARY

 

 

 

REGISTRATION NO.

:

200415694-W

COMPANY NAME

:

LENOVO (SINGAPORE) PTE. LTD.

FORMER NAME

:

IBM PRODUCTS ASIA PTE. LTD. (01/05/2005)

INCORPORATION DATE

:

06/12/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

151, LORONG CHUAN, 02-01, NEW TECH PARK, 556741, SINGAPORE.

BUSINESS ADDRESS

:

151, LORONG CHUAN, 02-01, NEW TECH PARK, 556741, SINGAPORE.

TEL.NO.

:

65-68271000

FAX.NO.

:

65-68271100

CONTACT PERSON

:

GERRY PARRISH SMITH ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMPUTERS AND PERIPHERAL EQUIPMENT

ISSUED AND PAID UP CAPITAL

:

713,957,411.00 ORDINARY SHARE, OF A VALUE OF SGD 1,971,231,035.94 

SALES

:

USD 646,895,000 [2014]

NET WORTH

:

USD 2,024,979,000 [2014]

STAFF STRENGTH

:

300 [2015]

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 computers and peripheral equipment.

The immediate holding company of the Subject is LENOVO (BVI) LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

 

The ultimate holding company of the Subject is LENOVO GROUP LIMITED, a company incorporated in HONG KONG.

 

Share Capital History

Date

Issue & Paid Up Capital

09/09/2015

SGD 1,971,231,035.94

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

LENOVO (BVI) LIMITED

CRAIGMUIR CHAMBERS, P.O. BOX 71, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.

T05UF0967

713,957,411.00

100.00

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

------

713,957,411.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No

Country

Company

(%)

As At

HONG KONG

LENOVO PC HK LIMITED

100.00

31/03/2013

HONG KONG

LENOVO INTERNATIONAL LIMITED

100.00

31/03/2013

CHINA

LENOVO INFORMATION PRODUCTS (SHENZHEN) CO., LTD.

100.00

31/03/2013

 

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

ANDREW MICHAEL DAMIAN GLENDINNING

Address

:

11, NATHAN ROAD, 10-04, REGENCY PARK, 248732, SINGAPORE.

IC / PP No

:

761328282

Nationality

:

BRITISH

Date of Appointment

:

30/08/2005

 

DIRECTOR 2

 

Name Of Subject

:

RODERICK JASON STROTHER

Address

:

279, SUNRISE TERRACE, CABANA, 805314, SINGAPORE.

IC / PP No

:

S2752692F

Nationality

:

SINGAPOREAN

Date of Appointment

:

10/07/2015

Remark

:

ALTERNATE DIRECTOR TO YANG HOUNG-PEI

 

DIRECTOR 3

 

Name Of Subject

:

YANG HOUNG-PEI

Address

:

200, MOULMEIN ROAD, 10-02, 308107, SINGAPORE.

IC / PP No

:

G3148969K

Nationality

:

TAIWANESE

Date of Appointment

:

02/06/2015

 

DIRECTOR 4

 

Name Of Subject

:

CHALERMKARNJANA SRILADDA

Address

:

5, RHU CROSS, 14-16, COSTA RHU, 437434, SINGAPORE.

IC / PP No

:

S2722716C

Nationality

:

SINGAPOREAN

Date of Appointment

:

02/05/2012

Remark

:

ALTERNATE DIRECTOR TO ANDREW MICHAEL DAMIAN GLENDINNING



MANAGEMENT

 

 

 

1)

Name of Subject

:

GERRY PARRISH SMITH

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHUA SWEE CHEH

IC / PP No

:

S0194838E

Address

:

16, LORONG SIGLAP, 456810, 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

:

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

Credit Term

:

N/A

Payment Mode

:

CHEQUES
CASH

 

 

OPERATIONS

 

Goods Traded

:

COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT

Ownership of premises

:

LEASED/RENTED

 

Total Number of Employees:

 

YEAR

2015

2014

2012

2011

GROUP

N/A

N/A

N/A

N/A

COMPANY

300

300

300

200

 

Branch

:

NO

 

Other Information:


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

The Subject offer wide range of computer product such as:

- laptop and note book
- IdeaPad Tablet K1
- Desktops & all-in-ones etc 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68271000

Match

:

N/A

Address Provided by Client

:

151, LORONG CHUAN, 02-01, NEW TECH PARK,556741,SINGAPORE

Current Address

:

151, LORONG CHUAN, 02-01, NEW TECH PARK, 556741, SINGAPORE.

Match

:

YES

 

Other Investigations


On 9th September 2015 we contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

9.53%

]

Return on Net Assets

:

Acceptable

[

10.38%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

1 Days

]

Debtor Ratio

:

Acceptable

[

60 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

:

Unfavourable

[

0.45 Times

]

Current Ratio

:

Unfavourable

[

0.45 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

:

Favourable

[

352.33 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

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. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : 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 2004, the Subject is a Private Limited company, focusing on trading of computers and peripheral equipment. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. The Subject is a large entity with strong capital position of SGD 1,971,231,036. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 300 staff in its operations 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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 2,024,979,000, 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 normally.

 



PROFIT AND LOSS ACCOUNT

 

 

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

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

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

646,895,000

454,726,000

640,812,000

9,697,236,000

6,431,111,000

Other Income

77,520,000

16,604,000

98,995,000

139,773,000

36,534,000

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

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

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

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

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

Total Turnover

724,415,000

471,330,000

739,807,000

9,837,009,000

6,467,645,000

Costs of Goods Sold

(598,878,000)

(406,684,000)

(594,645,000)

(9,026,474,000)

(6,045,242,000)

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

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

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

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

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

Gross Profit

125,537,000

64,646,000

145,162,000

810,535,000

422,403,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

210,444,000

67,907,000

115,112,000

70,051,000

(275,264,000)

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

210,444,000

67,907,000

115,112,000

70,051,000

(275,264,000)

Taxation

(17,439,000)

(58,927,000)

(3,953,000)

(4,963,000)

(3,512,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

193,005,000

8,980,000

111,159,000

65,088,000

(278,776,000)

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

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

193,005,000

8,980,000

111,159,000

65,088,000

(278,776,000)

Extraordinary items

(3,248,000)

429,406,000

167,581,000

-

-

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

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

189,757,000

438,386,000

278,740,000

65,088,000

(278,776,000)

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(151,284,000)

(589,670,000)

(821,569,000)

(886,657,000)

(607,881,000)

Prior year adjustment

-

-

(46,841,000)

-

-

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

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

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

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

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

As restated

(151,284,000)

(589,670,000)

(868,410,000)

(886,657,000)

(607,881,000)

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

38,473,000

(151,284,000)

(589,670,000)

(821,569,000)

(886,657,000)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

38,473,000

(151,284,000)

(589,670,000)

(821,569,000)

(886,657,000)

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

599,000

426,000

641,000

793,000

1,672,000

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

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

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

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

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

599,000

426,000

641,000

793,000

1,672,000

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

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

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

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

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

AMORTIZATION

34,661

45,742

48,776

52,073

39,989

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

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

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

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

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

34,661

45,742

48,776

52,073

39,989

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

921,000

1,628,000

2,356,000

1,486,000

2,660,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

4,189,132,000

3,089,450,000

2,546,434,000

1,346,289,000

1,258,979,000

Deferred assets

-

-

76,000

146,000

492,000

Others

3,087,000

815,000

3,413,000

15,405,000

32,563,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

4,192,219,000

3,090,265,000

2,549,923,000

1,361,840,000

1,292,034,000

Goodwill on consolidation

-

-

-

504,609,000

511,929,000

Patents / Copyrights

1,805,000

2,244,000

2,682,000

-

-

Computer software

50,762,000

83,778,000

98,675,000

-

-

Trademarks

-

-

380,000,000

-

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

52,567,000

86,022,000

481,357,000

504,609,000

511,929,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

4,245,707,000

3,177,915,000

3,033,636,000

1,867,935,000

1,806,623,000

Stocks

1,874,000

21,114,000

162,881,000

182,187,000

212,514,000

Trade debtors

106,494,000

59,383,000

1,944,801,000

1,719,772,000

1,507,812,000

Other debtors, deposits & prepayments

5,521,000

3,115,000

76,601,000

42,639,000

665,363,000

Short term deposits

-

-

-

528,181,000

350,429,000

Amount due from holding company

408,000

-

64,000

-

-

Amount due from subsidiary companies

1,679,075,000

495,047,000

577,307,000

755,545,000

-

Amount due from related companies

70,000

-

768,000

2,330,000

-

Cash & bank balances

34,031,000

530,769,000

1,313,240,000

303,169,000

111,974,000

Others

3,334,000

4,087,298,000

63,476,000

13,295,000

11,207,000

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

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

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

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

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

TOTAL CURRENT ASSETS

1,830,807,000

5,196,726,000

4,139,138,000

3,547,118,000

2,859,299,000

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

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

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

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

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

TOTAL ASSET

6,076,514,000

8,374,641,000

7,172,774,000

5,415,053,000

4,665,922,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

10,258,000

106,948,000

2,135,152,000

2,787,923,000

2,175,230,000

Other creditors & accruals

41,646,000

46,137,000

531,755,000

1,247,998,000

307,926,000

Amounts owing to holding company

25,000

25,000

550,025,000

-

-

Amounts owing to subsidiary companies

3,922,681,000

12,944,000

1,971,208,000

-

-

Amounts owing to related companies

8,892,000

-

46,738,000

-

-

Provision for taxation

58,872,000

1,593,000

2,312,000

1,366,000

1,302,000

Other liabilities

-

6,315,480,000

402,829,000

435,239,000

1,387,191,000

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

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

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

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

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

TOTAL CURRENT LIABILITIES

4,042,374,000

6,483,127,000

5,640,019,000

4,472,526,000

3,871,649,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(2,211,567,000)

(1,286,401,000)

(1,500,881,000)

(925,408,000)

(1,012,350,000)

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

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

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

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

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

TOTAL NET ASSETS

2,034,140,000

1,891,514,000

1,532,755,000

942,527,000

794,273,000

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

1,248,865,000

963,955,000

963,955,000

803,226,000

803,226,000

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

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

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

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

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

TOTAL SHARE CAPITAL

1,248,865,000

963,955,000

963,955,000

803,226,000

803,226,000

Capital reserve

27,201,000

24,238,000

22,809,000

21,827,000

19,064,000

General reserve

(81,000)

(154,000)

-

(42,000)

-

Retained profit/(loss) carried forward

38,473,000

(151,284,000)

(589,670,000)

(821,569,000)

(886,657,000)

Others

710,521,000

995,431,000

923,313,000

607,000,000

607,000,000

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

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

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

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

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

TOTAL RESERVES

776,114,000

868,231,000

356,452,000

(192,784,000)

(260,593,000)

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,024,979,000

1,832,186,000

1,320,407,000

610,442,000

542,633,000

Deferred taxation

8,722,000

58,851,000

-

-

-

Others

439,000

477,000

212,348,000

332,085,000

251,640,000

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

9,161,000

59,328,000

212,348,000

332,085,000

251,640,000

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

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

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

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

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

2,034,140,000

1,891,514,000

1,532,755,000

942,527,000

794,273,000

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

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

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

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

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

 

 

 

 

FINANCIAL RATIO

 

 

TYPES OF FUNDS

Cash

34,031,000

530,769,000

1,313,240,000

831,350,000

462,403,000

Net Liquid Funds

34,031,000

530,769,000

1,313,240,000

831,350,000

462,403,000

Net Liquid Assets

(2,213,441,000)

(1,307,515,000)

(1,663,762,000)

(1,107,595,000)

(1,224,864,000)

Net Current Assets/(Liabilities)

(2,211,567,000)

(1,286,401,000)

(1,500,881,000)

(925,408,000)

(1,012,350,000)

Net Tangible Assets

1,981,573,000

1,805,492,000

1,051,398,000

437,918,000

282,344,000

Net Monetary Assets

(2,222,602,000)

(1,366,843,000)

(1,876,110,000)

(1,439,680,000)

(1,476,504,000)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

211,043,000

68,333,000

115,753,000

70,844,000

(273,592,000)

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

211,077,661

68,378,742

115,801,776

70,896,073

(273,552,011)

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

4,051,535,000

6,542,455,000

5,852,367,000

4,804,611,000

4,123,289,000

Total Assets

6,076,514,000

8,374,641,000

7,172,774,000

5,415,053,000

4,665,922,000

Net Assets

2,034,140,000

1,891,514,000

1,532,755,000

942,527,000

794,273,000

Net Assets Backing

2,024,979,000

1,832,186,000

1,320,407,000

610,442,000

542,633,000

Shareholders' Funds

2,024,979,000

1,832,186,000

1,320,407,000

610,442,000

542,633,000

Total Share Capital

1,248,865,000

963,955,000

963,955,000

803,226,000

803,226,000

Total Reserves

776,114,000

868,231,000

356,452,000

(192,784,000)

(260,593,000)

LIQUIDITY (Times)

Cash Ratio

0.01

0.08

0.23

0.19

0.12

Liquid Ratio

0.45

0.80

0.71

0.75

0.68

Current Ratio

0.45

0.80

0.73

0.79

0.74

WORKING CAPITAL CONTROL (Days)

Stock Ratio

1

17

93

7

12

Debtors Ratio

60

48

1,108

65

86

Creditors Ratio

6

96

1,311

113

131

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

0

Liabilities Ratio

2.00

3.57

4.43

7.87

7.60

Times Interest Earned Ratio

352.33

160.41

180.58

89.34

(163.63)

Assets Backing Ratio

1.59

1.87

1.09

0.55

0.35

PERFORMANCE RATIO (%)

Operating Profit Margin

32.53

14.93

17.96

0.72

(4.28)

Net Profit Margin

29.84

1.97

17.35

0.67

(4.33)

Return On Net Assets

10.38

3.61

7.55

7.52

(34.45)

Return On Capital Employed

10.11

3.46

5.75

4.90

(20.95)

Return On Shareholders' Funds/Equity

9.53

0.49

8.42

10.66

(51.37)

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.66.44

UK Pound

1

Rs.102.41

Euro

1

Rs.75.05

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

NIT

 

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.