MIRA INFORM REPORT

 

 

Report No. :

340942

Report Date :

18.09.2015

 

IDENTIFICATION DETAILS

 

Name :

NIPRO ASIA PTE LTD

 

 

Formerly Known As :

NISSHO NIPRO ASIA PTE LTD (03/01/2001)

 

 

Registered Office :

8, Temasek Boulevard, 40-02, Suntec Tower Three, 038988

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

01.04.1997

 

 

Com. Reg. No.:

199702136-Z

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of medical research & clinical diagnostic instruments

 

 

No. of Employee :

15 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow 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.

:

199702136-Z

COMPANY NAME

:

NIPRO ASIA PTE LTD

FORMER NAME

:

NISSHO NIPRO ASIA PTE LTD (03/01/2001)

INCORPORATION DATE

:

01/04/1997

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

8, TEMASEK BOULEVARD, 40-02, SUNTEC TOWER THREE, 038988, SINGAPORE.

BUSINESS ADDRESS

:

8, TEMASEK BOULEVARD, 40-02, SUNTEC TOWER THREE, 038988, SINGAPORE.

TEL.NO.

:

65-65882281

FAX.NO.

:

65-65882481

CONTACT PERSON

:

KAZUO WAKATSUKI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF MEDICAL RESEARCH & CLINICAL DIAGNOSTIC INSTRUMENTS

ISSUED AND PAID UP CAPITAL

:

9,823,000.00 ORDINARY SHARE, OF A VALUE OF SGD 9,823,000.00 

SALES

:

USD 34,383,805 [2014]

NET WORTH

:

USD 2,963,013 [2014]

STAFF STRENGTH

:

15 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

MODERATE

PAYMENT

:

SLOW BUT CORRECT

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 medical research & clinical diagnostic instruments.

 

The immediate holding company of the Subject is NIPRO CORPORATION, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

15/09/2015

SGD 9,823,000.00

 

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

NIPRO CORPORATION

3-9-3, HONJO NISHI, KITA-KU, 531, OSAKA, JAPAN.

T07UF0321

9,823,000.00

100.00

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

------

9,823,000.00

100.00

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

=====

+ Also Director

 

 

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

Local No

Country

Company

Status

(%)

As At

INDIA

NIPRO MEDICAL (INDIA) PVT LTD

-

100.00

15/09/2015

SOUTH AFRICA

NIPRO SOUTH AFRICA (PTY) LTD

-

100.00

15/09/2015

AUSTRALIA

NIPRO AUSTRALIA PTY. LTD

-

100.00

15/09/2015

 

 

DIRECTORS

 

 

DIRECTOR 1

 

Name Of Subject

:

KAZUO WAKATSUKI

Address

:

1-10-14, KIZUGAWADAI KIZU-CHO SOURAKU-GUN, KYOTO, JAPAN, JAPAN.

IC / PP No

:

TH1761912

Nationality

:

JAPANESE

Date of Appointment

:

08/05/1997

 

DIRECTOR 2

 

Name Of Subject

:

NORIYOSHI IWASAKI

Address

:

1, KIM SENG WALK, 19-09, 239403, SINGAPORE.

IC / PP No

:

G6198619M

Nationality

:

JAPANESE

Date of Appointment

:

01/12/2010

 

DIRECTOR 3

 

Name Of Subject

:

YOSHIHIKO SANO

Address

:

20-25-901, KAMISHINDEN 2-CHOME TOYONAKA-SHI, 5600085, OSAKA, JAPAN.

IC / PP No

:

TH1709431

Nationality

:

JAPANESE

Date of Appointment

:

01/10/2012




MANAGEMENT

 

 

 

1)

Name of Subject

:

KAZUO WAKATSUKI

Position

:

DIRECTOR

 

2)

Name of Subject

:

NORIYOSHI IWASAKI

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

K K CHUA & CO

Auditor' Address

:

N/A

 

Auditor

:

K K CHUA & CO

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TEH KWANG HWEE

IC / PP No

:

S1153921A

Address

:

74 TELOK BLANGAH HEIGHT, 05-305, SINGAPORE, SINGAPORE.

 

BANKING

 


No Banker found in our databank. 

 

 

ENCUMBRANCE (S)


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

 

 

LITIGATION CHECK AGAINST SUBJECT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers. 

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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

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

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

MEDICAL CONSUMABLES

 

Total Number of Employees:

 

YEAR

2015

2014

2012

GROUP

N/A

N/A

N/A

COMPANY

15

13

10

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of medical research & clinical diagnostic instruments. 

The Subject sells medical consumables. 



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65882281

Match

:

N/A

Address Provided by Client

:

8 TEMASEK BOULEVARD # 40-02, SUNTEC TOWER THREE,SINGAPORE

Current Address

:

8, TEMASEK BOULEVARD, 40-02, SUNTEC TOWER THREE, 038988, SINGAPORE.

Match

:

NO

 

Other Investigations


On 16th September 2015 we contacted one of the staff from the Subject and she provided some information.

The address provided is incomplete.

The Subject refused to disclose its bankers.



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2014

]

Return on Shareholder Funds

:

Favourable

[

54.09%

]

Return on Net Assets

:

Favourable

[

63.73%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

53 Days

]

Debtor Ratio

:

Unfavourable

[

176 Days

]

Creditors Ratio

:

Favourable

[

10 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Acceptable

[

0.84 Times

]

Current Ratio

:

Unfavourable

[

1.07 Times

]

The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Favourable

[

121.23 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 :

The Subject's turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. 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 : STABLE

 

 

 

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 1997, the Subject is a Private Limited company, focusing on trading of medical research & clinical diagnostic instruments. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 9,823,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 

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 15 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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 2,963,013, the Subject should be able to maintain its business in the near terms. 

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

2014-12-31

2013-12-31

2012-12-31

2011-12-31

2010-12-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

GROUP

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

34,383,805

34,206,431

35,399,708

38,078,067

37,162,165

Other Income

55,208

44,297

107,044

144,844

2,435

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

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

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

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

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

Total Turnover

34,439,013

34,250,728

35,506,752

38,222,911

37,164,600

Costs of Goods Sold

(24,968,994)

(24,267,901)

(26,714,024)

(31,205,951)

(32,900,958)

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

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

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

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

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

Gross Profit

9,470,019

9,982,827

8,792,728

7,016,960

4,263,642

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,915,878

(2,230,275)

(4,078,620)

(373,060)

15,198

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,915,878

(2,230,275)

(4,078,620)

(373,060)

15,198

Taxation

(313,091)

(42,701)

(26,806)

45,734

(8,528)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,602,787

(2,272,976)

(4,105,426)

(327,326)

6,670

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(7,523,136)

(5,250,160)

(1,144,734)

(817,408)

(824,078)

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

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

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

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

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

As restated

(7,523,136)

(5,250,160)

(1,144,734)

(817,408)

(824,078)

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(5,920,349)

(7,523,136)

(5,250,160)

(1,144,734)

(817,408)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(5,920,349)

(7,523,136)

(5,250,160)

(1,144,734)

(817,408)

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Hire purchase

-

-

-

3,207

3,170

Lease interest

120

1,114

1,187

-

-

Others

15,815

61,390

172,341

92,476

3,595

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

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

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

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

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

15,935

62,504

173,528

95,683

6,765

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

109,135

147,546

127,531

132,211

126,400

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

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

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

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

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

109,135

147,546

127,531

132,211

126,400

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

ASSETS EMPLOYED:

FIXED ASSETS

143,404

210,154

234,411

285,862

255,063

Deferred assets

105,267

328,358

398,474

408,693

266,948

Others

333,332

499,999

666,666

833,333

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

438,599

828,357

1,065,140

1,242,026

266,948

Own goodwill

941,488

1,026,089

1,199,888

1,195,646

640,163

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

941,488

1,026,089

1,199,888

1,195,646

640,163

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

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

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

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

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

TOTAL LONG TERM ASSETS

1,523,491

2,064,600

2,499,439

2,723,534

1,162,174

Stocks

4,969,994

6,233,466

8,005,391

10,973,031

15,875,099

Trade debtors

16,555,150

10,765,482

8,790,123

10,571,442

11,512,514

Other debtors, deposits & prepayments

289,012

211,814

182,177

466,715

582,001

Short term deposits

-

-

-

140,424

142,931

Short term loans & advances

166,667

166,667

-

-

-

Amount due from holding company

-

-

12,072

-

-

Amount due from related companies

-

-

3,688,680

166,667

-

Cash & bank balances

1,243,947

1,193,625

676,028

3,225,115

2,096,803

Others

-

-

76,734

-

52,201

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

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

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

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

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

TOTAL CURRENT ASSETS

23,224,770

18,571,054

21,431,205

25,543,394

30,261,549

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

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

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

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

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

TOTAL ASSET

24,748,261

20,635,654

23,930,644

28,266,928

31,423,723

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

681,722

531,015

1,176,503

124,025

643,468

Other creditors & accruals

339,439

724,580

481,013

893,140

328,020

Hire purchase & lease creditors

-

963

10,793

10,158

17,488

Short term borrowings/Term loans

-

1,800,000

7,700,000

12,481,120

283,333

Amounts owing to holding company

19,908,457

15,018,900

9,115,139

8,823,557

28,426,692

Amounts owing to related companies

666,888

1,567,739

2,583,814

4,565,613

310,532

Provision for taxation

120,742

30,742

30,742

118,222

30,742

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

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

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

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

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

TOTAL CURRENT LIABILITIES

21,717,248

19,673,939

21,098,004

27,015,835

30,040,275

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

1,507,522

(1,102,885)

333,201

(1,472,441)

221,274

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

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

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

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

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

TOTAL NET ASSETS

3,031,013

961,715

2,832,640

1,251,093

1,383,448

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

7,940,241

7,940,241

7,940,241

1,940,241

1,940,241

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

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

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

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

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

TOTAL SHARE CAPITAL

7,940,241

7,940,241

7,940,241

1,940,241

1,940,241

Exchange equalisation/fluctuation reserve

943,121

477,225

(191,772)

(371,544)

(371,095)

Retained profit/(loss) carried forward

(5,920,349)

(7,523,136)

(5,250,160)

(1,144,734)

(817,408)

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

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

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

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

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

TOTAL RESERVES

(4,977,228)

(7,045,911)

(5,441,932)

(1,516,278)

(1,188,503)

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,963,013

894,330

2,498,309

423,963

751,738

Long term loans

-

-

216,666

716,667

566,667

Lease obligations

-

-

432

-

-

Hire purchase creditors

-

-

-

11,848

22,196

Deferred taxation

-

-

40

40

8,345

Others

68,000

67,385

117,193

98,575

34,502

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

68,000

67,385

334,331

827,130

631,710

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

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

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

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

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

3,031,013

961,715

2,832,640

1,251,093

1,383,448

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

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

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

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

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

Contingent Liabilities

21,920

14,024

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

1,243,947

1,193,625

676,028

3,365,539

2,239,734

Net Liquid Funds

1,243,947

1,193,625

676,028

3,365,539

2,239,734

Net Liquid Assets

(3,462,472)

(7,336,351)

(7,672,190)

(12,445,472)

(15,653,825)

Net Current Assets/(Liabilities)

1,507,522

(1,102,885)

333,201

(1,472,441)

221,274

Net Tangible Assets

2,089,525

(64,374)

1,632,752

55,447

743,285

Net Monetary Assets

(3,530,472)

(7,403,736)

(8,006,521)

(13,272,602)

(16,285,535)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

1,931,813

(2,167,771)

(3,905,092)

(277,377)

21,963

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

2,040,948

(2,020,225)

(3,777,561)

(145,166)

148,363

BALANCE SHEET ITEMS

Total Borrowings

0

1,800,963

7,927,891

13,219,793

889,684

Total Liabilities

21,785,248

19,741,324

21,432,335

27,842,965

30,671,985

Total Assets

24,748,261

20,635,654

23,930,644

28,266,928

31,423,723

Net Assets

3,031,013

961,715

2,832,640

1,251,093

1,383,448

Net Assets Backing

2,963,013

894,330

2,498,309

423,963

751,738

Shareholders' Funds

2,963,013

894,330

2,498,309

423,963

751,738

Total Share Capital

7,940,241

7,940,241

7,940,241

1,940,241

1,940,241

Total Reserves

(4,977,228)

(7,045,911)

(5,441,932)

(1,516,278)

(1,188,503)

LIQUIDITY (Times)

Cash Ratio

0.06

0.06

0.03

0.12

0.07

Liquid Ratio

0.84

0.63

0.64

0.54

0.48

Current Ratio

1.07

0.94

1.02

0.95

1.01

WORKING CAPITAL CONTROL (Days)

Stock Ratio

53

67

83

105

156

Debtors Ratio

176

115

91

101

113

Creditors Ratio

10

8

16

1

7

SOLVENCY RATIOS (Times)

Gearing Ratio

0

2.01

3.17

31.18

1.18

Liabilities Ratio

7.35

22.07

8.58

65.67

40.80

Times Interest Earned Ratio

121.23

(34.68)

(22.50)

(2.90)

3.25

Assets Backing Ratio

0.26

(0.01)

0.21

0.03

0.38

PERFORMANCE RATIO (%)

Operating Profit Margin

5.57

(6.52)

(11.52)

(0.98)

0.04

Net Profit Margin

4.66

(6.64)

(11.60)

(0.86)

0.02

Return On Net Assets

63.73

(225.41)

(137.86)

(22.17)

1.59

Return On Capital Employed

48.63

(109.00)

(96.58)

(11.29)

1.08

Return On Shareholders' Funds/Equity

54.09

(254.15)

(164.33)

(77.21)

0.89

Dividend Pay Out Ratio (Times)

0

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

21,920

14,024




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.50

UK Pound

1

Rs.101.99

Euro

1

Rs.75.02

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.