|
Report No. : |
341646 |
|
Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
PHILIPS ELECTRONICS SINGAPORE PTE LTD |
|
|
|
|
Formerly Known As : |
PHILIPS CONSUMER COMMUNICATIONS ASIA PACIFIC PTE LTD |
|
|
|
|
Registered Office : |
620 A, Lorong 1, Toa Payoh, 319762 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
28.08.1997 |
|
|
|
|
Com. Reg. No.: |
199705989-C |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
The
Subject is engaged in trading of audio and video combination equipment. |
|
|
|
|
No. of Employees : |
2,824 [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 |
|
REGISTRATION
NO. |
: |
199705989-C |
|
COMPANY
NAME |
: |
PHILIPS
ELECTRONICS SINGAPORE PTE LTD |
|
FORMER
NAME |
: |
PHILIPS
CONSUMER COMMUNICATIONS ASIA PACIFIC PTE LTD (29/07/1999) |
|
INCORPORATION
DATE |
: |
28/08/1997 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
620A,
LORONG 1, TOA PAYOH, 319762, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
620A,
LORONG 1, TOA PAYOH, TP4 BUILDING, LEVEL 1, 319762, SINGAPORE. |
|
TEL.NO. |
: |
65-68823000 |
|
FAX.NO. |
: |
65-62541691 |
|
WEB
SITE |
: |
WWW.PHILIPS.COM.SG |
|
CONTACT
PERSON |
: |
DEBAJYOTI
DASGUPTA ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF AUDIO AND VIDEO COMBINATION EQUIPMENT |
|
ISSUED
AND PAID UP CAPITAL |
: |
100,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 100,000,000.00 |
|
SALES |
: |
SGD
1,006,230,000 [2014] |
|
NET
WORTH |
: |
SGD
382,430,000 [2014] |
|
STAFF
STRENGTH |
: |
2,824
[2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
NO
COMPLAINTS |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
GOOD |
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
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 audio and video
combination equipment.
The
immediate holding company of the Subject is NATIONAL TRUST COMPANY, a company
incorporated in CANADA.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
18/09/2015 |
SGD
100,000,000.00 & USD 155,000,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
NATIONAL
TRUST COMPANY |
320,
BAY STREET, TORONTO, ONTARIO, M5H 4A6, 11TH FLOOR, CANADA. |
S51UF0002 |
255,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
255,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
INDONESIA |
P.T.
PHILIPS INDUSTRIES BATAM |
- |
99.99 |
21/09/2015 |
DIRECTOR 1
|
Name
Of Subject |
: |
MARC
LARSEN |
|
Address |
: |
136A,
WATTEN ESTATE ROAD, CASA PERLA, 287617, SINGAPORE. |
|
IC
/ PP No |
: |
G5156723X |
|
Nationality |
: |
DUTCH |
|
Date
of Appointment |
: |
22/07/2014 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
YEO LAY LAY |
|
Address |
: |
36,
JALAN RUMAH TINGGI, 21-447, 150036, SINGAPORE. |
|
IC
/ PP No |
: |
S6907632G |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
01/03/2012 |
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
DEBAJYOTI DASGUPTA |
|
Address |
: |
370F
ALEXANDRA ROAD, 17-01, THE ANCHORAGE, 159959, SINGAPORE. |
|
IC
/ PP No |
: |
G5431410N |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
16/06/2015 |
DIRECTOR
4
|
Name
Of Subject |
: |
FABIAN
WONG SWEE YIN |
|
Address |
: |
397A
RIVER VALLEY ROAD, 248292, SINGAPORE. |
|
IC
/ PP No |
: |
S1455054B |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
20/07/2015 |
|
1)
|
Name
of Subject |
: |
DEBAJYOTI
DASGUPTA |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
KPMG
LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
ISREAL
LOUIS ISMAIL |
|
IC
/ PP No |
: |
S7120110D |
|
|
Address |
: |
122,
SERANGOON GARDEN WAY, SERANGOON GARDEN ESTATE, 556024, SINGAPORE. |
No
Banker found in our databank.
No
encumbrance was found in our databank at the time of investigation.
*
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.
|
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 |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Type
of Customer |
: |
ELECTRICAL
& ELECTRONIC INDUSTRIES |
|||
|
Goods
Traded |
: |
|
|
|
Product
Brand Name |
: |
|
|
|
Ownership
of premises |
: |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2011 |
2010 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
2,824 |
2824 |
2824 |
2,500 |
2,466 |
||||
|
Branch |
: |
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of audio and
video combination equipment.
The Subject's activities are those relating to marketing of audio, video,
electronic and medical equipment, lighting fixtures and solutions, and
providing support services to its related corporations.
The Subject's products includes TV, entertainment products, PCs, phones,
personal care, household products, kitchen appliances, and accessories.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6568823000 |
|
Current
Telephone Number |
: |
65-68823000 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
620A
LORONG 1 TOA PAYOH, TP4 BUILDING LEVEL 1,319762,,. |
|
Current
Address |
: |
620A,
LORONG 1, TOA PAYOH, TP4 BUILDING, LEVEL 1, 319762, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
The address provided is incomplete.
The Subject refused to disclose its bankers.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
6.14% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(0.28%) |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The Subject incurred losses during the year due to the inefficient
control of its operating costs. 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 |
[ |
45
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
37
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
44
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had reduced
funds being tied up in stocks. The favourable debtors' days could be due to
the good credit control measures implemented by the Subject. The Subject had
a favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Favourable |
[ |
1.49
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.78
Times |
] |
|
|
A
minimum liquid ratio of 1 should be maintained by the Subject in order to
assure its creditors of its ability to meet short term obligations and the
Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Unfavourable |
[ |
(1.15
Times) |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject incurred losses in the year. It did not generate sufficient income to
service its interest. If the situation does not improve, the Subject
may be vulnerable to default in servicing the interest. 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 losses increased but its turnover showed a fluctuating trend.
This indicate the Subject was slowly losing its market share due to its competitors.
The Subject was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. The Subject's
interest cover was negative, indicating that it did not generate sufficient
income to service its interest. If its result does not show impressive
improvements or succeed obtaining short term financing or capital injection,
it may not be able to service its interest and repay the loans. 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 |
||||||
|
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
: |
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 |
|
|
Incorporated in 1997, the Subject is a Private
Limited company, focusing on trading of audio and video combination
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 100,000,000 & USD 155,000,000 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.
|
|
|
|
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 |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
1,006,230,000 |
902,014,000 |
1,449,326,000 |
1,512,272,000 |
2,038,509,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
1,006,230,000 |
902,014,000 |
1,449,326,000 |
1,512,272,000 |
2,038,509,000 |
|
Costs
of Goods Sold |
(811,589,000) |
(644,214,000) |
(1,157,409,000) |
(1,204,881,000) |
(1,742,288,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
194,641,000 |
257,800,000 |
291,917,000 |
307,391,000 |
296,221,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(2,011,000) |
27,641,000 |
53,597,000 |
89,947,000 |
60,575,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(2,011,000) |
27,641,000 |
53,597,000 |
89,947,000 |
60,575,000 |
|
Taxation |
(2,308,000) |
(13,142,000) |
7,152,000 |
(7,607,000) |
5,892,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(4,319,000) |
14,499,000 |
60,749,000 |
82,340,000 |
66,467,000 |
|
Pre-acquisition
profit/(loss) |
27,813,000 |
45,133,000 |
35,077,000 |
- |
(5,336,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS |
23,494,000 |
59,632,000 |
95,826,000 |
82,340,000 |
61,131,000 |
|
Extraordinary
items |
- |
- |
- |
780,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS |
23,494,000 |
59,632,000 |
95,826,000 |
83,120,000 |
61,131,000 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
87,066,000 |
95,826,000 |
83,120,000 |
61,131,000 |
95,659,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
87,066,000 |
95,826,000 |
83,120,000 |
61,131,000 |
95,659,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
110,560,000 |
155,458,000 |
178,946,000 |
144,251,000 |
156,790,000 |
|
TRANSFER
TO RESERVES - General |
- |
27,434,000 |
- |
- |
- |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(59,632,000) |
(79,349,000) |
(70,194,000) |
(61,131,000) |
(95,659,000) |
|
DIVIDENDS
- Preference |
- |
(16,477,000) |
(12,926,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
50,928,000 |
87,066,000 |
95,826,000 |
83,120,000 |
61,131,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
- |
- |
- |
- |
16,000 |
|
Loan
from holding company |
936,000 |
1,073,000 |
1,480,000 |
1,555,000 |
1,371,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
936,000 |
1,073,000 |
1,480,000 |
1,555,000 |
1,387,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
51,841,000 |
47,584,000 |
47,879,000 |
49,921,000 |
46,152,000 |
|
AMORTIZATION |
7,192,000 |
7,548,000 |
32,880,000 |
41,013,000 |
39,464,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
59,033,000 |
55,132,000 |
80,759,000 |
90,934,000 |
85,616,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
46,741,000 |
273,873,000 |
268,923,000 |
263,179,000 |
245,866,000 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
2,316,000 |
2,316,000 |
2,316,000 |
2,316,000 |
2,601,000 |
|
Investments |
31,000 |
31,000 |
- |
- |
- |
|
Deferred
assets |
957,000 |
2,198,000 |
5,503,000 |
6,341,000 |
14,090,000 |
|
Others |
1,796,000 |
16,742,000 |
9,411,000 |
778,000 |
2,616,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
5,100,000 |
21,287,000 |
17,230,000 |
9,435,000 |
19,307,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
51,841,000 |
295,160,000 |
286,153,000 |
272,614,000 |
265,173,000 |
|
Stocks |
123,013,000 |
167,747,000 |
157,527,000 |
201,076,000 |
210,792,000 |
|
Trade
debtors |
102,613,000 |
84,447,000 |
93,857,000 |
95,272,000 |
100,916,000 |
|
Other
debtors, deposits & prepayments |
13,634,000 |
18,435,000 |
15,674,000 |
11,384,000 |
12,133,000 |
|
Amount
due from holding company |
116,584,000 |
79,015,000 |
62,178,000 |
60,587,000 |
50,596,000 |
|
Amount
due from related companies |
81,093,000 |
116,747,000 |
147,100,000 |
183,685,000 |
207,521,000 |
|
Cash
& bank balances |
6,607,000 |
3,971,000 |
13,875,000 |
3,236,000 |
11,663,000 |
|
Others |
316,447,000 |
868,000 |
79,991,000 |
29,883,000 |
43,231,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
759,991,000 |
471,230,000 |
570,202,000 |
585,123,000 |
636,852,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
811,832,000 |
766,390,000 |
856,355,000 |
857,737,000 |
902,025,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
96,878,000 |
87,849,000 |
152,265,000 |
183,760,000 |
263,646,000 |
|
Other
creditors & accruals |
1,364,000 |
7,691,000 |
4,499,000 |
145,409,000 |
598,000 |
|
Amounts
owing to holding company |
73,420,000 |
90,000 |
1,387,000 |
- |
72,679,000 |
|
Amounts
owing to related companies |
127,981,000 |
154,680,000 |
127,770,000 |
- |
137,965,000 |
|
Provision
for taxation |
- |
10,261,000 |
- |
- |
- |
|
Other
liabilities |
126,493,000 |
45,049,000 |
95,304,000 |
46,075,000 |
60,113,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
426,136,000 |
305,620,000 |
381,225,000 |
375,244,000 |
535,001,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
333,855,000 |
165,610,000 |
188,977,000 |
209,879,000 |
101,851,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
385,696,000 |
460,770,000 |
475,130,000 |
482,493,000 |
367,024,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
307,311,000 |
307,311,000 |
307,311,000 |
307,311,000 |
222,504,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
307,311,000 |
307,311,000 |
307,311,000 |
307,311,000 |
222,504,000 |
|
Exchange
equalisation/fluctuation reserve |
10,120,000 |
(6,699,000) |
(19,151,000) |
- |
- |
|
Retained
profit/(loss) carried forward |
50,928,000 |
87,066,000 |
95,826,000 |
83,120,000 |
61,131,000 |
|
Others |
14,071,000 |
15,769,000 |
15,719,000 |
7,284,000 |
13,516,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
75,119,000 |
96,136,000 |
92,394,000 |
90,404,000 |
74,647,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
382,430,000 |
403,447,000 |
399,705,000 |
397,715,000 |
297,151,000 |
|
Retirement
benefits provision |
3,266,000 |
4,229,000 |
2,081,000 |
6,808,000 |
5,753,000 |
|
Others |
- |
53,094,000 |
73,344,000 |
77,970,000 |
64,120,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
3,266,000 |
57,323,000 |
75,425,000 |
84,778,000 |
69,873,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
385,696,000 |
460,770,000 |
475,130,000 |
482,493,000 |
367,024,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES
OF FUNDS |
|||||
|
Cash |
6,607,000 |
3,971,000 |
13,875,000 |
3,236,000 |
11,663,000 |
|
Net
Liquid Funds |
6,607,000 |
3,971,000 |
13,875,000 |
3,236,000 |
11,663,000 |
|
Net
Liquid Assets |
210,842,000 |
(2,137,000) |
31,450,000 |
8,803,000 |
(108,941,000) |
|
Net
Current Assets/(Liabilities) |
333,855,000 |
165,610,000 |
188,977,000 |
209,879,000 |
101,851,000 |
|
Net
Tangible Assets |
385,696,000 |
460,770,000 |
475,130,000 |
482,493,000 |
367,024,000 |
|
Net
Monetary Assets |
207,576,000 |
(59,460,000) |
(43,975,000) |
(75,975,000) |
(178,814,000) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
(1,075,000) |
28,714,000 |
55,077,000 |
91,502,000 |
61,962,000 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
57,958,000 |
83,846,000 |
135,836,000 |
182,436,000 |
147,578,000 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
429,402,000 |
362,943,000 |
456,650,000 |
460,022,000 |
604,874,000 |
|
Total
Assets |
811,832,000 |
766,390,000 |
856,355,000 |
857,737,000 |
902,025,000 |
|
Net
Assets |
385,696,000 |
460,770,000 |
475,130,000 |
482,493,000 |
367,024,000 |
|
Net
Assets Backing |
382,430,000 |
403,447,000 |
399,705,000 |
397,715,000 |
297,151,000 |
|
Shareholders'
Funds |
382,430,000 |
403,447,000 |
399,705,000 |
397,715,000 |
297,151,000 |
|
Total
Share Capital |
307,311,000 |
307,311,000 |
307,311,000 |
307,311,000 |
222,504,000 |
|
Total
Reserves |
75,119,000 |
96,136,000 |
92,394,000 |
90,404,000 |
74,647,000 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.02 |
0.01 |
0.04 |
0.01 |
0.02 |
|
Liquid
Ratio |
1.49 |
0.99 |
1.08 |
1.02 |
0.80 |
|
Current
Ratio |
1.78 |
1.54 |
1.50 |
1.56 |
1.19 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
45 |
68 |
40 |
49 |
38 |
|
Debtors
Ratio |
37 |
34 |
24 |
23 |
18 |
|
Creditors
Ratio |
44 |
50 |
48 |
56 |
55 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
1.12 |
0.90 |
1.14 |
1.16 |
2.04 |
|
Times
Interest Earned Ratio |
(1.15) |
26.76 |
37.21 |
58.84 |
44.67 |
|
Assets
Backing Ratio |
1.26 |
1.50 |
1.55 |
1.57 |
1.65 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(0.20) |
3.06 |
3.70 |
5.95 |
2.97 |
|
Net
Profit Margin |
2.33 |
6.61 |
6.61 |
5.44 |
3.00 |
|
Return
On Net Assets |
(0.28) |
6.23 |
11.59 |
18.96 |
16.88 |
|
Return
On Capital Employed |
(0.28) |
6.23 |
11.59 |
18.96 |
16.88 |
|
Return
On Shareholders' Funds/Equity |
6.14 |
14.78 |
23.97 |
20.70 |
20.57 |
|
Dividend
Pay Out Ratio (Times) |
2.54 |
1.33 |
0.73 |
0.74 |
1.56 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
|
UK Pound |
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.