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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

489062

Report Date :

06.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

MAHLE AFTERMARKET PTE. LTD.

 

 

Registered Office :

38, Jalan Pemimpin, 07-07, M38, 577178

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

18.01.2011

 

 

Com. Reg. No.:

201101673M

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in the trading of parts and accessories for vehicles.

 

 

No. of Employees :

5 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Singapore

A1

A1

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

201101673M

COMPANY NAME

:

MAHLE AFTERMARKET PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

18/01/2011

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

38, JALAN PEMIMPIN, 07-07, M38, 577178, SINGAPORE.

BUSINESS ADDRESS

:

38 JALAN PEMIMPIN #07-07, 577178, SINGAPORE.

TEL.NO.

:

65-66810299

FAX.NO.

:

65-66810298

CONTACT PERSON

:

SERAFINO BARTOLOZZI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF PARTS AND ACCESSORIES FOR VEHICLES

ISSUED AND PAID UP CAPITAL

:

300.00 ORDINARY SHARE, OF A VALUE OF EUR 300,000.00 

SALES

:

EUR 12,184,000 [2016]

NET WORTH

:

EUR 2,116,000 [2016]

STAFF STRENGTH

:

5 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

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 parts and accessories for vehicles.

 

Share Capital History

Date

Issue & Paid Up Capital

05/02/2018

EUR 300,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MAHLE AFTERMARKET GMBH

PRAGSTR 26-46, STUTTGART 70376 ,GERMANY

T11UF0270

300.00

100.00

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

------

300.00

100.00

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

=====

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

JEAN-MARC FIGARI

Address

:

1-28-7-1504, SHINKAWA CHUO-KU, TOKYO, 104-0033, JAPAN.

Other Address(es)

:

12-1-1107, NISHIGOKENCHO, SHINJUKU-KU, 162-0812, TOKYO, JAPAN.

IC / PP No

:

11AZ30407

Nationality

:

FRENCH

Date of Appointment

:

18/01/2011



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

 

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201101673M

MAHLE AFTERMARKET PTE. LTD.

Director

18/01/2011

0.00

-

EUR901,000.00

2016

-

05/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

ASHA DIXIT

Address

:

74, TREVOSE CRESCENT, 298086, SINGAPORE.

IC / PP No

:

S2708916Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/04/2015



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200711736D

AASTHA PTE. LTD.

Secretary

04/09/2009

0.00

-

-

-

-

19/10/2016

2

201214220H

FINSERVICE (SINGAPORE) PTE. LTD.

Secretary

07/06/2012

0.00

-

SGD33,841.00

2014

-

08/07/2016

3

201101673M

MAHLE AFTERMARKET PTE. LTD.

Director Secretary

01/04/2015 18/01/2011

0.00

-

EUR901,000.00

2016

-

05/02/2018

4

201021061D

WEST END 16 PTE. LTD.

Secretary Director

04/10/2010 04/10/2010

0.00

-

-

-

-

13/10/2015

 

DIRECTOR 3

 

Name Of Subject

:

SERAFINO BARTOLOZZI

Address

:

AP 1801-BLDG2, 258, PUMING ROAD, PUDONG, 200120, SHANGHAI, CHINA.

IC / PP No

:

YA0382261

Nationality

:

ITALIAN

Date of Appointment

:

18/01/2011



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201101673M

MAHLE AFTERMARKET PTE. LTD.

Director

18/01/2011

0.00

-

EUR901,000.00

2016

-

05/02/2018

 

DIRECTOR 4

 

Name Of Subject

:

OLAF HENNING

Address

:

AM RETZBERG 23, 76275, ETTLINGEN, GERMANY.

IC / PP No

:

C8TCL2W5C

Nationality

:

GERMAN

Date of Appointment

:

25/08/2014



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201101673M

MAHLE AFTERMARKET PTE. LTD.

Director

25/08/2014

0.00

-

EUR901,000.00

2016

-

05/02/2018



MANAGEMENT

 

 

1)

Name of Subject

:

SERAFINO BARTOLOZZI

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ASHA DIXIT

IC / PP No

:

S2708916Z

Address

:

74, TREVOSE CRESCENT, 298086, SINGAPORE.

 

BANKING


No Banker found in our databank. 

ENCUMBRANCE (S)


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

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank against 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 REGION

Credit Term

:

14-30 DAYS

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)

Type of Customer

:

MANUFACTURING INDUSTRIES

 

OPERATIONS

 

Goods Traded

:

PARTS AND ACCESSORIES FOR VEHICLES

 

Total Number of Employees:

YEAR

2018

 

GROUP

N/A

COMPANY

5

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of parts and accessories for vehicles. 

The Subject is involve in trading the engine parts and components.

The Subject's products are :
- Filters
* Air filters
* Air-drying cartridges
* Oil filters
* Fuel filters
* Cabin air filter
* Filter program
* Online catalog 

- Engine components
* Pistons
* Piston ring sets
* Cylinder liners
* Bearings
* Valves
* Online catalog 

We were informed that the brand name of their products are MAHLE Original and CLEVITE. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

+65 6681 0299

Current Telephone Number

:

65-66810299

Match

:

YES

Address Provided by Client

:

38 JALAN PEMIMPIN DRIVE 07-07 M38 577178 SINGAPORE

Current Address

:

38 JALAN PEMIMPIN #07-07, 577178, SINGAPORE.

Match

:

NO


We have contacted the Subject's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

Other Investigations


We have contacted one of the staff from the Subject and she provided some information.

The address provided as per stated in the report.

The Subject refused to disclose its number of employees and banker information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2016

]

Return on Shareholder Funds

:

Favourable

[

42.58%

]

Return on Net Assets

:

Favourable

[

50.85%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's management have been efficient in controlling its operating costs. 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

:

Acceptable

[

63 Days

]

Debtor Ratio

:

Favourable

[

17 Days

]

Creditors Ratio

:

Favourable

[

0 Days

]

The Subject kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. 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

[

1.64 Times

]

Current Ratio

:

Favourable

[

2.49 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

:

Favourable

[

30.74 Times

]

Gearing Ratio

:

Unfavourable

[

1.06 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 was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

Overall Assessment :

Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the Subject : STRONG

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

7.40

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

2.40

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2011, the Subject is a Private Limited company, focusing on trading of parts and accessories for vehicles. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Presently, the issued and paid up capital of the Subject stands at EUR 300,000. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 

Investigation revealed, 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 5 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. 

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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 is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at EUR 2,116,000, 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.

MAHLE AFTERMARKET PTE. LTD.

 

Financial Year End

2016-12-31

2015-12-31

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

EUR

EUR

TURNOVER

12,184,000

12,284,000

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

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

Total Turnover

12,184,000

12,284,000

Costs of Goods Sold

(9,165,000)

(9,561,000)

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

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

Gross Profit

3,019,000

2,723,000

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,041,000

862,000

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,041,000

862,000

Taxation

(140,000)

(63,000)

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

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

PROFIT/(LOSS) AFTER TAXATION

901,000

799,000

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,415,000

616,000

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

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

As restated

1,415,000

616,000

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,316,000

1,415,000

DIVIDENDS - Ordinary (paid & proposed)

(500,000)

-

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,816,000

1,415,000

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

17,000

60,000

Term loan / Borrowing

18,000

-

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

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

35,000

60,000

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

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

DEPRECIATION (as per notes to P&L)

6,000

5,000

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

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

Total Amortization And Depreciation

6,000

5,000

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

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

 

 

 

 

BALANCE SHEET

 

MAHLE AFTERMARKET PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

130,000

12,000

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

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

TOTAL LONG TERM ASSETS

130,000

12,000

CURRENT ASSETS

Stocks

2,119,000

2,422,000

Trade debtors

572,000

942,000

Other debtors, deposits & prepayments

37,000

21,000

Amount due from holding company

2,000,000

-

Amount due from related companies

380,000

322,000

Cash & bank balances

1,142,000

2,211,000

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

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

TOTAL CURRENT ASSETS

6,250,000

5,918,000

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

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

TOTAL ASSET

6,380,000

5,930,000

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

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

CURRENT LIABILITIES

Trade creditors

4,000

27,000

Other creditors & accruals

625,000

356,000

Short term borrowings/Term loans

500,000

-

Deposits from customers

31,000

35,000

Amounts owing to holding company

836,000

3,397,000

Amounts owing to related companies

374,000

304,000

Provision for taxation

143,000

89,000

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

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

TOTAL CURRENT LIABILITIES

2,513,000

4,208,000

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

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

NET CURRENT ASSETS/(LIABILITIES)

3,737,000

1,710,000

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

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

LONG TERM LIABILITIES

Long term loans

1,750,000

-

Deferred taxation

1,000

7,000

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

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

TOTAL LONG TERM LIABILITIES

1,751,000

7,000

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

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

TOTAL NET ASSETS

2,116,000

1,715,000

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

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

SHARE CAPITAL

Ordinary share capital

300,000

300,000

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

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

TOTAL SHARE CAPITAL

300,000

300,000

RESERVES

Retained profit/(loss) carried forward

1,816,000

1,415,000

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

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

TOTAL RESERVES

1,816,000

1,415,000

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,116,000

1,715,000

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

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

 

 

 

 

FINANCIAL RATIO

 

MAHLE AFTERMARKET PTE. LTD.

 

TYPES OF FUNDS

Cash

1,142,000

2,211,000

Net Liquid Funds

1,142,000

2,211,000

Net Liquid Assets

1,618,000

(712,000)

Net Current Assets/(Liabilities)

3,737,000

1,710,000

Net Tangible Assets

2,116,000

1,715,000

Net Monetary Assets

(133,000)

(719,000)

PROFIT & LOSS ITEMS

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

1,082,000

927,000

BALANCE SHEET ITEMS

Total Borrowings

2,250,000

-

Total Liabilities

4,264,000

4,215,000

Total Assets

6,380,000

5,930,000

Net Assets

2,116,000

1,715,000

Net Assets Backing

2,116,000

1,715,000

Shareholders' Funds

2,116,000

1,715,000

Total Share Capital

300,000

300,000

Total Reserves

1,816,000

1,415,000

GROWTH RATIOS (Year on Year) (%)

Revenue

(0.81)

(38.99)

Proft/(Loss) Before Tax

20.77

(41.00)

Proft/(Loss) After Tax

12.77

(34.03)

Total Assets

(39.16)

(43.45)

Total Liabilities

(51.95)

(52.50)

LIQUIDITY (Times)

Cash Ratio

0.45

0.53

Liquid Ratio

1.64

0.83

Current Ratio

2.49

1.41

WORKING CAPITAL CONTROL (Days)

Stock Ratio

63

72

Debtors Ratio

17

28

Creditors Ratio

0

1

SOLVENCY RATIOS (Times)

Gearing Ratio

1.06

-

Liabilities Ratio

2.02

2.46

Times Interest Earned Ratio

30.74

15.37

Assets Backing Ratio

7.05

5.72

PERFORMANCE RATIO (%)

Operating Profit Margin

8.54

7.02

Net Profit Margin

7.39

6.50

Return On Net Assets

50.85

53.76

Return On Capital Employed

27.83

53.54

Return On Shareholders' Funds/Equity

42.58

46.59

Dividend Pay Out Ratio (Times)

0.55

-

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.03

UK Pound

1

INR 90.40

Euro

1

INR 79.73

SGD

1

INR 48.66

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.