MIRA INFORM REPORT

 

 

Report No. :

492933

Report Date :

17.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

EXCLUSIVE NETWORKS ASIA PTE. LTD.

 

 

Formerly Known As :

TRANSITION SYSTEMS ASIA PTE. LTD.

 

 

Registered Office :

5, Pereira Road, 02-03, Asiawide Industrial Building, 368025

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

21.02.2003

 

 

Com. Reg. No.:

200301516-R

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Subject is engaged in trading of data communication products, it security storage, infrastructure products and investment holding.

 

 

No. of Employees :

20

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow 

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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 2014-16 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.

:

200301516-R

COMPANY NAME

:

EXCLUSIVE NETWORKS ASIA PTE. LTD.

FORMER NAME

:

TRANSITION SYSTEMS ASIA PTE. LTD. (23/01/2017)

INCORPORATION DATE

:

21/02/2003

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

5, PEREIRA ROAD, 02-03, ASIAWIDE INDUSTRIAL BUILDING, 368025, SINGAPORE.

BUSINESS ADDRESS

:

NO 5, PEREIRA ROAD #02-03 ASIAWIDE INDUSTRIAL BUILDING, 368025, SINGAPORE.

TEL.NO.

:

65-62289600

FAX.NO.

:

65-62289611

CONTACT PERSON

:

LEE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF DATA COMMUNICATION PRODUCTS, IT SECURITY STORAGE, INFRASTRUCTURE PRODUCTS AND INVESTMENT HOLDING

ISSUED AND PAID UP CAPITAL

:

1,503,362.00 ORDINARY SHARE, OF A VALUE OF SGD 4,144,055.56

SALES

:

USD 64,395,067 [2016]

NET WORTH

:

USD 1,491,835 [2016]

STAFF STRENGTH

:

20 [2017]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

SLOW

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

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 data communication products, it security storage, infrastructure products and investment holding.

 

Share Capital History

Date

Issue & Paid Up Capital

10/10/2017

SGD 4,144,055.56

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

EXCLUSIVE NETWORKS SAS

20, QUAI DU POINT DU JOUR, 92100, BOULOGNE-BILLANCOURT FRANCE

T15UF5721

1,202,690.00

80.00

LEE CHOO CHIEN +

1, RIDGEWOOD CLOSE, 15-05, RIDGEWOOD CONDOMINIUM, 276692, SINGAPORE.

S7127390C

252,537.00

16.80

JUAY PENG KWANG

30, FLORENCE ROAD 549488 ,SINGAPORE

S7203924F

35,221.00

2.34

VINCENT CHEW CHEE YEOW

10, JALAN KURNIA 538086 ,SINGAPORE

S7117005E

8,394.00

0.56

TAN LIAN SIE

10, JALAN KURNIA 538086 ,SINGAPORE

S7509858H

4,520.00

0.30

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

------

1,503,362.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

201109011W

SINGAPORE

BRIDGINGMINDS NETWORK PTE. LTD.

-

84.00

10/10/2017

200202320G

SINGAPORE

EXCLUSIVE NETWORKS SINGAPORE PTE. LTD.

-

99.00

10/10/2017

954122T

MALAYSIA

INFINITE DATA SDN. BHD.

-

51.00

18/08/2016

200202320G

SINGAPORE

TRANSITION SYSTEMS PTE. LTD.

-

94.19

02/06/2015



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

OLIVIER BREITTMAYER

Address

:

AVENUE LEQUIME 63, 1640, RHODES SAINT GENESE, BELGIUM.

Other Address(es)

:

AVENUE LEQUIME 63-1640, RHODES SAINT, GENESE-BELGIUM

IC / PP No

:

09PA52140

Nationality

:

FRENCH

Date of Appointment

:

16/12/2015


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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

200301516R

EXCLUSIVE NETWORKS ASIA PTE. LTD.

Director

16/12/2015

0.00

USD(2,763,736.00)

2016

-

10/10/2017

2

954122T

EXCLUSIVE NETWORKS MALAYSIA SDN. BHD.

Director

05/02/2016

0.00

MYR3,668,639.00

2015

-

22/08/2017

3

1047053P

INFINITE DATA (SOUTHERN) SDN. BHD.

Director

05/02/2016

0.00

MYR17,783.00

2015

-

22/08/2017

4

1085396P

INFINITE DATA NORTHERN SDN. BHD.

Director

05/02/2016

0.00

MYR1,270,730.00

2015

-

22/08/2017

5

912388W

TSM NETWORK SDN. BHD.

Director

29/01/2016

0.00

MYR(1,603,874.00)

2016

-

22/08/2017

 

DIRECTOR 2

 

Name Of Subject

:

PHILIPPE SANCHEZ

Address

:

7, RUE DAVIOUD, 75016, PARIS, FRANCE.

IC / PP No

:

09PK92520

Nationality

:

FRENCH

Date of Appointment

:

16/12/2015


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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

200301516R

EXCLUSIVE NETWORKS ASIA PTE. LTD.

Director

16/12/2015

0.00

USD(2,763,736.00)

2016

-

10/10/2017

2

954122T

EXCLUSIVE NETWORKS MALAYSIA SDN. BHD.

Director

05/02/2016

0.00

MYR3,668,639.00

2015

-

22/08/2017

3

1047053P

INFINITE DATA (SOUTHERN) SDN. BHD.

Director

05/02/2016

0.00

MYR17,783.00

2015

-

22/08/2017

4

1085396P

INFINITE DATA NORTHERN SDN. BHD.

Director

05/02/2016

0.00

MYR1,270,730.00

2015

-

22/08/2017

 

DIRECTOR 3

 

Name Of Subject

:

LEE CHOO CHIEN

Address

:

1, RIDGEWOOD CLOSE, 15-05, RIDGEWOOD CONDOMINIUM, 276692, SINGAPORE.

Other Address(es)

:

- 9,JLN SS22/1, DAMANSARA JAYA, 47400 P.JAYA, MALAYSIA.

- 9,JALAN SS22/1, DAMANSARA JAYA, P.JAYA, 47400 PETALING JAYA, SELANGOR, MALAYSIA.

IC / PP No

:

S7127390C

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/02/2003


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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

201333796Z

AGILE DISTRIBUTION PTE. LTD.

Director

16/12/2013

0.00

USD1,222,569.00

2015

-

05/10/2016

2

200301516R

EXCLUSIVE NETWORKS ASIA PTE. LTD.

Director

21/02/2003

252,537.00

USD(2,763,736.00)

2016

-

10/10/2017



MANAGEMENT

 

 

1)

Name of Subject

:

LEE

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

LIM SWEE HWA

IC / PP No

:

S1437147H

Address

:

224, BISHAN STREET 23, 06-125, 570224, 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 againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

X

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

                                                 

 

OPERATIONS

 

Goods Traded

:

DATA COMMUNICATION PRODUCTS, IT SECURITY STORAGE, INFRASTRUCTURE PRODUCTS

Services

:

INVESTMENT HOLDING

 

Total Number of Employees:

YEAR

2017

GROUP

N/A

COMPANY

20

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of data communication products, it security storage, infrastructure products and investment holding.

The Group is engaged in the trading of IT storage products and data storage products.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62289600

Match

:

N/A

Address Provided by Client

:

NO 5, PEREIRA ROAD #02-03 ASIAWIDE INDUSTRIAL BUILDING, 368025

Current Address

:

NO 5, PEREIRA ROAD #02-03 ASIAWIDE INDUSTRIAL BUILDING, 368025, SINGAPORE.

Match

:

YES

 

Other Investigations


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


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

5.80%

]

Profit/(Loss) Before Tax

:

Increased

[

(16.11%)

]

Return on Shareholder Funds

:

Unfavourable

[

(185.26%)

]

Return on Net Assets

:

Unfavourable

[

(16.81%)

]

The higher turnover could be attributed to the favourable market condition.Higher losses before tax during the year could be due to the higher operating costs incurred. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

26 Days

]

Debtor Ratio

:

Favourable

[

28 Days

]

Creditors Ratio

:

Favourable

[

50 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

:

Unfavourable

[

0.62 Times

]

Current Ratio

:

Unfavourable

[

0.76 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Unfavourable

[

(1.62 Times)

]

Gearing Ratio

:

Unfavourable

[

12.42 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 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 :

Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject'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'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 : POOR

 

 

 

 

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

-

-

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

-

 

* 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 2003, the Subject is a Private Limited company, focusing on trading of data communication products, it security storage, infrastructure products and investment holding. 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. Presently, the issued and paid up capital of the Subject stands at SGD 4,144,056. The Subject has a strong support from its shareholder.

 
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 20 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 higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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 USD 1,491,835, 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.


The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

 
The industry shows an upward trend and this trend is very likely to sustain in the near terms.


In view of the above, we only recommend credit be proceeded to the Subject with guarantee.



PROFIT AND LOSS ACCOUNT

 

 

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

EXCLUSIVE NETWORKS ASIA 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

USD

USD

TURNOVER

64,395,067

60,864,261

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

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

Total Turnover

64,395,067

60,864,261

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

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

PROFIT/(LOSS) FROM OPERATIONS

(2,838,726)

(2,444,789)

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

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

PROFIT/(LOSS) BEFORE TAXATION

(2,838,726)

(2,444,789)

Taxation

74,990

513,634

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

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

PROFIT/(LOSS) AFTER TAXATION

(2,763,736)

(1,931,155)

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,161,008

3,092,163

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

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

As restated

1,161,008

3,092,163

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(1,602,728)

1,161,008

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(1,602,728)

1,161,008

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

56,222

-

Loan from holding company

703,306

28,515

Term loan / Borrowing

85,638

24,500

Trust receipts

234,677

170,326

Others

3,014

50,695

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

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

1,082,857

274,036

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

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

DEPRECIATION (as per notes to P&L)

59,684

39,485

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

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

59,684

39,485

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

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

 

 

 

 

 

BALANCE SHEET

 

 

EXCLUSIVE NETWORKS ASIA PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

240,680

35,402

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

16,351,824

16,605,483

Deferred assets

517,745

522,085

Others

974,768

-

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

17,844,337

17,127,568

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

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

TOTAL LONG TERM ASSETS

18,085,017

17,162,970

Stocks

4,667,540

5,848,900

Trade debtors

4,918,196

1,226,739

Other debtors, deposits & prepayments

125,011

11,620

Amount due from subsidiary companies

9,921,211

11,908,525

Amount due from related companies

4,079,265

3,967,312

Cash & bank balances

619,135

13,961,456

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

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

TOTAL CURRENT ASSETS

24,330,358

36,924,552

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

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

TOTAL ASSET

42,415,375

54,087,522

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

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

CURRENT LIABILITIES

Trade creditors

8,773,930

8,880,941

Other creditors & accruals

1,102,822

1,509,538

Bank overdraft

5,359,298

-

Short term borrowings/Term loans

3,010,813

1,000,000

Other borrowings

10,162,786

14,568,071

Amounts owing to holding company

3,229,466

2,630,515

Amounts owing to subsidiary companies

305,947

10,490,792

Provision for taxation

27,000

344,094

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

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

TOTAL CURRENT LIABILITIES

31,972,062

39,423,951

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

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

NET CURRENT ASSETS/(LIABILITIES)

(7,641,704)

(2,499,399)

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

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

TOTAL NET ASSETS

10,443,313

14,663,571

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

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

SHARE CAPITAL

Ordinary share capital

3,094,563

3,094,563

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

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

TOTAL SHARE CAPITAL

3,094,563

3,094,563

Retained profit/(loss) carried forward

(1,602,728)

1,161,008

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

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

TOTAL RESERVES

(1,602,728)

1,161,008

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

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

SHAREHOLDERS' FUNDS/EQUITY

1,491,835

4,255,571

Others

8,951,478

10,408,000

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

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

TOTAL LONG TERM LIABILITIES

8,951,478

10,408,000

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

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

10,443,313

14,663,571

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

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

 

 

 

 

 

FINANCIAL RATIO

 

 

EXCLUSIVE NETWORKS ASIA PTE. LTD.

 

TYPES OF FUNDS

Cash

619,135

13,961,456

Net Liquid Funds

(4,740,163)

13,961,456

Net Liquid Assets

(12,309,244)

(8,348,299)

Net Current Assets/(Liabilities)

(7,641,704)

(2,499,399)

Net Tangible Assets

10,443,313

14,663,571

Net Monetary Assets

(21,260,722)

(18,756,299)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

0

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

(1,696,185)

(2,131,268)

BALANCE SHEET ITEMS

Total Borrowings

18,532,897

15,568,071

Total Liabilities

40,923,540

49,831,951

Total Assets

42,415,375

54,087,522

Net Assets

10,443,313

14,663,571

Net Assets Backing

1,491,835

4,255,571

Shareholders' Funds

1,491,835

4,255,571

Total Share Capital

3,094,563

3,094,563

Total Reserves

(1,602,728)

1,161,008

GROWTH RATIOS (Year on Year)

Revenue

5.80

-

Proft/(Loss) Before Tax

(16.11)

-

Proft/(Loss) After Tax

(43.11)

-

Total Assets

-

-

Total Liabilities

-

-

LIQUIDITY (Times)

Cash Ratio

0.02

0.35

Liquid Ratio

0.61

0.79

Current Ratio

0.76

0.94

WORKING CAPITAL CONTROL (Days)

Stock Ratio

26

35

Debtors Ratio

28

7

Creditors Ratio

50

53

SOLVENCY RATIOS (Times)

Gearing Ratio

12.42

3.66

Liabilities Ratio

27.43

11.71

Times Interest Earned Ratio

(1.62)

(7.92)

Assets Backing Ratio

3.37

4.74

PERFORMANCE RATIO (%)

Operating Profit Margin

(4.41)

(4.02)

Net Profit Margin

(4.29)

(3.17)

Return On Net Assets

(16.81)

(14.80)

Return On Capital Employed

(11.11)

(14.80)

Return On Shareholders' Funds/Equity

(185.26)

(45.38)

Dividend Pay Out Ratio (Times)

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.90

UK Pound

1

INR 90.31

Euro

1

INR 80.17

SGD

1

INR 49.08

 

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.