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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

483472

Report Date :

02.01.2018

 

IDENTIFICATION DETAILS

 

Name :

MICROSOFT REGIONAL SALES CORPORATION

 

 

Registered Office :

80, Raffles Place, 32-01, Uob Plaza, 048624

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2016

 

 

Date of Incorporation :

10.06.1998

 

 

Com. Reg. No.:

S98FC5554D

 

 

Legal Form :

Foreign

 

 

Line of Business :

The Subject is engaged in the trading of computer hardware and software.

 

 

No. of Employees :

Not Available

 

 

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

A2

A2

 

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.

:

S98FC5554D

COMPANY NAME

:

MICROSOFT REGIONAL SALES CORPORATION

FORMER NAME

:

N/A

INCORPORATION DATE

:

10/06/1998

COMPANY STATUS

:

EXIST

LEGAL FORM

:

FOREIGN

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, RAFFLES PLACE, 32-01, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

438B ALEXANDRA ROAD NO.04-09/12 BLOCK B, ALEXANDRA TECHNOPARK, 119968, SINGAPORE.

TEL.NO.

:

65-63709000/68888899

FAX.NO.

:

65-63709001

MOBILE NO.

:

1800853543

CONTACT PERSON

:

BENJAMIN OWEN ORNDORFF ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMPUTER HARDWARE AND SOFTWARE

SALES

:

USD 5,655,029,000 [2016]

NET WORTH

:

USD 723,438,000 [2016]

STAFF STRENGTH

:

N/A

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 principally engaged in the (as a / as an) trading of computer hardware and software.

 

Former Address(es)

Address

As At Date

1 MARINA BOULEVARD #22-01 ONE MARINA BOULEVARD, 018989

N/A

 

No shareholders was found in our databank at the time of investigation

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


Local No

Country

Company

Status

(%)

As At

53127380J

SINGAPORE

MICROSOFT SINGAPORE SERVICES

-

100.00

29/12/2017

 

 

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

KEITH RANGER DOLLIVER

Address

:

ONE MICROSOFT WAY, REDMOND, WA 98052, UNITED STATES.

Other Address(es)

:

24615 SE 44TH COURT, ISSAQUAH, WA 98029, UNITED STATE OF AMERICA

IC / PP No

:

527514410

Nationality

:

AMERICAN

Date of Appointment

:

30/12/2004



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

244003A

MICROSOFT (MALAYSIA) SDN. BHD.

Director

31/12/2004

0.00

-

MYR15,391,321.00

2016

-

27/11/2017

2

468698T

MICROSOFT KNOWLEDGE CAPITAL CENTRE SDN. BHD.

Director

31/12/2004

0.00

-

MYR169,762.00

2016

-

27/11/2017

3

970731K

MICROSOFT PAYMENTS (MALAYSIA) SDN. BHD.

Director

06/12/2011

0.00

-

MYR(1,011,443.00)

2016

-

27/11/2017

4

S98FC5554D

MICROSOFT REGIONAL SALES CORPORATION

Director

30/12/2004

0.00

-

USD113,287,000.00

2016

-

29/12/2017

5

129710D

NOKIA (M) SDN. BHD

Director

12/12/2014

0.00

-

MYR1,197,272.00

2015

-

27/11/2017

 

DIRECTOR 2

 

Name Of Subject

:

BENJAMIN OWEN ORNDORFF

Address

:

ONE MICROSOFT WAY, REDMOND, WA 98052, UNITED STATES.

Other Address(es)

:

- 9333 S.E. 47TH STREET, MERCER ISLAND, WA, 98040, UNITED STATES.

- 9822 62ND AVE S, SEATTLE, WA 98118, USA

IC / PP No

:

506025121

Nationality

:

AMERICAN

Date of Appointment

:

29/06/2006



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

244003A

MICROSOFT (MALAYSIA) SDN. BHD.

Director

28/03/2006

0.00

-

MYR15,391,321.00

2016

-

27/11/2017

2

468698T

MICROSOFT KNOWLEDGE CAPITAL CENTRE SDN. BHD.

Director

28/03/2006

0.00

-

MYR169,762.00

2016

-

27/11/2017

3

970731K

MICROSOFT PAYMENTS (MALAYSIA) SDN. BHD.

Director

06/12/2011

0.00

-

MYR(1,011,443.00)

2016

-

27/11/2017

4

S98FC5554D

MICROSOFT REGIONAL SALES CORPORATION

Director

29/06/2006

0.00

-

USD113,287,000.00

2016

-

29/12/2017

5

129710D

NOKIA (M) SDN. BHD

Director

12/12/2014

0.00

-

MYR1,197,272.00

2015

-

27/11/2017



MANAGEMENT

 

 

 

1)

Name of Subject

:

BENJAMIN OWEN ORNDORFF

Position

:

DIRECTOR

 

 

 

AUDITOR


No Auditor found in our databank

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHEW BEE LENG

IC / PP No

:

S7036104C

Address

:

609, BEDOK RESERVOIR ROAD, 08-644, EUNOS RAINBOW, 470609, SINGAPORE.

Remarks

:

AUTHORISED REPRESENTATIVE

 

 

 

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

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

UNITED STATES

ASIA

Credit Term

:

30 - 120 DAYS

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)

 

 

OPERATIONS

 

Goods Traded

:

COMPUTER HARDWARE AND SOFTWARE

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of computer hardware and software.

The Subject provides packaged business software solutions and products.

The Subject sells the products based on customer's demands and requirement.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63709000/68888899

Match

:

N/A

Address Provided by Client

:

BLOCK B, ALEXANDRA TECHNO PARK, 438 B ALEXANDRA ROAD SINGAPORE

Current Address

:

438B ALEXANDRA ROAD NO.04-09/12 BLOCK B, ALEXANDRA TECHNOPARK, 119968, SINGAPORE.

Match

:

NO

 

Other Investigations

 

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

The address provided is incomplete.

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


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2014 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2014 - 2016

]

Return on Shareholder Funds

:

Acceptable

[

15.66%

]

Return on Net Assets

:

Favourable

[

30.92%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

5 Days

]

Debtor Ratio

:

Favourable

[

55 Days

]

Creditors Ratio

:

Favourable

[

3 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

[

1.88 Times

]

Current Ratio

:

Unfavourable

[

1.98 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

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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 did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 : 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 1998, the Subject is a Foreign company, focusing on trading of computer hardware and software. 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.

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. 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. Return on shareholders' funds of the Subject was at an acceptable range 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. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 723,438,000, 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.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.



FINANCIAL

 

PROFIT AND LOSS ACCOUNT

 

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

MICROSOFT REGIONAL SALES CORPORATION

 

Financial Year End

2016-06-30

2015-06-30

2014-06-30

Months

12

12

12

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

FULL

Currency

USD

USD

USD

TURNOVER

5,655,029,000

6,603,117,000

6,133,782,000

Other Income

(5,375,526,000)

(6,329,796,000)

(5,875,079,000)

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

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

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

Total Turnover

279,503,000

273,321,000

258,703,000

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

232,341,000

218,306,000

228,960,000

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

232,341,000

218,306,000

228,960,000

Taxation

(119,054,000)

(74,667,000)

(57,150,000)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

113,287,000

143,639,000

171,810,000

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

803,547,000

659,908,000

488,098,000

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

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

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

As restated

803,547,000

659,908,000

488,098,000

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

916,834,000

803,547,000

659,908,000

TRANSFER TO RESERVES - General

(200,000,000)

-

-

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

716,834,000

803,547,000

659,908,000

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

-

-

45,000

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

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

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

-

-

45,000

-

-

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

DEPRECIATION (as per notes to P&L)

75,000

57,000

101,000

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

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

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

Total Amortization And Depreciation

75,000

57,000

101,000

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

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

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

 

BALANCE SHEET

 

MICROSOFT REGIONAL SALES CORPORATION

 

ASSETS EMPLOYED:

FIXED ASSETS

13,000

16,000

25,000

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

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

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

TOTAL LONG TERM ASSETS

13,000

16,000

25,000

Stocks

79,514,000

55,837,000

52,097,000

Trade debtors

845,057,000

825,901,000

888,072,000

Other debtors, deposits & prepayments

849,000

676,000

50,000

Amount due from holding company

28,000

17,000

31,000

Amount due from related companies

574,111,000

1,160,296,000

939,813,000

Cash & bank balances

19,616,000

18,241,000

27,724,000

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

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

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

TOTAL CURRENT ASSETS

1,519,175,000

2,060,968,000

1,907,787,000

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

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

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

TOTAL ASSET

1,519,188,000

2,060,984,000

1,907,812,000

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

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

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

CURRENT LIABILITIES

Trade creditors

46,759,000

34,904,000

27,309,000

Other creditors & accruals

15,088,000

18,692,000

90,260,000

Amounts owing to holding company

282,000

61,000

-

Amounts owing to related companies

493,563,000

975,142,000

939,448,000

Provision for taxation

63,976,000

69,884,000

80,869,000

Other liabilities

148,069,000

143,700,000

95,542,000

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

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

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

TOTAL CURRENT LIABILITIES

767,737,000

1,242,383,000

1,233,428,000

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

751,438,000

818,585,000

674,359,000

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

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

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

TOTAL NET ASSETS

751,451,000

818,601,000

674,384,000

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

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

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

Capital reserve

6,604,000

5,503,000

4,697,000

Retained profit/(loss) carried forward

716,834,000

803,547,000

659,908,000

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

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

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

TOTAL RESERVES

723,438,000

809,050,000

664,605,000

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

723,438,000

809,050,000

664,605,000

Deferred taxation

5,017,000

1,098,000

1,471,000

Others

22,996,000

8,453,000

8,308,000

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

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

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

TOTAL LONG TERM LIABILITIES

28,013,000

9,551,000

9,779,000

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

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

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

751,451,000

818,601,000

674,384,000

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

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

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

 

FINANCIAL RATIO

 

MICROSOFT REGIONAL SALES CORPORATION

 

TYPES OF FUNDS

Cash

19,616,000

18,241,000

27,724,000

Net Liquid Funds

19,616,000

18,241,000

27,724,000

Net Liquid Assets

671,924,000

762,748,000

622,262,000

Net Current Assets/(Liabilities)

751,438,000

818,585,000

674,359,000

Net Tangible Assets

751,451,000

818,601,000

674,384,000

Net Monetary Assets

643,911,000

753,197,000

612,483,000

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

218,306,000

229,005,000

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

232,416,000

218,363,000

229,106,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

Total Liabilities

795,750,000

1,251,934,000

1,243,207,000

Total Assets

1,519,188,000

2,060,984,000

1,907,812,000

Net Assets

751,451,000

818,601,000

674,384,000

Net Assets Backing

723,438,000

809,050,000

664,605,000

Shareholders' Funds

723,438,000

809,050,000

664,605,000

Total Share Capital

0

0

0

Total Reserves

723,438,000

809,050,000

664,605,000

GROWTH RATIOS (Year on Year)

Revenue

(14.36)

7.65

-

Proft/(Loss) Before Tax

6.43

(4.65)

-

Proft/(Loss) After Tax

(21.13)

(16.40)

-

Total Assets

(26.29)

8.03

-

Total Liabilities

(36.44)

0.70

-

LIQUIDITY (Times)

Cash Ratio

0.03

0.01

0.02

Liquid Ratio

1.88

1.61

1.50

Current Ratio

1.98

1.66

1.55

WORKING CAPITAL CONTROL (Days)

Stock Ratio

5

3

3

Debtors Ratio

55

46

53

Creditors Ratio

3

2

2

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

Liabilities Ratio

1.10

1.55

1.87

Times Interest Earned Ratio

0

0

5,089.00

Assets Backing Ratio

-

-

-

PERFORMANCE RATIO (%)

Operating Profit Margin

4.11

3.31

3.73

Net Profit Margin

2.00

2.18

2.80

Return On Net Assets

30.92

26.67

33.96

Return On Capital Employed

30.92

26.67

33.96

Return On Shareholders' Funds/Equity

15.66

17.75

25.85

Dividend Pay Out Ratio (Times)

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0




 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.67

UK Pound

1

INR 85.90

Euro

1

INR 75.45

SGD 

1

INR 47.80

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

KET

                                                


 

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.