MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

488318

Report Date :

30.01.2018

 

IDENTIFICATION DETAILS

 

Name :

GF MACHINING SOLUTIONS PTE. LTD.

 

 

Formerly Known As :

AGIE CHARMILLES (SOUTH EAST ASIA) PTE LTD (12/05/2014)


CHARMILLES TECHNOLOGIES (SOUTH EAST ASIA) PTE. LTD. (24/04/1997)

 

 

Registered Office :

130, Joo Seng Road, 04-01, 368357

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

20.10.1990

 

 

Com. Reg. No.:

199005164Z

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in the trading of machineries.

 

 

No. of Employees :

35 [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 :

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

 

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.

:

199005164Z

COMPANY NAME

:

GF MACHINING SOLUTIONS PTE. LTD.

FORMER NAME

:

AGIE CHARMILLES (SOUTH EAST ASIA) PTE LTD (12/05/2014)
CHARMILLES TECHNOLOGIES (SOUTH EAST ASIA) PTE. LTD. (24/04/1997)

INCORPORATION DATE

:

20/10/1990

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

130, JOO SENG ROAD, 04-01, 368357, SINGAPORE.

BUSINESS ADDRESS

:

130 JOO SENG ROAD #04-01, 368357, SINGAPORE.

TEL.NO.

:

65-63804100

FAX.NO.

:

65-62840415

WEB SITE

:

WWW.GFMS.COM

CONTACT PERSON

:

CARLOS, MANUEL GAZIO ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF MACHINERIES

ISSUED AND PAID UP CAPITAL

:

2,100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,100,000.00 

SALES

:

SGD 45,752,530 [2016]

NET WORTH

:

SGD 5,619,122 [2016]

STAFF STRENGTH

:

35 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

NO COMPLAINTS

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 machineries.

 

The immediate holding company of the Subject is EURAPIPE HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is GEORG FISCHER AG, a company incorporated in SWITZERLAND.

 

Former Address(es)

Address

As At Date

130 Joo Seng Road #04-01, MALAYSIA

N/A

 

Share Capital History

Date

Issue & Paid Up Capital

25/01/2018

SGD 2,100,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

EURAPIPE HOLDINGS PTE. LTD.

130, JOO SENG ROAD, 04-01 368357 ,SINGAPORE

201512945H

2,100,000.00

100.00

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

------

2,100,000.00

100.00

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

=====

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

LAURENT XAVIER CASTELLA

Address

:

HOUSE 104, GREEN HILLS, 418, EAST JINXIU ROAD, SHANGHAI, 200136, CHINA.

Other Address(es)

:

104 GREEN HILLS, 418 EAST JINXIU, SHANGHAI 200136, CHINA

IC / PP No

:

X1680856

Nationality

:

SWISS

Date of Appointment

:

30/11/2012



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

993743M

GF MACHINING SOLUTIONS PTE LTD

Director

30/11/2012

0.00

-

MYR(752,236.00)

2016

-

26/12/2017

2

199005164Z

GF MACHINING SOLUTIONS PTE. LTD.

Director

30/11/2012

0.00

-

SGD502,038.00

2016

-

25/01/2018

 

DIRECTOR 2

 

Name Of Subject

:

AITOR BUSTINDY ROALES

Address

:

8, RUE DU PRE DE LA FONTAINE, MERYIN, 1217, SWITZERLAND.

IC / PP No

:

XDC330191

Nationality

:

SPANIARD

Date of Appointment

:

16/01/2014



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

993743M

GF MACHINING SOLUTIONS PTE LTD

Director

16/01/2014

0.00

-

MYR(752,236.00)

2016

-

26/12/2017

2

199005164Z

GF MACHINING SOLUTIONS PTE. LTD.

Director

16/01/2014

0.00

-

SGD502,038.00

2016

-

25/01/2018

 

DIRECTOR 3

 

Name Of Subject

:

CARLOS, MANUEL GAZIO

Address

:

80, ST. PATRICK'S ROAD, 04-30, SEVENTY SAINT PATRICK'S, 424181, SINGAPORE.

IC / PP No

:

G3152895Q

Nationality

:

FRENCH

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

199005164Z

GF MACHINING SOLUTIONS PTE. LTD.

Director

01/04/2015

0.00

-

SGD502,038.00

2016

-

25/01/2018



MANAGEMENT

 

 

1)

Name of Subject

:

CARLOS, MANUEL GAZIO

Position

:

MANAGING DIRECTOR

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TAN CHING CHEK

IC / PP No

:

S1397070Z

Address

:

220, ORCHARD ROAD, 05-01, MIDPOINT ORCHARD, 238852, SINGAPORE.

 

2)

Company Secretary

:

LO SWEE OI

IC / PP No

:

S1611477D

Address

:

220, ORCHARD ROAD, 05-01, MIDPOINT ORCHARD, 238852, 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.

DEFAULTER CHECK AGAINST SUBJECT


* We have checked through the Subject in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection. 

No blacklisted record & debt collection case was found in our defaulters' databank. 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers. 

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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

MACHINERIES

 

Total Number of Employees:

YEAR

2018

 

GROUP

N/A

COMPANY

35

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of machineries. 

The Subject is dealing with Milling (HSM), High Performance Milling (HPM) machines, wire EDM machines, die sinker EDM, drilling EDM, Customer Services as well as automation process equipments and others. 


 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63804100

Match

:

N/A

Address Provided by Client

:

130 JOO SENG ROAD, 04-01 SINGAPORE

Current Address

:

130 JOO SENG ROAD #04-01, 368357, SINGAPORE.

Match

:

NO

 

Other Investigations


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

The address provided is incomplete.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

14.92%

]

Profit/(Loss) Before Tax

:

Decreased

[

31.58%

]

Return on Shareholder Funds

:

Unfavourable

[

8.93%

]

Return on Net Assets

:

Acceptable

[

11.91%

]

The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively.The Subject's profit fell sharply because of the high operating costs incurred. 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

:

Unfavourable

[

71 Days

]

Debtor Ratio

:

Unfavourable

[

117 Days

]

Creditors Ratio

:

Favourable

[

20 Days

]

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Acceptable

[

0.83 Times

]

Current Ratio

:

Unfavourable

[

1.25 Times

]

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

Solvency

Interest Cover

:

Acceptable

[

4.55 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. 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 Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. 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

 

 

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 1990, the Subject is a Private Limited company, focusing on trading of machineries. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 2,100,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is operating on a medium scale and it has approximately 35 employees in its business operations. 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. 

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 5,619,122, the Subject should be able to maintain its business in the near terms. 

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.



PROFIT AND LOSS ACCOUNT

 

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

GF MACHINING SOLUTIONS 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

SGD

SGD

TURNOVER

45,752,530

39,811,231

Other Income

540,998

482,167

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

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

Total Turnover

46,293,528

40,293,398

Costs of Goods Sold

(33,425,773)

(28,115,294)

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

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

Gross Profit

12,867,755

12,178,104

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

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

PROFIT/(LOSS) FROM OPERATIONS

522,194

763,216

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

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

PROFIT/(LOSS) BEFORE TAXATION

522,194

763,216

Taxation

(20,156)

12,162

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

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

PROFIT/(LOSS) AFTER TAXATION

502,038

775,378

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(186,878)

(962,256)

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

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

As restated

(186,878)

(962,256)

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

315,160

(186,878)

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

315,160

(186,878)

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

17,000

71,622

Others

130,189

208,904

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

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

147,189

280,526

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

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

DEPRECIATION (as per notes to P&L)

151,602

147,205

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

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

Total Amortization And Depreciation

151,602

147,205

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

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

 

 

 

 

BALANCE SHEET

 

GF MACHINING SOLUTIONS PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

249,841

286,534

LONG TERM INVESTMENTS/OTHER ASSETS

Deferred assets

14,596

35,447

Others

-

198,006

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

14,596

233,453

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

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

TOTAL LONG TERM ASSETS

264,437

519,987

CURRENT ASSETS

Stocks

8,845,224

7,473,957

Trade debtors

14,659,588

11,637,946

Other debtors, deposits & prepayments

848,096

593,559

Amount due from related companies

374,563

136,260

Cash & bank balances

1,487,640

3,903,076

Others

203,773

342,401

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

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

TOTAL CURRENT ASSETS

26,418,884

24,087,199

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

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

TOTAL ASSET

26,683,321

24,607,186

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

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

CURRENT LIABILITIES

Trade creditors

1,826,165

2,194,396

Other creditors & accruals

2,044,977

1,873,051

Deposits from customers

911,999

1,627,865

Amounts owing to related companies

15,871,474

13,448,521

Other liabilities

409,584

385,623

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

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

TOTAL CURRENT LIABILITIES

21,064,199

19,529,456

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

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

NET CURRENT ASSETS/(LIABILITIES)

5,354,685

4,557,743

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

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

TOTAL NET ASSETS

5,619,122

5,077,730

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

2,100,000

2,100,000

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

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

TOTAL SHARE CAPITAL

2,100,000

2,100,000

RESERVES

Exchange equalisation/fluctuation reserve

1,050,846

1,011,492

General reserve

2,153,116

2,153,116

Retained profit/(loss) carried forward

315,160

(186,878)

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

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

TOTAL RESERVES

3,519,122

2,977,730

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

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

SHAREHOLDERS' FUNDS/EQUITY

5,619,122

5,077,730

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

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

 

 

 

 

FINANCIAL RATIO

 

GF MACHINING SOLUTIONS PTE. LTD.

 

TYPES OF FUNDS

Cash

1,487,640

3,903,076

Net Liquid Funds

1,487,640

3,903,076

Net Liquid Assets

(3,490,539)

(2,916,214)

Net Current Assets/(Liabilities)

5,354,685

4,557,743

Net Tangible Assets

5,619,122

5,077,730

Net Monetary Assets

(3,490,539)

(2,916,214)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

0

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

820,985

1,190,947

BALANCE SHEET ITEMS

Total Borrowings

0

0

Total Liabilities

21,064,199

19,529,456

Total Assets

26,683,321

24,607,186

Net Assets

5,619,122

5,077,730

Net Assets Backing

5,619,122

5,077,730

Shareholders' Funds

5,619,122

5,077,730

Total Share Capital

2,100,000

2,100,000

Total Reserves

3,519,122

2,977,730

GROWTH RATIOS (Year on Year) (%)

Revenue

14.92

4.45

Proft/(Loss) Before Tax

(31.58)

491.67

Proft/(Loss) After Tax

(35.25)

553.18

Total Assets

38.10

27.36

Total Liabilities

21.75

12.88

LIQUIDITY (Times)

Cash Ratio

0.07

0.20

Liquid Ratio

0.83

0.85

Current Ratio

1.25

1.23

WORKING CAPITAL CONTROL (Days)

Stock Ratio

71

69

Debtors Ratio

117

107

Creditors Ratio

20

28

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

Liabilities Ratio

3.75

3.85

Times Interest Earned Ratio

4.55

3.72

Assets Backing Ratio

2.68

2.42

PERFORMANCE RATIO (%)

Operating Profit Margin

1.14

1.92

Net Profit Margin

1.10

1.95

Return On Net Assets

11.91

20.56

Return On Capital Employed

11.91

20.56

Return On Shareholders' Funds/Equity

8.93

15.27

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 63.55

UK Pound

1

INR 89.82

Euro

1

INR 78.87

SGD

1

INR 48.56

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.