MIRA INFORM REPORT

 

 

Report No. :

494371

Report Date :

05.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FORTINET SINGAPORE PRIVATE LIMITED

 

 

Registered Office :

300, Beach Road, 20-07, The Concourse, 199555, Singapore

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

13.04.2007

 

 

Com. Reg. No.:

200706224Z

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the sell high performance network security products, integrated network security solution services.

 

 

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+

Low Risk

Business dealings permissible with low 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

(30.09.2017)

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 2014-17 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.

:

200706224Z

COMPANY NAME

:

FORTINET SINGAPORE PRIVATE LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

13/04/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

300, BEACH ROAD, 20-07, THE CONCOURSE, 199555, SINGAPORE.

BUSINESS ADDRESS

:

300 BEACH ROAD #20-07 THE CONCOURSE, 199555, SINGAPORE.

TEL.NO.

:

65-63952788

FAX.NO.

:

65-62950015

CONTACT PERSON

:

JOHN LUNSFORD GREGORY WHITTLE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

SELL HIGH PERFORMANCE NETWORK SECURITY PRODUCTS, INTEGRATED NETWORK SECURITY SOLUTION SERVICES

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 737,860,692 [2016]

NET WORTH

:

USD 13,276,173 [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

:

MARGINAL 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) sell high performance network security products, integrated network security solution services.

 

The immediate holding company of the Subject is FORTINET B. V., a company incorporated in NETHERLANDS.

The ultimate holding company of the Subject is FORTINET INC.,, a company incorporated in UNITED STATES.

 

Former Address(es)

Address

As At Date

152, BEACH ROAD, 14-01, GATEWAY EAST, 189721

N/A

 

Share Capital History

Date

Issue & Paid Up Capital

28/02/2018

SGD 100,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

FORTINET B. V.

HARDWAREWEG 4, 3821, BM AMERSFOORT NETHERLANDS

T08UF2397

100,000.00

100.00

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

------

100,000.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

NEW ZEALAND

FORTINET SECURITY NZ LIMITED

-

100.00

31/12/2016

INDIA

FORTINET TECHNOLOGIES INDIA PRIVATE LIMITED

-

90.00

31/12/2016



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

CHUNG MAI LIN

Address

:

300, BEACH ROAD, 20-07, THE CONCOURSE, 199555, SINGAPORE.

Other Address(es)

:

520, SERANGOON NORTH AVENUE 4, 08-194, 550520, SINGAPORE.

IC / PP No

:

S7133929G

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/12/2015

 

 

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

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200706224Z

FORTINET SINGAPORE PRIVATE LIMITED

Director

03/12/2015

0.00

-

USD60,334,388.00

2016

-

28/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

KEITH FRANKLIN JENSEN

Address

:

38278, ALTA DR. FREMONT, CALIFORNIA 94536, UNITED STATES.

IC / PP No

:

454601618

Nationality

:

AMERICAN

Date of Appointment

:

29/08/2014



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

653106H

FORTINET MALAYSIA SDN. BHD.

Director

23/09/2014

0.00

-

MYR1,042,094.00

2016

-

25/01/2018

2

200706224Z

FORTINET SINGAPORE PRIVATE LIMITED

Director

29/08/2014

0.00

-

USD60,334,388.00

2016

-

28/02/2018

 

DIRECTOR 3

 

Name Of Subject

:

JOHN LUNSFORD GREGORY WHITTLE

Address

:

25, BARBARA LANE, MENLO PARK, CALIFORNIA 94025, UNITED STATES.

Other Address(es)

:

899 KIFER ROAD, CA 94086, UNITED STATES OF AMERICA

IC / PP No

:

466703266

Nationality

:

AMERICAN

Date of Appointment

:

13/04/2007



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

653106H

FORTINET MALAYSIA SDN. BHD.

Director

08/07/2009

0.00

-

MYR1,042,094.00

2016

-

25/01/2018

2

200706224Z

FORTINET SINGAPORE PRIVATE LIMITED

Director

13/04/2007

0.00

-

USD60,334,388.00

2016

-

28/02/2018



MANAGEMENT

 

 

1)

Name of Subject

:

JOHN LUNSFORD GREGORY WHITTLE

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ADELINE TOH SU YIN

IC / PP No

:

S8136927E

Address

:

135, CECIL STREET, 10-01, MYP PLAZA, 069536, 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

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

HIGH PERFORMANCE NETWORK SECURITY PRODUCTS

Services

:

FAST AND SECURE CYBER SECURITY SOLUTION PROVIDER

 

Total Number of Employees:

 

YEAR

2016

2015

2014

GROUP

N/A

N/A

N/A

COMPANY

30

30

30

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) sell high performance network security products, integrated network security solution services.

The Subject is the Leading Cyber Security Company and Malware Protection service provider.

It provides cybersecurity solutions for enterprises, service providers, and government organizations worldwide.

It offers FortiGate physical and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration and others.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63952788

Match

:

N/A

Address Provided by Client

:

300 BEACH ROAD 20-07 THE CONCOURSE

Current Address

:

300 BEACH ROAD #20-07 THE CONCOURSE, 199555, SINGAPORE.

Match

:

NO

 

Other Investigations


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

The address provided is incomplete.

She refused to disclose the Subject's number of employees.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2016

]

Return on Shareholder Funds

:

Favourable

[

454.46%

]

Return on Net Assets

:

Favourable

[

523.53%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. 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

:

Favourable

[

19 Days

]

Debtor Ratio

:

Unfavourable

[

94 Days

]

Creditors Ratio

:

Favourable

[

16 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. 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

:

Favourable

[

1.47 Times

]

Current Ratio

:

Unfavourable

[

1.55 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 :

Generally, the Subject's performance has improved with higher turnover and profit. 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 :

INFORMATION TECHNOLOGY

Singapore's infocomm services industry is well-positioned to tap into the new business opportunities of the digital age. An early mover in infocomm technology, Singapore today ranks as the second most network-ready country in the world and the first in Asia, according to the World Economic Forum's "Global Information Technology Report 2014". The roll out of the Intelligent Nation 2015 Master Plan and the National Broadband Network will further strengthen Singapore's infrastructure network.

Furthermore, BMI has a positive outlook for the growth of Singapore's IT market in 2014, which will underperform emerging market growth rates, but is expected to outperform against other developed markets. Strong income growth, exposure to the APAC growth story and government policy will all support IT market growth over the medium term. Growth from the sales of PC and devices will slow as high device penetration in the city state means little prospect for first time sales, but short replacement cycles and strong demand for premium devices will ensure it remains a lucrative market for vendors. Considering the government active push to promote Singapore as a destination for cloud, big data and analytics services, Singapore should be a strong contender in the data centre space against peers such as Australia, Taiwan, South Korea and Hong Kong.

The information & communications sector grew by 2.3% in the third quarter of 2014. Previously, in the fourth quarter of 2013, the information & communications sector grew by 5.0%, following the 6.0% expansion in the preceding quarter. For the whole of 2013, growth was 5.5%, lower than the 6.2% in 2012.

Nonetheless, computer hardware sales forecast to increase from SGD2.926bn in 2014 to SGD3.333bn in 2018, equating to a compound annual growth rate (CAGR) of 3.5% in local currency terms. The slowdown in tablet sales represents downside by a stabilization in desktop and notebook volumes will see the market continue to grow over the medium term. Besides, software sales forecast to increase from SGD1.436bn in 2014 to SGD1.733bn in 2018, representing a CAGR of 5.2% in local currency terms. SME demand for basic enterprise software (particularly SaaS), complex deployments by large enterprises and investments in security software will all be growth areas.

IT Services sales forecast to increase from SGD3.236bn in 2014 to SGD4.091bn in 2018, equating to a CAGR of 5.9% in local currency terms. Growing demand for cloud computing, big data and analytics services from telecoms, healthcare, logistics and government will support IT services outperformance.

The Intelligent Nation 2015 master plan lays out the blueprint for Singapore’s infocomm strategies in the digital age, with the creation of some 80,000 jobs and an increase of value-add to SGD 26 billion. The master plan will incorporate emerging technologies and leverage strategic developments. Some of these emerging developments include Cloud Computing, Business Analytics and Green ICT. While Singapore has performed well in international e-Government rankings, the next e-Government master plan is already in the pipeline to ensure that we remain at the forefront of e-Government practice and services.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2007, the Subject is a Private Limited company, focusing on sell high performance network security products, integrated network security solution services. 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 100,000. However, 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. 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.


We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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. 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 13,276,173, 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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

 
Based on the above condition, we recommend credit be granted to the Subject promptly.



PROFIT AND LOSS ACCOUNT

 

 

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

FORTINET SINGAPORE PRIVATE LIMITED

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

737,860,692

546,520,958

410,218,115

229,296,641

55,762

Other Income

-

-

120,991

14,969,783

67

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

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

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

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

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

Total Turnover

737,860,692

546,520,958

410,339,106

244,266,424

55,829

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

69,504,930

27,822,235

7,024,470

(18,221,697)

(271,657)

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

69,504,930

27,822,235

7,024,470

(18,221,697)

(271,657)

Taxation

(9,170,542)

(6,711,700)

(5,651,943)

(1,537,791)

(8,344)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

60,334,388

21,110,535

1,372,527

(19,759,488)

(280,001)

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,195,176

(19,915,359)

(21,287,886)

(1,528,398)

(1,235,081)

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

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

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

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

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

As restated

1,195,176

(19,915,359)

(21,287,886)

(1,528,398)

(1,235,081)

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

61,529,564

1,195,176

(19,915,359)

(21,287,886)

(1,515,082)

TRANSFER TO RESERVES - General

-

-

-

-

(13,316)

DIVIDENDS - Ordinary (paid & proposed)

(55,000,000)

-

-

-

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

6,529,564

1,195,176

(19,915,359)

(21,287,886)

(1,528,398)

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

402,952

253,686

239,210

107,807

36,429

AMORTIZATION

355,332

473,777

485,163

127,058

-

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

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

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

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

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

Total Amortization And Depreciation

758,284

727,463

724,373

234,865

36,429

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

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

FORTINET SINGAPORE PRIVATE LIMITED

 

ASSETS EMPLOYED:

FIXED ASSETS

613,169

798,462

216,503

190,658

50,735

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

19,391

12,239

11,002

11,002

-

Deferred assets

824,359

424,029

1,199,661

2,183,304

-

Deposits

-

-

105,871

69,815

-

Others

188,320

121,110

-

44,344

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

1,032,070

557,378

1,316,534

2,308,465

-

INTANGIBLE ASSETS

Others

-

355,332

829,109

1,397,640

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

-

355,332

829,109

1,397,640

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

1,645,239

1,711,172

2,362,146

3,896,763

50,735

CURRENT ASSETS

Stocks

38,392,424

24,492,769

28,096,261

21,750,978

-

Trade debtors

189,530,287

142,427,298

101,636,252

81,058,412

581,507

Other debtors, deposits & prepayments

3,348,392

1,581,572

2,352,400

27,782

66,578

Short term deposits

55,260,254

60,236,308

100,109,403

-

-

Amount due from holding company

1,385,060

-

-

-

-

Amount due from related companies

9,870,323

5,094,196

-

32,377,029

-

Cash & bank balances

409,474,855

341,461,441

122,197,471

62,628,781

141,982

Others

-

-

-

16,451

-

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

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

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

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

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

TOTAL CURRENT ASSETS

707,261,595

575,293,584

354,391,787

197,859,433

790,067

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

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

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

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

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

TOTAL ASSET

708,906,834

577,004,756

356,753,933

201,756,196

840,802

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

32,512,413

24,431,824

31,804,240

19,437,847

60,248

Other creditors & accruals

384,783,878

292,587,531

193,763,057

131,444,671

357,130

Amounts owing to holding company

-

54,991,115

17,235,825

-

-

Amounts owing to related companies

31,373,213

30,871,784

19,615,595

16,097,547

-

Provision for taxation

7,207,777

1,875,185

-

-

21,369

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

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

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

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

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

TOTAL CURRENT LIABILITIES

455,877,281

404,757,439

262,418,717

166,980,065

438,747

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

251,384,314

170,536,145

91,973,070

30,879,368

351,320

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

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

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

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

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

LONG TERM LIABILITIES

Retirement benefits provision

81,261

59,958

25,510

-

-

Others

239,672,119

166,825,678

111,395,893

53,922,018

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

239,753,380

166,885,636

111,421,403

53,922,018

-

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

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

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

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

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

TOTAL NET ASSETS

13,276,173

5,361,681

(17,086,187)

(19,145,887)

402,055

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

81,887

81,887

81,887

81,887

81,887

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

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

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

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

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

TOTAL SHARE CAPITAL

81,887

81,887

81,887

81,887

81,887

RESERVES

Exchange equalisation/fluctuation reserve

-

-

-

14,346

14,348

Retained profit/(loss) carried forward

6,529,564

1,195,176

(19,915,359)

(21,287,886)

(1,528,398)

Others

6,664,722

4,084,618

2,747,285

2,045,766

1,834,218

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

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

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

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

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

TOTAL RESERVES

13,194,286

5,279,794

(17,168,074)

(19,227,774)

320,168

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

13,276,173

5,361,681

(17,086,187)

(19,145,887)

402,055

===========

===========

===========

===========

===========

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

FORTINET SINGAPORE PRIVATE LIMITED

 

TYPES OF FUNDS

Cash

464,735,109

401,697,749

222,306,874

62,628,781

141,982

Net Liquid Funds

464,735,109

401,697,749

222,306,874

62,628,781

141,982

Net Liquid Assets

212,991,890

146,043,376

63,876,809

9,128,390

351,320

Net Current Assets/(Liabilities)

251,384,314

170,536,145

91,973,070

30,879,368

351,320

Net Tangible Assets

13,276,173

5,006,349

(17,915,296)

(20,543,527)

402,055

Net Monetary Assets

(26,761,490)

(20,842,260)

(47,544,594)

(44,793,628)

351,320

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

69,504,930

27,822,235

7,024,470

(18,221,697)

(271,657)

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

70,263,214

28,549,698

7,748,843

(17,986,832)

(235,228)

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

695,630,661

571,643,075

373,840,120

220,902,083

438,747

Total Assets

708,906,834

577,004,756

356,753,933

201,756,196

840,802

Net Assets

13,276,173

5,361,681

(17,086,187)

(19,145,887)

402,055

Net Assets Backing

13,276,173

5,361,681

(17,086,187)

(19,145,887)

402,055

Shareholders' Funds

13,276,173

5,361,681

(17,086,187)

(19,145,887)

402,055

Total Share Capital

81,887

81,887

81,887

81,887

81,887

Total Reserves

13,194,286

5,279,794

(17,168,074)

(19,227,774)

320,168

GROWTH RATIOS (Year on Year) (%)

Revenue

35.01

33.23

78.90

411,105.91

(23.90)

Proft/(Loss) Before Tax

149.82

296.08

138.55

(6,607.61)

(73.27)

Proft/(Loss) After Tax

185.80

1,438.08

106.95

(6,956.93)

(62.73)

Total Assets

22.86

61.74

76.82

23,895.68

52.01

Total Liabilities

21.69

52.91

69.23

50,248.40

103.77

LIQUIDITY (Times)

Cash Ratio

1.02

0.99

0.85

0.38

0.32

Liquid Ratio

1.47

1.36

1.24

1.05

1.80

Current Ratio

1.55

1.42

1.35

1.18

1.80

WORKING CAPITAL CONTROL (Days)

Stock Ratio

19

16

25

35

0

Debtors Ratio

94

95

90

129

3,806

Creditors Ratio

16

16

28

31

394

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

0

Liabilities Ratio

52.40

106.62

(21.88)

(11.54)

1.09

Times Interest Earned Ratio

0

0

0

0

0

Assets Backing Ratio

162.13

61.14

(218.78)

(250.88)

4.91

PERFORMANCE RATIO (%)

Operating Profit Margin

9.42

5.09

1.71

(7.95)

(487.17)

Net Profit Margin

8.18

3.86

0.33

(8.62)

(502.14)

Return On Net Assets

523.53

518.91

(41.11)

95.17

(67.57)

Return On Capital Employed

27.47

16.12

7.38

(50.37)

(67.57)

Return On Shareholders' Funds/Equity

454.46

393.73

(8.03)

103.20

(69.64)

Dividend Pay Out Ratio (Times)

0.91

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.23

UK Pound

1

INR 89.71

Euro

1

INR 79.50

SGD

1

INR 49.40

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TRU

                                                


 

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.