MIRA INFORM REPORT

 

 

Report No. :

499964

Report Date :

27.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FIAMM ASIA PACIFIC PTE LTD

 

 

Registered Office :

3b, Toh Guan Road East, 01-00, 608833.

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

26.11.1999

 

 

Com. Reg. No.:

199907442C

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading of lead-acid battery.

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

 

 

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.

:

199907442C

COMPANY NAME

:

FIAMM ASIA PACIFIC PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

26/11/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

3B, TOH GUAN ROAD EAST, 01-00, 608833, SINGAPORE.

BUSINESS ADDRESS

:

3B, TOH GUAN ROAD EAST, 01-00, 608833, SINGAPORE.

TEL.NO.

:

65-68676151

FAX.NO.

:

65-68626550

CONTACT PERSON

:

BALBO PIERGIORGIO ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF LEAD-ACID BATTERY

ISSUED AND PAID UP CAPITAL

:

50,000.00 ORDINARY SHARE, OF A VALUE OF SGD 50,000.00

SALES

:

USD 4,331,944 [2017]

NET WORTH

:

USD 4,894,689 [2017]

STAFF STRENGTH

:

N/A

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

Slow but Correct

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 lead-acid battery.

 

The immediate holding company of the Subject is FIAMM ENERGY TECHNOLOGY S.P.A., a company incorporated in ITALY.

The ultimate holding company of the Subject is FIAMM S.P.A., a company incorporated in ITALY.

Share Capital History

Date

Issue & Paid Up Capital

26/03/2018

SGD 50,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

FIAMM ENERGY TECHNOLOGY S.P.A.

MONTECCHIO MAGGIORE (VI) VIALE EUROPA 75 CAP 36075 ITALY

T17UF0841

50,000.00

100.00

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

------

50,000.00

100.00

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

=====

+ Also Director

 

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


Local No

Country

Company

Status

(%)

As At

SOUTH KOREA

FIAMM KOREA CO.,LTD.

-

100.00

31/12/2015

 

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

BALBO PIERGIORGIO

Address

:

VIA MADONNA DEI PRATI, 17 BRENDOLA (VI), ITALY.

IC / PP No

:

YA2949962

Nationality

:

ITALIAN

Date of Appointment

:

14/02/2017


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

199907442C

FIAMM ASIA PACIFIC PTE LTD

Director

14/02/2017

0.00

-

USD(433,677.00)

2017

-

26/03/2018

 

DIRECTOR 2

 

Name Of Subject

:

MAURIZIO ZANINI

Address

:

VIALE DANTE, 36 36100 VICENZA, ITALY.

IC / PP No

:

YA6716774

Nationality

:

ITALIAN

Date of Appointment

:

14/02/2017



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

199907442C

FIAMM ASIA PACIFIC PTE LTD

Director

14/02/2017

0.00

-

USD(433,677.00)

2017

-

26/03/2018

 

DIRECTOR 3

 

Name Of Subject

:

LORENZO MANCINI

Address

:

1B, RIDLEY PARK, 04-03, TANGLIN PARK, 248468, SINGAPORE.

IC / PP No

:

G6260233W

Nationality

:

ITALIAN

Date of Appointment

:

15/02/2017



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

199907442C

FIAMM ASIA PACIFIC PTE LTD

Director

15/02/2017

0.00

-

USD(433,677.00)

2017

-

26/03/2018



MANAGEMENT

 

 

 

1)

Name of Subject

:

BALBO PIERGIORGIO

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ANG LEE LEE

IC / PP No

:

S7009933J

Address

:

190, MIDDLE ROAD, 12-07, FORTUNE CENTRE, 188979, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201105924

16/05/2011

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

 

 

CIVIL 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

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA PACIFIC

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

LEAD-ACID BATTERY

 

Total Number of Employees:

YEAR

2014

2013

GROUP

N/A

N/A

COMPANY

8

8

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of lead-acid battery.

The Subject deals with starter batteries, industrial batteries, horns and antennas.

The Subject refused to disclose further information on its operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68676151

Match

:

N/A

Address Provided by Client

:

30 TOH GUAN ROAD EAST, #01-00, SINGAPORE 608833

Current Address

:

3B, TOH GUAN ROAD EAST, 01-00, 608833, SINGAPORE.

Match

:

NO

 

Other Investigations


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

The address is as per stated in the report.

The Subject refused to disclose its number of employees.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2013 - 2017

]

Profit/(Loss) Before Tax

:

Decreased

[

2013 - 2017

]

Return on Shareholder Funds

:

Unfavourable

[

(8.86%)

]

Return on Net Assets

:

Unfavourable

[

(7.49%)

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Unfavourable

[

135 Days

]

Debtor Ratio

:

Unfavourable

[

330 Days

]

Creditors Ratio

:

Unfavourable

[

122 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 unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

Liquidity

Liquid Ratio

:

Favourable

[

1.43 Times

]

Current Ratio

:

Unfavourable

[

1.64 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

:

Unfavourable

[

(41.38 Times)

]

Gearing Ratio

:

Favourable

[

0.11 Times

]

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

The Subject's losses increased but its turnover showed a  fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. 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's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : LIMITED

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2013

2014

2015

2016

2017*

 

Population (Million)

5.40

5.47

5.54

5.61

5.61

Gross Domestic Products ( % )

5.1

3.9

2.2

2.4

3.6

Consumer Price Index

2.4

1.0

(0.5)

(0.5)

0.6

Total Imports (Million)

466,762.0

463,779.1

407,767.9

398,372.0

403,300.0

Total Exports (Million)

513,391.0

518,922.7

476,285.4

468,552.0

466,900.0

 

Unemployment Rate (%)

1.9

1.9

1.9

2.1

-

Tourist Arrival (Million)

15.46

15.01

15.23

16.28

-

Hotel Occupancy Rate (%)

86.3

85.5

84.0

83.1

84.7

Cellular Phone Subscriber (Million)

1.97

1.98

1.99

-

-

 

Registration of New Companies (No.)

37,288

41,589

34,243

35,227

37,395

Registration of New Companies (%)

9.8

11.5

(17.7)

2.9

6.2

Liquidation of Companies (No.)

17,369

18,767

21,384

23,218

22,379

Liquidation of Companies (%)

(5.3)

8.0

13.9

8.6

(3.6)

 

Registration of New Businesses (No.)

22,893

35,773

28,480

27,120

22,148

Registration of New Businesses (%)

1.70

56.30

(20.39)

(4.78)

(18.33)

Liquidation of Businesses (No.)

22,598

22,098

26,116

35,866

24,344

Liquidation of Businesses (%)

0.5

(2.2)

18.2

37.3

(32.1)

 

Bankruptcy Orders (No.)

1,992

1,757

1,776

1,797

1,638

Bankruptcy Orders (%)

14.0

(11.8)

1.0

1.2

(8.9)

Bankruptcy Discharges (No.)

2,584

3,546

3,499

4,359

2,030

Bankruptcy Discharges (%)

37.4

37.2

(1.3)

24.6

(53.4)

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

1.78

4.29

3.04

-

-

Fish Supply & Wholesale

(3.8)

(8.6)

(8.5)

(9.9)

-

 

Manufacturing #

Food, Beverages & Tobacco

97.9

99.4

100.0

103.7

110.3

Textiles

119.5

102.7

100.0

92.4

84.4

Wearing Apparel

334.1

212.6

100.0

83.4

88.2

Leather Products & Footwear

122.0

106.5

100.0

88.8

79.0

Wood & Wood Products

103.0

107.2

100.0

95.0

92.9

Paper & Paper Products

104.4

104.5

100.0

97.3

96.1

Printing & Media

113.8

105.968

100.0

85.1

73.1

Crude Oil Refineries

100.7

92.2

100.0

104.2

113.5

Chemical & Chemical Products

88.4

96.7

100.0

98.9

105.3

Pharmaceutical Products

101.421

109.4

100.0

113.8

96.0

Rubber & Plastic Products

109.497

109.2

100.0

91.4

93.7

Non-metallic Mineral

107.4

90.759

100.0

89.8

72.9

Basic Metals

77.2

99.3

100.0

106.2

108.3

Fabricated Metal Products

107.5

107.757

100.0

93.8

91.3

Machinery & Equipment

109.1

118.2

100.0

80.8

86.1

Electrical Machinery

87.4

97.871

100.0

101.5

111.7

Electronic Components

105.0

105.6

100.0

114.1

151.4

Transport Equipment

111.1

106.68

100.0

101.0

99.5

 

Construction

25.40

22.00

-

-

-

Real Estate

88.5

145.1

-

-

-

 

Services

Electricity, Gas & Water

6.70

6.50

-

-

-

Transport, Storage & Communication

9.80

14.20

-

-

-

Finance & Insurance

3.30

6.00

-

7.40

-

Government Services

6.50

6.30

-

-

-

Education Services

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 1999, the Subject is a Private Limited company, focusing on trading of lead-acid battery. 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 50,000. 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.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 4,894,689, 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.

FIAMM ASIA PACIFIC PTE LTD

 

Financial Year End

2017-03-31

2016-12-31

2015-12-31

2014-12-31

2013-12-31

Months

3

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

4,331,944

22,382,939

22,275,958

28,480,819

27,419,929

Other Income

237,293

192,614

177,028

445,799

126,145

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

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

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

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

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

Total Turnover

4,569,237

22,575,553

22,452,986

28,926,618

27,546,074

Costs of Goods Sold

(3,739,329)

(18,903,277)

(18,936,790)

(26,132,120)

(24,515,595)

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

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

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

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

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

Gross Profit

829,908

3,672,276

3,516,196

2,794,498

3,030,479

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(375,392)

357,415

39,304

(796,330)

(845,595)

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(375,392)

357,415

39,304

(796,330)

(845,595)

Taxation

(58,285)

21,872

20,097

(299,323)

73,898

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(433,677)

379,287

59,401

(1,095,653)

(771,697)

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

5,198,245

4,818,958

4,759,557

5,855,210

6,626,907

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

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

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

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

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

As restated

5,198,245

4,818,958

4,759,557

5,855,210

6,626,907

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

4,764,568

5,198,245

4,818,958

4,759,557

5,855,210

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

4,764,568

5,198,245

4,818,958

4,759,557

5,855,210

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

8,857

58,642

44,398

47,003

56,266

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

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

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

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

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

8,857

58,642

44,398

47,003

56,266

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

4,720

6,489

4,548

10,882

2,856

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

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

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

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

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

Total Amortization And Depreciation

4,720

6,489

4,548

10,882

2,856

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

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

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

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

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

 

BALANCE SHEET

 

FIAMM ASIA PACIFIC PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

37,511

8,098

10,866

1,452

8,643

LONG TERM INVESTMENTS/OTHER ASSETS

Associated companies

-

501,106

501,106

501,106

371,208

Deferred assets

-

58,121

35,565

-

291,622

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

559,227

536,671

501,106

662,830

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

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

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

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

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

TOTAL LONG TERM ASSETS

37,511

567,325

547,537

502,558

671,473

CURRENT ASSETS

Stocks

1,607,789

1,320,019

1,615,514

1,526,288

1,877,942

Trade debtors

3,919,531

4,898,036

5,474,390

4,274,254

5,999,020

Other debtors, deposits & prepayments

77,556

192,888

126,846

183,931

272,204

Short term deposits

-

-

-

-

48,456

Amount due from holding company

5,808,361

4,817,077

6,125,962

1,507,508

1,656,671

Amount due from subsidiary companies

-

-

284,960

89,900

89,900

Amount due from related companies

160,385

189,779

158,312

229,732

-

Amount due from associated companies

-

-

542,832

1,002,384

-

Cash & bank balances

922,630

982,676

650,769

1,937,173

1,998,928

Others

-

-

-

1,360

1,419

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

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

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

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

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

TOTAL CURRENT ASSETS

12,496,252

12,400,475

14,979,585

10,752,530

11,944,540

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

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

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

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

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

TOTAL ASSET

12,533,763

12,967,800

15,527,122

11,255,088

12,616,013

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

1,249,725

1,620,908

654,465

745,598

896,330

Other creditors & accruals

78,851

65,996

1,604,146

909,782

2,890,731

Short term borrowings/Term loans

546,492

546,492

546,492

546,492

279,500

Amounts owing to holding company

1,235,378

924,223

36,663

2,022,948

849,493

Amounts owing to related companies

4,154,902

4,129,145

7,560,085

1,911,346

1,508,058

Provision for taxation

167

2,196

618

1,317

981

Other liabilities

373,559

351,439

162,089

201,231

165,907

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

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

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

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

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

TOTAL CURRENT LIABILITIES

7,639,074

7,640,399

10,564,558

6,338,714

6,591,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

4,857,178

4,760,076

4,415,027

4,413,816

5,353,540

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

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

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

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

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

TOTAL NET ASSETS

4,894,689

5,327,401

4,962,564

4,916,374

6,025,013

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

29,500

29,500

29,500

29,500

29,500

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

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

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

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

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

TOTAL SHARE CAPITAL

29,500

29,500

29,500

29,500

29,500

RESERVES

Exchange equalisation/fluctuation reserve

100,621

99,656

114,106

127,317

140,303

Retained profit/(loss) carried forward

4,764,568

5,198,245

4,818,958

4,759,557

5,855,210

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

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

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

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

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

TOTAL RESERVES

4,865,189

5,297,901

4,933,064

4,886,874

5,995,513

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

4,894,689

5,327,401

4,962,564

4,916,374

6,025,013

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

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

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

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

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

 

FINANCIAL RATIO

 

FIAMM ASIA PACIFIC PTE LTD

 

TYPES OF FUNDS

Cash

922,630

982,676

650,769

1,937,173

2,047,384

Net Liquid Funds

922,630

982,676

650,769

1,937,173

2,047,384

Net Liquid Assets

3,249,389

3,440,057

2,799,513

2,887,528

3,475,598

Net Current Assets/(Liabilities)

4,857,178

4,760,076

4,415,027

4,413,816

5,353,540

Net Tangible Assets

4,894,689

5,327,401

4,962,564

4,916,374

6,025,013

Net Monetary Assets

3,249,389

3,440,057

2,799,513

2,887,528

3,475,598

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

(366,535)

416,057

83,702

(749,327)

(789,329)

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

(361,815)

422,546

88,250

(738,445)

(786,473)

BALANCE SHEET ITEMS

Total Borrowings

546,492

546,492

546,492

546,492

279,500

Total Liabilities

7,639,074

7,640,399

10,564,558

6,338,714

6,591,000

Total Assets

12,533,763

12,967,800

15,527,122

11,255,088

12,616,013

Net Assets

4,894,689

5,327,401

4,962,564

4,916,374

6,025,013

Net Assets Backing

4,894,689

5,327,401

4,962,564

4,916,374

6,025,013

Shareholders' Funds

4,894,689

5,327,401

4,962,564

4,916,374

6,025,013

Total Share Capital

29,500

29,500

29,500

29,500

29,500

Total Reserves

4,865,189

5,297,901

4,933,064

4,886,874

5,995,513

GROWTH RATIOS (Year on Year) (%)

Revenue

(80.65)

0.48

(21.79)

3.87

(11.90)

Proft/(Loss) Before Tax

(205.03)

809.36

104.94

5.83

(3,837.11)

Proft/(Loss) After Tax

(214.34)

538.52

105.42

(41.98)

(931.10)

Total Assets

(3.35)

(16.48)

37.96

(10.79)

(22.76)

Total Liabilities

(0.02)

(27.68)

66.67

(3.83)

(30.79)

LIQUIDITY (Times)

Cash Ratio

0.12

0.13

0.06

0.31

0.31

Liquid Ratio

1.43

1.45

1.26

1.46

1.53

Current Ratio

1.64

1.62

1.42

1.70

1.81

WORKING CAPITAL CONTROL (Days)

Stock Ratio

135

22

26

20

25

Debtors Ratio

330

80

90

55

80

Creditors Ratio

122

31

13

10

13

SOLVENCY RATIOS (Times)

Gearing Ratio

0.11

0.10

0.11

0.11

0.05

Liabilities Ratio

1.56

1.43

2.13

1.29

1.09

Times Interest Earned Ratio

(41.38)

7.09

1.89

(15.94)

(14.03)

Assets Backing Ratio

165.92

180.59

168.22

166.66

204.24

PERFORMANCE RATIO (%)

Operating Profit Margin

(8.67)

1.60

0.18

(2.80)

(3.08)

Net Profit Margin

(10.01)

1.69

0.27

(3.85)

(2.81)

Return On Net Assets

(7.49)

7.81

1.69

(15.24)

(13.10)

Return On Capital Employed

(7.49)

7.81

1.69

(15.24)

(13.10)

Return On Shareholders' Funds/Equity

(8.86)

7.12

1.20

(22.29)

(12.81)

Dividend Pay Out Ratio (Times)

0

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 65.91

UK Pound

1

INR 91.87

Euro

1

INR 80.26

SGD

1

INR 49.61

 

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.