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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

501221

Report Date :

30.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

 

 

Registered Office :

1, North Bridge Road, 19-04/05, High Street Centre, 179094

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

26.06.2009

 

 

Com. Reg. No.:

T09FC0072-F

 

 

Legal Form :

Foreign Company

 

 

Line of Business :

The Subject is principally engaged in hardware consultancy & software consultancy.

 

 

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

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-16 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.

The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

T09FC0072-F

COMPANY NAME

:

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

FORMER NAME

:

N/A

INCORPORATION DATE

:

26/06/2009

COMPANY STATUS

:

EXIST

LEGAL FORM

:

FOREIGN COMPANY

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, NORTH BRIDGE ROAD, 19-04/05, HIGH STREET CENTRE, 179094, SINGAPORE.

BUSINESS ADDRESS

:

1, NORTH BRIDGE ROAD, 19-04/05, HIGH STREET CENTRE, 179094, SINGAPORE.

TEL.NO.

:

65-66610100

FAX.NO.

:

N/A

CONTACT PERSON

:

LAKSHMINARAYANAN A/L SEETHARAMA SASTRY ( DIRECTOR )

PRINCIPAL ACTIVITY

:

HARDWARE CONSULTANCY & SOFTWARE CONSULTANCY

SALES

:

USD 17,392,129 [2015]

NET WORTH

:

USD 1,067,337 [2015]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is principally engaged in the (as a / as an) hardware consultancy & software consultancy.

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

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

LAKSHMINARAYANAN CHAKRAVARTHY SOGATHUR

Address

:

A-403, PLOT 13-14, AMRITA SADAN, SECTOR 22, OPP NERUL STATION NERUL (W), NAVI MUMBAI, 400706, MAHARASHTRA, INDIA.

IC / PP No

:

2182569

Nationality

:

INDIAN

Date of Appointment

:

02/06/2008



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

T09FC0072F

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

Director

02/06/2008

0.00

-

USD688,595.00

2015

-

23/11/2017

 

DIRECTOR 2

 

Name Of Subject

:

KOTA VENKATA DURGANADH

Address

:

F 33, 6-3-630/1, 2, AND 3, SYMPHONY DWELLINGS, ANAND NAGAR COLONY, KHAIRATABAD, HYDERABAD, 500004 ANDHRA PRADESH

IC / PP No

:

1325018

Nationality

:

INDIAN

Date of Appointment

:

05/12/2005



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

T09FC0072F

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

Director

05/12/2005

0.00

-

USD688,595.00

2015

-

23/11/2017

 

DIRECTOR 3

 

Name Of Subject

:

SHIVANAND RAMA SHETTIGAR

Address

:

14, BALAMBIKA CHS, CHEDDA NAGAR, CHEMBUR, MUMBAI, 400089, MAHARASHTRA, INDIA.

Other Address(es)

:

NAGAR, CHEMBUR, MUMBAI, 400089, MAHARASHTRA, INDIA.

IC / PP No

:

209835

Nationality

:

INDIAN

Date of Appointment

:

02/06/2008



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

T09FC0072F

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

Director

02/06/2008

0.00

-

USD688,595.00

2015

-

23/11/2017

 

DIRECTOR 4

 

Name Of Subject

:

VIJAY KUMAR WADHI

Address

:

MANSAROVER, 107, VILLA GREENS, GANDIPET, HYDERABAD, 500075, ANDHRA PRADESH, INDIA.

IC / PP No

:

87657

Nationality

:

INDIAN

Date of Appointment

:

19/11/1999



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

T09FC0072F

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

Director

19/11/1999

0.00

-

USD688,595.00

2015

-

23/11/2017

 

DIRECTOR 5

 

Name Of Subject

:

UTTAM KUMAR MAJUMDAR

Address

:

1-7-200/1, KAMALANAGAR, ECIL, HYDERABAD, 500001, ANDHRA PRADESH, INDIA.

IC / PP No

:

87668

Nationality

:

INDIAN

Date of Appointment

:

19/11/1999



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

T09FC0072F

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

Director

19/11/1999

0.00

-

USD688,595.00

2015

-

23/11/2017



MANAGEMENT

 

 

1)

Name of Subject

:

LAKSHMINARAYANAN A/L SEETHARAMA SASTRY

Position

:

DIRECTOR

 

 

AUDITOR


No Auditor found in our databank

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

VANGAL RANGARAJAN RANGANATHAN

IC / PP No

:

S2662860A

Address

:

207, SERANGOON CENTRAL, 11-198, 550207, SINGAPORE.

Remarks

:

AUTHORISED REPRESENTATIVE

 

2)

Company Secretary

:

NARASIMHAN MOHAN

IC / PP No

:

S2625331D

Address

:

16, PHENG GECK, AVENUE SENNETT ESTATE, 34821, SINGAPORE.

Remarks

:

AUTHORISED REPRESENTATIVE

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject is a service provider.

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

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

HARDWARE CONSULTANCY & SOFTWARE CONSULTANCY

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) hardware consultancy & software consultancy.

The Group is a trusted partner to several Global Corporations and Institutions for managing their End-to-End IT (Information Technology) Infrastructure Life Cycle & Business Critical Processes. Locuz is a leading IT organization focused on delivering smart, next-generation solutions that help enterprises overcome their business IT challenges. These solutions leverage innovations in technology, knowledge of business processes, and domain expertise to provide clients a competitive edge.

The Group's next-generation solutions and services specialize in:

Industry Verticals in IT-ITES, Healthcare, Financial Services, Insurance, Manufacturing, Education & Research and Defense; and
Varied business processes that transcend pCloud Computing, VDI & BYOD, Core DC, NGN & Collaboration, Identity & Access Management, Information Security, Big Data, High Performance Computing & IT Automation & Analytics.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-66610100

Match

:

N/A

Address Provided by Client

:

1, NORTH BRIDGE ROAD, 179094

Current Address

:

1, NORTH BRIDGE ROAD, 19-04/05, HIGH STREET CENTRE, 179094, SINGAPORE.

Match

:

NO


We have contacted the Subject's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

Other Investigations


We contacted one of the staff from the Subject's registered office and she only provided limited information.

The address provided is incomplete.

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


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2012 - 2015

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2015

]

Return on Shareholder Funds

:

Favourable

[

64.52%

]

Return on Net Assets

:

Favourable

[

76.82%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.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

Debtor Ratio

:

Unfavourable

[

131 Days

]

Creditors Ratio

:

Unfavourable

[

119 Days

]

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

[

1.20 Times

]

Current Ratio

:

Unfavourable

[

1.20 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

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

Overall Assessment :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : STABLE

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

-

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

-

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

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 2009, the Subject is a Foreign company, focusing on hardware consultancy & software consultancy. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth.

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 1,067,337, 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 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 normally.



PROFIT AND LOSS ACCOUNT

 

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

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

 

Financial Year End

2015-03-31

2014-03-31

2013-03-31

2012-03-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

TURNOVER

17,392,129

11,256,504

14,531,107

10,891,318

Other Income

65,109

89,796

25,896

-

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

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

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

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

Total Turnover

17,457,238

11,346,300

14,557,003

10,891,318

Costs of Goods Sold

(15,457,685)

(9,962,267)

(12,648,770)

(9,433,030)

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

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

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

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

Gross Profit

1,999,553

1,384,033

1,908,233

1,458,288

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

819,921

182,023

1,023,037

489,231

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

819,921

182,023

1,023,037

489,231

Taxation

(131,326)

(4,004)

(163,158)

(58,586)

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

688,595

178,019

859,879

430,645

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,987,521

1,809,502

949,623

518,978

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

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

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

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

As restated

1,987,521

1,809,502

949,623

518,978

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

2,676,116

1,987,521

1,809,502

949,623

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

2,676,116

1,987,521

1,809,502

949,623

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

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

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

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

 

 

 

 

 

 

 

BALANCE SHEET

 

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

 

Stocks

8,538

9,822

19,817

167,213

Trade debtors

6,223,879

2,188,865

1,541,593

1,936,897

Other debtors, deposits & prepayments

42,186

5,504

293,333

10,486

Cash & bank balances

6,304

6,629

287,507

312,270

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

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

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

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

TOTAL CURRENT ASSETS

6,280,907

2,210,820

2,142,250

2,426,866

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

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

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

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

TOTAL ASSET

6,280,907

2,210,820

2,142,250

2,426,866

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

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

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

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

CURRENT LIABILITIES

Trade creditors

5,040,167

1,528,971

2,046,120

1,696,327

Other creditors & accruals

61,624

29,143

54,394

58,989

Provision for taxation

111,779

62,358

124,970

106,000

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

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

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

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

TOTAL CURRENT LIABILITIES

5,213,570

1,620,472

2,225,484

1,861,316

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

1,067,337

590,348

(83,234)

565,550

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

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

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

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

TOTAL NET ASSETS

1,067,337

590,348

(83,234)

565,550

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

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

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

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

HEAD OFFICE ACCOUNT

(1,608,779)

(1,397,173)

(1,892,736)

(384,073)

Retained profit/(loss) carried forward

2,676,116

1,987,521

1,809,502

949,623

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

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

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

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

TOTAL RESERVES

2,676,116

1,987,521

1,809,502

949,623

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

1,067,337

590,348

(83,234)

565,550

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

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

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

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

1,067,337

590,348

(83,234)

565,550

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

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

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

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

 

 

 

 

 

 

 

FINANCIAL RATIO

 

LOCUZ ENTERPRISE SOLUTIONS LIMITED SINGAPORE BRANCH

 

TYPES OF FUNDS

Cash

6,304

6,629

287,507

312,270

Net Liquid Funds

6,304

6,629

287,507

312,270

Net Liquid Assets

1,058,799

580,526

(103,051)

398,337

Net Current Assets/(Liabilities)

1,067,337

590,348

(83,234)

565,550

Net Tangible Assets

1,067,337

590,348

(83,234)

565,550

Net Monetary Assets

1,058,799

580,526

(103,051)

398,337

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

819,921

182,023

1,023,037

489,231

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

819,921

182,023

1,023,037

489,231

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

Total Liabilities

5,213,570

1,620,472

2,225,484

1,861,316

Total Assets

6,280,907

2,210,820

2,142,250

2,426,866

Net Assets

1,067,337

590,348

(83,234)

565,550

Net Assets Backing

1,067,337

590,348

(83,234)

565,550

Shareholders' Funds

1,067,337

590,348

(83,234)

565,550

Total Share Capital

0

0

0

0

Total Reserves

2,676,116

1,987,521

1,809,502

949,623

GROWTH RATIOS (Year on Year)

Revenue

54.51

(22.54)

33.42

-

Proft/(Loss) Before Tax

350.45

(82.21)

109.11

-

Proft/(Loss) After Tax

286.81

(79.30)

99.67

-

Total Assets

184.10

3.20

(11.73)

-

Total Liabilities

221.73

(27.19)

19.57

-

LIQUIDITY (Times)

Cash Ratio

0

0

0.13

0.17

Liquid Ratio

1.20

1.36

0.95

1.21

Current Ratio

1.20

1.36

0.96

1.30

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

6

Debtors Ratio

131

71

39

65

Creditors Ratio

119

56

59

66

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

Liabilities Ratio

4.88

2.74

(26.74)

3.29

Times Interest Earned Ratio

0

0

0

0

Assets Backing Ratio

-

-

-

-

PERFORMANCE RATIO (%)

Operating Profit Margin

4.71

1.62

7.04

4.49

Net Profit Margin

3.96

1.58

5.92

3.95

Return On Net Assets

76.82

30.83

(1,229.11)

86.51

Return On Capital Employed

76.82

30.83

(1,229.11)

86.51

Return On Shareholders' Funds/Equity

64.52

30.15

(1,033.09)

76.15

Dividend Pay Out Ratio (Times)

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0





 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.04

UK Pound

1

INR 92.28

Euro

1

INR 80.62

SGD

1

INR 49.71

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

DNS

                                                


 

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.