MIRA INFORM REPORT

 

 

Report No. :

507308

Report Date :

09.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

EXCELPOINT SYSTEMS (PTE) LTD

 

 

Registered Office :

15, Changi Business Park Central 1, 06-00, 486057

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

19.11.1987

 

 

Com. Reg. No.:

198703628M

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading of electronic components.

 

 

No. of Employees :

150

 

 

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 :

No Complaints

 

 

Litigation :

--

 

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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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.

:

198703628M

COMPANY NAME

:

EXCELPOINT SYSTEMS (PTE) LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

19/11/1987

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

15, CHANGI BUSINESS PARK CENTRAL 1, 06-00, 486057, SINGAPORE.

BUSINESS ADDRESS

:

15, CHANGI BUSINESS PARK CENTRAL, 1, 06-00, 486057, SINGAPORE.

TEL.NO.

:

65-67418966

FAX.NO.

:

65-67418980

WEB SITE

:

WWW.EXCELPOINT.COM

CONTACT PERSON

:

PHUAY YONG HEN ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF ELECTRONIC COMPONENTS

ISSUED AND PAID UP CAPITAL

:

6,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 6,000,000.00

SALES

:

USD 561,303,683 [2017]

NET WORTH

:

USD 15,853,645 [2017]

STAFF STRENGTH

:

150 [2018]

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

NO COMPLAINTS

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) trading of electronic components.

 

The immediate and ultimate holding company of the Subject is EXCELPOINT TECHNOLOGY LTD., a company incorporated in SINGAPORE.

 

Share Capital History

Date

Issue & Paid Up Capital

07/05/2018

SGD 6,000,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

EXCELPOINT TECHNOLOGY LTD.

15, CHANGI BUSINESS PARK CENTRAL 1, 06-00 486057 ,SINGAPORE

200103280C

6,000,000.00

100.00

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

------

6,000,000.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

INDIA

EXCELPOINT SYSTEMS (INDIA) PRIVATE LIMITED

-

100.00

31/12/2017

564219W

MALAYSIA

EXCELPOINT SYSTEMS SDN. BHD.

-

100.00

31/12/2017



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

PHUAY YONG HEN

Address

:

22B, KING ALBERT PARK, 598325, SINGAPORE.

IC / PP No

:

S1258804F

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/11/1987



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

198703628M

EXCELPOINT SYSTEMS (PTE) LTD

Director

19/11/1987

0.00

-

USD4,155,192.00

2017

-

07/05/2018

2

200103280C

EXCELPOINT TECHNOLOGY LTD.

Director Shareholder

18/05/2001 18/05/2001

47,515,204.00

46.36

USD4,355,000.00

2015

-

08/07/2016

3

199900553E

IFOCUS PTE LTD

Shareholder

-

18,930.00

10.00

-

2017

-

30/09/2014

 

DIRECTOR 2

 

Name Of Subject

:

HAN JIAK SIEW

Address

:

22B, KING ALBERT PARK, 598325, SINGAPORE.

IC / PP No

:

S1248308B

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/10/1992



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

198703628M

EXCELPOINT SYSTEMS (PTE) LTD

Director

21/10/1992

0.00

-

USD4,155,192.00

2017

-

07/05/2018

2

200103280C

EXCELPOINT TECHNOLOGY LTD.

Shareholder

-

2,432,168.00

2.37

USD4,355,000.00

2015

-

08/07/2016

 

 

MANAGEMENT

 

 

1)

Name of Subject

:

PHUAY YONG HEN

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

WONG LAI LENG

IC / PP No

:

S1176982I

Address

:

241, BUKIT BATOK EAST AVENUE 5, 02-277, GOMBAK GARDENS, 650241, SINGAPORE.

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


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

 

 

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 winding up petition was found in our databank.

LEGAL ACTION

 

 

 

Total PENDING Case(s) : 1

 

 

Case Status

:

PENDING

Code No

:

99

Case No

:

2715

Year

:

2009

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

02/02/2009

Solicitor

:

SIOW JIT THONG

Solicitor Firm

:

DAVID SIOW CHUA & TAN LLC

Plaintiff

:

DAVID KOI GEK YEOW

DEFENDANTS

:

EXCELPOINT SYSTEMS (PTE) LTD (198703628)

Amount Claimed

:

6621.70

Nature of Claim

:

SGD

Remark

:

TORT-NEGLIGENCE

 

 

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

:

WORLDWIDE

Credit Term

:

30 - 60 DAYS

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Ownership of premises

:

OWNED

 

Total Number of Employees:

 

YEAR

2018

2017

2016

2015

GROUP

N/A

N/A

N/A

N/A

COMPANY

150

150

150

150

 

Branch

:

NO

Other Information:


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

The Subject is one of the companies listed under the Excelpoint group of companies.

The Group is a total solutions provider of quality components, engineering designs and supply chain services to electronics manufacturers in Asia including original equipment manufacturers ("OEM"), original design manufacturers ("ODM") and electronics manufacturing services providers ("EMS").

Excelpoint works closely with its principals to create innovative solutions to complement its customers' products and solutions. The Group has set up research and development (“R&D”) centres in both Singapore and China helmed by a team of professional engineers aimed at improving its customers' operational efficiency and cost competitiveness.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-67418966

Match

:

N/A

Address Provided by Client

:

15 CHANGI BUSINESS CENTRAL 1 #06-00 SINGAPORE-486057

Current Address

:

15, CHANGI BUSINESS PARK CENTRAL, 1, 06-00, 486057, SINGAPORE.

Match

:

NO

 

Other Investigations


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

The address provided is incomplete.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2013 - 2017

]

Profit/(Loss) Before Tax

:

Increased

[

2013 - 2017

]

Return on Shareholder Funds

:

Acceptable

[

26.21%

]

Return on Net Assets

:

Favourable

[

44.09%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

41 Days

]

Debtor Ratio

:

Acceptable

[

61 Days

]

Creditors Ratio

:

Favourable

[

36 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 management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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

:

Unfavourable

[

0.68 Times

]

Current Ratio

:

Unfavourable

[

1.10 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Acceptable

[

3.47 Times

]

Gearing Ratio

:

Unfavourable

[

5.31 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

Overall Assessment :

Generally, the Subject's performance has improved with higher turnover and profit. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the Subject : FAIR

 

 

 

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

According to the Ministry of Trade and Industry, the wholesale & retail trade sector expanded to 3.0% in the fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter. The wholesale trade segment was boosted by an improvement in foreign wholesale sales volume, which more than offset the weakness in domestic wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can be attributed to the wholesale segment.

The domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer outturn was led by declines in the sales volume of household equipment & furniture (-27%) and general wholesale merchandise (-19%), which outweighed the increase in the sales volume of telecommunications & computers (20%). For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in 2016.

On the other hand, foreign wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related products (11%t), telecommunications & computers (19%) and electronic components (16%). However, growth was partly offset by a 20% decline in the sales volume of metals, timber & construction materials. For the full year 2017, the foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5% in the previous year.

Besides, retail sales volume rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth recorded in the third quarter. Growth was supported by improvements in both motor vehicle and non-motor vehicle sales volumes. While motor vehicle sales benefitted from an on-year increase in COE supply, growth in non-motor vehicle sales came on the back of an improvement in consumer sentiments. Notably, the sales volume of discretionary goods such as recreational goods, computer & telecommunication equipment and wearing apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively.

For the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was driven by both motor vehicle sales and non-motor vehicle sales, which the former rising by 1.5% and the latter increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For instance, the sales volume of recreational goods (3.9%), watches & jewellery (2.4%), computer & telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1987, the Subject is a Private Limited company, focusing on trading of electronic components. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 6,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.


Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a rapidly growing company with over 150 staff in its operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

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. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 15,853,645, 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 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.

EXCELPOINT SYSTEMS (PTE) LTD

 

Financial Year End

2017-12-31

2016-12-31

2015-12-31

2014-12-31

2013-12-31

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

561,303,683

485,040,239

373,277,367

335,216,255

256,717,084

Other Income

3,459,324

3,398,372

3,277,105

7,478,016

4,508,507

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

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

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

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

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

Total Turnover

564,763,007

488,438,611

376,554,472

342,694,271

261,225,591

Costs of Goods Sold

(538,033,555)

(464,359,486)

(358,793,890)

(319,676,966)

(240,490,510)

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

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

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

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

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

Gross Profit

26,729,452

24,079,125

17,760,582

23,017,305

20,735,081

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

4,975,998

4,436,406

1,223,580

5,379,026

2,217,839

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

4,975,998

4,436,406

1,223,580

5,379,026

2,217,839

Taxation

(820,806)

(653,767)

(195,308)

(65,407)

(197,352)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

4,155,192

3,782,639

1,028,272

5,313,619

2,020,487

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

10,186,821

6,404,182

5,375,910

3,125,920

1,105,433

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

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

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

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

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

As restated

10,186,821

6,404,182

5,375,910

3,125,920

1,105,433

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

14,342,013

10,186,821

6,404,182

8,439,539

3,125,920

DIVIDENDS - Ordinary (paid & proposed)

(1,719,197)

-

-

(3,063,629)

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

12,622,816

10,186,821

6,404,182

5,375,910

3,125,920

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

2,013,853

1,117,631

800,600

597,140

456,266

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

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

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

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

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

2,013,853

1,117,631

800,600

597,140

456,266

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

382,964

327,463

349,371

568,631

619,177

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

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

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

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

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

Total Amortization And Depreciation

382,964

327,463

349,371

568,631

619,177

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

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

EXCELPOINT SYSTEMS (PTE) LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

1,038,486

1,038,103

869,507

1,078,812

3,098,417

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

11,576

11,576

11,576

11,576

11,576

Deferred assets

-

-

13,167

13,167

13,167

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

11,576

11,576

24,743

24,743

24,743

INTANGIBLE ASSETS

Others

251,505

298,603

105,788

105,788

105,788

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

251,505

298,603

105,788

105,788

105,788

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

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

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

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

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

TOTAL LONG TERM ASSETS

1,301,567

1,348,282

1,000,038

1,209,343

3,228,948

CURRENT ASSETS

Stocks

62,758,701

43,247,889

32,219,197

26,304,669

23,358,960

Trade debtors

94,524,909

65,291,333

52,141,291

48,804,469

38,766,553

Other debtors, deposits & prepayments

523,074

197,143

197,100

304,534

288,176

Short term deposits

-

-

-

3,936,400

-

Amount due from holding company

-

-

78,314

-

-

Amount due from subsidiary companies

766,860

806,887

547,798

721,640

326,437

Amount due from related companies

963,012

10,582,223

15,665,397

3,032,142

3,035,469

Cash & bank balances

4,657,730

5,843,417

2,227,172

2,395,781

3,444,787

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

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

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

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

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

TOTAL CURRENT ASSETS

164,194,286

125,968,892

103,076,269

85,499,635

69,220,382

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

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

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

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

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

TOTAL ASSET

165,495,853

127,317,174

104,076,307

86,708,978

72,449,330

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

52,506,710

29,890,430

24,001,250

18,404,561

23,355,867

Other creditors & accruals

8,944,132

6,807,239

5,339,570

4,277,326

2,493,254

Short term borrowings/Term loans

-

3,000,000

-

-

-

Bill & acceptances payable

84,151,973

68,871,718

60,841,804

42,301,589

31,719,752

Amounts owing to holding company

2,374,291

4,025,339

-

9,057,151

4,300,249

Amounts owing to subsidiary companies

447,759

291,311

368,784

231,937

347,104

Amounts owing to related companies

730

110,818

3,439,886

3,485,444

3,634,854

Provision for taxation

1,174,613

898,669

450,002

344,231

241,501

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

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

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

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

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

TOTAL CURRENT LIABILITIES

149,600,208

113,895,524

94,441,296

78,102,239

66,092,581

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

14,594,078

12,073,368

8,634,973

7,397,396

3,127,801

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

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

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

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

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

LONG TERM LIABILITIES

Deferred taxation

42,000

4,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

42,000

4,000

-

-

-

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

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

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

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

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

TOTAL NET ASSETS

15,853,645

13,417,650

9,635,011

8,606,739

6,356,749

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

3,230,829

3,230,829

3,230,829

3,230,829

3,230,829

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

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

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

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

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

TOTAL SHARE CAPITAL

3,230,829

3,230,829

3,230,829

3,230,829

3,230,829

RESERVES

Retained profit/(loss) carried forward

12,622,816

10,186,821

6,404,182

5,375,910

3,125,920

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

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

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

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

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

TOTAL RESERVES

12,622,816

10,186,821

6,404,182

5,375,910

3,125,920

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

15,853,645

13,417,650

9,635,011

8,606,739

6,356,749

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

EXCELPOINT SYSTEMS (PTE) LTD

 

TYPES OF FUNDS

Cash

4,657,730

5,843,417

2,227,172

6,332,181

3,444,787

Net Liquid Funds

(79,494,243)

(63,028,301)

(58,614,632)

(35,969,408)

(28,274,965)

Net Liquid Assets

(48,164,623)

(31,174,521)

(23,584,224)

(18,907,273)

(20,231,159)

Net Current Assets/(Liabilities)

14,594,078

12,073,368

8,634,973

7,397,396

3,127,801

Net Tangible Assets

15,602,140

13,119,047

9,529,223

8,500,951

6,250,961

Net Monetary Assets

(48,206,623)

(31,178,521)

(23,584,224)

(18,907,273)

(20,231,159)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

6,989,851

5,554,037

2,024,180

5,976,166

2,674,105

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

7,372,815

5,881,500

2,373,551

6,544,797

3,293,282

BALANCE SHEET ITEMS

Total Borrowings

84,151,973

71,871,718

60,841,804

42,301,589

31,719,752

Total Liabilities

149,642,208

113,899,524

94,441,296

78,102,239

66,092,581

Total Assets

165,495,853

127,317,174

104,076,307

86,708,978

72,449,330

Net Assets

15,853,645

13,417,650

9,635,011

8,606,739

6,356,749

Net Assets Backing

15,853,645

13,417,650

9,635,011

8,606,739

6,356,749

Shareholders' Funds

15,853,645

13,417,650

9,635,011

8,606,739

6,356,749

Total Share Capital

3,230,829

3,230,829

3,230,829

3,230,829

3,230,829

Total Reserves

12,622,816

10,186,821

6,404,182

5,375,910

3,125,920

GROWTH RATIOS (Year on Year) (%)

Revenue

15.72

29.94

11.35

30.58

4.78

Proft/(Loss) Before Tax

12.16

262.58

(77.25)

142.53

167.84

Proft/(Loss) After Tax

9.85

267.86

(80.65)

162.99

179.56

Total Assets

29.99

22.33

20.03

19.68

15.41

Total Liabilities

31.38

20.60

20.92

18.17

13.10

LIQUIDITY (Times)

Cash Ratio

0.03

0.05

0.02

0.08

0.05

Liquid Ratio

0.68

0.73

0.75

0.76

0.69

Current Ratio

1.10

1.11

1.09

1.09

1.05

WORKING CAPITAL CONTROL (Days)

Stock Ratio

41

33

32

29

33

Debtors Ratio

61

49

51

53

55

Creditors Ratio

36

23

24

21

35

SOLVENCY RATIOS (Times)

Gearing Ratio

5.31

5.36

6.31

4.91

4.99

Liabilities Ratio

9.44

8.49

9.80

9.07

10.40

Times Interest Earned Ratio

3.47

4.97

2.53

10.01

5.86

Assets Backing Ratio

4.83

4.06

2.95

2.63

1.93

PERFORMANCE RATIO (%)

Operating Profit Margin

0.89

0.91

0.33

1.60

0.86

Net Profit Margin

0.74

0.78

0.28

1.59

0.79

Return On Net Assets

44.09

41.39

21.01

69.44

42.07

Return On Capital Employed

43.29

40.48

20.78

68.59

41.38

Return On Shareholders' Funds/Equity

26.21

28.19

10.67

61.74

31.78

Dividend Pay Out Ratio (Times)

0.41

0

0

0.58

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.08

UK Pound

1

INR 91.14

Euro

1

INR 80.01

SGD

1

INR 50.15

                                                                  

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.