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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

510830

Report Date :

25.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MACNICA CYTECH PTE. LTD.

 

 

Formerly Known As :

CYTECH GLOBAL PTE. LTD

 

 

Registered Office :

19, Tai Seng Avenue, 03-01, 534054

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

15.06.2009

 

 

Com. Reg. No.:

200910684C

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

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

 

 

No. of Employees :

50 [2018]

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of 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.

:

200910684C

COMPANY NAME

:

MACNICA CYTECH PTE. LTD.

FORMER NAME

:

CYTECH GLOBAL PTE. LTD. (08/09/2017)

INCORPORATION DATE

:

15/06/2009

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

19, TAI SENG AVENUE, 03-01, 534054, SINGAPORE.

BUSINESS ADDRESS

:

19 TAI SENG AVENUE, #03-01, 534054, SINGAPORE.

TEL.NO.

:

65-63960200

FAX.NO.

:

65-63963983

EMAIL

:

CYG_ENQUIRY@CYTECH.COM

WEB SITE

:

WWW.CYTECHGLOBAL.COM

CONTACT PERSON

:

CHAN CHI KWONG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF ELECTRONIC COMPONENTS

ISSUED AND PAID UP CAPITAL

:

712,300.00 ORDINARY SHARE, OF A VALUE OF SGD 712,300.00

SALES

:

USD 63,792,495 [2017]

NET WORTH

:

USD 4,892,909 [2017]

STAFF STRENGTH

:

50 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

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

 

Share Capital History

Date

Issue & Paid Up Capital

24/05/2018

SGD 712,300.00

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

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MACNICA CYTECH LIMITED

SUITES 4001-4003, 40/F, TWO LANDMARK EAST 100 HOW MING STREET, KWUN TONG, KOWLOON HONG KONG

T09UF1447

712,300.00

100.00

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

------

712,300.00

100.00

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

=====

+ Also Director

 

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


Local No

Country

Company

Status

(%)

As At

1137571K

MALAYSIA

MACNICA CYTECH SDN. BHD.

-

100.00

31/03/2017

 

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

JOHNNY CHAN CHI KWONG

Address

:

HOUSE 20, PETRUS AVENUE, THE VINEYARD, 23 NGUA TAM MEI ROAD, YUEN LONG, NEW TERRITOROES, HONG KONG.

IC / PP No

:

KJ0233555

Nationality

:

CHINESE

Date of Appointment

:

15/06/2009



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

995216P

CYTECH GLOBAL PTE. LTD.

Director

28/09/2009

0.00

-

MYR22,980.00

2016

-

23/04/2018

2

200910684C

MACNICA CYTECH PTE. LTD.

Director

15/06/2009

0.00

-

USD998,666.00

2017

-

24/05/2018

 

DIRECTOR 2

 

Name Of Subject

:

GUI YOCK MENG

Address

:

83, PATERSON ROAD, 17 - 02, PATERSON RESIDENCE, 238549, SINGAPORE.

IC / PP No

:

S1812058E

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/06/2009



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

995216P

CYTECH GLOBAL PTE. LTD.

Director

28/09/2009

0.00

-

MYR22,980.00

2016

-

23/04/2018

2

200910684C

MACNICA CYTECH PTE. LTD.

Director

15/06/2009

0.00

-

USD998,666.00

2017

-

24/05/2018

 

DIRECTOR 3

 

Name Of Subject

:

YUJI WAKABAYASHI

Address

:

1938-303 KITAHASSAKU MIDORI, YOKOHAMA, JAPAN.

IC / PP No

:

TK0671478

Nationality

:

JAPANESE

Date of Appointment

:

30/04/2012



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

995216P

CYTECH GLOBAL PTE. LTD.

Director

30/04/2012

0.00

-

MYR22,980.00

2016

-

23/04/2018

2

200910684C

MACNICA CYTECH PTE. LTD.

Director

30/04/2012

0.00

-

USD998,666.00

2017

-

24/05/2018

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

CHAN CHI KWONG

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

NGIAM MAY LING

IC / PP No

:

S7306309D

Address

:

50, RAFFLES PLACE, 32-01, SINGAPORE LAND TOWER, 048623, 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 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

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

ELECTRONIC COMPONENTS

 

Total Number of Employees:

YEAR

2018

2015

GROUP

N/A

N/A

COMPANY

50

25

 

Branch

:

NO

Other Information:


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

The Subject deals with the followings products:

Altera
Aptina Imaging
Bittware
Cypress Semiconductor
Ecliptek
FOX Electronics
IDT
Infineon
Linear Technology
ON Semiconductor
Ortus Technology
PMC-Sierra
Semtech
Spansion
Tempo Semiconductor

The Subject specializes in demand creation, meeting global supply.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6563960200

Current Telephone Number

:

65-63960200

Match

:

YES

Address Provided by Client

:

19 TAI SENG AVENUE # 03-01, S=534054

Current Address

:

19 TAI SENG AVENUE, #03-01, 534054, SINGAPORE.

Match

:

YES

 

Other Investigations


we contacted one of the staff from the Subject's registered office and she provided some information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2013 - 2017

]

Profit/(Loss) Before Tax

:

Increased

[

2013 - 2017

]

Return on Shareholder Funds

:

Acceptable

[

20.41%

]

Return on Net Assets

:

Acceptable

[

27.02%

]

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

:

Unfavourable

[

89 Days

]

Debtor Ratio

:

Unfavourable

[

80 Days

]

Creditors Ratio

:

Unfavourable

[

89 Days

]

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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

:

Unfavourable

[

0.59 Times

]

Current Ratio

:

Unfavourable

[

1.18 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

:

Favourable

[

11.06 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : FAIR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

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 2009, the Subject is a Private Limited company, focusing on wholesale of electronic components. 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. Presently, the issued and paid up capital of the Subject stands at SGD 712,300. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Investigation revealed, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is operating on a medium scale and it has approximately 50 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

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. 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 4,892,909, 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.

 

 

Financials

 

PROFIT AND LOSS ACCOUNT

 

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

MACNICA CYTECH PTE. LTD.

 

Financial Year End

2017-03-31

2016-03-31

2015-03-31

2014-03-31

2013-03-31

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

SUMMARY

FULL

FULL

Currency

USD

USD

SGD

USD

USD

TURNOVER

63,792,495

51,527,108

64,368,119

43,697,884

39,823,813

Other Income

314,093

371,897

-

136,979

91,419

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

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

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

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

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

Total Turnover

64,106,588

51,899,005

64,368,119

43,834,863

39,915,232

Costs of Goods Sold

(58,725,309)

(47,043,811)

-

(39,652,125)

(36,377,215)

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

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

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

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

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

Gross Profit

5,381,279

4,855,194

-

4,182,738

3,538,017

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,202,715

951,958

1,521,754

791,490

518,194

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,202,715

951,958

1,521,754

791,490

518,194

Taxation

(204,049)

(126,791)

(278,944)

(115,765)

(52,391)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

998,666

825,167

1,242,810

675,725

465,803

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

3,394,243

2,569,076

1,928,806

911,281

445,478

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

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

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

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

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

As restated

3,394,243

2,569,076

1,928,806

911,281

445,478

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

4,392,909

3,394,243

3,171,616

1,587,006

911,281

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

4,392,909

3,394,243

3,171,616

1,587,006

911,281

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

119,538

96,806

-

76,778

102,722

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

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

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

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

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

119,538

96,806

-

76,778

102,722

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

17,253

24,295

-

-

-

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

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

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

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

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

Total Amortization And Depreciation

17,253

24,295

-

-

-

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

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

 

BALANCE SHEET

 

MACNICA CYTECH PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

32,811

36,328

77,471

115,260

142,196

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

100,000

100,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

100,000

100,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

132,811

136,328

77,471

115,260

142,196

CURRENT ASSETS

Stocks

15,574,318

11,459,600

-

12,212,839

8,330,911

Trade debtors

14,063,802

10,089,318

-

8,906,887

7,029,692

Other debtors, deposits & prepayments

315,497

85,339

-

-

-

Short term loans & advances

-

-

-

10,782

65,641

Amount due from holding company

14,617

-

-

3,739,631

2,636,204

Amount due from subsidiary companies

165,400

295,326

-

37,645

-

Amount due from related companies

60,507

19,859

-

1,921

-

Cash & bank balances

641,837

701,592

-

399,639

2,344,185

Others

-

-

-

67,326

70,084

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

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

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

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

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

TOTAL CURRENT ASSETS

30,835,978

22,651,034

30,721,449

25,376,670

20,476,717

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

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

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

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

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

TOTAL ASSET

30,968,789

22,787,362

30,798,920

25,491,930

20,618,913

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

14,332,088

7,733,871

-

13,428,173

8,404,122

Other creditors & accruals

849,349

782,409

-

349,439

152,615

Amounts owing to holding company

10,425,073

9,945,723

-

9,006,200

10,200,410

Amounts owing to subsidiary companies

20,899

26,611

-

80,460

21,907

Amounts owing to related companies

200,034

181,395

-

143,435

-

Provision for taxation

238,220

212,893

-

135,607

84,163

Other liabilities

-

-

-

251,393

326,865

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

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

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

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

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

TOTAL CURRENT LIABILITIES

26,065,663

18,882,902

26,902,075

23,394,707

19,190,082

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

4,770,315

3,768,132

3,819,374

1,981,963

1,286,635

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

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

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

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

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

LONG TERM LIABILITIES

Deferred taxation

10,217

10,217

-

10,217

17,550

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

10,217

10,217

12,929

10,217

17,550

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

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

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

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

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

TOTAL NET ASSETS

4,892,909

3,894,243

3,883,916

2,087,006

1,411,281

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

500,000

500,000

712,300

500,000

500,000

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

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

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

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

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

TOTAL SHARE CAPITAL

500,000

500,000

712,300

500,000

500,000

RESERVES

Retained profit/(loss) carried forward

4,392,909

3,394,243

3,171,616

1,587,006

911,281

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

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

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

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

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

TOTAL RESERVES

4,392,909

3,394,243

3,171,616

1,587,006

911,281

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

4,892,909

3,894,243

3,883,916

2,087,006

1,411,281

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

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

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

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

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

 

FINANCIAL RATIO

 

MACNICA CYTECH PTE. LTD.

 

TYPES OF FUNDS

Cash

641,837

701,592

-

399,639

2,344,185

Net Liquid Funds

641,837

701,592

-

399,639

2,344,185

Net Liquid Assets

(10,804,003)

(7,691,468)

3,819,374

(10,230,876)

(7,044,276)

Net Current Assets/(Liabilities)

4,770,315

3,768,132

3,819,374

1,981,963

1,286,635

Net Tangible Assets

4,892,909

3,894,243

3,883,916

2,087,006

1,411,281

Net Monetary Assets

(10,814,220)

(7,701,685)

3,806,445

(10,241,093)

(7,061,826)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

1,322,253

1,048,764

-

868,268

620,916

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

1,339,506

1,073,059

-

868,268

620,916

BALANCE SHEET ITEMS

Total Borrowings

0

0

-

0

0

Total Liabilities

26,075,880

18,893,119

26,915,004

23,404,924

19,207,632

Total Assets

30,968,789

22,787,362

30,798,920

25,491,930

20,618,913

Net Assets

4,892,909

3,894,243

3,883,916

2,087,006

1,411,281

Net Assets Backing

4,892,909

3,894,243

3,883,916

2,087,006

1,411,281

Shareholders' Funds

4,892,909

3,894,243

3,883,916

2,087,006

1,411,281

Total Share Capital

500,000

500,000

712,300

500,000

500,000

Total Reserves

4,392,909

3,394,243

3,171,616

1,587,006

911,281

GROWTH RATIOS (Year on Year) (%)

Revenue

23.80

(19.95)

47.30

9.73

(15.07)

Proft/(Loss) Before Tax

26.34

(37.44)

92.26

52.74

(38.91)

Proft/(Loss) After Tax

21.03

(33.60)

83.92

45.07

(37.15)

Total Assets

35.90

(26.01)

20.82

23.63

22.53

Total Liabilities

38.02

(29.80)

15.00

21.85

22.69

LIQUIDITY (Times)

Cash Ratio

0.02

0.04

-

0.02

0.12

Liquid Ratio

0.59

0.59

-

0.56

0.63

Current Ratio

1.18

1.20

1.14

1.08

1.07

WORKING CAPITAL CONTROL (Days)

Stock Ratio

89

81

-

102

76

Debtors Ratio

80

71

-

74

64

Creditors Ratio

89

60

-

124

84

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

-

0

0

Liabilities Ratio

5.33

4.85

6.93

11.21

13.61

Times Interest Earned Ratio

11.06

10.83

-

11.31

6.04

Assets Backing Ratio

9.79

7.79

5.45

4.17

2.82

PERFORMANCE RATIO (%)

Operating Profit Margin

1.89

1.85

2.36

1.81

1.30

Net Profit Margin

1.57

1.60

1.93

1.55

1.17

Return On Net Assets

27.02

26.93

39.18

41.60

44.00

Return On Capital Employed

26.97

26.86

39.05

41.40

43.46

Return On Shareholders' Funds/Equity

20.41

21.19

32.00

32.38

33.01

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 68.02

UK Pound

1

INR 91.25

Euro

1

INR 80.07

SGD

1

INR 50.90

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

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.