Company Number: SC753668

Analysis Date: 2025-07-29 16:30 UTC

1. Credit Opinion: DECLINE
   Ninja Mak Properties Ltd is a very recently incorporated company (Dec 2022) with no reported assets, liabilities, or equity as at 31 Dec 2023. The company has yet to generate financial activity or demonstrate trading performance. The absence of net current assets or net assets indicates no working capital or financial buffer. Without financial history, profitability, or operational data, there is no evidence of repayment capacity or business resilience. Given these factors, the risk profile is high, and credit exposure is not recommended at this stage.

2. Financial Strength:
   The balance sheet shows zero net current assets, net assets, and shareholders’ funds, reflecting no capital invested or retained earnings. This suggests the company is either dormant or in its startup phase without substantive financial resources. The lack of fixed or current assets and zero liabilities means there is no collateral or financial strength to support borrowing.

3. Cash Flow Assessment:
   No financial data on cash, receivables, or payables is available, implying no operating cash flow or working capital. The company currently has no employees and minimal activity. This results in an inability to service debt or meet short-term obligations from internal cash generation.

4. Monitoring Points:

• Filing of next annual accounts and P&L statement to assess financial progression.
• Development of net current assets and positive shareholders’ funds indicating capitalisation.
• Generation of operating revenues and positive cash flow from real estate activities.
• Changes in director or PSC profiles that could impact governance and control.
• Evidence of external financing or investments that improve liquidity.