MIRA INFORM REPORT

 

 

Report Date :

16.11.2011

 

IDENTIFICATION DETAILS

 

Name :

GLOBAL TRADE WELL PTE LTD

 

 

Registered Office :

63 Robinson Road #04-16 Afro Asia Bldg Singapore 068894

 

 

Country :

Singapore 

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

11.04.1998

 

 

Com. Reg. No.:

199801766M

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

General Wholesale Trade

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

S$ 267,000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Exists

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Executive Summary

 

Company Name

:

GLOBAL TRADE WELL PTE LTD

Registration No

:

199801766M

Date of Registration

:

11/04/1998

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

63 ROBINSON ROAD #04-16 AFRO ASIA BLDG SINGAPORE 068894

Date of Change of Address

:

01/07/1998

Contact No.

:

6226 7242

Fax No.

:

6226 7275

Website

:

www.globaltradewell.com

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$5,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 5,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$5,000,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

MGI N RAJAN ASSOCIATES

Bankers / Financiers

:

STANDARD CHARTERED BANK

DBS BANK LTD.

Turnover

:

SGD - SIN 107,752,605.00 (FY2007)

Net Worth

:

SGD - SIN 2,671,463.00 (FY2007)

No. of Bank Charges

:

6

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

66 POSITION IN SINGAPORE SME 500 (2003/2004)

Compounded Annual Growth Rate (CAGR)

:

34.61% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$267,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

KAMAL KISHORE

SHAREHOLDER ID

:

S2693397H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

12 AMBER GARDENS #14-06 KING'S MANSION SINGAPORE 439959

NO. OF ORD SHARES

:

3,750,000

% OF SHAREHOLDING

:

75%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

SANTOSH DEVI SHARMA

SHAREHOLDER ID

:

S2693398F

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

12 AMBER GARDENS #14-06 KING'S MANSION SINGAPORE 439959

NO. OF ORD SHARES

:

1,250,000

% OF SHAREHOLDING

:

25%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

VENKATARAMAIYER SIVARAMAKRISHNAN

ADDRESS

:

666 YISHUN AVENUE 4 #05-159 SINGAPORE 760666

POSITION

:

SECRETARY

DATE OF APPT

:

22/05/1998

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0033476F

 

NAME

:

KAMAL KISHORE

ADDRESS

:

12 AMBER GARDENS #14-06 KING'S MANSION SINGAPORE 439959

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

11/04/1998

25/05/1998

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2693397H

 

NAME

:

SANTOSH DEVI SHARMA

ADDRESS

:

12 AMBER GARDENS #14-06 KING'S MANSION SINGAPORE 439959

POSITION

:

DIRECTOR

DATE OF APPT

:

11/04/1998

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2693398F

 

 

KEY PERSONNEL PROFILE

 

Name:

KAMAL KISHORE

NRIC Number:

S2693397H

Available Address:

12 AMBER GARDENS #14-06 KING'S MANSION  SINGAPORE 439959

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

CIDEAS CORPORATION (SINGAPORE) PTE LTD

DIRECTOR

28/05/1998

1

0.00

2

CIDEAS CORPORATION (SINGAPORE) PTE LTD

SHAREHOLDER

-

1

0.00

3

EUROCHEM PROJECT TECH CO. PTE. LTD.

SHAREHOLDER

-

1

50.00

4

GLOBAL TRADE WELL PTE LTD

DIRECTOR

11/04/1998

3750000

75.00

5

GLOBAL TRADE WELL PTE LTD

MANAGING DIRECTOR

25/05/1998

3750000

75.00

6

LOTUS MULTITRADE PTE. LTD.

DIRECTOR

22/06/2007

1

50.00

7

LOTUS MULTITRADE PTE. LTD.

SHAREHOLDER

-

1

50.00

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ARVEE INTERNATIONAL PTE LTD

LIVE COMPANY

DIRECTOR

14/10/1994

27/04/1998

2

EUROCHEM PROJECT TECH CO. PTE. LTD.

LIVE COMPANY

DIRECTOR

16/08/2007

22/03/2010

3

EVERGREEN BEARINGS PTE LTD

STRUCK OFF

SHAREHOLDER

-

-

4

EVERGREEN GLOBAL PTE LTD

LIVE COMPANY

DIRECTOR

14/06/1989

04/04/1995

5

IMPEX TECHNOLOGIES PTE LTD

STRUCK OFF

DIRECTOR

18/03/1996

14/10/1998

6

MAG-NEXUS INC. PTE. LTD.

STRUCK OFF

DIRECTOR

08/03/2006

05/05/2008

7

MILANSAR PTE LTD

STRUCK OFF

DIRECTOR

31/05/1989

04/04/1995

8

SOUTH (ASIA-PACIFIC) PTE LTD

STRUCK OFF

DIRECTOR

29/06/1995

08/05/2000

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

M

24571

2003

14/07/2003

 -

Negligence Related

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

NA

 

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 6 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201006038

 

Date of Registration

:

15/07/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

2)

Charge No.

:

C201006037

 

Date of Registration

:

15/07/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

3)

Charge No.

:

C201005737

 

Date of Registration

:

07/07/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

4)

Charge No.

:

C201000128

 

Date of Registration

:

05/01/2010

 

Chargee

:

DBS BANK LTD.

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

5)

Charge No.

:

C201000127

 

Date of Registration

:

05/01/2010

 

Chargee

:

DBS BANK LTD.

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

6)

Charge No.

:

199904146

 

Date of Registration

:

29/09/1999

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2010

Past Years

Wef 01 Jan 2010

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

District ($80,000 - $250,000)

0

0

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

600178

 

Date of Filing

:

18/02/2000

 

Amount

:

USD 292,981.10

INR 6,330,000.00

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

MODERN SYNTEX (INDIA) LTD

 

Last Update Date

:

19/10/2009

 

 

COMPLIANCE

 

Date of Last AGM

:

30/07/2010

Date of Last AR

:

03/08/2010

Date of A/C Laid At Last AGM

:

31/03/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2007

% Change

MAR 2006

MAR 2005

MAR 2004

MAR 2003

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

107,752,605

13.05

95,310,287

86,090,673

40,297,060

32,818,796

Profit/(Loss) Before Tax

224,493

36.54

164,414

143,803

106,364

90,679

Profit After Tax attributable to Shareholders

203,203

45.34

139,810

125,062

95,307

74,909

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

19,921,889

-26.82

27,224,283

14,991,016

6,259,258

6,220,109

Current Assets

19,921,889

-26.82

27,224,283

14,991,016

6,259,258

6,220,109

Non Current Assets

0

NA

0

0

0

0

 

 

 

 

 

 

 

Total Liabilities

17,250,427

-31.31

25,113,304

13,004,731

4,426,270

4,482,428

Current Liabilities

17,250,427

-31.31

25,113,304

13,004,731

4,426,270

4,482,428

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

2,671,463

26.55

2,110,979

1,986,285

1,832,988

1,737,681

Share Capital

1,905,783

26.08

1,511,516

1,523,107

1,500,000

1,500,000

Total Reserves

765,680

27.73

599,463

463,178

332,988

237,681

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2007

MAR 2006

MAR 2005

MAR 2004

MAR 2003

Growth %

 

 

 

 

 

Year-on-Year Growth

13.05

10.71

113.64

22.79

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.19

0.15

0.15

0.24

0.23

Return on Equity (%)

7.61

6.62

6.30

5.20

4.31

Return on Assets (%)

1.02

0.51

0.83

1.52

1.20

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

6.46

11.90

6.55

2.41

2.58

Current Debt/Equity (Times)

6.46

11.90

6.55

2.41

2.58

Long Term Debt To Equity (Times)

NA

NA

NA

NA

NA

Total Asset To Total Equity (Times)

7.46

12.90

7.55

3.41

3.58

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

5.41

3.50

5.74

6.44

5.28

Fixed Assets Turnover (Times)

NA

NA

NA

NA

NA

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.15

1.08

1.15

1.41

1.39

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 34.61% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

 

Profitability

 

The company yielded a rate of net profit on sales of 0.19 per cent in FY07 (FY06: 0.15 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY07, as compared with SGD - SIN 0.00 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.15 times in FY07 (FY06: 1.08 times). This means that the company has SGD - SIN 1.15 of current assets for every SGD - SIN of current liability incurred.

 

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

 

Total debt-to-equity ratio notched 6.46 times in FY07, as compared with 11.90 times in FY06. This means that the company requires additional external financing of SGD - SIN 6.46 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

 

Return on equity was 7.61 per cent for Subject in the current financial period, as compared to 6.62 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 1.02 per cent (FY06: 0.51 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 5.41 times in FY07 (FY06: 3.50 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.56

UK Pound

1

Rs.80.30

Euro

1

Rs.68.79

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

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