MIRA INFORM REPORT

 

 

Report Date :           

19.04.2012

 

IDENTIFICATION DETAILS

 

Name :

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

 

 

Registered Office :

3 Shenton Way #14-01 Shenton House Singapore 068805

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011 (Group)

31.03.2008 (Company)

 

 

Date of Incorporation :

07.01.1978

 

 

Com. Reg. No.:

197800048z

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (including general importers and exporters)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

Payment Behaviour :

No Complaints

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 – 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

:

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

Registration No

:

197800048Z

Date of Registration

:

07/01/1978

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805

Date of Change of Address

:

24/01/1989

Contact No.

:

6221 8455

Fax No.

:

6222 4984

Website

:

www.adityabirla.com

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)

Issued Ordinary Capital*

:

$36,955,598.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 36,955,598

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$36,955,598.00 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

:

LAU CHIN HUAT & CO

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 3,768,657,106.00 (FY2011)

Net Worth

:

SGD - SIN 247,722,487.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

10

S1000 / SME 500 / FG50 Ranking

:

125 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

408 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

99 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

169 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

453 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

19.1% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

ABHA INVESTMENTS PTE. LTD.

SHAREHOLDER ID

:

200802696G

NATIONALITY

:

SINGAPORE

ADDRESS

:

3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805

NO. OF ORD SHARES

:

7,000,000

% OF SHAREHOLDING

:

18.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

CALYX INVESTMENTS PTE. LTD.

SHAREHOLDER ID

:

200802697W

NATIONALITY

:

SINGAPORE

ADDRESS

:

3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805

NO. OF ORD SHARES

:

7,000,000

% OF SHAREHOLDING

:

18.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

INDOGENIOUS HOLDINGS PTE. LTD.

SHAREHOLDER ID

:

200802699Z

NATIONALITY

:

SINGAPORE

ADDRESS

:

3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805

NO. OF ORD SHARES

:

7,000,000

% OF SHAREHOLDING

:

18.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

BIG BANYAN INVESTMENTS PTE. LTD.

SHAREHOLDER ID

:

200804356E

NATIONALITY

:

SINGAPORE

ADDRESS

:

3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805

NO. OF ORD SHARES

:

7,000,000

% OF SHAREHOLDING

:

18.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

BLUE BUCKS INVESTMENTS PTE. LTD.

SHAREHOLDER ID

:

200804357R

NATIONALITY

:

SINGAPORE

ADDRESS

:

3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805

NO. OF ORD SHARES

:

7,000,000

% OF SHAREHOLDING

:

18.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

KIRAN INVESTMENTS PTE. LTD.

SHAREHOLDER ID

:

200802701M

NATIONALITY

:

SINGAPORE

ADDRESS

:

3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805

NO. OF ORD SHARES

:

1,955,598

% OF SHAREHOLDING

:

5.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

BHARAT KUMAR SINGH

ADDRESS

:

14, GREEN FIELDS, 50 S.V. ROAD, SANTACRUZ, MUMBAI - 400 054

POSITION

:

DIRECTOR

DATE OF APPT

:

07/10/2011

NATIONALITY

:

INDIAN

I/C PASSPORT

:

F7773763

 

NAME

:

INNA RAO CHANDRAKANTHA

ADDRESS

:

29 LEONIE HILL #16-03 HORIZON TOWERS WEST SINGAPORE 239228

POSITION

:

DIRECTOR

DATE OF APPT

:

25/07/2011

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G5981034R

 

NAME

:

CHEONG SENG CHOW

ADDRESS

:

43 LORONG 5 TOA PAYOH #11-129 SINGAPORE 310043

POSITION

:

SECRETARY

DATE OF APPT

:

16/08/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1350970J

 

NAME

:

RAJESH KUMAR SOMANI

ADDRESS

:

FLAT NO. 706, DR-AL BUTEEN II, NEAR TAJ PALACE HOTEL, OFF AL RIGGA ROAD, DEIRA, DUBAI

POSITION

:

DIRECTOR

DATE OF APPT

:

07/10/2011

NATIONALITY

:

INDIAN

I/C PASSPORT

:

Z1975027

 

 

KEY PERSONNEL PROFILE

 

Name:

BHARAT KUMAR SINGH

NRIC Number:

F7773763

Available Address:

14, GREEN FIELDS, 50 S.V. ROAD, SANTACRUZ, MUMBAI - 400 054

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

DIRECTOR

07/10/2011

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

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

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

NA

 

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available database. 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 10 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

W.e.f 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

6

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

0

2

High (>$250,000)

0

2

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

29626

 

Date of Filing

:

29/12/2000

 

Amount

:

13,175.59

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ANDRE & CIE S.A. LAUSANNE

 

Last Update Date

:

03/03/2008

 

2)

Court

:

Magistrate Court

 

Case No.

:

3928

 

Date of Filing

:

19/02/2002

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Not Injuries / Death)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LIM LING CHUN

 

Last Update Date

:

03/03/2008

 

3)

Court

:

District Court

 

Case No.

:

3463

 

Date of Filing

:

31/07/2003

 

Amount

:

73,000.00

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LIVEN AGRICHEM PTE LTD

 

Last Update Date

:

03/03/2008

 

4)

Court

:

Magistrate Court

 

Case No.

:

3572

 

Date of Filing

:

13/02/2004

 

Amount

:

33,000.00

 

Cause

:

Agency Law

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ALLIANCE INTERNATIONAL MERCHANT PTE LTD

 

Last Update Date

:

03/03/2008

 

5)

Court

:

Supreme Court

 

Case No.

:

1881

 

Date of Filing

:

22/11/1994

 

Amount

:

135,375.00

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SINOTRAD PTE LTD

 

Last Update Date

:

03/03/2008

 

6)

Court

:

Magistrate Court

 

Case No.

:

13659

 

Date of Filing

:

30/08/1994

 

Amount

:

10,911.30

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

S G S SINGAPORE PTE LTD

 

Last Update Date

:

03/03/2008

 

7)

Court

:

District Court

 

Case No.

:

107

 

Date of Filing

:

10/01/1995

 

Amount

:

16,307.66

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

GLORY WORLD INTERNATIONAL LTD

 

Last Update Date

:

03/03/2008

 

8)

Court

:

Magistrate Court

 

Case No.

:

11054

 

Date of Filing

:

27/06/1996

 

Amount

:

9,078.49

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

DIGITUS COMPUTER SYSTEMS PTE LTD

 

Last Update Date

:

03/03/2008

 

9)

Court

:

Magistrate Court

 

Case No.

:

2788

 

Date of Filing

:

11/02/1998

 

Amount

:

7,647.75

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

TOH TAN & PARTNERS SUING AS A FIRM

 

Last Update Date

:

03/03/2008

 

10)

Court

:

Supreme Court

 

Case No.

:

846

 

Date of Filing

:

08/06/1999

 

Amount

:

0.00

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

PACIFIC CARRIERS LTD

 

Last Update Date

:

03/03/2008

 

 

COMPLIANCE

 

Date of Last AGM

:

20/07/2011

Date of Last AR

:

11/08/2011

Date of A/C Laid At Last AGM

:

31/03/2011
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

3,768,657,106

42.11

2,651,876,078

3,416,392,035

2,420,724,538

1,873,238,153

Profit/(Loss) Before Tax

50,210,344

-12.23

57,209,827

117,598,515

121,165,730

12,669,061

Profit After Tax attributable to Shareholders

48,793,765

-12.36

55,676,031

114,338,119

115,398,584

11,574,034

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

619,809,525

22.85

504,531,438

473,378,725

479,165,395

244,025,552

Current Assets

615,012,798

22.99

500,041,541

468,816,073

474,703,399

239,317,477

Non Current Assets

4,796,727

6.83

4,489,897

4,562,652

4,461,996

4,708,075

 

 

 

 

 

 

 

Total Liabilities

372,087,039

27.85

291,029,516

241,542,776

284,550,846

159,980,675

Current Liabilities

371,087,505

27.93

290,077,278

240,776,697

283,931,410

159,646,628

Non Current Liabilities

999,534

4.97

952,238

766,079

619,436

334,047

 

 

 

 

 

 

 

Shareholders' Funds

247,722,487

16.03

213,501,924

231,835,950

194,614,549

84,044,877

Share Capital

27,974,953

-6.82

30,021,296

30,383,791

30,976,257

32,863,893

Total Reserves

219,747,534

19.77

183,480,628

201,452,159

163,638,292

51,180,984

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

42.11

-22.38

41.13

29.23

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.29

2.10

3.35

4.77

0.62

Return on Equity (%)

19.70

26.08

49.32

59.30

13.77

Return on Assets (%)

7.87

11.04

24.15

24.08

4.74

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.50

1.36

1.04

1.46

1.90

Current Debt/Equity (Times)

1.50

1.36

1.04

1.46

1.90

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.50

2.36

2.04

2.46

2.90

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.08

5.26

7.22

5.05

7.68

Fixed Assets Turnover (Times)

785.67

590.63

748.77

542.52

397.88

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.66

1.72

1.95

1.67

1.50

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2008

% Change

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

Profit and Loss Key Figures

 

 

 

Turnover

*

NA

0

Profit/(Loss) Before Tax

*

NA

0

Profit After Tax attributable to Shareholders

*

NA

0

 

 

 

 

Balance Sheet Key Figures

 

 

 

Total Assets

329,605,339

107.07

159,177,572

Current Assets

325,133,825

110.25

154,643,336

Non Current Assets

4,471,514

-1.38

4,534,236

 

 

 

 

Total Liabilities

192,728,898

90.40

101,223,208

Current Liabilities

192,728,083

90.80

101,009,087

Non Current Liabilities

815

-99.62

214,121

 

 

 

 

Shareholders' Funds

136,876,441

136.18

57,954,364

Share Capital

21,065,477

0.00

21,065,477

Total Reserves

115,810,964

213.95

36,888,887

 

 

 

 

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2008

MAR 2007

Growth %

 

 

Year-on-Year Growth

NA

NA

 

 

 

Profitability

 

 

Profit Margin (%)

0.00

0.00

Return on Equity (%)

0.00

0.00

Return on Assets (%)

0.00

0.00

 

 

 

Leverage

 

 

Total Debt/Equity (Times)

1.41

1.75

Current Debt/Equity (Times)

1.41

1.74

Long Term Debt To Equity (Times)

0.00

0.00

Total Asset To Total Equity (Times)

2.41

2.75

 

 

 

Asset Management

 

 

Total Assets Turnover (Times)

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

 

 

 

Liquidity

 

 

Current Ratio (Times)

1.69

1.53

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 19.1% (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 group yielded a rate of net profit on sales of 1.29 per cent in FY11 (FY10: 2.10 per cent). The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.02 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.66 times in FY11 (FY10: 1.72 times). This means that the group has SGD - SIN 1.66 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 1.50 times in FY11, compared with 1.36 times in FY10. This means that the group requires additional external financing of SGD - SIN 1.50 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 19.70 per cent for Subject in the current financial period, as compared to 26.08 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 7.87 per cent (FY10: 11.04 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 6.08 times in FY11 (FY10: 5.26 times). This ratio measures the group'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.51.89

UK Pound

1

Rs.83.18

Euro

1

Rs.68.06

 

 

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

----

NB

New Business

----

 

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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