MIRA INFORM REPORT

 

 

Report Date :

24.04.2013

 

IDENTIFICATION DETAILS

 

Name :

DYSTAR SINGAPORE PTE LTD

 

 

Registered Office :

1 Marina Boulevard #28-00 One Marina Boulevard Singapore 018989

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

27.06.1995

 

 

Com. Reg. No.:

199504459G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Building-cleaning services (including janitorial service) those relating to the distribution of textile dyes

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

Company Name:

Registered Number:

DYSTAR SINGAPORE PTE LTD

199504459G

 

Date Incorporated:

Registered Office:

Telephone Number:

27/06/1995

1 MARINA BOULEVARD #28-00 ONE MARINA BOULEVARD SINGAPORE 018989

66712800

Age of Company:

Website:

Industry Type:

18

www1.dystar.com

COMMERCE-WHOLESALE

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

NA

 

37

 

Better than last month;last month the entity took 46 days to pay

No. of Charges(s):
1

 

Industry DTC

 

 

25

 

 

Directors

 

Corporate Structure

Number of Current Directors

5

Holding Company:

DYSTAR GLOBAL HOLDINGS (SINGAPORE) PTE. LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

DYSTAR SINGAPORE PTE LTD

Registration No

:

199504459G

Date of Registration

:

27/06/1995

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 MARINA BOULEVARD #28-00 ONE MARINA BOULEVARD SINGAPORE 018989

Date of Change of Address

:

19/04/2004

Contact No.

:

66712800

Fax No.

:

66591328

Operating Office

:

1A, International Business #10-01 Singapore 609933, Singapore

Trading Address

:

152 Beach Road, 37-00, The Gateway East 189721, Singapore

Website

:

www1.dystar.com  

Registered Activities

:

1. BUILDING-CLEANING SERVICES (INCLUDING JANITORIAL SERVICE)

THOSE RELATING TO THE DISTRIBUTION OF TEXTILE DYES

2. MARKET RESEARCH AND PUBLIC OPINION POLLING NEC

RESEARCH & DEVELOPMENT OF DYESTUFF

Issued Ordinary Capital*

:

$14,730,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 14,730,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$14,730,000.00 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

:

KPMG LLP

Bankers / Financiers

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

Turnover

:

SGD - SIN 248,784,972.00 (FY2011)

Net Worth

:

SGD - SIN 1,487,142.00 (FY2011)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

1035 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

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

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

846 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

518 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

DYSTAR GLOBAL HOLDINGS (SINGAPORE) PTE. LTD.

SHAREHOLDER ID

:

200922409R

NATIONALITY

:

SINGAPORE

ADDRESS

:

80 ROBINSON ROAD #02-00 SINGAPORE 068898

NO. OF ORD SHARES

:

14,730,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

SURESHKUMAR SAVAJIBHAI GONDALIA

ADDRESS

:

B-7, RUCHI APARTMENT, NEHRU PARK, LAD SOCIETY ROAD VASTRAPUR, AHMEDABAD 380015, GUJARAT

POSITION

:

DIRECTOR

DATE OF APPT

:

05/03/2010

NATIONALITY

:

INDIAN

I/C PASSPORT

:

F3816415

 

NAME

:

CHANG SHENG

ADDRESS

:

RM601, UNIT 1, BUILDING NO. 6, YUANMENGYUAN, JIANGGAN DISTRICT, HANGZHOU, ZHEJIANG, CHINA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2012

NATIONALITY

:

CHINESE

I/C PASSPORT

:

G45993648

 

NAME

:

LUO BIN

ADDRESS

:

ROOM 803, 25 SHUI CHENG SOUTH ROAD, SHANGHAI, CHINA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2012

NATIONALITY

:

CHINESE

I/C PASSPORT

:

G51708329

 

NAME

:

SHANKERBHAI RUGHNATHBHAI PATEL

ADDRESS

:

41, SHREENATH PARK SOCIETY, NR. MANEKBAG OCTROI NAKA MANEK BAG, AMBAWADI, AHMEDABAD, GUJARAT

POSITION

:

DIRECTOR

DATE OF APPT

:

05/03/2010

NATIONALITY

:

INDIAN

I/C PASSPORT

:

J0293497

 

NAME

:

XU YALIN

ADDRESS

:

929 BUKIT TIMAH ROAD #03-21 CASCADIA, THE SINGAPORE 589642

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2012

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2765229H

 

NAME

:

KHOONG LAI KHENG

ADDRESS

:

32 TANGLIN HALT ROAD #08-210 SINGAPORE 142032

POSITION

:

SECRETARY

DATE OF APPT

:

07/12/2012

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7579232H

 

NAME

:

CHEW PEI TSING

ADDRESS

:

26 EASTWOOD GREEN SINGAPORE 486473

POSITION

:

SECRETARY

DATE OF APPT

:

15/07/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7774082A

 

 

KEY PERSONNEL PROFILE

 

Name:

SURESHKUMAR SAVAJIBHAI GONDALIA

NRIC Number:

F3816415

Available Address:

B-7, RUCHI APARTMENT, NEHRU PARK, LAD SOCIETY ROAD VASTRAPUR, AHMEDABAD 380015, GUJARAT

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

DYSTAR SINGAPORE PTE LTD

DIRECTOR

05/03/2010

-

NA

 

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.

Transfer

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 have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200901271

 

Date of Registration

:

25/02/2009

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

 

LITIGATION

 

Clear

COMPLIANCE

 

Date of Last AGM

:

05/06/2012

Date of Last AR

:

15/06/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

248,784,972

10.88

224,382,560

300,815,705

409,684,507

368,262,166

Profit/(Loss) Before Tax

(8,884,097)

NA

(18,838,541)

6,281,627

2,828,439

6,104,714

Profit After Tax attributable

 to Shareholders

(9,052,520)

NA

(18,730,831)

5,639,780

2,274,931

4,935,057

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

140,292,461

48.21

94,656,657

89,751,315

109,182,595

128,634,150

Current Assets

136,822,142

45.80

93,840,562

89,577,712

108,860,788

128,043,271

Non Current Assets

3,470,319

325.23

816,095

173,603

321,807

590,879

 

 

 

 

 

 

 

Total Liabilities

138,805,319

66.77

83,232,988

57,505,269

83,383,729

103,582,351

Current Liabilities

138,799,544

66.77

83,226,729

57,487,295

83,344,696

103,523,973

Non Current Liabilities

5,775

-7.73

6,259

17,974

39,033

58,378

 

 

 

 

 

 

 

Shareholders' Funds

1,487,142

-86.98

11,423,669

32,246,047

25,798,864

25,051,799

Share Capital

9,991,776

-7.74

10,829,830

11,580,998

11,229,556

11,958,909

Total Reserves

(8,504,634)

NA

593,839

20,665,049

14,569,308

13,092,890

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

10.88

-25.41

-26.57

11.25

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-3.64

-8.35

1.87

0.56

1.34

Return on Equity (%)

-608.72

-163.97

17.49

8.82

19.70

Return on Assets (%)

-6.45

-19.79

6.28

2.08

3.84

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

93.34

7.29

1.78

3.23

4.13

Current Debt/Equity (Times)

93.33

7.29

1.78

3.23

4.13

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

94.34

8.29

2.78

4.23

5.13

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.77

2.37

3.35

3.75

2.86

Fixed Assets Turnover (Times)

71.69

274.95

1,732.78

1,273.08

623.24

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.99

1.13

1.56

1.31

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability.

 

 

Liquidity

Current ratio stood at 0.99 times in FY11 (FY10: 1.13 times). This means that the company has SGD - SIN 0.99 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 93.34 times in FY11, as compared with 7.29 times in FY10. This means that the company requires additional external financing of SGD - SIN 93.34 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

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 1.77 times in FY11 (FY10: 2.37 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.54.30

UK Pound

1

Rs.82.88

Euro

1

Rs.70.80

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

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.