|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
DRAGON TECHNOLOGY DISTRIBUTION PTE. LTD |
|
|
|
|
Formerly Known As : |
FE GLOBAL ELECTRONICS PTE LTD |
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|
|
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Registered Office : |
25, Kallang Avenue, 03-06, 339416, |
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|
Country : |
Singapore |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
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|
Date of Incorporation : |
04.04.1990 |
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|
Com. Reg. No.: |
199001577-W |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of electronic components |
|
|
|
|
No. of Employees : |
180 [2013] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
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|
|
|
|
N/A - Not Applicable |
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|
REGISTRATION NO. |
: |
199001577-W |
||||
|
COMPANY NAME |
: |
DRAGON
TECHNOLOGY DISTRIBUTION PTE. LTD. |
||||
|
FORMER NAME |
: |
FE GLOBAL ELECTRONICS PTE LTD (30/04/2010) |
||||
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INCORPORATION DATE |
: |
04/04/1990 |
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|
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COMPANY STATUS |
: |
EXIST |
||||
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LEGAL FORM |
: |
PRIVATE LIMITED |
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|
LISTED STATUS |
: |
NO |
||||
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REGISTERED ADDRESS |
: |
25, KALLANG AVENUE, 03-06, 339416,
SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
BLK 25, KALLANG AVENUE, #03-06, KALLANG BASIN
INDUSTRIAL ESTATE, 339416, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62129629/62129800 |
||||
|
FAX.NO. |
: |
65-62129630 |
||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
SHANE PAUL MAINE ( DIRECTOR ) |
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PRINCIPAL ACTIVITY |
: |
WHOLESALE OF ELECTRONIC COMPONENTS |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
44,015,881.00 ORDINARY SHARE, OF A VALUE
OF SGD 42,927,378.95 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 75,295,592 [2012] |
||||
|
NET WORTH |
: |
USD 31,781,558 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
180 [2013] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
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|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) wholesale of electronic components.
The immediate holding company of the SC is INFLEXIONPOINT ASIA PTE. LTD., a company incorporated in SINGAPORE.
The major
shareholder(s) of the SC are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
INFLEXIONPOINT ASIA PTE. LTD. |
8, WILKIE ROAD, 03-01, WILKIE EDGE, 228095, SINGAPORE. |
201300634 |
44,015,881.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
44,015,881.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
200106701M |
SINGAPORE |
FE-DECIBELS ELECTRONICS PTE LTD |
70.00 |
31/12/2012 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. SHANE PAUL MAINE |
|
Address |
: |
C/O 8 LA COLOMBERIE, ST HELIER JERSEY, JE2 4QB, FIRST FLOOR OFFICE, UNITED KINGDOM. |
|
IC / PP No |
: |
099125001 |
|
|
|
|
|
|
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|
|
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Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
03/05/2013 |
|
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|
DIRECTOR 2
|
Name Of Subject |
: |
NEERAJ CHAUHAN |
|
Address |
: |
125, WHITLEY ROAD, 03-06, VILLA DES FLORES, 297820, SINGAPORE. |
|
IC / PP No |
: |
S7084949F |
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|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
03/05/2013 |
|
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1) |
Name of Subject |
: |
SHANE PAUL MAINE |
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|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
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|
1) |
Company Secretary |
: |
ONG POH LENG |
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IC / PP No |
: |
S7531079Z |
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Address |
: |
1, PENSHURST PLACE, SERANGOON GARDEN ESTATE, 556417, SINGAPORE. |
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Banking relations are maintained principally with :
|
1) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
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|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201305656 |
25/04/2013 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
N/A |
Unsatisfied |
* A check has been conducted in our databank against the SC 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.
|
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SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
The SC refused to disclose its suppliers.
The SC 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 |
] |
|
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Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
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Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
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Payment Mode |
: |
CHEQUES |
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Goods Traded |
: |
ELECTRONIC COMPONENTS
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|
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Total Number of Employees: |
|||||||||
|
YEAR |
2013 |
|
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GROUP |
N/A |
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COMPANY |
180 |
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|
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Branch |
: |
NO
|
Other
Information:
The SC is principally engaged in the (as a / as an) wholesale of electronic
components.
The SC refused to disclose any information on its operation.
Jan 15, 2013
InflexionPoint Technologies is a global-focused IT supply chain company. This
is the first investment by InflexionPoint which is in the process of
aggregating IT Distribution companies in Asia. It recently announced a Share
Purchase Agreement to acquire a majority share in a Singapore based IT
Component Distributor, Dragon Technology Group.
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
65 62129 800 |
|
Current Telephone Number |
: |
65-62129629/62129800 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
BLK 25 KALLANG AVENUE #03-06, KALLANG
BASIN INDUSTRIAL ESTATE, SINGAPORE - 339416 |
|
Current Address |
: |
BLK 25, KALLANG AVENUE, #03-06, KALLANG
BASIN INDUSTRIAL ESTATE, 339416, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other
Investigations
we contacted one of the staff
from the SC and she only provided limited information on the SC.
The SC refused to disclose further information on the recent development news.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2.57% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
38.44% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
2.66% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
5.07% |
] |
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|
The higher turnover could be attributed to
the favourable market condition.The SC's profit fell sharply because of the
high operating costs incurred. The unfavourable return on shareholders' funds
could indicate that the SC was inefficient in utilising its assets to
generate returns. |
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Working Capital
Control |
|
|
|
|
|
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|
Stock Ratio |
: |
Favourable |
[ |
42 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
71 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
51 Days |
] |
|
|
|
|
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|
The SC's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks.
The high debtors' ratio could indicate that the SC was weak in its credit
control. However, the SC could also giving longer credit periods to its
customers in order to boost its sales or to capture / retain its market
share. The SC had a favourable creditors' ratio where the SC could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
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Liquidity |
|
|
|
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|
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|
Liquid Ratio |
: |
Favourable |
[ |
1.04 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.30 Times |
] |
|
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|
|
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|
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|
A minimum liquid ratio of 1 should be maintained
by the SC in order to assure its creditors of its ability to meet short term
obligations and the SC was in a good liquidity position. Thus, we believe the
SC is able to meet all its short term obligations as and when they fall due. |
||||||
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Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
2.11 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was low. If its profits
fall or when interest rate rises, it may not be able to meet all its interest
payment. The SC had no gearing and hence it had virtually no financial risk.
The SC was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the SC, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry. |
||||||
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|
Overall
Assessment : |
|
|
|
|
|
|
|
Although the SC's turnover had increased,
its profits had declined over the same corresponding period. This could be
due to the stiffer market competition and / or higher operating costs which
lowered the SC's profit margin. The SC was in good liquidity position with
its total current liabilities well covered by its total current assets. With
its current net assets, the SC should be able to repay its short term
obligations. If there is a fall in the SC's profit or any increase in
interest rate, the SC may not be able to generate sufficient cash-flow to
service its interest. The SC was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
SC has good chance of getting loans, if the needs arises. |
||||||
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|
|
|
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|
|
Overall
financial condition of the SC : LIMITED |
||||||
|
Major Economic
Indicators : |
2008 |
2009 |
2010 |
2011 |
2012 |
|
|
|
|
|
|
|
|
Population (Million) |
4.84 |
4.98 |
5.08 |
5.18 |
5.31 |
|
Gross Domestic Products ( % ) |
1.5 |
<0.8> |
14.5 |
4.9 |
1.3 |
|
Consumer Price Index |
6.6 |
0.6 |
2.8 |
5.2 |
4.6 |
|
Total Imports (Million) |
450,892.6 |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
|
Total Exports (Million) |
476,762.2 |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
2.2 |
3.2 |
2.2 |
2.1 |
2.0 |
|
Tourist Arrival (Million) |
10.12 |
9.68 |
11.64 |
13.17 |
14.37 |
|
Hotel Occupancy Rate (%) |
81.0 |
75.8 |
85.6 |
86.5 |
86.4 |
|
Cellular Phone Subscriber (Million) |
1.31 |
1.37 |
1.43 |
1.50 |
1.52 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
25,327 |
26,414 |
29,798 |
32,317 |
31,892 |
|
Registration of New Companies (%) |
<2.2> |
4.3 |
12.8 |
8.5 |
<1.3> |
|
Liquidation of Companies (No.) |
10,493 |
22,393 |
15,126 |
19,005 |
17,218 |
|
Liquidation of Companies (%) |
13.7 |
113.4 |
<32.5> |
25.6 |
9.4 |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
24,850 |
26,876 |
23,978 |
23,494 |
24,788 |
|
Registration of New Businesses (%) |
0.36 |
8.15 |
<10.78> |
2.02 |
5.51 |
|
Liquidation of Businesses (No.) |
21,150 |
23,552 |
24,211 |
23,005 |
22,489 |
|
Liquidation of Businesses (%) |
<0.8> |
11.4 |
2.8 |
<5> |
<2.2> |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,326 |
2,058 |
1,537 |
1,527 |
1,748 |
|
Bankruptcy Orders (%) |
<15.9> |
<11.5> |
<25.3> |
<0.7> |
14.5 |
|
Bankruptcy Discharges (No.) |
1,500 |
3,056 |
2,252 |
1,391 |
1,881 |
|
Bankruptcy Discharges (%) |
<7.7> |
103.7 |
<26.3> |
<38.2> |
35.2 |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
<0.32> |
3.25 |
<0.48> |
4.25 |
3.64 |
|
Fish Supply & Wholesale |
<6.31> |
<1.93> |
<10.5> |
12.10 |
<0.5> |
|
|
|
|
|
|
|
|
Manufacturing * |
74.6 |
71.5 |
92.8 |
100.0 |
100.3 |
|
Food, Beverages & Tobacco |
94.8 |
90.4 |
96.4 |
100.0 |
103.5 |
|
Textiles |
180.1 |
145.9 |
122.1 |
100.0 |
104.0 |
|
Wearing Apparel |
334.6 |
211.0 |
123.3 |
100.0 |
92.1 |
|
Leather Products & Footwear |
128.2 |
79.5 |
81.8 |
100.0 |
98.6 |
|
Wood & Wood Products |
132.0 |
101.4 |
104.0 |
100.0 |
95.5 |
|
Paper & Paper Products |
101.0 |
95.4 |
106.1 |
100.0 |
97.4 |
|
Printing & Media |
118.2 |
100.9 |
103.5 |
100.0 |
93.0 |
|
Crude Oil Refineries |
113.1 |
96.4 |
95.6 |
100.0 |
99.4 |
|
Chemical & Chemical Products |
84.5 |
80.3 |
97.6 |
100.0 |
100.5 |
|
Pharmaceutical Products |
43.7 |
49.1 |
75.3 |
100.0 |
109.7 |
|
Rubber & Plastic Products |
120.1 |
101.2 |
112.3 |
100.0 |
96.5 |
|
Non-metallic Mineral |
96.5 |
91.9 |
92.5 |
100.0 |
98.2 |
|
Basic Metals |
109.8 |
92.6 |
102.2 |
100.0 |
90.6 |
|
Fabricated Metal Products |
101.3 |
90.8 |
103.6 |
100.0 |
104.3 |
|
Machinery & Equipment |
65.0 |
57.3 |
78.5 |
100.0 |
112.9 |
|
Electrical Machinery |
81.7 |
86.8 |
124.1 |
100.0 |
99.3 |
|
Electronic Components |
93.1 |
85.2 |
113.6 |
100.0 |
90.6 |
|
Transport Equipment |
102.0 |
96.0 |
94.0 |
100.0 |
106.3 |
|
|
|
|
|
|
|
|
Construction |
45.90 |
<36.9> |
14.20 |
20.50 |
28.70 |
|
Real Estate |
<11.2> |
1.4 |
21.3 |
25.4 |
31.9 |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
<1.3> |
1.70 |
4.00 |
7.00 |
6.30 |
|
Transport, Storage & Communication |
11.60 |
3.90 |
12.80 |
7.40 |
5.30 |
|
Finance & Insurance |
<5.9> |
<16.4> |
<0.4> |
8.90 |
0.50 |
|
Government Services |
17.40 |
4.50 |
9.70 |
6.90 |
6.00 |
|
Education Services |
0.50 |
0.10 |
<0.9> |
<1.4> |
0.30 |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production
(2011 = 100) |
|
|
|
|
|
|
(Source : Department of Statistics) |
|
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
The wholesale and retail trade sector
contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in
the preceding quarter. For the whole of 2012, the sector declined by 0.7%,
reversing the 1.6% growth in 2011. The sector was weighed down primarily by
the wholesale trade segment. In 2012, the wholesale trade segment contracted
by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade
segment also moderated to 2.0%, from 3.2% in the year 2011. |
|
|
|
|
|
The domestic wholesale trade index grew by
1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in
the third quarter. This was partly due to an increase in the sales of
chemicals & chemical products and ship chandlers & bunkering. For the
full year of 2012, the domestic wholesale trade index contracted by 2.2%,
extending the 1.7% decline in 2011. The foreign wholesale trade index grew by
8.6% in the fourth quarter, an increase from the 6.6% growth in the third
quarter. The expansion was partly due to resilient sales of petroleum &
petroleum products. For the whole of 2012, the foreign wholesale trade index
expanded by 9.1%, faster than the 4.3% increase in 2011. |
|
|
|
|
|
In the fourth quarter of 2012, retail
sales volume declined by 2.0%, extending the 0.3% decline in the third
quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight
moderation compared to the 1.5% gain in the third quarter of 2012. The sales
volume of motor vehicles fell by 11% in the fourth quarter of 2012, after
contracting by 6.1% in the third quarter. The sales of several discretionary
items also declined in the fourth quarter. Besides, the sales of optical
goods & books in 2012 fell by 3.6%, while the sales of telecommunications
apparatus & computers declined by 1.4%. |
|
|
|
|
|
For 2012 as a whole, retail sales volume
grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle
sales, the increase in retail sales volume also moderated from 5.4% in 2011
to 1.7% in 2012. Medical goods & toiletries registered the largest
increase (9.3%) in sales, followed by telecommunications apparatus & computers
(6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical
goods & books (-3.6%) declined. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : AVERAGE GROWTH |
|
Incorporated in 1990, the SC is a Private Limited company, focusing on
wholesale of electronic components. The SC has been in business for over two
decades. It has built up a strong clientele base and good reputation will
enable the SC to further enhance its business in the near term. The SC is
expected to enjoy a stable market shares. Having strong support from its
holding company has enabled the SC to remain competitive despite the
challenging business environment. The SC is a large entity with strong capital
position. We are confident with the SC's business and its future growth
prospect.
Over the years, the SC has penetrated into both the local and overseas market.
The SC has positioned itself in the global market and is competing in the
industry. Its stable clientele base will enable the SC to further enhance its
business in the near term. The SC is a fairly large and rapidly growing company
with over 180 staff in its operations. Overall, we regard that the SC's
management capability is average. This indicates that the SC has greater
potential to improve its business performance and raising income for the
SC.
Financially, the SC registered a higher turnover compared to previous year.
However, its profits showed a reverse trend. The lower profit achieved was a
result of higher operating cost and increased competition. The SC has generated
an unfavourable return on shareholders' funds indicating that the management
was inefficient in utilising its funds to generate return. The SC is in good
liquidity position with its current liabilities well covered by it current
assets. Hence, it has sufficient working capital to meet its short term
financial obligations. Being a zero geared company, the SC 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 31,781,558, the SC should
be able to maintain its business in the near terms.
The SC'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 SC has a good
control over its resources.
The SC's payment habit is average. With its adequate working capital, the SC
should be able to pay its short term debts.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
Based on the above condition, we recommend credit be granted to the SC
normally.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
DRAGON
TECHNOLOGY DISTRIBUTION PTE. LTD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
|
|
|
|
TURNOVER |
75,295,592 |
73,406,133 |
|
Other Income |
917,723 |
1,230,303 |
|
|
---------------- |
---------------- |
|
Total Turnover |
76,213,315 |
74,636,436 |
|
Costs of Goods Sold |
<70,060,638> |
<67,668,069> |
|
|
---------------- |
---------------- |
|
Gross Profit |
6,152,677 |
6,968,367 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
847,892 |
1,377,415 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
847,892 |
1,377,415 |
|
Taxation |
<2,146> |
<151,124> |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
845,746 |
1,226,291 |
|
|
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
3,246,666 |
2,020,375 |
|
|
---------------- |
---------------- |
|
As restated |
3,246,666 |
2,020,375 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
4,092,412 |
3,246,666 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
4,092,412 |
3,246,666 |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
Others |
764,490 |
765,347 |
|
|
---------------- |
---------------- |
|
|
764,490 |
765,347 |
|
DRAGON
TECHNOLOGY DISTRIBUTION PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
247,851 |
332,108 |
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
Subsidiary companies |
21,460,677 |
21,460,679 |
|
Associated companies |
- |
3,217 |
|
Deferred assets |
213,000 |
257,000 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
21,673,677 |
21,720,896 |
|
|
|
|
|
INTANGIBLE
ASSETS |
|
|
|
Others |
30,778 |
30,778 |
|
|
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
30,778 |
30,778 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
21,952,306 |
22,083,782 |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Stocks |
8,600,248 |
8,319,736 |
|
Trade debtors |
14,564,286 |
14,230,203 |
|
Other debtors, deposits & prepayments |
124,554 |
178,086 |
|
Amount due from related companies |
16,928,609 |
13,282,285 |
|
Cash & bank balances |
2,307,254 |
5,319,389 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
42,524,951 |
41,329,699 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
64,477,257 |
63,413,481 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
9,768,533 |
12,056,607 |
|
Other creditors & accruals |
246,474 |
127,913 |
|
Bill & acceptances payable |
- |
7,650,409 |
|
Amounts owing to related companies |
6,360,475 |
5,382,875 |
|
Provision for taxation |
66,446 |
125,359 |
|
Other liabilities |
16,253,771 |
7,134,506 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
32,695,699 |
32,477,669 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
9,829,252 |
8,852,030 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
31,781,558 |
30,935,812 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
27,689,146 |
27,689,146 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
27,689,146 |
27,689,146 |
|
|
|
|
|
RESERVES |
|
|
|
Retained profit/(loss) carried forward |
4,092,412 |
3,246,666 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
4,092,412 |
3,246,666 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
31,781,558 |
30,935,812 |
|
|
|
|
|
|
---------------- |
---------------- |
|
|
31,781,558 |
30,935,812 |
|
|
============= |
============= |
|
DRAGON
TECHNOLOGY DISTRIBUTION PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
Cash |
2,307,254 |
5,319,389 |
|
Net Liquid Funds |
2,307,254 |
<2,331,020> |
|
Net Liquid Assets |
1,229,004 |
532,294 |
|
Net Current Assets/(Liabilities) |
9,829,252 |
8,852,030 |
|
Net Tangible Assets |
31,750,780 |
30,905,034 |
|
Net Monetary Assets |
1,229,004 |
532,294 |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
0 |
7,650,409 |
|
Total Liabilities |
32,695,699 |
32,477,669 |
|
Total Assets |
64,477,257 |
63,413,481 |
|
Net Assets |
31,781,558 |
30,935,812 |
|
Net Assets Backing |
31,781,558 |
30,935,812 |
|
Shareholders' Funds |
31,781,558 |
30,935,812 |
|
Total Share Capital |
27,689,146 |
27,689,146 |
|
Total Reserves |
4,092,412 |
3,246,666 |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
0.07 |
0.16 |
|
Liquid Ratio |
1.04 |
1.02 |
|
Current Ratio |
1.30 |
1.27 |
|
WORKING CAPITAL CONTROL
(Days) |
|
|
|
Stock Ratio |
42 |
41 |
|
Debtors Ratio |
71 |
71 |
|
Creditors Ratio |
51 |
65 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.00 |
0.25 |
|
Liabilities Ratio |
1.03 |
1.05 |
|
Times Interest Earned Ratio |
2.11 |
2.80 |
|
Assets Backing Ratio |
1.15 |
1.12 |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
1.13 |
1.88 |
|
Net Profit Margin |
1.12 |
1.67 |
|
Return On Net Assets |
5.07 |
6.93 |
|
Return On Capital Employed |
5.07 |
6.92 |
|
Return On Shareholders' Funds/Equity |
2.66 |
3.96 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
|
UK Pound |
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.