|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TEX LINE ASSOCIATES PTE LTD |
|
|
|
|
Registered Office : |
73, Bukit Timah Road, 02-01, Rex House, 229832 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
12.12.1989 |
|
|
|
|
Com. Reg. No.: |
198905457-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Provision of Sourcing & Buying Services for Garments and Textiles |
|
|
|
|
No. of Employees : |
250 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
REGISTRATION NO. |
: |
198905457-K |
|
COMPANY NAME |
: |
TEX LINE ASSOCIATES PTE LTD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
12/12/1989 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
73, BUKIT TIMAH ROAD, 02-01, REX HOUSE, 229832, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
3, BUKIT TIMAH ROAD, 02-01, REX HOUSE, 229832, SINGAPORE. |
|
TEL.NO. |
: |
65-68820988 |
|
FAX.NO. |
: |
65-68820990 |
|
WEB SITE |
: |
WWW.TEXLINE.COM.SG |
|
CONTACT PERSON |
: |
MICHAEL KOH ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
PROVISION OF SOURCING & BUYING SERVICES FOR GARMENTS AND TEXTILES |
|
ISSUED AND PAID UP CAPITAL |
: |
1,400,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,400,000.00 |
|
BANKER (S) |
|
OVERSEA-CHINESE BANKING CORPORATION LTD |
|
SALES |
: |
USD 587,155,000 [2012] |
|
NET WORTH |
: |
USD 53,435,000 [2012] |
|
STAFF STRENGTH |
: |
250 [2013] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
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) provision of
sourcing & buying services for garments and textiles.
The immediate holding company of the SC is TEX LINE PTE. LIMITED, a
company incorporated in SINGAPORE.
The ultimate holding company of the SC is TEX LINE 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 |
(%) |
|
TEX LINE PTE. LIMITED |
73, BUKIT TIMAH ROAD, 01 - 01 TONG NAM BUILDING, 229832, SINGAPORE. |
198201185M |
1,400,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,400,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
200404296G |
SINGAPORE |
TLA SPORTS PTE. LTD. |
100.00 |
14/05/2013 |
|
200507955Z |
SINGAPORE |
TAG INDUSTRIES PTE. LTD. |
100.00 |
31/03/2012 |
|
011079 |
INDIA |
TEX LINE (INDIA) PRIVATE LIMITED |
100.00 |
31/03/2012 |
|
|
|
|
|
|
|
011015 |
FRANCE |
TEX LINE FRANCE SAS |
100.00 |
31/03/2012 |
|
018644 |
HONG KONG |
TEX LINE ASSOCIATES H.K. LIMITED |
100.00 |
31/03/2012 |
|
011036 |
UNITED KINGDOM |
TEX LINE ASSOCIATES (MANCHESTER) LIMITED |
100.00 |
31/03/2012 |
|
200005662E |
SINGAPORE |
2BESOURCE.COM PTE LTD |
100.00 |
31/03/2012 |
|
200002336W |
SINGAPORE |
TEX LINE ASSOCIATES PAKISTAN (S) PTE LTD |
76.00 |
31/03/2012 |
DIRECTOR 1
|
Name Of Subject |
: |
PHUA KOK OH @ RICHARD PHUA |
|
Address |
: |
7, YIO CHU KANG DRIVE, 786317, SINGAPORE. |
|
IC / PP No |
: |
S1028357D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/12/1990 |
DIRECTOR 2
|
Name Of Subject |
: |
EILEEN LIM SEO MENG |
|
Address |
: |
38, SIRAT PLACE, SANFORD PARK, 545840, SINGAPORE. |
|
IC / PP No |
: |
S1217351B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
16/04/2001 |
DIRECTOR 3
|
Name Of Subject |
: |
MICHAEL KOH KOW TEE |
|
Address |
: |
201, OCEAN DRIVE 06 - 05, AZURE, THE, 098584, SINGAPORE. |
|
IC / PP No |
: |
S0018917J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
12/12/1989 |
DIRECTOR 4
|
Name Of Subject |
: |
ER CHOON HUAT |
|
Address |
: |
12, HILLVIEW DRIVE, 669374, SINGAPORE. |
|
IC / PP No |
: |
S0020062Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/12/1990 |
DIRECTOR 5
|
Name Of Subject |
: |
KOH PUAY TEE |
|
Address |
: |
2, BAYSHORE ROAD, BAYSHORE TERRACE, 469960, SINGAPORE. |
|
IC / PP No |
: |
S0475334H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
16/04/2001 |
DIRECTOR 6
|
Name Of Subject |
: |
SIM KIM CHOON |
|
Address |
: |
1D, LYNWOOD GROVE, ONE LYNWOOD, 358679, SINGAPORE. |
|
IC / PP No |
: |
S0018165Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/12/1990 |
|
1) |
Name of Subject |
: |
MICHAEL KOH |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
CHAN FANNY |
|
|
IC / PP No |
: |
S1581535C |
|
|
|
|
|
|
|
Address |
: |
866, TAMPINES STREET 83, 02 - 225, 520866, SINGAPORE. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LTD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD |
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
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 |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
UNITED STATES |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
TELEGRAPHIC TRANSFER (TT) |
|||
|
Goods Traded |
: |
GARMENTS AND TEXTILES
|
|
|
|
|
|
|
|
Services |
: |
SOURCING & BUYING
|
|
|
|
|
|
|
|
Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
|
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
250 |
400 |
430 |
432 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) provision of sourcing &
buying services for garments and textiles.
The SC is engaged in the chain supply of garments and textiles.
The SC ranked 5th most enterprising company in Singapore.
The SC provides complete and comprehensive apparel sourcing & supply chain
management.
The SC's products and services are as follows:
* Buying services
* Franchise consultant
* Franchise operator
* Marketing service
* Procurement service
* Purchasing service
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68820988 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
NO 73 1 BUKIT TIMAH ROAD NO 02901 REX HOUSE SINGAPORE 229832 |
|
Current Address |
: |
3, BUKIT TIMAH ROAD, 02-01, REX HOUSE, 229832, SINGAPORE. |
|
Match |
: |
NO |
|
|
|
|
Other Investigations
On 1st October 2013 we contacted one of the staff from the SC and she provided
some information on the SC.
The address provided is incorrect.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2009 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
32.25% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
39.53% |
] |
|
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The higher
profit could be attributed to the increase in turnover. Generally the SC was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the SC's management was efficient in utilising the
assets to generate returns. |
||||||
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
40 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
56 Days |
] |
|
|
As the SC is a service oriented company, the SC does not need to keep
stocks. The favourable debtors' days could be due to the good credit control
measures implemented by the SC. 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. |
||||||
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.56 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.56 Times |
] |
|
|
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. |
||||||
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
57.71 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The interest cover showed that the SC was able to service the
interest. The favourable interest cover could indicate that the SC was making
enough profit to pay for the interest accrued. 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. |
||||||
|
Overall Assessment : |
|
|
|
|
|
|
|
Generally, the SC's performance has improved with higher turnover and
profit. 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. With the
favourable interest cover, the SC could be able to service all the accrued
interest without facing any difficulties. 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. |
||||||
|
Overall financial condition of the SC : STRONG |
||||||
|
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) |
|
|
|
|
|
|
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 1989, the SC is a Private Limited company, focusing on
provision of sourcing & buying services for garments and textiles. 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 capital standing
of the SC is fair. With an adequate share capital, the SC has the potential of
expanding its business in future.
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 250 staff in its operations. The SC has a good management capability.
Its capable management team has enabled the SC to keep its business on going.
Hence, the future prospect of the SC is bright.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Based on the higher profitability, the
SC has generated a favourable return based on its existing shareholders' funds
which indicated that the management was efficient in utilising its funds to
generate income. 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 53,435,000, the SC should be able to maintain its business in the near
terms.
Having a strong assets backing, the SC possesses latent assets as collateral
for further financial extension. Hence, it has good chance of getting loans if
the needs arises. 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.
In view of the above favourable condition, we recommend credit be proceeded to
the SC with favourable term.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
TEX LINE ASSOCIATES PTE LTD |
|
Financial Year End |
2012-03-31 |
2011-03-31 |
2010-03-31 |
2009-03-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
TURNOVER |
587,155,000 |
437,260,000 |
363,455,000 |
461,487,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
587,155,000 |
437,260,000 |
363,455,000 |
461,487,000 |
|
Costs of Goods Sold |
<545,107,000> |
<406,413,000> |
<336,665,000> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
42,048,000 |
30,847,000 |
26,790,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
20,755,000 |
13,811,000 |
11,134,000 |
12,351,000 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
- |
- |
- |
2,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
20,755,000 |
13,811,000 |
11,134,000 |
12,353,000 |
|
Taxation |
<3,452,000> |
<2,268,000> |
<1,729,000> |
<1,939,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
17,303,000 |
11,543,000 |
9,405,000 |
10,414,000 |
|
Minority interests |
<72,000> |
<43,000> |
97,000 |
<35,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
17,231,000 |
11,500,000 |
9,502,000 |
10,379,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
17,231,000 |
11,500,000 |
9,502,000 |
10,379,000 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
45,749,000 |
39,419,000 |
41,604,000 |
39,070,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
45,749,000 |
39,419,000 |
41,604,000 |
39,070,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
62,980,000 |
50,919,000 |
51,106,000 |
49,449,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
<10,021,000> |
<5,170,000> |
<11,687,000> |
<7,845,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
52,959,000 |
45,749,000 |
39,419,000 |
41,604,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
Lease interest |
- |
2,000 |
2,000 |
- |
|
Others |
366,000 |
159,000 |
35,000 |
32,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
366,000 |
161,000 |
37,000 |
32,000 |
|
|
============= |
============= |
============= |
============= |
|
TEX LINE ASSOCIATES PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
677,000 |
394,000 |
603,000 |
1,028,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Associated companies |
- |
68,000 |
68,000 |
68,000 |
|
Deferred assets |
66,000 |
90,000 |
112,000 |
207,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
66,000 |
158,000 |
180,000 |
275,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
743,000 |
552,000 |
783,000 |
1,303,000 |
|
CURRENT ASSETS |
|
|
|
|
|
Trade debtors |
64,799,000 |
57,402,000 |
34,206,000 |
50,804,000 |
|
Other debtors, deposits & prepayments |
1,725,000 |
395,000 |
1,147,000 |
432,000 |
|
Short term deposits |
5,023,000 |
15,433,000 |
25,400,000 |
- |
|
Amount due from holding company |
1,000 |
1,000 |
1,000 |
1,000 |
|
Amount due from related companies |
- |
449,000 |
- |
- |
|
Cash & bank balances |
74,629,000 |
50,644,000 |
49,881,000 |
40,796,000 |
|
Others |
95,000 |
231,000 |
817,000 |
4,137,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
146,272,000 |
124,555,000 |
111,452,000 |
96,170,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
147,015,000 |
125,107,000 |
112,235,000 |
97,473,000 |
|
|
============= |
============= |
============= |
============= |
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade creditors |
83,525,000 |
68,201,000 |
55,243,000 |
45,407,000 |
|
Other creditors & accruals |
6,821,000 |
8,530,000 |
15,264,000 |
7,915,000 |
|
Hire purchase & lease creditors |
- |
- |
7,000 |
11,000 |
|
Amounts owing to related companies |
119,000 |
- |
- |
- |
|
Amounts owing to associated companies |
- |
72,000 |
72,000 |
65,000 |
|
Provision for taxation |
3,115,000 |
2,129,000 |
1,799,000 |
1,819,000 |
|
Other liabilities |
- |
- |
- |
11,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
93,580,000 |
78,932,000 |
72,385,000 |
55,228,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
52,692,000 |
45,623,000 |
39,067,000 |
40,942,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
53,435,000 |
46,175,000 |
39,850,000 |
42,245,000 |
|
|
============= |
============= |
============= |
============= |
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
760,000 |
760,000 |
760,000 |
760,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
760,000 |
760,000 |
760,000 |
760,000 |
|
RESERVES |
|
|
|
|
|
Exchange equalisation/fluctuation reserve |
<403,000> |
<381,000> |
<385,000> |
- |
|
Retained profit/(loss) carried forward |
52,959,000 |
45,749,000 |
39,419,000 |
41,604,000 |
|
Others |
- |
- |
- |
<308,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
52,556,000 |
45,368,000 |
39,034,000 |
41,296,000 |
|
MINORITY INTEREST |
119,000 |
47,000 |
48,000 |
176,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
53,435,000 |
46,175,000 |
39,842,000 |
42,232,000 |
|
LONG TERM LIABILITIES |
|
|
|
|
|
Hire purchase creditors |
- |
- |
8,000 |
13,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
- |
- |
8,000 |
13,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
53,435,000 |
46,175,000 |
39,850,000 |
42,245,000 |
|
|
============= |
============= |
============= |
============= |
|
TEX LINE ASSOCIATES PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
79,652,000 |
66,077,000 |
75,281,000 |
40,796,000 |
|
Net Liquid Funds |
79,652,000 |
66,077,000 |
75,281,000 |
40,796,000 |
|
Net Liquid Assets |
52,692,000 |
45,623,000 |
39,067,000 |
40,942,000 |
|
Net Current Assets/(Liabilities) |
52,692,000 |
45,623,000 |
39,067,000 |
40,942,000 |
|
Net Tangible Assets |
53,435,000 |
46,175,000 |
39,850,000 |
42,245,000 |
|
Net Monetary Assets |
52,692,000 |
45,623,000 |
39,059,000 |
40,929,000 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
Total Borrowings |
0 |
0 |
15,000 |
24,000 |
|
Total Liabilities |
93,580,000 |
78,932,000 |
72,393,000 |
55,241,000 |
|
Total Assets |
147,015,000 |
125,107,000 |
112,235,000 |
97,473,000 |
|
Net Assets |
53,435,000 |
46,175,000 |
39,850,000 |
42,245,000 |
|
Net Assets Backing |
53,435,000 |
46,175,000 |
39,842,000 |
42,232,000 |
|
Shareholders' Funds |
53,435,000 |
46,175,000 |
39,842,000 |
42,232,000 |
|
Total Share Capital |
760,000 |
760,000 |
760,000 |
760,000 |
|
Total Reserves |
52,556,000 |
45,368,000 |
39,034,000 |
41,296,000 |
|
LIQUIDITY (Times) |
|
|
|
|
|
Cash Ratio |
0.85 |
0.84 |
1.04 |
0.74 |
|
Liquid Ratio |
1.56 |
1.58 |
1.54 |
1.74 |
|
Current Ratio |
1.56 |
1.58 |
1.54 |
1.74 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
40 |
48 |
34 |
40 |
|
Creditors Ratio |
56 |
61 |
60 |
36 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
1.75 |
1.71 |
1.82 |
1.31 |
|
Times Interest Earned Ratio |
57.71 |
86.78 |
301.92 |
387.03 |
|
Assets Backing Ratio |
70.31 |
60.76 |
52.43 |
55.59 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
3.53 |
3.16 |
3.06 |
2.68 |
|
Net Profit Margin |
2.93 |
2.63 |
2.61 |
2.25 |
|
Return On Net Assets |
39.53 |
30.26 |
28.03 |
29.32 |
|
Return On Capital Employed |
39.44 |
30.23 |
27.99 |
29.19 |
|
Return On Shareholders' Funds/Equity |
32.25 |
24.91 |
23.85 |
24.58 |
|
Dividend Pay Out Ratio (Times) |
0.58 |
0.45 |
1.23 |
0.76 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.40 |
|
|
1 |
Rs.99.28 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.