|
Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
VITAL SOLUTIONS PTE LTD |
|
|
|
|
Formerly Known As : |
EPULPNPAPER PTE LTD |
|
|
|
|
Registered Office : |
77, Robinson Road, 14-01, Robinson 77, 068896 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
08.12.1999 |
|
|
|
|
Com. Reg. No.: |
199907719-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Paper and Paper Products |
|
|
|
|
No. of Employees : |
45 |
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 : |
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 |
|
HISTORY / BACKGROUND
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) trading of paper
and paper products. The major shareholder(s) of the SC are
shown as follows :
+ Also Director The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name Of
Subject |
: |
HANSON CHEAH |
|
Address |
: |
FLAT A, BLOCK
17, PROVIDENT CENTRE, NORTH POINT, 23RD FLOOR, HONG KONG. |
|
IC / PP No |
: |
A9516030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
01/05/2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject |
: |
DEVKISHAN
SITALDAS VARYANI |
|
Address |
: |
1366,
WOODGREEN WAY HIGHGATE, DAINFEM, JOHANNESBURG, SOUTH AFRICA. |
|
IC / PP No |
: |
Z1422617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
29/12/1999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject |
: |
RAJIV DHAR |
|
Address |
: |
9, TANJONG RHU
ROAD, 12-03, WATERSIDE, THE, 436894, SINGAPORE. |
|
IC / PP No |
: |
S7078521H |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
29/12/1999 |
|
Remark |
: |
ORD 3,188,674
& PREF 731,707 |
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of
Subject |
: |
VARADARAJAN
KRISHNAN |
|
Address |
: |
9, TANJONG RHU
ROAD, 15-03, WATERSIDE, THE, 436894, SINGAPORE. |
|
IC / PP No |
: |
S2663619A |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
13/12/1999 |
|
Remark |
: |
ORD 3,188,674
& PREF 731,708; NALTERNATE DIRECTOR TO DEVKISHAN SITALDAS VARYANI |
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
|
|
|
1) |
Name of
Subject |
: |
VARADARAJAN
KRISHNAN |
|
|
Position |
: |
MANAGING
DIRECTOR |
|
|
|
|
|
AUDITOR
|
|
Auditor |
: |
NEXIA TS
PUBLIC ACCOUNTING CORPORATION |
|
Auditor'
Address |
: |
N/A |
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
LEE SOO CHYE |
|
|
IC / PP No |
: |
S1660953F |
|
|
|
|
|
|
|
Address |
: |
12, WEST COAST
CRESCENT, 07-01, WESTCOVE CONDOMINIUM, 128042, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BNP PARIBAS |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
CITIBANK N.A. |
|
|
|
|
|
|
|
|
|
|
|
3) |
Name |
: |
DBS BANK LTD |
|
|
|
|
|
|
|
|
|
|
|
4) |
Name |
: |
INDIAN BANK |
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
200202660 |
14/06/2002 |
N/A |
STANDARD
CHARTERED BANK. |
N/A |
Unsatisfied |
|
200205051 |
19/11/2002 |
N/A |
BNP PARIBAS |
N/A |
Unsatisfied |
|
200205052 |
19/11/2002 |
N/A |
BNP PARIBAS |
N/A |
Unsatisfied |
|
C200605573 |
21/08/2006 |
N/A |
BNP PARIBAS |
N/A |
Unsatisfied |
|
C200701270 |
14/02/2007 |
N/A |
THE HONGKONG
& SHANGHAI BANKING CORPORATION LTD |
N/A |
Unsatisfied |
|
C200710267 |
14/02/2007 |
N/A |
THE HONGKONG
& SHANGHAI BANKING CORPORATION LTD |
N/A |
Unsatisfied |
|
C200708456 |
08/10/2007 |
N/A |
BNP PARIBAS |
N/A |
Unsatisfied |
|
C200801803 |
19/02/2008 |
N/A |
STANDARD
CHARTERED BANK. |
N/A |
Unsatisfied |
|
C200810381 |
18/11/2008 |
N/A |
INDIAN BANK |
N/A |
Unsatisfied |
|
C201001295 |
09/02/2010 |
N/A |
CITIBANK BHD |
N/A |
Unsatisfied |
|
C201005797 |
09/07/2010 |
N/A |
DBS BANK LTD |
N/A |
Unsatisfied |
|
C201010030 |
25/10/2010 |
N/A |
DBS BANK LTD |
N/A |
Unsatisfied |
|
C201102935 |
09/03/2011 |
N/A |
AUSTRALIA
& NEW ZEALAND BANKING GROUP LTD |
N/A |
Unsatisfied |
|
C201102968 |
10/03/2011 |
N/A |
AUSTRALIA
& NEW ZEALAND BANKING GROUP LTD |
N/A |
Unsatisfied |
* 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 |
Percentage |
: |
60% |
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
|
|
|
|
|
|
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 |
[ |
X |
] |
|
Average 61-90
Days |
[ |
|
] |
|
|
Fair 91-120
Days |
[ |
|
] |
|
Poor >120
Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Export Market |
: |
SOUTH EAST
ASIA |
|||
|
Credit Term |
: |
15 - 30
DAYS,AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
INDUSTRIAL
SECTOR |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
PAPER PRODUCT
|
|
|
|
|
|
|
|
Ownership of
premises |
: |
OWNED
|
|
Total Number
of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
|
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
COMPANY |
45 |
40 |
40 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of paper and
paper products.
The SC offers two types of products which can be broadly categorized as Paper
and Building Materials.
The SC supply the entire gambit of materials used in Building from Steel to
Glass.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone
Number Provided By Client |
: |
+65 63259230 |
|
Current Telephone
Number |
: |
65-63259230 |
|
Match |
: |
YES |
|
|
|
|
|
Address
Provided by Client |
: |
77 ROBINSON
ROAD 14-01 ROBINSON 77 SINGAPORE 068896 |
|
Current
Address |
: |
77, ROBINSON
ROAD, #14-01 ROBINSON 77, 068896, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
On 3rd September 2013 we contacted a staff from the SC and she provided some
information on the SC
.
FINANCIAL ANALYSIS
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2009 - 2011 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2009 - 2011 |
] |
|
|
Return on
Shareholder Funds |
: |
Acceptable |
[ |
20.81% |
] |
|
|
Return on Net
Assets |
: |
Acceptable |
[ |
28.04% |
] |
|
|
|
|
|
|
|
|
|
|
The SC's turnover
increased steadily as the demand for its products / services increased due
to the goodwill built up over the years.The SC's management have been
efficient in controlling its operating costs. The SC's management had
generated acceptable return for its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working
Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
5 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
78 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
|
|
|
|
|
|
|
|
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. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.50 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.58 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 |
: |
Acceptable |
[ |
5.44 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.89 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's
interest cover was slightly low. If there is no sharp fall in its profit or
sudden increase in the interest rates, we believe the SC is able to generate
sufficient income to service its interest and repay the loans. The SC's
gearing was slightly high. The SC is utilising the leverage concept to fund
its expansion. However, the high gearing has added financial risks to the
SC. It will be more vulnerable in times of economy downturn. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. The SC had an acceptable interest
cover. If there is no sudden sharp increase in interest rate or fall in the
SC's profit, we do believe the SC is able to generate sufficient cash flow
to service its interest payment. The SC's gearing was slightly high and its
financial risk was also high. If no plans are made to reduce its gearing,
the SC's performance may deteriorate in the coming year. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : STABLE |
||||||
|
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 |
|
|
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
VITAL
SOLUTIONS PTE LTD |
|
Financial Year
End |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated
Account |
GROUP |
GROUP |
GROUP |
|
Audited
Account |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
|
|
|
|
|
TURNOVER |
289,608,488 |
262,261,430 |
240,705,248 |
|
Other Income |
711,958 |
<2,669,832> |
- |
|
|
---------------- |
---------------- |
---------------- |
|
Total Turnover |
290,320,446 |
259,591,598 |
240,705,248 |
|
Costs of Goods
Sold |
<270,572,605> |
<245,682,350> |
- |
|
|
---------------- |
---------------- |
---------------- |
|
Gross Profit |
19,747,841 |
13,909,248 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
6,746,648 |
5,273,388 |
8,473,318 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE TAXATION |
6,746,648 |
5,273,388 |
8,473,318 |
|
Taxation |
<944,275> |
<672,567> |
<1,176,596> |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
AFTER TAXATION |
5,802,373 |
4,600,821 |
7,296,722 |
|
Minority
interests |
288,221 |
158,582 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS |
6,090,594 |
4,759,403 |
7,296,722 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS |
6,090,594 |
4,759,403 |
7,296,722 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
As previously
reported |
13,914,160 |
13,777,577 |
7,537,948 |
|
Prior year adjustment |
- |
<3,108,037> |
- |
|
|
---------------- |
---------------- |
---------------- |
|
As restated |
13,914,160 |
10,669,540 |
7,537,948 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
20,004,754 |
15,428,943 |
14,834,670 |
|
DIVIDENDS -
Ordinary (paid & proposed) |
<2,087,200> |
<1,514,783> |
<1,057,093> |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
17,917,554 |
13,914,160 |
13,777,577 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|
|
|
|
Bank overdraft |
1,382,625 |
- |
- |
|
Lease interest |
17,711 |
- |
- |
|
Term loan /
Borrowing |
119,671 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
|
|
1,520,007 |
- |
- |
|
|
============= |
|
|
|
VITAL
SOLUTIONS PTE LTD |
|
ASSETS
EMPLOYED: |
|
|
|
|
FIXED ASSETS |
556,714 |
409,181 |
216,696 |
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER
ASSETS |
|
|
|
|
Associated
companies |
26,804 |
- |
- |
|
Others |
51,885 |
51,885 |
67,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS |
78,689 |
51,885 |
67,000 |
|
|
|
|
|
|
INTANGIBLE
ASSETS |
|
|
|
|
Deferred/Expenditure
carried forward |
- |
- |
39,730 |
|
Computer
software |
- |
29,157 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL
INTANGIBLE ASSETS |
- |
29,157 |
39,730 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM ASSETS |
635,403 |
490,223 |
323,426 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Stocks |
3,822,422 |
1,154,100 |
972,759 |
|
Trade debtors |
62,244,338 |
67,312,130 |
57,492,565 |
|
Other debtors,
deposits & prepayments |
387,583 |
529,626 |
31,122 |
|
Short term
deposits |
5,618,748 |
5,241,811 |
6,281,785 |
|
Cash &
bank balances |
5,342,171 |
2,510,371 |
2,976,467 |
|
Others |
1,165,903 |
530,052 |
1,518,699 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT
ASSETS |
78,581,165 |
77,278,090 |
69,273,397 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
79,216,568 |
77,768,313 |
69,596,823 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
Trade
creditors |
15,547,476 |
18,034,762 |
12,388,566 |
|
Other
creditors & accruals |
7,542,621 |
8,761,883 |
7,360,019 |
|
Hire purchase
& lease creditors |
51,110 |
24,022 |
23,220 |
|
Bank overdraft |
- |
1,014,914 |
41,350 |
|
Short term
borrowings/Term loans |
13,787,206 |
19,202,295 |
16,423,616 |
|
Other
borrowings |
1,235,205 |
1,233,145 |
- |
|
Bill &
acceptances payable |
10,886,953 |
2,882,889 |
2,709,064 |
|
Provision for
taxation |
664,075 |
691,417 |
929,346 |
|
Other
liabilities |
22,488 |
200,331 |
854,073 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT
LIABILITIES |
49,737,134 |
52,045,658 |
40,729,254 |
|
|
---------------- |
---------------- |
---------------- |
|
NET CURRENT
ASSETS/(LIABILITIES) |
28,844,031 |
25,232,432 |
28,544,143 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET
ASSETS |
29,479,434 |
25,722,655 |
28,867,569 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
Ordinary share
capital |
11,454,315 |
11,454,315 |
14,790,957 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE
CAPITAL |
11,454,315 |
11,454,315 |
14,790,957 |
|
|
|
|
|
|
RESERVES |
|
|
|
|
General
reserve |
- |
- |
176,898 |
|
Retained
profit/(loss) carried forward |
17,917,554 |
13,914,160 |
13,777,577 |
|
Others |
243,525 |
258,563 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
18,161,079 |
14,172,723 |
13,954,475 |
|
|
|
|
|
|
MINORITY
INTEREST |
<353,158> |
<64,937> |
- |
|
|
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS'
FUNDS/EQUITY |
29,262,236 |
25,562,101 |
28,745,432 |
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
Hire purchase
creditors |
168,563 |
120,251 |
116,100 |
|
Deferred
taxation |
48,635 |
40,303 |
6,037 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM LIABILITIES |
217,198 |
160,554 |
122,137 |
|
|
---------------- |
---------------- |
---------------- |
|
|
29,479,434 |
25,722,655 |
28,867,569 |
|
|
============= |
============= |
============= |
|
VITAL
SOLUTIONS PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
Cash |
10,960,919 |
7,752,182 |
9,258,252 |
|
Net Liquid
Funds |
73,966 |
3,854,379 |
6,507,838 |
|
Net Liquid
Assets |
25,021,609 |
24,078,332 |
27,571,384 |
|
Net Current
Assets/(Liabilities) |
28,844,031 |
25,232,432 |
28,544,143 |
|
Net Tangible
Assets |
29,479,434 |
25,693,498 |
28,827,839 |
|
Net Monetary
Assets |
24,804,411 |
23,917,778 |
27,449,247 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
Total
Borrowings |
26,129,037 |
24,477,516 |
19,313,350 |
|
Total
Liabilities |
49,954,332 |
52,206,212 |
40,851,391 |
|
Total Assets |
79,216,568 |
77,768,313 |
69,596,823 |
|
Net Assets |
29,479,434 |
25,722,655 |
28,867,569 |
|
Net Assets
Backing |
29,262,236 |
25,562,101 |
28,745,432 |
|
Shareholders'
Funds |
29,262,236 |
25,562,101 |
28,745,432 |
|
Total Share
Capital |
11,454,315 |
11,454,315 |
14,790,957 |
|
Total Reserves |
18,161,079 |
14,172,723 |
13,954,475 |
|
LIQUIDITY
(Times) |
|
|
|
|
Cash Ratio |
0.22 |
0.15 |
0.23 |
|
Liquid Ratio |
1.50 |
1.46 |
1.68 |
|
Current Ratio |
1.58 |
1.48 |
1.70 |
|
WORKING
CAPITAL CONTROL (Days) |
|
|
|
|
Stock Ratio |
5 |
2 |
1 |
|
Debtors Ratio |
78 |
94 |
87 |
|
Creditors
Ratio |
21 |
27 |
19 |
|
SOLVENCY
RATIOS (Times) |
|
|
|
|
Gearing Ratio |
0.89 |
0.96 |
0.67 |
|
Liabilities
Ratio |
1.71 |
2.04 |
1.42 |
|
Times Interest
Earned Ratio |
5.44 |
0.00 |
0.00 |
|
Assets Backing
Ratio |
2.57 |
2.24 |
1.95 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
Operating
Profit Margin |
2.33 |
2.01 |
3.52 |
|
Net Profit
Margin |
2.10 |
1.81 |
3.03 |
|
Return On Net
Assets |
28.04 |
20.50 |
29.35 |
|
Return On Capital
Employed |
28.33 |
19.73 |
29.25 |
|
Return On
Shareholders' Funds/Equity |
20.81 |
18.62 |
25.38 |
|
Dividend Pay
Out Ratio (Times) |
0.34 |
0.32 |
0.14 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
Contingent
Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.86 |
|
|
1 |
Rs.102.50 |
|
Euro |
1 |
Rs.87.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.