MIRA INFORM REPORT

 

 

Report Date :

04.09.2013

 

IDENTIFICATION DETAILS

 

Name :

VISA RESOURCES PTE. LTD.

 

 

Registered Office :

61 Robinson Road #17-01a Robinson Centre Singapore 068893

 

 

Country :

Singapore

 

 

Financials (as on) :

March 2012

 

 

Date of Incorporation :

28.11.2008

 

 

Com. Reg. No.:

200822399M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers and Exporters)

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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

 

 

 

 

 

 

Company Name:

Registered Number:

VISA RESOURCES PTE. LTD.

200822399M

 

Date Incorporated:

Registered Office:

Telephone Number:

28/11/2008

61 ROBINSON ROAD #17-01A ROBINSON CENTRE SINGAPORE 068893

6435 9000

Age of Company:

Website:

Industry Type:

5

NA

COMMERCE-WHOLESALE

 

 

Directors

 

Corporate Structure

Number of Current Directors

1

Holding Company:

VISA GROUP LIMITED

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

 

 

 

EXECUTIVE SUMMARY

 

Company Name

:

VISA RESOURCES PTE. LTD.

Registration No

:

200822399M

Date of Registration

:

28/11/2008

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

61 ROBINSON ROAD #17-01A ROBINSON CENTRE SINGAPORE 068893

Date of Change of Address

:

15/12/2010

Contact No.

:

6435 9000

Fax No.

:

NA

Website

:

NA

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

INTERNATIONAL TRADE IN BULK COMMODITIES E.G. COAL, COKE, MINERALS & METALS

Issued Ordinary Capital*

:

$6,000,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 6,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$6,000,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

MOORE STEPHENS LLP

Bankers / Financiers

:

ICICI BANK LIMITED

OVERSEA-CHINESE BANKING CORPORATION LIMITED

ABN AMRO BANK N.V.

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

STANDARD CHARTERED BANK

BNP PARIBAS

ING BANK N.V.

Turnover

:

SGD - SIN 173,659,555.00 (FY2012)

Net Worth

:

SGD - SIN 4,025,074.00 (FY2012)

No. of Bank Charges

:

10

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

1094 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

Compounded Annual Growth Rate (CAGR)

:

NA

 

SHAREHOLDER DETAILS

 

NAME

:

VISA GROUP LIMITED

SHAREHOLDER ID

:

200911321E

NATIONALITY

:

SINGAPORE

ADDRESS

:

61 ROBINSON ROAD #17-01A ROBINSON CENTRE SINGAPORE 068893

NO. OF ORD SHARES

:

6,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

VIVEK AGARWAL

ADDRESS

:

10 DRAYCOTT PARK #16-08 DRAYCOTT EIGHT SINGAPORE 259405

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

28/11/2008

28/11/2008

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G5935678Q

 

NAME

:

LUK CHIEW PENG

ADDRESS

:

6 MARTIN PLACE #31-11 MARTIN PLACE RESIDENCES SINGAPORE 237990

POSITION

:

SECRETARY

DATE OF APPT

:

28/11/2008

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S6970685A

 

 

 

 

KEY PERSONNEL PROFILE

 

Name:

VIVEK AGARWAL

NRIC Number:

G5935678Q

Available Address:

10 DRAYCOTT PARK #16-08 DRAYCOTT EIGHT  SINGAPORE 259405

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

VISA BULK SHIPPING PTE. LTD.

DIRECTOR

17/10/2007

-

NA

2

VISA GMR LIMITED

DIRECTOR

28/09/2006

-

NA

3

VISA GROUP LIMITED

DIRECTOR

24/06/2009

3120000

100.00

4

VISA RESOURCES PTE. LTD.

DIRECTOR

28/11/2008

-

NA

5

VISA RESOURCES PTE. LTD.

MANAGING DIRECTOR

28/11/2008

-

NA

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

VISA RESOURCES PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

14/03/2013

 

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 10 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201213173

 

Date of Registration

:

14/11/2012

 

Chargee

:

ICICI BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

9 RAFFLES PLACE #50-01 REPUBLIC PLAZA SINGAPORE 048619

 

2)

Charge No.

:

C201213172

 

Date of Registration

:

14/11/2012

 

Chargee

:

ICICI BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

9 RAFFLES PLACE #50-01 REPUBLIC PLAZA SINGAPORE 048619

 

3)

Charge No.

:

C201201288

 

Date of Registration

:

02/02/2012

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

4)

Charge No.

:

C201111071

 

Date of Registration

:

08/09/2011

 

Chargee

:

ABN AMRO BANK N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

LEVEL 26 ONE RAFFLES QUAY SOUTH TOWER SINGAPORE 048583

 

5)

Charge No.

:

C201107170

 

Date of Registration

:

15/06/2011

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

6)

Charge No.

:

C201001681

 

Date of Registration

:

24/02/2010

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

1 RAFFLES QUAY #38-01 ONE RAFFLES QUAY, NORTH TOWER SINGAPORE 048583

 

7)

Charge No.

:

C200906416

 

Date of Registration

:

09/10/2009

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

 

 

 

8)

Charge No.

:

C200906415

 

Date of Registration

:

09/10/2009

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

9)

Charge No.

:

C200902589

 

Date of Registration

:

05/05/2009

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

10)

Charge No.

:

C200901552

 

Date of Registration

:

11/03/2009

 

Chargee

:

ING BANK N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

31/01/2013

Date of Last AR

:

21/02/2013

Date of A/C Laid At Last AGM

:

31/03/2012
 

COMPLIANCE RATING FOR ANNUAL FILING

 

 

ANNUAL GENERAL MEETING, ANNUAL RETURN OR ACCOUNTS LATE

 

 

 

Note:

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

 

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

 

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

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2012

% Change

MAR 2011

MAR 2010

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

Turnover

173,659,555

-13.45

200,637,880

146,283,079

Profit/(Loss) Before Tax

996,145

-57.80

2,360,442

1,971,804

Profit After Tax attributable

 to Shareholders

896,065

-57.83

2,125,101

1,783,442

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

39,665,558

-21.43

50,483,291

9,902,303

Current Assets

39,663,775

-21.43

50,481,129

9,899,649

Non Current Assets

1,783

-17.53

2,162

2,654

 

 

 

 

 

Total Liabilities

35,640,484

-24.43

47,161,689

7,147,897

Current Liabilities

35,640,484

-24.43

47,161,689

7,147,897

Non Current Liabilities

0

NA

0

0

 

 

 

 

 

Shareholders' Funds

4,025,074

21.18

3,321,602

2,754,406

Share Capital

838,320

-5.80

889,919

970,964

Total Reserves

3,186,754

31.05

2,431,683

1,783,442

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

MAR 2012

MAR 2011

MAR 2010

Growth %

 

 

 

Year-on-Year Growth

-13.45

37.16

NA

 

 

 

 

Profitability

 

 

 

Profit Margin (%)

0.52

1.06

1.22

Return on Equity (%)

22.26

63.98

64.75

Return on Assets (%)

2.26

4.21

18.01

 

 

 

 

Leverage

 

 

 

Total Debt/Equity (Times)

8.85

14.20

2.60

Current Debt/Equity (Times)

8.85

14.20

2.60

Long Term Debt To Equity (Times)

0.00

0.00

0.00

Total Asset To Total Equity (Times)

9.85

15.20

3.60

 

 

 

 

Asset Management

 

 

 

Total Assets Turnover (Times)

4.38

3.97

14.77

Fixed Assets Turnover (Times)

97,397.39

92,801.98

55,117.96

 

 

 

 

Liquidity

 

 

 

Current Ratio (Times)

1.11

1.07

1.38

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

 

Profitability

The company yielded a rate of net profit on sales of 0.52 per cent in FY12 (FY11: 1.06 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.01 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.11 times in FY12 (FY11: 1.07 times). This means that the company has SGD - SIN 1.11 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 8.85 times in FY12, compared with 14.20 times in FY11. This means that the company requires additional external financing of SGD - SIN 8.85 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 22.26 per cent for Subject in the current financial period, as compared to 63.98 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 2.26 per cent (FY11: 4.21 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 4.38 times in FY12 (FY11: 3.97 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.88

UK Pound

1

Rs.103.94

Euro

1

Rs.88.09

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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

s56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.