|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
ARTHESDAM
JEWELLERY PTE LTD |
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|
|
|
Registered Office : |
95, Serangoon Road, 218000 |
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|
|
|
Country : |
Singapore |
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|
|
|
Financials (as on) : |
30.11.2012 |
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Date of Incorporation : |
11.08.2000 |
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Com. Reg. No.: |
200007028-E |
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Legal Form : |
Private Limited |
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Line of Business : |
Subject is engaged in the retail of gold & jewellery. |
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No. of Employees : |
Not Available |
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
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* Adopted abbreviations : |
SC - Subject Company (the company enquired by you) |
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|
N/A - Not Applicable |
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REGISTRATION NO. |
: |
200007028-E |
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COMPANY NAME |
: |
ARTHESDAM JEWELLERY PTE LTD |
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FORMER NAME |
: |
N/A |
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INCORPORATION DATE |
: |
11/08/2000 |
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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 |
: |
95, SERANGOON ROAD, 218000, SINGAPORE. |
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|
BUSINESS ADDRESS |
: |
95 SERANGOON ROAD, 218000, SINGAPORE. |
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|
TEL.NO. |
: |
65-62991729 |
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|
FAX.NO. |
: |
65-62994879 |
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CONTACT PERSON |
: |
LAM LOY CHONG ( DIRECTOR ) |
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PRINCIPAL ACTIVITY |
: |
RETAIL OF GOLD & JEWELLERY |
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ISSUED AND PAID UP CAPITAL |
: |
1,800,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,800,000.00 |
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|
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SALES |
: |
SGD 71,580,911 [2012] |
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NET WORTH |
: |
SGD 14,709,231 [2012] |
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STAFF STRENGTH |
: |
N/A |
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||||||
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LITIGATION |
: |
CLEAR |
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FINANCIAL CONDITION |
: |
STABLE |
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PAYMENT |
: |
GOOD |
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MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
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|
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
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CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
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) retail of gold & jewellery.
The major shareholder(s) of the SC are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
LAM LOY CHONG + |
7, HUME AVENUE, 05-04, HUME PARK I, 598721, SINGAPORE. |
S0190293H |
454,650.00 |
25.26 |
|
CHONG MEI SANG + |
1, HUME AVENUE, 02-08, 598718, SINGAPORE. |
S2636024B |
141,700.00 |
7.87 |
|
LAM SEN CHONG ALAN + |
44, SPRINGLEAF GARDEN, 788204, SINGAPORE. |
S1411692C |
132,000.00 |
7.33 |
|
LAM FOOK CHONG + |
34, CHAI CHEE AVENUE, 19-250, 461034, SINGAPORE. |
S1557584J |
123,750.00 |
6.88 |
|
CHIA SIAN KHEAN + |
27, HUME AVENUE, 08-04, 598731, SINGAPORE. |
S1442277C |
114,500.00 |
6.36 |
|
MDM. LEE TIEW NGIN |
10, TAI KENG GARDENS, 535292, SINGAPORE. |
S0780337J |
109,000.00 |
6.06 |
|
LAM KHOON YOU @ LAU KHOON YOU + |
112, BEDOK RESERVOIR ROAD, 04-268, 470112, SINGAPORE. |
S0728050E |
77,200.00 |
4.29 |
|
WOO SIN CHAI + |
529, HOUGANG AVENUE 6, 06-245, 530529, SINGAPORE. |
S1410963C |
60,000.00 |
3.33 |
|
CHERYL LAM JING WEN |
10, TAI KENG GARDENS, 535292, SINGAPORE. |
S7115863B |
59,500.00 |
3.31 |
|
LAM SIEW LIN |
6, BISHAN STREET 25, 13-12, CLOVER BY THE PARK, 573975, SINGAPORE. |
S1710236B |
59,500.00 |
3.31 |
|
WOO SIN YONG |
285, TAMPINES STREET 22, 07-205, 520285, SINGAPORE. |
S1690781B |
50,000.00 |
2.78 |
|
VONG SIEW LEE + |
232A, SERANGOON AVENUE 2, 14-127, 551232, SINGAPORE. |
S1520897Z |
46,000.00 |
2.56 |
|
LAM YEE WUA |
112, BEDOK NORTH ROAD, 10-337, 460112, SINGAPORE. |
S7800563G |
40,000.00 |
2.22 |
|
LAM KA CHONG @ LAN JIACHANG |
112, BEDOK RESERVOIR ROAD, 04-268, 470112, SINGAPORE. |
S7429687D |
40,000.00 |
2.22 |
|
VONG SIEW SOON |
495B, TAMPINES STREET 43, 11-396, 521495, SINGAPORE. |
S1394058D |
40,000.00 |
2.22 |
|
VONG SIEW KHONG |
700, LORONG 1, TOA PAYOH, TRELLIS TOWERS, 319773, SINGAPORE. |
S7130862F |
40,000.00 |
2.22 |
|
VONG FUT SENG + |
145, BISHAN STREET 11, 06-73, 570145, SINGAPORE. |
S0549077D |
34,200.00 |
1.90 |
|
HO HWEE SHI |
194, BISHAN STREET 13, 16-537, 570194, SINGAPORE. |
S8103453B |
30,000.00 |
1.67 |
|
YONG POH FATT |
59, NEW UPPER CHANGI ROAD, 01-1276, 461059, SINGAPORE. |
S1648903D |
30,000.00 |
1.67 |
|
HO WENG KHIAM |
37, HUME AVENUE, 10-06, SYMPHONY HEIGHTS, 598736, SINGAPORE. |
S2157519D |
25,000.00 |
1.39 |
|
CHONG KWEK WU |
115, BEDOK NORTH ROAD, 10-319, 460115, SINGAPORE. |
S0056753A |
23,000.00 |
1.28 |
|
LIM MENG IN |
112, BEDOK RESERVOIR ROAD, 04-268, 470112, SINGAPORE. |
S1678783C |
20,000.00 |
1.11 |
|
LIM SIEW CHOO @ SAI MOY |
165, SIMEI ROAD, 05-368, 520165, SINGAPORE. |
S1847451D |
20,000.00 |
1.11 |
|
TEO POH CHU |
186, PUNGGOL CENTRAL, 15-255, 820186, SINGAPORE. |
S0203828E |
20,000.00 |
1.11 |
|
HO KWEN FOONG |
20, BUKIT BATOK STREET 52, 26-03, GUILIN VIEW, 659244, SINGAPORE. |
S2103947J |
10,000.00 |
0.56 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,800,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
VONG FUT SENG |
|
Address |
: |
145, BISHAN STREET 11, 06-73, 570145, SINGAPORE. |
|
IC / PP No |
: |
S0549077D |
|
|
|
|
|
|
|
|
|
|
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Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
25/10/2000 |
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DIRECTOR 2
|
Name Of Subject |
: |
VONG SIEW LEE |
|
Address |
: |
232A, SERANGOON AVENUE 2, 14-127, 551232, SINGAPORE. |
|
IC / PP No |
: |
S1520897Z |
|
|
|
|
|
|
|
|
|
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|
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|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
25/10/2000 |
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DIRECTOR 3
|
Name Of Subject |
: |
WOO SIN CHAI |
|
Address |
: |
529, HOUGANG AVENUE 6, 06-245, 530529, SINGAPORE. |
|
IC / PP No |
: |
S1410963C |
|
|
|
|
|
|
|
|
|
|
|
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|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
25/10/2000 |
|
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DIRECTOR 4
|
Name Of Subject |
: |
LAM KHOON YOU @ LAU KHOON YOU |
|
Address |
: |
112, BEDOK RESERVOIR ROAD, 04-268, 470112, SINGAPORE. |
|
IC / PP No |
: |
S0728050E |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
25/10/2000 |
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DIRECTOR 5
|
Name Of Subject |
: |
CHIA SIAN KHEAN |
|
Address |
: |
27, HUME AVENUE, 08-04, 598731, SINGAPORE. |
|
IC / PP No |
: |
S1442277C |
|
|
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|
|
|
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|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
21/12/2007 |
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DIRECTOR 6
|
Name Of Subject |
: |
LAM FOOK CHONG |
|
Address |
: |
34, CHAI CHEE AVENUE, 19-250, 461034, SINGAPORE. |
|
IC / PP No |
: |
S1557584J |
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Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
24/10/2002 |
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DIRECTOR 7
|
Name Of Subject |
: |
LAM SEN CHONG ALAN |
|
Address |
: |
44, SPRINGLEAF GARDEN, 788204, SINGAPORE. |
|
IC / PP No |
: |
S1411692C |
|
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Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
25/10/2000 |
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DIRECTOR 8
|
Name Of Subject |
: |
CHONG MEI SANG |
|
Address |
: |
1, HUME AVENUE, 02-08, 598718, SINGAPORE. |
|
IC / PP No |
: |
S2636024B |
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Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
21/12/2007 |
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DIRECTOR 9
|
Name Of Subject |
: |
LAM LOY CHONG |
|
Address |
: |
7, HUME AVENUE, 05-04, HUME PARK I, 598721, SINGAPORE. |
|
IC / PP No |
: |
S0190293H |
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Nationality |
: |
SINGAPOREAN |
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Date of Appointment |
: |
11/08/2000 |
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1) |
Name of Subject |
: |
LAM LOY CHONG |
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|
Position |
: |
DIRECTOR |
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Auditor |
: |
FOONG PAK LEONG & COMPANY |
|
Auditor' Address |
: |
N/A |
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1) |
Company Secretary |
: |
TAN WAH THONG |
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|
IC / PP No |
: |
S0075430G |
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Address |
: |
23 FIGARO STREET, OPERA ESTATE, 458348, SINGAPORE. |
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Banking relations are maintained principally with :
|
1) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
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Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200304119 |
28/08/2003 |
N/A |
UNITED OVERSEAS BANK LIMITED |
N/A |
Unsatisfied |
|
C200501119 |
23/02/2005 |
N/A |
UNITED OVERSEAS BANK LIMITED |
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.
|
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SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
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Overseas |
: |
N/A |
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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 |
[ |
|
] |
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Good 31-60 Days |
[ |
X |
] |
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Average 61-90 Days |
[ |
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] |
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Fair 91-120 Days |
[ |
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] |
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Poor >120 Days |
[ |
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] |
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Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
SINGAPORE |
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Overseas |
: |
NO |
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Credit Term |
: |
N/A |
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Payment Mode |
: |
CHEQUES |
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Goods Traded |
: |
GOLD & JEWELLERY
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Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) retail of gold &
jewellery.
The SC sells gold jewelleries.
The SC also provides related services for the products.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
2991729 |
|
Current Telephone Number |
: |
65-62991729 |
|
Match |
: |
NO |
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|
Address Provided by Client |
: |
95, SERANGOON ROAD, SINGAPORE-218000 |
|
Current Address |
: |
95 SERANGOON ROAD, 218000, SINGAPORE. |
|
Match |
: |
YES |
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|
Other Investigations
On 12th September 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
She refused to disclose the SC's number of employees.
SPECIAL REQUEST
The SC refused to disclose the name of the products traded.
|
Profitability |
|
|
|
|
|
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|
Turnover |
: |
Increased |
[ |
1.86% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
6.09% |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
27.53% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
32.28% |
] |
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The higher turnover could be attributed to the favourable market condition.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. |
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Working Capital Control |
|
|
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|
Stock Ratio |
: |
Unfavourable |
[ |
67 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
4 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
0 Days |
] |
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|
The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. 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. |
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Liquidity |
|
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|
Liquid Ratio |
: |
Favourable |
[ |
1.22 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
4.47 Times |
] |
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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 |
|
|
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|
|
Interest Cover |
: |
Favourable |
[ |
40.63 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.14 Times |
] |
|
|
|
|
|
|
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|
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 was lowly geared thus it had a low financial risk. The SC was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the SC being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry. |
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Overall Assessment : |
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|
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 as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations. |
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|
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. |
|
ARTHESDAM JEWELLERY PTE LTD |
|
Financial Year End |
2012-11-30 |
2011-11-30 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
SGD |
SGD |
|
|
|
|
|
TURNOVER |
71,580,911 |
70,273,451 |
|
|
---------------- |
---------------- |
|
Total Turnover |
71,580,911 |
70,273,451 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
4,793,651 |
4,518,472 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
4,793,651 |
4,518,472 |
|
Taxation |
<744,353> |
<739,671> |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
4,049,298 |
3,778,801 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
9,399,933 |
6,161,132 |
|
|
---------------- |
---------------- |
|
As restated |
9,399,933 |
6,161,132 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
13,449,231 |
9,939,933 |
|
DIVIDENDS - Ordinary (paid & proposed) |
<540,000> |
<540,000> |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
12,909,231 |
9,399,933 |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
Bank overdraft |
120,956 |
140,815 |
|
|
---------------- |
---------------- |
|
|
120,956 |
140,815 |
|
ARTHESDAM JEWELLERY PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
1,199,492 |
1,220,956 |
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
Others |
- |
150,000 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
150,000 |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,199,492 |
1,370,956 |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Stocks |
13,149,804 |
9,678,802 |
|
Trade debtors |
761,217 |
320,057 |
|
Other debtors, deposits & prepayments |
4,061,350 |
4,342,696 |
|
Cash & bank balances |
92,569 |
40,639 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
18,064,940 |
14,382,194 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
19,264,432 |
15,753,150 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
- |
418,627 |
|
Other creditors & accruals |
1,706,592 |
1,208,927 |
|
Bank overdraft |
1,343,801 |
1,334,138 |
|
Short term borrowings/Term loans |
245,336 |
261,836 |
|
Provision for taxation |
745,000 |
751,000 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
4,040,729 |
3,974,528 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
14,024,211 |
10,407,666 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
15,223,703 |
11,778,622 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
1,800,000 |
1,800,000 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,800,000 |
1,800,000 |
|
|
|
|
|
RESERVES |
|
|
|
Retained profit/(loss) carried forward |
12,909,231 |
9,399,933 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
12,909,231 |
9,399,933 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
14,709,231 |
11,199,933 |
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
Long term loans |
505,672 |
569,289 |
|
Others |
8,800 |
9,400 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
514,472 |
578,689 |
|
|
---------------- |
---------------- |
|
|
15,223,703 |
11,778,622 |
|
|
============= |
============= |
|
ARTHESDAM JEWELLERY PTE LTD |
|
TYPES OF FUNDS |
|
|
|
Cash |
92,569 |
40,639 |
|
Net Liquid Funds |
<1,251,232> |
<1,293,499> |
|
Net Liquid Assets |
874,407 |
728,864 |
|
Net Current Assets/(Liabilities) |
14,024,211 |
10,407,666 |
|
Net Tangible Assets |
15,223,703 |
11,778,622 |
|
Net Monetary Assets |
359,935 |
150,175 |
|
BALANCE SHEET ITEMS |
|
|
|
Total Borrowings |
2,094,809 |
2,165,263 |
|
Total Liabilities |
4,555,201 |
4,553,217 |
|
Total Assets |
19,264,432 |
15,753,150 |
|
Net Assets |
15,223,703 |
11,778,622 |
|
Net Assets Backing |
14,709,231 |
11,199,933 |
|
Shareholders' Funds |
14,709,231 |
11,199,933 |
|
Total Share Capital |
1,800,000 |
1,800,000 |
|
Total Reserves |
12,909,231 |
9,399,933 |
|
LIQUIDITY (Times) |
|
|
|
Cash Ratio |
0.02 |
0.01 |
|
Liquid Ratio |
1.22 |
1.18 |
|
Current Ratio |
4.47 |
3.62 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
67 |
50 |
|
Debtors Ratio |
4 |
2 |
|
Creditors Ratio |
0 |
2 |
|
SOLVENCY RATIOS (Times) |
|
|
|
Gearing Ratio |
0.14 |
0.19 |
|
Liabilities Ratio |
0.31 |
0.41 |
|
Times Interest Earned Ratio |
40.63 |
33.09 |
|
Assets Backing Ratio |
8.46 |
6.54 |
|
PERFORMANCE RATIO (%) |
|
|
|
Operating Profit Margin |
6.70 |
6.43 |
|
Net Profit Margin |
5.66 |
5.38 |
|
Return On Net Assets |
32.28 |
39.56 |
|
Return On Capital Employed |
29.66 |
35.53 |
|
Return On Shareholders' Funds/Equity |
27.53 |
33.74 |
|
Dividend Pay Out Ratio (Times) |
0.13 |
0.14 |
|
NOTES TO ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of diamonds
has stopped completely.” Demand has started coming from the US, the UK, Japan
and China. India’s polished diamond export is expected to cross $ 21 bn in
2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.