|
Report Date : |
30.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAYBEE EXIM PTE LTD |
|
|
|
|
Formerly Known As : |
SPECTRA EXIM PTE. LTD. |
|
|
|
|
Registered Office : |
120, Lower Delta Road, 14-01, Cendex Centre, 169208 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.12.1986 |
|
|
|
|
Com. Reg. No.: |
198602930-C |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in trading all kinds of textile fabrics, yarn and general
merchandise. |
|
|
|
|
No. of Employees : |
50 [2013] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Singapore
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Singapore ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It
enjoys a remarkably open and corruption-free environment, stable prices, and a
per capita GDP higher than that of most developed countries. The economy
depends heavily on exports, particularly in consumer electronics, information
technology products, pharmaceuticals, and on a growing financial services
sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy
contracted 0.8% in 2009 as a result of the global financial crisis, but
rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to
5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports
during the second European recession. Over the longer term, the government
hopes to establish a new growth path that focuses on raising productivity,
which has sunk to an average of about 1.0% in the last decade. Singapore has
attracted major investments in pharmaceuticals and medical technology
production and will continue efforts to establish Singapore as Southeast Asia's
financial and high-tech hub.
|
Source : CIA |
|
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
198602930-C |
||||
|
COMPANY NAME |
: |
KAYBEE EXIM PTE
LTD |
||||
|
FORMER NAME |
: |
SPECTRA EXIM PTE. LTD. (25/03/1997) |
||||
|
INCORPORATION DATE |
: |
26/12/1986 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
120, LOWER DELTA ROAD, 14-01, CENDEX
CENTRE, 169208, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
120 LOWER DELTA ROAD, 14-01, CENDEX
CENTRE, 169208, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62998900 |
||||
|
FAX.NO. |
: |
65-62990989 |
||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
VIKRAM KUMAR CHAND ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADERS IN ALL KINDS OF TEXTILE FABRICS,
YARN AND GENERAL MERCHANDISE |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
7,896,227.00 ORDINARY SHARE, OF A VALUE OF
SGD 7,896,227.00 |
||||
|
SALES |
: |
USD 311,821,415 [2011] |
||||
|
NET WORTH |
: |
USD 10,515,133 [2011] |
||||
|
STAFF STRENGTH |
: |
50 [2013] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject 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 Subject must have at least two directors. A private limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) traders in all
kinds of textile fabrics, yarn and general merchandise.
The immediate holding company of the Subject is GRUPO KAYBEE PTE.
LIMITED, a company incorporated in SINGAPORE.
The ultimate holding company of the Subject is M & K INVESTMENTS
LTD, a company incorporated in BERMUDA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
30/12/2013 |
SGD 7,896,227.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
GRUPO KAYBEE PTE. LIMITED |
120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE. |
200600869K |
7,896,227.00 |
100.00 |
|
--------------- |
------ |
|||
|
7,896,227.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
200103139C |
SINGAPORE |
VEGA FOODS CORP PRIVATE LTD. |
75.00 |
31/12/2011 |
DIRECTOR 1
|
Name Of Subject |
: |
GOVIND KARUNAKARAN |
|
Address |
: |
16, WAREHAM ROAD, 436780, SINGAPORE. |
|
IC / PP No |
: |
S2637302F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
19/06/1989 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. VIKRAM KUMAR CHAND |
|
Address |
: |
48, CORONATION ROAD WEST, 01-01, ASTRID MEADOWS, 269263, SINGAPORE. |
|
IC / PP No |
: |
S2706056J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
28/07/1993 |
DIRECTOR 3
|
Name Of Subject |
: |
KUMAR K CHAND @ KUMAR KISHINCHAND GAJWANI |
|
Address |
: |
44, CORONATION ROAD WEST, 01-01, ASTRID MEADOWS, 269260, SINGAPORE. |
|
IC / PP No |
: |
S2696283H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
09/03/2009 |
|
1) |
Name of Subject |
: |
VIKRAM KUMAR CHAND |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
MOORE STEPHENS LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
SHIRLEY LIM GUAT HUA |
|
IC / PP No |
: |
S2510643A |
|
|
Address |
: |
5 BEDOK PLACE, BEDOK GROVE, 486078,
SINGAPORE. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ABN AMRO BANK N.V. |
|
2) |
Name |
: |
AUSTRALIA AND NEW ZEALAND BANKING GROUP
LTD |
|
3) |
Name |
: |
KBC BANK N.V. |
|
4) |
Name |
: |
STANDARD CHARTERED BANK |
|
5) |
Name |
: |
THE HONGKONG & SHANGHAI BANKING
CORPORATION LIMITED |
|
6) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LTD |
|
7) |
Name |
: |
UNITED OVERSEAS BANK LTD |
|
8) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
9601310 |
08/03/1996 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
USD 392,215.00 |
Unsatisfied |
|
C200500560 |
27/01/2005 |
N/A |
STANDARD CHARTERED BANK |
N/A |
Unsatisfied |
|
C200700640 |
23/01/2007 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LTD |
N/A |
Unsatisfied |
|
C200705767 |
23/07/2007 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LTD |
N/A |
Unsatisfied |
|
C200807865 |
22/08/2008 |
N/A |
AUSTRALIA AND NEW ZEALAND BANKING GROUP
LTD |
N/A |
Unsatisfied |
|
C200900785 |
30/01/2009 |
N/A |
DBS BANK LTD. |
N/A |
Unsatisfied |
|
C200902086 |
08/04/2009 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LTD |
N/A |
Unsatisfied |
|
C200902087 |
08/04/2009 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LTD |
N/A |
Unsatisfied |
|
C201010975 |
18/11/2010 |
N/A |
UNITED OVERSEAS BANK LTD |
N/A |
Unsatisfied |
|
C201108797 |
19/07/2011 |
N/A |
THE HONGKONG & SHANGHAI BANKING
CORPORATION LIMITED |
N/A |
Unsatisfied |
|
C201203997 |
12/04/2012 |
N/A |
THE HONGKONG & SHANGHAI BANKING
CORPORATION LIMITED |
N/A |
Unsatisfied |
* A check has been conducted in our databank against the Subject 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 Subject 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 |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
TEXTILE FABRICS, YARN AND GENERAL
MERCHANDISE |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
50 |
50 |
50 |
50 |
|||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as
a / as an) traders in all kinds of textile fabrics, yarn and general
merchandise.
The Subject's principal activities are those of traders in all kinds of textile
fabrics, yarn and general merchandise.
About Kaybee group:
It is a premier multinational company and
integrated global organisation providing complete textile solutions to
international clients. the
textile division helps customers globally to source all kinds of textile
products ranging from fires and yarn to fashion fabrics, home furnishings
and garments.
The group also manages affiliated businesses
in food and other general merchandise.
Operating from more than 15 locations
worldwide, the core activity of the group is to procure from competitive asian
manufacturing nations and service its primary markets in Latin America and
Africa. it also has an extensive and growing clientele in the united states,
Europe and India.
The Subject is a member of the following entities:
* Singapore international chambers of commerce
* Singapore indian chambers of commerce
& industry
The Subject is the headquarters of the
Kaybee Group of companies.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62998900 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
120 LOWER DELTA ROAD, HEX 14-01 CENDEX
CENTRE SINGAPORE 169208 |
|
Current Address |
: |
120 LOWER DELTA ROAD, 14-01, CENDEX CENTRE,
169208, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and she provided some information on the Subject.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2011 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2011 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
11.65% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
11.96% |
] |
|
|
The Subject'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. The
Subject's management had generated acceptable return for its shareholders
using its assets. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
47 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
42 Days |
] |
|
|
As the Subject is a service oriented company, the Subject does not
need to keep stocks. The favourable debtors' days could be due to the good
credit control measures implemented by the Subject. The Subject had a favourable
creditors' ratio where the Subject could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.00 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.00 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
3.76 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.45 Times |
] |
|
|
The Subject'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 Subject
is able to generate sufficient income to service its interest and repay the
loans. The Subject was lowly geared thus it had a low financial risk. The
Subject was mainly financed by its shareholders' funds and internally
generated funds. In times of economic slowdown / downturn, the Subject being
a lowly geared company, will be able to compete better than those companies
which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay its short term obligations. The
Subject had an acceptable interest cover. If there is no sudden sharp
increase in interest rate or fall in the Subject's profit, we do believe the
Subject is able to generate sufficient cash flow to service its interest
payment. The Subject 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. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
|
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 1986, the Subject is a
Private Limited company, focusing on trading in all kinds of textile fabrics,
yarn and general merchandise. The Subject has been in business for over two
decades. It has built up a strong clientele base and good reputation will
enable the Subject to further enhance its business in the near term. The
Subject is expected to enjoy a stable market shares. Having strong support
from its holding company has enabled the Subject to remain competitive
despite the challenging business environment. The capital standing of the
Subject is fair. With an adequate share capital, the Subject has the potential
of expanding its business in future. 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.
Return on shareholders' funds of the Subject was at an acceptable range which
indicated that the management was efficient in utilising its funds to
generate income. The Subject 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 lowly
geared company, the Subject is exposed to low financial risk as it is mainly
dependent on its internal funds to finance its business needs. Given a
positive net worth standing at USD 10,515,133, the Subject should be able to
maintain its business in the near terms. The Subject'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 Subject has a good control over its resources. Overall, the Subject's payment habit is good
as the Subject has a good credit control and it could be taking advantage of
the cash discounts while maintaining a good reputation with its creditors. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. Based on the above condition, we recommend
credit be granted to the Subject promptly. |
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
KAYBEE EXIM PTE
LTD |
|
Financial Year End |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
Unit |
|||
|
TURNOVER |
311,821,415 |
265,312,226 |
234,084,968 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
311,821,415 |
265,312,226 |
234,084,968 |
|
Costs of Goods Sold |
<285,762,224> |
<239,289,226> |
- |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
26,059,191 |
26,023,000 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,228,836 |
904,970 |
799,663 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,228,836 |
904,970 |
799,663 |
|
Taxation |
<3,616> |
<88,764> |
<46,116> |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,225,220 |
816,206 |
753,547 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
4,374,886 |
3,558,680 |
2,805,133 |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
4,374,886 |
3,558,680 |
2,805,133 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
5,600,106 |
4,374,886 |
3,558,680 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
5,600,106 |
4,374,886 |
3,558,680 |
|
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||
|
Bank overdraft |
4,816 |
4,897 |
1,056 |
|
Term loan / Borrowing |
122,390 |
153,939 |
124,837 |
|
Trust receipts |
317,836 |
216,173 |
352,230 |
|
445,042 |
375,009 |
478,123 |
|
KAYBEE EXIM PTE
LTD |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
6,260,886 |
1,460,643 |
1,321,146 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||
|
Subsidiary companies |
7,665,958 |
7,415,958 |
7,415,958 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
7,665,958 |
7,415,958 |
7,415,958 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
13,926,844 |
8,876,601 |
8,737,104 |
|
CURRENT ASSETS |
|||
|
Trade debtors |
40,150,940 |
26,368,916 |
33,598,508 |
|
Other debtors, deposits & prepayments |
945,082 |
1,773,504 |
799,966 |
|
Short term deposits |
2,400,000 |
2,100,000 |
1,900,000 |
|
Amount due from subsidiary companies |
3,084,547 |
3,042,839 |
2,916,925 |
|
Amount due from related companies |
1,699,240 |
2,032,462 |
2,736,539 |
|
Cash & bank balances |
1,030,180 |
2,171,693 |
3,969,131 |
|
Others |
- |
258,144 |
236,747 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
49,309,989 |
37,747,558 |
46,157,816 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
63,236,833 |
46,624,159 |
54,894,920 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade creditors |
32,759,761 |
18,635,777 |
26,938,546 |
|
Other creditors & accruals |
7,430,281 |
9,530,754 |
9,728,635 |
|
Bank overdraft |
- |
- |
95 |
|
Short term borrowings/Term loans |
1,367,940 |
910,761 |
906,456 |
|
Amounts owing to related companies |
1,162,658 |
371,907 |
112,516 |
|
Provision for taxation |
113,029 |
152,173 |
144,946 |
|
Other liabilities |
6,407,400 |
6,546,009 |
6,491,159 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
49,241,069 |
36,147,381 |
44,322,353 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
68,920 |
1,600,177 |
1,835,463 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
13,995,764 |
10,476,778 |
10,572,567 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
4,915,027 |
4,915,027 |
4,915,027 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
4,915,027 |
4,915,027 |
4,915,027 |
|
RESERVES |
|||
|
Retained profit/(loss) carried forward |
5,600,106 |
4,374,886 |
3,558,680 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
5,600,106 |
4,374,886 |
3,558,680 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
10,515,133 |
9,289,913 |
8,473,707 |
|
LONG TERM
LIABILITIES |
|||
|
Long term loans |
3,395,730 |
1,101,964 |
2,013,959 |
|
Deferred taxation |
84,901 |
84,901 |
84,901 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
3,480,631 |
1,186,865 |
2,098,860 |
|
---------------- |
---------------- |
---------------- |
|
|
13,995,764 |
10,476,778 |
10,572,567 |
|
|
============= |
============= |
============= |
|
KAYBEE EXIM PTE
LTD |
|
TYPES OF FUNDS |
|||
|
Cash |
3,430,180 |
4,271,693 |
5,869,131 |
|
Net Liquid Funds |
3,430,180 |
4,271,693 |
5,869,036 |
|
Net Liquid Assets |
68,920 |
1,600,177 |
1,835,463 |
|
Net Current Assets/(Liabilities) |
68,920 |
1,600,177 |
1,835,463 |
|
Net Tangible Assets |
13,995,764 |
10,476,778 |
10,572,567 |
|
Net Monetary Assets |
<3,411,711> |
413,312 |
<263,397> |
|
BALANCE SHEET
ITEMS |
|||
|
Total Borrowings |
4,763,670 |
2,012,725 |
2,920,510 |
|
Total Liabilities |
52,721,700 |
37,334,246 |
46,421,213 |
|
Total Assets |
63,236,833 |
46,624,159 |
54,894,920 |
|
Net Assets |
13,995,764 |
10,476,778 |
10,572,567 |
|
Net Assets Backing |
10,515,133 |
9,289,913 |
8,473,707 |
|
Shareholders' Funds |
10,515,133 |
9,289,913 |
8,473,707 |
|
Total Share Capital |
4,915,027 |
4,915,027 |
4,915,027 |
|
Total Reserves |
5,600,106 |
4,374,886 |
3,558,680 |
|
LIQUIDITY
(Times) |
|||
|
Cash Ratio |
0.07 |
0.12 |
0.13 |
|
Liquid Ratio |
1.00 |
1.04 |
1.04 |
|
Current Ratio |
1.00 |
1.04 |
1.04 |
|
WORKING CAPITAL
CONTROL (Days) |
|||
|
Stock Ratio |
0 |
0 |
0 |
|
Debtors Ratio |
47 |
36 |
52 |
|
Creditors Ratio |
42 |
28 |
42 |
|
SOLVENCY RATIOS
(Times) |
|||
|
Gearing Ratio |
0.45 |
0.22 |
0.34 |
|
Liabilities Ratio |
5.01 |
4.02 |
5.48 |
|
Times Interest Earned Ratio |
3.76 |
3.41 |
2.67 |
|
Assets Backing Ratio |
2.85 |
1.33 |
1.34 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating Profit Margin |
0.39 |
0.34 |
0.34 |
|
Net Profit Margin |
0.39 |
0.31 |
0.32 |
|
Return On Net Assets |
11.96 |
12.22 |
12.09 |
|
Return On Capital Employed |
11.96 |
12.22 |
12.09 |
|
Return On Shareholders' Funds/Equity |
11.65 |
8.79 |
8.89 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.52 |
|
UK Pound |
1 |
Rs.101.77 |
|
Euro |
1 |
Rs.83.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.