|
|
REGISTRATION
NO.
|
:
|
201132066-R
|
|
COMPANY NAME
|
:
|
TATA
INTERNATIONAL SINGAPORE
PTE. LIMITED
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
01/11/2011
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
22, TANJONG KLING ROAD,
628048, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
22 TANJONG KLING ROAD, 628048, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62651233
|
|
FAX.NO.
|
:
|
65-62658317
|
|
WEB SITE
|
:
|
WWW.TATAINTERNATIONAL.COM
|
|
CONTACT PERSON
|
:
|
ANIRUDDHA BANERJEE
( DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF
LEATHER, MINERAL, METAL
|
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
14,100,000.00
ORDINARY SHARE, OF A VALUE OF USD 14,100,000.00
|
|
|
|
|
|
SALES
|
:
|
USD 251,193,253
[2013]
|
|
NET WORTH
|
:
|
USD 10,500,602
[2013]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2014]
|
|
BANKER (S)
|
:
|
|
STANDARD
CHARTERED BANK
ABN AMRO BANK N.V.
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT
CAPABILITY
|
:
|
WEAK
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
MODERATE
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
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) trading of leather, mineral, metal.
The immediate holding company of the
Subject is TATA INTERNATIONAL LIMITED, a company incorporated in INDIA.
Share Capital History
|
Date
|
Issue &
Paid Up Capital
|
|
03/10/2014
|
USD
14,100,000.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
TATA
INTERNATIONAL LIMITED
|
BLOCK A,
SHIVSAGAR ESTATES, DR. ANNIE
BESANT ROAD, WORLI, MUMBAI, 400018, INDIA.
|
T12UF1693
|
14,100,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
14,100,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
|
UNITED KINGDOM
|
TATA STEEL
INTERNATIONAL UK LIMITED
|
100.00
|
31/03/2013
|
|
|
|
|
|
|
|
|
UNITED STATES
|
TATA STEEL INTERNATIONAL
NORTH AMERICA INC
|
100.00
|
31/03/2013
|
|
|
|
|
|
|
|
|
HONG KONG
|
TATA STEEL
INTERNATIONAL HONG KONG LIMITED
|
100.00
|
31/03/2013
|
|
|
|
|
|
|
DIRECTOR 1
|
Name Of
Subject
|
:
|
AJAY MURLIDHAR
PONKSHE
|
|
Address
|
:
|
3, YASHODHAN,
SAHAYOG MANDIR ROAD, NAUPADA, THANE, 400602, INDIA.
|
|
IC / PP No
|
:
|
H8165619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
01/11/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
ANIRUDDHA
BANERJEE
|
|
Address
|
:
|
75, MEYER
ROAD, 10-01, HAWAII TOWER, 437901, SINGAPORE.
|
|
IC / PP No
|
:
|
G5803929U
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
01/11/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
ARUN KUMAR
VORA
|
|
Address
|
:
|
S-2, ORCHID
APARTMENTS, 161, 5TH MAIN, DEFENCE COLONY, INDIRANAGAR, BANGALORE, 2ND
FLOOR, 560038, INDIA.
|
|
IC / PP No
|
:
|
G8038934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
25/09/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of
Subject
|
:
|
NOEL TATA
|
|
Address
|
:
|
WINDMERE,
CUFFE PARADE, COLABA, MUMBAI, 5TH FLOOR, 400005, INDIA.
|
|
IC / PP No
|
:
|
LT0076205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
IRISH
|
|
Date of
Appointment
|
:
|
25/09/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of
Subject
|
:
|
RAVINDRA
PISHARODY
|
|
Address
|
:
|
9, BUILDING 1,
HILL PARK ESTATE, AG BELL RD, MUMBAI, 400006, INDIA.
|
|
IC / PP No
|
:
|
Z2340297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
25/09/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of
Subject
|
:
|
KOTTAMASU
VENKATESWARA RAO
|
|
Address
|
:
|
45, MANDALAY
ROAD, 17-01, MANDALE HEIGHTS, 308225, SINGAPORE.
|
|
IC / PP No
|
:
|
S2674660D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
22/04/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
ANIRUDDHA
BANERJEE
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
DELOITTE &
TOUCHE LLP
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
TAY TUAN LENG
|
|
|
IC / PP No
|
:
|
S7432140B
|
|
|
|
|
|
|
|
Address
|
:
|
635, PASIR RIS
DRIVE, 1, 11-600, 510635, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company
Secretary
|
:
|
LEE WEI HSIUNG
|
|
|
IC / PP No
|
:
|
S7927166G
|
|
|
|
|
|
|
|
Address
|
:
|
633, JURONG
WEST STREET 65, 10-310, 640633, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
STANDARD
CHARTERED BANK
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
ABN AMRO BANK
N.V.
|
|
|
|
|
|
|
|
|
|
|
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201213345
|
19/11/2012
|
N/A
|
ICICI BANK
LIMITED
|
-
|
Unsatisfied
|
|
C201300973
|
18/01/2013
|
N/A
|
STANDARD
CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201300999
|
18/01/2013
|
N/A
|
STANDARD
CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201303322
|
01/03/2013
|
N/A
|
STANDARD
CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201403437
|
03/04/2014
|
N/A
|
ABN AMRO BANK
N.V.
|
-
|
Unsatisfied
|
LEGAL CHECK AGAINST SUBJECT
|
* 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
|
[
|
|
]
|
|
Average 61-90
Days
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
X
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Number
of Employees:
|
|
YEAR
|
2014
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
10
|
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of leather, mineral,
metal.
The Key products offered by the Subject
are including steel, metallics and rolls, products for the aluminium industry
(customised engineering products) and module mounting systems (solar).
Latest fresh investigations carried out on the Subject
indicated that :
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
65-62651233
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address
Provided by Client
|
:
|
22 TANJONG KLING
ROAD,628048 SINGAPORE
|
|
Current
Address
|
:
|
22 TANJONG
KLING ROAD, 628048, SINGAPORE.
|
|
Match
|
:
|
NO
|
|
|
|
|
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its number of employees.
|
Profitability
|
|
|
|
|
|
|
|
Return on
Shareholder Funds
|
:
|
Unfavourable
|
[
|
(23.92%)
|
]
|
|
|
Return on Net
Assets
|
:
|
Unfavourable
|
[
|
(2.10%)
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
39 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
79 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Unfavourable
|
[
|
87 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject'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 Subject was weak in its credit control. However,
the Subject could also giving longer credit periods to its customers in
order to boost its sales or to capture / retain its market share. The
unfavourable creditors' ratio could be due to the Subject taking advantage
of the credit granted by its suppliers. However this may affect the
goodwill between the Subject and its suppliers and the Subject may inadvertently
have to pay more for its future supplies.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.13 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.37 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
|
:
|
Unfavourable
|
[
|
(0.65 Times)
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
7.30 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not
improve, the Subject may be vulnerable to default in servicing the
interest. The Subject was highly geared, thus it had a high financial risk.
The Subject was dependent on loans to finance its business needs. In times
of economic downturn and / or high interest rate, the Subject will become
less profitable and competitive than other firms in the same industry,
which are lowly geared. This is because the Subject has to service the
interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the Subject's turnover and the interest
it needs to pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
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's interest cover was negative, indicating that it did not generate
sufficient income to service its interest. If its result does not show
impressive improvements or succeed obtaining short term financing or
capital injection, it may not be able to service its interest and repay the
loans. The Subject's gearing level was high and its going concern will be
in doubt if there is no injection of additional shareholders' funds in times
of economic downturn and / or high interest rates.
|
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : POOR
|
|
|
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic
Indicators :
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
|
|
|
|
|
|
Population
(Million)
|
4.98
|
5.08
|
5.18
|
5.31
|
5.40
|
|
Gross Domestic
Products ( % )
|
(0.8)
|
14.5
|
4.9
|
1.3
|
3.7
|
|
Consumer Price
Index
|
0.6
|
2.8
|
5.2
|
4.6
|
2.4
|
|
Total Imports
(Million)
|
356,299.3
|
423,221.8
|
459,655.1
|
474,554.0
|
466,762.0
|
|
Total Exports
(Million)
|
391,118.1
|
478,840.7
|
514,741.2
|
510,329.0
|
513,391.0
|
|
|
|
|
|
|
|
|
Unemployment
Rate (%)
|
3.2
|
2.2
|
2.1
|
2.0
|
1.9
|
|
Tourist
Arrival (Million)
|
9.68
|
11.64
|
13.17
|
14.49
|
15.46
|
|
Hotel
Occupancy Rate (%)
|
75.8
|
85.6
|
86.5
|
86.4
|
86.3
|
|
Cellular Phone
Subscriber (Million)
|
1.37
|
1.43
|
1.50
|
1.52
|
1.97
|
|
|
|
|
|
|
|
|
Registration
of New Companies (No.)
|
26,414
|
29,798
|
32,317
|
31,892
|
37,288
|
|
Registration
of New Companies (%)
|
4.3
|
12.8
|
8.5
|
(1.3)
|
9.8
|
|
Liquidation of
Companies (No.)
|
22,393
|
15,126
|
19,005
|
17,218
|
17,369
|
|
Liquidation of
Companies (%)
|
113.4
|
(32.5)
|
25.6
|
9.4
|
(5.3)
|
|
|
|
|
|
|
|
|
Registration
of New Businesses (No.)
|
26,876
|
23,978
|
23,494
|
24,788
|
22,893
|
|
Registration
of New Businesses (%)
|
8.15
|
(10.78)
|
2.02
|
5.51
|
1.70
|
|
Liquidation of
Businesses (No.)
|
23,552
|
24,211
|
23,005
|
22,489
|
22,598
|
|
Liquidation of
Businesses (%)
|
11.4
|
2.8
|
(5)
|
(2.2)
|
0.5
|
|
|
|
|
|
|
|
|
Bankruptcy
Orders (No.)
|
2,058
|
1,537
|
1,527
|
1,748
|
1,992
|
|
Bankruptcy
Orders (%)
|
(11.5)
|
(25.3)
|
(0.7)
|
14.5
|
14.0
|
|
Bankruptcy
Discharges (No.)
|
3,056
|
2,252
|
1,391
|
1,881
|
2,584
|
|
Bankruptcy
Discharges (%)
|
103.7
|
(26.3)
|
(38.2)
|
35.2
|
37.4
|
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) :
|
|
|
|
|
|
|
Agriculture
|
|
|
|
|
|
|
Production of
Principal Crops
|
3.25
|
(0.48)
|
4.25
|
3.64
|
-
|
|
Fish Supply
& Wholesale
|
(1.93)
|
(10.5)
|
12.10
|
(0.5)
|
-
|
|
|
|
|
|
|
|
|
Manufacturing
*
|
71.5
|
92.8
|
100.0
|
100.3
|
102.0
|
|
Food,
Beverages & Tobacco
|
90.4
|
96.4
|
100.0
|
103.5
|
103.5
|
|
Textiles
|
145.9
|
122.1
|
100.0
|
104.0
|
87.1
|
|
Wearing
Apparel
|
211.0
|
123.3
|
100.0
|
92.1
|
77.8
|
|
Leather
Products & Footwear
|
79.5
|
81.8
|
100.0
|
98.6
|
109.8
|
|
Wood &
Wood Products
|
101.4
|
104.0
|
100.0
|
95.5
|
107.4
|
|
Paper &
Paper Products
|
95.4
|
106.1
|
100.0
|
97.4
|
103.2
|
|
Printing &
Media
|
100.9
|
103.5
|
100.0
|
93.0
|
86.1
|
|
Crude Oil
Refineries
|
96.4
|
95.6
|
100.0
|
99.4
|
93.5
|
|
Chemical &
Chemical Products
|
80.3
|
97.6
|
100.0
|
100.5
|
104.1
|
|
Pharmaceutical
Products
|
49.1
|
75.3
|
100.0
|
109.7
|
107.2
|
|
Rubber &
Plastic Products
|
101.2
|
112.3
|
100.0
|
96.5
|
92.9
|
|
Non-metallic
Mineral
|
91.9
|
92.5
|
100.0
|
98.2
|
97.6
|
|
Basic Metals
|
92.6
|
102.2
|
100.0
|
90.6
|
76.5
|
|
Fabricated
Metal Products
|
90.8
|
103.6
|
100.0
|
104.3
|
105.1
|
|
Machinery
& Equipment
|
57.3
|
78.5
|
100.0
|
112.9
|
114.5
|
|
Electrical
Machinery
|
86.8
|
124.1
|
100.0
|
99.3
|
108.5
|
|
Electronic
Components
|
85.2
|
113.6
|
100.0
|
90.6
|
94.3
|
|
Transport
Equipment
|
96.0
|
94.0
|
100.0
|
106.3
|
107.5
|
|
|
|
|
|
|
|
|
Construction
|
(36.9)
|
14.20
|
20.50
|
28.70
|
-
|
|
Real Estate
|
1.4
|
21.3
|
25.4
|
31.9
|
-
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
|
Electricity,
Gas & Water
|
1.70
|
4.00
|
7.00
|
6.30
|
-
|
|
Transport,
Storage & Communication
|
3.90
|
12.80
|
7.40
|
5.30
|
-
|
|
Finance &
Insurance
|
(16.4)
|
(0.4)
|
8.90
|
0.50
|
-
|
|
Government
Services
|
4.50
|
9.70
|
6.90
|
6.00
|
-
|
|
Education
Services
|
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
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
Incorporated in 2011, the Subject is a Private Limited company, focusing on
trading of leather, mineral, metal. The Subject has been in business for 4
years and it has slowly been building up contact with its clients while
competing in the industry. However, it has yet to enjoy a stable market
shares as it need to compete many well established players in the same
field. Having strong support from its listed holding company has enabled
the Subject to remain competitive despite the challenging business environment.
The Subject have a huge paid up capital of USD 14,100,000. We are confident
with the Subject's business and its future growth prospect.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is
competing in the industry. Its stable clientele base will enable the
Subject to further enhance its business in the near term. Being a small
company, the Subject's business operation is supported by 10 employees.
Overall, we regard that the Subject's management capability is weak.
Without capable management, the Subject is unlikely to be successful and
often contribute to unacceptable levels of accountability. Weak management
can affect productivity, profitability, sales growth and ultimately can
result in the failure of a business.
The Subject has generated its turnover
of USD 251,193,253 and its pre-tax loss of USD -2,249,497. The Subject has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. The
Subject is in average 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. The high gearing ratio clearly
implied that the Subject was supported by more debt than equity. Thus, the
Subject is exposed to high financial risk. Given a positive net worth
standing at USD 10,500,602, 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.
The Subject's overall payment habit is
fair and this clearly implied a weak credit control of the Subject.
The industry shows an upward trend and
this trend is very likely to sustain in the near terms.
In view of the above, we recommend
credit be granted to the Subject with close monitoring.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
TATA
INTERNATIONAL SINGAPORE PTE. LIMITED
|
|
Financial Year
End
|
2013-03-31
|
2012-03-31
|
|
Months
|
12
|
12
|
|
Consolidated
Account
|
GROUP
|
Company
|
|
Audited
Account
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
|
|
|
|
|
TURNOVER
|
251,193,253
|
386,335
|
|
Other Income
|
786,980
|
-
|
|
|
----------------
|
----------------
|
|
Total Turnover
|
251,980,233
|
386,335
|
|
Costs of Goods
Sold
|
(234,260,883)
|
(343,746)
|
|
|
----------------
|
----------------
|
|
Gross Profit
|
17,719,350
|
42,589
|
|
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
(2,249,497)
|
(44,610)
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
(2,249,497)
|
(44,610)
|
|
Taxation
|
(262,137)
|
-
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
(2,511,634)
|
(44,610)
|
|
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously
reported
|
(44,610)
|
-
|
|
|
----------------
|
----------------
|
|
As restated
|
(44,610)
|
-
|
|
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
(2,556,244)
|
(44,610)
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD
|
(2,556,244)
|
(44,610)
|
|
|
=============
|
=============
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
Term loan /
Borrowing
|
915,957
|
-
|
|
Others
|
450,423
|
-
|
|
|
----------------
|
----------------
|
|
|
1,366,380
|
-
|
|
|
=============
|
|
|
|
|
|
|
TATA
INTERNATIONAL SINGAPORE PTE. LIMITED
|
|
ASSETS
EMPLOYED:
|
|
|
|
FIXED ASSETS
|
119,252
|
-
|
|
|
|
|
|
Deferred
assets
|
216,947
|
-
|
|
Others
|
600,003
|
-
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS
|
816,950
|
-
|
|
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
936,202
|
-
|
|
|
|
|
|
Stocks
|
26,982,958
|
-
|
|
Trade debtors
|
54,380,491
|
22,459
|
|
Other debtors,
deposits & prepayments
|
7,364,320
|
-
|
|
Amount due
from related companies
|
6,995,978
|
-
|
|
Cash &
bank balances
|
57,272,104
|
96,968
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
152,995,851
|
119,427
|
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
153,932,053
|
119,427
|
|
|
=============
|
=============
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Trade
creditors
|
55,642,862
|
-
|
|
Other
creditors & accruals
|
9,802,776
|
55,904
|
|
Short term
borrowings/Term loans
|
45,142,711
|
-
|
|
Amounts owing
to related companies
|
1,291,841
|
8,133
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
111,880,190
|
64,037
|
|
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
41,115,661
|
55,390
|
|
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
42,051,863
|
55,390
|
|
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share
capital
|
14,100,000
|
100,000
|
|
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
14,100,000
|
100,000
|
|
|
|
|
|
Exchange
equalisation/fluctuation reserve
|
(1,043,154)
|
-
|
|
Retained
profit/(loss) carried forward
|
(2,556,244)
|
(44,610)
|
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
(3,599,398)
|
(44,610)
|
|
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
10,500,602
|
55,390
|
|
|
|
|
|
Long term
loans
|
31,551,261
|
-
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
31,551,261
|
-
|
|
|
----------------
|
----------------
|
|
|
42,051,863
|
55,390
|
|
|
=============
|
=
|
|
|
|
|
|
TATA
INTERNATIONAL SINGAPORE PTE. LIMITED
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
57,272,104
|
96,968
|
|
Net Liquid
Funds
|
57,272,104
|
96,968
|
|
Net Liquid
Assets
|
14,132,703
|
55,390
|
|
Net Current
Assets/(Liabilities)
|
41,115,661
|
55,390
|
|
Net Tangible
Assets
|
42,051,863
|
55,390
|
|
Net Monetary
Assets
|
(17,418,558)
|
55,390
|
|
BALANCE SHEET
ITEMS
|
|
|
|
Total
Borrowings
|
76,693,972
|
0
|
|
Total
Liabilities
|
143,431,451
|
64,037
|
|
Total Assets
|
153,932,053
|
119,427
|
|
Net Assets
|
42,051,863
|
55,390
|
|
Net Assets
Backing
|
10,500,602
|
55,390
|
|
Shareholders'
Funds
|
10,500,602
|
55,390
|
|
Total Share
Capital
|
14,100,000
|
100,000
|
|
Total Reserves
|
(3,599,398)
|
(44,610)
|
|
LIQUIDITY
(Times)
|
|
|
|
Cash Ratio
|
0.51
|
1.51
|
|
Liquid Ratio
|
1.13
|
1.86
|
|
Current Ratio
|
1.37
|
1.86
|
|
WORKING CAPITAL
CONTROL (Days)
|
|
|
|
Stock Ratio
|
39
|
0
|
|
Debtors Ratio
|
79
|
21
|
|
Creditors
Ratio
|
87
|
0
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
Gearing Ratio
|
7.30
|
0.00
|
|
Liabilities
Ratio
|
13.66
|
1.16
|
|
Times Interest
Earned Ratio
|
(0.65)
|
0.00
|
|
Assets Backing
Ratio
|
2.98
|
0.55
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
Operating
Profit Margin
|
(0.90)
|
(11.55)
|
|
Net Profit
Margin
|
(1.00)
|
(11.55)
|
|
Return On Net
Assets
|
(2.10)
|
(80.54)
|
|
Return On
Capital Employed
|
(2.10)
|
(80.54)
|
|
Return On
Shareholders' Funds/Equity
|
(23.92)
|
(80.54)
|
|
Dividend Pay
Out Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
|