|
Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SKP OVERSEAS PTE.
LTD. |
|
|
|
|
Registered Office : |
10, Anson Road, 18-12, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
09.04.2008 |
|
|
|
|
Com. Reg. No.: |
200806931-E |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the other investment holding companies & general wholesale trade. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
|
REGISTRATION NO. |
: |
200806931-E |
||||
|
COMPANY NAME |
: |
SKP OVERSEAS PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
09/04/2008 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
10, ANSON ROAD, 18-12, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
10, ANSON ROAD, 18-12, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62238500 |
||||
|
FAX.NO. |
: |
65-62237100 |
||||
|
CONTACT PERSON |
: |
JAIN PRAMOD KUMAR ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
OTHER INVESTMENT HOLDING COMPANIES & GENERAL WHOLESALE TRADE |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
19,700,000.00 ORDINARY SHARE, OF A VALUE OF SGD 19,700,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 1,839,562 [2013] |
||||
|
NET WORTH |
: |
USD 13,812,603 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
N/A |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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) other investment holding companies & general wholesale trade.
The ultimate holding company of the Subject is ROHIT FERRO-TECH LIMITED, a company incorporated in INDIA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
07/01/2014 |
SGD 19,700,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ROHIT FERRO-TECH LIMITED |
35, CHITTARANJAN AVENUE, KOLKATA WEST BENGAL-700012, 5TH FLOOR, INDIA. |
T08UF1625 |
19,700,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
19,700,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
|
INDONESIA |
PT. BARA PRIMA MANDIRI INDONESIA |
60.00 |
31/03/2013 |
|
|
|
|
|
|
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
MR. JAIN PRAMOD KUMAR |
|
Address |
: |
122, SIMEI STREET 1, 11-436, 520122, SINGAPORE. |
|
IC / PP No |
: |
G6394893X |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
26/08/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
ANKIT PATNI |
|
Address |
: |
15, BURDWAN ROAD, KOLKATA 700027, INDIA. |
|
IC / PP No |
: |
J6835397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
09/04/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
ROHIT PATNI |
|
Address |
: |
15, BURDWAN ROAD, CALCUTTA-70027, INDIA. |
|
IC / PP No |
: |
J6102671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
30/03/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
JAIN PRAMOD KUMAR |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
S. RENGANATHAN & CO. |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
SHIV RAJ KAPUR |
|
|
IC / PP No |
: |
S2640515G |
|
|
|
|
|
|
|
Address |
: |
122, SIMEI STREET 1, 11 - 436, 520122, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
INDIAN OVERSEAS BANK |
|
|
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200810989 |
11/12/2008 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201005743 |
07/07/2010 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201116120 |
21/12/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201116122 |
21/12/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201116176 |
22/12/2011 |
N/A |
INDIAN OVERSEAS BANK |
USD 48,250,000.00 |
Unsatisfied |
|
C201116184 |
22/12/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
LEGAL CHECK AGAINST SUBJECT |
* A check has been conducted in our databank againt 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 |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The staff from the registered office refused to disclose the Subject's
suppliers.
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 |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
CLIENTELE |
|
Local |
: |
N/A |
|
|
|
|
|
Overseas |
: |
N/A |
|
|
|
|
The staff from the registered office refused to disclose the Subject's
clientele.
OPERATIONS |
|
Goods Traded |
: |
GENERAL WHOLESALE TRADE
|
|
|
|
|
|
|
|
Services |
: |
OTHER INVESTMENT HOLDING COMPANIES
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) other investment
holding companies & general wholesale trade.
The staff from the registered office refused to disclose the Subject's
operation.
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62238500 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
10 ANSON ROAD # 18-12 SUITE 4, INTERNATIONAL PLAZA |
|
Current Address |
: |
10, ANSON ROAD, 18-12, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
|
Match |
: |
NO |
|
|
|
|
Other Investigations
we contacted one of the staff from the Subject's registered office and she only
provided limited information.
She refused to disclose the Subject's number of employees.
The address provided is incomplete.
FINANCIAL ANALYSIS |
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
77.05% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
(145.50%) |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
0.99% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
4.44% |
] |
|
|
|
|
|
|
|
|
|
|
The shrinking turnover could be the result of more entrants into the market which eroded the Subject's market share.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
230 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
66 Days |
] |
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. 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 |
[ |
1.15 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.15 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 |
[ |
1.24 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.52 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. 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 : |
|
|
|
|
|
|
|
Although the Subject's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 : LIMITED |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
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 |
|
|
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* Based on Index of Industrial Production (2011 = 100) |
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INDUSTRY ANALYSIS |
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INDUSTRY : |
ECONOMY |
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According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013. |
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However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected. |
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Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region. |
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For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities. |
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Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011. |
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For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase. |
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In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year. |
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Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013. |
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OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
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CREDIT RISK EVALUATION & RECOMMENDATION |
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PROFIT AND LOSS ACCOUNT |
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THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
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SKP OVERSEAS PTE. LTD. |
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Financial Year End |
2013-03-31 |
2012-03-31 |
|
Months |
12 |
12 |
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Consolidated Account |
Company |
Company |
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Audited Account |
YES |
YES |
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Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
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Financial Type |
FULL |
FULL |
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Currency |
USD |
USD |
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TURNOVER |
1,839,562 |
8,014,360 |
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Other Income |
1,000,000 |
- |
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---------------- |
---------------- |
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Total Turnover |
2,839,562 |
8,014,360 |
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---------------- |
---------------- |
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PROFIT/(LOSS) FROM OPERATIONS |
137,242 |
(301,598) |
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---------------- |
---------------- |
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PROFIT/(LOSS) BEFORE TAXATION |
137,242 |
(301,598) |
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---------------- |
---------------- |
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PROFIT/(LOSS) AFTER TAXATION |
137,242 |
(301,598) |
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---------------- |
---------------- |
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RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
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As previously reported |
(1,446,448) |
(1,144,850) |
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---------------- |
---------------- |
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As restated |
(1,446,448) |
(1,144,850) |
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---------------- |
---------------- |
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PROFIT AVAILABLE FOR APPROPRIATIONS |
(1,309,206) |
(1,446,448) |
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---------------- |
---------------- |
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RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(1,309,206) |
(1,446,448) |
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============= |
============= |
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INTEREST EXPENSE (as per notes to P&L) |
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Others |
574,362 |
380,622 |
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---------------- |
---------------- |
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574,362 |
380,622 |
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============= |
============= |
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SKP OVERSEAS PTE. LTD. |
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LONG TERM INVESTMENTS/OTHER ASSETS |
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Subsidiary companies |
5,900,000 |
- |
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Investments |
6,000,000 |
11,000,000 |
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---------------- |
---------------- |
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TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
11,900,000 |
11,000,000 |
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INTANGIBLE ASSETS |
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Deferred/Expenditure carried forward |
2,678,300 |
2,678,300 |
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---------------- |
---------------- |
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TOTAL INTANGIBLE ASSETS |
2,678,300 |
2,678,300 |
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---------------- |
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TOTAL LONG TERM ASSETS |
14,578,300 |
13,678,300 |
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CURRENT ASSETS |
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Trade debtors |
1,161,604 |
- |
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Other debtors, deposits & prepayments |
10,044 |
504,129 |
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Deposits with financial institutions |
505,210 |
500,000 |
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Amount due from related companies |
9,372,638 |
9,736,802 |
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Cash & bank balances |
22,583 |
37,562 |
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---------------- |
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TOTAL CURRENT ASSETS |
11,072,079 |
10,778,493 |
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---------------- |
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TOTAL ASSET |
25,650,379 |
24,456,793 |
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============= |
============= |
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CURRENT LIABILITIES |
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Trade creditors |
332,145 |
5,700 |
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Other creditors & accruals |
90,500 |
- |
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Bank overdraft |
1,895,551 |
1,976,252 |
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Short term borrowings/Term loans |
3,150,000 |
3,000,000 |
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Amounts owing to holding company |
2,244,580 |
1,855,000 |
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Amounts owing to related companies |
1,925,000 |
794,480 |
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---------------- |
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TOTAL CURRENT LIABILITIES |
9,637,776 |
7,631,432 |
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---------------- |
---------------- |
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NET CURRENT ASSETS/(LIABILITIES) |
1,434,303 |
3,147,061 |
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---------------- |
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TOTAL NET ASSETS |
16,012,603 |
16,825,361 |
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============= |
============= |
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SHARE CAPITAL |
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Ordinary share capital |
15,121,809 |
12,921,809 |
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---------------- |
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TOTAL SHARE CAPITAL |
15,121,809 |
12,921,809 |
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RESERVES |
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Retained profit/(loss) carried forward |
(1,309,206) |
(1,446,448) |
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---------------- |
---------------- |
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TOTAL RESERVES |
(1,309,206) |
(1,446,448) |
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---------------- |
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SHAREHOLDERS' FUNDS/EQUITY |
13,812,603 |
11,475,361 |
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LONG TERM LIABILITIES |
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Long term loans |
2,200,000 |
5,350,000 |
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---------------- |
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TOTAL LONG TERM LIABILITIES |
2,200,000 |
5,350,000 |
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---------------- |
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16,012,603 |
16,825,361 |
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============= |
============= |
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FINANCIAL RATIO |
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SKP OVERSEAS PTE. LTD. |
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TYPES OF FUNDS |
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Cash |
22,583 |
37,562 |
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Net Liquid Funds |
(1,872,968) |
(1,938,690) |
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Net Liquid Assets |
1,434,303 |
3,147,061 |
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Net Current Assets/(Liabilities) |
1,434,303 |
3,147,061 |
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Net Tangible Assets |
13,334,303 |
14,147,061 |
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Net Monetary Assets |
(765,697) |
(2,202,939) |
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BALANCE SHEET ITEMS |
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Total Borrowings |
7,245,551 |
10,326,252 |
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Total Liabilities |
11,837,776 |
12,981,432 |
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Total Assets |
25,650,379 |
24,456,793 |
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Net Assets |
16,012,603 |
16,825,361 |
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Net Assets Backing |
13,812,603 |
11,475,361 |
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Shareholders' Funds |
13,812,603 |
11,475,361 |
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Total Share Capital |
15,121,809 |
12,921,809 |
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Total Reserves |
(1,309,206) |
(1,446,448) |
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LIQUIDITY (Times) |
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Cash Ratio |
0.00 |
0.00 |
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Liquid Ratio |
1.15 |
1.41 |
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Current Ratio |
1.15 |
1.41 |
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WORKING CAPITAL CONTROL (Days) |
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Stock Ratio |
0 |
0 |
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Debtors Ratio |
230 |
0 |
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Creditors Ratio |
66 |
0 |
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SOLVENCY RATIOS (Times) |
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Gearing Ratio |
0.52 |
0.90 |
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Liabilities Ratio |
0.86 |
1.13 |
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Times Interest Earned Ratio |
1.24 |
0.21 |
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Assets Backing Ratio |
0.88 |
1.09 |
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PERFORMANCE RATIO (%) |
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Operating Profit Margin |
7.46 |
(3.76) |
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Net Profit Margin |
7.46 |
(3.76) |
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Return On Net Assets |
4.44 |
0.47 |
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Return On Capital Employed |
3.46 |
0.37 |
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Return On Shareholders' Funds/Equity |
0.99 |
(2.63) |
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Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
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NOTES TO ACCOUNTS |
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Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.