|
|
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
|
|
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
|
:
|
N/A
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
MODERATE
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY
OUTLOOK
|
:
|
AVERAGE
GROWTH
|
HISTORY
/ BACKGROUND
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.
The ultimate holding company of the Subject is TATA SONS
LIMITED, a company incorporated in INDIA.
Share Capital History
|
Date
|
Issue
& Paid Up Capital
|
|
12/02/2014
|
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
|
|
|
|
|
|
DIRECTORS
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
|
|
|
|
MANAGEMENT
|
1)
|
Name
of Subject
|
:
|
ANIRUDDHA
BANERJEE
|
|
Position
|
:
|
DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
DELOITTE
& TOUCHE LLP
|
|
Auditor'
Address
|
:
|
N/A
|
COMPANY
SECRETARIES
|
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
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
STANDARD
CHARTERED BANK
|
|
|
|
|
|
|
|
|
ENCUMBRANCE
(S)
|
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
|
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.
PAYMENT
RECORD
|
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
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export
Market
|
:
|
ASIA
|
|
Credit
Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment
Mode
|
:
|
CHEQUES
|
OPERATIONS
|
Goods
Traded
|
:
|
LEATHER,
MINERAL & METAL
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of leather,
mineral & metal.
The Subject refused to disclose its operation.
CURRENT
INVESTIGATION
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 SINGAPORE 628048
|
|
Current
Address
|
:
|
22
TANJONG KLING ROAD , 628048, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other Investigations
we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL
ANALYSIS
|
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
|
[
|
88
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 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
|
[
|
1.13
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 :
|
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
ANALYSIS
|
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 and 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 holding company has enabled the Subject to remain
competitive despite the challenging business environment.
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. Overall, we regard that the Subject's management
capability is average.
The Subject has generated an
unfavourable return on shareholders' funds indicating that the management
was inefficient in utilising its funds to generate return. The high gearing
ratio clearly implied that the Subject was supported by more debt than
equity. However, 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. 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.
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. Hence, the Subject is expected to benefit from the
favourable outlook of the industry. Nonetheless, the Subject should adopt
better competitive strategies in order to sustain its business position and
to compete with other well established players in the same industry.
In view of its poor
financial performance, we recommend credit be granted to the Subject with
close monitoring.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
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
|
-
|
|
=============
|
|
BALANCE
SHEET
|
TATA
INTERNATIONAL SINGAPORE PTE. LIMITED
|
|
ASSETS
EMPLOYED:
|
|
|
|
FIXED
ASSETS
|
119,252
|
-
|
|
|
|
|
LONG
TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
Deferred
assets
|
216,947
|
-
|
|
Others
|
600,003
|
-
|
|
----------------
|
----------------
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS
|
816,950
|
-
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL
LONG TERM ASSETS
|
936,202
|
-
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Stocks
|
26,982,958
|
-
|
|
Trade
debtors
|
60,376,469
|
22,459
|
|
Other
debtors, deposits & prepayments
|
7,364,320
|
-
|
|
Amount
due from related companies
|
1,000,000
|
-
|
|
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
|
55,670,526
|
-
|
|
Other
creditors & accruals
|
9,802,776
|
55,904
|
|
Short
term borrowings/Term loans
|
45,142,711
|
-
|
|
Amounts
owing to related companies
|
1,264,177
|
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
|
|
|
|
|
RESERVES
|
|
|
|
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 LIABILITIES
|
|
|
|
Long
term loans
|
31,551,261
|
-
|
|
----------------
|
----------------
|
|
TOTAL
LONG TERM LIABILITIES
|
31,551,261
|
-
|
|
----------------
|
----------------
|
|
42,051,863
|
55,390
|
|
=============
|
=============
|
|
|
|
FINANCIAL
RATIO
|
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
|
88
|
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
|
|