|
Report Date : |
21.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SWISS SINGAPORE
OVERSEAS ENTERPRISES PTE. LTD. |
|
|
|
|
Registered Office : |
3, Shenton Way, 14-01, Shenton House, 068805, |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
07.01.1978 |
|
|
|
|
Com. Reg. No.: |
197800048-Z |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of commodity products |
|
|
|
|
No. of Employees : |
35 (2014) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 in 2011-13, 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. 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. |
: |
197800048-Z |
||||
|
COMPANY NAME |
: |
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
07/01/1978 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
3, SHENTON WAY, 14-01, SHENTON HOUSE, 068805, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
3 SHENTON WAY, #14-01 SHENTON HOUSE, 068805, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62224986 |
||||
|
FAX.NO. |
: |
65-62224984 |
||||
|
WEB SITE |
: |
WWW.SWISS-SINGAPORE.COM |
||||
|
CONTACT PERSON |
: |
RAJESH KUMAR SOMANI ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMMODITY PRODUCTS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
36,955,598.00 ORDINARY SHARE, OF A VALUE OF SGD 36,955,598.00 |
||||
|
SALES |
: |
USD 3,891,133,318 [2013] |
||||
|
NET WORTH |
: |
USD 225,693,911 [2013] |
||||
|
STAFF STRENGTH |
: |
35 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
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 commodity products.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
24/03/2014 |
SGD 36,955,598.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
CALYX INVESTMENTS PTE. LTD. |
3, SHENTON WAY, 14-01, SHENTON HOUSE, 068805, SINGAPORE. |
200802697W |
7,000,000.00 |
18.94 |
|
ABHA INVESTMENTS PTE. LTD. |
3, SHENTON WAY, 14-01, SHENTON HOUSE, 068805, SINGAPORE. |
200802696G |
7,000,000.00 |
18.94 |
|
INDOGENIOUS HOLDINGS PTE. LTD. |
3, SHENTON WAY, 14-01, SHENTON HOUSE, 068805, SINGAPORE. |
200802699Z |
7,000,000.00 |
18.94 |
|
BIG BANYAN INVESTMENTS PTE. LTD. |
3, SHENTON WAY, 14-01, SHENTON HOUSE, 068805, SINGAPORE. |
200804356E |
7,000,000.00 |
18.94 |
|
BLUE BUCKS INVESTMENTS PTE. LTD. |
3, SHENTON WAY, 14-01, SHENTON HOUSE, 068805, SINGAPORE. |
200804357R |
7,000,000.00 |
18.94 |
|
KIRAN INVESTMENTS PTE. LTD. |
3, SHENTON WAY, 14-01, SHENTON HOUSE, 068805, SINGAPORE. |
200802701M |
1,955,598.00 |
5.29 |
|
--------------- |
------ |
|||
|
36,955,598.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
BENIN |
SWISS BENIN SARL |
100.00 |
31/03/2013 |
|
|
KENYA |
SWISS SINGAPORE OVERSEAS ENTERPRISES (KENYA) LIMITED |
100.00 |
31/03/2013 |
|
|
201315408 |
SINGAPORE |
SSOE INVESTMENTS PTE. LTD. |
100.00 |
31/03/2013 |
|
200818910Z |
SINGAPORE |
MITRA COMMODITIES PTE. LTD. |
100.00 |
31/03/2013 |
|
UNITED ARAB EMIRATES |
SWISS SINGAPORE MIDDLE EAST FZE DUBAI |
100.00 |
31/03/2013 |
|
|
INDONESIA |
PT SWISS NIAGA INTERNATIONAL |
100.00 |
31/03/2013 |
|
|
BANGLADESH |
SWISS SINGAPORE (BANGLADESH) LIMITED |
100.00 |
31/03/2013 |
|
|
CANADA |
SWISS SINGAPORE CANADA PTE LTD |
100.00 |
31/03/2013 |
|
|
CHINA |
SWISS SINGAPORE (SHANGHAI) TRADING CO. LTD |
100.00 |
31/03/2013 |
|
|
MYANMAR |
MYANMAR SWISS SINGAPORE COMPANY LIMITED |
100.00 |
31/03/2013 |
|
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
MR. RAJESH KUMAR SOMANI |
|
Address |
: |
FLAT 706, DR-AL BUTEEN II, NEAR TAJ PALACE HOTEL, OFF AL RIGGA ROAD, DEIRA, DUBAI, UNITED ARAB EMIRATES. |
|
IC / PP No |
: |
Z2093578 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
07/10/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
BAJAJ JAGDISH PRASAD |
|
Address |
: |
1 TANJONG RHU ROAD, 17-04, WATERSIDE, THE, 436879, SINGAPORE. |
|
IC / PP No |
: |
G5327359P |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
07/09/2012 |
|
1) |
Name of Subject |
: |
RAJESH KUMAR SOMANI |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR |
|
Auditor |
: |
LAU CHIN HUAT & CO |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
CHEONG SENG CHOW |
|
IC / PP No |
: |
S1350970J |
|
|
Address |
: |
43, LORONG 5, TOA PAYOH, 11-129, 310043, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
ZANWAR SHYAMSUNDER BALAPRASAD |
|
IC / PP No |
: |
S7665331C |
|
|
Address |
: |
13 FARRER PARK ROAD, 04-35, FARRER PARK VIEW, 210013, SINGAPORE. |
|
BANKING |
Banking relations are maintained principally with :
|
1) |
Name |
: |
CITIBANK N.A. |
|
2) |
Name |
: |
BARCLAYS BANK PLC |
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201303139 |
26/02/2013 |
N/A |
UBS AG |
- |
Unsatisfied |
|
C201310768 |
06/08/2013 |
N/A |
CITIBANK N.A. |
- |
Unsatisfied |
|
C201311479 |
21/08/2013 |
N/A |
BANK JULIUS BAER & CO. LTD. |
- |
Unsatisfied |
|
C201311926 |
30/08/2013 |
N/A |
BARCLAYS BANK PLC |
- |
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.
PAYMENT RECORD |
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
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 |
[ |
X |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE |
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Goods Traded |
: |
COMMODITY PRODUCTS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
35 |
35 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of commodity
products.
The Subject is one of the companies listed under the Aditya Birla group of
companies.
The Subject is a trans-national bulk commodity trading solutions provider with
a global presence.
The Subject has diversified portfolio such as petroleum products, sulphur,
fertilizers, timber logs, steel and steel scrap, coal/coke, iron ore, chemicals
and agro-products.
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
65-62218455 |
|
Current Telephone Number |
: |
65-62224986 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
3 SHENTON WAY # 14-01, SHENTON HOUSE, SINGAPORE 068805 |
|
Current Address |
: |
3 SHENTON WAY, #14-01 SHENTON HOUSE, 068805, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
we contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS |
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
13.68% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
25.14% |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
12.08% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.13% |
] |
|
|
The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
46 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
24 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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 |
[ |
1.46 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.47 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 |
: |
Favourable |
[ |
11.53 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.81 Times |
] |
|
|
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject's gearing was slightly high. The Subject is utilising the leverage concept to fund its expansion. However, the high gearing has added financial risks to the Subject. It will be more vulnerable in times of economy downturn. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject's gearing was slightly high and its financial risk was also high. If no plans are made to reduce its gearing, the Subject's performance may deteriorate in the coming year. |
||||||
|
Overall financial condition of the Subject : STABLE |
||||||
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 |
|
|
|
|
PROFIT AND LOSS ACCOUNT |
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. |
|
Financial Year End |
2013-03-31 |
2012-03-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
TURNOVER |
3,891,133,318 |
3,423,018,256 |
|
Other Income |
6,520,788 |
2,171,096 |
|
---------------- |
---------------- |
|
|
Total Turnover |
3,897,654,106 |
3,425,189,352 |
|
Costs of Goods Sold |
(3,841,102,431) |
(3,361,702,598) |
|
---------------- |
---------------- |
|
|
Gross Profit |
56,551,675 |
63,486,754 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
29,277,290 |
39,107,956 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
29,277,290 |
39,107,956 |
|
Taxation |
(2,002,245) |
(2,265,617) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
27,275,045 |
36,842,339 |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
177,331,436 |
165,489,097 |
|
---------------- |
---------------- |
|
|
As restated |
177,331,436 |
165,489,097 |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
204,606,481 |
202,331,436 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(25,000,000) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
204,606,481 |
177,331,436 |
|
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||
|
Term loan / Borrowing |
2,780,209 |
2,732,300 |
|
---------------- |
---------------- |
|
|
2,780,209 |
2,732,300 |
|
|
============= |
============= |
BALANCE SHEET |
|
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. |
|
ASSETS EMPLOYED: |
||
|
FIXED ASSETS |
6,483,086 |
6,547,317 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
||
|
Investment properties |
772,803 |
786,815 |
|
Deferred assets |
5,845 |
- |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
778,648 |
786,815 |
|
INTANGIBLE ASSETS |
||
|
Computer software |
79,776 |
299,363 |
|
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
79,776 |
299,363 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
7,341,510 |
7,633,495 |
|
CURRENT ASSETS |
||
|
Stocks |
6,765,683 |
4,815,872 |
|
Trade debtors |
494,216,263 |
362,019,525 |
|
Other debtors, deposits & prepayments |
20,147,909 |
41,062,306 |
|
Short term deposits |
97,562,371 |
12,726,912 |
|
Cash & bank balances |
4,707,669 |
4,601,270 |
|
Others |
61,256,640 |
1,017,105 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
684,656,535 |
426,242,990 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
691,998,045 |
433,876,485 |
|
============= |
============= |
|
|
CURRENT LIABILITIES |
||
|
Trade creditors |
250,407,760 |
128,912,970 |
|
Other creditors & accruals |
26,508,643 |
11,097,075 |
|
Bank overdraft |
791,285 |
124,200 |
|
Short term borrowings/Term loans |
53,999,991 |
- |
|
Other borrowings |
4,955,298 |
86,742,370 |
|
Bill & acceptances payable |
123,594,940 |
4,220,000 |
|
Other liabilities & accruals |
2,692,407 |
1,680,260 |
|
Provision for taxation |
2,229,217 |
1,827,158 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
465,179,541 |
234,604,033 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
219,476,994 |
191,638,957 |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
226,818,504 |
199,272,452 |
|
============= |
============= |
|
|
SHARE CAPITAL |
||
|
Ordinary share capital |
21,065,477 |
21,065,477 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
21,065,477 |
21,065,477 |
|
RESERVES |
||
|
Exchange equalisation/fluctuation reserve |
21,953 |
(22,964) |
|
Retained profit/(loss) carried forward |
204,606,481 |
177,331,436 |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
204,628,434 |
177,308,472 |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
225,693,911 |
198,373,949 |
|
LONG TERM LIABILITIES |
||
|
Deferred taxation |
- |
1,750 |
|
Retirement benefits provision |
1,124,593 |
896,753 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1,124,593 |
898,503 |
|
---------------- |
---------------- |
|
|
226,818,504 |
199,272,452 |
|
|
============= |
============= |
|
FINANCIAL RATIO |
|
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. |
|
TYPES OF FUNDS |
||
|
Cash |
102,270,040 |
17,328,182 |
|
Net Liquid Funds |
(22,116,185) |
12,983,982 |
|
Net Liquid Assets |
212,711,311 |
186,823,085 |
|
Net Current Assets/(Liabilities) |
219,476,994 |
191,638,957 |
|
Net Tangible Assets |
226,738,728 |
198,973,089 |
|
Net Monetary Assets |
211,586,718 |
185,924,582 |
|
BALANCE SHEET ITEMS |
||
|
Total Borrowings |
183,341,514 |
91,086,570 |
|
Total Liabilities |
466,304,134 |
235,502,536 |
|
Total Assets |
691,998,045 |
433,876,485 |
|
Net Assets |
226,818,504 |
199,272,452 |
|
Net Assets Backing |
225,693,911 |
198,373,949 |
|
Shareholders' Funds |
225,693,911 |
198,373,949 |
|
Total Share Capital |
21,065,477 |
21,065,477 |
|
Total Reserves |
204,628,434 |
177,308,472 |
|
LIQUIDITY (Times) |
||
|
Cash Ratio |
0.22 |
0.07 |
|
Liquid Ratio |
1.46 |
1.80 |
|
Current Ratio |
1.47 |
1.82 |
|
WORKING CAPITAL CONTROL (Days) |
||
|
Stock Ratio |
1 |
1 |
|
Debtors Ratio |
46 |
39 |
|
Creditors Ratio |
24 |
14 |
|
SOLVENCY RATIOS (Times) |
||
|
Gearing Ratio |
0.81 |
0.46 |
|
Liabilities Ratio |
2.07 |
1.19 |
|
Times Interest Earned Ratio |
11.53 |
15.31 |
|
Assets Backing Ratio |
10.76 |
9.45 |
|
PERFORMANCE RATIO (%) |
||
|
Operating Profit Margin |
0.75 |
1.14 |
|
Net Profit Margin |
0.70 |
1.08 |
|
Return On Net Assets |
14.13 |
21.00 |
|
Return On Capital Employed |
14.08 |
20.95 |
|
Return On Shareholders' Funds/Equity |
12.08 |
18.57 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.68 |
|
NOTES TO ACCOUNTS |
||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.28 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.