|
Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ATLANTIC INDUSTRIAL & TRADING PTE. LTD. |
|
|
|
|
Registered Office : |
8, Eu Tong Sen Street, 22-82, The Central, 059818 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
10.03.2011 |
|
|
|
|
Com. Reg. No.: |
201105859-G |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· Engaged in trading of agricultural commodity and metals. ·
Subject also offers import and export brokerage
services which includes procurement, contracting and consulting. Subject product ranges includes : Grains ·
Maize ·
Soybean ·
Wheat ·
Sorghum Oilseeds ·
Soybean ·
Rapeseed ·
Palm Metals & Energy ·
Metal ·
Steel ·
Coal · Iron Ore |
|
|
|
|
No of Employees : |
06 (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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 0.6% in 2009 as a result of the global financial crisis, but
rebounded 15.1% 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 |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
201105859-G |
||||
|
COMPANY NAME |
: |
ATLANTIC
INDUSTRIAL & TRADING PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
10/03/2011 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
8, EU TONG SEN STREET, 22-82, THE CENTRAL,
059818, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
8 EU TONG SEN STREET#22 - 82 THE CENTRAL,
059818, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62240427 |
||||
|
FAX.NO. |
: |
65-62227010 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
AMARILLA ALBERTO DANIEL ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF AGRICULTURAL COMMODITY AND
METALS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
1,000,000.00 ORDINARY SHARE, OF A VALUE OF
USD 1,148,889.00 |
||||
|
SALES |
: |
USD 1,166,654,796 [2013] |
||||
|
NET WORTH |
: |
USD 5,423,747 [2013] |
||||
|
STAFF STRENGTH |
: |
6 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
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 agricultural commodity and metals.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
12/05/2014 |
USD 1,148,889.00 |
The major shareholder(s)
of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
AMARILLA ALBERTO DANIEL + |
63, PATERSON ROAD, 16-05, THE PATERSON, 238539, SINGAPORE. |
G5694187N |
800,000.00 |
80.00 |
|
SOUTH EAST ASIAN TRADING (FZE) |
PO BOX 8683, SAIF-ZONE, SAIF PLUS Q1- 09-029/C, SHARJAH, UNITED ARAB EMIRATES. |
T14UF0104 |
200,000.00 |
20.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
SWITZERLAND |
ATLANTIC INTERNATIONAL SA |
100.00 |
30/06/2013 |
|
|
200916812W |
SINGAPORE |
NOVA ALPHA PTE. LTD. |
100.00 |
30/06/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
BRYAN TAN SUAN TIU |
|
Address |
: |
1, SIN MING AVENUE, 15-05, FLAME TREE PARK, 575728, SINGAPORE. |
|
IC / PP No |
: |
S7139320H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
17/07/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
AMARILLA ALBERTO DANIEL |
|
Address |
: |
63, PATERSON ROAD, 16-05, THE PATERSON, 238539, SINGAPORE. |
|
IC / PP No |
: |
G5694187N |
|
Nationality |
: |
ITALIAN |
|
Date of Appointment |
: |
01/11/2011 |
|
1) |
Name of Subject |
: |
AMARILLA ALBERTO DANIEL |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
TKNP INTERNATIONAL |
|
Auditor' Address |
: |
N/A |
|
Auditor |
: |
TKNP INTERNATIONAL |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
BRYAN TAN SUAN TIU |
|
IC / PP No |
: |
S7139320H |
|
|
Address |
: |
1, SIN MING AVENUE, 15-05, FLAME TREE PARK, 575728, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
LIM CHIEW YEN |
|
IC / PP No |
: |
S7602240B |
|
|
Address |
: |
450, BUKIT PANJANG RING ROAD, 12-585, 670450, SINGAPORE. |
|
Banking relations are maintained
principally with :
|
1) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201304112 |
20/03/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201304177 |
21/03/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201314119 |
18/10/2013 |
N/A |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
- |
Unsatisfied |
|
C201316332 |
06/12/2013 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
SOURCES
OF RAW MATERIALS:
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
AGRICULTURAL COMMODITY AND METALS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
6 |
||||||||
|
Branch |
: |
NO |
Other
Information:
· The Subject is principally engaged in the (as a / as an) trading of agricultural commodity and metals.
· The Suject's main bulk of trades are in agricultural products but not limited to these.
· Metals and energy commodities have added to the total, and could potentially add-on other commodities depending on market demand.
·
In addition, the company offers import and export
brokerage services. This includes procurement, contracting and consulting. It
also have commodity financing capabilities.
Subject product ranges includes :
Grains
·
Maize
·
Soybean
·
Wheat
·
Sorghum
Oilseeds
·
Soybean
·
Rapeseed
·
Palm
Metals & Energy
·
Metal
·
Steel
·
Coal
·
Iron Ore
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62240427 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
8 EU TUNG SEN STREET # 22-82 THE CENTRAL
SINGAPORE 059818 |
|
Current Address |
: |
8 EU TONG SEN STREET#22 - 82 THE CENTRAL,
059818, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
129.83% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
13.03% |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
41.55% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
50.07% |
] |
|
|
The increase in turnover could be due to
the Subject adopting an aggressive marketing strategy.The Subject's
management have been efficient in controlling its operating costs. Generally
the Subject was profitable. The favourable return on shareholders' funds and
return on net assets indicate that the Subject's management was efficient in
utilising the assets to generate returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
12 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
8 Days |
] |
|
|
As the Subject is a service oriented
company, the Subject does not need to keep stocks. The favourable debtors'
days could be due to the good credit control measures implemented by the
Subject. The Subject had a favourable creditors' ratio where the Subject
could be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.13 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.13 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 |
[ |
15.22 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 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 had no gearing and hence it had virtually no financial
risk. The Subject was financed by its shareholders' funds and internally
generated fund. During the economic downturn, the Subject, having a zero
gearing, will be able to compete better than those which are highly geared in
the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Generally, the Subject's performance has
improved with higher turnover and profit. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. With the favourable interest cover, the Subject could
be able to service all the accrued interest without facing any difficulties.
The Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall
financial condition of the Subject : STABLE |
||||||
|
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) |
|||||
|
(Source : Department of Statistics) |
|
INDUSTRY : |
TRADING |
|
The wholesale and retail trade sector contracted by 1.5% in the fourth
quarter of 2012, extending the 0.2% decline in the preceding quarter. For the
whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in
2011. The sector was weighed down primarily by the wholesale trade segment.
In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the
1.4% growth in 2011. Growth of the retail trade segment also moderated to
2.0%, from 3.2% in the year 2011. |
|
|
The domestic wholesale trade index grew by 1.2% in the fourth quarter
of 2012, an improvement from the 5.4% decline in the third quarter. This was
partly due to an increase in the sales of chemicals & chemical products
and ship chandlers & bunkering. For the full year of 2012, the domestic
wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011.
The foreign wholesale trade index grew by 8.6% in the fourth quarter, an
increase from the 6.6% growth in the third quarter. The expansion was partly
due to resilient sales of petroleum & petroleum products. For the whole
of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the
4.3% increase in 2011. |
|
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%,
extending the 0.3% decline in the third quarter. Excluding motor vehicles,
retail sales volume grew by 0.4%, a slight moderation compared to the 1.5%
gain in the third quarter of 2012. The sales volume of motor vehicles fell by
11% in the fourth quarter of 2012, after contracting by 6.1% in the third
quarter. The sales of several discretionary items also declined in the fourth
quarter. Besides, the sales of optical goods & books in 2012 fell by
3.6%, while the sales of telecommunications apparatus & computers
declined by 1.4%. |
|
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the
2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail
sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods
& toiletries registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
|
Incorporated in 2011, the Subject is a
Private Limited company, focusing on trading of agricultural commodity and
metals. The Subject has been in business for 3 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. The capital standing of the Subject is
fair. With an adequate share capital, the Subject has the potential of
expanding its business in future. 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 6
employees. Overall, we regard that the Subject's management capability is
average. This indicates that the Subject has greater potential to improve its
business performance and raising income for the Subject. We noted that both the turnover and
profits have increased compared to the previous year. The higher profit could
be due to increase in turnover and better control over its operating costs.
Based on the higher profitability, the Subject has generated a favourable
return based on its existing shareholders' funds which indicated that the
management was efficient in utilising its funds to generate income. The
Subject is in good liquidity position with its current liabilities well
covered by it current assets. Hence, it has sufficient working capital to
meet its short term financial obligations. Being a zero geared company, the
Subject virtually has no financial risk as it is mainly dependent on its
internal funds to finance its business. Given a positive net worth standing
at USD 5,423,747, the Subject should be able to maintain its business in the
near terms. Having a strong assets backing, the
Subject possesses latent assets as collateral for further financial
extension. Hence, it has good chance of getting loans if the needs arises.
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. We regard that the Subject's overall
payment habit is prompt. The Subject had a favourable creditors' ratio as
evidenced by its favourable collection days. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. Based on the above condition, we recommend
credit be granted to the Subject promptly. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
ATLANTIC
INDUSTRIAL & TRADING PTE. LTD. |
|
Financial Year End |
2013-06-30 |
2012-06-30 |
|
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 |
1,166,654,796 |
507,620,096 |
|
Other Income |
129,544 |
109,293 |
|
---------------- |
---------------- |
|
|
Total Turnover |
1,166,784,340 |
507,729,389 |
|
Costs of Goods Sold |
(1,162,809,140) |
(504,014,561) |
|
---------------- |
---------------- |
|
|
Gross Profit |
3,975,200 |
3,714,828 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,537,295 |
2,244,727 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
2,537,295 |
2,244,727 |
|
Taxation |
(283,527) |
(326,433) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
2,253,768 |
1,918,294 |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
2,037,347 |
967,347 |
|
---------------- |
---------------- |
|
|
As restated |
2,037,347 |
967,347 |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
4,291,115 |
2,885,641 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(848,294) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
4,291,115 |
2,037,347 |
|
============= |
============= |
|
|
Others |
178,461 |
139,026 |
|
---------------- |
---------------- |
|
|
178,461 |
139,026 |
|
|
============= |
============= |
|
ATLANTIC
INDUSTRIAL & TRADING PTE. LTD. |
|
ASSETS EMPLOYED: |
||
|
FIXED ASSETS |
48,630 |
49,899 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
48,630 |
49,899 |
|
Trade debtors |
36,855,372 |
66,040,488 |
|
Other debtors, deposits & prepayments |
33,379 |
8,918,597 |
|
Short term deposits |
6,484,393 |
- |
|
Amount due from subsidiary companies |
- |
1,661 |
|
Amount due from director |
109,157 |
- |
|
Cash & bank balances |
1,899,951 |
1,541,156 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
45,382,252 |
76,501,902 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
45,430,882 |
76,551,801 |
|
============= |
============= |
|
|
CURRENT
LIABILITIES |
||
|
Trade creditors |
25,134,696 |
66,664,037 |
|
Other creditors & accruals |
139,880 |
86,120 |
|
Deposits from customers |
999,980 |
- |
|
Amounts owing to related companies |
13,325,637 |
6,143,964 |
|
Amounts owing to director |
- |
7,711 |
|
Provision for taxation |
401,026 |
479,753 |
|
Other liabilities |
5,916 |
6,165 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
40,007,135 |
73,387,750 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
5,375,117 |
3,114,152 |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
5,423,747 |
3,164,051 |
|
============= |
============= |
|
|
SHARE CAPITAL |
||
|
Ordinary share capital |
1,148,889 |
1,148,889 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,148,889 |
1,148,889 |
|
Exchange equalisation/fluctuation reserve |
(16,257) |
(22,185) |
|
Retained profit/(loss) carried forward |
4,291,115 |
2,037,347 |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
4,274,858 |
2,015,162 |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
5,423,747 |
3,164,051 |
|
---------------- |
---------------- |
|
|
5,423,747 |
3,164,051 |
|
|
============= |
============= |
|
|
ATLANTIC
INDUSTRIAL & TRADING PTE. LTD. |
|
TYPES OF FUNDS |
||
|
Cash |
8,384,344 |
1,541,156 |
|
Net Liquid Funds |
8,384,344 |
1,541,156 |
|
Net Liquid Assets |
5,375,117 |
3,114,152 |
|
Net Current Assets/(Liabilities) |
5,375,117 |
3,114,152 |
|
Net Tangible Assets |
5,423,747 |
3,164,051 |
|
Net Monetary Assets |
5,375,117 |
3,114,152 |
|
BALANCE SHEET
ITEMS |
||
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
40,007,135 |
73,387,750 |
|
Total Assets |
45,430,882 |
76,551,801 |
|
Net Assets |
5,423,747 |
3,164,051 |
|
Net Assets Backing |
5,423,747 |
3,164,051 |
|
Shareholders' Funds |
5,423,747 |
3,164,051 |
|
Total Share Capital |
1,148,889 |
1,148,889 |
|
Total Reserves |
4,274,858 |
2,015,162 |
|
LIQUIDITY
(Times) |
||
|
Cash Ratio |
0.21 |
0.02 |
|
Liquid Ratio |
1.13 |
1.04 |
|
Current Ratio |
1.13 |
1.04 |
|
WORKING CAPITAL
CONTROL (Days) |
||
|
Stock Ratio |
0 |
0 |
|
Debtors Ratio |
12 |
47 |
|
Creditors Ratio |
8 |
48 |
|
SOLVENCY RATIOS
(Times) |
||
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
7.38 |
23.19 |
|
Times Interest Earned Ratio |
15.22 |
17.15 |
|
Assets Backing Ratio |
4.72 |
2.75 |
|
PERFORMANCE
RATIO (%) |
||
|
Operating Profit Margin |
0.22 |
0.44 |
|
Net Profit Margin |
0.19 |
0.38 |
|
Return On Net Assets |
50.07 |
75.34 |
|
Return On Capital Employed |
50.07 |
75.34 |
|
Return On Shareholders' Funds/Equity |
41.55 |
60.63 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.44 |
|
NOTES TO
ACCOUNTS |
||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
UK Pound |
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.