|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
WELCOME TRADING CO. PTE LTD |
|
|
|
|
Registered Office : |
1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
31.03.1971 |
|
|
|
|
Com. Reg. No.: |
197100306-E |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Commodity Products such as Rubber, Metal, Steel and Others. |
|
|
|
|
No. of Employees : |
13 [2014] |
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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
|
REGISTRATION NO. |
: |
197100306-E |
||||
|
COMPANY NAME |
: |
WELCOME TRADING CO. PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
31/03/1971 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
1, NORTH BRIDGE ROAD, 12-04/05, HIGH ST CENTER BUILDING, 179094,
SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
1, NORTH BRIGDE ROAD, 12-04/05, HIGH STREET CENTRAL BUILDING, 179094,
SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63385001 |
||||
|
FAX.NO. |
: |
65-63368821 |
||||
|
CONTACT PERSON |
: |
LIM KUEH CHONG ( MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMMODITY PRODUCTS SUCH AS RUBBER, METAL, STEEL AND OTHERS |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
3,800,000.00 ORDINARY SHARE, OF A VALUE OF SGD 4,250,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 116,753,433 [2013] |
||||
|
NET WORTH |
: |
USD 3,957,867 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
13 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
WEAK |
||||
|
|
|
|
||||
|
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
commodity products such as rubber, metal, steel and others.
The immediate holding company of the Subject is WELCOME HOLDING PRIVATE
LIMITED, a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
03/10/2014 |
SGD 4,250,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
WELCOME HOLDING PRIVATE LIMITED |
SINGAPORE |
198102806R |
2,937,500.00 |
77.30 |
|
MR. LIM KUEH CHONG + |
38, LUCKY VIEW, 467470, SINGAPORE. |
S0549384F |
532,500.00 |
14.01 |
|
STONE HARBOUR WORLDWIDE CORP |
NERING CHAMBERS, P.O.BOX 905, ROAD TOWN, TORTOLA, VIRGIN ISLANDS,
BRITISH. |
T12UF3266K |
270,000.00 |
7.11 |
|
EST OF YONGKIART KIARTARITARA |
461, YAMARAJ SUKUM LANE, SUAPA ROAD, BANGKOK, THAILAND. |
H010783 |
60,000.00 |
1.58 |
|
|
|
|
--------------- |
------ |
|
|
|
|
3,800,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
|
HONG KONG |
WELCOME OVERSEAS AGENCY LIMITED |
100.00 |
31/12/2013 |
|
|
|
|
|
|
|
196800032R |
SINGAPORE |
COMFORT LEATHER SHOE MANUFACTORY PRIVATE LIMITED |
62.49 |
31/12/2013 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
LIM CHIEW WAH |
|
Address |
: |
38, LUCKY VIEW, 467470, SINGAPORE. |
|
IC / PP No |
: |
S7527546C |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
03/07/1997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
LIM CHIEW LIN |
|
Address |
: |
367, YISHUN RING ROAD, 12-1538, 760367, SINGAPORE. |
|
IC / PP No |
: |
S1675762D |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/06/2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
LIM QUIK SHEN |
|
Address |
: |
38, TAMAN SELAMAT, KIMNAN PARK, 416434, SINGAPORE. |
|
IC / PP No |
: |
S2052493F |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
15/05/1974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
MR. LIM KUEH CHONG |
|
Address |
: |
38, LUCKY VIEW, 467470, SINGAPORE. |
|
IC / PP No |
: |
S0549384F |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/03/1971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
LIM KUEH CHONG |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
TAN KIAN TIN & CO. |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
LIM CHIEW WAH |
|
|
IC / PP No |
: |
S7527546C |
|
|
|
|
|
|
|
Address |
: |
38, LUCKY VIEW, 467470, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with:
|
1) |
Name |
: |
UNITED OVERSEAS BANK LTD |
|
|
|
|
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201302173 |
06/02/2013 |
N/A |
DBS BANK LIMITED |
- |
Unsatisfied |
|
C201302388 |
08/02/2013 |
N/A |
DBS BANK LIMITED |
- |
Unsatisfied |
|
C201304657 |
03/04/2013 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
* 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 Subject refused to disclose its 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 |
[ |
X |
] |
|
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 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
Goods Traded |
: |
COMMODITY PRODUCTS SUCH AS RUBBER, METAL, STEEL AND OTHERS
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
13 |
11 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of commodity
products such as rubber, metal, steel and others.
The Subject is engaged in the Commercial
trades that include Non-Ferrous metals, Construction and Commercial Steel,
Rubber (Natural and Synthetic grades) and Paper Products.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6563385001 |
|
Current Telephone Number |
: |
65-63385001 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
1 NORTH BRIDGE ROAD, # 12-05, HIGH STREET CENTRE SINGAPORE 179094 |
|
Current Address |
: |
1, NORTH BRIGDE ROAD, 12-04/05, HIGH STREET CENTRAL BUILDING, 179094,
SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The address provided is incomplete.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(9.96%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
0.86% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject incurred losses during the year
due to the inefficient control of its operating costs. 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 |
[ |
2 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
24 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
4 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 |
: |
Acceptable |
[ |
0.97 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.02 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate that the
Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
0.08 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.26 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 : |
|
|
|
|
|
|
|
The Subject's losses increased but its turnover showed a
fluctuating trend. This indicate the Subject was slowly losing its
market share due to its competitors. The Subject's liquidity was at an
acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all 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 |
||||||
|
|
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100) |
|
|
|
|
|
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
||
|
The wholesale and retail trade sector contracted by 1.5% in the fourth
quarter of 2012, extending the 0.2% decline in the preceding quarter. For the
whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in
2011. The sector was weighed down primarily by the wholesale trade segment.
In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the
1.4% growth in 2011. Growth of the retail trade segment also moderated to
2.0%, from 3.2% in the year 2011. |
||
|
|
||
|
The domestic wholesale trade index grew by 1.2% in the fourth quarter
of 2012, an improvement from the 5.4% decline in the third quarter. This was
partly due to an increase in the sales of chemicals & chemical products
and ship chandlers & bunkering. For the full year of 2012, the domestic
wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011.
The foreign wholesale trade index grew by 8.6% in the fourth quarter, an
increase from the 6.6% growth in the third quarter. The expansion was partly
due to resilient sales of petroleum & petroleum products. For the whole
of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the
4.3% increase in 2011. |
||
|
|
||
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%,
extending the 0.3% decline in the third quarter. Excluding motor vehicles,
retail sales volume grew by 0.4%, a slight moderation compared to the 1.5%
gain in the third quarter of 2012. The sales volume of motor vehicles fell by
11% in the fourth quarter of 2012, after contracting by 6.1% in the third
quarter. The sales of several discretionary items also declined in the fourth
quarter. Besides, the sales of optical goods & books in 2012 fell by
3.6%, while the sales of telecommunications apparatus & computers
declined by 1.4%. |
||
|
|
||
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the
2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail
sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods
& toiletries registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined. |
||
|
|
||
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
||
|
|
|
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 13
employees. Overall, we regard that the Subject's management capability is
weak. Without capable management, the Subject is unlikely to be successful
and often contribute to unacceptable levels of accountability. Weak
management can affect productivity, profitability, sales growth and
ultimately can result in the failure of a business. Due to the challenging market conditions,
the Subject's business performance seems to be deteriorating and losses
incurred. The Subject has generated an unfavourable return on shareholders'
funds indicating that the management was inefficient in utilising its funds
to generate return. The Subject managed to maintain an adequate liquidity
level, indicating that the Subject has the ability to meet its financial
obligations. Being a lowly geared company, the Subject is exposed to low
financial risk as it is mainly dependent on its internal funds to finance its
business needs. Given a positive net worth standing at USD 3,957,867, the
Subject should be able to maintain its business in the near terms. Without a strong assets backing, the
Subject may face difficulties in getting loans for its future expansion and
continued growth . Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. 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 normally. |
|
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
WELCOME TRADING
CO. PTE LTD |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
SGD |
SGD |
SGD |
|
|
|
|
|
|
|
|
TURNOVER |
116,753,433 |
202,872,667 |
188,241,975 |
165,467,691 |
143,531,553 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
116,753,433 |
202,872,667 |
188,241,975 |
165,467,691 |
143,531,553 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(394,016) |
616,593 |
(1,174,895) |
926,710 |
2,042,055 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(394,016) |
616,593 |
(1,174,895) |
926,710 |
2,042,055 |
|
Taxation |
- |
- |
(20,182) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(394,016) |
616,593 |
(1,195,077) |
926,710 |
2,042,055 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
(1,699,083) |
(2,315,676) |
(1,637,921) |
(2,564,631) |
(4,606,686) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
(1,699,083) |
(2,315,676) |
(1,637,921) |
(2,564,631) |
(4,606,686) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(2,093,099) |
(1,699,083) |
(2,832,998) |
(1,637,921) |
(2,564,631) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(2,093,099) |
(1,699,083) |
(2,832,998) |
(1,637,921) |
(2,564,631) |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
24,118 |
88,876 |
117,931 |
151,294 |
152,379 |
|
Letter of credit |
18,710 |
45,442 |
- |
- |
- |
|
Term loan / Borrowing |
26,267 |
- |
- |
16,899 |
19,048 |
|
Trust receipts |
84,381 |
149,978 |
136,066 |
109,444 |
142,573 |
|
Others |
274,417 |
845,251 |
815,915 |
690,865 |
206,775 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
427,893 |
1,129,547 |
1,069,912 |
968,502 |
520,775 |
|
|
============= |
============= |
============= |
============= |
============= |
|
WELCOME TRADING
CO. PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
2,194,220 |
2,070,506 |
2,574,538 |
2,609,329 |
2,655,285 |
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
1,413,317 |
1,526,956 |
1,868,078 |
1,868,078 |
1,868,078 |
|
Investment properties |
- |
- |
- |
97,038 |
98,655 |
|
Others |
166,910 |
148,602 |
246,394 |
187,834 |
380,333 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,580,227 |
1,675,558 |
2,114,472 |
2,152,950 |
2,347,066 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
3,774,447 |
3,746,064 |
4,689,010 |
4,762,279 |
5,002,351 |
|
|
|
|
|
|
|
|
Stocks |
486,120 |
1,908,903 |
1,515,734 |
635,057 |
2,022,471 |
|
Trade debtors |
7,584,022 |
3,253,893 |
8,396,567 |
4,302,734 |
8,339,203 |
|
Other debtors, deposits & prepayments |
492,701 |
561,600 |
322,245 |
631,912 |
539,932 |
|
Amount due from holding company |
- |
18,343 |
119,989 |
- |
- |
|
Amount due from director |
23,069 |
82,559 |
64,891 |
27,789 |
26,964 |
|
Cash & bank balances |
947,437 |
1,801,071 |
1,337,360 |
1,765,848 |
977,865 |
|
Others |
- |
- |
1,842,162 |
1,958,260 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
9,533,349 |
7,626,369 |
13,598,948 |
9,321,600 |
11,906,435 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
13,307,796 |
11,372,433 |
18,287,958 |
14,083,879 |
16,908,786 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
1,400,487 |
828,659 |
1,211,792 |
13,929 |
774,365 |
|
Other creditors & accruals |
271,685 |
359,019 |
68,876 |
1,009,247 |
1,279,809 |
|
Bank overdraft |
- |
1,029,781 |
1,678,753 |
2,174,498 |
2,299,379 |
|
Short term borrowings/Term loans |
1,015,855 |
- |
- |
- |
- |
|
Other borrowings |
- |
- |
9,644,811 |
4,933,313 |
7,687,691 |
|
Amounts owing to holding company |
22,191 |
- |
74,254 |
- |
- |
|
Amounts owing to subsidiary companies |
1,451,615 |
632,274 |
876,214 |
- |
- |
|
Amounts owing to related companies |
- |
94,744 |
57,293 |
- |
- |
|
Amounts owing to director |
- |
7,256 |
- |
127,340 |
86,069 |
|
Other liabilities |
5,188,096 |
4,069,019 |
106,099 |
119,169 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
9,349,929 |
7,020,752 |
13,718,092 |
8,377,496 |
12,127,313 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
183,420 |
605,617 |
(119,144) |
944,104 |
(220,878) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
4,781,473 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
3,473,925 |
3,473,925 |
4,250,000 |
4,250,000 |
4,250,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
3,473,925 |
3,473,925 |
4,250,000 |
4,250,000 |
4,250,000 |
|
|
|
|
|
|
|
|
Capital reserve |
- |
- |
2,844,688 |
2,844,688 |
2,844,688 |
|
Revaluation reserve |
2,325,232 |
2,325,232 |
- |
- |
- |
|
Retained profit/(loss) carried forward |
(2,093,099) |
(1,699,083) |
(2,832,998) |
(1,637,921) |
(2,564,631) |
|
Others |
251,809 |
251,607 |
308,176 |
249,616 |
251,416 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
483,942 |
877,756 |
319,866 |
1,456,383 |
531,473 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
4,781,473 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
4,781,473 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
WELCOME TRADING
CO. PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
947,437 |
1,801,071 |
1,337,360 |
1,765,848 |
977,865 |
|
Net Liquid Funds |
947,437 |
771,290 |
(341,393) |
(408,650) |
(1,321,514) |
|
Net Liquid Assets |
(302,700) |
(1,303,286) |
(1,634,878) |
309,047 |
(2,243,349) |
|
Net Current Assets/(Liabilities) |
183,420 |
605,617 |
(119,144) |
944,104 |
(220,878) |
|
Net Tangible Assets |
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
4,781,473 |
|
Net Monetary Assets |
(302,700) |
(1,303,286) |
(1,634,878) |
309,047 |
(2,243,349) |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
1,015,855 |
1,029,781 |
11,323,564 |
7,107,811 |
9,987,070 |
|
Total Liabilities |
9,349,929 |
7,020,752 |
13,718,092 |
8,377,496 |
12,127,313 |
|
Total Assets |
13,307,796 |
11,372,433 |
18,287,958 |
14,083,879 |
16,908,786 |
|
Net Assets |
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
4,781,473 |
|
Net Assets Backing |
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
4,781,473 |
|
Shareholders' Funds |
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
4,781,473 |
|
Total Share Capital |
3,473,925 |
3,473,925 |
4,250,000 |
4,250,000 |
4,250,000 |
|
Total Reserves |
483,942 |
877,756 |
319,866 |
1,456,383 |
531,473 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.10 |
0.26 |
0.10 |
0.21 |
0.08 |
|
Liquid Ratio |
0.97 |
0.81 |
0.88 |
1.04 |
0.82 |
|
Current Ratio |
1.02 |
1.09 |
0.99 |
1.11 |
0.98 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
2 |
3 |
3 |
1 |
5 |
|
Debtors Ratio |
24 |
6 |
16 |
9 |
21 |
|
Creditors Ratio |
4 |
1 |
2 |
0 |
2 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.26 |
0.24 |
2.48 |
1.25 |
2.09 |
|
Liabilities Ratio |
2.36 |
1.61 |
3.00 |
1.47 |
2.54 |
|
Times Interest Earned Ratio |
0.08 |
1.55 |
(0.10) |
1.96 |
4.92 |
|
Assets Backing Ratio |
1.14 |
1.25 |
1.08 |
1.34 |
1.13 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
(0.34) |
0.30 |
(0.62) |
0.56 |
1.42 |
|
Net Profit Margin |
(0.34) |
0.30 |
(0.63) |
0.56 |
1.42 |
|
Return On Net Assets |
0.86 |
40.13 |
(2.30) |
33.21 |
53.60 |
|
Return On Capital Employed |
0.86 |
32.45 |
(1.68) |
24.05 |
36.19 |
|
Return On Shareholders' Funds/Equity |
(9.96) |
14.17 |
(26.15) |
16.24 |
42.71 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.