|
|
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
|
|
WEB SITE
|
:
|
WWW.TATAINTERNATIONAL.COM
|
|
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
|
:
|
10 [2014]
|
|
BANKER (S)
|
:
|
|
STANDARD
CHARTERED BANK
ABN AMRO BANK N.V.
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT
CAPABILITY
|
:
|
WEAK
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
MODERATE
|
|
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 leather, mineral, metal.
The immediate holding company of the
Subject is TATA INTERNATIONAL LIMITED, a company incorporated in INDIA.
Share Capital History
|
Date
|
Issue &
Paid Up Capital
|
|
03/10/2014
|
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
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of
Subject
|
:
|
KOTTAMASU
VENKATESWARA RAO
|
|
Address
|
:
|
45, MANDALAY
ROAD, 17-01, MANDALE HEIGHTS, 308225, SINGAPORE.
|
|
IC / PP No
|
:
|
S2674660D
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
22/04/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
ANIRUDDHA
BANERJEE
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
DELOITTE &
TOUCHE LLP
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
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 relations are maintained principally with :
|
1)
|
Name
|
:
|
STANDARD
CHARTERED BANK
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
ABN AMRO BANK
N.V.
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
C201403437
|
03/04/2014
|
N/A
|
ABN AMRO BANK
N.V.
|
-
|
Unsatisfied
|
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW
MATERIALS:
|
|
Local
|
:
|
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
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Number
of Employees:
|
|
YEAR
|
2014
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
10
|
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of leather,
mineral, metal.
The Key products offered by the Subject are including steel, metallics and rolls,
products for the aluminium industry (customised engineering products) and
module mounting systems (solar).
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,628048 SINGAPORE
|
|
Current
Address
|
:
|
22 TANJONG
KLING ROAD, 628048, SINGAPORE.
|
|
Match
|
:
|
NO
|
|
|
|
|
Other
Investigations
On 2nd October 2014 we contacted one of the staff from the Subject and she
provided some information.
The Subject refused to disclose its number of employees.
|
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
|
[
|
79 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 high debtors' ratio could indicate that the
Subject was weak in its credit control. However, the Subject could also
giving longer credit periods to its customers in order to boost its sales
or to capture / retain its market share. 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 :
|
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
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
Incorporated in 2011, the Subject is a Private Limited company, focusing on
trading of leather, mineral, 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 listed holding company has enabled
the Subject to remain competitive despite the challenging business
environment. The Subject have a huge paid up capital of USD 14,100,000. We
are confident with the Subject's business and its future growth prospect.
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 10 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.
The Subject has generated its turnover of USD 251,193,253 and its pre-tax
loss of USD -2,249,497. 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 is in average 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. The high gearing ratio clearly implied that the Subject was
supported by more debt than equity. Thus, the Subject is exposed to high
financial risk. 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. Overall the
Subject has a good control over its resources.
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.
In view of the above, we recommend credit be granted to the Subject with
close monitoring.
|
|
|
|
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
|
-
|
|
|
=============
|
|
|
|
|
|
|
TATA INTERNATIONAL
SINGAPORE PTE. LIMITED
|
|
ASSETS
EMPLOYED:
|
|
|
|
FIXED ASSETS
|
119,252
|
-
|
|
|
|
|
|
Deferred
assets
|
216,947
|
-
|
|
Others
|
600,003
|
-
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS
|
816,950
|
-
|
|
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
936,202
|
-
|
|
|
|
|
|
Stocks
|
26,982,958
|
-
|
|
Trade debtors
|
54,380,491
|
22,459
|
|
Other debtors,
deposits & prepayments
|
7,364,320
|
-
|
|
Amount due from
related companies
|
6,995,978
|
-
|
|
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
|
55,642,862
|
-
|
|
Other
creditors & accruals
|
9,802,776
|
55,904
|
|
Short term
borrowings/Term loans
|
45,142,711
|
-
|
|
Amounts owing
to related companies
|
1,291,841
|
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
|
|
|
|
|
|
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
loans
|
31,551,261
|
-
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
31,551,261
|
-
|
|
|
----------------
|
----------------
|
|
|
42,051,863
|
55,390
|
|
|
=============
|
=
|
|
|
|
|
|
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
|
79
|
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
|
|