|
|
REGISTRATION NO.
|
:
|
199504459-G
|
|
COMPANY NAME
|
:
|
DYSTAR SINGAPORE PTE LTD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
27/06/1995
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
80, ROBINSON ROAD, 02-00, 068898, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
1A INTERNATIONAL BUSINESS PARK #10-01, 609933, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-66712800
|
|
FAX.NO.
|
:
|
65-66591328
|
|
WEB SITE
|
:
|
WWW.DYSTAR.COM
|
|
CONTACT PERSON
|
:
|
SURESHKUMAR SAVAJIBHAI GONDALIA ( DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF TEXTILE DYES & AUXILIARIES PRODUCT
|
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
14,730,000.00 ORDINARY SHARE, OF A VALUE OF SGD 14,730,000.00
|
|
|
|
|
|
SALES
|
:
|
USD 269,991,308 [2012]
|
|
NET WORTH
|
:
|
USD (18,684,613) [2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
100 [2014]
|
|
BANKER (S)
|
:
|
|
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
STANDARD CHARTERED BANK
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
SLOW
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
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
textile dyes & auxiliaries product.
The immediate holding company of the
Subject is DYSTAR GLOBAL HOLDINGS (SINGAPORE) PTE. LTD., a company
incorporated in SINGAPORE.
The ultimate holding company of the Subject is ZHEJIANG LONGSHENG
GROUP CO LTD, a company incorporated in CHINA.
Share Capital History
|
Date
|
Issue &
Paid Up Capital
|
|
25/08/2014
|
SGD 14,730,000.00
|
The major shareholder(s) of the Subject
are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
DYSTAR GLOBAL HOLDINGS (SINGAPORE) PTE. LTD.
|
80, ROBINSON ROAD, 02-00, 068898, SINGAPORE.
|
200922409R
|
14,730,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
14,730,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. SURESHKUMAR SAVAJIBHAI GONDALIA
|
|
Address
|
:
|
B-7, RUCHI APARTMENT, NEHRU PARK, LAB SOCIETY ROAD, VASTRAPUR,
AHMEDABAD, GUJARAT, 380015, INDIA.
|
|
IC / PP No
|
:
|
F3816415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
05/03/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
SHANKERBHAI RUGHNATHBHAI PATEL
|
|
Address
|
:
|
41, SHREENATH PARK SOCIETY, NR. MANEKBAG OCTROI NAKA, MANEK BAG,
AMBAWADI AHMEDABAD, GUJARAT, INDIA.
|
|
IC / PP No
|
:
|
J0293497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
05/03/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
XU YALIN
|
|
Address
|
:
|
929, BUKIT TIMAH ROAD, 03-21, THE CASCADIA, 589642, SINGAPORE.
|
|
IC / PP No
|
:
|
S2765229H
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
01/06/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
LUO BIN
|
|
Address
|
:
|
ROOM 803, 25, SHUI CHENG SOUTH ROAD, SHANGHAI, CHINA.
|
|
IC / PP No
|
:
|
G51708329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of Appointment
|
:
|
01/06/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
CHANG SENG
|
|
Address
|
:
|
RM601, UNIT 1, BUILDING 6, YUANMENGYUAN, JINAGGAN DISTRICT,
HANGZHOU, ZHEJIANG, CHINA.
|
|
IC / PP No
|
:
|
G45993648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of Appointment
|
:
|
01/06/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
SURESHKUMAR SAVAJIBHAI GONDALIA
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
XU YALIN
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
KPMG LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
LEE WEI HSIUNG
|
|
|
IC / PP No
|
:
|
S7927166G
|
|
|
|
|
|
|
|
Address
|
:
|
633, JURONG WEST STREET 65, 10-310, 640633, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
TAY TUAN LENG
|
|
|
IC / PP No
|
:
|
S7432140B
|
|
|
|
|
|
|
|
Address
|
:
|
635, PASIR RIS DRIVE 1, 11-600, 510635, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
STANDARD CHARTERED BANK
|
|
|
|
|
|
|
|
|
|
|
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201307764
|
07/06/2013
|
N/A
|
STANDARD CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201307765
|
07/06/2013
|
N/A
|
STANDARD CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201307866
|
11/06/2013
|
N/A
|
STANDARD CHARTERED BANK
|
-
|
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
NEW ZEALAND
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
LETTER OF CREDIT (LC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
|
TEXTILE DYES & AUXILIARIES PRODUCT
|
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2014
|
2013
|
2012
|
2011
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
100
|
50
|
50
|
50
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of textile
dyes & auxiliaries product.
Dystar is the world's leading supplier of textile dyes. It has by far the
broadest product range on the market, covering almost all fibers and quality
specifications.
* cellulosics
* acrylic
* polyamide
* wool & silk
* polyester
* textile printing
Auxiliaries:
* spinning/weaving
* pretreatment
* dyeing
* printing
* laundry
* finishing
* coating
Services:
Dystar's textile services give textile producers an edge on the global
market. It builds a bridge between international retailers and local textile
mills everywhere in the world.
* expert solutions
* ecology solutions
* testing solutions
* color solutions
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-66712800
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
1 A INTERNATIONAL BUSINESS 10-01 SINGAPORE 609933
|
|
Current Address
|
:
|
1A INTERNATIONAL BUSINESS PARK #10-01, 609933, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other Investigations
On 25th August 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2008 - 2012
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2008 - 2012
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
106.34%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
91.83%
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.Higher
losses before tax during the year could be due to the higher operating
costs incurred. Although the Subject's returns showed positive figures it
is not reflective of the true situation. The Subject incurred losses during
the year and its shareholders' funds have turned red. The positive returns
on shareholders' funds is the result of losses divided by negative
shareholders' funds. The Subject's management was inefficient in utilising
the assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
33 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
26 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
11 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
|
:
|
Unfavourable
|
[
|
0.75 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.88 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or injection
of fresh capital, it may face difficulties in meeting its short term
obligations.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Unfavourable
|
[
|
(6.77 Times)
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
(2.99 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's gearing was negative during the year as its
shareholders' funds was in the red. This means the Subject is running its
business using borrowed money. We consider the Subject as facing high
financial risks.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the Subject's turnover increased its profits however showed
a reverse trend. The losses could be due to the management's failure to
maintain its competitiveness in the market. Due to its weak liquidity
position, the Subject will be faced with problems in meeting all its short
term obligations if no short term loan is obtained or additional capital
injected into the Subject. 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 has high financial
risks. If its shareholders do not inject more capital into the company or
if its business performance does not improve, its going concern may be in
question.
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
(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
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
Incorporated in 1995, the Subject is a Private Limited company, focusing on
trading of textile dyes & auxiliaries product. Having been in the
industry for over a decade, the Subject has achieved a certain market share
and has built up a satisfactory reputation in the market. Having strong
support from its holding company has enabled the Subject to remain competitive
despite the challenging business environment.
Over the years, the Subject has penetrated into both the
local and overseas market. The Subject has positioned itself in the global
market and is competing in the industry. Its stable clientele base will
enable the Subject to further enhance its business in the near term. Being
a moderate size company, the Subject has a total workforce of 100 employees
in its business operations. Overall, we regard that the Subject's
management capability is average.
Despite the higher turnover, the Subject suffered pre-tax losses which
reflected a highly competitive business environment. The Subject has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. Due
to its weak liquidity position, the Subject may face working capital
deficiency in meeting its short term financial obligations if no fresh
capital are injected into the Subject. The Subject has generated an
unfavourable gearing ratio indicated that the Subject is in high financial
risk. The Subject's unfavourable financial performance over the years has
wiped out its shareholders' funds to a deficit of USD 18,684,613.
Therefore, the Subject as a going concern is much dependent on its ability
to generate sufficient cash flow and obtain additional financing to meet
its future obligations.
The Subject's supplier are from both the local and overseas countries. This
will eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials.
The Subject's overall payment habit is fair and this clearly implied a weak
credit control of the Subject.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. However, the Subject does not take any advantage from
this favourable condition as it is making losses in this few years. The
Subject should adopt more competitive strategies to retain its business
position in the market.
Based on the above unfavourable condition, we regard granting credit to the
Subject to be quite risky. Hence, credit is not recommended.
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.
|
|
DYSTAR
SINGAPORE PTE LTD
|
|
Financial Year End
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
2008-12-31
|
|
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
|
USD
|
USD
|
USD
|
|
|
|
|
|
|
|
|
TURNOVER
|
269,991,308
|
198,163,983
|
164,896,241
|
206,727,292
|
290,355,610
|
|
Other Income
|
77,430
|
18,980,857
|
29,369
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
270,068,738
|
217,144,840
|
164,925,610
|
206,727,292
|
290,355,610
|
|
Costs of Goods Sold
|
(230,554,942)
|
(163,575,839)
|
(133,863,026)
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
39,513,796
|
53,569,001
|
31,062,584
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
(19,692,734)
|
(7,076,424)
|
(13,844,234)
|
4,316,875
|
2,004,599
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
(19,692,734)
|
(7,076,424)
|
(13,844,234)
|
4,316,875
|
2,004,599
|
|
Taxation
|
(176,428)
|
(134,154)
|
79,155
|
(441,092)
|
(392,288)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
(19,869,162)
|
(7,210,578)
|
(13,765,079)
|
3,875,783
|
1,612,311
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
(6,774,172)
|
436,406
|
14,201,485
|
10,325,702
|
8,713,391
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
(6,774,172)
|
436,406
|
14,201,485
|
10,325,702
|
8,713,391
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
(26,643,334)
|
(6,774,172)
|
436,406
|
14,201,485
|
10,325,702
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
(26,643,334)
|
(6,774,172)
|
436,406
|
14,201,485
|
10,325,702
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Others
|
2,534,968
|
721,916
|
-
|
272,803
|
689,573
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
2,534,968
|
721,916
|
-
|
272,803
|
689,573
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
545,082
|
612,784
|
599,739
|
119,304
|
228,074
|
|
|
|
|
|
|
|
|
Others
|
2,198,651
|
2,150,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
2,198,651
|
2,150,000
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Others
|
112,560
|
1,419
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL INTANGIBLE ASSETS
|
112,560
|
1,419
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
2,856,293
|
2,764,203
|
599,739
|
119,304
|
228,074
|
|
|
|
|
|
|
|
|
Stocks
|
24,751,468
|
25,073,449
|
22,632,198
|
11,239,109
|
24,263,798
|
|
Trade debtors
|
18,964,037
|
14,364,057
|
14,548,284
|
15,362,900
|
27,794,691
|
|
Other debtors, deposits & prepayments
|
(838,263)
|
(970,895)
|
749,536
|
1,854,757
|
655,357
|
|
Amount due from holding company
|
-
|
12,748
|
-
|
711,653
|
1,302,304
|
|
Amount due from related companies
|
106,170,691
|
63,918,420
|
-
|
22,772,227
|
20,169,100
|
|
Cash & bank balances
|
13,703,999
|
7,517,511
|
4,596,367
|
9,619,165
|
2,967,632
|
|
Others
|
-
|
-
|
26,435,998
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
162,751,932
|
109,915,290
|
68,962,383
|
61,559,811
|
77,152,882
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
165,608,225
|
112,679,493
|
69,562,122
|
61,679,115
|
77,380,956
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
7,164,226
|
2,375,474
|
1,232,467
|
722,552
|
3,671,246
|
|
Other creditors & accruals
|
8,005,789
|
4,327,379
|
3,572,695
|
1,178,750
|
1,187,636
|
|
Short term borrowings/Term loans
|
55,816,667
|
4,000,000
|
-
|
-
|
-
|
|
Other borrowings
|
-
|
-
|
-
|
-
|
6,298,138
|
|
Other liabilities & accruals
|
-
|
-
|
-
|
1,449,294
|
3,372,780
|
|
Amounts owing to holding company
|
3,994
|
5,501,428
|
13,483,012
|
28,088,595
|
40,810,006
|
|
Amounts owing to related companies
|
113,302,162
|
95,286,063
|
-
|
7,600,373
|
3,325,237
|
|
Provision for taxation
|
-
|
-
|
-
|
466,993
|
403,826
|
|
Other liabilities
|
-
|
-
|
42,874,221
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
184,292,838
|
111,490,344
|
61,162,395
|
39,506,557
|
59,068,869
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
(21,540,906)
|
(1,575,054)
|
7,799,988
|
22,053,254
|
18,084,013
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
(18,684,613)
|
1,189,149
|
8,399,727
|
22,172,558
|
18,312,087
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
7,958,721
|
7,958,721
|
7,958,721
|
7,958,721
|
7,958,721
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
7,958,721
|
7,958,721
|
7,958,721
|
7,958,721
|
7,958,721
|
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
(26,643,334)
|
(6,774,172)
|
436,406
|
14,201,485
|
10,325,702
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
(26,643,334)
|
(6,774,172)
|
436,406
|
14,201,485
|
10,325,702
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
(18,684,613)
|
1,184,549
|
8,395,127
|
22,160,206
|
18,284,423
|
|
|
|
|
|
|
|
|
Deferred taxation
|
-
|
4,600
|
4,600
|
12,352
|
27,664
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
4,600
|
4,600
|
12,352
|
27,664
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
(18,684,613)
|
1,189,149
|
8,399,727
|
22,172,558
|
18,312,087
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
13,703,999
|
7,517,511
|
4,596,367
|
9,619,165
|
2,967,632
|
|
Net Liquid Funds
|
13,703,999
|
7,517,511
|
4,596,367
|
9,619,165
|
2,967,632
|
|
Net Liquid Assets
|
(46,292,374)
|
(26,648,503)
|
(14,832,210)
|
10,814,145
|
(6,179,785)
|
|
Net Current Assets/(Liabilities)
|
(21,540,906)
|
(1,575,054)
|
7,799,988
|
22,053,254
|
18,084,013
|
|
Net Tangible Assets
|
(18,797,173)
|
1,187,730
|
8,399,727
|
22,172,558
|
18,312,087
|
|
Net Monetary Assets
|
(46,292,374)
|
(26,653,103)
|
(14,836,810)
|
10,801,793
|
(6,207,449)
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
55,816,667
|
4,000,000
|
0
|
0
|
6,298,138
|
|
Total Liabilities
|
184,292,838
|
111,494,944
|
61,166,995
|
39,518,909
|
59,096,533
|
|
Total Assets
|
165,608,225
|
112,679,493
|
69,562,122
|
61,679,115
|
77,380,956
|
|
Net Assets
|
(18,684,613)
|
1,189,149
|
8,399,727
|
22,172,558
|
18,312,087
|
|
Net Assets Backing
|
(18,684,613)
|
1,184,549
|
8,395,127
|
22,160,206
|
18,284,423
|
|
Shareholders' Funds
|
(18,684,613)
|
1,184,549
|
8,395,127
|
22,160,206
|
18,284,423
|
|
Total Share Capital
|
7,958,721
|
7,958,721
|
7,958,721
|
7,958,721
|
7,958,721
|
|
Total Reserves
|
(26,643,334)
|
(6,774,172)
|
436,406
|
14,201,485
|
10,325,702
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.07
|
0.07
|
0.08
|
0.24
|
0.05
|
|
Liquid Ratio
|
0.75
|
0.76
|
0.76
|
1.27
|
0.90
|
|
Current Ratio
|
0.88
|
0.99
|
1.13
|
1.56
|
1.31
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
33
|
46
|
50
|
20
|
31
|
|
Debtors Ratio
|
26
|
26
|
32
|
27
|
35
|
|
Creditors Ratio
|
11
|
5
|
3
|
1
|
5
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
(2.99)
|
3.38
|
0.00
|
0.00
|
0.34
|
|
Liabilities Ratio
|
(9.86)
|
94.12
|
7.29
|
1.78
|
3.23
|
|
Times Interest Earned Ratio
|
(6.77)
|
(8.80)
|
0.00
|
16.82
|
3.91
|
|
Assets Backing Ratio
|
(2.36)
|
0.15
|
1.06
|
2.79
|
2.30
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
(7.29)
|
(3.57)
|
(8.40)
|
2.09
|
0.69
|
|
Net Profit Margin
|
(7.36)
|
(3.64)
|
(8.35)
|
1.87
|
0.56
|
|
Return On Net Assets
|
91.83
|
(534.37)
|
(164.82)
|
20.70
|
14.71
|
|
Return On Capital Employed
|
92.38
|
(533.74)
|
(164.82)
|
20.70
|
14.71
|
|
Return On Shareholders' Funds/Equity
|
106.34
|
(608.72)
|
(163.97)
|
17.49
|
8.82
|
|
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
|
|
