|
Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
R1 INTERNATIONAL PTE LTD |
|
|
|
|
Registered Office : |
8, Robinson Road, 05-00, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
20.07.2001 |
|
|
|
|
Com. Reg. No.: |
200104842-R |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Wholesale of Rubber |
|
|
|
|
No. of Employees : |
20 |
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 – 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. |
: |
200104842-R |
||||
|
COMPANY NAME |
: |
R1 INTERNATIONAL PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
20/07/2001 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
8, ROBINSON ROAD, 05-00, ASO BUILDING, 048544, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
8 ROBINSON ROAD ASO BUILDING #05-00, 048544, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65574399 |
||||
|
FAX.NO. |
: |
65-65383393 |
||||
|
EMAIL |
: |
ENQUIRIES@R1INTERNATIONAL.COM |
||||
|
WEB SITE |
: |
WWW.R1INTERNATIONAL.COM |
||||
|
CONTACT PERSON |
: |
SANDANA DASS ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF RUBBER |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
7,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 7,000,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 2,027,825,216 [2013] |
||||
|
NET WORTH |
: |
USD 60,097,080 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
20 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
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) wholesale of
rubber.
The immediate holding company of the Subject is HAINAN STATE FARMS
INVESTMENT LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
18/09/2014 |
USD 7,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HAINAN STATE FARMS INVESTMENT LIMITED |
P.O. BOX 957, OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA,
VIRGIN ISLANDS, BRITISH. |
T12UF1750B |
4,200,000.00 |
60.00 |
|
HAINAN RUBBER GROUP (SINGAPORE) DEVELOPMENT PTE. LTD. |
9, TEMASEK BOULEVARD, 28-03, SUNTEC TOWER TWO, 038989, SINGAPORE. |
200918102R |
1,050,000.00 |
15.00 |
|
MR. SANDANA DASS + |
9, BOSCOMBE ROAD, 439746, SINGAPORE. |
S2712656A |
700,000.00 |
10.00 |
|
THAVEESAK HOLDING CO LTD |
20/05, GOMARAPAT ROAD, 83000, PHUKET, THAILAND. |
T07UF0849 |
410,000.00 |
5.86 |
|
LIM BENG SENG |
373, ONAN ROAD, 03-13, MALVERN SPRINGS, 424775, SINGAPORE. |
S2607496G |
88,888.00 |
1.27 |
|
MR. LING CHAN YEW |
7, JALAN USJ 2/6, UEP SUBANG JAYA, 47600 SUBANG JAYA, SELANGOR,
MALAYSIA. |
720128-10-5211 A2078112 |
88,000.00 |
1.26 |
|
R1 INTERNATIONAL PTE LTD |
8, ROBINSON ROAD, 05-00, ASO BUILDING, 048544, SINGAPORE. |
200104842R |
84,662.00 |
1.21 |
|
HO WAI LEONG |
1, LEICESTER ROAD, 13-05, ONE LEICESTER, 358828, SINGAPORE. |
S7625177J |
80,000.00 |
1.14 |
|
TOSHINOBU HANDA |
3-601, CITI'S FORT, 1-6-1, UTASE, MIHAMAKU, CHIBA-CITY, ZIP CODE
261-0013, JAPAN. |
TH3245093 |
50,000.00 |
0.71 |
|
CROSS COMMODITY INVESTMENT HOLDING CO. LTD. |
P.O. BOX 957, OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA,
VIRGIN ISLANDS, BRITISH. |
T12UF4846C |
40,450.00 |
0.58 |
|
LEE CHEE HOE |
16, JALAN 2/50A, TAMAN DESA GOMBAK 2, SETAPAK, 53000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
A18972208 |
40,000.00 |
0.57 |
|
DUFOUR LORENZO PIETRO PAOLO |
VIA MATTEO BANDELLO 14, MILANO, 20123, ITALY. |
YA2509076 |
30,000.00 |
0.43 |
|
OH KIAN CHEW |
503, PASIR RIS STREET 52, 02-239, 510503, SINGAPORE. |
S1636308A |
20,000.00 |
0.29 |
|
LIM CHIN SENG |
153, LORONG 2 TOA PAYOH, 09-600, TOA PAYOH SAPPHIRE, 310153,
SINGAPORE. |
S1686180D |
15,000.00 |
0.21 |
|
MR. LESLIE CHENG TSIN TZUN |
30, JALAN JASA 8, TAMAN MUTIARA, RINI SKUDAI, 81300 JOHOR BHARU,
JOHOR, MALAYSIA. |
730202-01-5513 A2391275 |
13,000.00 |
0.19 |
|
MR. CHIN SHEE YONG |
1692, JALAN BAWAL ,TAMAN MERSING, 888000, MALAYSIA. |
810412-01-5765 |
12,000.00 |
0.17 |
|
MR. PEK TECH YEW |
B-809, JALAN TERATAI, PUNCAK DAMANSARA, PJU6, 47400 PETALING JAYA, SELANGOR,
MALAYSIA. |
610621-10-5197 |
12,000.00 |
0.17 |
|
DING WEN |
101, 44, LANE 82, HUA LING ROAD, BAOSHAN DISTRICT, SHANGHAI, 200442,
CHINA. |
G36158190 |
10,000.00 |
0.14 |
|
NGUYEN DAI THAO |
61/15, DA NAM STREET, WARD 2, DISTRIVT 8, HO CHI MINH CITY, VIETNAM. |
B6257375 |
10,000.00 |
0.14 |
|
MR. WONG KIEN HIAN @ NG KIEN HIAN |
5, LEBOH RAYA, TEBING TINGGI, 31650 IPOH, PERAK, MALAYSIA. |
800215-08-5693 |
8,000.00 |
0.11 |
|
MR. YEOH WEE CHIA |
PT 236, JALAN KEBUN SULTAN, 15350 KOTA BHARU, KELANTAN, MALAYSIA. |
820417-03-5211 |
8,000.00 |
0.11 |
|
CHIN CHI GANG |
B-9-1, ONE SENTUL CONDOMINIUM, JALAN SENTUL RIA, 51200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
750908-14-5449 A3141699 |
6,000.00 |
0.09 |
|
MANTHA SRINIVAS SASTRY |
322C, ANCHORVALE DRIVE, 08-150, 543322, SINGAPORE. |
S7560094A |
5,000.00 |
0.07 |
|
MR. LIM CHIN CHAI |
33, BISHAN STREET 11, 13-11, BISHAN LOFT, 57980, MALAYSIA. |
S2707834 |
5,000.00 |
0.07 |
|
THAD STEVEN GOFF |
MEDAL 806, 8A/6D2, THAI VAN LUNG, DISTRICT 1, HO CHI MINH CITY,
VIETNAM. |
482526754 |
5,000.00 |
0.07 |
|
FOO CHER HSIEN, SHAWN |
450, RACE COURSE ROAD, 218694, SINGAPORE. |
S7828071I |
4,000.00 |
0.06 |
|
STEPHEN KOH ENG TEONG |
4, LORONG 12/17A, 46200 PETALING JAYA, SELANGOR, MALAYSIA. |
630922-10-5885 7140625 |
2,000.00 |
0.03 |
|
KORAVANGATTU VINAYRAJ |
SARAVAS, MUTTATHIL LANE, KADAVANTHRA POST, KOCHI-682020, KERALA,
INDIA. |
Z1985128 |
2,000.00 |
0.03 |
|
JOHN VALOORAN |
VALOORAN HOUSE, KOLLEDATH PARAMBIL, NARAKAL P.O., ERNAKULAM DISTRICT,
KERALA, 682505, INDIA. |
G0661683 |
1,000.00 |
0.01 |
|
|
|
|
--------------- |
------ |
|
|
|
|
7,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
|
INDIA |
R1 INTERNATIONAL (INDIA) PTE LTD |
100.00 |
31/12/2013 |
|
|
|
|
|
|
|
|
VIETNAM |
R1 INTERNATIONAL COMPANY LIMITED (VIETNAM) |
100.00 |
31/12/2013 |
|
|
|
|
|
|
|
|
UNITED STATES |
R1 INTERNATIONAL (AMERICAS) INC. |
100.00 |
31/12/2013 |
|
|
|
|
|
|
|
|
CHINA |
R1 INTERNATIONAL TRADING (SHANGHAI) CO. LIMITED |
100.00 |
31/12/2013 |
|
|
|
|
|
|
|
|
JAPAN |
R1 INTERNATIONAL JAPAN LIMITED |
100.00 |
31/12/2013 |
|
|
|
|
|
|
|
557593W |
MALAYSIA |
R1 INTERNATIONAL MALAYSIA SDN. BHD. |
100.00 |
31/12/2013 |
|
|
|
|
|
|
|
|
THAILAND |
R1 INTERNATIONAL (THAILAND) LTD. |
100.00 |
31/12/2013 |
|
|
|
|
|
|
|
201314463 |
SINGAPORE |
RMLIB RUBBER COMPANY PTE. LTD. |
70.00 |
31/12/2013 |
|
|
|
|
|
|
|
200612801W |
SINGAPORE |
R1 DELTA CIS PTE. LTD. |
51.00 |
31/12/2013 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
FANG TING |
|
Address |
: |
LONGKUN XIACUN, 173, LONGHUA DISTRICT, HAIKOU, HAINAN PROVINCE, CHINA. |
|
IC / PP No |
: |
G60374692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
30/04/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
PONGSAK KERDVONGBUNDIT |
|
Address |
: |
20/5, GOMARAPAT ROAD, PHUKET, 83000 BATU PAHAT, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
P818414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
THAI |
|
Date of Appointment |
: |
23/07/2001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
BUNDIT KERDVONGBUNDIT |
|
Address |
: |
20/5, GOMARAPAT ROAD MUANG, PHUKET, 83000 BATU PAHAT, JOHOR, MALAYSIA. |
|
IC / PP No |
: |
N877196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
THAI |
|
Date of Appointment |
: |
18/09/2013 |
|
Remark |
: |
ALTERNATE DIRECTOR TO PONGSAK KERDVONGBUNDIT |
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
YANG ZHICHENG |
|
Address |
: |
HAIKEN INTERNATIONAL FINANCE CENTER, 115, BINHAI AVENUE, HAIKOU,
HAINAN PROVINCE CHINA, 40TH FLOOR, 570100, CHINA. |
|
IC / PP No |
: |
G37443476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
30/04/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
LIN JINTING |
|
Address |
: |
ZHAONAN LVDAO JIAYUAN, HAIDIAN ISLAND, MEILAN DISTRICT, HAIKOU, HAINAN
PROVINCE, CHINA. |
|
IC / PP No |
: |
P00737626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
30/04/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject |
: |
LI YANFENG |
|
Address |
: |
113, BINHAI AVENUE, FORTUNE PLAZA, HAIKOU, HAINAN, CHINA. |
|
IC / PP No |
: |
G36491119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
05/11/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 7
|
Name Of Subject |
: |
MR. SANDANA DASS |
|
Address |
: |
9, BOSCOMBE ROAD, 439746, SINGAPORE. |
|
IC / PP No |
: |
S2712656A |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
20/07/2001 |
|
1) |
Name of Subject |
: |
SANDANA DASS |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
CHAN YOKE HENG IRENE |
|
|
IC / PP No |
: |
S1459389F/01109 |
|
|
|
|
|
|
|
Address |
: |
997, BUKIT TIMAH ROAD, 08-04, CASA ESPERANZA, 589633, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
|
|
|
|
|
|
|
|
|
|
|
3) |
Name |
: |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD |
|
|
|
|
|
|
|
|
|
|
|
4) |
Name |
: |
STANDARD CHARTERED BANK |
|
|
|
|
|
|
|
|
|
|
|
5) |
Name |
: |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
|
|
|
|
|
|
|
|
|
|
|
6) |
Name |
: |
STANDARD CHARTERED BANK MALAYSIA BHD |
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200901120 |
18/02/2009 |
N/A |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C200903382 |
10/06/2009 |
N/A |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C200908719 |
30/12/2009 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201005738 |
07/07/2010 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201005739 |
07/07/2010 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201010422 |
03/11/2010 |
N/A |
ABN AMRO BANK BHD |
- |
Unsatisfied |
|
C201105477 |
04/05/2011 |
N/A |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
- |
Unsatisfied |
|
C201303595 |
07/03/2013 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201402177 |
27/02/2014 |
N/A |
STANDARD CHARTERED BANK |
- |
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 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
RUBBER
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|
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|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
20 |
20 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of rubber.
The Subject is the market leader in the value chain management of Natural
Rubber; offering a plethora of grades from diverse originations, to its
customers globally; addressing their raw material needs in natural &
synthetic rubbers and creating value through its risk management solutions.
The Subject is positioned as a single-stop solution to the rubber industry's
raw material requirements.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
065-65383393 |
|
Current Telephone Number |
: |
65-65574399 |
|
Match |
: |
NO |
|
|
|
|
|
Address Provided by Client |
: |
8 ROBINSON ROAD, ASO BUILDING NO # 05-00 SINGAPORE 048544 |
|
Current Address |
: |
8 ROBINSON ROAD ASO BUILDING #05-00, 048544, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
On 19th September 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2011 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2011 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
21.96% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
33.94% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The dip in profit could be due to the stiff market
competition which reduced the Subject's profit margin. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
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|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
15 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
13 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. |
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|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
0.91 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.24 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 |
: |
Acceptable |
[ |
4.54 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.23 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was slightly low. If there is no sharp
fall in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and repay
the loans. 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 recorded lower profits as its turnover showed a erratic trend.
The Subject's management was unable to control its costs efficiently as its
profit showed a downward trend. 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. The Subject had an
acceptable interest cover. If there is no sudden sharp increase in interest
rate or fall in the Subject's profit, we do believe the Subject is able to
generate sufficient cash flow to service its interest payment. 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 : FAIR |
||||||
|
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 2001, the Subject is a
Private Limited company, focusing on wholesale of rubber. 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. It should have received
supports from its regular customers. Having strong support from its holding
company has enabled the Subject to remain competitive despite the challenging
business environment. The capital standing of the Subject is fair. With an
adequate share capital, the Subject has the potential of expanding its
business in future. |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
R1 INTERNATIONAL PTE LTD |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-09-30 |
|
Months |
12 |
15 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
|
|
|
|
|
TURNOVER |
2,027,825,216 |
3,279,175,979 |
3,207,674,566 |
|
|
---------------- |
---------------- |
---------------- |
|
Total Turnover |
2,027,825,216 |
3,279,175,979 |
3,207,674,566 |
|
Costs of Goods Sold |
(1,993,801,190) |
(3,238,659,431) |
(3,176,748,789) |
|
|
---------------- |
---------------- |
---------------- |
|
Gross Profit |
34,024,026 |
40,516,548 |
30,925,777 |
|
|
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
16,090,248 |
21,376,052 |
15,919,595 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
16,090,248 |
21,376,052 |
15,919,595 |
|
Taxation |
(1,904,254) |
(4,134,187) |
(3,299,674) |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
14,185,994 |
17,241,865 |
12,619,921 |
|
Minority interests |
(988,926) |
(870,688) |
(1,388,986) |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
13,197,068 |
16,371,177 |
11,230,935 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
13,197,068 |
16,371,177 |
11,230,935 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
As previously reported |
42,039,899 |
25,668,722 |
16,924,600 |
|
|
---------------- |
---------------- |
---------------- |
|
As restated |
42,039,899 |
25,668,722 |
16,924,600 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
55,236,967 |
42,039,899 |
28,155,535 |
|
CAPITALISATION FOR BONUS ISSUES |
- |
- |
(771,813) |
|
DIVIDENDS - Ordinary (paid & proposed) |
(4,902,283) |
- |
(1,715,000) |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
50,334,684 |
42,039,899 |
25,668,722 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
Hire purchase |
- |
- |
1,442 |
|
Others |
4,543,883 |
8,027,096 |
5,891,339 |
|
|
---------------- |
---------------- |
---------------- |
|
|
4,543,883 |
8,027,096 |
5,892,781 |
|
|
============= |
============= |
============= |
|
R1 INTERNATIONAL PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
|
FIXED ASSETS |
313,251 |
412,501 |
637,798 |
|
|
|
|
|
|
Deferred assets |
463,855 |
131,095 |
777,980 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
463,855 |
131,095 |
777,980 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
777,106 |
543,596 |
1,415,778 |
|
|
|
|
|
|
Stocks |
83,600,279 |
58,054,345 |
36,791,176 |
|
Trade debtors |
105,850,596 |
117,821,626 |
259,550,839 |
|
Other debtors, deposits & prepayments |
31,063,195 |
30,066,953 |
14,463,428 |
|
Amount due from related companies |
38,753,126 |
15,527,752 |
78,475 |
|
Cash & bank balances |
35,610,851 |
30,534,886 |
27,208,314 |
|
Others |
17,545,432 |
27,058,972 |
46,463,288 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
312,423,479 |
279,064,534 |
384,555,520 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
313,200,585 |
279,608,130 |
385,971,298 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Trade creditors |
72,424,497 |
74,124,951 |
115,956,562 |
|
Other creditors & accruals |
16,509,122 |
19,374,309 |
18,038,685 |
|
Short term borrowings/Term loans |
134,257,451 |
97,747,329 |
114,054,836 |
|
Amounts owing to related companies |
13,909,696 |
9,992,016 |
40,936,468 |
|
Provision for taxation |
2,133,965 |
3,422,487 |
4,170,516 |
|
Other liabilities |
13,164,918 |
22,416,256 |
55,929,459 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
252,399,649 |
227,077,348 |
349,086,526 |
|
|
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
60,023,830 |
51,987,186 |
35,468,994 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
60,800,936 |
52,530,782 |
36,884,772 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
Ordinary share capital |
7,000,000 |
7,000,000 |
7,000,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
7,000,000 |
7,000,000 |
7,000,000 |
|
|
|
|
|
|
Capital reserve |
851,813 |
771,813 |
771,813 |
|
Exchange equalisation/fluctuation reserve |
(534,150) |
(366,532) |
(358,320) |
|
General reserve |
(1,045,840) |
(762,533) |
- |
|
Retained profit/(loss) carried forward |
50,334,684 |
42,039,899 |
25,668,722 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
49,606,507 |
41,682,647 |
26,082,215 |
|
|
|
|
|
|
MINORITY INTEREST |
3,490,573 |
3,774,865 |
3,802,557 |
|
|
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
60,097,080 |
52,457,512 |
36,884,772 |
|
|
|
|
|
|
Deferred taxation |
703,856 |
73,270 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
703,856 |
73,270 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
|
60,800,936 |
52,530,782 |
36,884,772 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
R1 INTERNATIONAL PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
Cash |
35,610,851 |
30,534,886 |
27,208,314 |
|
Net Liquid Funds |
35,610,851 |
30,534,886 |
27,208,314 |
|
Net Liquid Assets |
(23,576,449) |
(6,067,159) |
(1,322,182) |
|
Net Current Assets/(Liabilities) |
60,023,830 |
51,987,186 |
35,468,994 |
|
Net Tangible Assets |
60,800,936 |
52,530,782 |
36,884,772 |
|
Net Monetary Assets |
(24,280,305) |
(6,140,429) |
(1,322,182) |
|
BALANCE SHEET ITEMS |
|
|
|
|
Total Borrowings |
134,257,451 |
97,747,329 |
114,054,836 |
|
Total Liabilities |
253,103,505 |
227,150,618 |
349,086,526 |
|
Total Assets |
313,200,585 |
279,608,130 |
385,971,298 |
|
Net Assets |
60,800,936 |
52,530,782 |
36,884,772 |
|
Net Assets Backing |
60,097,080 |
52,457,512 |
36,884,772 |
|
Shareholders' Funds |
60,097,080 |
52,457,512 |
36,884,772 |
|
Total Share Capital |
7,000,000 |
7,000,000 |
7,000,000 |
|
Total Reserves |
49,606,507 |
41,682,647 |
26,082,215 |
|
LIQUIDITY (Times) |
|
|
|
|
Cash Ratio |
0.14 |
0.13 |
0.08 |
|
Liquid Ratio |
0.91 |
0.97 |
1.00 |
|
Current Ratio |
1.24 |
1.23 |
1.10 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
Stock Ratio |
15 |
6 |
4 |
|
Debtors Ratio |
19 |
13 |
30 |
|
Creditors Ratio |
13 |
8 |
13 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
Gearing Ratio |
2.23 |
1.86 |
3.09 |
|
Liabilities Ratio |
4.21 |
4.33 |
9.46 |
|
Times Interest Earned Ratio |
4.54 |
3.66 |
3.70 |
|
Assets Backing Ratio |
8.69 |
7.50 |
5.27 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
Operating Profit Margin |
0.79 |
0.65 |
0.50 |
|
Net Profit Margin |
0.65 |
0.50 |
0.35 |
|
Return On Net Assets |
33.94 |
55.97 |
59.14 |
|
Return On Capital Employed |
32.09 |
52.22 |
53.61 |
|
Return On Shareholders' Funds/Equity |
21.96 |
31.21 |
30.45 |
|
Dividend Pay Out Ratio (Times) |
0.37 |
0.00 |
0.15 |
|
NOTES TO ACCOUNTS |
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.