|
Report No. : |
315748 |
|
Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUDIMA INTERNATIONAL PTE LTD |
|
|
|
|
Registered Office : |
151, Chin Swee Road, 15-03, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
27.01.1994 |
|
|
|
|
Com. Reg. No.: |
199400641-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of commodities |
|
|
|
|
No of Employees : |
33 [2015] |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SINGAPORE ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.
|
Source
: CIA |
EXECUTIVE SUMMARY |
|
|
|
REGISTRATION NO. |
: |
199400641-G |
||||
|
COMPANY NAME |
: |
SUDIMA
INTERNATIONAL PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
27/01/1994 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
151, CHIN SWEE ROAD, 15-03, MANHATTAN
HOUSE, 169876, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
151, CHIN SWEE ROAD, 15-03, MANHATTAN
HOUSE, 169876, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-67327180 |
||||
|
FAX.NO. |
: |
65-67327180 |
||||
|
EMAIL |
: |
INFO@SUDIMA.COM |
||||
|
WEB SITE |
: |
WWW.SUDIMA.COM |
||||
|
CONTACT PERSON |
: |
SANGITA JHUNJHNUWALA ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMMODITIES |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
8,000,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 8,000,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 255,611,481 [2013] |
||||
|
NET WORTH |
: |
USD 13,728,221 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
33 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND |
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 commodities.
The immediate holding company of the Subject is SUREFAME LTD., a company incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital History
|
Date |
Issue & Paid
Up Capital |
|
24/03/2015 |
SGD 8,000,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ANIL KUMAR JHUNJHNUWALA + |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
S2597940J |
2,380,000.00 |
29.75 |
|
MR. SANGITA JHUNJHNUWALA + |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
S2597941I |
20,000.00 |
0.25 |
|
SUREFAME LTD. |
P.O.BOX 957, ROAD TOWN, OFFSHORE,
INCORPORATIONS CENTRE, TORTOLA, VIRGIN ISLANDS, BRITISH. |
T08UF4305 |
5,600,000.00 |
70.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
8,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
201026807K |
SINGAPORE |
SUDIMA PROPERTIES PTE. LTD. |
100.00 |
23/03/2015 |
|
|
|
|
|
|
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
MANOJ KUMAR JHUNJHNUWALA |
|
Address |
: |
23, ROBINSON ROAD, BLOCK C, 6TH FLOOR,
HONG KONG. |
|
IC / PP No |
: |
Z1537577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
22/12/2000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
LAXMI NIWAS JHUNJHNUWALA |
|
Address |
: |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
|
IC / PP No |
: |
S2693981Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
27/01/1994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. SANGITA JHUNJHNUWALA |
|
Address |
: |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
|
IC / PP No |
: |
S2597941I |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/07/1998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
ANIL KUMAR JHUNJHNUWALA |
|
Address |
: |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
|
IC / PP No |
: |
S2597940J |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/01/2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT |
|
1) |
Name of Subject |
: |
ANIL KUMAR JHUNJHNUWALA |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
SANGITA JHUNJHNUWALA |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
AUDITOR |
|
Auditor |
: |
RSM CHIO LIM LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
|
|
|
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
ANIL KUMAR JHUNJHNUWALA |
|
|
IC / PP No |
: |
S2597940J |
|
|
|
|
|
|
|
Address |
: |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING |
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION
LIMITED |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
UCO BANK |
|
|
|
|
|
|
|
|
|
|
|
3) |
Name |
: |
INDIAN OVERSEAS BANK |
|
|
|
|
|
|
|
|
|
|
|
4) |
Name |
: |
CITIBANK N.A. |
|
|
|
|
|
|
|
|
|
|
|
5) |
Name |
: |
KBC BANK N.V. |
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C200401283 |
18/03/2004 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION
LIMITED |
- |
Unsatisfied |
|
C200803217 |
08/04/2008 |
N/A |
UCO BANK |
- |
Unsatisfied |
|
C201008385 |
20/09/2010 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION
LIMITED |
- |
Unsatisfied |
|
C201101767 |
10/02/2011 |
N/A |
AUSTRALIA AND NEW ZEALAND BANKING GROUP
LIMITED |
- |
Unsatisfied |
|
C201101836 |
14/02/2011 |
N/A |
INDIAN OVERSEAS BANK |
- |
Unsatisfied |
|
C201200802 |
18/01/2012 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201312214 |
06/09/2013 |
N/A |
CITIBANK N.A. |
- |
Unsatisfied |
|
C201404360 |
02/05/2014 |
N/A |
KBC BANK N.V. |
- |
Unsatisfied |
LITIGATION CHECK AGAINST SUBJECT |
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD |
|
|
|
|
|
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 |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
CLIENTELE |
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
Goods Traded |
: |
COMMODITIES
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
33 |
31 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
commodities.
The Subject sells the followings:
* Agro commodities
* Timber
* Pharmacetical
* Textiles
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6567327180 |
|
Current Telephone Number |
: |
65-67327180 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
151, CHIN SWEE ROAD, 15-03, MANHATTAN
HOUSE,169876,SINGAPORE |
|
Current Address |
: |
151, CHIN SWEE ROAD, 15-03, MANHATTAN
HOUSE, 169876, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
25.65% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
28.45% |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years. The higher
profit could be attributed to the increase in turnover. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
31 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. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.41 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.46 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
58.14 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.75 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. The Subject 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 : |
|
|
|
|
|
|
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay its short term obligations. With
the favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject 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 : STRONG |
||||||
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 ANALYSIS |
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
The wholesale and retail trade sectors
have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent
growth in the previous quarter. In 2013, the wholesale and retail sector
expanded by 5.0%, after declining by 1.4% the year before. Growth of the
sector was driven by the wholesale trade segment. |
|
|
|
|
|
The domestic wholesale trade index has increased by 3.2% in the fourth
quarter of 2013, moderating from the 6.6% growth in the previous quarter. The
slower growth was due to a decline in the sales of furniture and household
equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year,
the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in
2012. On the other hand, the foreign wholesale trade index has increased by a
slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in
the preceding quarter. The slowdown was due to a fall in the sales of
telecommunication equipment and computer (-3.8%) and petroleum and petroleum
products (-2.5%). For the full year, the growth of the foreign wholesale
trade index moderated slightly to 8.6% from 9.1% in the previous year. |
|
|
|
|
|
In the fourth quarter of 2013, retail sales volume fell by 6.2%,
extending the 5.6% decline in the previous quarter. Excluding motor vehicles,
retail sales volume increased by 0.4%, a slower pace of expansion as compared
to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles
fell by 33% in the fourth quarter of 2013, extending the 32% decline in the
previous quarter. Meanwhile, the sales of several discretionary items also
fell in the fourth quarter of 2013. For instance, the sales of
telecommunications apparatus and computers fell by 12%, while the sales of
furniture and household equipment declined by 5.4%. |
|
|
|
|
|
For the full year, retail sales volume contracted by 4.3%, a reversal from
the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales
volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches
and jewellery recorded the largest increase (11%) in sales in 2013, followed
by optical goods and book (3%) and medical goods and toiletries (3%). By
contrast, the sales of telecommunications apparatus and computer (-7.3%),
furniture and household equipment (-4.2%) and petrol service stations (-1.4)
declined in 2013. |
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
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. The
Subject is operating on a medium scale and it has approximately 33 employees
in its business operations. Overall, we regard that the Subject's management
capability is average. This indicates that the Subject has greater potential
to improve its business performance and raising income for the Subject. We noted that both the turnover and
profits have increased compared to the previous year. The higher profit could
be due to increase in turnover and better control over its operating costs.
Based on the higher profitability, the Subject has generated a favourable
return based on its existing shareholders' funds which indicated that the
management was efficient in utilising its funds to generate income.. The
Subject is in good liquidity position with its current liabilities well covered
by it current assets. Hence, it has sufficient working capital to meet its
short term financial obligations. Being a 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 13,728,221, the Subject should be able to maintain its business in the
near terms. We regard that the Subject's overall
payment habit is prompt. The Subject had a favourable creditors' ratio as
evidenced by its favourable collection days. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. Based on the above condition, we recommend
credit be granted to the Subject promptly. |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
SUDIMA INTERNATIONAL
PTE LTD |
|
Financial Year End |
2013-09-30 |
2012-09-30 |
2011-09-30 |
2010-09-30 |
2009-09-30 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
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 |
SUMMARY |
SUMMARY |
|
Currency |
USD |
USD |
USD |
SGD |
SGD |
|
|
|
|
|
|
|
|
TURNOVER |
255,611,481 |
198,458,745 |
193,972,531 |
170,990,170 |
132,493,236 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
255,611,481 |
198,458,745 |
193,972,531 |
170,990,170 |
132,493,236 |
|
Costs of Goods Sold |
(245,355,846) |
(190,240,432) |
(187,004,483) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
10,255,635 |
8,218,313 |
6,968,048 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
3,927,086 |
2,709,845 |
1,897,986 |
1,707,494 |
877,298 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
3,927,086 |
2,709,845 |
1,897,986 |
1,707,494 |
877,298 |
|
Taxation |
(406,269) |
(285,504) |
(214,770) |
(140,421) |
(82,811) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
3,520,817 |
2,424,341 |
1,683,216 |
1,567,072 |
794,487 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
4,371,251 |
1,946,910 |
1,802,153 |
(1,162,349) |
(389,764) |
|
Prior year adjustment |
- |
- |
- |
- |
(1,567,072) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
4,371,251 |
1,946,910 |
1,802,153 |
(1,162,349) |
(1,956,836) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
7,892,068 |
4,371,251 |
3,485,369 |
404,723 |
(1,162,349) |
|
CAPITALISATION FOR BONUS ISSUES |
- |
- |
(1,538,459) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
7,892,068 |
4,371,251 |
1,946,910 |
404,723 |
(1,162,349) |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Others |
68,722 |
101,529 |
107,468 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
68,722 |
101,529 |
107,468 |
- |
- |
|
|
============= |
============= |
============= |
|
|
BALANCE SHEET |
|
|
|
SUDIMA
INTERNATIONAL PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
1,431,474 |
1,246,674 |
1,282,148 |
1,603,900 |
1,538,363 |
|
|
|
|
|
|
|
|
Investment properties |
1,462,635 |
1,529,257 |
1,475,952 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,462,635 |
1,529,257 |
1,475,952 |
- |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
2,894,109 |
2,775,931 |
2,758,100 |
1,603,900 |
1,538,363 |
|
|
|
|
|
|
|
|
Stocks |
1,222,259 |
998,644 |
969,252 |
- |
- |
|
Trade debtors |
21,729,315 |
23,255,457 |
17,364,382 |
- |
- |
|
Other debtors, deposits & prepayments |
1,684,852 |
785,277 |
5,540,750 |
- |
- |
|
Amount due from related companies |
283,482 |
280,143 |
- |
- |
- |
|
Cash & bank balances |
3,004,957 |
1,685,763 |
2,234,213 |
- |
- |
|
Others |
7,710,522 |
6,276,804 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
35,635,387 |
33,282,088 |
26,108,597 |
24,949,384 |
18,835,092 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
38,529,496 |
36,058,019 |
28,866,697 |
26,553,284 |
20,373,455 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
8,542,578 |
6,548,277 |
5,337,975 |
- |
- |
|
Other creditors & accruals |
1,217,042 |
1,044,953 |
1,192,620 |
- |
- |
|
Hire purchase & lease creditors |
12,912 |
13,465 |
9,689 |
- |
- |
|
Short term borrowings/Term loans |
104,247 |
386,152 |
537,064 |
- |
- |
|
Other borrowings |
9,925,665 |
12,810,299 |
8,231,402 |
- |
- |
|
Amounts owing to holding company |
4,352,296 |
4,362,375 |
4,734,728 |
- |
- |
|
Provision for taxation |
328,316 |
248,415 |
208,373 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
24,483,056 |
25,413,936 |
20,251,851 |
18,952,541 |
14,926,476 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
11,152,331 |
7,868,152 |
5,856,746 |
5,996,843 |
3,908,616 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
14,046,440 |
10,644,083 |
8,614,846 |
7,600,743 |
5,446,979 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
5,595,529 |
5,595,529 |
5,595,529 |
8,000,000 |
8,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
5,595,529 |
5,595,529 |
5,595,529 |
8,000,000 |
8,000,000 |
|
|
|
|
|
|
|
|
Revaluation reserve |
170,050 |
170,050 |
170,050 |
- |
- |
|
Exchange equalisation/fluctuation reserve |
70,574 |
85,467 |
45,496 |
- |
- |
|
Retained profit/(loss) carried forward |
7,892,068 |
4,371,251 |
1,946,910 |
404,723 |
(1,162,349) |
|
Others |
- |
- |
- |
(1,671,512) |
(1,404,986) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
8,132,692 |
4,626,768 |
2,162,456 |
(1,266,789) |
(2,567,335) |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
13,728,221 |
10,222,297 |
7,757,985 |
6,733,211 |
5,432,665 |
|
|
|
|
|
|
|
|
Long term loans |
287,271 |
378,493 |
797,117 |
- |
- |
|
Lease obligations |
30,948 |
43,293 |
59,744 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
318,219 |
421,786 |
856,861 |
867,532 |
14,314 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
14,046,440 |
10,644,083 |
8,614,846 |
7,600,743 |
5,446,979 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
SUDIMA
INTERNATIONAL PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
3,004,957 |
1,685,763 |
2,234,213 |
- |
- |
|
Net Liquid Funds |
3,004,957 |
1,685,763 |
2,234,213 |
- |
- |
|
Net Liquid Assets |
9,930,072 |
6,869,508 |
4,887,494 |
5,996,843 |
3,908,616 |
|
Net Current Assets/(Liabilities) |
11,152,331 |
7,868,152 |
5,856,746 |
5,996,843 |
3,908,616 |
|
Net Tangible Assets |
14,046,440 |
10,644,083 |
8,614,846 |
7,600,743 |
5,446,979 |
|
Net Monetary Assets |
9,611,853 |
6,447,722 |
4,030,633 |
5,129,311 |
3,894,302 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
10,361,043 |
13,631,702 |
9,635,016 |
- |
- |
|
Total Liabilities |
24,801,275 |
25,835,722 |
21,108,712 |
19,820,073 |
14,940,790 |
|
Total Assets |
38,529,496 |
36,058,019 |
28,866,697 |
26,553,284 |
20,373,455 |
|
Net Assets |
14,046,440 |
10,644,083 |
8,614,846 |
7,600,743 |
5,446,979 |
|
Net Assets Backing |
13,728,221 |
10,222,297 |
7,757,985 |
6,733,211 |
5,432,665 |
|
Shareholders' Funds |
13,728,221 |
10,222,297 |
7,757,985 |
6,733,211 |
5,432,665 |
|
Total Share Capital |
5,595,529 |
5,595,529 |
5,595,529 |
8,000,000 |
8,000,000 |
|
Total Reserves |
8,132,692 |
4,626,768 |
2,162,456 |
(1,266,789) |
(2,567,335) |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.12 |
0.07 |
0.11 |
- |
- |
|
Liquid Ratio |
1.41 |
1.27 |
1.24 |
- |
- |
|
Current Ratio |
1.46 |
1.31 |
1.29 |
1.32 |
1.26 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
2 |
2 |
2 |
- |
- |
|
Debtors Ratio |
31 |
43 |
33 |
- |
- |
|
Creditors Ratio |
13 |
13 |
10 |
- |
- |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.75 |
1.33 |
1.24 |
- |
- |
|
Liabilities Ratio |
1.81 |
2.53 |
2.72 |
2.94 |
2.75 |
|
Times Interest Earned Ratio |
58.14 |
27.69 |
18.66 |
- |
- |
|
Assets Backing Ratio |
2.51 |
1.90 |
1.54 |
0.95 |
0.68 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
1.54 |
1.37 |
0.98 |
1.00 |
0.66 |
|
Net Profit Margin |
1.38 |
1.22 |
0.87 |
0.92 |
0.60 |
|
Return On Net Assets |
28.45 |
26.41 |
23.28 |
22.46 |
16.11 |
|
Return On Capital Employed |
28.42 |
26.38 |
23.25 |
22.46 |
16.11 |
|
Return On Shareholders' Funds/Equity |
25.65 |
23.72 |
21.70 |
23.27 |
14.62 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
- |
- |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.59 |
|
|
1 |
Rs. 92.46 |
|
Euro |
1 |
Rs. 67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
ASH |
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.