MIRA INFORM REPORT

 

 

Report No. :

317666

Report Date :

16.04.2015

 

IDENTIFICATION DETAILS

 

Name :

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

 

 

Registered Office :

65, Chulia Street, 48 - 05/08, Ocbc Centre, 049513

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

07.01.1978

 

 

Com. Reg. No.:

197800048-Z

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Subject Is Engaged In trading of commodity products

 

 

No. of Employee :

30 [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

 

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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

197800048-Z

COMPANY NAME

:

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

07/01/1978

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

65, CHULIA STREET, 48 - 05/08, OCBC CENTRE, 049513, SINGAPORE.

BUSINESS ADDRESS

:

65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.

TEL.NO.

:

65-62224986

FAX.NO.

:

65-62224984

WEB SITE

:

WWW.SWISS-SINGAPORE.COM

CONTACT PERSON

:

RAJESH KUMAR SOMANI ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITY PRODUCTS

ISSUED AND PAID UP CAPITAL

:

36,955,598.00 ORDINARY SHARE, OF A VALUE OF SGD 36,955,598.00

SALES

:

USD 4,130,115,395 [2014]

NET WORTH

:

USD 199,637,614 [2014]

STAFF STRENGTH

:

30 [2015]

BANKER (S)

:

CITIBANK N.A.
BARCLAYS BANK PLC
STANDARD CHARTERED BANK
DEUTSCHE BANK AKTIENGESELLSCHAFT

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

GOOD

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 commodity products.

Share Capital History

Date

Issue & Paid Up Capital

04/03/2015

SGD 36,955,598.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

INDOGENIOUS HOLDINGS PTE. LTD.

65, CHULIA STREET, 48 - 05/08, OCBC CENTRE, 049513, SINGAPORE.

200802699Z

7,000,000.00

18.94

BLUE BUCKS INVESTMENTS PTE. LTD.

65, CHULIA STREET, 48 - 05/08, OCBC CENTRE, 049513, SINGAPORE.

200804357R

7,000,000.00

18.94

BIG BANYAN INVESTMENTS PTE. LTD.

65, CHULIA STREET, 48- 05/08, OCBC CENTRE, 049513, SINGAPORE.

200804356E

7,000,000.00

18.94

ABHA INVESTMENTS PTE. LTD.

65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.

200802696G

7,000,000.00

18.94

CALYX INVESTMENTS PTE. LTD.

65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.

200802697W

7,000,000.00

18.94

KIRAN INVESTMENTS PTE. LTD.

65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.

200802701M

1,955,598.00

5.29

---------------

------

36,955,598.00

100.00

============

=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

200818910Z

SINGAPORE

MITRA COMMODITIES PTE. LTD.

100.00

03/03/2015

201315408

SINGAPORE

SSOE INVESTMENTS PTE. LTD.

100.00

03/03/2015

SINGAPORE

SWISS SINGAPORE SHIPPING PTE. LTD.

99.00

03/03/2015

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. RAJESH KUMAR SOMANI

Address

:

FLAT 706, DR-AL BUTEEN II, NEAR TAJ PALACE HOTEL, OFF AL RIGGA ROAD, DEIRA, DUBAI (UAE), UNITED ARAB EMIRATES.

IC / PP No

:

Z2093578

Nationality

:

INDIAN

Date of Appointment

:

07/10/2011

 

DIRECTOR 2

 

Name Of Subject

:

BAJAJ JAGDISH PRASAD

Address

:

1, TANJONG RHU ROAD, 17-04, WATERSIDE, 436879, SINGAPORE.

IC / PP No

:

G5327359P

Nationality

:

INDIAN

Date of Appointment

:

07/09/2012

 

DIRECTOR 3

 

Name Of Subject

:

ASKARAN AGARWALA

Address

:

FLAT, 3, HAVELI L D RUPAREL MARG MALABAR HILL, MUMBAI, PIN:400006, MAHARASHTRA, INDIA.

IC / PP No

:

L1698953

Nationality

:

INDIAN

Date of Appointment

:

17/10/2014



MANAGEMENT

 

 

1)

Name of Subject

:

RAJESH KUMAR SOMANI

Position

:

MANAGING DIRECTOR

 

AUDITOR

 

Auditor

:

LAU CHIN HUAT & CO.

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHEONG SENG CHOW

IC / PP No

:

S1350970J

Address

:

43, LORONG 5, TOA PAYOH, 11-129, 310043, SINGAPORE.

 

2)

Company Secretary

:

ZANWAR SHYAMSUNDER BALAPRASAD

IC / PP No

:

S7665331C

Address

:

325A, SENGKANG EAST WAY, 15-501, 541325, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

CITIBANK N.A.

 

2)

Name

:

BARCLAYS BANK PLC

 

3)

Name

:

STANDARD CHARTERED BANK

 

4)

Name

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201303139

26/02/2013

N/A

UBS AG

-

Unsatisfied

C201310768

06/08/2013

N/A

CITIBANK N.A.

-

Unsatisfied

C201311479

21/08/2013

N/A

BANK JULIUS BAER & CO. LTD.

-

Unsatisfied

C201311926

30/08/2013

N/A

BARCLAYS BANK PLC

-

Unsatisfied

C201407736

24/07/2014

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201413506

01/12/2014

N/A

DEUTSCHE BANK AKTIENGESELLSCHAFT

-

Unsatisfied

 

 

LITIGATION 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.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

 

Local

:

YES

Percentage

:

40%

Overseas

:

YES

Percentage

:

60%



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

[

]

 

 

 

CLIENTELE

 

Local

:

YES

Percentage

:

40%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

60%

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

Goods Traded

:

COMMODITY PRODUCTS

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

30

35

35

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of commodity products.

The Subject is one of the companies listed under the Aditya Birla group of companies.

The Subject is a trans-national bulk commodity trading solutions provider with a global presence.

The Subject has diversified portfolio such as petroleum products, sulphur, fertilizers, timber logs, steel and steel scrap, coal/coke, iron ore, chemicals and agro-products.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62224986

Match

:

N/A

Address Provided by Client

:

65 CHULIA STREET 48-05/08 OCBC CENTRE SINGAPORE 049513

Current Address

:

65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.

Match

:

YES

 

Other Investigations


On 3rd March 2015 we contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2014

]

Return on Shareholder Funds

:

Acceptable

[

11.76%

]

Return on Net Assets

:

Acceptable

[

10.29%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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.

Working Capital Control

Stock Ratio

:

Favourable

[

5 Days

]

Debtor Ratio

:

Acceptable

[

62 Days

]

Creditors Ratio

:

Favourable

[

30 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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

[

1.13 Times

]

Current Ratio

:

Unfavourable

[

1.20 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

:

Acceptable

[

7.95 Times

]

Gearing Ratio

:

Unfavourable

[

2.70 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 :

Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject 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

 

 

 

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

 

 


Incorporated in 1978, the Subject is a Private Limited company, focusing on trading of commodity products. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. With an issued and paid up capital of SGD 36,955,598 and strong backing from its shareholders, the Subject has the ability to further expand its business in the future compared to other corporation.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Being a small company, the Subject's business operation is supported by 30 employees. 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the Subject was at an acceptable range 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 199,637,614, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject normally.

 

 

PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

GROUP

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

4,130,115,395

3,891,133,318

3,423,018,256

3,591,291,843

1,860,780,244

Other Income

12,177,359

6,520,788

2,171,096

-

9,453,451

----------------

----------------

----------------

----------------

----------------

Total Turnover

4,142,292,754

3,897,654,106

3,425,189,352

3,591,291,843

1,870,233,695

Costs of Goods Sold

(4,083,538,015)

(3,841,102,431)

(3,361,702,598)

-

(1,812,523,270)

----------------

----------------

----------------

----------------

----------------

Gross Profit

58,754,739

56,551,675

63,486,754

-

57,710,425

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

25,742,121

29,277,290

39,107,956

47,847,282

40,143,247

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

25,742,121

29,277,290

39,107,956

47,847,282

40,143,247

Taxation

(2,264,846)

(2,002,245)

(2,265,617)

(1,349,910)

(1,076,241)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

23,477,275

27,275,045

36,842,339

46,497,372

39,067,006

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

204,606,481

177,331,436

165,489,097

60,170,278

140,560,306

----------------

----------------

----------------

----------------

----------------

As restated

204,606,481

177,331,436

165,489,097

60,170,278

140,560,306

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

228,083,756

204,606,481

202,331,436

106,667,650

179,627,312

TRANSFER TO RESERVES - General

-

-

-

58,821,447

(69,457,034)

DIVIDENDS - Ordinary (paid & proposed)

(50,000,000)

-

(25,000,000)

-

(50,000,000)

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

178,083,756

204,606,481

177,331,436

165,489,097

60,170,278

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

-

-

-

206,796

Term loan / Borrowing

3,703,688

2,780,209

2,732,300

-

-

----------------

----------------

----------------

----------------

----------------

3,703,688

2,780,209

2,732,300

-

206,796

=============

=============

=============

=============

=============

 

 

 

BALANCE SHEET

 

 

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

7,700,089

6,483,086

6,547,317

7,016,620

2,335,652

Investment properties

758,791

772,803

786,815

-

814,839

Investment securities

111,123,184

-

-

-

-

Deferred assets

63,546

5,845

-

-

-

Others

-

-

12,378,000

1,486

149,625

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

111,945,521

778,648

13,164,815

1,486

964,464

INTANGIBLE ASSETS

Deferred/Expenditure carried forward

105,205

79,776

-

-

-

Computer software

-

-

299,363

-

-

Others

-

-

4,789

4,736,000

4,732,325

----------------

----------------

----------------

----------------

----------------

TOTAL INTANGIBLE ASSETS

105,205

79,776

304,152

4,736,000

4,732,325

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

119,750,815

7,341,510

20,016,284

11,754,106

8,032,441

Short term quoted/unquoted investments

99,398,195

60,012,000

-

-

-

Stocks

56,339,849

6,765,683

4,815,872

-

1,178,948

Trade debtors

703,562,802

494,216,263

362,019,525

-

271,599,511

Other debtors, deposits & prepayments

28,008,855

20,147,909

42,079,411

-

18,735,723

Short term deposits

-

-

12,726,912

-

47,088,035

Cash & bank balances

102,245,987

102,270,040

4,601,270

-

12,269,164

Others

2,460,298

1,244,640

-

48

438

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

992,015,986

684,656,535

426,242,990

48

350,871,819

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

1,111,766,801

691,998,045

446,259,274

11,754,154

358,904,260

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

333,805,790

250,407,760

128,912,970

-

159,586,621

Other creditors & accruals

29,459,986

26,508,643

11,097,075

-

20,229,821

Bank overdraft

-

-

124,200

-

25,401

Other borrowings

454,162,322

183,341,514

86,742,370

-

-

Bill & acceptances payable

-

-

4,220,000

-

18,388,730

Other liabilities & accruals

4,585,487

2,692,407

1,680,260

-

904,545

Provision for taxation

2,115,614

2,229,217

1,827,158

-

1,335,119

Other liabilities

1,438,178

-

1,236

486

3,072,482

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

825,567,377

465,179,541

234,605,269

486

203,542,719

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

166,448,609

219,476,994

191,637,721

(438)

147,329,100

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

286,199,424

226,818,504

211,654,005

11,753,668

155,361,541

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

21,065,477

21,065,477

21,065,477

36,955,598

21,065,477

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

21,065,477

21,065,477

21,065,477

36,955,598

21,065,477

Exchange equalisation/fluctuation reserve

488,381

21,953

(22,964)

-

(1,298)

Retained profit/(loss) carried forward

178,083,756

204,606,481

177,331,436

165,489,097

60,170,278

Others

-

-

-

(19,908)

(880,508)

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

178,572,137

204,628,434

177,308,472

165,469,189

59,288,472

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

199,637,614

225,693,911

198,373,949

202,424,787

80,353,949

Other long term borrowings

85,000,000

-

-

-

-

Deferred taxation

-

-

1,750

-

3,052

Retirement benefits provision

1,561,810

1,124,593

896,753

-

-

Debentures

-

-

-

-

74,339,422

Others

-

-

12,381,553

(190,671,119)

665,118

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

86,561,810

1,124,593

13,280,056

(190,671,119)

75,007,592

----------------

----------------

----------------

----------------

----------------

286,199,424

226,818,504

211,654,005

11,753,668

155,361,541

=============

=============

=============

=============

=============

 

 

 

FINANCIAL RATIO

 

 

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

 

TYPES OF FUNDS

Cash

102,245,987

102,270,040

17,328,182

0

59,357,199

Net Liquid Funds

102,245,987

102,270,040

12,983,982

0

40,943,068

Net Liquid Assets

110,108,760

212,711,311

186,821,849

(438)

146,150,152

Net Current Assets/(Liabilities)

166,448,609

219,476,994

191,637,721

(438)

147,329,100

Net Tangible Assets

286,094,219

226,738,728

211,349,853

7,017,668

150,629,216

Net Monetary Assets

23,546,950

211,586,718

173,541,793

190,670,681

71,142,560

BALANCE SHEET ITEMS

Total Borrowings

539,162,322

183,341,514

91,086,570

0

18,414,131

Total Liabilities

912,129,187

466,304,134

247,885,325

(190,670,633)

278,550,311

Total Assets

1,111,766,801

691,998,045

446,259,274

11,754,154

358,904,260

Net Assets

286,199,424

226,818,504

211,654,005

11,753,668

155,361,541

Net Assets Backing

199,637,614

225,693,911

198,373,949

202,424,787

80,353,949

Shareholders' Funds

199,637,614

225,693,911

198,373,949

202,424,787

80,353,949

Total Share Capital

21,065,477

21,065,477

21,065,477

36,955,598

21,065,477

Total Reserves

178,572,137

204,628,434

177,308,472

165,469,189

59,288,472

LIQUIDITY (Times)

Cash Ratio

0.12

0.22

0.07

0.00

0.29

Liquid Ratio

1.13

1.46

1.80

0.10

1.72

Current Ratio

1.20

1.47

1.82

0.10

1.72

WORKING CAPITAL CONTROL (Days)

Stock Ratio

5

1

1

0

0

Debtors Ratio

62

46

39

0

53

Creditors Ratio

30

24

14

0

32

SOLVENCY RATIOS (Times)

Gearing Ratio

2.70

0.81

0.46

0.00

0.23

Liabilities Ratio

4.57

2.07

1.25

(0.94)

3.47

Times Interest Earned Ratio

7.95

11.53

15.31

0.00

195.12

Assets Backing Ratio

13.58

10.76

10.03

0.19

7.15

PERFORMANCE RATIO (%)

Operating Profit Margin

0.62

0.75

1.14

1.33

2.16

Net Profit Margin

0.57

0.70

1.08

1.29

2.10

Return On Net Assets

10.29

14.13

19.77

407.08

25.97

Return On Capital Employed

10.28

14.13

19.73

290.17

25.20

Return On Shareholders' Funds/Equity

11.76

12.08

18.57

22.97

48.62

Dividend Pay Out Ratio (Times)

2.13

0.00

0.68

0.00

1.28

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.40

UK Pound

1

Rs.92.15

Euro

1

Rs.66.48

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.