|
Report No. : |
336485 |
|
Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
HANWA SINGAPORE
(PRIVATE) LIMITED |
|
|
|
|
Registered
Office : |
8, Shenton Way, 29-01, Axa Tower, 068811 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as
on) : |
28.02.2014 |
|
|
|
|
Date of
Incorporation : |
19.04.1972 |
|
|
|
|
Com. Reg. No.: |
197200466-Z |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business
: |
subject is engaged in trading of metal, coppers,
steel and others |
|
|
|
|
No. of Employee
: |
43 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Slow but correct |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.
|
Source : CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
197200466-Z |
|
COMPANY NAME |
: |
HANWA
SINGAPORE (PRIVATE) LIMITED |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
19/04/1972 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
8, SHENTON WAY,
29-01, AXA TOWER, 068811, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
8, SHENTON WAY,
29-01, AXA TOWER, 068811, SINGAPORE. |
|
TEL.NO. |
: |
65-65367822 |
|
FAX.NO. |
: |
65-65367855 |
|
CONTACT PERSON |
: |
YASUHARU KURATA (
DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING OF METAL,
COPPERS, STEEL AND OTHERS |
|
ISSUED AND PAID
UP CAPITAL |
: |
1,400,000.00
ORDINARY SHARE, OF A VALUE OF SGD 1,400,000.00 |
|
SALES |
: |
USD 425,002,618
[2014] |
|
NET WORTH |
: |
USD 3,399,943
[2014] |
|
STAFF STRENGTH |
: |
43 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
POOR |
|
PAYMENT |
: |
GOOD |
|
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 metal, coppers, steel and others.
The immediate holding company of the Subject
is HANWA CO LTD, a company incorporated in JAPAN.
Share Capital
History
|
Date |
Issue &
Paid Up Capital |
|
27/07/2015 |
SGD 1,400,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HANWA CO LTD |
1-13-1, TSUKIJI,
CHUO-KU, TOKYO, 104-8429, JAPAN. |
T04UF0181 |
1,400,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,400,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
|
|
DIRECTOR 1
|
Name Of Subject |
: |
YOSHIAKI MATSUOKA |
|
Address |
: |
5-9-1, MINAMI-OOI
SHINAGAWA-KU, TOKYO, 140-0013, TOKYO, JAPAN. |
|
IC / PP No |
: |
TH3585813 |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/04/2009 |
DIRECTOR 2
|
Name Of Subject |
: |
TSUIKI TSUNEO |
|
Address |
: |
401, 4-1-2,
HIGASHI-KINPOUCHO, GIFU-SHI,GIFU, 500-8167, JAPAN. |
|
IC / PP No |
: |
TH0819702 |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/04/2015 |
DIRECTOR 3
|
Name Of Subject |
: |
YOICHI SASAYAMA |
|
Address |
: |
14-18, 3-CHOME,
KUGENUMAFUJIGAYA, FUJISAWA-CITY, KANAGAWA, 251-0031, JAPAN. |
|
IC / PP No |
: |
TG6208240 |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/04/2014 |
DIRECTOR 4
|
Name Of Subject |
: |
SHIRASAWA SHOJI |
|
Address |
: |
408, KITAKASHIWA PARK
HOUSE, 415-1, MATSUGASAKI KASHIWA-SHI, CHIBA, 277-0835, JAPAN. |
|
IC / PP No |
: |
TH8607452 |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/04/2015 |
DIRECTOR 5
|
Name Of Subject |
: |
HIROSHI EBIHARA |
|
Address |
: |
3, CENTRAL
BOULEVARD, 58-03, MARINA BAY SUITES, 018965, SINGAPORE. |
|
IC / PP No |
: |
F0388333R |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/04/2014 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
YASUHARU KURATA |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
CHAN LAY CHIN |
|
IC / PP No |
: |
S2003384C |
|
|
Address |
: |
4, HAIG LANE,
438808, SINGAPORE. |
|
|
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
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 |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT
HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90
Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CASH |
|||
OPERATIONS
|
|
Goods Traded |
: |
METAL, COPPERS,
STEEL AND OTHERS |
|
|
Total Number of
Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
43 |
36 |
30 |
30 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of metal,
coppers, steel and others.
The Subject deals with metal. copper, steel and others.
The Subject sells the products according to its customers' orders.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number
Provided By Client |
: |
N/A |
|
Current Telephone
Number |
: |
65-65367822 |
|
Match |
: |
N/A |
|
Address Provided
by Client |
: |
8 SHENTON WAY #29-01
AXA TOWER SINGAPORE 068811 |
|
Current Address |
: |
8, SHENTON WAY,
29-01, AXA TOWER, 068811, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on
Shareholder Funds |
: |
Unfavourable |
[ |
(69.94%) |
] |
|
|
Return on Net
Assets |
: |
Unfavourable |
[ |
(53.38%) |
] |
|
|
The fluctuating
turnover reflects the fierce competition among the existing and new market players.The
Subject incurred losses during the year due to the inefficient control of its
operating costs. The Subject's unfavourable returns on shareholders' funds
indicate the management's inefficiency in utilising its assets to generate
returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
3 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
13 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
9 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 |
: |
Acceptable |
[ |
0.97 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.02 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 |
: |
Unfavourable |
[ |
(2.48 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
17.35 Times |
] |
|
|
The Subject
incurred losses in the year. It did not generate sufficient income to service
its interest. If the situation does not improve, the Subject may be vulnerable
to default in servicing the interest. The Subject was highly geared, thus it
had a high financial risk. The Subject was dependent on loans to finance its
business needs. In times of economic downturn and / or high interest rate,
the Subject will become less profitable and competitive than other firms in
the same industry, which are lowly geared. This is because the Subject has to
service the interest and to repay the loan, which will erode part of its
profits. The profits will fluctuate depending on the Subject's turnover and
the interest it needs to pay. |
||||||
|
Overall
Assessment : |
||||||
|
The Subject's
losses increased but its turnover showed a fluctuating trend. This indicate
the Subject was slowly losing its market share due to its competitors. 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's interest cover was negative, indicating that
it did not generate sufficient income to service its interest. If its result
does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. The Subject's gearing level was high and its going
concern will be in doubt if there is no injection of additional shareholders'
funds in times of economic downturn and / or high interest rates. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population
(Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic
Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price
Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports
(Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports
(Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate
(%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival
(Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy
Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber
(Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of
New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of
New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies
(No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of
Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of
New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New
Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of
Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of
Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders
(No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders
(%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy
Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy
Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( %
of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of
Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply &
Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing
* |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages
& Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products
& Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood
Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper
Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing &
Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil
Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical &
Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical
Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber &
Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic
Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal
Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery &
Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical
Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic
Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport
Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas
& Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport,
Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance &
Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government
Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education
Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
* Based on Index
of Industrial Production (2011 = 100) |
INDUSTRY 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 |
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
HANWA
SINGAPORE (PRIVATE) LIMITED |
|
Financial Year
End |
2014-02-28 |
2013-02-28 |
2012-02-29 |
2011-02-28 |
2010-02-28 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's
Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
425,002,618 |
554,425,952 |
499,205,581 |
439,851,674 |
241,679,272 |
|
Other Income |
5,540,992 |
6,651,506 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
430,543,610 |
561,077,458 |
499,205,581 |
439,851,674 |
241,679,272 |
|
Costs of Goods Sold |
(428,853,259) |
(554,207,953) |
(499,751,464) |
(417,822,023) |
(230,368,735) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
1,690,351 |
6,869,505 |
(545,883) |
22,029,651 |
11,310,537 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(2,548,167) |
2,120,060 |
2,513,504 |
93,313 |
1,161,355 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(2,548,167) |
2,120,060 |
2,513,504 |
93,313 |
1,161,355 |
|
Taxation |
170,384 |
(375,324) |
(255,078) |
(136,794) |
(186,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(2,377,783) |
1,744,736 |
2,258,426 |
(43,481) |
975,355 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously
reported |
4,949,745 |
3,205,009 |
946,583 |
930,915 |
(44,440) |
|
Prior year
adjustment |
- |
- |
- |
59,149 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
4,949,745 |
3,205,009 |
946,583 |
990,064 |
(44,440) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
2,571,962 |
4,949,745 |
3,205,009 |
946,583 |
930,915 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
2,571,962 |
4,949,745 |
3,205,009 |
946,583 |
930,915 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Term loan /
Borrowing |
733,280 |
740,672 |
- |
- |
- |
|
Others |
- |
- |
612,070 |
554,973 |
238,955 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
733,280 |
740,672 |
612,070 |
554,973 |
238,955 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as
per notes to P&L) |
84,350 |
82,681 |
91,226 |
81,673 |
55,241 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
84,350 |
82,681 |
91,226 |
81,673 |
55,241 |
|
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE SHEET
|
|
HANWA
SINGAPORE (PRIVATE) LIMITED |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
103,488 |
170,955 |
94,499 |
137,939 |
174,064 |
|
Associated
companies |
988,000 |
- |
- |
- |
- |
|
Investments |
186,088 |
186,088 |
122,066 |
122,047 |
82,047 |
|
Deferred
assets |
373,946 |
- |
- |
- |
- |
|
Others |
430,075 |
430,075 |
84,631 |
84,631 |
84,631 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
1,978,109 |
616,163 |
206,697 |
206,678 |
166,678 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
2,081,597 |
787,118 |
301,196 |
344,617 |
340,742 |
|
Stocks |
3,798,811 |
36,624,005 |
22,241,390 |
10,639,554 |
113,931 |
|
Trade
debtors |
14,775,218 |
17,518,643 |
27,949,867 |
39,335,062 |
31,062,777 |
|
Other
debtors, deposits & prepayments |
257,684 |
998,436 |
148,518 |
569,438 |
248,687 |
|
Amount
due from holding company |
53,788,707 |
41,039,930 |
17,046,004 |
20,080,513 |
455,297 |
|
Amount
due from related companies |
4,450,888 |
15,236,577 |
6,975,638 |
7,769,579 |
2,198,479 |
|
Cash
& bank balances |
1,533,938 |
3,178,679 |
5,213,406 |
2,121,107 |
4,929,045 |
|
Others |
825,523 |
2,141,308 |
- |
- |
313,029 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
79,430,769 |
116,737,578 |
79,574,823 |
80,515,253 |
39,321,245 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
81,512,366 |
117,524,696 |
79,876,019 |
80,859,870 |
39,661,987 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
10,610,725 |
11,817,374 |
19,424,794 |
17,795,097 |
4,685,770 |
|
Other
creditors & accruals |
589,114 |
1,304,034 |
582,673 |
894,420 |
1,097,597 |
|
Bank
overdraft |
- |
- |
- |
463 |
26,556 |
|
Short
term borrowings/Term loans |
58,990,803 |
86,420,000 |
50,162,000 |
54,426,285 |
31,858,379 |
|
Amounts
owing to holding company |
5,896,144 |
7,330,263 |
- |
- |
- |
|
Amounts
owing to related companies |
2,025,637 |
4,509,604 |
270,139 |
9,304 |
12,477 |
|
Provision
for taxation |
- |
354,345 |
2,628 |
13,807 |
222,312 |
|
Other
liabilities |
- |
- |
5,386,043 |
5,926,031 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
78,112,423 |
111,735,620 |
75,828,277 |
79,065,407 |
37,903,091 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
1,318,346 |
5,001,958 |
3,746,546 |
1,449,846 |
1,418,154 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
3,399,943 |
5,789,076 |
4,047,742 |
1,794,463 |
1,758,896 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
827,981 |
827,981 |
827,981 |
827,981 |
827,981 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
827,981 |
827,981 |
827,981 |
827,981 |
827,981 |
|
Retained
profit/(loss) carried forward |
2,571,962 |
4,949,745 |
3,205,009 |
946,583 |
930,915 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
2,571,962 |
4,949,745 |
3,205,009 |
946,583 |
930,915 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
3,399,943 |
5,777,726 |
4,032,990 |
1,774,564 |
1,758,896 |
|
Deferred
taxation |
- |
11,350 |
14,752 |
19,899 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
11,350 |
14,752 |
19,899 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,399,943 |
5,789,076 |
4,047,742 |
1,794,463 |
1,758,896 |
|
|
|
============= |
============= |
============= |
============= |
============= |
FINANCIAL RATIO
|
|
HANWA
SINGAPORE (PRIVATE) LIMITED |
|
TYPES
OF FUNDS |
|||||
|
Cash |
1,533,938 |
3,178,679 |
5,213,406 |
2,121,107 |
4,929,045 |
|
Net
Liquid Funds |
1,533,938 |
3,178,679 |
5,213,406 |
2,120,644 |
4,902,489 |
|
Net
Liquid Assets |
(2,480,465) |
(31,622,047) |
(18,494,844) |
(9,189,708) |
1,304,223 |
|
Net
Current Assets/(Liabilities) |
1,318,346 |
5,001,958 |
3,746,546 |
1,449,846 |
1,418,154 |
|
Net
Tangible Assets |
3,399,943 |
5,789,076 |
4,047,742 |
1,794,463 |
1,758,896 |
|
Net
Monetary Assets |
(2,480,465) |
(31,633,397) |
(18,509,596) |
(9,209,607) |
1,304,223 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
(1,814,887) |
2,860,732 |
3,125,574 |
648,286 |
1,400,310 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
(1,730,537) |
2,943,413 |
3,216,800 |
729,959 |
1,455,551 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
58,990,803 |
86,420,000 |
50,162,000 |
54,426,748 |
31,884,935 |
|
Total
Liabilities |
78,112,423 |
111,746,970 |
75,843,029 |
79,085,306 |
37,903,091 |
|
Total
Assets |
81,512,366 |
117,524,696 |
79,876,019 |
80,859,870 |
39,661,987 |
|
Net
Assets |
3,399,943 |
5,789,076 |
4,047,742 |
1,794,463 |
1,758,896 |
|
Net
Assets Backing |
3,399,943 |
5,777,726 |
4,032,990 |
1,774,564 |
1,758,896 |
|
Shareholders'
Funds |
3,399,943 |
5,777,726 |
4,032,990 |
1,774,564 |
1,758,896 |
|
Total
Share Capital |
827,981 |
827,981 |
827,981 |
827,981 |
827,981 |
|
Total
Reserves |
2,571,962 |
4,949,745 |
3,205,009 |
946,583 |
930,915 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.02 |
0.03 |
0.07 |
0.03 |
0.13 |
|
Liquid
Ratio |
0.97 |
0.72 |
0.76 |
0.88 |
1.03 |
|
Current
Ratio |
1.02 |
1.04 |
1.05 |
1.02 |
1.04 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
3 |
24 |
16 |
9 |
0 |
|
Debtors
Ratio |
13 |
12 |
20 |
33 |
47 |
|
Creditors
Ratio |
9 |
8 |
14 |
16 |
7 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
17.35 |
14.96 |
12.44 |
30.67 |
18.13 |
|
Liabilities
Ratio |
22.97 |
19.34 |
18.81 |
44.57 |
21.55 |
|
Times
Interest Earned Ratio |
(2.48) |
3.86 |
5.11 |
1.17 |
5.86 |
|
Assets
Backing Ratio |
4.11 |
6.99 |
4.89 |
2.17 |
2.12 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(0.60) |
0.38 |
0.50 |
0.02 |
0.48 |
|
Net
Profit Margin |
(0.56) |
0.31 |
0.45 |
(0.01) |
0.40 |
|
Return
On Net Assets |
(53.38) |
49.42 |
77.22 |
36.13 |
79.61 |
|
Return
On Capital Employed |
(53.38) |
49.42 |
77.22 |
36.12 |
78.43 |
|
Return
On Shareholders' Funds/Equity |
(69.94) |
30.20 |
56.00 |
(2.45) |
55.45 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.83 |
|
|
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.