|
REGISTRATION
NO.
|
:
|
200704423-E
|
|
COMPANY NAME
|
:
|
MCS HOLDINGS
PTE. LTD.
|
|
FORMER NAME
|
:
|
QUEST SHIP
MANAGEMENT PTE LTD (07/04/2008)
|
|
INCORPORATION
DATE
|
:
|
16/03/2007
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
9, TEMASEK
BOULEVARD, 42-02, SUNTEC TOWER TWO, 038989, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
9, TEMASEK
BOULEVARD, 42-02, SUNTEC TOWER TWO, 038989, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62209320
|
|
FAX.NO.
|
:
|
65-62209310
|
|
CONTACT PERSON
|
:
|
MITTAL SHALABH
( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
OTHER MINING
AND QUARRYING
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
1,256,560.00
ORDINARY SHARE, OF A VALUE OF SGD 1,256,560.00
|
|
|
|
|
SALES
|
:
|
USD 355,671,948
[2013]
|
|
NET WORTH
|
:
|
USD 31,846,861
[2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
6 [2014]
|
|
BANKER (S)
|
:
|
|
DBS BANK
LTD
AXIS BANK LIMITED SINGAPORE BRANCH
ICICI BANK LTD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
HIGH
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY
OUTLOOK
|
:
|
MARGINAL
GROWTH
|
The Subject is a private limited company
and is allowed to have a minimum of one and a maximum of forty-nine
shareholders. As a private limited company, the Subject must have at least
two directors. A private limited company is a separate legal entity from its
shareholders. As a separate legal entity, the Subject is capable of owning
assets, entering into contracts, sue or be sued by other companies. The
liabilities of the shareholders are to the extent of the equity they have
taken up and the creditors cannot claim on shareholders' personal assets even
if the Subject is insolvent. The Subject is governed by the Companies Act and
the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The Subject is principally engaged in the
(as a / as an) other mining and quarrying.
The immediate holding company of the
Subject is OORJA HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the
Subject is MERCATOR LIMITED, a company incorporated in INDIA.
The intermediate holding company of the
Subject is MERCATOR INTERNATIONAL PTE. LTD., a company incorporated in
SINGAPORE.
Share Capital History
|
Date
|
Issue &
Paid Up Capital
|
|
02/09/2014
|
SGD
1,256,560.00
|
The major shareholder(s)
of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
OORJA HOLDINGS
PTE. LTD.
|
9, TEMASEK
BOULEVARD, 42-02, SUNTEC TOWER TWO, 038989, SINGAPORE.
|
200712044H
|
1,256,560.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
1,256,560.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of
Subject
|
:
|
MR. MITTAL
SHALABH
|
|
Address
|
:
|
130, TANJONG
RHU ROAD, 07-14, PEBBLE BAY, 436918, SINGAPORE.
|
|
IC / PP No
|
:
|
S7888140B
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
14/09/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
SHRUTI MITTAL
|
|
Address
|
:
|
130, TANJONG RHU
ROAD, 07-14, 436918, SINGAPORE.
|
|
IC / PP No
|
:
|
Z1707842
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
15/03/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
KIRTIPAL SINGH
RAHEJA
|
|
Address
|
:
|
BLOCK C, FLAT
10H, IDEAL TOWERS, S7, DIAMOND HARBOUR ROAD, 700023, KOLKATA, INDIA.
|
|
IC / PP No
|
:
|
Z1789033
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
28/04/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
MITTAL SHALABH
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
|
|
|
|
Auditor
|
:
|
DELOITTE &
TOUCHE LLP
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
MYTHILI GIRISH
|
|
IC / PP No
|
:
|
S2726671A
|
|
|
|
|
|
Address
|
:
|
190A,
RIVERVALE DRIVE, 08-984, 541190, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
2)
|
Name
|
:
|
AXIS BANK
LIMITED SINGAPORE BRANCH
|
|
|
|
|
|
|
|
|
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201101699
|
10/02/2011
|
N/A
|
ICICI BANK LTD
|
-
|
Unsatisfied
|
|
C201102815
|
07/03/2011
|
N/A
|
AXIS BANK
LIMITED SINGAPORE BRANCH
|
-
|
Unsatisfied
|
|
C201104585
|
13/04/2011
|
N/A
|
DBS BANK LTD
|
-
|
Unsatisfied
|
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW
MATERIALS:
|
|
|
Local
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
|
|
|
|
|
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
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
LETTER OF CREDIT (LC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
|
|
|
|
|
Services
|
:
|
|
|
|
|
|
Total Number
of Employees:
|
|
YEAR
|
2014
|
2013
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
6
|
6
|
|
|
|
|
|
|
|
Other
Information:
The Subject is principally engaged in the (as a / as an) other mining and
quarrying.
The Subject engaged in trading of coal product and other related product.
The Subject provides shipping services for its coal products.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone Number
Provided By Client
|
:
|
6562209320
|
|
Current
Telephone Number
|
:
|
65-62209320
|
|
Match
|
:
|
YES
|
|
|
|
|
Address
Provided by Client
|
:
|
9 TEMASEK
BOULEVARD, #42-01 SUNTEC TOWER 2 SINGAPORE 038989
|
|
Current
Address
|
:
|
9, TEMASEK BOULEVARD,
42-02, SUNTEC TOWER TWO, 038989, SINGAPORE.
|
|
Match
|
:
|
NO
|
|
|
|
Other
Investigations
On 29th August 2014 we contacted one of the staff from the Subject's
registered office and she provided some information.
The address provided does not belong to the Subject.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2010 - 2013
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Decreased
|
[
|
2010 - 2013
|
]
|
|
|
Return on Shareholder
Funds
|
:
|
Favourable
|
[
|
53.11%
|
]
|
|
|
Return on Net
Assets
|
:
|
Favourable
|
[
|
67.51%
|
]
|
|
|
|
|
|
|
|
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The dip in profit could be due to the stiff market
competition which reduced the Subject's profit margin. Generally the
Subject was profitable. The favourable return on shareholders' funds and
return on net assets indicate that the Subject's management was efficient
in utilising the assets to generate returns.
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Acceptable
|
[
|
63 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
1 Days
|
]
|
|
|
|
|
|
|
|
|
|
As the Subject
is a service oriented company, the Subject does not need to keep 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
|
[
|
1.37 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.37 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
|
[
|
8.20 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
2.25 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's interest
cover was slightly low. If there is no sharp fall in its profit or sudden
increase in the interest rates, we believe the Subject is able to generate
sufficient income to service its interest and repay the loans. The Subject
was highly geared, thus it had a high financial risk. The Subject was
dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the Subject will become less
profitable and competitive than other firms in the same industry, which are
lowly geared. This is because the Subject has to service the interest and
to repay the loan, which will erode part of its profits. The profits will
fluctuate depending on the Subject's turnover and the interest it needs to
pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
The Subject
recorded lower profits as its turnover showed a erratic trend. The
Subject's management was unable to control its costs efficiently as its profit
showed a downward trend. The Subject 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 : STABLE
|
|
|
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 :
|
ECONOMY
|
|
|
|
|
According to
Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow
by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain
subdued despite macroeconomic conditions stablising in recent months of
2013.
|
|
|
However, the
global economic outlook is still clouded with uncertainties. Notably,
concerns remain over the extent of the fiscal cutback with the budget
sequester in the US and potential flareup of the debt crisis in the
Eurozone. Should any of these risks materialise, Singapore's economic
growth could come in lower than expected.
|
|
|
Although
resilient domestic demand in emerging Asia will provide some support to
global demand, it will not fully mitigate the effects of an economic
slowdown in the advanced economies. Consequently, Singapore's
externally-oriented sectors such as electronics and wholesale trade will
continue to perform poorly, while the financial services sector will be
affected by heightened uncertainties in the external environment.
Nevertheless, there will be some modest support to growth from the
biomedical manufacturing cluster and tourism-related sectors. The former
will likely see increased production of active pharmaceutical ingredients
and biologics while the latter will benefit from rising visitor arrivals
from the region.
|
|
|
For the whole
of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly
due to weakness in the externally-oriented sectors. Manufacturing sector
growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline
was largely due to a rebound in the output of the biomedical manufacturing
and transport engineering clusters, which together helped to mitigate part
of the fall in output in the electronics cluster. By contrast, the
construction sector growth accelerated from 6.3% to 8.2% in 2012, due to
the expansion in both public and private building activities.
|
|
|
Growth in the
services producing industries also moderated to 1.2% in 2012, compared to
4.6% in 2011. This was mainly due to the slowdown in wholesale and retail
trade, accommodation and food services as well as other services
industries. In particular, the wholesale and retail trade sector contracted
by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and
food services as well as other services industries posted lower gains of
2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
|
|
|
For the whole
of 2012, all sectors, except the wholesale and retail trade, contributed to
growth. Business services was the largest contributor with 0.4 percentage-points,
followed by construction with 0.3 percentage-points and transportation and
storage at 0.2 percentagepoints. Besides, growth in total demand moderated
to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor
to total demand growth, accounting for 2.2 percentage-points, or over 90
per cent, of the increase.
|
|
|
In 2012, total
domestic demand rose by 9.7%, following the 6.5% increase in 2011. The
growth in total domestic demand was broad-based across consumption, gross fixed
capital formation (GFCF) and changes in inventories. The total consumption
expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in
2011. Public consumption expenditure fell by 3.6%, reversing the 0.5%
growth in 2011. Private consumption expenditure registered a 2.2% gain,
moderating from the 4.6% increase in the preceding year.
|
|
|
Overall, the
Singapore economy is expected to grow by 1.0 to 3.0% in 2013.
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
Incorporated in 2007, the Subject is a Private Limited company, focusing on
other mining and quarrying. Having been in business for more than 5 years, the
Subject has established a remarkable clientele base for itself which has
contributed to its business growth. Having strong support from its holding
company has enabled the Subject to remain competitive despite the
challenging business environment. The capital standing of the Subject is
fair. With an adequate share capital, the Subject has the potential of
expanding its business in future.
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 6 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.
The Subject's business performance showed a reverse trend as both its
turnover and pre-tax profit have decreased compared to the previous year.
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. 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 31,846,861, 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. Investigation revealed that the Subject's
supplies are 100% sourced from overseas countries. As an imported oriented
company, its forex exposure is high. The Subject faces foreign currency
fluctuation which may affect its overall operating costs.
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 has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the Subject's future performance is very much
depend on its marketing strategies in order to retain its position in the
market.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
MCS HOLDINGS
PTE. LTD.
|
|
Financial Year
End
|
2013-03-31
|
2012-03-31
|
2011-03-31
|
2010-03-31
|
|
Months
|
12
|
12
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
USD
|
USD
|
|
|
|
|
|
|
TURNOVER
|
355,671,948
|
462,785,019
|
290,779,463
|
76,541,546
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
355,671,948
|
462,785,019
|
290,779,463
|
76,541,546
|
|
Costs of Goods
Sold
|
(332,242,789)
|
(440,541,354)
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
23,429,159
|
22,243,665
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
18,877,825
|
19,279,409
|
17,492,641
|
1,454,648
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
18,877,825
|
19,279,409
|
17,492,641
|
1,454,648
|
|
Taxation
|
(1,964,667)
|
(2,496,013)
|
(2,001,286)
|
(229,070)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER
TAXATION
|
16,913,158
|
16,783,396
|
15,491,355
|
1,225,578
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
As previously
reported
|
18,933,703
|
17,150,307
|
1,658,952
|
433,374
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
18,933,703
|
17,150,307
|
1,658,952
|
433,374
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE
FOR APPROPRIATIONS
|
35,846,861
|
33,933,703
|
17,150,307
|
1,658,952
|
|
DIVIDENDS -
Ordinary (paid & proposed)
|
(5,000,000)
|
(15,000,000)
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD
|
30,846,861
|
18,933,703
|
17,150,307
|
1,658,952
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
Term loan /
Borrowing
|
1,852,091
|
1,419,174
|
-
|
-
|
|
Others
|
770,000
|
296,557
|
910,921
|
785,358
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
2,622,091
|
1,715,731
|
910,921
|
785,358
|
|
=============
|
=============
|
=============
|
=
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
FIXED ASSETS
|
-
|
2,623
|
-
|
-
|
|
|
|
|
|
|
Deposits
|
4,000,000
|
4,000,000
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS
|
4,000,000
|
4,000,000
|
-
|
-
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
4,000,000
|
4,002,623
|
-
|
-
|
|
|
|
|
|
|
Trade debtors
|
61,134,395
|
43,163,898
|
24,538,243
|
5,364,480
|
|
Other debtors,
deposits & prepayments
|
2,622,438
|
199,257
|
30,212
|
9,310
|
|
Amount due
from holding company
|
22,720,691
|
4,754,132
|
-
|
-
|
|
Amount due
from related companies
|
15,267,770
|
16,307,728
|
29,303,366
|
9,300,709
|
|
Cash &
bank balances
|
2,199,155
|
11,980,214
|
907,217
|
654,803
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
103,944,449
|
76,405,229
|
54,779,038
|
15,329,302
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
107,944,449
|
80,407,852
|
54,779,038
|
15,329,302
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Trade
creditors
|
1,160,007
|
1,523,609
|
1,235,751
|
1,709,655
|
|
Other
creditors & accruals
|
786,481
|
812,874
|
16,428
|
242,057
|
|
Short term
borrowings/Term loans
|
71,720,144
|
55,644,287
|
30,457,571
|
-
|
|
Amounts owing
to holding company
|
314,834
|
22,670
|
-
|
917,967
|
|
Amounts owing
to subsidiary companies
|
-
|
-
|
238,984
|
831,564
|
|
Amounts owing
to related companies
|
208,648
|
-
|
-
|
-
|
|
Provision for
taxation
|
1,907,474
|
2,470,709
|
2,006,903
|
287,862
|
|
Other
liabilities
|
-
|
-
|
3,636,218
|
9,681,244
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
76,097,588
|
60,474,149
|
37,591,855
|
13,670,349
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
27,846,861
|
15,931,080
|
17,187,183
|
1,658,953
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
31,846,861
|
19,933,703
|
17,187,183
|
1,658,953
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share
capital
|
1,000,000
|
1,000,000
|
36,876
|
1
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
1,000,000
|
1,000,000
|
36,876
|
1
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
30,846,861
|
18,933,703
|
17,150,307
|
1,658,952
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
30,846,861
|
18,933,703
|
17,150,307
|
1,658,952
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
31,846,861
|
19,933,703
|
17,187,183
|
1,658,953
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
31,846,861
|
19,933,703
|
17,187,183
|
1,658,953
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
2,199,155
|
11,980,214
|
907,217
|
654,803
|
|
Net Liquid
Funds
|
2,199,155
|
11,980,214
|
907,217
|
654,803
|
|
Net Liquid
Assets
|
27,846,861
|
15,931,080
|
17,187,183
|
1,658,953
|
|
Net Current
Assets/(Liabilities)
|
27,846,861
|
15,931,080
|
17,187,183
|
1,658,953
|
|
Net Tangible
Assets
|
31,846,861
|
19,933,703
|
17,187,183
|
1,658,953
|
|
Net Monetary
Assets
|
27,846,861
|
15,931,080
|
17,187,183
|
1,658,953
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
Total
Borrowings
|
71,720,144
|
55,644,287
|
30,457,571
|
0
|
|
Total
Liabilities
|
76,097,588
|
60,474,149
|
37,591,855
|
13,670,349
|
|
Total Assets
|
107,944,449
|
80,407,852
|
54,779,038
|
15,329,302
|
|
Net Assets
|
31,846,861
|
19,933,703
|
17,187,183
|
1,658,953
|
|
Net Assets Backing
|
31,846,861
|
19,933,703
|
17,187,183
|
1,658,953
|
|
Shareholders'
Funds
|
31,846,861
|
19,933,703
|
17,187,183
|
1,658,953
|
|
Total Share
Capital
|
1,000,000
|
1,000,000
|
36,876
|
1
|
|
Total Reserves
|
30,846,861
|
18,933,703
|
17,150,307
|
1,658,952
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
Cash Ratio
|
0.03
|
0.20
|
0.02
|
0.05
|
|
Liquid Ratio
|
1.37
|
1.26
|
1.46
|
1.12
|
|
Current Ratio
|
1.37
|
1.26
|
1.46
|
1.12
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
0
|
0
|
0
|
0
|
|
Debtors Ratio
|
63
|
34
|
31
|
26
|
|
Creditors
Ratio
|
1
|
1
|
2
|
8
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
2.25
|
2.79
|
1.77
|
0.00
|
|
Liabilities
Ratio
|
2.39
|
3.03
|
2.19
|
8.24
|
|
Times Interest
Earned Ratio
|
8.20
|
12.24
|
20.20
|
2.85
|
|
Assets Backing
Ratio
|
31.85
|
19.93
|
466.08
|
1,658,953.00
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
Operating
Profit Margin
|
5.31
|
4.17
|
6.02
|
1.90
|
|
Net Profit
Margin
|
4.76
|
3.63
|
5.33
|
1.60
|
|
Return On Net
Assets
|
67.51
|
105.32
|
107.08
|
135.03
|
|
Return On
Capital Employed
|
67.51
|
105.32
|
107.08
|
135.03
|
|
Return On
Shareholders' Funds/Equity
|
53.11
|
84.20
|
90.13
|
73.88
|
|
Dividend Pay
Out Ratio (Times)
|
0.30
|
0.89
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
|