|
Report No. : |
353489 |
|
Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
WELCOME TRADING CO. PTE LTD |
|
|
|
|
Registered Office : |
1 North Bridge Road #12-04/05 High St Ctr Bldg, 179094 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
31.03.1971 |
|
|
|
|
Com. Reg. No.: |
197100306-E |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the trading of commodity products such as
rubber, metal, steel and others. |
|
|
|
|
No. of Employees : |
13 [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 : |
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 – 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. |
: |
197100306-E |
||||
|
COMPANY NAME |
: |
WELCOME TRADING CO. PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
31/03/1971 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
1 NORTH BRIDGE ROAD #12-04/05 HIGH ST CTR BLDG, 179094, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
1, NORTH BRIGDE ROAD, #12-05, HIGH STREET CENTRAL BUILDING, 179094,
SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63385001 |
||||
|
FAX.NO. |
: |
65-63368821 |
||||
|
CONTACT PERSON |
: |
LIM KUEH CHONG ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMMODITY PRODUCTS SUCH AS RUBBER, METAL, STEEL AND OTHERS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
3,800,000.00 ORDINARY SHARE, OF A VALUE OF SGD 4,250,000.00 |
||||
|
SALES |
: |
USD 99,989,778 [2014] |
||||
|
NET WORTH |
: |
USD 6,772,329 [2014] |
||||
|
STAFF STRENGTH |
: |
13 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
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
commodity products such as rubber, metal, steel and others.
The immediate holding company of the Subject is WELCOME HOLDING PRIVATE LIMITE
D, a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
21/10/2015 |
SGD 4,250,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
WELCOME HOLDING PRIVATE LIMITE D |
1, NORTH BRIGDE ROAD, 12-04/05, HIGH STREET CTR BLDG |
198102806R |
2,937,500.00 |
77.30 |
|
LIM KUEH CHONG + |
38 LUCKY VIEW, SINGAPORE 1646, SINGAPORE. |
S0549384F |
532,500.00 |
14.01 |
|
STONE HARBOUR WORLDWIDE CORP |
NERING CHAMBERS, P.O. BOX 905, ROAD TOWN, TORTOLA |
T12UF3266K |
270,000.00 |
7.11 |
|
EST OF YONGKIART KIARTARITARA |
461, YAMARAJ SUKUM LANE SUAPA, ROAD BANGKOK |
H010783 |
60,000.00 |
1.58 |
|
--------------- |
------ |
|||
|
3,800,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
196800032R |
SINGAPORE |
COMFORT LEATHER SHOE MANUFACTORY PRIVATE LIMITED |
- |
62.48 |
09/09/2015 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
LIM CHIEW LIN |
|
Address |
: |
367 YISHUN RING ROAD 12 - 1538, 760367, SINGAPORE. |
|
IC / PP No |
: |
S1675762D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/06/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
LIM QUIK SHEN |
|
Address |
: |
NO 38 TMN SELAMAT, SINGAPORE 416434, SINGAPORE. |
|
IC / PP No |
: |
S2052493F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
15/05/1974 |
DIRECTOR 3
|
Name Of Subject |
: |
LIM CHIEW WAH |
|
Address |
: |
38, LUCKY VIEW, 467470, SINGAPORE. |
|
IC / PP No |
: |
S7527546C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
03/07/1997 |
DIRECTOR 4
|
Name Of Subject |
: |
LIM KUEH CHONG |
|
Address |
: |
38 LUCKY VIEW, SINGAPORE 1646, SINGAPORE. |
|
IC / PP No |
: |
S0549384F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/03/1971 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LIM KUEH CHONG |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
TAN KIAN TIN & CO. |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
LIM CHIEW WAH |
|
IC / PP No |
: |
S7527546C |
|
|
Address |
: |
38, LUCKY VIEW, 467470, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
UNITED OVERSEAS BANK LTD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201302173 |
06/02/2013 |
N/A |
DBS BANK LIMITED |
- |
Unsatisfied |
|
C201302388 |
08/02/2013 |
N/A |
DBS BANK LIMITED |
- |
Unsatisfied |
|
C201304657 |
03/04/2013 |
N/A |
MALAYAN BANKING BERHAD |
- |
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
COMMODITY PRODUCTS SUCH AS RUBBER, METAL, STEEL AND OTHERS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
13 |
13 |
11 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of commodity
products such as rubber, metal, steel and others.
The Subject is engaged in the Commercial trades that include Non-Ferrous
metals, Construction and Commercial Steel, Rubber (Natural and Synthetic
grades) and Paper Products.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63385001 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
1 NORTH BRIDGE ROAD, 12-05, HIGH STREET CENTRE SINGAPORE 179094 |
|
Current Address |
: |
1, NORTH BRIGDE ROAD, #12-05, HIGH STREET CENTRAL BUILDING, 179094,
SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(0.82%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
2.34% |
] |
|
|
The continuous fall in turnover could be due to the lower demand for the
Subject's products / services.The Subject could be more efficient in
controlling its operating costs and had managed to reduce its losses during
the year. 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 |
[ |
6 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
16 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
5 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 |
[ |
0.99 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.27 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 |
[ |
0.75 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.10 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest payment.
The Subject was lowly geared thus it had a low financial risk. The Subject
was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the Subject being a lowly
geared company, will be able to compete better than those companies which are
highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover decreased, its losses also decreased during
the year. This could be the result of more efficient control in its operating
costs. If there is a fall in the Subject's profit or any increase in interest
rate, the Subject may not be able to generate sufficient cash-flow to service
its interest. The Subject as a lowly geared company, will be more secured
compared to those highly geared companies. It has the ability to meet all its
long term obligations. |
||||||
|
Overall financial condition of the Subject : LIMITED |
||||||
|
|
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population (Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing * |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food, Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood & Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper & Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing & Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical & Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber & Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery & Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport, Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance & Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
* 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. |
|
WELCOME TRADING CO. PTE LTD |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
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 |
SGD |
SGD |
|
TURNOVER |
99,989,778 |
116,753,433 |
202,872,667 |
188,241,975 |
165,467,691 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
99,989,778 |
116,753,433 |
202,872,667 |
188,241,975 |
165,467,691 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(55,394) |
(394,016) |
616,593 |
(1,174,895) |
926,710 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(55,394) |
(394,016) |
616,593 |
(1,174,895) |
926,710 |
|
Taxation |
- |
- |
- |
(20,182) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(55,394) |
(394,016) |
616,593 |
(1,195,077) |
926,710 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(2,093,099) |
(1,699,083) |
(2,315,676) |
(1,637,921) |
(2,564,631) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(2,093,099) |
(1,699,083) |
(2,315,676) |
(1,637,921) |
(2,564,631) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(2,148,493) |
(2,093,099) |
(1,699,083) |
(2,832,998) |
(1,637,921) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(2,148,493) |
(2,093,099) |
(1,699,083) |
(2,832,998) |
(1,637,921) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
- |
24,118 |
88,876 |
117,931 |
151,294 |
|
Letter of credit |
- |
- |
45,442 |
- |
- |
|
Term loan / Borrowing |
31,569 |
26,267 |
- |
- |
16,899 |
|
Trust receipts |
58,456 |
84,381 |
149,978 |
136,066 |
109,444 |
|
Others |
132,942 |
120,858 |
845,251 |
815,915 |
690,865 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
222,967 |
255,624 |
1,129,547 |
1,069,912 |
968,502 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
71,347 |
50,039 |
37,684 |
46,422 |
45,956 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
71,347 |
50,039 |
37,684 |
46,422 |
45,956 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
WELCOME TRADING CO. PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
4,994,587 |
2,194,220 |
2,070,506 |
2,574,538 |
2,609,329 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
161,899 |
1,413,317 |
1,526,956 |
1,868,078 |
1,868,078 |
|
Associated companies |
146,580 |
- |
- |
- |
- |
|
Investment properties |
- |
- |
- |
- |
97,038 |
|
Others |
165,237 |
166,910 |
148,602 |
246,394 |
187,834 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
473,716 |
1,580,227 |
1,675,558 |
2,114,472 |
2,152,950 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
5,468,303 |
3,774,447 |
3,746,064 |
4,689,010 |
4,762,279 |
|
Stocks |
1,745,024 |
486,120 |
1,908,903 |
1,515,734 |
635,057 |
|
Trade debtors |
4,470,278 |
7,584,022 |
3,253,893 |
8,396,567 |
4,302,734 |
|
Other debtors, deposits & prepayments |
408,523 |
263,910 |
561,600 |
322,245 |
631,912 |
|
Amount due from holding company |
2,735 |
- |
18,343 |
119,989 |
- |
|
Amount due from director |
22,882 |
23,069 |
82,559 |
64,891 |
27,789 |
|
Cash & bank balances |
1,020,743 |
947,437 |
1,801,071 |
1,337,360 |
1,765,848 |
|
Others |
244,389 |
228,791 |
- |
1,842,162 |
1,958,260 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
7,914,574 |
9,533,349 |
7,626,369 |
13,598,948 |
9,321,600 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
13,382,877 |
13,307,796 |
11,372,433 |
18,287,958 |
14,083,879 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
1,449,315 |
1,400,487 |
828,659 |
1,211,792 |
13,929 |
|
Other creditors & accruals |
132,433 |
271,685 |
359,019 |
68,876 |
1,009,247 |
|
Bank overdraft |
- |
- |
1,029,781 |
1,678,753 |
2,174,498 |
|
Short term borrowings/Term loans |
299,636 |
274,933 |
- |
- |
- |
|
Other borrowings |
- |
- |
- |
9,644,811 |
4,933,313 |
|
Amounts owing to holding company |
- |
22,191 |
- |
74,254 |
- |
|
Amounts owing to subsidiary companies |
121,443 |
1,451,615 |
632,274 |
876,214 |
- |
|
Amounts owing to related companies |
- |
- |
94,744 |
57,293 |
- |
|
Amounts owing to director |
- |
- |
7,256 |
- |
127,340 |
|
Other liabilities |
4,208,205 |
5,188,096 |
4,069,019 |
106,099 |
119,169 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
6,211,032 |
8,609,007 |
7,020,752 |
13,718,092 |
8,377,496 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
1,703,542 |
924,342 |
605,617 |
(119,144) |
944,104 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
7,171,845 |
4,698,789 |
4,351,681 |
4,569,866 |
5,706,383 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
3,473,925 |
3,473,925 |
3,473,925 |
4,250,000 |
4,250,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
3,473,925 |
3,473,925 |
3,473,925 |
4,250,000 |
4,250,000 |
|
Capital reserve |
- |
- |
- |
2,844,688 |
2,844,688 |
|
Revaluation reserve |
5,195,290 |
2,325,232 |
2,325,232 |
- |
- |
|
Retained profit/(loss) carried forward |
(2,148,493) |
(2,093,099) |
(1,699,083) |
(2,832,998) |
(1,637,921) |
|
Others |
251,607 |
251,809 |
251,607 |
308,176 |
249,616 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
3,298,404 |
483,942 |
877,756 |
319,866 |
1,456,383 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
6,772,329 |
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
|
Long term loans |
399,516 |
740,922 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
399,516 |
740,922 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,171,845 |
4,698,789 |
4,351,681 |
4,569,866 |
5,706,383 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
WELCOME TRADING CO. PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,020,743 |
947,437 |
1,801,071 |
1,337,360 |
1,765,848 |
|
Net Liquid Funds |
1,020,743 |
947,437 |
771,290 |
(341,393) |
(408,650) |
|
Net Liquid Assets |
(41,482) |
438,222 |
(1,303,286) |
(1,634,878) |
309,047 |
|
Net Current Assets/(Liabilities) |
1,703,542 |
924,342 |
605,617 |
(119,144) |
944,104 |
|
Net Tangible Assets |
7,171,845 |
4,698,789 |
4,351,681 |
4,569,866 |
5,706,383 |
|
Net Monetary Assets |
(440,998) |
(302,700) |
(1,303,286) |
(1,634,878) |
309,047 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
0 |
1,746,140 |
(104,983) |
1,895,212 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
0 |
0 |
1,783,824 |
(58,561) |
1,941,168 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
699,152 |
1,015,855 |
1,029,781 |
11,323,564 |
7,107,811 |
|
Total Liabilities |
6,610,548 |
9,349,929 |
7,020,752 |
13,718,092 |
8,377,496 |
|
Total Assets |
13,382,877 |
13,307,796 |
11,372,433 |
18,287,958 |
14,083,879 |
|
Net Assets |
7,171,845 |
4,698,789 |
4,351,681 |
4,569,866 |
5,706,383 |
|
Net Assets Backing |
6,772,329 |
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
|
Shareholders' Funds |
6,772,329 |
3,957,867 |
4,351,681 |
4,569,866 |
5,706,383 |
|
Total Share Capital |
3,473,925 |
3,473,925 |
3,473,925 |
4,250,000 |
4,250,000 |
|
Total Reserves |
3,298,404 |
483,942 |
877,756 |
319,866 |
1,456,383 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.16 |
0.11 |
0.26 |
0.10 |
0.21 |
|
Liquid Ratio |
0.99 |
1.05 |
0.81 |
0.88 |
1.04 |
|
Current Ratio |
1.27 |
1.11 |
1.09 |
0.99 |
1.11 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
6 |
2 |
3 |
3 |
1 |
|
Debtors Ratio |
16 |
24 |
6 |
16 |
9 |
|
Creditors Ratio |
5 |
4 |
1 |
2 |
0 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.10 |
0.26 |
0.24 |
2.48 |
1.25 |
|
Liabilities Ratio |
0.98 |
2.36 |
1.61 |
3.00 |
1.47 |
|
Times Interest Earned Ratio |
0.75 |
(0.54) |
1.55 |
(0.10) |
1.96 |
|
Assets Backing Ratio |
2.06 |
1.35 |
1.25 |
1.08 |
1.34 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(0.06) |
(0.34) |
0.30 |
(0.62) |
0.56 |
|
Net Profit Margin |
(0.06) |
(0.34) |
0.30 |
(0.63) |
0.56 |
|
Return On Net Assets |
2.34 |
(2.95) |
40.13 |
(2.30) |
33.21 |
|
Return On Capital Employed |
2.34 |
(2.95) |
32.45 |
(1.68) |
24.05 |
|
Return On Shareholders' Funds/Equity |
(0.82) |
(9.96) |
14.17 |
(26.15) |
16.24 |
|
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.66.63 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.40 |
|
SGD |
1 |
Rs.47.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.