|
|
REGISTRATION
NO.
|
:
|
201025904-R
|
|
COMPANY NAME
|
:
|
AVANI
RESOURCES PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
07/12/2010
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
143, CECIL
STREET, 08- 03/04 GB BUILDING, 069542, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
143 CECIL
STREET, 08-03/04, GB BUILDING, 069542, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62211270
|
|
FAX.NO.
|
:
|
65-62214560
|
|
WEB SITE
|
:
|
WWW.AVANI.SG
|
|
CONTACT PERSON
|
:
|
SHIV RAJ KAPUR
( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF
COMMODITY PRODUCTS
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
1,000,000.00
ORDINARY SHARE, OF A VALUE OF USD 1,000,000.00
|
|
|
|
|
SALES
|
:
|
USD
654,961,326 [2014]
|
|
NET WORTH
|
:
|
USD 22,693,257
[2014]
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2014]
|
|
BANKER (S)
|
:
|
|
DBS BANK
LTD
ING BANK N. V.
MALAYAN BANKING BHD
STANDARD CHARTERED BANK
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY
OUTLOOK
|
:
|
AVERAGE 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)
trading of commodity products.
The immediate holding company of the Subject is TERRA MIN
RESOURCES PVT LTD, a company incorporated in INDIA.
Share Capital History
|
Date
|
Issue & Paid
Up Capital
|
|
10/09/2014
|
USD
1,000,000.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
CHEN ZHIGUO +
|
ROOM 203, BUILDING
3, 3, YONGDINGMEN STREET WEST, XICHENG DISTRICT, BEIJING, CHINA.
|
G38056458
|
180,000.00
|
18.00
|
|
RAJESH JOHAR +
|
200, DEPOT
ROAD, 06-39, THE INTERLACE, 109694, SINGAPORE.
|
S7187084G
|
100,000.00
|
10.00
|
|
SANDEEP
BHARGAVA +
|
12-D, IDEAL TOWERS,
57 DIAMOND, HARBOUR ROAD, KOLKATA, 700023, INDIA.
|
H8111997
|
80,000.00
|
8.00
|
|
TERRA MIN
RESOURCES PVT LTD
|
40/7,
BALLYGUNGE CIRCULAR ROAD, KOLKATA, 700019, INDIA.
|
T11UF2010J
|
640,000.00
|
64.00
|
|
|
|
---------------
|
------
|
|
|
|
1,000,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of
Subject
|
:
|
SHIV RAJ KAPUR
|
|
Address
|
:
|
122, SIMEI
STREET 1, 11-436, 520122, SINGAPORE.
|
|
IC / PP No
|
:
|
S2640515G
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
07/12/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
LALITENDU JENA
|
|
Address
|
:
|
70-B, BDA
DUPLEX COLONY, BARAMUNDA, BHUBANESWAR, KHURDA, ORISSA, 751003, SINGAPORE.
|
|
IC / PP No
|
:
|
Z2793734
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
17/02/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
SANDEEP
BHARGAVA
|
|
Address
|
:
|
12-D, IDEAL TOWERS,
57 DIAMOND, HARBOUR ROAD, KOLKATA, 700023, INDIA.
|
|
IC / PP No
|
:
|
H8111997
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
14/02/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of
Subject
|
:
|
RAJESH JOHAR
|
|
Address
|
:
|
200, DEPOT
ROAD, 06-39, THE INTERLACE, 109694, SINGAPORE.
|
|
IC / PP No
|
:
|
S7187084G
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
01/10/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
CHEN ZHIGUO
|
|
Address
|
:
|
ROOM 203,
BUILDING 3, 3, YONGDINGMEN STREET WEST, XICHENG DISTRICT, BEIJING, CHINA.
|
|
IC / PP No
|
:
|
G38056458
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of
Appointment
|
:
|
14/02/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
RAJESH JOHAR
|
|
Position
|
:
|
MANAGING
DIRECTOR
|
|
|
|
|
|
2)
|
Name of
Subject
|
:
|
SHIV RAJ KAPUR
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
Auditor
|
:
|
JBS PRACTICE
PUBLIC ACCOUNTING CORPORATION
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
SHIV RAJ KAPUR
|
|
IC / PP No
|
:
|
S2640515G
|
|
|
|
|
|
Address
|
:
|
122, SIMEI STREET
1, 11-436, 520122, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
3)
|
Name
|
:
|
MALAYAN
BANKING BHD
|
|
|
|
|
|
|
|
|
|
4)
|
Name
|
:
|
STANDARD
CHARTERED BANK
|
|
|
|
|
|
|
|
|
|
5)
|
Name
|
:
|
THE HONGKONG
& SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
|
|
|
|
|
|
6)
|
Name
|
:
|
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
|
ENCUMBRANCE (S)
|
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201110433
|
22/08/2011
|
N/A
|
THE HONGKONG
& SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C2011111573
|
15/09/2011
|
N/A
|
DBS BANK LTD
|
-
|
Unsatisfied
|
|
C201111574
|
15/09/2011
|
N/A
|
DBS BANK LTD
|
-
|
Unsatisfied
|
|
C201111575
|
15/09/2011
|
N/A
|
DBS BANK LTD
|
-
|
Unsatisfied
|
|
C201202623
|
08/03/2012
|
N/A
|
MALAYAN
BANKING BHD
|
-
|
Unsatisfied
|
|
C201202624
|
08/03/2012
|
N/A
|
MALAYAN
BANKING BHD
|
-
|
Unsatisfied
|
|
C201209796
|
29/08/2012
|
N/A
|
STANDARD
CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201209797
|
29/08/2012
|
N/A
|
STANDARD
CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201209798
|
29/08/2012
|
N/A
|
STANDARD
CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201213577
|
23/11/2012
|
N/A
|
THE HONGKONG
& SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201315300
|
14/11/2013
|
N/A
|
DBS BANK LTD.
|
-
|
Unsatisfied
|
|
C201404089
|
24/04/2014
|
N/A
|
THE HONGKONG
AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
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
|
:
|
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
|
:
|
ASIA
INDIA
AFRICA
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
TELEGRAPHIC
TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
COMMODITY
PRODUCTS
|
|
|
|
|
Total Number of
Employees:
|
|
YEAR
|
2014
|
2013
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
10
|
8
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of commodity
products.
The Subject sells the following commodity products.
* Thermal Coal
* Steam Coal
* Anthracite Coal
* Coking Coal
* Iron Ore
* Chrome ore
* Chrome Concentrate
* Manganese Ore
* Ferro Alloys
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
65-62211270
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address
Provided by Client
|
:
|
143 CECIL
STREET, 08-03/04, GB BUILDING,069542 SINGAPORE
|
|
Current
Address
|
:
|
143 CECIL
STREET, 08-03/04, GB BUILDING, 069542, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2012 - 2014
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Increased
|
[
|
2012 - 2014
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Favourable
|
[
|
50.33%
|
]
|
|
|
Return on Net
Assets
|
:
|
Favourable
|
[
|
43.19%
|
]
|
|
|
|
|
|
|
|
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The higher profit could be attributed to the increase in
turnover. 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
|
:
|
Favourable
|
[
|
12 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
22 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
6 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's
stocks were moving fast thus reducing its holding cost. This had reduced
funds being tied up in stocks. The favourable debtors' days could be due to
the good credit control measures implemented by the Subject. The Subject
had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.01 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.14 Times
|
]
|
|
|
|
|
|
|
|
|
|
A minimum
liquid ratio of 1 should be maintained by the Subject in order to assure its
creditors of its ability to meet short term obligations and the Subject was
in a good liquidity position. Thus, we believe the Subject is able to meet
all its short term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Favourable
|
[
|
16.67 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
4.73 Times
|
]
|
|
|
|
|
|
|
|
|
|
The interest
cover showed that the Subject was able to service the interest. The favourable
interest cover could indicate that the Subject was making enough profit to
pay for the interest accrued. The Subject was 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 turnover
was erratic, the Subject had maintained a steady growth in its profit. This
indicate the management's efficiency in controlling its costs and
profitability. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. With the favourable interest cover, the Subject could be able
to service all the accrued interest without facing any difficulties. The
Subject'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 :
|
TRADING
|
|
|
|
|
The wholesale and
retail trade sector contracted by 1.5% in the fourth quarter of 2012,
extending the 0.2% decline in the preceding quarter. For the whole of 2012,
the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector
was weighed down primarily by the wholesale trade segment. In 2012, the
wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth
in 2011. Growth of the retail trade segment also moderated to 2.0%, from
3.2% in the year 2011.
|
|
|
The domestic
wholesale trade index grew by 1.2% in the fourth quarter of 2012, an
improvement from the 5.4% decline in the third quarter. This was partly due
to an increase in the sales of chemicals & chemical products and ship
chandlers & bunkering. For the full year of 2012, the domestic wholesale
trade index contracted by 2.2%, extending the 1.7% decline in 2011. The
foreign wholesale trade index grew by 8.6% in the fourth quarter, an
increase from the 6.6% growth in the third quarter. The expansion was
partly due to resilient sales of petroleum & petroleum products. For
the whole of 2012, the foreign wholesale trade index expanded by 9.1%,
faster than the 4.3% increase in 2011.
|
|
|
In the fourth
quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline
in the third quarter. Excluding motor vehicles, retail sales volume grew by
0.4%, a slight moderation compared to the 1.5% gain in the third quarter of
2012. The sales volume of motor vehicles fell by 11% in the fourth quarter
of 2012, after contracting by 6.1% in the third quarter. The sales of
several discretionary items also declined in the fourth quarter. Besides,
the sales of optical goods & books in 2012 fell by 3.6%, while the
sales of telecommunications apparatus & computers declined by 1.4%.
|
|
|
For 2012 as a
whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in
2011. Excluding motor vehicle sales, the increase in retail sales volume
also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods &
toiletries registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined.
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
Incorporated in 2010, the Subject is a Private Limited company, focusing on
trading of commodity products. The Subject has been in business for less than
5 years and it has slowly been building up contact with its clients while
competing in the industry. 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 penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is
competing in the industry. Its stable clientele base will enable the
Subject to further enhance its business in the near term. Being a small
company, the Subject's business operation is supported by 10 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.
Despite the lower turnover, the Subject's pre-tax profit have increased compared
to the previous year. The higher profit could be due to better control of
its operating costs and efficiency in utilising its resources. 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
22,693,257, 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
promptly.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
AVANI
RESOURCES PTE. LTD.
|
|
Financial Year
End
|
2014-03-31
|
2013-03-31
|
2012-03-31
|
|
Months
|
12
|
12
|
4
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
USD
|
|
|
|
|
|
TURNOVER
|
654,961,326
|
685,418,476
|
302,870,987
|
|
Other Income
|
2,400,534
|
1,371,141
|
552,189
|
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
657,361,860
|
686,789,617
|
303,423,176
|
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
12,675,691
|
8,151,833
|
7,927,905
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
12,675,691
|
8,151,833
|
7,927,905
|
|
Taxation
|
(1,253,723)
|
(1,500,000)
|
(841,000)
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
11,421,968
|
6,651,833
|
7,086,905
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
As previously
reported
|
13,238,738
|
7,086,905
|
-
|
|
----------------
|
----------------
|
----------------
|
|
As restated
|
13,238,738
|
7,086,905
|
-
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
24,660,706
|
13,738,738
|
7,086,905
|
|
DIVIDENDS -
Ordinary (paid & proposed)
|
(2,600,000)
|
(500,000)
|
-
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
22,060,706
|
13,238,738
|
7,086,905
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
Term loan /
Borrowing
|
119,200
|
261,018
|
-
|
|
Others
|
689,842
|
671,500
|
576,767
|
|
----------------
|
----------------
|
----------------
|
|
809,042
|
932,518
|
576,767
|
|
=============
|
=============
|
==
|
|
AVANI
RESOURCES PTE. LTD.
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
8,530,295
|
31,016
|
46,430
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM
ASSETS
|
8,530,295
|
31,016
|
46,430
|
|
|
|
|
|
Stocks
|
20,646,180
|
16,201,512
|
17,520,194
|
|
Trade debtors
|
40,142,152
|
29,099,725
|
5,527,236
|
|
Other debtors,
deposits & prepayments
|
1,078,658
|
16,534,430
|
35,199
|
|
Short term
deposits
|
24,234,887
|
30,978,350
|
29,800,640
|
|
Interest
receivable
|
7,380
|
555,589
|
651
|
|
Amount due
from related companies
|
15,500,925
|
2,851,518
|
-
|
|
Cash &
bank balances
|
42,265,341
|
19,927,355
|
7,661,690
|
|
Others
|
37,449,128
|
33,125,986
|
1,503,442
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
181,324,651
|
149,274,465
|
62,049,052
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
189,854,946
|
149,305,481
|
62,095,482
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Trade
creditors
|
10,419,475
|
5,826,877
|
4,463,394
|
|
Other
creditors & accruals
|
7,649,975
|
7,763,808
|
1,862,983
|
|
Short term
borrowings/Term loans
|
40,632,507
|
67,070,220
|
23,152,778
|
|
Bill &
acceptances payable
|
58,166,176
|
12,449,397
|
-
|
|
Amounts owing
to related companies
|
1,988,320
|
1,618,579
|
900,000
|
|
Amounts owing
to director
|
-
|
29,100
|
-
|
|
Provision for
taxation
|
1,992,012
|
1,500,000
|
841,000
|
|
Other
liabilities
|
37,781,000
|
33,176,907
|
1,450,000
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
158,629,465
|
129,434,888
|
32,670,155
|
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
22,695,186
|
19,839,577
|
29,378,897
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
31,225,481
|
19,870,593
|
29,425,327
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share
capital
|
1,000,000
|
1,000,000
|
1,000,000
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
|
|
|
General
reserve
|
(367,449)
|
159,633
|
(8,800)
|
|
Retained
profit/(loss) carried forward
|
22,060,706
|
13,238,738
|
7,086,905
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
21,693,257
|
13,398,371
|
7,078,105
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
22,693,257
|
14,398,371
|
8,078,105
|
|
|
|
|
|
Long term
loans
|
8,532,224
|
5,472,222
|
21,347,222
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
8,532,224
|
5,472,222
|
21,347,222
|
|
----------------
|
----------------
|
----------------
|
|
31,225,481
|
19,870,593
|
29,425,327
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
|
AVANI
RESOURCES PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
66,500,228
|
50,905,705
|
37,462,330
|
|
Net Liquid
Funds
|
8,334,052
|
38,456,308
|
37,462,330
|
|
Net Liquid
Assets
|
2,049,006
|
3,638,065
|
11,858,703
|
|
Net Current
Assets/(Liabilities)
|
22,695,186
|
19,839,577
|
29,378,897
|
|
Net Tangible
Assets
|
31,225,481
|
19,870,593
|
29,425,327
|
|
Net Monetary
Assets
|
(6,483,218)
|
(1,834,157)
|
(9,488,519)
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
Total
Borrowings
|
107,330,907
|
84,991,839
|
44,500,000
|
|
Total
Liabilities
|
167,161,689
|
134,907,110
|
54,017,377
|
|
Total Assets
|
189,854,946
|
149,305,481
|
62,095,482
|
|
Net Assets
|
31,225,481
|
19,870,593
|
29,425,327
|
|
Net Assets
Backing
|
22,693,257
|
14,398,371
|
8,078,105
|
|
Shareholders'
Funds
|
22,693,257
|
14,398,371
|
8,078,105
|
|
Total Share
Capital
|
1,000,000
|
1,000,000
|
1,000,000
|
|
Total Reserves
|
21,693,257
|
13,398,371
|
7,078,105
|
|
LIQUIDITY
(Times)
|
|
|
|
|
Cash Ratio
|
0.42
|
0.39
|
1.15
|
|
Liquid Ratio
|
1.01
|
1.03
|
1.36
|
|
Current Ratio
|
1.14
|
1.15
|
1.90
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
12
|
9
|
21
|
|
Debtors Ratio
|
22
|
15
|
7
|
|
Creditors
Ratio
|
6
|
3
|
5
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
4.73
|
5.90
|
5.51
|
|
Liabilities
Ratio
|
7.37
|
9.37
|
6.69
|
|
Times Interest
Earned Ratio
|
16.67
|
9.74
|
14.75
|
|
Assets Backing
Ratio
|
31.23
|
19.87
|
29.43
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
Operating
Profit Margin
|
1.94
|
1.19
|
2.62
|
|
Net Profit
Margin
|
1.74
|
0.97
|
2.34
|
|
Return On Net
Assets
|
43.19
|
45.72
|
28.90
|
|
Return On
Capital Employed
|
43.19
|
45.72
|
28.90
|
|
Return On
Shareholders' Funds/Equity
|
50.33
|
46.20
|
87.73
|
|
Dividend Pay
Out Ratio (Times)
|
0.23
|
0.08
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
|