|
Report No. : |
329962 |
|
Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
HUAWEI INTERNATIONAL PTE. LTD. |
|
|
|
|
Registered Office : |
15 A, Changi Business Park Central 1, 03-03, Eightrium @ Changi Business Park, 486035 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.09.2007 |
|
|
|
|
Com. Reg. No.: |
200717119-C |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of telecommunication equipments, ICT solution services |
|
|
|
|
No of Employees : |
40 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Exist |
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 |
|
REGISTRATION NO. |
: |
200717119-C |
|
COMPANY NAME |
: |
HUAWEI
INTERNATIONAL PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
17/09/2007 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
15A, CHANGI BUSINESS PARK CENTRAL 1,
03-03, EIGHTRIUM @ CHANGI BUSINESS PARK, 486035, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
15A, CHANGI BUSINESS PARK CENTRAL 1, EIGHTRIUM
@ CHANGI BUSINESS PARK, 03-03, 486035, SINGAPORE. |
|
TEL.NO. |
: |
65-68254200/62222446 |
|
FAX.NO. |
: |
65-68254211 |
|
WEB SITE |
: |
WWW.HUAWEI.COM |
|
CONTACT PERSON |
: |
XU ZHIJUN ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF TELECOMMUNICATION EQUIPMENTS,
ICT SOLUTION SERVICES |
|
ISSUED AND PAID UP CAPITAL |
: |
73,150,000.00 ORDINARY SHARE, OF A VALUE
OF SGD 73,150,000.00 |
|
SALES |
: |
USD 8,583,096,402 [2013] |
|
NET WORTH |
: |
USD 917,240,481 [2013] |
|
STAFF STRENGTH |
: |
40 [2015] |
|
LITIGATION |
: |
TRACED |
|
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 telecommunication equipments, ict solution services.
The immediate holding company of the Subject is HUAWEI TECHNOLOGIES COOEPERATIEF U.A., a company incorporated in NETHERLANDS.
Share Capital History
|
Date |
Issue & Paid
Up Capital |
|
07/05/2015 |
SGD 73,150,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HUAWEI TECHNOLOGIES COOEPERATIEF U.A. |
KARSPELDREEF, 4, 1101CJ, AMSTERDAM
ZUIDOOST, NETHERLANDS. |
T07UF2156 |
73,150,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
73,150,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
TENG YUNFANG |
|
Address |
: |
1, FORT ROAD, 21-02, ONE FORT, 439069,
SINGAPORE. |
|
IC / PP No |
: |
S2692425A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
24/09/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
XU ZHIJUN |
|
Address |
: |
12C, BUILDING, JINYUAN, SHEKOU DISTRICT,
SHENZHEN, CHINA. |
|
IC / PP No |
: |
KJ0320845 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
17/09/2007 |
DIRECTOR 3
|
Name Of Subject |
: |
HU HOUKUN |
|
Address |
: |
LANYUAN BUILDING, 607, SHEKOU, NANSHAN
DISTRICT, SHENZHEN, CHINA. |
|
IC / PP No |
: |
KJ0309530 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
17/09/2007 |
DIRECTOR 4
|
Name Of Subject |
: |
XU WENWEI |
|
Address |
: |
62, BLOCK H, TAOYUAN STREET, NANSHAN
DISTRICT, SHENZHEN, CHINA. |
|
IC / PP No |
: |
E04946595 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
08/01/2009 |
DIRECTOR 5
|
Name Of Subject |
: |
GUO PING |
|
Address |
: |
BLOCK 6, BINJIANG VILLAGE, FUTIAN, SHENZHEN,
CHINA. |
|
IC / PP No |
: |
KJ0298516 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
08/01/2009 |
DIRECTOR 6
|
Name Of Subject |
: |
MENG WANZHOU |
|
Address |
: |
KEFA ROAD, SCIENCE-BASED, INDUSTRIAL PARK,
NANSHAN DISTRICT, SHENZHEN SHI, P.R.C, MALAYSIA. |
|
IC / PP No |
: |
G32666585 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
29/04/2011 |
|
1) |
Name of Subject |
: |
XU ZHIJUN |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
ANG SIEW KOON |
|
IC / PP No |
: |
S1721860C |
|
|
Address |
: |
122, YISHUN STREET, 11, 06-463, 760122, SINGAPORE. |
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
|
Code No |
: |
99 |
Case No |
: |
55 |
||||||||
|
Year |
: |
2012 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
SUPREME COURT |
|||||||||||
|
Date Filed |
: |
20/01/2012 |
|||||||||||
|
Solicitor Ref |
: |
JY/LWSN 332701 JY/LWSN 332701 |
|||||||||||
|
Solicitor Firm |
: |
DREW & NAPIER LLC |
|||||||||||
|
Plaintiff |
: |
CREATIVE TECHNOLOGY LTD. |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
9380988.97 |
|||||||||||
|
Nature of Claim |
: |
USD |
|||||||||||
|
Remark |
: |
CONTRACT-OTHERS |
|||||||||||
|
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 |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
TELECOMMUNICATION EQUIPMENTS |
|
|
Services |
: |
ICT SOLUTION SERVICES |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2013 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
40 |
40 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
telecommunication equipments, ict solution services.
The Subject offers the most complete telecom product portfolio, covering
mobile, broadband, core network, transmission network, data communication,
value-added services, terminals and services.
Products or services:
radio access network:
* lte
* utran
* gsm bss
* cdma bss
* oss & service
* wimax
Software:
* consumer
* enterprise
* bss
* professional service
Core network:
* voice evolution solutions
* multi-media innovation solutions
* internet mobility solutions
* operational simplification solutions
* signaling optimization solutions
Broadband access:
* fttx-odn
* broadband access
* multi-service ag solution
Transport network:
* dwdm backbone
* metro transport
* gmpls/ason
* leased-line solution
Storage & networks security:
* storage
* server
* network security
Services:
* service solutions
* global cases
* articles
Site products:
* energy
* shelter
Datacommunications:
* for carrier
* for education
* for enterprise
* for goverment
Terminal products:
* mobile broadband
* handset
* convergence terminal
* video products
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68254200/62222446 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
15A, CHANGI BUSINESS PARK CENTRAL 1, EIGHTRIUM @ CHANGI BUSINESS PARK, 03-03,486035,SINGAPORE |
|
Current Address |
: |
15A, CHANGI BUSINESS PARK CENTRAL 1, EIGHTRIUM @ CHANGI BUSINESS PARK, 03-03, 486035, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2011 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2011 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
20.42% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.73% |
] |
|
|
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. The Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
46 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
37 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
17 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 |
[ |
1.13 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.29 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 |
[ |
3.09 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.82 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp fall
in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject was highly geared, thus it had a high financial
risk. The Subject was dependent on loans to finance its business needs. In
times of economic downturn and / or high interest rate, the Subject will
become less profitable and competitive than other firms in the same industry,
which are lowly geared. This is because the Subject has to service the
interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the Subject's turnover and the interest
it needs to pay. |
||||||
|
Overall
Assessment : |
||||||
|
Although the 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. The Subject had an acceptable interest cover. If
there is no sudden sharp increase in interest rate or fall in the Subject's
profit, we do believe the Subject is able to generate sufficient cash flow to
service its interest payment. The Subject's gearing level was high and its
going concern will be in doubt if there is no injection of additional
shareholders' funds in times of economic downturn and / or high interest
rates. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
|
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 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 |
|
|
Incorporated in 2007, the Subject is a
Private Limited company, focusing on trading of telecommunication equipments,
ict solution services. 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. The Subject is a large entity with strong
capital position of SGD 73,150,000. We are confident with the Subject's
business and its future growth prospect. Having strong support from its
holding company has enabled the Subject to remain competitive despite the
challenging business environment. 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. The
Subject is operating on a medium scale and it has approximately 40 employees
in its business operations. 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. Return on shareholders' funds of the Subject was
at a favourable range which indicated that the management was efficient in
utilising its funds to generate income. The Subject is in good liquidity
position with its current liabilities well covered by it current assets.
Hence, it has sufficient working capital to meet its short term financial
obligations. The high gearing ratio clearly implied that the Subject was
supported by more debt than equity. Thus, the Subject is exposed to high
financial risk. Given a positive net worth standing at USD 917,240,481, 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. |
|
HUAWEI
INTERNATIONAL PTE. LTD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
12 |
|
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 |
8,583,096,402 |
8,620,254,225 |
8,471,762,628 |
|
Other Income |
7,175,554 |
32,265,969 |
5,732,811 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
8,590,271,956 |
8,652,520,194 |
8,477,495,439 |
|
Costs of Goods Sold |
(7,277,920,754) |
(7,381,946,951) |
(7,538,010,922) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
1,312,351,202 |
1,270,573,243 |
939,484,517 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
215,552,729 |
75,993,460 |
43,432,430 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
215,552,729 |
75,993,460 |
43,432,430 |
|
Taxation |
(28,262,130) |
(24,449,510) |
(16,475,747) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
187,290,599 |
51,543,950 |
26,956,683 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
779,949,882 |
728,405,932 |
731,449,249 |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
779,949,882 |
728,405,932 |
731,449,249 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
967,240,481 |
779,949,882 |
758,405,932 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(100,000,000) |
- |
(30,000,000) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
867,240,481 |
779,949,882 |
728,405,932 |
|
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||
|
Term loan / Borrowing |
38,245,555 |
36,921,830 |
28,704,583 |
|
Others |
65,082,824 |
55,510,658 |
33,376,747 |
|
---------------- |
---------------- |
---------------- |
|
|
103,328,379 |
92,432,488 |
62,081,330 |
|
|
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
2,672,278 |
18,546,897 |
1,229,765 |
|
Deferred assets |
29,547,136 |
17,379,402 |
19,378,189 |
|
Others |
143,959,520 |
153,134,479 |
95,115,332 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
173,506,656 |
170,513,881 |
114,493,521 |
|
Others |
- |
- |
123 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
- |
- |
123 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
176,178,934 |
189,060,778 |
115,723,409 |
|
Stocks |
1,092,640,488 |
808,938,615 |
1,044,353,147 |
|
Trade debtors |
870,367,710 |
972,532,013 |
4,765,755,093 |
|
Other debtors, deposits & prepayments |
11,598,438 |
688,610 |
836,027 |
|
Short term deposits |
678,792,782 |
338,994,140 |
- |
|
Amount due from holding company |
270,841,960 |
254,328,222 |
167,125,569 |
|
Amount due from related companies |
3,704,261,207 |
4,295,740,692 |
160,683,652 |
|
Cash & bank balances |
1,260,298,217 |
1,416,830,547 |
1,617,234,721 |
|
Others |
893,992,121 |
556,000,000 |
123 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
8,782,792,923 |
8,644,052,839 |
7,755,988,332 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
8,958,971,857 |
8,833,113,617 |
7,871,711,741 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade creditors |
331,712,376 |
499,506,611 |
152,489,094 |
|
Other creditors & accruals |
356,652,510 |
180,441,220 |
128,620,929 |
|
Bank overdraft |
423,454,937 |
- |
- |
|
Short term borrowings/Term loans |
- |
92,568,104 |
- |
|
Deposits from customers |
- |
- |
19,796,693 |
|
Interest payable |
18,238,266 |
22,890,545 |
32,512,626 |
|
Amounts owing to holding company |
3,645,173,039 |
4,250,570,663 |
4,778,487,804 |
|
Amounts owing to related companies |
1,755,749,663 |
1,489,620,566 |
621,146,068 |
|
Provision for taxation |
25,433,462 |
4,687,582 |
8,498,483 |
|
Dividends payable/proposed |
10,004,638 |
- |
- |
|
Other liabilities |
227,533,394 |
230,242,725 |
327,222,809 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
6,793,952,285 |
6,770,528,016 |
6,068,774,506 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
1,988,840,638 |
1,873,524,823 |
1,687,213,826 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
2,165,019,572 |
2,062,585,601 |
1,802,937,235 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
50,000,000 |
50,000,000 |
50,000,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
50,000,000 |
50,000,000 |
50,000,000 |
|
Retained profit/(loss) carried forward |
867,240,481 |
779,949,882 |
728,405,932 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
867,240,481 |
779,949,882 |
728,405,932 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
917,240,481 |
829,949,882 |
778,405,932 |
|
Long term loans |
1,247,779,091 |
1,232,635,719 |
1,024,531,057 |
|
Others |
- |
- |
246 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1,247,779,091 |
1,232,635,719 |
1,024,531,303 |
|
---------------- |
---------------- |
---------------- |
|
|
2,165,019,572 |
2,062,585,601 |
1,802,937,235 |
|
|
============= |
============= |
============= |
|
TYPES OF FUNDS |
|||
|
Cash |
1,939,090,999 |
1,755,824,687 |
1,617,234,721 |
|
Net Liquid Funds |
1,515,636,062 |
1,755,824,687 |
1,617,234,721 |
|
Net Liquid Assets |
896,200,150 |
1,064,586,208 |
642,860,679 |
|
Net Current Assets/(Liabilities) |
1,988,840,638 |
1,873,524,823 |
1,687,213,826 |
|
Net Tangible Assets |
2,165,019,572 |
2,062,585,601 |
1,802,937,112 |
|
Net Monetary Assets |
(351,578,941) |
(168,049,511) |
(381,670,624) |
|
BALANCE SHEET
ITEMS |
|||
|
Total Borrowings |
1,671,234,028 |
1,325,203,823 |
1,024,531,057 |
|
Total Liabilities |
8,041,731,376 |
8,003,163,735 |
7,093,305,809 |
|
Total Assets |
8,958,971,857 |
8,833,113,617 |
7,871,711,741 |
|
Net Assets |
2,165,019,572 |
2,062,585,601 |
1,802,937,235 |
|
Net Assets Backing |
917,240,481 |
829,949,882 |
778,405,932 |
|
Shareholders' Funds |
917,240,481 |
829,949,882 |
778,405,932 |
|
Total Share Capital |
50,000,000 |
50,000,000 |
50,000,000 |
|
Total Reserves |
867,240,481 |
779,949,882 |
728,405,932 |
|
LIQUIDITY
(Times) |
|||
|
Cash Ratio |
0.29 |
0.26 |
0.27 |
|
Liquid Ratio |
1.13 |
1.16 |
1.11 |
|
Current Ratio |
1.29 |
1.28 |
1.28 |
|
WORKING CAPITAL
CONTROL (Days) |
|||
|
Stock Ratio |
46 |
34 |
45 |
|
Debtors Ratio |
37 |
41 |
205 |
|
Creditors Ratio |
17 |
25 |
7 |
|
SOLVENCY RATIOS
(Times) |
|||
|
Gearing Ratio |
1.82 |
1.60 |
1.32 |
|
Liabilities Ratio |
8.77 |
9.64 |
9.11 |
|
Times Interest Earned Ratio |
3.09 |
1.82 |
1.70 |
|
Assets Backing Ratio |
43.30 |
41.25 |
36.06 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating Profit Margin |
2.51 |
0.88 |
0.51 |
|
Net Profit Margin |
2.18 |
0.60 |
0.32 |
|
Return On Net Assets |
14.73 |
8.17 |
5.85 |
|
Return On Capital Employed |
12.32 |
8.17 |
5.85 |
|
Return On Shareholders' Funds/Equity |
20.42 |
6.21 |
3.46 |
|
Dividend Pay Out Ratio (Times) |
0.53 |
0.00 |
1.11 |
|
NOTES TO
ACCOUNTS |
|||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.62 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.