|
Report No. : |
329983 |
|
Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
INVISTA
(SINGAPORE) PTE. LTD. |
|
|
|
|
Formerly Known As : |
DUPONT TEXTILES & INTERIORS (SINGAPORE) PTE. LTD. DU PONT SINGAPORE PTE. LTD. |
|
|
|
|
Registered Office : |
39, Tuas Crescent, 638726 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
02.02.1989 |
|
|
|
|
Com. Reg. No.: |
198900445-N |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture of Basic Industrial Acids and Alkalis |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC
OVERVIEW
Singapore has a highly developed and successful free-market
economy. It enjoys a remarkably open and corruption-free environment, stable
prices, and a per capita GDP higher than that of most developed countries.
Unemployment is very low. The economy depends heavily on exports, particularly
of consumer electronics, information technology products, medical and optical
devices, pharmaceuticals, and on its vibrant transportation, business, and
financial services sectors. The economy contracted 0.6% in 2009 as a result of
the global financial crisis, but has continued to grow since 2010 on the
strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a
result of soft demand for exports amid a sluggish global economy and weak
growth in Singapore’s manufacturing sector. The government is attempting to
restructure Singapore’s economy by weaning its dependence on foreign labor,
addressing weak productivity, and increasing Singaporean wages. Singapore has
attracted major investments in pharmaceuticals and medical technology
production and will continue efforts to strengthen its position as Southeast
Asia's leading financial and high-tech hub. Singapore is a member of the
12-nation Trans-Pacific Partnership free trade negotiations, the Regional
Comprehensive Economic Partnership negotiations with the nine other ASEAN
members plus Australia, China, India, Japan, South Korea and New Zealand, and
in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic
Community.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
198900445-N |
||||
|
COMPANY
NAME |
: |
INVISTA
(SINGAPORE) PTE. LTD. |
||||
|
FORMER
NAME |
: |
DUPONT
TEXTILES & INTERIORS (SINGAPORE) PTE. LTD. (01/10/2003) |
||||
|
INCORPORATION
DATE |
: |
02/02/1989 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
39,
TUAS CRESCENT, 638726, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
39,
TUAS CRESCENT, 638726, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68613332 |
||||
|
FAX.NO. |
: |
65-68604976 |
||||
|
WEB SITE |
: |
WWW.INVISTA.COM |
||||
|
CONTACT
PERSON |
: |
CHUA
CHOO CHING ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURE
OF BASIC INDUSTRIAL ACIDS AND ALKALIS |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
194,807,535.00
ORDINARY SHARE, OF A VALUE OF SGD 194,807,535.00 |
||||
|
SALES |
: |
USD
253,776,000 [2013] |
||||
|
NET
WORTH |
: |
USD
53,133,000 [2013] |
||||
|
STAFF
STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
GOOD |
||||
|
INDUSTRY
OUTLOOK |
: |
MATURE |
||||
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) manufacture of basic
industrial acids and alkalis.
The
immediate holding company of the Subject is CH HONG KONG HOLDINGS II LIMITED, a
company incorporated in HONG KONG.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
01/07/2015 |
SGD
194,807,535.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
CH
HONG KONG HOLDINGS II LIMITED |
SUITES
3110-11, TOWER 6, THE GATEWAY HARBOUR CITY, KOWLOON, 31ST FLOOR, HONG KONG. |
T15UF1640 |
194,807,535.00 |
100.00 |
|
--------------- |
------ |
|||
|
194,807,535.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
199100954E |
SINGAPORE |
INVISTA
SINGAPORE FIBRES PTE. LTD. |
80.00 |
01/07/2015 |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
WANG
FANG |
|
Address |
: |
64,
PAVILION RISE, 658059, SINGAPORE. |
|
IC
/ PP No |
: |
S2647763H |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
11/05/2012 |
DIRECTOR
2
|
Name
Of Subject |
: |
SIEW
WAI FAN |
|
Address |
: |
65,
CHEMPAKA AVENUE, OASIS @ MULBERRY, 349673, SINGAPORE. |
|
IC
/ PP No |
: |
S1668089C |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
30/04/2004 |
DIRECTOR
3
|
Name
Of Subject |
: |
ANDREW
SCOTT ADRIAN EVANS |
|
Address |
: |
37K,
CHANCERY LANE, 307441, SINGAPORE. |
|
IC
/ PP No |
: |
G3057459T |
|
Nationality |
: |
BRITISH |
|
Date
of Appointment |
: |
01/01/2015 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
CHUA
CHOO CHING |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
ABDUL
JABBAR BIN KARAM DIN |
|
IC
/ PP No |
: |
S6936625B |
|
|
Address |
: |
5,
VANDA CRESCENT, ORCHID VILLAGE, 287895, SINGAPORE. |
|
|
2)
|
Company
Secretary |
: |
FAZILAH
ABDUL RAHMAN |
|
IC
/ PP No |
: |
S7430698E |
|
|
Address |
: |
108,
SIMEI STREET 1, 02-748, 520108, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
ABN
AMRO NOMINEES SINGAPORE PTE LTD |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
X |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
WORLDWIDE |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
100 |
100 |
|||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacture of basic
industrial acids and alkalis.
The Subject refused to disclose its operation.
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-68613332 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
39
TAUS CRESCENT SINGAPORE 638726 |
|
Current
Address |
: |
39,
TUAS CRESCENT, 638726, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
The Subject refused to disclose its number of employees.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
14.06% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
14.48% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and new
market players.The management had succeeded in turning the Subject into a
profit making company. The profit could be due to better control of its
operating costs and efficiency in utilising its resources. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
44
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
27
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
7
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 |
[ |
1.47
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
2.12
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 |
[ |
35.73
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
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 had no gearing and hence it had
virtually no financial risk. The Subject was financed by its shareholders'
funds and internally generated fund. During the economic downturn, the
Subject, having a zero gearing, will be able to compete better than those
which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject's turnover showed a volatile trend but its losses were lower when
compared to the previous corresponding period. This could suggest that the
Subject was more efficient in its operating cost control and was more
competitive. 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
was a zero gearing company, it was solely dependant on its shareholders to
provide funds to finance its business. The Subject has good chance of getting
loans, if the needs arises. |
||||||
|
Overall
financial condition of the Subject : STRONG |
||||||
|
Major
Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population
(Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross
Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer
Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total
Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total
Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment
Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist
Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel
Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular
Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration
of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration
of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation
of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation
of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration
of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration
of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation
of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation
of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy
Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy
Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy
Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy
Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish
Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing
* |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food,
Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing
Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather
Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood
& Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper
& Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing
& Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude
Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical
& Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical
Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber
& Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic
Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic
Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated
Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery
& Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical
Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic
Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport
Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real
Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport,
Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance
& Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government
Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education
Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
*
Based on Index of Industrial Production (2011 = 100) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY
: |
MANUFACTURING |
|
In
the third quarter of 2014, manufacturing output has increased by 1.9%,
extending the 1.5% growth in the previous quarter. Growth was largely driven
by the biomedical manufacturing and chemicals clusters. Besides, for the
whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3%
growth recorded in the previous year. All clusters recorded an expansion in
2013, except the biomedical manufacturing cluster. |
|
|
The
chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by
the petrochemicals and specialty chemicals segments, which expanded by 8.9%
and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2%
in the third quarter of 2014 due to plant maintenance shutdowns. For the year
of 2013, the chemicals cluster grew only by 0.7%. |
|
|
Besides,
output of the biomedical manufacturing cluster expanded by 9.0% in the third
quarter of 2014. The medical technology segment posted robust growth of 23%
due to higher production of medical instruments and supplies, while the
output of the pharmaceuticals segment rose by 6.2%. However, in the whole of
2013, the biomedical manufacturing cluster recorded only a flat growth. |
|
|
In
the third quarter of 2014, the transport engineering cluster contracted by 2.0%,
dragged down by the aerospace segment. Output in the aerospace segment
plunged by 18% on the back of fewer repair jobs from commercial airlines.
This was mitigated by the 4.1% growth in the marine & offshore
engineering segment, which was supported by higher contributions from rig
building projects. Nonetheless, for the whole of 2013, the transport
engineering cluster grew by 5.2%. |
|
|
Moreover,
output of the precision engineering cluster increased by 1.3% in the third
quarter of 2014. The machinery & systems segment grew by 6.2%, supported
by higher demand for semiconductor-related equipment and mechanical
engineering work. This was partly offset by the decline in the output of the
precision modules & components segment. Conversely, in the full year of
2013, the precision engineering cluster's output declined by 5.6%. |
|
|
Furthermore,
in the third quarter of 2014, output of the general manufacturing industries
declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment
was more than offset by declines in the other two segments. In particular,
the miscellaneous industries segment contracted by 4.7% on the back of lower
output in construction-related products, such as concrete & cement
products and steel structural components. For the full year of 2013, the
general manufacturing cluster grew by 2.8%. |
|
|
Besides,
in the third quarter of 2014, the electronics cluster expanded by 0.9%,
reversing the 5.0% contraction in the previous quarter. Growth was supported
by an expansion in the computer peripherals (6.3%) and data storage (2.6%)
segments. Moreover, for the year 2013, the electronics cluster expanded by
3.5%. |
|
|
OVERALL
INDUSTRY OUTLOOK : MATURE |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT AND
LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
INVISTA
(SINGAPORE) PTE. LTD. |
|
Financial
Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
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 |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
SGD |
|
TURNOVER |
253,776,000 |
253,585,000 |
377,373,000 |
298,717,000 |
136,164,004 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
253,776,000 |
253,585,000 |
377,373,000 |
298,717,000 |
136,164,004 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
7,676,000 |
(113,930,000) |
29,335,000 |
25,857,000 |
8,156,148 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
7,676,000 |
(113,930,000) |
29,335,000 |
25,857,000 |
8,156,148 |
|
Taxation |
(204,000) |
(716,000) |
2,054,000 |
5,639,000 |
702,353 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
7,472,000 |
(114,646,000) |
31,389,000 |
31,496,000 |
8,858,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
(1,924,000) |
112,722,000 |
81,333,000 |
49,837,000 |
(80,378,494) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
(1,924,000) |
112,722,000 |
81,333,000 |
49,837,000 |
(80,378,494) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
5,548,000 |
(1,924,000) |
112,722,000 |
81,333,000 |
(71,519,994) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
5,548,000 |
(1,924,000) |
112,722,000 |
81,333,000 |
(71,519,994) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Term
loan / Borrowing |
- |
- |
186,000 |
- |
- |
|
Others |
221,000 |
917,000 |
3,090,000 |
3,106,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
221,000 |
917,000 |
3,276,000 |
3,106,000 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
436,000 |
4,742,000 |
7,485,000 |
7,619,000 |
- |
|
AMORTIZATION |
59,000 |
5,550,000 |
1,470,000 |
1,851,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
495,000 |
10,292,000 |
8,955,000 |
9,470,000 |
- |
|
|
============= |
============= |
============= |
============= |
|
INVISTA
(SINGAPORE) PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
1,169,000 |
1,116,000 |
97,503,000 |
100,697,000 |
140,193,356 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
450,000 |
450,000 |
450,000 |
450,000 |
- |
|
Others |
- |
- |
2,541,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
450,000 |
450,000 |
2,991,000 |
450,000 |
- |
|
Others |
822,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
822,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
2,441,000 |
1,566,000 |
100,494,000 |
101,147,000 |
140,193,356 |
|
Stocks |
30,303,000 |
34,353,000 |
54,455,000 |
40,263,000 |
- |
|
Trade
debtors |
18,760,000 |
16,646,000 |
20,434,000 |
64,332,000 |
- |
|
Other
debtors, deposits & prepayments |
1,995,000 |
1,679,000 |
2,867,000 |
1,836,000 |
- |
|
Short
term deposits |
- |
- |
29,500,000 |
- |
- |
|
Amount
due from holding company |
- |
- |
57,000 |
- |
- |
|
Amount
due from subsidiary companies |
1,430,000 |
3,591,000 |
7,932,000 |
11,839,000 |
- |
|
Amount
due from related companies |
23,160,000 |
23,234,000 |
19,319,000 |
8,062,000 |
- |
|
Cash
& bank balances |
23,102,000 |
33,267,000 |
50,501,000 |
3,510,000 |
- |
|
Others |
- |
- |
3,009,000 |
1,025,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
98,750,000 |
112,770,000 |
188,074,000 |
130,867,000 |
90,766,722 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
101,191,000 |
114,336,000 |
288,568,000 |
232,014,000 |
230,960,078 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
4,875,000 |
4,848,000 |
10,608,000 |
37,273,000 |
- |
|
Other
creditors & accruals |
2,474,000 |
4,381,000 |
11,123,000 |
901,000 |
- |
|
Short
term borrowings/Term loans |
- |
- |
37,308,000 |
- |
- |
|
Bill
& acceptances payable |
- |
- |
- |
8,511,000 |
- |
|
Amounts
owing to subsidiary companies |
484,000 |
325,000 |
646,000 |
404,000 |
- |
|
Amounts
owing to related companies |
34,957,000 |
35,955,000 |
50,947,000 |
41,369,000 |
- |
|
Provision
for taxation |
- |
- |
1,305,000 |
- |
- |
|
Other
liabilities |
3,876,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
46,666,000 |
45,509,000 |
111,937,000 |
88,458,000 |
91,893,017 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
52,084,000 |
67,261,000 |
76,137,000 |
42,409,000 |
(1,126,295) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
54,525,000 |
68,827,000 |
176,631,000 |
143,556,000 |
139,067,061 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
47,585,000 |
47,585,000 |
47,585,000 |
47,585,000 |
194,807,535 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
47,585,000 |
47,585,000 |
47,585,000 |
47,585,000 |
194,807,535 |
|
Retained
profit/(loss) carried forward |
5,548,000 |
(1,924,000) |
112,722,000 |
81,333,000 |
(71,519,994) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
5,548,000 |
(1,924,000) |
112,722,000 |
81,333,000 |
(71,519,994) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
53,133,000 |
45,661,000 |
160,307,000 |
128,918,000 |
123,287,541 |
|
Others |
1,392,000 |
23,166,000 |
16,324,000 |
14,638,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
1,392,000 |
23,166,000 |
16,324,000 |
14,638,000 |
15,779,520 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
54,525,000 |
68,827,000 |
176,631,000 |
143,556,000 |
139,067,061 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
INVISTA
(SINGAPORE) PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
23,102,000 |
33,267,000 |
80,001,000 |
3,510,000 |
- |
|
Net
Liquid Funds |
23,102,000 |
33,267,000 |
80,001,000 |
(5,001,000) |
- |
|
Net
Liquid Assets |
21,781,000 |
32,908,000 |
21,682,000 |
2,146,000 |
(1,126,295) |
|
Net
Current Assets/(Liabilities) |
52,084,000 |
67,261,000 |
76,137,000 |
42,409,000 |
(1,126,295) |
|
Net
Tangible Assets |
53,703,000 |
68,827,000 |
176,631,000 |
143,556,000 |
139,067,061 |
|
Net
Monetary Assets |
20,389,000 |
9,742,000 |
5,358,000 |
(12,492,000) |
(16,905,815) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
7,897,000 |
(113,013,000) |
32,611,000 |
28,963,000 |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
8,392,000 |
(102,721,000) |
41,566,000 |
38,433,000 |
- |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
37,308,000 |
8,511,000 |
- |
|
Total
Liabilities |
48,058,000 |
68,675,000 |
128,261,000 |
103,096,000 |
107,672,537 |
|
Total
Assets |
101,191,000 |
114,336,000 |
288,568,000 |
232,014,000 |
230,960,078 |
|
Net
Assets |
54,525,000 |
68,827,000 |
176,631,000 |
143,556,000 |
139,067,061 |
|
Net
Assets Backing |
53,133,000 |
45,661,000 |
160,307,000 |
128,918,000 |
123,287,541 |
|
Shareholders'
Funds |
53,133,000 |
45,661,000 |
160,307,000 |
128,918,000 |
123,287,541 |
|
Total
Share Capital |
47,585,000 |
47,585,000 |
47,585,000 |
47,585,000 |
194,807,535 |
|
Total
Reserves |
5,548,000 |
(1,924,000) |
112,722,000 |
81,333,000 |
(71,519,994) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.50 |
0.73 |
0.71 |
0.04 |
- |
|
Liquid
Ratio |
1.47 |
1.72 |
1.19 |
1.02 |
- |
|
Current
Ratio |
2.12 |
2.48 |
1.68 |
1.48 |
0.99 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
44 |
49 |
53 |
49 |
- |
|
Debtors
Ratio |
27 |
24 |
20 |
79 |
- |
|
Creditors
Ratio |
7 |
7 |
10 |
46 |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.00 |
0.00 |
0.23 |
0.07 |
- |
|
Liabilities
Ratio |
0.90 |
1.50 |
0.80 |
0.80 |
0.87 |
|
Times
Interest Earned Ratio |
35.73 |
(123.24) |
9.95 |
9.32 |
- |
|
Assets
Backing Ratio |
1.13 |
1.45 |
3.71 |
3.02 |
0.71 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
3.02 |
(44.93) |
7.77 |
8.66 |
5.99 |
|
Net
Profit Margin |
2.94 |
(45.21) |
8.32 |
10.54 |
6.51 |
|
Return
On Net Assets |
14.48 |
(164.20) |
18.46 |
20.18 |
5.86 |
|
Return
On Capital Employed |
14.27 |
(164.20) |
18.46 |
20.18 |
5.86 |
|
Return
On Shareholders' Funds/Equity |
14.06 |
(251.08) |
19.58 |
24.43 |
7.19 |
|
Dividend
Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.