MIRA INFORM REPORT
|
Report No. : |
331648 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUTAR ENTERPRISES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
19, CHANGI NORTH WAY, 498786 |
|
|
|
|
Country : |
SINGAPORE |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.11.1971 |
|
|
|
|
Com. Reg. No.: |
197101311-Z |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Building Materials |
|
|
|
|
No. of Employee : |
100 |
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 : |
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. |
: |
197101311-Z |
|
COMPANY NAME |
: |
FUTAR ENTERPRISES PRIVATE LIMITED |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
26/11/1971 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
19, CHANGI NORTH WAY, 498786, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
19, CHANGI NORTH WAY, 498786, SINGAPORE. |
|
TEL.NO. |
: |
65-65433818 |
|
FAX.NO. |
: |
65-65433789 |
|
CONTACT PERSON |
: |
TAN SING PHONG ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF BUILDING MATERIALS |
|
ISSUED AND PAID UP CAPITAL |
: |
8,628,578.00 ORDINARY SHARE, OF A VALUE OF SGD 7,902,582.04 |
|
SALES |
: |
SGD 29,846,029 [2013] |
|
NET WORTH |
: |
SGD 21,642,623 [2013] |
|
BANKER (S) |
DBS BANK LTD |
|
|
STAFF STRENGTH |
: |
100 [2015] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
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
building materials.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
13/07/2015 |
SGD 7,902,582.04 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. TAN SING PHONG + |
61, SENNETT LANE, EAST COAST HILL, 466953, SINGAPORE. |
S1356010B |
1,988,574.00 |
23.05 |
|
CHOO TUAN WEI |
5000N, MARINE PARADE ROAD, 20-57, LAGOON VIEW, 449295, SINGAPORE. |
S1198932B |
750,000.00 |
8.69 |
|
LOH SIEW CHOO |
61, SENNETT LANE, EAST COAST HILL, 466953, SINGAPORE. |
S1364970G |
678,000.00 |
7.86 |
|
LAUW PENG KIAT |
19, JALAN ULU SIGLAP, SIGLAP PARK, 457162, SINGAPORE. |
S2157967Z |
459,996.00 |
5.33 |
|
PETER POH KENG SWEE + |
747B, BEDOK RESERVOIR CRESCENT, 06-13, 472747, SINGAPORE. |
S1771359J |
354,334.00 |
4.11 |
|
TAN MUI GIOK @ TAN MUI GEOK |
194, ONAN ROAD, 424579, SINGAPORE. |
S0404390A |
354,332.00 |
4.11 |
|
TAN HONG WAH |
9, CHAPEL CLOSE, 429565, SINGAPORE. |
S1277941J |
324,600.00 |
3.76 |
|
BRILLIANT EAST ENTERPRISES (PT E) LTD. |
30, BOURNEMOUTH ROAD, 439676, SINGAPORE. |
197301533D |
315,000.00 |
3.65 |
|
LAUW CHOON KANG |
20C, EAST COAST AVENUE, 459213, SINGAPORE. |
S2158592J |
267,732.00 |
3.10 |
|
CHNG HONG TECK |
36, DAKOTA CRESCENT, 11-07, DAKOTA RESIDENCES, 399937, SINGAPORE. |
S0101782I |
256,668.00 |
2.97 |
|
SAMUEL ZHUANG SENMAO |
36, DAKOTA CRESCENT, 11-07, DAKOTA RESIDENCES, 399937, SINGAPORE. |
S8210790H |
256,668.00 |
2.97 |
|
ZHUANG KAI QUAN |
36, DAKOTA CRESCENT, 11-07, DAKOTA RESIDENCES, 399937, SINGAPORE. |
S8524324A |
256,668.00 |
2.97 |
|
LAUW BOEN WAN |
24, SIGLAP GARDENS, 456125, SINGAPORE. |
S2157964E |
207,000.00 |
2.40 |
|
LAUW BOEN HAA |
22, EAST COAST AVUNUE, 459224, SINGAPORE. |
S2180263H |
195,000.00 |
2.26 |
|
ANG AH POO |
162, JOO CHIAT ROAD, 427437, SINGAPORE. |
S0622063J |
159,996.00 |
1.85 |
|
SOH THIAM SIEW |
114, SIMEI STREET 1, 08-624, 520114, SINGAPORE. |
S0581764A |
156,000.00 |
1.81 |
|
SU TU CHANG YUAK @ SOO MEE KIM |
180, MEYER ROAD, 437964, SINGAPORE. |
S1851575Z |
156,000.00 |
1.81 |
|
CHUA SEOH MEY |
73, LORONG 4, TOA PAYOH, 09-597, 310073, MALAYSIA. |
S1787111J |
156,000.00 |
1.81 |
|
EVELYN POH SUAT HOON |
28, CASSIA CRESCENT, 06-20, 391028, SINGAPORE. |
S7337601G |
147,334.00 |
1.71 |
|
CHRISTINA POH HSIEH LI |
61, MARINE DRIVE, 08-82, 440061, SINGAPORE. |
S6936567A |
147,332.00 |
1.71 |
|
ONG EE MUI |
127, TAMPINES STREET 11, 10-440, 521127, SINGAPORE. |
S0363081A |
135,199.00 |
1.57 |
|
LAU KENG SENG |
37A, LORONG MARZUKI, 37-A, 417103, MALAYSIA. |
S1056923J |
130,000.00 |
1.51 |
|
ONG LON VOON |
254, JOO CHIAT ROAD, 427508, SINGAPORE. |
S7410882B |
120,000.00 |
1.39 |
|
CHAN LAY KHENG |
17Q, NALLUR ROAD, 456633, SINGAPORE. |
S0098943F |
107,336.00 |
1.24 |
|
LEE SIOK KEE |
35, BEDOK AVENUE, 469944, SINGAPORE. |
S0612370H |
80,004.00 |
0.93 |
|
CHOO HWEE MING |
17Q, NALLUR ROAD, 456633, SINGAPORE. |
S0291645B |
53,668.00 |
0.62 |
|
TAN PANG SHENG |
112, LENGKONG TIGA, 16-219, 410112, SINGAPORE. |
S1584630E |
52,000.00 |
0.60 |
|
TAN CHENG TEE |
195, ONAN ROAD, 424580, SINGAPORE. |
S0718974E |
52,000.00 |
0.60 |
|
DANNY TAN PANG YANN |
240, TAMPINES STREET 21, 04-469, 520240, SINGAPORE. |
S1423458F |
52,000.00 |
0.60 |
|
TAN HEE LIANG |
1, KEE SUN AVENUE, 457023, SINGAPORE. |
S1585447B |
47,502.00 |
0.55 |
|
TAN HEE JOEK |
526, EAST COARST ROAD, 16-03, OCEAN PARK, 458968, SINGAPORE. |
S7205559D |
47,502.00 |
0.55 |
|
KUAH AH CHOO |
9, PINE CLOSE, 09-08, 390009, SINGAPORE. |
S0649838H |
42,000.00 |
0.49 |
|
VIKKI TAY YAN PING |
1A, LORONG ABU TALIB, 456837, SINGAPORE. |
S7801586A |
20,000.00 |
0.23 |
|
POH AH HOCK |
28, CASSIA CRESCENT, 06-20, 391028, SINGAPORE. |
S0404309Z |
18,000.00 |
0.21 |
|
ONG TEOW ENG |
254, JOO CHIAT ROAD, 427508, SINGAPORE. |
S068284F |
14,534.00 |
0.17 |
|
ONG KOK LEONG |
162, JOO CHIAT ROAD, 427437, SINGAPORE. |
S0086627Z |
14,533.00 |
0.17 |
|
ONG MUI ENG |
234, JURONG EAST STREET 21, 03-302, 600234, SINGAPORE. |
S0074348H |
14,533.00 |
0.17 |
|
ONG PIAK MUI |
499, YIO CHU KANG ROAD, 15-06, SEASON PARK, 787082, SINGAPORE. |
S0084430F |
14,533.00 |
0.17 |
|
GAN KIM HOON |
21C, SIMEI STREET4, 11-50, DOUBLE BAY RESIDENCES, 528720, SINGAPORE. |
S1715628D |
10,000.00 |
0.12 |
|
LOK GEOK HWA |
647, JALAN TENAGA, 10-119, 410647, SINGAPORE. |
S1664974J |
10,000.00 |
0.12 |
|
CRISPINA TAY YAN BING |
186A, RIVERVALE DRIVE, 09-822, 541186, SINGAPORE. |
S8739874I |
6,000.00 |
0.07 |
|
--------------- |
------ |
|||
|
8,628,578.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
200208434R |
SINGAPORE |
FUTAR HOLDINGS PTE. LTD. |
100.00 |
13/07/2015 |
DIRECTORS
DIRECTOR 1
|
Name Of Subject |
: |
ABYGAIL TAN LI SHAN |
|
Address |
: |
61, SENNETT LANE, EAST COAST HILL, 466953, SINGAPORE. |
|
IC / PP No |
: |
S9102353I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
29/12/2014 |
DIRECTOR 2
|
Name Of Subject |
: |
PETER POH KENG SWEE |
|
Address |
: |
747B, BEDOK RESERVOIR CRESCENT, 06-13, 472747, SINGAPORE. |
|
IC / PP No |
: |
S1771359J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
06/05/1997 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. TAN SING PHONG |
|
Address |
: |
61, SENNETT LANE, EAST COAST HILL, 466953, SINGAPORE. |
|
IC / PP No |
: |
S1356010B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
30/06/1996 |
MANAGEMENT
|
1) |
Name of Subject |
: |
TAN SING PHONG |
|
Position |
: |
MANAGING DIRECTOR |
AUDITOR
|
Auditor |
: |
ENTERPRISE ACCOUNTANTS LLP |
|
Auditor' Address |
: |
N/A |
|
Auditor |
: |
ENTERPRISE ACCOUNTANTS LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
1) |
Company Secretary |
: |
GOH CHENG GUAN |
|
IC / PP No |
: |
S1476288D |
|
|
Address |
: |
401, PANDAN GARDENS, 04-01, 600401, SINGAPORE. |
BANKING
Banking relations are maintained principally with :
|
1) |
Name |
: |
DBS BANK LTD |
|
2) |
Name |
: |
THE DEVELOPMENT BANK OF SINGAPORE LTD |
ENCUMBRANCE
(S)
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
199904899 |
06/11/1999 |
N/A |
DBS BANK LTD |
- |
Unsatisfied |
|
C200505378 |
07/09/2005 |
N/A |
DBS BANK LTD |
- |
Unsatisfied |
|
C201007798 |
03/09/2010 |
N/A |
DBS BANK LTD |
- |
Unsatisfied |
LITIGATION
CHECK AGAINST SUBJECT
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
|
LEGAL ACTION |
|
||||||||||||
|
|||||||||||||
|
Code No |
: |
99 |
Case No |
: |
4693 |
||||||||
|
Year |
: |
2006 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
DISTRICT COURT |
|||||||||||
|
Date Filed |
: |
08/12/2006 |
|||||||||||
|
Solicitor |
: |
MOHAMED MOHIDEEN S/O SHAIK NOOHU |
|||||||||||
|
Solicitor Ref |
: |
MM/0975/05 |
|||||||||||
|
Solicitor Firm |
: |
YPMP LAW CORPORATION |
|||||||||||
|
Plaintiff |
: |
KAYUIM SIDDIQUE MIAH |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
61000 |
|||||||||||
|
Nature of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
NEGLIGENCE |
|||||||||||
|
|
|||||||||||||
|
Code No |
: |
99 |
Case No |
: |
3267 |
||||||||
|
Year |
: |
2010 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
DISTRICT COURT |
|||||||||||
|
Date Filed |
: |
28/09/2010 |
|||||||||||
|
Solicitor Ref |
: |
HS/JT/1217/09 |
|||||||||||
|
Solicitor Firm |
: |
HAR ASSOCIATES |
|||||||||||
|
Plaintiff |
: |
WU WENKEN |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Remark |
: |
OTHERS/MISCELLANEOUS |
|||||||||||
|
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 |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CASH |
|||
|
Type of Customer |
: |
CONSTRUCTION INDUSTRY |
|||
OPERATIONS
|
Goods Traded |
: |
BUILDING MATERIALS |
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
100 |
100 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of building materials.
The Subject is engaged in construction.
The Subject focuses on building construction.
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65433818 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
19, CHANGI NORTH WAY,498786,SINGAPORE |
|
Current Address |
: |
19, CHANGI NORTH WAY, 498786, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
On 10th July 2015 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL
ANALYSIS
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
9.41% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
11.32% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The Subject's profit fell sharply because of the high
operating costs incurred. The unfavourable return on shareholders' funds
could indicate that the Subject was inefficient in utilising its assets to
generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
173 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
157 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
41 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The Subject's debtors
ratio was high. The Subject should tighten its credit control and improve its
collection period. 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 |
[ |
1.55 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.98 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
8.97 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.29 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 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 : |
||||||
|
The Subject recorded lower profits as its turnover showed a erratic
trend. The Subject's management was unable to control its costs efficiently
as its profit showed a downward trend. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. The Subject had an acceptable interest cover. If
there is no sudden sharp increase in interest rate or fall in the Subject's
profit, we do believe the Subject is able to generate sufficient cash flow to
service its interest payment. The Subject 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 : STABLE |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
* Based on Index of Industrial Production (2011 = 100) |
INDUSTRY
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. |
|
FUTAR ENTERPRISES PRIVATE LIMITED |
|
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 |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
29,846,029 |
29,339,730 |
29,695,155 |
30,285,961 |
34,559,946 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
29,846,029 |
29,339,730 |
29,695,155 |
30,285,961 |
34,559,946 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,421,539 |
3,971,333 |
4,024,392 |
4,255,394 |
4,312,450 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
2,421,539 |
3,971,333 |
4,024,392 |
4,255,394 |
4,312,450 |
|
Taxation |
(385,247) |
(628,716) |
(696,199) |
(717,745) |
(615,915) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
2,036,292 |
3,342,617 |
3,328,193 |
3,537,649 |
3,696,535 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
12,135,178 |
9,223,990 |
6,327,226 |
7,092,578 |
3,773,293 |
|
Prior year adjustment |
- |
- |
- |
(3,951,291) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
12,135,178 |
9,223,990 |
6,327,226 |
3,141,287 |
3,773,293 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
14,171,470 |
12,566,607 |
9,655,419 |
6,678,936 |
7,469,828 |
|
TRANSFER TO RESERVES - General |
- |
- |
- |
25,540 |
- |
|
DIVIDENDS - Ordinary (paid & proposed) |
(431,429) |
(431,429) |
(431,429) |
(377,250) |
(377,250) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
13,740,041 |
12,135,178 |
9,223,990 |
6,327,226 |
7,092,578 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
10,622 |
- |
56 |
- |
- |
|
Lease interest |
15,384 |
20,218 |
11,062 |
- |
- |
|
Term loan / Borrowing |
94,279 |
87,833 |
150,930 |
- |
- |
|
Trust receipts |
183,733 |
135,125 |
181,528 |
- |
- |
|
Others |
- |
- |
- |
521,912 |
477,223 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
304,018 |
243,176 |
343,576 |
521,912 |
477,223 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
462,488 |
439,683 |
464,948 |
404,894 |
324,283 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
462,488 |
439,683 |
464,948 |
404,894 |
324,283 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
FUTAR ENTERPRISES PRIVATE LIMITED |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
4,591,520 |
4,848,045 |
4,909,710 |
5,215,178 |
5,244,472 |
|
Others |
5,500 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
5,500 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
4,597,020 |
4,848,045 |
4,909,710 |
5,215,178 |
5,244,472 |
|
Stocks |
14,122,910 |
13,657,761 |
11,179,831 |
11,076,826 |
8,530,553 |
|
Trade debtors |
12,812,805 |
10,044,422 |
10,015,157 |
8,618,857 |
9,774,919 |
|
Other debtors, deposits & prepayments |
511,683 |
422,722 |
535,435 |
388,881 |
498,268 |
|
Short term deposits |
225,862 |
215,917 |
225,919 |
225,166 |
249,652 |
|
Cash & bank balances |
1,637,943 |
2,166,699 |
1,727,557 |
985,145 |
420,155 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
29,311,203 |
26,507,521 |
23,683,899 |
21,294,875 |
19,473,547 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
33,908,223 |
31,355,566 |
28,593,609 |
26,510,053 |
24,718,019 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
3,346,442 |
2,465,951 |
2,353,702 |
749,151 |
1,393,571 |
|
Other creditors & accruals |
1,840,870 |
1,431,860 |
1,669,786 |
1,542,360 |
1,091,524 |
|
Hire purchase & lease creditors |
85,803 |
85,803 |
71,876 |
57,590 |
57,590 |
|
Short term borrowings/Term loans |
212,196 |
682,547 |
3,179,143 |
- |
- |
|
Other borrowings |
3,786,235 |
3,036,862 |
- |
- |
- |
|
Amounts owing to director |
180,500 |
185,446 |
187,227 |
188,099 |
743,737 |
|
Provision for taxation |
372,125 |
622,937 |
703,915 |
701,479 |
713,099 |
|
Other liabilities |
- |
- |
- |
5,071,311 |
6,723,631 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
9,824,171 |
8,511,406 |
8,165,649 |
8,309,990 |
10,723,152 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
19,487,032 |
17,996,115 |
15,518,250 |
12,984,885 |
8,750,395 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
24,084,052 |
22,844,160 |
20,427,960 |
18,200,063 |
13,994,867 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
7,902,582 |
7,902,582 |
7,902,582 |
7,902,582 |
3,772,501 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
7,902,582 |
7,902,582 |
7,902,582 |
7,902,582 |
3,772,501 |
|
Capital reserve |
- |
- |
- |
- |
25,540 |
|
Retained profit/(loss) carried forward |
13,740,041 |
12,135,178 |
9,223,990 |
6,327,226 |
7,092,578 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
13,740,041 |
12,135,178 |
9,223,990 |
6,327,226 |
7,118,118 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
21,642,623 |
20,037,760 |
17,126,572 |
14,229,808 |
10,890,619 |
|
Long term loans |
1,962,045 |
2,237,530 |
2,949,484 |
- |
- |
|
Lease obligations |
328,384 |
417,870 |
200,904 |
- |
- |
|
Hire purchase creditors |
- |
- |
- |
172,780 |
230,370 |
|
Deferred taxation |
151,000 |
151,000 |
151,000 |
151,000 |
151,000 |
|
Others |
- |
- |
- |
3,646,475 |
2,722,878 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
2,441,429 |
2,806,400 |
3,301,388 |
3,970,255 |
3,104,248 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
24,084,052 |
22,844,160 |
20,427,960 |
18,200,063 |
13,994,867 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
FUTAR ENTERPRISES PRIVATE LIMITED |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,863,805 |
2,382,616 |
1,953,476 |
1,210,311 |
669,807 |
|
Net Liquid Funds |
1,863,805 |
2,382,616 |
1,953,476 |
1,210,311 |
669,807 |
|
Net Liquid Assets |
5,364,122 |
4,338,354 |
4,338,419 |
1,908,059 |
219,842 |
|
Net Current Assets/(Liabilities) |
19,487,032 |
17,996,115 |
15,518,250 |
12,984,885 |
8,750,395 |
|
Net Tangible Assets |
24,078,552 |
22,844,160 |
20,427,960 |
18,200,063 |
13,994,867 |
|
Net Monetary Assets |
2,922,693 |
1,531,954 |
1,037,031 |
(2,062,196) |
(2,884,406) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
2,725,557 |
4,214,509 |
4,367,968 |
4,777,306 |
4,789,673 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
3,188,045 |
4,654,192 |
4,832,916 |
5,182,200 |
5,113,956 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
6,374,663 |
6,460,612 |
6,401,407 |
230,370 |
287,960 |
|
Total Liabilities |
12,265,600 |
11,317,806 |
11,467,037 |
12,280,245 |
13,827,400 |
|
Total Assets |
33,908,223 |
31,355,566 |
28,593,609 |
26,510,053 |
24,718,019 |
|
Net Assets |
24,084,052 |
22,844,160 |
20,427,960 |
18,200,063 |
13,994,867 |
|
Net Assets Backing |
21,642,623 |
20,037,760 |
17,126,572 |
14,229,808 |
10,890,619 |
|
Shareholders' Funds |
21,642,623 |
20,037,760 |
17,126,572 |
14,229,808 |
10,890,619 |
|
Total Share Capital |
7,902,582 |
7,902,582 |
7,902,582 |
7,902,582 |
3,772,501 |
|
Total Reserves |
13,740,041 |
12,135,178 |
9,223,990 |
6,327,226 |
7,118,118 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.19 |
0.28 |
0.24 |
0.15 |
0.06 |
|
Liquid Ratio |
1.55 |
1.51 |
1.53 |
1.23 |
1.02 |
|
Current Ratio |
2.98 |
3.11 |
2.90 |
2.56 |
1.82 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
173 |
170 |
137 |
133 |
90 |
|
Debtors Ratio |
157 |
125 |
123 |
104 |
103 |
|
Creditors Ratio |
41 |
31 |
29 |
9 |
15 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.29 |
0.32 |
0.37 |
0.02 |
0.03 |
|
Liabilities Ratio |
0.57 |
0.56 |
0.67 |
0.86 |
1.27 |
|
Times Interest Earned Ratio |
8.97 |
17.33 |
12.71 |
9.15 |
10.04 |
|
Assets Backing Ratio |
3.05 |
2.89 |
2.58 |
2.30 |
3.71 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
8.11 |
13.54 |
13.55 |
14.05 |
12.48 |
|
Net Profit Margin |
6.82 |
11.39 |
11.21 |
11.68 |
10.70 |
|
Return On Net Assets |
11.32 |
18.45 |
21.38 |
26.25 |
34.22 |
|
Return On Capital Employed |
11.27 |
18.38 |
21.31 |
26.17 |
34.08 |
|
Return On Shareholders' Funds/Equity |
9.41 |
16.68 |
19.43 |
24.86 |
33.94 |
|
Dividend Pay Out Ratio (Times) |
0.21 |
0.13 |
0.13 |
0.11 |
0.10 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SDA |
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.