|
Report No. : |
327488 |
|
Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
DYSTAR SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
80, ROBINSON ROAD, 02-00, 068898 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.06.1995 |
|
|
|
|
Com. Reg. No.: |
199504459-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in trading of textile dyes & auxiliaries product |
|
|
|
|
No. of Employee : |
100 [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 : |
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. |
: |
199504459-G |
||||
|
COMPANY
NAME |
: |
DYSTAR
SINGAPORE PTE LTD |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
27/06/1995 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
80,
ROBINSON ROAD, 02-00, 068898, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
1A,
INTERNATIONAL BUSINESS PARK, 10-01, 609933, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-66712800 |
||||
|
FAX.NO. |
: |
65-66591328 |
||||
|
WEB
SITE |
: |
WWW.DYSTAR.COM |
||||
|
CONTACT
PERSON |
: |
SURESHKUMAR
SAVAJIBHAI GONDALIA ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF TEXTILE DYES & AUXILIARIES PRODUCT |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
14,730,000.00
ORDINARY SHARE, OF A VALUE OF SGD 14,730,000.00 |
||||
|
SALES |
: |
USD
398,690,165 [2014] |
||||
|
NET
WORTH |
: |
USD
26,660,502 [2014] |
||||
|
STAFF
STRENGTH |
: |
100
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
GOOD |
||||
|
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
textile dyes & auxiliaries product.
The immediate holding company of the Subject is DYSTAR GLOBAL HOLDINGS
(SINGAPORE) PTE. LTD., a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
17/06/2015 |
SGD 14,730,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
DYSTAR GLOBAL HOLDINGS (SINGAPORE) PTE. LTD. |
80, ROBINSON ROAD, 02-00, 068898, SINGAPORE. |
200922409R |
14,730,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
14,730,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. SURESHKUMAR SAVAJIBHAI GONDALIA |
|
Address |
: |
B-7, RUCHI APARTMENT, NEHRU PARK, LAB SOCIETY ROAD, VASTRAPUR,
AHMEDABAD, GUJARAT, 380015, INDIA. |
|
IC / PP No |
: |
F3816415 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
05/03/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
SHANKERBHAI RUGHNATHBHAI PATEL |
|
Address |
: |
41, SHREENATH PARK SOCIETY, NR. MANEKBAG OCTROI NAKA, MANEK BAG,
AMBAWADI AHMEDABAD, GUJARAT, INDIA. |
|
IC / PP No |
: |
J0293497 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
05/03/2010 |
DIRECTOR 3
|
Name Of Subject |
: |
LUO BIN |
|
Address |
: |
ROOM 803, 25, SHUI CHENG SOUTH ROAD, SHANGHAI, CHINA. |
|
IC / PP No |
: |
G51708329 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
01/06/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
YAO JIANFANG |
|
Address |
: |
9-33-2, JIANGHU VILLAGE, DONGPU TOWN, YUECHENG DISTRICT SHAOXING CITY,
ZHEJIANG PROVINCE, CHINA. |
|
IC / PP No |
: |
G42675798 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
02/01/2015 |
DIRECTOR 5
|
Name Of Subject |
: |
MR. XU YALIN |
|
Address |
: |
929, BUKIT TIMAH ROAD, 03-21, THE CASCADIA, 589642, SINGAPORE. |
|
IC / PP No |
: |
S2765229H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/06/2012 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
SURESHKUMAR SAVAJIBHAI GONDALIA |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
XU YALIN |
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
LEE WEI HSIUNG |
|
IC / PP No |
: |
S7927166G |
|
|
Address |
: |
633, JURONG WEST STREET 65, 10-310, 640633, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
TAY TUAN LENG |
|
IC / PP No |
: |
S7432140B |
|
|
Address |
: |
635, PASIR RIS DRIVE 1, 11-600, 510635, SINGAPORE. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
|
2) |
Name |
: |
STANDARD CHARTERED BANK |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201307866 |
11/06/2013 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the subject
has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
TEXTILE DYES & AUXILIARIES PRODUCT |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
100 |
100 |
50 |
50 |
50 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of textile
dyes & auxiliaries product.
The Subject is the world's leading supplier of textile dyes. It has by far the
broadest product range on the market, covering almost all fibers and quality
specifications.
* cellulosics
* acrylic
* polyamide
* wool & silk
* polyester
* textile printing
Auxiliaries:
* spinning/weaving
* pretreatment
* dyeing
* printing
* laundry
* finishing
* coating
Services:
The Subject textile services give textile producers an edge on the global
market. It builds a bridge between international retailers and local textile
mills everywhere in the world.
* expert solutions
* ecology solutions
* testing solutions
* color solutions
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-66712800 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
1A INTERNATIONAL BUSINESS PARK, NO. 10-01, SINGAPORE |
|
Current Address |
: |
1A, INTERNATIONAL BUSINESS PARK, 10-01, 609933, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
On 17th June 2015 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
133.84% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
76.98% |
] |
|
|
The Subject's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years.The higher
profit could be attributed to the increase in turnover. Generally the Subject
was profitable. The favourable return on shareholders' funds and return on
net assets indicate that the Subject's management was efficient in utilising
the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
36 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
22 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
9 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 |
[ |
1.05 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.23 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 |
[ |
7.50 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
4.57 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 : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. 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 |
||||||
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. |
|
DYSTAR SINGAPORE PTE LTD |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
398,690,165 |
313,719,321 |
269,991,308 |
198,163,983 |
164,896,241 |
|
Other Income |
515,803 |
157,496 |
77,430 |
18,980,857 |
29,369 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
399,205,968 |
313,876,817 |
270,068,738 |
217,144,840 |
164,925,610 |
|
Costs of Goods Sold |
(303,393,294) |
(248,998,068) |
(230,554,942) |
(163,575,839) |
(133,863,026) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
95,812,674 |
64,878,749 |
39,513,796 |
53,569,001 |
31,062,584 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
35,003,165 |
9,519,513 |
(19,692,734) |
(7,076,424) |
(13,844,234) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
35,003,165 |
9,519,513 |
(19,692,734) |
(7,076,424) |
(13,844,234) |
|
Taxation |
678,000 |
144,437 |
(176,428) |
(134,154) |
79,155 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
35,681,165 |
9,663,950 |
(19,869,162) |
(7,210,578) |
(13,765,079) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(16,979,384) |
(26,643,334) |
(6,774,172) |
436,406 |
14,201,485 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(16,979,384) |
(26,643,334) |
(6,774,172) |
436,406 |
14,201,485 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
18,701,781 |
(16,979,384) |
(26,643,334) |
(6,774,172) |
436,406 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
18,701,781 |
(16,979,384) |
(26,643,334) |
(6,774,172) |
436,406 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
5,385,347 |
4,588,861 |
2,534,968 |
721,916 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,385,347 |
4,588,861 |
2,534,968 |
721,916 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as per notes to P&L) |
105,230 |
149,908 |
- |
- |
- |
|
AMORTIZATION |
97,116 |
56,354 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
202,346 |
206,262 |
- |
- |
- |
|
|
============= |
============= |
BALANCE
SHEET
|
|
DYSTAR SINGAPORE PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
322,083 |
390,986 |
545,082 |
612,784 |
599,739 |
|
Deferred assets |
678,000 |
- |
- |
- |
- |
|
Others |
1,000,000 |
1,600,000 |
2,198,651 |
2,150,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,678,000 |
1,600,000 |
2,198,651 |
2,150,000 |
- |
|
Others |
741,412 |
345,292 |
112,560 |
1,419 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
741,412 |
345,292 |
112,560 |
1,419 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
2,741,495 |
2,336,278 |
2,856,293 |
2,764,203 |
599,739 |
|
Stocks |
39,192,792 |
29,882,117 |
24,751,468 |
25,073,449 |
22,632,198 |
|
Trade debtors |
24,065,400 |
22,454,279 |
18,964,037 |
14,364,057 |
14,548,284 |
|
Other debtors, deposits & prepayments |
65,831,654 |
41,392,999 |
(838,263) |
(970,895) |
749,536 |
|
Amount due from holding company |
- |
- |
- |
12,748 |
- |
|
Amount due from related companies |
132,959,709 |
39,912,560 |
106,170,691 |
63,918,420 |
- |
|
Cash & bank balances |
7,923,504 |
11,633,988 |
13,703,999 |
7,517,511 |
4,596,367 |
|
Others |
- |
- |
- |
- |
26,435,998 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
269,973,059 |
145,275,943 |
162,751,932 |
109,915,290 |
68,962,383 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
272,714,554 |
147,612,221 |
165,608,225 |
112,679,493 |
69,562,122 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
7,849,577 |
7,636,577 |
7,164,226 |
2,375,474 |
1,232,467 |
|
Other creditors & accruals |
71,309,586 |
54,327,892 |
8,005,789 |
4,327,379 |
3,572,695 |
|
Short term borrowings/Term loans |
101,942,506 |
20,000,000 |
55,816,667 |
4,000,000 |
- |
|
Amounts owing to holding company |
- |
- |
3,994 |
5,501,428 |
13,483,012 |
|
Amounts owing to related companies |
39,147,983 |
36,691,116 |
113,302,162 |
95,286,063 |
- |
|
Other liabilities |
- |
- |
- |
- |
42,874,221 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
220,249,652 |
118,655,585 |
184,292,838 |
111,490,344 |
61,162,395 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
49,723,407 |
26,620,358 |
(21,540,906) |
(1,575,054) |
7,799,988 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
52,464,902 |
28,956,636 |
(18,684,613) |
1,189,149 |
8,399,727 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
7,958,721 |
7,958,721 |
7,958,721 |
7,958,721 |
7,958,721 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
7,958,721 |
7,958,721 |
7,958,721 |
7,958,721 |
7,958,721 |
|
Retained profit/(loss) carried forward |
18,701,781 |
(16,979,384) |
(26,643,334) |
(6,774,172) |
436,406 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
18,701,781 |
(16,979,384) |
(26,643,334) |
(6,774,172) |
436,406 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
26,660,502 |
(9,020,663) |
(18,684,613) |
1,184,549 |
8,395,127 |
|
Long term loans |
20,000,000 |
34,831,000 |
- |
- |
- |
|
Deferred taxation |
- |
- |
- |
4,600 |
4,600 |
|
Others |
5,804,400 |
3,146,299 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
25,804,400 |
37,977,299 |
- |
4,600 |
4,600 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
52,464,902 |
28,956,636 |
(18,684,613) |
1,189,149 |
8,399,727 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
DYSTAR SINGAPORE PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
7,923,504 |
11,633,988 |
13,703,999 |
7,517,511 |
4,596,367 |
|
Net Liquid Funds |
7,923,504 |
11,633,988 |
13,703,999 |
7,517,511 |
4,596,367 |
|
Net Liquid Assets |
10,530,615 |
(3,261,759) |
(46,292,374) |
(26,648,503) |
(14,832,210) |
|
Net Current Assets/(Liabilities) |
49,723,407 |
26,620,358 |
(21,540,906) |
(1,575,054) |
7,799,988 |
|
Net Tangible Assets |
51,723,490 |
28,611,344 |
(18,797,173) |
1,187,730 |
8,399,727 |
|
Net Monetary Assets |
(15,273,785) |
(41,239,058) |
(46,292,374) |
(26,653,103) |
(14,836,810) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
14,108,374 |
(17,157,766) |
(6,354,508) |
(13,844,234) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
40,590,858 |
14,314,636 |
(17,157,766) |
(6,354,508) |
(13,844,234) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
121,942,506 |
54,831,000 |
55,816,667 |
4,000,000 |
0 |
|
Total Liabilities |
246,054,052 |
156,632,884 |
184,292,838 |
111,494,944 |
61,166,995 |
|
Total Assets |
272,714,554 |
147,612,221 |
165,608,225 |
112,679,493 |
69,562,122 |
|
Net Assets |
52,464,902 |
28,956,636 |
(18,684,613) |
1,189,149 |
8,399,727 |
|
Net Assets Backing |
26,660,502 |
(9,020,663) |
(18,684,613) |
1,184,549 |
8,395,127 |
|
Shareholders' Funds |
26,660,502 |
(9,020,663) |
(18,684,613) |
1,184,549 |
8,395,127 |
|
Total Share Capital |
7,958,721 |
7,958,721 |
7,958,721 |
7,958,721 |
7,958,721 |
|
Total Reserves |
18,701,781 |
(16,979,384) |
(26,643,334) |
(6,774,172) |
436,406 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.04 |
0.10 |
0.07 |
0.07 |
0.08 |
|
Liquid Ratio |
1.05 |
0.97 |
0.75 |
0.76 |
0.76 |
|
Current Ratio |
1.23 |
1.22 |
0.88 |
0.99 |
1.13 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
36 |
35 |
33 |
46 |
50 |
|
Debtors Ratio |
22 |
26 |
26 |
26 |
32 |
|
Creditors Ratio |
9 |
11 |
11 |
5 |
3 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
4.57 |
(6.08) |
(2.99) |
3.38 |
0.00 |
|
Liabilities Ratio |
9.23 |
(17.36) |
(9.86) |
94.12 |
7.29 |
|
Times Interest Earned Ratio |
7.50 |
3.07 |
(6.77) |
(8.80) |
0.00 |
|
Assets Backing Ratio |
6.50 |
3.59 |
(2.36) |
0.15 |
1.06 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
8.78 |
3.03 |
(7.29) |
(3.57) |
(8.40) |
|
Net Profit Margin |
8.95 |
3.08 |
(7.36) |
(3.64) |
(8.35) |
|
Return On Net Assets |
76.98 |
48.72 |
91.83 |
(534.37) |
(164.82) |
|
Return On Capital Employed |
75.91 |
48.15 |
92.38 |
(533.74) |
(164.82) |
|
Return On Shareholders' Funds/Equity |
133.84 |
(107.13) |
106.34 |
(608.72) |
(163.97) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.100.94 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.