|
Report No. : |
320942 |
|
Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
EXPORT TRADING COMMODITIES PTE. LTD. |
|
|
|
|
Registered Office : |
10, Anson Road, 32-11, International Plaza, 079903 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
04.05.2010 |
|
|
|
|
Com. Reg. No.: |
201009524-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of agricultural commodities. |
|
|
|
|
No. of Employees : |
20 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports. Growth in 2014 was slower at 13.9%, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
201009524-M |
|
COMPANY
NAME |
: |
EXPORT
TRADING COMMODITIES PTE. LTD. |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
04/05/2010 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
10,
ANSON ROAD, 32-11, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
ONE
RAFFLES PLACE, 44-01A, UOB CENTRE, 048616, SINGAPORE. |
|
TEL.NO. |
: |
65-65368400 |
|
FAX.NO. |
: |
65-65364470 |
|
CONTACT
PERSON |
: |
MAHESHKUMAR
RAOJIBHAI PATEL ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF AGRICULTURAL COMMODITIES |
|
ISSUED
AND PAID UP CAPITAL |
: |
1,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00 |
|
SALES |
: |
USD
683,646,714 [2014] |
|
NET
WORTH |
: |
USD
38,801,462 [2014] |
|
STAFF
STRENGTH |
: |
20
[2015] |
|
BANKER
(S) |
|
ING
BANK N. V. |
|
|
|
|
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
The Subject is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As a
private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The
Subject is principally engaged in the (as a / as an) trading of agricultural
commodities.
The
immediate holding company of the Subject is ETC GROUP, a company incorporated
in MAURITIUS.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
30/03/2015 |
SGD
1,000,000.00 & USD 29,300,000.00 |
|
07/01/2014 |
USD
29,300,000.00 & SGD 1,000,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
ETC
GROUP |
ST.
LOUIS BUSINESS CENTRE, CNR DESROCHES & ST. LOUIS STREETS, PORT LOUIS, MAURITIUS. |
T10UF1760 |
30,300,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
30,300,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTOR 1
|
Name
Of Subject |
: |
MAHESHKUMAR
RAOJIBHAI PATEL |
|
Address |
: |
PLOT
1505, MSASANI PENINSULA, MSASANI KINONDONI, DAR ES SALAAM, TANZANIA. |
|
IC
/ PP No |
: |
AB312563 |
|
Nationality |
: |
TANZANIAN |
|
Date
of Appointment |
: |
04/05/2010 |
DIRECTOR
2
|
Name
Of Subject |
: |
JAYESHKUMAR
GORDHANBHAI PATEL |
|
Address |
: |
OCBA-502,
381-JUMEIRA PALM POST BOX: 482076, UNITED ARAB EMIRATES (DUBAI). |
|
IC
/ PP No |
: |
AB585827 |
|
Nationality |
: |
TANZANIAN |
|
Date
of Appointment |
: |
20/09/2012 |
DIRECTOR
3
|
Name
Of Subject |
: |
KETANKUMAR
VINUBHAI PATEL |
|
Address |
: |
1,
RAFFLES PLACE, 44-01A, ONE RAFFLES PLACE, 048616, SINGAPORE. |
|
IC
/ PP No |
: |
G5076425M |
|
Nationality |
: |
BRITISH |
|
Date
of Appointment |
: |
04/05/2010 |
DIRECTOR
4
|
Name
Of Subject |
: |
VASUDEVA
BANGERA BARKUR |
|
Address |
: |
P.O.
BOX 10295, PLOT 77, LUGALO ROAD UPANGA, DAR ES SALAAM, TANZANIA. |
|
IC
/ PP No |
: |
Z2327387 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
20/09/2012 |
|
1)
|
Name
of Subject |
: |
MAHESHKUMAR
RAOJIBHAI PATEL |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
KPMG
LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
LIM
SOH SEA |
|
IC
/ PP No |
: |
S7077960I |
|
|
Address |
: |
101A,
LORONG 2, TOA PAYOH, 08-07, 310101, SINGAPORE. |
|
|
2)
|
Company
Secretary |
: |
AZMAN
BIN ABDULLAH |
|
IC
/ PP No |
: |
S7321299E |
|
|
Address |
: |
407,
JURONG WEST STREET 42, 02-643, 640407, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
ING
BANK N. V. |
|
2)
|
Name |
: |
STANDARD
CHARTERED BANK |
|
3)
|
Name |
: |
DBS
BANK LTD |
|
4)
|
Name |
: |
BNP
PARIBAS |
|
5)
|
Name |
: |
SOCIETE
GENERALE |
|
6)
|
Name |
: |
BANK
OF INDIA |
|
7)
|
Name |
: |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201105023 |
21/04/2011 |
N/A |
FBN
BANK (UK) LTD |
- |
Unsatisfied |
|
C201105037 |
21/04/2011 |
N/A |
FBN
BANK (UK) LTD |
- |
Unsatisfied |
|
C201105046 |
21/04/2011 |
N/A |
FBN
BANK (UK) LTD |
- |
Unsatisfied |
|
C201105048 |
21/04/2011 |
N/A |
FBN
BANK (UK) LTD |
- |
Unsatisfied |
|
C201105052 |
21/04/2011 |
N/A |
FBN
BANK (UK) LTD |
- |
Unsatisfied |
|
C201111858 |
21/09/2011 |
N/A |
BNP
PARIBAS |
- |
Unsatisfied |
|
C201200560 |
12/01/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LTD |
- |
Unsatisfied |
|
C201200563 |
12/01/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LTD |
- |
Unsatisfied |
|
C201200568 |
12/01/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LTD |
- |
Unsatisfied |
|
C201200569 |
12/01/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LTD |
- |
Unsatisfied |
|
C201200576 |
12/01/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LTD |
- |
Unsatisfied |
|
C201200600 |
12/01/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LTD |
- |
Unsatisfied |
|
C201206896 |
25/06/2012 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201206897 |
25/06/2012 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201206901 |
25/06/2012 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201209070 |
08/08/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201209072 |
08/08/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201209073 |
08/08/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201209074 |
08/08/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201209076 |
08/08/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201209077 |
08/08/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201209078 |
08/08/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201209080 |
08/08/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201209520 |
22/08/2012 |
N/A |
COOPERATIEVE
CENTRALE RAIFFEISENBOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK
INTERNATIONAL'') |
- |
Unsatisfied |
|
C201210225 |
07/09/2012 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201213919 |
29/11/2012 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201213921 |
29/11/2012 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201300689 |
15/01/2013 |
N/A |
DBS
BANK LTD |
- |
Unsatisfied |
|
C201300692 |
15/01/2013 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201307520 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307521 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307522 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307523 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307526 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307538 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307542 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307543 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307544 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307547 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307548 |
04/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307553 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307554 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307555 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307557 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307559 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307565 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307566 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307567 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307572 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307576 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307578 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307582 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307584 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307586 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307589 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307595 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201307597 |
05/06/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201309170 |
05/07/2013 |
N/A |
AUSTRALIA
AND NEW ZEALAND BANKING GROUP LIMITED |
- |
Unsatisfied |
|
C201309171 |
05/07/2013 |
N/A |
AUSTRALIA
AND NEW ZEALAND BANKING GROUP LIMITED |
- |
Unsatisfied |
|
C201310454 |
31/07/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201310456 |
31/07/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201311691 |
27/08/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201316160 |
04/12/2013 |
N/A |
CIMB
BANK BERHAD |
- |
Unsatisfied |
|
C201316164 |
04/12/2013 |
N/A |
CIMB
BANK BERHAD |
- |
Unsatisfied |
|
C201316166 |
04/12/2013 |
N/A |
CIMB
BANK BERHAD |
- |
Unsatisfied |
|
C201317289 |
23/12/2013 |
N/A |
THE
STANDARD BANK OF SOUTH AFRICA LIMITED |
- |
Unsatisfied |
|
C201401629 |
12/02/2014 |
N/A |
SOCIETE
GENERALE |
- |
Unsatisfied |
|
C201401632 |
12/02/2014 |
N/A |
SOCIETE
GENERALE |
- |
Unsatisfied |
|
C201403436 |
03/04/2014 |
N/A |
BANK
OF INDIA |
- |
Unsatisfied |
|
C201403438 |
03/04/2014 |
N/A |
BANK
OF INDIA |
- |
Unsatisfied |
|
C201409498 |
03/09/2014 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201412221 |
04/11/2014 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201501625 |
03/02/2015 |
N/A |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201501629 |
03/02/2015 |
N/A |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
X |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
WORLDWIDE |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Goods
Traded |
: |
AGRICULTURAL
COMMODITIES |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
2013 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
20 |
0 |
|||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of
agricultural commodities.
The Subject sells agricultural products.
The Subject sells products including pulses,cashew nuts,ground nuts and others.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6565368400 |
|
Current
Telephone Number |
: |
65-65368400 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
#32-11
INTERNATIONAL PLAZA 10 ANSON ROAD SINGAPORE |
|
Current
Address |
: |
ONE
RAFFLES PLACE, 44-01A, UOB CENTRE, 048616, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
On 7th May 2015 we contacted one of the staff from the Subject and she provided
some information.
The address provided belongs to the Subject's registered office.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2011
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2011
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
13.26% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
26.54% |
] |
|
|
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. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
0
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
34
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 |
[ |
1.14
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.14
Times |
] |
|
|
A
minimum liquid ratio of 1 should be maintained by the Subject in order to assure
its creditors of its ability to meet short term obligations and the Subject
was in a good liquidity position. Thus, we believe the Subject is able to
meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Unfavourable |
[ |
1.77
Times |
] |
|
|
Gearing
Ratio |
: |
Unfavourable |
[ |
3.53
Times |
] |
|
|
The
Subject's interest cover was low. If its profits fall or when interest rate
rises, it may not be able to meet all its interest payment. 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. If there is a fall in the
Subject's profit or any increase in interest rate, the Subject may not be
able to generate sufficient cash-flow to service its interest. 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 : LIMITED |
||||||
|
Major
Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population
(Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross
Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer
Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total
Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total
Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment
Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist
Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel
Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular
Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration
of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration
of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation
of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation
of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration
of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration
of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation
of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation
of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy
Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy
Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy
Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy
Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish
Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing
* |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food,
Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing
Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather
Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood
& Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper
& Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing
& Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude
Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical
& Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical
Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber
& Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic
Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic
Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated
Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery
& Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical
Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic
Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport
Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real
Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport,
Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance
& Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government
Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education
Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
*
Based on Index of Industrial Production (2011 = 100) |
|
INDUSTRY
: |
TRADING |
|
The
wholesale and retail trade sectors have expanded by 2.0% in the third quarter
of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the
wholesale and retail sector expanded by 5.0%, after declining by 1.4% the
year before. Growth of the sector was driven by the wholesale trade segment. |
|
|
The
domestic wholesale trade index has increased by 3.2% in the fourth quarter of
2013, moderating from the 6.6% growth in the previous quarter. The slower
growth was due to a decline in the sales of furniture and household equipment
(-12%) and petroleum and petroleum products (-0.6%). For the full year, the
domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in
2012. On the other hand, the foreign wholesale trade index has increased by a
slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in
the preceding quarter. The slowdown was due to a fall in the sales of
telecommunication equipment and computer (-3.8%) and petroleum and petroleum
products (-2.5%). For the full year, the growth of the foreign wholesale
trade index moderated slightly to 8.6% from 9.1% in the previous year. |
|
|
In
the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the
5.6% decline in the previous quarter. Excluding motor vehicles, retail sales
volume increased by 0.4%, a slower pace of expansion as compared to the 1.6%
gain in the preceding quarter. The sales volume of motor vehicles fell by 33%
in the fourth quarter of 2013, extending the 32% decline in the previous
quarter. Meanwhile, the sales of several discretionary items also fell in the
fourth quarter of 2013. For instance, the sales of telecommunications
apparatus and computers fell by 12%, while the sales of furniture and
household equipment declined by 5.4%. |
|
|
For
the full year, retail sales volume contracted by 4.3%, a reversal from the
1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales
volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches
and jewellery recorded the largest increase (11%) in sales in 2013, followed
by optical goods and book (3%) and medical goods and toiletries (3%). By contrast,
the sales of telecommunications apparatus and computer (-7.3%), furniture and
household equipment (-4.2%) and petrol service stations (-1.4) declined in
2013. |
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
|
Incorporated
in 2010, the Subject is a Private Limited company, focusing on trading of
agricultural commodities. The Subject has been in business for less than 5
years and it has slowly been building up contact with its clients while competing
in the industry. However, it has yet to enjoy a stable market shares as it
need to compete many well established players in the same field. The Subject
have a strong capital position of SGD 1,000,000 & USD 29,300,000. We are
confident with the Subject's business and its future growth prospect. Having
strong support from its holding company has enabled the Subject to remain
competitive despite the challenging business environment. |
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
Financial
Year End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2011-03-31 |
|
Months |
12 |
12 |
12 |
11 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
|
TURNOVER |
683,646,714 |
397,845,490 |
106,636,633 |
18,149,983 |
|
Other
Income |
117,821 |
55,463 |
- |
310,416 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
683,764,535 |
397,900,953 |
106,636,633 |
18,460,399 |
|
Costs
of Goods Sold |
(657,686,893) |
(379,236,044) |
(98,680,594) |
(16,590,170) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
26,077,642 |
18,664,909 |
7,956,039 |
1,870,229 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
5,614,713 |
2,773,780 |
1,098,339 |
72,391 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
5,614,713 |
2,773,780 |
1,098,339 |
72,391 |
|
Taxation |
(470,011) |
(250,000) |
(80,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
5,144,702 |
2,523,780 |
1,018,339 |
72,391 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As
previously reported |
3,614,510 |
1,090,730 |
72,391 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
3,614,510 |
1,090,730 |
72,391 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
8,759,212 |
3,614,510 |
1,090,730 |
72,391 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
8,759,212 |
3,614,510 |
1,090,730 |
72,391 |
|
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
||||
|
Others |
7,336,517 |
1,927,001 |
961,422 |
21,733 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,336,517 |
1,927,001 |
961,422 |
21,733 |
|
|
============= |
============= |
============= |
============= |
|
ASSETS
EMPLOYED: |
||||
|
FIXED
ASSETS |
120,670 |
198,315 |
151,604 |
129,103 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
||||
|
Subsidiary
companies |
10,595,667 |
- |
- |
- |
|
Investments |
10,000,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
20,595,667 |
- |
- |
- |
|
Computer
software |
- |
20,237 |
22,395 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
- |
20,237 |
22,395 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
20,716,337 |
218,552 |
173,999 |
129,103 |
|
Stocks |
19,005 |
283,899 |
- |
515,000 |
|
Trade
debtors |
63,198,780 |
65,166,287 |
15,005,568 |
700,442 |
|
Other
debtors, deposits & prepayments |
30,393,418 |
16,300,272 |
5,150,818 |
1,150,459 |
|
Short
term deposits |
6,504,078 |
13,500,000 |
- |
- |
|
Amount
due from holding company |
167,456 |
155,210 |
43,446 |
8,119 |
|
Amount
due from related companies |
116,015,142 |
47,620,405 |
50,401,670 |
1,986,776 |
|
Cash
& bank balances |
5,587,286 |
6,883,071 |
105,694 |
38,687 |
|
Others |
183,673 |
124,052 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
222,068,838 |
150,033,196 |
70,707,196 |
4,399,483 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
242,785,175 |
150,251,748 |
70,881,195 |
4,528,586 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
||||
|
Trade
creditors |
15,729,960 |
17,512,811 |
15,851,498 |
3,713,945 |
|
Other
creditors & accruals |
858,632 |
1,476,713 |
2,693,313 |
- |
|
Bank
overdraft |
100,353 |
- |
- |
- |
|
Short
term borrowings/Term loans |
136,993,880 |
92,348,065 |
49,500,000 |
- |
|
Interest
payable |
- |
- |
881,151 |
- |
|
Amounts
owing to holding company |
5,215,667 |
10,000,000 |
41,628 |
- |
|
Amounts
owing to related companies |
33,089,956 |
5,007,399 |
625 |
- |
|
Provision
for taxation |
495,556 |
250,000 |
80,000 |
- |
|
Other
liabilities |
1,499,709 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
193,983,713 |
126,594,988 |
69,048,215 |
3,713,945 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
28,085,125 |
23,438,208 |
1,658,981 |
685,538 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
48,801,462 |
23,656,760 |
1,832,980 |
814,641 |
|
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
||||
|
Ordinary
share capital |
30,042,250 |
20,042,250 |
742,250 |
742,250 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
30,042,250 |
20,042,250 |
742,250 |
742,250 |
|
Retained
profit/(loss) carried forward |
8,759,212 |
3,614,510 |
1,090,730 |
72,391 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
8,759,212 |
3,614,510 |
1,090,730 |
72,391 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
38,801,462 |
23,656,760 |
1,832,980 |
814,641 |
|
Others |
10,000,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
10,000,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
48,801,462 |
23,656,760 |
1,832,980 |
814,641 |
|
|
============= |
============= |
============= |
============= |
|
TYPES
OF FUNDS |
||||
|
Cash |
12,091,364 |
20,383,071 |
105,694 |
38,687 |
|
Net
Liquid Funds |
11,991,011 |
20,383,071 |
105,694 |
38,687 |
|
Net
Liquid Assets |
28,066,120 |
23,154,309 |
1,658,981 |
170,538 |
|
Net
Current Assets/(Liabilities) |
28,085,125 |
23,438,208 |
1,658,981 |
685,538 |
|
Net
Tangible Assets |
48,801,462 |
23,636,523 |
1,810,585 |
814,641 |
|
Net
Monetary Assets |
18,066,120 |
23,154,309 |
1,658,981 |
170,538 |
|
BALANCE
SHEET ITEMS |
||||
|
Total
Borrowings |
137,094,233 |
92,348,065 |
49,500,000 |
0 |
|
Total
Liabilities |
203,983,713 |
126,594,988 |
69,048,215 |
3,713,945 |
|
Total
Assets |
242,785,175 |
150,251,748 |
70,881,195 |
4,528,586 |
|
Net
Assets |
48,801,462 |
23,656,760 |
1,832,980 |
814,641 |
|
Net
Assets Backing |
38,801,462 |
23,656,760 |
1,832,980 |
814,641 |
|
Shareholders'
Funds |
38,801,462 |
23,656,760 |
1,832,980 |
814,641 |
|
Total
Share Capital |
30,042,250 |
20,042,250 |
742,250 |
742,250 |
|
Total
Reserves |
8,759,212 |
3,614,510 |
1,090,730 |
72,391 |
|
LIQUIDITY
(Times) |
||||
|
Cash
Ratio |
0.06 |
0.16 |
0.00 |
0.01 |
|
Liquid
Ratio |
1.14 |
1.18 |
1.02 |
1.05 |
|
Current
Ratio |
1.14 |
1.19 |
1.02 |
1.18 |
|
WORKING
CAPITAL CONTROL (Days) |
||||
|
Stock
Ratio |
0 |
0 |
0 |
10 |
|
Debtors
Ratio |
34 |
60 |
51 |
14 |
|
Creditors
Ratio |
9 |
17 |
59 |
82 |
|
SOLVENCY
RATIOS (Times) |
||||
|
Gearing
Ratio |
3.53 |
3.90 |
27.01 |
0.00 |
|
Liabilities
Ratio |
5.26 |
5.35 |
37.67 |
4.56 |
|
Times
Interest Earned Ratio |
1.77 |
2.44 |
2.14 |
4.33 |
|
Assets
Backing Ratio |
1.62 |
1.18 |
2.44 |
1.10 |
|
PERFORMANCE
RATIO (%) |
||||
|
Operating
Profit Margin |
0.82 |
0.70 |
1.03 |
0.40 |
|
Net
Profit Margin |
0.75 |
0.63 |
0.95 |
0.40 |
|
Return
On Net Assets |
26.54 |
19.87 |
112.37 |
11.55 |
|
Return
On Capital Employed |
26.48 |
19.85 |
111.02 |
11.55 |
|
Return
On Shareholders' Funds/Equity |
13.26 |
10.67 |
55.56 |
8.89 |
|
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.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.