|
|
REGISTRATION NO.
|
:
|
201025904-R
|
|
COMPANY NAME
|
:
|
AVANI RESOURCES
PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
07/12/2010
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
143, CECIL STREET,
08-03/04, GB BUILDING, 069542, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
143, CECIL
STREET, 08-03/04, GB BUILDING, 069542, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62211270
|
|
FAX.NO.
|
:
|
65-62214560
|
|
WEB SITE
|
:
|
WWW.AVANI.SG
|
|
CONTACT PERSON
|
:
|
SHIV RAJ KAPUR
( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF
COMMODITY PRODUCTS
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
1,000,000.00
ORDINARY SHARE, OF A VALUE OF USD 1,000,000.00
|
|
|
|
|
SALES
|
:
|
USD
654,961,326 [2014]
|
|
NET WORTH
|
:
|
USD 22,693,257
[2014]
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2006]
|
|
BANKER (S)
|
:
|
|
DBS BANK
LTD
ING BANK N. V.
MALAYAN BANKING BHD
STANDARD CHARTERED BANK
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the Subject must
have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The Subject is
principally engaged in the (as a / as an) trading of commodity products.
The immediate
holding company of the Subject is TERRA MIN RESOURCES PVT. LTD., a company
incorporated in INDIA.
Share Capital
History
|
Date
|
Issue & Paid Up Capital
|
|
14/05/2015
|
USD 1,000,000.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
CHEN ZHIGUO +
|
ROOM 203, BUILDING 3, 3, YONGDINGMEN STREET WEST, XICHENG DISTRICT,
BEIJING, CHINA.
|
G38056458
|
180,000.00
|
18.00
|
|
RAJESH JOHAR +
|
200, DEPOT ROAD, 06-39, THE INTERLACE, 109694, SINGAPORE.
|
S7187084G
|
100,000.00
|
10.00
|
|
SANDEEP BHARGAVA +
|
12-D, IDEAL TOWERS, 57 DIAMOND, HARBOUR ROAD, KOLKATA, 700023,
INDIA.
|
H8111997
|
80,000.00
|
8.00
|
|
TERRA MIN RESOURCES PVT. LTD.
|
40/7, BALLYGUNGE CIRCULAR ROAD, KOLKATA 700019, INDIA.
|
T11UF2010
|
640,000.00
|
64.00
|
|
|
|
---------------
|
------
|
|
|
|
1,000,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
SHIV RAJ KAPUR
|
|
Address
|
:
|
122, SIMEI STREET 1, 11-436, 520122, SINGAPORE.
|
|
IC / PP No
|
:
|
S2640515G
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
07/12/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
LALITENDU JENA
|
|
Address
|
:
|
70-B, BDA DUPLEX COLONY, BARAMUNDA, BHUBANESWAR, KHURDA 751003,
ORISSA, INDIA.
|
|
IC / PP No
|
:
|
Z2793734
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
17/02/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
SANDEEP BHARGAVA
|
|
Address
|
:
|
12-D, IDEAL TOWERS, 57 DIAMOND, HARBOUR ROAD, KOLKATA, 700023,
INDIA.
|
|
IC / PP No
|
:
|
H8111997
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
14/02/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
RAJESH JOHAR
|
|
Address
|
:
|
200, DEPOT ROAD, 06-39, THE INTERLACE, 109694, SINGAPORE.
|
|
IC / PP No
|
:
|
S7187084G
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
30/11/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
CHEN ZHIGUO
|
|
Address
|
:
|
ROOM 203, BUILDING 3, 3, YONGDINGMEN STREET WEST, XICHENG DISTRICT,
BEIJING, CHINA.
|
|
IC / PP No
|
:
|
G38056458
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of Appointment
|
:
|
14/02/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
RAJESH JOHAR
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
SHIV RAJ KAPUR
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
JBS PRACTICE PUBLIC ACCOUNTING CORPORATION
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
SHIV RAJ KAPUR
|
|
IC / PP No
|
:
|
S2640515G
|
|
|
|
|
|
Address
|
:
|
122, SIMEI STREET 1, 11-436, 520122, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
3)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
4)
|
Name
|
:
|
STANDARD CHARTERED BANK
|
|
|
|
|
|
|
|
|
|
5)
|
Name
|
:
|
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
|
|
|
|
|
|
6)
|
Name
|
:
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
|
|
|
|
|
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201110433
|
22/08/2011
|
N/A
|
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C2011111573
|
15/09/2011
|
N/A
|
DBS BANK LTD
|
-
|
Unsatisfied
|
|
C201111574
|
15/09/2011
|
N/A
|
DBS BANK LTD
|
-
|
Unsatisfied
|
|
C201111575
|
15/09/2011
|
N/A
|
DBS BANK LTD
|
-
|
Unsatisfied
|
|
C201202623
|
08/03/2012
|
N/A
|
MALAYAN BANKING BHD
|
-
|
Unsatisfied
|
|
C201202624
|
08/03/2012
|
N/A
|
MALAYAN BANKING BHD
|
-
|
Unsatisfied
|
|
C201209796
|
29/08/2012
|
N/A
|
STANDARD CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201209797
|
29/08/2012
|
N/A
|
STANDARD CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201209798
|
29/08/2012
|
N/A
|
STANDARD CHARTERED BANK
|
-
|
Unsatisfied
|
|
C201213577
|
23/11/2012
|
N/A
|
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201315300
|
14/11/2013
|
N/A
|
DBS BANK LTD.
|
-
|
Unsatisfied
|
|
C201404089
|
24/04/2014
|
N/A
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
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
INDIA
AFRICA
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
Other Information:
The Subject is principally engaged in the (as a / as an) trading of commodity
products.
The Subject sells the following commodity products.
* Thermal Coal
* Steam Coal
* Anthracite Coal
* Coking Coal
* Iron Ore
* Chrome ore
* Chrome Concentrate
* Manganese Ore
* Ferro Alloys
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-62211270
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
143, CECIL STREET, NO. 08-03/04 G B BUILDING SINGAPORE 069542
|
|
Current Address
|
:
|
143, CECIL STREET, 08-03/04, GB BUILDING, 069542, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
On 13th May 2015 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2012 - 2014
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2012 - 2014
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
50.33%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
43.19%
|
]
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The higher profit could be attributed to
the increase in turnover. 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
|
[
|
12 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
22 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
6 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
|
[
|
1.01 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
|
:
|
Favourable
|
[
|
16.67 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
4.73 Times
|
]
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. The Subject was
highly geared, thus it had a high financial risk. The Subject was dependent
on loans to finance its business needs. In times of economic downturn and /
or high interest rate, the Subject will become less profitable and
competitive than other firms in the same industry, which are lowly geared.
This is because the Subject has to service the interest and to repay the
loan, which will erode part of its profits. The profits will fluctuate
depending on the Subject's turnover and the interest it needs to pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the turnover was erratic, the Subject had maintained a
steady growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The Subject was in good liquidity
position with its total current liabilities well covered by its total
current assets. With its current net assets, the Subject should be able to
repay its short term obligations. With the favourable interest cover, the
Subject could be able to service all the accrued interest without facing
any difficulties. 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
|
Incorporated in 2010, the Subject is a Private Limited company, focusing on
trading of commodity products. 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. A paid up capital of USD 1,000,000 allows the Subject to expand
its business more comfortably. With a strong backing from its holding
company, the Subject enjoys timely financial assistance should the needs
arise.
Investigation revealed, the Subject has penetrated into both the local and
overseas market. The Subject has positioned itself in the global market and
is competing in the industry. Its stable clientele base will enable the
Subject to further enhance its business in the near term. Overall, we
regard that the Subject's management capability is average. This indicates
that the Subject has greater potential to improve its business performance
and raising income for the Subject.
Despite the lower turnover, the Subject's pre-tax profit have increased
compared to the previous year. The higher profit could be due to better
control of its operating costs and efficiency in utilising its resources.
Based on the higher profitability, the Subject has generated a favourable
return based on its existing shareholders' funds which indicated that the
management was efficient in utilising its funds to generate income. The Subject
is in good liquidity position with its current liabilities well covered by
it current assets. Hence, it has sufficient working capital to meet its
short term financial obligations. The high gearing ratio clearly implied
that the Subject was supported by more debt than equity. Thus, the Subject
is exposed to high financial risk. Given a positive net worth standing at
USD 22,693,257, the Subject should be able to maintain its business in the
near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency
on deliveries from a number of key suppliers and insufficient quantities of
its raw materials. Overall the Subject has a good control over its
resources.
Overall, the Subject's payment habit is good as the Subject has a good
credit control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS.
|
|
Financial Year End
|
2014-03-31
|
2013-03-31
|
2012-03-31
|
|
Months
|
12
|
12
|
4
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
USD
|
|
|
|
|
|
TURNOVER
|
654,961,326
|
685,418,476
|
302,870,987
|
|
Other Income
|
2,400,534
|
1,371,141
|
552,189
|
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
657,361,860
|
686,789,617
|
303,423,176
|
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
12,675,691
|
8,151,833
|
7,927,905
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
12,675,691
|
8,151,833
|
7,927,905
|
|
Taxation
|
(1,253,723)
|
(1,500,000)
|
(841,000)
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
11,421,968
|
6,651,833
|
7,086,905
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
As previously reported
|
13,238,738
|
7,086,905
|
-
|
|
----------------
|
----------------
|
----------------
|
|
As restated
|
13,238,738
|
7,086,905
|
-
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
24,660,706
|
13,738,738
|
7,086,905
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
(2,600,000)
|
(500,000)
|
-
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
22,060,706
|
13,238,738
|
7,086,905
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
Term loan / Borrowing
|
119,200
|
261,018
|
-
|
|
Others
|
689,842
|
671,500
|
576,767
|
|
----------------
|
----------------
|
----------------
|
|
809,042
|
932,518
|
576,767
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
DEPRECIATION (as per notes to P&L)
|
243,005
|
21,638
|
15,122
|
|
----------------
|
----------------
|
----------------
|
|
243,005
|
21,638
|
15,122
|
|
=============
|
=============
|
=============
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
8,530,295
|
31,016
|
46,430
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
8,530,295
|
31,016
|
46,430
|
|
|
|
|
|
Stocks
|
20,646,180
|
16,201,512
|
17,520,194
|
|
Trade debtors
|
40,142,152
|
29,099,725
|
5,527,236
|
|
Other debtors, deposits & prepayments
|
1,078,658
|
16,534,430
|
35,199
|
|
Short term deposits
|
24,234,887
|
30,978,350
|
29,800,640
|
|
Interest receivable
|
7,380
|
555,589
|
651
|
|
Amount due from related companies
|
15,500,925
|
2,851,518
|
-
|
|
Cash & bank balances
|
42,265,341
|
19,927,355
|
7,661,690
|
|
Others
|
37,449,128
|
33,125,986
|
1,503,442
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
181,324,651
|
149,274,465
|
62,049,052
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
189,854,946
|
149,305,481
|
62,095,482
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade creditors
|
10,411,378
|
5,818,859
|
4,463,394
|
|
Other creditors & accruals
|
7,577,531
|
7,771,826
|
1,862,983
|
|
Short term borrowings/Term loans
|
40,632,507
|
58,599,796
|
23,152,778
|
|
Deposits from customers
|
80,541
|
-
|
-
|
|
Bill & acceptances payable
|
58,166,176
|
12,449,397
|
-
|
|
Amounts owing to related companies
|
1,988,320
|
1,618,579
|
900,000
|
|
Amounts owing to director
|
-
|
29,100
|
-
|
|
Provision for taxation
|
1,992,012
|
1,500,000
|
841,000
|
|
Other liabilities
|
37,781,000
|
41,647,331
|
1,450,000
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
158,629,465
|
129,434,888
|
32,670,155
|
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
22,695,186
|
19,839,577
|
29,378,897
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
31,225,481
|
19,870,593
|
29,425,327
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
1,000,000
|
1,000,000
|
1,000,000
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
|
|
|
General reserve
|
(367,449)
|
159,633
|
(8,800)
|
|
Retained profit/(loss) carried forward
|
22,060,706
|
13,238,738
|
7,086,905
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
21,693,257
|
13,398,371
|
7,078,105
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
22,693,257
|
14,398,371
|
8,078,105
|
|
|
|
|
|
Long term loans
|
8,532,224
|
5,472,222
|
21,347,222
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
8,532,224
|
5,472,222
|
21,347,222
|
|
----------------
|
----------------
|
----------------
|
|
31,225,481
|
19,870,593
|
29,425,327
|
|
=============
|
=============
|
=============
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
66,500,228
|
50,905,705
|
37,462,330
|
|
Net Liquid Funds
|
8,334,052
|
38,456,308
|
37,462,330
|
|
Net Liquid Assets
|
2,049,006
|
3,638,065
|
11,858,703
|
|
Net Current Assets/(Liabilities)
|
22,695,186
|
19,839,577
|
29,378,897
|
|
Net Tangible Assets
|
31,225,481
|
19,870,593
|
29,425,327
|
|
Net Monetary Assets
|
(6,483,218)
|
(1,834,157)
|
(9,488,519)
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
107,330,907
|
76,521,415
|
44,500,000
|
|
Total Liabilities
|
167,161,689
|
134,907,110
|
54,017,377
|
|
Total Assets
|
189,854,946
|
149,305,481
|
62,095,482
|
|
Net Assets
|
31,225,481
|
19,870,593
|
29,425,327
|
|
Net Assets Backing
|
22,693,257
|
14,398,371
|
8,078,105
|
|
Shareholders' Funds
|
22,693,257
|
14,398,371
|
8,078,105
|
|
Total Share Capital
|
1,000,000
|
1,000,000
|
1,000,000
|
|
Total Reserves
|
21,693,257
|
13,398,371
|
7,078,105
|
|
LIQUIDITY (Times)
|
|
|
|
|
Cash Ratio
|
0.42
|
0.39
|
1.15
|
|
Liquid Ratio
|
1.01
|
1.03
|
1.36
|
|
Current Ratio
|
1.14
|
1.15
|
1.90
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
12
|
9
|
21
|
|
Debtors Ratio
|
22
|
15
|
7
|
|
Creditors Ratio
|
6
|
3
|
5
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
4.73
|
5.31
|
5.51
|
|
Liabilities Ratio
|
7.37
|
9.37
|
6.69
|
|
Times Interest Earned Ratio
|
16.67
|
9.74
|
14.75
|
|
Assets Backing Ratio
|
31.23
|
19.87
|
29.43
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
1.94
|
1.19
|
2.62
|
|
Net Profit Margin
|
1.74
|
0.97
|
2.34
|
|
Return On Net Assets
|
43.19
|
45.72
|
28.90
|
|
Return On Capital Employed
|
43.19
|
45.72
|
28.90
|
|
Return On Shareholders' Funds/Equity
|
50.33
|
46.20
|
87.73
|
|
Dividend Pay Out Ratio (Times)
|
0.23
|
0.08
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
|
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.