|
Report No. : |
344255 |
|
Report Date : |
10.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CORNING SINGAPORE HOLDINGS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
1, Robinson Road, 17-00, Aia Tower, 048542 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.09.2010 |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Investment Holding. |
|
|
|
|
No. of Employee : |
35 [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 : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION
NO. |
: |
201019507-W |
|
COMPANY
NAME |
: |
CORNING
SINGAPORE HOLDINGS PRIVATE LIMITED |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
14/09/2010 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
1,
ROBINSON ROAD, 17-00, AIA TOWER, 048542, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
1,
KIM SENG PROMENADE, 09-11/12, GREAT WORLD CITY, WEST TOWER, 237994,
SINGAPORE. |
|
TEL.NO. |
: |
65-65729740 |
|
FAX.NO. |
: |
65-67352913 |
|
CONTACT
PERSON |
: |
LAW
ENG NEE ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
INVESTMENT
HOLDING |
|
ISSUED
AND PAID UP CAPITAL |
: |
581,347.00
ORDINARY SHARE, OF A VALUE OF USD 581,348,464.00 |
|
SALES |
: |
SGD
8,438,745 [2013] |
|
NET
WORTH |
: |
SGD
503,022,140 [2013] |
|
STAFF
STRENGTH |
: |
35
[2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
N/A |
|
CURRENCY
EXPOSURE |
: |
N/A |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
MARGINAL
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) investment holding.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
07/10/2015 |
USD
581,348,464.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
CORNING
MAURITIUS LTD |
LES
CASCADES BUILDING, EDITH CAVELL STREET, PORT LOUIS, MAURITIUS. |
T10UF2721H |
581,347.00 |
100.00 |
|
--------------- |
------ |
|||
|
581,347.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
201013032K |
SINGAPORE |
TR
INTEGRATION PTE. LTD. |
- |
100.00 |
07/10/2015 |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
LENNART
BENGT GOETE ELVINSSON |
|
Address |
: |
4,
HYDE PARK GARDENS, BALCKROCK,COUNTRY DUBLIN, IRELAND. |
|
IC
/ PP No |
: |
52823970 |
|
Nationality |
: |
SWEDE |
|
Date
of Appointment |
: |
28/09/2010 |
DIRECTOR
2
|
Name
Of Subject |
: |
LAW
ENG NEE |
|
Address |
: |
941,
JURONG WEST STREET 91, 03-471, 640941, SINGAPORE. |
|
IC
/ PP No |
: |
S7472090J |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
21/02/2013 |
DIRECTOR
3
|
Name
Of Subject |
: |
MICHAEL
TEO WEE HIAN |
|
Address |
: |
2,
PANDAN VALLEY, 05-203, ACACIA COURT, 597626, SINGAPORE. |
|
IC
/ PP No |
: |
S0030995H |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
14/09/2010 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
LAW
ENG NEE |
|
Position |
: |
DIRECTOR |
|
|
|
|
AUDITOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS
LLP |
|
Auditor'
Address |
: |
N/A |
|
|
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
LEONG
YOKE YENG |
|
IC
/ PP No |
: |
S1329872F |
|
|
Address |
: |
123,
CORONATION ROAD WEST, 269348, SINGAPORE. |
|
|
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject is a service provider.
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 |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its clientele.
OPERATIONS
|
|
Services |
: |
INVESTMENT
HOLDING |
|
|
Total
Number of Employees: |
||
|
YEAR |
2015 |
|
|
GROUP |
N/A |
|
|
COMPANY |
35 |
|
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) investment holding.
The Group's Life Sciences division offers innovative vessels, advanced
surfaces, cell culture media and bench top equipment for a wide spectrum of
laboratory applications. Led by the Corning brand, its flagship products for
cell culture, drug discovery and bioprocess, its newer brands, Falcon (liquid
handling and cell culture), Axygen (genomics), and Gosselin (microbiology)
combine with world-renowned PYREX glass to offer beginning-to-end solutions
which help scientists advance their work.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-65729740 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
1
KIM SENG PROMENADE, GREAT WORLD CITY NO.09-11/12 WEST TOWER SINGAPORE 237994.
|
|
Current
Address |
: |
1,
KIM SENG PROMENADE, 09-11/12, GREAT WORLD CITY, WEST TOWER, 237994, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
The Subject refused to disclose its bankers.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
71.41% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
(468.20%) |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
0.06% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
0.07% |
] |
|
|
The increase in turnover could be due to
the Subject adopting an aggressive marketing strategy.The management had
succeeded in turning the Subject into a profit making company. The profit could
be due to better control of its operating costs and efficiency in utilising
its resources. The unfavourable return on shareholders' funds could indicate
that the Subject was inefficient in utilising its assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
7
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
0
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
0
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 |
[ |
2.02
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
2.08
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 |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The Subject's interest cover was nil as it
did not pay any interest during the year. The Subject had no gearing and
hence it had virtually no financial risk. The Subject was financed by its shareholders'
funds and internally generated fund. During the economic downturn, the
Subject, having a zero gearing, will be able to compete better than those
which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
The higher turnover had helped to reduce
the Subject's losses. 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 did not make any interest payment during the year.
The Subject was dependent on its shareholders' funds to finance its business
needs. The Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major
Economic Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population
(Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross
Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer
Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total
Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total
Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment
Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist
Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel
Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular
Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration
of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration
of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation
of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation
of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration
of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration
of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation
of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation
of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy
Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy
Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy
Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish
Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing
* |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food,
Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing
Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather
Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood
& Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper
& Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing
& Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude
Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical
& Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical
Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber
& Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic
Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic
Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated
Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery
& Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical
Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic
Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport
Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real
Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport,
Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance
& Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government
Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education
Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
*
Based on Index of Industrial Production (2011 = 100) |
|||||
INDUSTRY
ANALYSIS
|
|
INDUSTRY
: |
ECONOMY |
|
The Ministry of Trade and Industry (MTI)
announced that it expects the Singapore economy to grow by around 3.0% in
2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%,
higher than the 1.9% growth in 2012. This was mainly due to strong growth in
the services producing industries, particularly the finance & insurance,
as well as wholesale & retail trade sectors. |
|
|
In 2013, all sectors contributed positively
to growth. Finance & insurance was the largest contributor (1.2
percentage-points), followed by wholesale & retail trade (0.8
percentage-points) and business services (0.6 percentage-points). Growth in
the manufacturing sector was improved by 1.7%, on the back of strong growth
in the electronics and transport engineering clusters. By contrast, growth in
the construction sector moderated to 5.9%, from 8.6% in 2012. |
|
|
Growth in the services producing industries
picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger
growth in the finance & insurance and wholesale & retail trade
sectors. The finance & insurance sector grew by 11%, up from 1.3% in the
previous year. The wholesale & retail trade sector has expanded by 5.0%,
after declining by 1.4% the year before. |
|
|
For the whole of 2013, growth in total
demand was 3.1%, similar to the pace of growth in 2012. External demand was
the key contributor to total demand growth, accounting for 2.7
percentage-points, or almost 90%, of the increase. External demand grew at a
faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported
mainly by growth in the exports of machinery & transport equipment,
miscellaneous manufactures, and transport services. Total domestic demand
rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth
in total domestic demand was primarily due to the decline in gross fixed
capital formation (GFCF). |
|
|
For the full year, total consumption
expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public
consumption expenditure increased by 11%, a strong rebound from the 1.9%
decline in 2012. Private consumption expenditure recorded gains of 2.7%,
moderating from the 4.1% increase in the preceding year. |
|
|
Furthermore, in the first three quarters of
2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the
rest of the year, growth is expected to ease slightly on a year-on-year basis,
in line with a projected slowdown in the global economy. Externally-oriented
sectors such as the manufacturing and transportation & storage sectors
are likely to slow, whereas growth in the construction sector will continue
to be weighed down by the weakness in private sector construction activities.
On the other hand, domestically-oriented sectors like business services are
likely to remain resilient. |
|
|
Additionally, the labour market in
Singapore is expected to remain tight in 2015, with low unemployment and
rising vacancy rates. Against this global and domestic backdrop, the growth
outlook for the Singapore economy remains modest. In tandem with the expected
pick-up in external demand, externally-oriented sectors such as
manufacturing, wholesale trade and finance & insurance are likely to
provide support to growth. While some domestically-oriented sectors such as
businesses services are expected to remain resilient, labour-intensive ones
like construction, retail and food services may see their growth weighed down
by labour constraints. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
The industry has reached its maturity stage
and only enjoying a marginal growth. The steady growth of the country's
economy will further enhance the industry activities. Thus, the Subject's
future performance is very much depend on its marketing strategies in order
to retain its position in the market.
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
CORNING
SINGAPORE HOLDINGS PRIVATE LIMITED |
|
Financial
Year End |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
|
Audited
Account |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
|
Currency |
SGD |
SGD |
|
TURNOVER |
8,438,745 |
4,923,017 |
|
Other
Income |
- |
5,000 |
|
---------------- |
---------------- |
|
|
Total
Turnover |
8,438,745 |
4,928,017 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
359,510 |
(97,640) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
359,510 |
(97,640) |
|
Taxation |
(50,922) |
(4,095) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
308,588 |
(101,735) |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As
previously reported |
(11,765,341) |
(11,755,075) |
|
Prior
year adjustment |
- |
91,469 |
|
---------------- |
---------------- |
|
|
As
restated |
(11,765,341) |
(11,663,606) |
|
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(11,456,753) |
(11,765,341) |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(11,456,753) |
(11,765,341) |
|
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
||
|
DEPRECIATION
(as per notes to P&L) |
245,343 |
77,156 |
|
AMORTIZATION |
10,481 |
- |
|
---------------- |
---------------- |
|
|
255,824 |
77,156 |
|
|
============= |
============= |
BALANCE
SHEET
|
|
CORNING
SINGAPORE HOLDINGS PRIVATE LIMITED |
|
ASSETS
EMPLOYED: |
||
|
FIXED
ASSETS |
474,494 |
112,073 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
||
|
Subsidiary
companies |
500,610,944 |
485,368,412 |
|
Others |
38,300 |
38,300 |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
500,649,244 |
485,406,712 |
|
Computer
software |
43,419 |
- |
|
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
43,419 |
- |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
501,167,157 |
485,518,785 |
|
Stocks |
171,218 |
- |
|
Other
debtors, deposits & prepayments |
177,226 |
142,720 |
|
Amount
due from holding company |
1,004,390 |
834,566 |
|
Amount
due from related companies |
237,495 |
132,913 |
|
Cash
& bank balances |
3,830,001 |
2,813,113 |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
5,420,330 |
3,923,312 |
|
---------------- |
---------------- |
|
|
TOTAL
ASSET |
506,587,487 |
489,442,097 |
|
============= |
============= |
|
|
Other
liabilities & accruals |
1,080,254 |
794,208 |
|
Amounts
owing to holding company |
709,128 |
402,941 |
|
Amounts
owing to related companies |
734,842 |
25,027 |
|
Provision
for taxation |
75,922 |
4,095 |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
2,600,146 |
1,226,271 |
|
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
2,820,184 |
2,697,041 |
|
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
503,987,341 |
488,215,826 |
|
============= |
============= |
|
|
SHARE
CAPITAL |
||
|
Ordinary
share capital |
514,313,773 |
499,050,571 |
|
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
514,313,773 |
499,050,571 |
|
Capital
reserve |
256,589 |
187,520 |
|
Retained
profit/(loss) carried forward |
(11,456,753) |
(11,765,341) |
|
Others |
(91,469) |
(91,469) |
|
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(11,291,633) |
(11,669,290) |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
503,022,140 |
487,381,281 |
|
Retirement
benefits provision |
889,162 |
834,545 |
|
Others |
76,039 |
- |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
965,201 |
834,545 |
|
---------------- |
---------------- |
|
|
503,987,341 |
488,215,826 |
|
|
============= |
============= |
|
FINANCIAL
RATIO
|
|
CORNING
SINGAPORE HOLDINGS PRIVATE LIMITED |
|
TYPES
OF FUNDS |
||
|
Cash |
3,830,001 |
2,813,113 |
|
Net
Liquid Funds |
3,830,001 |
2,813,113 |
|
Net
Liquid Assets |
2,648,966 |
2,697,041 |
|
Net
Current Assets/(Liabilities) |
2,820,184 |
2,697,041 |
|
Net
Tangible Assets |
503,943,922 |
488,215,826 |
|
Net
Monetary Assets |
1,683,765 |
1,862,496 |
|
PROFIT
& LOSS ITEMS |
||
|
Earnings
Before Interest & Tax (EBIT) |
359,510 |
(97,640) |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
615,334 |
(20,484) |
|
BALANCE
SHEET ITEMS |
||
|
Total
Borrowings |
0 |
0 |
|
Total
Liabilities |
3,565,347 |
2,060,816 |
|
Total
Assets |
506,587,487 |
489,442,097 |
|
Net
Assets |
503,987,341 |
488,215,826 |
|
Net
Assets Backing |
503,022,140 |
487,381,281 |
|
Shareholders'
Funds |
503,022,140 |
487,381,281 |
|
Total
Share Capital |
514,313,773 |
499,050,571 |
|
Total
Reserves |
(11,291,633) |
(11,669,290) |
|
LIQUIDITY
(Times) |
||
|
Cash
Ratio |
1.47 |
2.29 |
|
Liquid
Ratio |
2.02 |
3.20 |
|
Current
Ratio |
2.08 |
3.20 |
|
WORKING
CAPITAL CONTROL (Days) |
||
|
Stock
Ratio |
7 |
0 |
|
Debtors
Ratio |
0 |
0 |
|
Creditors
Ratio |
0 |
0 |
|
SOLVENCY
RATIOS (Times) |
||
|
Gearing
Ratio |
0 |
0 |
|
Liabilities
Ratio |
0.01 |
0 |
|
Times
Interest Earned Ratio |
0 |
0 |
|
Assets
Backing Ratio |
0.98 |
0.98 |
|
PERFORMANCE
RATIO (%) |
||
|
Operating
Profit Margin |
4.26 |
(1.98) |
|
Net
Profit Margin |
3.66 |
(2.07) |
|
Return
On Net Assets |
0.07 |
(0.02) |
|
Return
On Capital Employed |
0.07 |
(0.02) |
|
Return
On Shareholders' Funds/Equity |
0.06 |
(0.02) |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
|
NOTES
TO ACCOUNTS |
||
|
Contingent
Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.