|
|
|
MIRA INFORM REPORT
|
Report No. : |
501061 |
|
Report Date : |
03.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
GROHE
PACIFIC PTE LTD |
|
|
|
|
Registered Office : |
180, Clemenceau Avenue, 06-02, Haw Par Centre, 239922 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
25.06.1994 |
|
|
|
|
Com. Reg. No.: |
199404485W |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Trading of Faucets, Showers, Overflow and Other Sanitary Fitting. |
|
|
|
|
No. of Employees : |
25 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
REGISTRATION
NO. |
: |
199404485W |
||||
|
COMPANY
NAME |
: |
GROHE
PACIFIC PTE LTD |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
25/06/1994 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
180,
CLEMENCEAU AVENUE, 06-02, HAW PAR CENTRE, 239922, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
180,
CLEMENCEAU AVENUE, 06-02, HAW PAR CENTRE, 239922, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63113611 |
||||
|
FAX.NO. |
: |
65-67380855 |
||||
|
EMAIL |
: |
INFO-SINGAPORE@GROHE.COM |
||||
|
WEB
SITE |
: |
WWW.GROHE.COM/SG |
||||
|
CONTACT
PERSON |
: |
NG
WAN XUAN ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF FAUCETS, SHOWERS, OVERFLOW AND OTHER SANITARY FITTING |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
700,000.00
ORDINARY SHARE, OF A VALUE OF SGD 6,100,000.00 |
||||
|
SALES |
: |
USD
46,481,516 [2017] |
||||
|
NET
WORTH |
: |
USD
7,783,521 [2017] |
||||
|
STAFF
STRENGTH |
: |
25
[2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
MODERATE |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
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) trading of faucets,
showers, overflow and other sanitary fitting.
The immediate holding company of the Subject
is GROHE INTERNATIONAL GMBH, a company incorporated in GERMANY.
The ultimate holding company of the Subject
is LIXIL GROUP CORPORATION, a company incorporated in JAPAN.
The intermediate holding company of the
Subject is GROHE AG, a company incorporated in GERMANY.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
02/04/2018 |
SGD
8,100,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
GROHE
INTERNATIONAL GMBH |
FELDMUHLEPLATZ
15, DUSSELDORF 40545 ,GERMANY |
S94UF0379 |
900,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
900,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
CHINA |
GROHE
(SHANGHAI) SANITARY PRODUCTS CO., LTD |
- |
100.00 |
31/12/2017 |
DIRECTORS
DIRECTOR 1
|
Name
Of Subject |
: |
BIJOY
MADASSERY |
|
Address |
: |
180,
CLEMENCEAU AVENUE, 06-02, HAW PAR CENTRE, 239922, SINGAPORE. |
|
IC
/ PP No |
: |
G0480070U |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
01/10/2010 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
199404485W |
GROHE
PACIFIC PTE LTD |
Director |
01/10/2010 |
0.00 |
- |
USD(40,725.00) |
2017 |
- |
02/04/2018 |
|
2 |
199401593N |
LIXIL
INTERNATIONAL PTE. LTD. |
Director |
20/07/2016 |
0.00 |
- |
JPY16,792,685,000.00 |
2017 |
- |
12/09/2017 |
DIRECTOR
2
|
Name
Of Subject |
: |
YOSHIHIRO
NAKAHARA |
|
Address |
: |
180,
CLEMENCEAU AVENUE, 06-02, HAW PAR CENTRE, 239922, SINGAPORE. |
|
IC
/ PP No |
: |
G3383001M |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
01/02/2018 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
199404485W |
GROHE
PACIFIC PTE LTD |
Director |
01/02/2018 |
0.00 |
- |
USD(40,725.00) |
2017 |
- |
02/04/2018 |
DIRECTOR
3
|
Name
Of Subject |
: |
ADAM
EDWARD BRYSON |
|
Address |
: |
PARISER
STRASSE 10, DUSSELDORF, 40549, GERMANY. |
|
IC
/ PP No |
: |
536826484 |
|
Nationality |
: |
BRITISH |
|
Date
of Appointment |
: |
15/04/2015 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
199404485W |
GROHE
PACIFIC PTE LTD |
Director |
15/04/2015 |
0.00 |
- |
USD(40,725.00) |
2017 |
- |
02/04/2018 |
DIRECTOR
4
|
Name
Of Subject |
: |
NG
WAN XUAN |
|
Address |
: |
180,
CLEMENCEAU AVENUE, 06-02, HAW PAR CENTRE, 239922, SINGAPORE. |
|
IC
/ PP No |
: |
S6816453B |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
14/11/2017 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
199404485W |
GROHE
PACIFIC PTE LTD |
Director |
14/11/2017 |
0.00 |
- |
USD(40,725.00) |
2017 |
- |
02/04/2018 |
MANAGEMENT
|
1)
|
Name
of Subject |
: |
NG
WAN XUAN |
|
Position |
: |
DIRECTOR |
AUDITOR
|
Auditor |
: |
DELOITTE
& TOUCHE LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
1)
|
Company
Secretary |
: |
PRIYANKA
SEN |
|
IC
/ PP No |
: |
G3178088N |
|
|
Address |
: |
15A,
BALMORAL ROAD, 01-06, BELMOND GREEN, 259816, SINGAPORE. |
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name |
: |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
ENCUMBRANCE (S)
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201212010 |
08/10/2012 |
N/A |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT
* A check has been conducted in our databank against 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 |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
NO |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
Goods
Traded |
: |
FAUCETS,
SHOWERS, OVERFLOW AND OTHER SANITARY FITTING |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2015 |
2014 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
25 |
25 |
25 |
25 |
|||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of faucets,
showers, overflow and other sanitary fitting.
The Subject is engaged in the trading of bathroom fixtures and sanitary wares.
The Subject sells the products based on customer's demands and requirement.
CURRENT INVESTIGATION
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-63113611 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
180
CLENCLUE AVENUE SINGAPORE |
|
Current
Address |
: |
180,
CLEMENCEAU AVENUE, 06-02, HAW PAR CENTRE, 239922, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We
have contacted one of the staff from the Subject and she provided some
information.
The address provided is incomplete.
FINANCIAL ANALYSIS
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012
- 2017 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012
- 2017 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(0.52%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(1.09%) |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.Higher losses before tax during the year could be due to
the higher operating costs incurred. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Debtor
Ratio |
: |
Unfavourable |
[ |
80
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
29
Days |
] |
|
|
The
high debtors' ratio could indicate that the Subject was weak in its credit
control. However, the Subject could also giving longer credit periods to its
customers in order to boost its sales or to capture / retain its market
share. 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 |
[ |
1.71
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.71
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 |
[ |
(1.12
Times) |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject incurred losses in the year. It did not generate sufficient income to
service its interest. If the situation does not improve, the Subject
may be vulnerable to default in servicing the interest. 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
Subject's losses increased but its turnover showed a fluctuating trend.
This indicate the Subject was slowly losing its market share due to its
competitors. 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's interest cover was negative, indicating that it
did not generate sufficient income to service its interest. If its result
does not show impressive improvements or succeed obtaining short term financing
or capital injection, it may not be able to service its interest and repay
the loans. 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 : LIMITED |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
Major
Economic Indicators : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population
(Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross
Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer
Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total
Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total
Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment
Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist
Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel
Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular
Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration
of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration
of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation
of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation
of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration
of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration
of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation
of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation
of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy
Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy
Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy
Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish
Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing
# |
|||||
|
Food,
Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing
Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather
Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood
& Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper
& Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing
& Media |
113.8 |
105.968
|
100.0 |
85.1 |
73.1 |
|
Crude
Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical
& Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical
Products |
101.421
|
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber
& Plastic Products |
109.497
|
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic
Mineral |
107.4 |
90.759
|
100.0 |
89.8 |
72.9 |
|
Basic
Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated
Metal Products |
107.5 |
107.757
|
100.0 |
93.8 |
91.3 |
|
Machinery
& Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical
Machinery |
87.4 |
97.871
|
100.0 |
101.5 |
111.7 |
|
Electronic
Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport
Equipment |
111.1 |
106.68
|
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real
Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport,
Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance
& Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government
Services |
6.50 |
6.30 |
- |
- |
- |
|
Education
Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
*
Estimate / Preliminary |
|||||
|
#
Based on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS
|
INDUSTRY
: |
TRADING |
|
According
to the Ministry of Trade and Industry, the wholesale & retail trade
sector expanded to 3.0% in the fourth quarter of 2017, moderating from the
3.3% growth in the previous quarter. The wholesale trade segment was boosted
by an improvement in foreign wholesale sales volume, which more than offset
the weakness in domestic wholesale sales volume. For the whole of 2017, the
sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement
in growth can be attributed to the wholesale segment. |
|
|
The
domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017,
reversing the 2.0% growth in the preceding quarter. The poorer outturn was
led by declines in the sales volume of household equipment & furniture
(-27%) and general wholesale merchandise (-19%), which outweighed the
increase in the sales volume of telecommunications & computers (20%). For
the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a
turnaround from the 2.7% decline in 2016. |
|
|
On
the other hand, foreign wholesale sales volume rose to 6.2% in the fourth
quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth
was driven by expansions in the sales of petroleum & petroleum-related
products (11%t), telecommunications & computers (19%) and electronic components
(16%). However, growth was partly offset by a 20% decline in the sales volume
of metals, timber & construction materials. For the full year 2017, the
foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5%
in the previous year. |
|
|
Besides,
retail sales volume rose by 2.1% in the fourth quarter 2017, improving from
the 0.9% growth recorded in the third quarter. Growth was supported by
improvements in both motor vehicle and non-motor vehicle sales volumes. While
motor vehicle sales benefitted from an on-year increase in COE supply, growth
in non-motor vehicle sales came on the back of an improvement in consumer
sentiments. Notably, the sales volume of discretionary goods such as
recreational goods, computer & telecommunication equipment and wearing
apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively. |
|
|
For
the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5%
growth recorded in 2016. Growth was driven by both motor vehicle sales and
non-motor vehicle sales, which the former rising by 1.5% and the latter
increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by
higher sales of discretionary goods. For instance, the sales volume of
recreational goods (3.9%), watches & jewellery (2.4%), computer &
telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%)
improved in 2017. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated
in 1994, the Subject is a Private Limited company, focusing on trading of
faucets, showers, overflow and other sanitary fitting. The Subject has been
in business for over two decades. It has built up a strong clientele base and
satisfactory reputation will enable the Subject to further enhance its
business in the near term. The Subject is expected to enjoy a stable
market shares. A paid up capital of SGD 8,100,000 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. |
PROFIT AND LOSS ACCOUNT
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
GROHE
PACIFIC PTE LTD |
|
Financial
Year End |
2017-03-31 |
2016-03-31 |
2015-12-31 |
|
Months |
12 |
3 |
12 |
|
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 |
46,481,516 |
9,536,738 |
44,005,033 |
|
Other
Income |
3,650,095 |
1,583,814 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
50,131,611 |
11,120,552 |
44,005,033 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(160,253) |
(154,293) |
1,791,601 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(160,253) |
(154,293) |
1,791,601 |
|
Taxation |
119,528 |
47,876 |
(395,219) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(40,725) |
(106,417) |
1,396,382 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As
previously reported |
2,842,485 |
2,948,902 |
4,052,520 |
|
---------------- |
---------------- |
---------------- |
|
|
As
restated |
2,842,485 |
2,948,902 |
4,052,520 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
2,801,760 |
2,842,485 |
5,448,902 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
- |
(2,500,000) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
2,801,760 |
2,842,485 |
2,948,902 |
|
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||
|
Others |
75,470 |
41,885 |
154,056 |
|
---------------- |
---------------- |
---------------- |
|
|
75,470 |
41,885 |
154,056 |
|
|
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
207,371 |
46,840 |
198,507 |
|
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
207,371 |
46,840 |
198,507 |
|
============= |
============= |
============= |
BALANCE SHEET
|
GROHE
PACIFIC PTE LTD |
|
ASSETS
EMPLOYED: |
|||
|
FIXED
ASSETS |
449,158 |
455,123 |
142,353 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||
|
Deferred
assets |
12,581 |
80,514 |
- |
|
Others |
514,007 |
394,673 |
408,024 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
526,588 |
475,187 |
408,024 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
975,746 |
930,310 |
550,377 |
|
CURRENT
ASSETS |
|||
|
Trade
debtors |
10,163,396 |
7,249,996 |
8,059,509 |
|
Other
debtors, deposits & prepayments |
1,960,112 |
277,691 |
445,377 |
|
Amount
due from holding company |
- |
1,520,064 |
2,076,452 |
|
Amount
due from subsidiary companies |
5,606 |
5,462 |
5,462 |
|
Amount
due from related companies |
745,961 |
5,726,853 |
4,735,970 |
|
Cash
& bank balances |
3,868,141 |
4,200,536 |
5,366,959 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
16,743,216 |
18,980,602 |
20,689,729 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
17,718,962 |
19,910,912 |
21,240,106 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade
creditors |
3,661,455 |
4,147,568 |
6,040,786 |
|
Other
creditors & accruals |
4,849,243 |
846,337 |
4,424,959 |
|
Deposits
from customers |
251,117 |
667,887 |
743,176 |
|
Amounts
owing to holding company |
256,138 |
4,147,568 |
160,209 |
|
Amounts
owing to subsidiary companies |
- |
26,023 |
116,416 |
|
Amounts
owing to related companies |
761,888 |
1,688,372 |
1,418,916 |
|
Provision
for taxation |
10,782 |
422,422 |
404,981 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
9,790,623 |
11,946,177 |
13,309,443 |
|
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
6,952,593 |
7,034,425 |
7,380,286 |
|
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||
|
Others |
144,818 |
140,489 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
144,818 |
140,489 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
7,783,521 |
7,824,246 |
7,930,663 |
|
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||
|
SHARE
CAPITAL |
|||
|
Ordinary
share capital |
4,981,761 |
4,981,761 |
4,981,761 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
4,981,761 |
4,981,761 |
4,981,761 |
|
RESERVES |
|||
|
Retained
profit/(loss) carried forward |
2,801,760 |
2,842,485 |
2,948,902 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
2,801,760 |
2,842,485 |
2,948,902 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
7,783,521 |
7,824,246 |
7,930,663 |
|
============= |
============= |
============= |
|
FINANCIAL RATIO
|
GROHE
PACIFIC PTE LTD |
|
TYPES
OF FUNDS |
|||
|
Cash |
3,868,141 |
4,200,536 |
5,366,959 |
|
Net
Liquid Funds |
3,868,141 |
4,200,536 |
5,366,959 |
|
Net
Liquid Assets |
6,952,593 |
7,034,425 |
7,380,286 |
|
Net
Current Assets/(Liabilities) |
6,952,593 |
7,034,425 |
7,380,286 |
|
Net
Tangible Assets |
7,783,521 |
7,824,246 |
7,930,663 |
|
Net
Monetary Assets |
6,807,775 |
6,893,936 |
7,380,286 |
|
PROFIT
& LOSS ITEMS |
|||
|
Earnings
Before Interest & Tax (EBIT) |
(84,783) |
(112,408) |
1,945,657 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
122,588 |
(65,568) |
2,144,164 |
|
BALANCE
SHEET ITEMS |
|||
|
Total
Borrowings |
0 |
0 |
0 |
|
Total
Liabilities |
9,935,441 |
12,086,666 |
13,309,443 |
|
Total
Assets |
17,718,962 |
19,910,912 |
21,240,106 |
|
Net
Assets |
7,783,521 |
7,824,246 |
7,930,663 |
|
Net
Assets Backing |
7,783,521 |
7,824,246 |
7,930,663 |
|
Shareholders'
Funds |
7,783,521 |
7,824,246 |
7,930,663 |
|
Total
Share Capital |
4,981,761 |
4,981,761 |
4,981,761 |
|
Total
Reserves |
2,801,760 |
2,842,485 |
2,948,902 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||
|
Revenue |
387.39 |
(78.33) |
(25.67) |
|
Proft/(Loss)
Before Tax |
(3.86) |
(108.61) |
(38.52) |
|
Proft/(Loss)
After Tax |
61.73 |
(107.62) |
(40.38) |
|
Total
Assets |
(11.01) |
(6.26) |
(0.56) |
|
Total
Liabilities |
(17.80) |
(9.19) |
25.42 |
|
LIQUIDITY
(Times) |
|||
|
Cash
Ratio |
0.40 |
0.35 |
0.40 |
|
Liquid
Ratio |
1.71 |
1.59 |
1.55 |
|
Current
Ratio |
1.71 |
1.59 |
1.55 |
|
WORKING
CAPITAL CONTROL (Days) |
|||
|
Stock
Ratio |
0 |
0 |
0 |
|
Debtors
Ratio |
80 |
277 |
67 |
|
Creditors
Ratio |
29 |
159 |
50 |
|
SOLVENCY
RATIOS (Times) |
|||
|
Gearing
Ratio |
0 |
0 |
0 |
|
Liabilities
Ratio |
1.28 |
1.54 |
1.68 |
|
Times
Interest Earned Ratio |
(1.12) |
(2.68) |
12.63 |
|
Assets
Backing Ratio |
1.56 |
1.57 |
1.59 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating
Profit Margin |
(0.34) |
(1.62) |
4.07 |
|
Net
Profit Margin |
(0.09) |
(1.12) |
3.17 |
|
Return
On Net Assets |
(1.09) |
(1.44) |
24.53 |
|
Return
On Capital Employed |
(1.07) |
(1.41) |
24.53 |
|
Return
On Shareholders' Funds/Equity |
(0.52) |
(1.36) |
17.61 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
1.79 |
|
NOTES
TO ACCOUNTS |
|||
|
Contingent
Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
|
SGD |
1 |
INR 49.69 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.