|
|
|
MIRA INFORM REPORT
|
Report No. : |
501588 |
|
Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHAW INDUSTRIES
ASIA PTE. LTD. |
|
|
|
|
Registered Office : |
1, Kim Seng Promenade, 15-12, Great World
City, 237994 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
26.09.2011 |
|
|
|
|
Com. Reg. No.: |
201129152K |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of carpet & rugs. |
|
|
|
|
No. of Employees : |
13 [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 : |
Regular |
|
|
|
|
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. |
: |
201129152K |
|
COMPANY NAME |
: |
SHAW INDUSTRIES ASIA PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
26/09/2011 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
1, KIM SENG PROMENADE, 15-12, GREAT WORLD
CITY, 237994, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
1, KIM SENG PROMENADE, 15-12, GREAT WORLD CITY,
WEST TOWER, 237994, SINGAPORE. |
|
TEL.NO. |
: |
65-67331811 |
|
FAX.NO. |
: |
65-68366075 |
|
CONTACT PERSON |
: |
BAEY CHENG SONG ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CARPET & RUGS |
|
ISSUED AND PAID UP CAPITAL |
: |
86,943,878.00 ORDINARY SHARE, OF A VALUE OF
USD 86,943,878.00 |
|
SALES |
: |
USD 22,871,303 [2016] |
|
NET WORTH |
: |
USD 76,415,015 [2016] |
|
STAFF STRENGTH |
: |
13 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
REGULAR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
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 carpet & rugs.
The immediate holding company of the Subject
is SHAW INDUSTRIES S.A.R.L., a company incorporated in LUXEMBOURG.
The ultimate holding company of the Subject
is BERKSHIRE HATHAWAY INC, a company incorporated in UNITED STATES.
The intermediate holding company of the
Subject is SHAW INDUSTRIES GROUP,INC., a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
04/04/2018 |
USD 86,943,878.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SHAW INDUSTRIES S.A.R.L. |
ATRIUM BUSINESS PARK, 33, RUE DU PUITS ROMAIN,
L-8070 BERTRANGE, GRAND DUCHY LUXEMBOURG |
T11UF3770 |
86,943,878.00 |
100.00 |
|
--------------- |
------ |
|||
|
86,943,878.00 |
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 |
SHAW CARPET (CHINA) CO. LTD |
- |
100.00 |
03/01/2015 |
|
|
CHINA |
SHAW CARPET (CHINA) CO. LTD |
- |
100.00 |
31/12/2016 |
|
|
INDIA |
SHAW FLOORS INDIA PRIVAE LTD |
- |
100.00 |
03/01/2015 |
|
|
INDIA |
SHAW FLOORS INDIA PRIVAE LTD |
- |
100.00 |
31/12/2016 |
|
|
HONG KONG |
SHAW INDUSTRIES HONG KONG LIMITED |
- |
100.00 |
03/01/2015 |
|
|
HONG KONG |
SHAW INDUSTRIES HONG KONG LIMITED |
- |
100.00 |
31/12/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
KIRKPATRICK JAMES LESTER |
|
Address |
: |
194, SCRAPESHIN TRL, RINGGOLD, GA,
30736-66, UNITED STATES. |
|
IC / PP No |
: |
444047257 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
28/03/2014 |
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 |
201129152K |
SHAW INDUSTRIES ASIA PTE. LTD. |
Director |
28/03/2014 |
0.00 |
- |
USD(4,371,833.00) |
2016 |
- |
04/04/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
CLARK DANIEL JAMES JR |
|
Address |
: |
2013, CHATHAM DR, DALTON, GA, 30720-71,
UNITED STATES. |
|
IC / PP No |
: |
531259947 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
28/03/2014 |
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 |
201129152K |
SHAW INDUSTRIES ASIA PTE. LTD. |
Director |
28/03/2014 |
0.00 |
- |
USD(4,371,833.00) |
2016 |
- |
04/04/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
BAUCOM TIMOTHY LEN |
|
Address |
: |
4003, PINTAIL CIR, ROCKY FACE, GA,
30740-89, UNITED STATES. |
|
IC / PP No |
: |
511772881 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
28/03/2014 |
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 |
201129152K |
SHAW INDUSTRIES ASIA PTE. LTD. |
Director |
28/03/2014 |
0.00 |
- |
USD(4,371,833.00) |
2016 |
- |
04/04/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
TALLON KAREN SWENSON |
|
Address |
: |
2104, ELMAR DR, CHATTANOOGA, TN, 37421-25,
UNITED STATES. |
|
IC / PP No |
: |
466144481 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
28/03/2014 |
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 |
201129152K |
SHAW INDUSTRIES ASIA PTE. LTD. |
Director |
28/03/2014 |
0.00 |
- |
USD(4,371,833.00) |
2016 |
- |
04/04/2018 |
DIRECTOR 5
|
Name Of Subject |
: |
BAEY CHENG SONG |
|
Address |
: |
37 GROVE DRIVE, HENRY PARK, 279077,
SINGAPORE. |
|
IC / PP No |
: |
S0247168Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
26/09/2011 |
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 |
201104240M |
ANGE SHIPPING COMPANY PTE. LTD. |
Director |
27/06/2011 |
0.00 |
- |
- |
2015 |
- |
06/05/2016 |
|
2 |
198701388M |
ARISTON THERMO PTE. LTD. |
Director |
01/07/2011 |
0.00 |
- |
SGD(502,593.00) |
2014 |
- |
08/07/2016 |
|
3 |
200800866E |
ASIA PEAK PTE. LTD. |
Director |
15/05/2008 |
0.00 |
- |
USD1,723,817.00 |
2016 |
- |
31/10/2017 |
|
4 |
995121P |
ATMEL MANAGEMENT PTE. LTD. |
Director |
04/02/2008 |
0.00 |
- |
- |
2009 |
- |
23/02/2018 |
|
5 |
995168H |
BUCHANAN GROUP PTE LTD |
Director |
07/11/2008 |
0.00 |
- |
- |
2009 |
- |
23/02/2018 |
|
6 |
T09FC0013E |
CMC RAVENNA - SINGAPORE BRANCH |
Secretary |
20/02/2009 |
0.00 |
- |
MYR12,552,320.00 |
2010 |
- |
20/01/2012 |
|
7 |
S90FC4177G |
CONOCOPHILLIPS INTERNATIONAL INC. |
Secretary |
27/07/2011 |
0.00 |
- |
USD5,719,463.00 |
2010 |
- |
25/10/2011 |
|
8 |
S93FC4580H |
COOPER TIRE INTERNATIONAL TRADING COMPANY |
Secretary |
30/09/2009 |
0.00 |
- |
SGD37,201.00 |
2015 |
- |
05/06/2017 |
|
9 |
201021961N |
DYNOMA TRADING PTE. LTD. |
Director |
14/10/2010 |
0.00 |
- |
USD72,808.00 |
2015 |
- |
13/03/2017 |
|
10 |
200717117Z |
E-LAND ASIA HOLDINGS PTE. LTD. |
Director |
30/03/2008 |
0.00 |
- |
USD(70,236,000.00) |
2016 |
- |
26/09/2017 |
|
11 |
994047A |
EXTREME NETWORKS SINGAPORE PTE LTD |
Director |
30/09/2007 |
0.00 |
- |
MYR(233,021.00) |
2009 |
- |
23/02/2018 |
|
12 |
994061U |
FOSECO (FOUNDRY SERVICES) PTE LIMITED |
Director |
14/05/2008 |
0.00 |
- |
- |
2009 |
- |
23/02/2018 |
|
13 |
201425405H |
HUADA PANGUITE PTE. LTD. |
Director |
28/08/2014 |
0.00 |
- |
USD(88,379.00) |
2015 |
- |
06/05/2016 |
|
14 |
995340K |
MENTOR IMC (SINGAPORE) PTE LTD |
Director |
12/12/2011 |
0.00 |
- |
MYR5,570.00 |
2014 |
- |
23/02/2018 |
|
15 |
200800970G |
MIDEA ELECTRIC TRADING (SINGAPORE) CO. PTE.
LTD. |
Director |
11/01/2008 |
0.00 |
- |
USD95,924,000.00 |
2016 |
- |
03/10/2017 |
|
16 |
201212975R |
REANDY INTERNATIONAL PTE. LTD. |
Director |
18/11/2013 |
0.00 |
- |
- |
2016 |
- |
23/06/2016 |
|
17 |
200100730C |
RTP COMPANY (SINGAPORE) PTE LTD |
Director |
27/06/2011 |
0.00 |
- |
USD12,569,051.00 |
2016 |
- |
27/12/2017 |
|
18 |
201129152K |
SHAW INDUSTRIES ASIA PTE. LTD. |
Director |
26/09/2011 |
0.00 |
- |
USD(4,371,833.00) |
2016 |
- |
04/04/2018 |
|
19 |
993566T |
USG ASIA PACIFIC HOLDINGS PTE. LTD. |
Director |
08/10/2007 |
0.00 |
- |
MYR127,151.00 |
2016 |
- |
23/02/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
BAEY CHENG SONG |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
ECOVIS ASSURANCE LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
LEE TIONG HOCK |
|
IC / PP No |
: |
S6845091H |
|
|
Address |
: |
50, RAFFLES PLACE, 32-01, SINGAPORE LAND
TOWER, 048623, SINGAPORE. |
|
|
|
|
|
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
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 |
|
Import Countries |
: |
CHINA,UNITED STATES |
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 |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 90 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
CARPETS AND RUGS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2018 |
2016 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
13 |
13 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of carpet
& rugs.
The Subject sells carpets and rugs for commercial use.
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 |
: |
65-67331811 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
1 KIM SENG PROMENADE #15-12 GREAT WORLD
CITY WEST TOWER 237994 SINGAPORE |
|
Current Address |
: |
1, KIM SENG PROMENADE, 15-12, GREAT WORLD
CITY, WEST TOWER, 237994, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its banker information.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2013 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(5.72%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(5.60%) |
] |
|
|
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 |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
57 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
141 Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks.
The Subject's management was quite efficient in handling its debtors. The Subject's
debtors days were at an acceptable range, thus the risk of its debts turning
bad was minimised. The unfavourable creditors' ratio could be due to the
Subject taking advantage of the credit granted by its suppliers. However this
may affect the goodwill between the Subject and its suppliers and the Subject
may inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
4.00 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
4.00 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 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 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 : |
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
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
SHAW INDUSTRIES ASIA PTE. LTD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2015-01-03 |
|
Months |
12 |
12 |
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 |
22,871,303 |
29,637,642 |
26,940,273 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
22,871,303 |
29,637,642 |
26,940,273 |
|
Costs of Goods Sold |
(20,507,216) |
(27,164,933) |
(24,069,179) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
2,364,087 |
2,472,709 |
2,871,094 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(4,281,892) |
(3,610,435) |
(2,127,830) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(4,281,892) |
(3,610,435) |
(2,127,830) |
|
Taxation |
(89,941) |
(88,074) |
(95,759) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(4,371,833) |
(3,698,509) |
(2,223,589) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
(6,157,030) |
(2,458,521) |
(234,932) |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
(6,157,030) |
(2,458,521) |
(234,932) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(10,528,863) |
(6,157,030) |
(2,458,521) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(10,528,863) |
(6,157,030) |
(2,458,521) |
|
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
98,950 |
51,522 |
8,625 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
98,950 |
51,522 |
8,625 |
|
============= |
============= |
============= |
|
|
|
|
|
|
BALANCE
SHEET
|
|
SHAW INDUSTRIES ASIA PTE. LTD. |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
170,594 |
234,396 |
16,187 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||
|
Subsidiary companies |
29,611,062 |
28,611,062 |
28,611,062 |
|
Loans & advances - non-current |
20,000,000 |
20,000,000 |
20,000,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
49,611,062 |
48,611,062 |
48,611,062 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
49,781,656 |
48,845,458 |
48,627,249 |
|
CURRENT ASSETS |
|||
|
Stocks |
33,806 |
41,387 |
420,255 |
|
Trade debtors |
3,582,988 |
6,622,667 |
6,108,290 |
|
Other debtors, deposits & prepayments |
142,844 |
187,136 |
515,531 |
|
Short term deposits |
25,000,000 |
27,000,000 |
- |
|
Amount due from holding company |
- |
170,745 |
- |
|
Amount due from subsidiary companies |
248,779 |
222,439 |
23,000,000 |
|
Amount due from related companies |
1,403,648 |
1,339,169 |
- |
|
Cash & bank balances |
5,099,696 |
5,951,098 |
16,450,462 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
35,511,761 |
41,534,641 |
46,494,538 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
85,293,417 |
90,380,099 |
95,121,787 |
|
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||
|
Trade creditors |
7,942,558 |
9,565,789 |
9,469,611 |
|
Other creditors & accruals |
935,844 |
983,377 |
2,166,819 |
|
Amounts owing to holding company |
- |
44,085 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
8,878,402 |
10,593,251 |
11,636,430 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
26,633,359 |
30,941,390 |
34,858,108 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
76,415,015 |
79,786,848 |
83,485,357 |
|
============= |
============= |
============= |
|
|
FINANCED BY: |
|||
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
86,943,878 |
85,943,878 |
85,943,878 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
86,943,878 |
85,943,878 |
85,943,878 |
|
RESERVES |
|||
|
Retained profit/(loss) carried forward |
(10,528,863) |
(6,157,030) |
(2,458,521) |
|
Others |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(10,528,863) |
(6,157,030) |
(2,458,521) |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
76,415,015 |
79,786,848 |
83,485,357 |
|
============= |
============= |
============= |
|
|
|
|
|
|
FINANCIAL RATIO
|
|
SHAW INDUSTRIES ASIA PTE. LTD. |
|
TYPES OF FUNDS |
|||
|
Cash |
30,099,696 |
32,951,098 |
16,450,462 |
|
Net Liquid Funds |
30,099,696 |
32,951,098 |
16,450,462 |
|
Net Liquid Assets |
26,599,553 |
30,900,003 |
34,437,853 |
|
Net Current Assets/(Liabilities) |
26,633,359 |
30,941,390 |
34,858,108 |
|
Net Tangible Assets |
76,415,015 |
79,786,848 |
83,485,357 |
|
Net Monetary Assets |
26,599,553 |
30,900,003 |
34,437,853 |
|
PROFIT & LOSS ITEMS |
|||
|
Earnings Before Interest & Tax (EBIT) |
(4,281,892) |
(3,610,435) |
(2,127,830) |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
(4,182,942) |
(3,558,913) |
(2,119,205) |
|
BALANCE SHEET ITEMS |
|||
|
Total Borrowings |
0 |
0 |
0 |
|
Total Liabilities |
8,878,402 |
10,593,251 |
11,636,430 |
|
Total Assets |
85,293,417 |
90,380,099 |
95,121,787 |
|
Net Assets |
76,415,015 |
79,786,848 |
83,485,357 |
|
Net Assets Backing |
76,415,015 |
79,786,848 |
83,485,357 |
|
Shareholders' Funds |
76,415,015 |
79,786,848 |
83,485,357 |
|
Total Share Capital |
86,943,878 |
85,943,878 |
85,943,878 |
|
Total Reserves |
(10,528,863) |
(6,157,030) |
(2,458,521) |
|
GROWTH RATIOS (Year on Year) (%) |
|||
|
Revenue |
(22.83) |
10.01 |
356.87 |
|
Proft/(Loss) Before Tax |
(18.60) |
(69.68) |
(2,784.72) |
|
Proft/(Loss) After Tax |
(18.21) |
(66.33) |
(2,914.55) |
|
Total Assets |
(5.63) |
(4.98) |
47.43 |
|
Total Liabilities |
(16.19) |
(8.96) |
100.24 |
|
LIQUIDITY (Times) |
|||
|
Cash Ratio |
3.39 |
3.11 |
1.41 |
|
Liquid Ratio |
4.00 |
3.92 |
3.96 |
|
Current Ratio |
4.00 |
3.92 |
4.00 |
|
WORKING CAPITAL CONTROL (Days) |
|||
|
Stock Ratio |
1 |
1 |
6 |
|
Debtors Ratio |
57 |
82 |
83 |
|
Creditors Ratio |
141 |
129 |
144 |
|
SOLVENCY RATIOS (Times) |
|||
|
Gearing Ratio |
0 |
0 |
0 |
|
Liabilities Ratio |
0.12 |
0.13 |
0.14 |
|
Times Interest Earned Ratio |
0 |
0 |
0 |
|
Assets Backing Ratio |
0.88 |
0.93 |
0.97 |
|
PERFORMANCE RATIO (%) |
|||
|
Operating Profit Margin |
(18.72) |
(12.18) |
(7.90) |
|
Net Profit Margin |
(19.11) |
(12.48) |
(8.25) |
|
Return On Net Assets |
(5.60) |
(4.53) |
(2.55) |
|
Return On Capital Employed |
(5.60) |
(4.53) |
(2.55) |
|
Return On Shareholders' Funds/Equity |
(5.72) |
(4.64) |
(2.66) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.98 |
|
|
1 |
INR 90.95 |
|
Euro |
1 |
INR 79.51 |
|
SGD |
1 |
INR 49.35 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
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.