|
|
|
MIRA
INFORM REPORT
|
Report No. : |
502877 |
|
Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
SUDIMA INTERNATIONAL PTE LTD |
|
|
|
|
Registered Office : |
151, Chin Swee Road,
15-03, Manhattan House, 169876 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.09.2016 |
|
|
|
|
Date of Incorporation : |
27.01.1994 |
|
|
|
|
Com. Reg. No.: |
199400641G |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The
Subject is principally engaged in trading of commodities, agro commodities, timber,
textiles, iron ore, pharmaceuticals. |
|
|
|
|
No. of Employees : |
35 [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. |
: |
199400641G |
||||
|
COMPANY
NAME |
: |
SUDIMA
INTERNATIONAL PTE LTD |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
27/01/1994 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
151,
CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
151,
CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-67327180 |
||||
|
FAX.NO. |
: |
65-67327180 |
||||
|
EMAIL |
: |
INFO@SUDIMA.COM |
||||
|
WEB
SITE |
: |
WWW.SUDIMA.COM |
||||
|
CONTACT
PERSON |
: |
ANIL
KUMAR JHUNJHNUWALA ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF COMMODITIES, AGRO COMMODITIES,TIMBER, TEXTILES, IRON ORE, PHARMACEUTICALS |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
8,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 8,000,000.00 |
||||
|
SALES |
: |
USD
275,533,437 [2016] |
||||
|
NET
WORTH |
: |
USD
23,298,462 [2016] |
||||
|
STAFF
STRENGTH |
: |
35
[2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
NO
COMPLAINTS |
||||
|
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 commodities, agro commodities,timber, textiles, iron ore,
pharmaceuticals.
The
immediate and ultimate holding company of the Subject is SUREFAME LTD., a
company incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
12/04/2018 |
SGD
8,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
ANIL
KUMAR JHUNJHNUWALA + |
5,
ALLAMANDA GROVE, 269983, SINGAPORE. |
S2597940J |
2,380,000.00 |
29.75 |
|
SANGITA
JHUNJHNUWALA + |
5,
ALLAMANDA GROVE, 269983, SINGAPORE. |
S2597941I |
20,000.00 |
0.25 |
|
SUREFAME
LTD. |
P.O.
BOX 957, ROAD TOWN, OFFSHORE INCORPORATIONS CENTRE, TORTOLA VIRGIN ISLANDS,
BRITISH |
T08UF4305 |
5,600,000.00 |
70.00 |
|
--------------- |
------ |
|||
|
8,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local
No |
Country |
Company |
Status |
(%) |
As At |
|
MYANMAR |
MYANMAR
VENEER AND PLYWOOD PRIVATE LIMITED |
- |
100.00 |
30/09/2016 |
|
|
VIETNAM |
SUDIMA
PANEL CO., LTD |
- |
100.00 |
30/09/2016 |
|
|
201026807K |
SINGAPORE |
SUDIMA
PROPERTIES PTE. LTD. |
- |
100.00 |
12/04/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
MANOJ
KUMAR JHUNJHNUWALA |
|
Address |
: |
FLAT B,
2ND FLOOR, BLOCK 4, AQUA 33, 33, CONSORT RISE POKFULAM, HONG KONG. |
|
IC / PP
No |
: |
KJ
03377241 |
|
Nationality |
: |
CHINESE |
|
Date of
Appointment |
: |
22/12/2000 |
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 |
199400641G |
SUDIMA
INTERNATIONAL PTE LTD |
Director |
22/12/2000 |
0.00 |
- |
USD2,854,292.00 |
2016 |
- |
12/04/2018 |
DIRECTOR 2
|
Name Of
Subject |
: |
LAXMI
NIWAS JHUNJHNUWALA |
|
Address |
: |
5,
ALLAMANDA GROVE, 269983, SINGAPORE. |
|
IC / PP
No |
: |
S2693981Z |
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
27/01/1994 |
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 |
199400641G |
SUDIMA
INTERNATIONAL PTE LTD |
Director |
27/01/1994 |
0.00 |
- |
USD2,854,292.00 |
2016 |
- |
12/04/2018 |
DIRECTOR 3
|
Name Of
Subject |
: |
SANGITA
JHUNJHNUWALA |
|
Address |
: |
5,
ALLAMANDA GROVE, 269983, SINGAPORE. |
|
Other
Address(es) |
: |
335,
BUKIT TIMAH ROAD, 12 - 02, WING ON LIFE GARDEN, 259718, SINGAPORE. |
|
IC / PP
No |
: |
S2597941I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
01/07/1998 |
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 |
199400641G |
SUDIMA
INTERNATIONAL PTE LTD |
Director |
01/07/1998 |
20,000.00 |
0.25 |
USD2,854,292.00 |
2016 |
- |
12/04/2018 |
DIRECTOR 4
|
Name Of
Subject |
: |
ANIL
KUMAR JHUNJHNUWALA |
|
Address |
: |
5,
ALLAMANDA GROVE, 269983, SINGAPORE. |
|
Other
Address(es) |
: |
335,
BUKIT TIMAH ROAD, 12 - 02, WING ON LIFE GARDEN, 25971, SINGAPORE. |
|
IC / PP
No |
: |
S2597940J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
01/01/2005 |
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 |
199400641G |
SUDIMA
INTERNATIONAL PTE LTD |
Director
Secretary |
01/01/2005
30/09/2011 |
2,380,000.00 |
29.75 |
USD2,854,292.00 |
2016 |
- |
12/04/2018 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
ANIL
KUMAR JHUNJHNUWALA |
|
Position |
: |
MANAGING
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
RSM
CHIO LIM LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
ANIL
KUMAR JHUNJHNUWALA |
|
IC / PP
No |
: |
S2597940J |
|
|
Address |
: |
5, ALLAMANDA
GROVE, 269983, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEA-CHINESE
BANKING CORPORATION LIMITED |
|
2) |
Name |
: |
UCO
BANK |
|
3) |
Name |
: |
INDIAN
OVERSEAS BANK |
|
4) |
Name |
: |
CITIBANK
N.A. |
|
5) |
Name |
: |
KBC
BANK N.V. |
|
6) |
Name |
: |
STANDARD
CHARTERED BANK |
ENCUMBRANCE (S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201008385 |
20/09/2010 |
N/A |
OVERSEA-CHINESE
BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201200802 |
18/01/2012 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201312214 |
06/09/2013 |
N/A |
CITIBANK
N.A. |
- |
Unsatisfied |
|
C201404360 |
02/05/2014 |
N/A |
KBC
BANK N.V. |
- |
Unsatisfied |
|
C201505217 |
04/05/2015 |
N/A |
CTBC
BANK CO., LTD. |
- |
Unsatisfied |
|
C201612454 |
09/12/2016 |
N/A |
UCO
BANK |
- |
Unsatisfied |
|
C201710913 |
23/10/2017 |
N/A |
LH
ASIAN TFF PTE. LTD. |
- |
Unsatisfied |
|
C201801987 |
22/02/2018 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201802346 |
02/03/2018 |
N/A |
MALAYAN
BANKING BERHAD |
- |
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
WORLDWIDE |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
COMMODITIES,
AGRO COMMODITIES,TEXTILES, TIMBER, IRON ORE, PHARMACEUTICALS |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
35 |
35 |
33 |
33 |
31 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of commodities,
agro commodities,timber, textiles, iron ore, pharmaceuticals.
The Subject sells the followings:
* Agro commodities
* Timber
* Pharmacetical
* Textiles
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-67327180 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
151,
CHIN SWEE ROAD,# 15-03, MANHATTAN HOUSE, 169876 |
|
Current
Address |
: |
151,
CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 -
2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2012 -
2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
12.25% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
16.08% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The dip in profit could be due to the stiff market
competition which reduced the Subject's profit margin. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
6 Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
42 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
13 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 |
[ |
1.36
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.50
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 |
: |
Acceptable |
[ |
8.79
Times |
] |
|
|
Gearing
Ratio |
: |
Acceptable |
[ |
0.94
Times |
] |
|
|
The
Subject's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the Subject is
able to generate sufficient income to service its interest and repay the
loans. The Subject's gearing was slightly high. The Subject is utilising the
leverage concept to fund its expansion. However, the high gearing has added
financial risks to the Subject. It will be more vulnerable in times of
economy downturn. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject recorded lower profits as its turnover showed a erratic trend. The
Subject's management was unable to control its costs efficiently as its
profit showed a downward trend. 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 had an acceptable interest cover. If there is
no sudden sharp increase in interest rate or fall in the Subject's profit, we
do believe the Subject is able to generate sufficient cash flow to service
its interest payment. The Subject's gearing was slightly high and its
financial risk was also high. If no plans are made to reduce its gearing, the
Subject's performance may deteriorate in the coming year. |
||||||
|
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. |
|
SUDIMA
INTERNATIONAL PTE LTD |
|
Financial
Year End |
2016-09-30 |
2015-09-30 |
2014-09-30 |
2013-09-30 |
2012-09-30 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
275,533,437 |
330,186,375 |
288,751,539 |
255,611,481 |
198,458,745 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
275,533,437 |
330,186,375 |
288,751,539 |
255,611,481 |
198,458,745 |
|
Costs
of Goods Sold |
(263,560,845) |
(317,673,459) |
(278,270,765) |
(245,355,846) |
(190,240,432) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
11,972,592 |
12,512,916 |
10,480,774 |
10,255,635 |
8,218,313 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
3,320,400 |
4,662,303 |
3,920,751 |
3,927,086 |
2,709,845 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
3,320,400 |
4,662,303 |
3,920,751 |
3,927,086 |
2,709,845 |
|
Taxation |
(466,108) |
(438,994) |
(465,467) |
(406,269) |
(285,504) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
2,854,292 |
4,223,309 |
3,455,284 |
3,520,817 |
2,424,341 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
15,684,028 |
11,347,352 |
7,892,068 |
4,371,251 |
1,946,910 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
15,684,028 |
11,347,352 |
7,892,068 |
4,371,251 |
1,946,910 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
18,538,320 |
15,570,661 |
11,347,352 |
7,892,068 |
4,371,251 |
|
TRANSFER
TO RESERVES - General |
56,683 |
113,367 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
18,595,003 |
15,684,028 |
11,347,352 |
7,892,068 |
4,371,251 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
426,376 |
37,911 |
34,297 |
68,722 |
101,529 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
426,376 |
37,911 |
34,297 |
68,722 |
101,529 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
724,631 |
791,617 |
494,387 |
337,676 |
309,265 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
724,631 |
791,617 |
494,387 |
337,676 |
309,265 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
SUDIMA
INTERNATIONAL PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
4,382,600 |
5,215,644 |
5,264,358 |
1,431,474 |
1,246,674 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Investment
properties |
1,979,257 |
1,268,506 |
1,417,779 |
1,462,635 |
1,529,257 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
1,979,257 |
1,268,506 |
1,417,779 |
1,462,635 |
1,529,257 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
6,361,857 |
6,484,150 |
6,682,137 |
2,894,109 |
2,775,931 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
4,769,650 |
6,530,899 |
1,878,909 |
1,222,259 |
998,644 |
|
Trade
debtors |
31,736,684 |
32,992,041 |
31,350,898 |
21,729,315 |
23,255,457 |
|
Other
debtors, deposits & prepayments |
12,247,214 |
8,324,165 |
1,264,918 |
1,684,852 |
785,277 |
|
Amount
due from related companies |
158,820 |
39,626 |
29,066 |
283,482 |
280,143 |
|
Cash
& bank balances |
4,619,380 |
3,057,808 |
1,399,450 |
3,004,957 |
1,685,763 |
|
Others |
- |
- |
8,526,201 |
7,710,522 |
6,276,804 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
53,531,748 |
50,944,539 |
44,449,442 |
35,635,387 |
33,282,088 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
59,893,605 |
57,428,689 |
51,131,579 |
38,529,496 |
36,058,019 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
9,043,651 |
9,946,444 |
8,231,517 |
8,542,578 |
6,548,277 |
|
Other
creditors & accruals |
1,099,941 |
1,038,333 |
1,087,084 |
1,217,042 |
1,044,953 |
|
Hire
purchase & lease creditors |
- |
13,485 |
14,330 |
12,912 |
13,465 |
|
Short
term borrowings/Term loans |
954,545 |
875,000 |
79,997 |
104,247 |
386,152 |
|
Other
borrowings |
20,244,690 |
18,250,898 |
19,072,502 |
9,925,665 |
12,810,299 |
|
Amounts
owing to holding company |
3,157,383 |
4,313,830 |
4,155,560 |
4,352,296 |
4,362,375 |
|
Amounts
owing to related companies |
973,425 |
803,374 |
810,482 |
- |
- |
|
Provision
for taxation |
318,755 |
337,257 |
332,866 |
328,316 |
248,415 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
35,792,390 |
35,578,621 |
33,784,338 |
24,483,056 |
25,413,936 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
17,739,358 |
15,365,918 |
10,665,104 |
11,152,331 |
7,868,152 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Long
term loans |
802,753 |
1,750,000 |
207,274 |
287,271 |
378,493 |
|
Lease
obligations |
- |
- |
16,194 |
30,948 |
43,293 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
802,753 |
1,750,000 |
223,468 |
318,219 |
421,786 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
23,298,462 |
20,100,068 |
17,123,773 |
13,728,221 |
10,222,297 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
|
RESERVES |
|||||
|
Revaluation
reserve |
- |
56,683 |
170,050 |
170,050 |
170,050 |
|
Exchange
equalisation/fluctuation reserve |
(892,070) |
(1,236,172) |
10,842 |
70,574 |
85,467 |
|
Retained
profit/(loss) carried forward |
18,595,003 |
15,684,028 |
11,347,352 |
7,892,068 |
4,371,251 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
17,702,933 |
14,504,539 |
11,528,244 |
8,132,692 |
4,626,768 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
23,298,462 |
20,100,068 |
17,123,773 |
13,728,221 |
10,222,297 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
SUDIMA
INTERNATIONAL PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
4,619,380 |
3,057,808 |
1,399,450 |
3,004,957 |
1,685,763 |
|
Net
Liquid Funds |
4,619,380 |
3,057,808 |
1,399,450 |
3,004,957 |
1,685,763 |
|
Net
Liquid Assets |
12,969,708 |
8,835,019 |
8,786,195 |
9,930,072 |
6,869,508 |
|
Net
Current Assets/(Liabilities) |
17,739,358 |
15,365,918 |
10,665,104 |
11,152,331 |
7,868,152 |
|
Net
Tangible Assets |
23,298,462 |
20,100,068 |
17,347,241 |
14,046,440 |
10,644,083 |
|
Net
Monetary Assets |
12,166,955 |
7,085,019 |
8,562,727 |
9,611,853 |
6,447,722 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
3,746,776 |
4,700,214 |
3,955,048 |
3,995,808 |
2,811,374 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
4,471,407 |
5,491,831 |
4,449,435 |
4,333,484 |
3,120,639 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
22,001,988 |
20,889,383 |
19,390,297 |
10,361,043 |
13,631,702 |
|
Total
Liabilities |
36,595,143 |
37,328,621 |
34,007,806 |
24,801,275 |
25,835,722 |
|
Total
Assets |
59,893,605 |
57,428,689 |
51,131,579 |
38,529,496 |
36,058,019 |
|
Net
Assets |
23,298,462 |
20,100,068 |
17,347,241 |
14,046,440 |
10,644,083 |
|
Net
Assets Backing |
23,298,462 |
20,100,068 |
17,123,773 |
13,728,221 |
10,222,297 |
|
Shareholders'
Funds |
23,298,462 |
20,100,068 |
17,123,773 |
13,728,221 |
10,222,297 |
|
Total
Share Capital |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
|
Total
Reserves |
17,702,933 |
14,504,539 |
11,528,244 |
8,132,692 |
4,626,768 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(16.55) |
14.35 |
12.97 |
28.80 |
2.31 |
|
Proft/(Loss)
Before Tax |
(28.78) |
18.91 |
(0.16) |
44.92 |
42.77 |
|
Proft/(Loss)
After Tax |
(32.42) |
22.23 |
(1.86) |
45.23 |
44.03 |
|
Total
Assets |
4.29 |
12.32 |
32.71 |
6.85 |
24.91 |
|
Total
Liabilities |
(1.96) |
9.76 |
37.12 |
(4.00) |
22.39 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.13 |
0.09 |
0.04 |
0.12 |
0.07 |
|
Liquid
Ratio |
1.36 |
1.25 |
1.26 |
1.41 |
1.27 |
|
Current
Ratio |
1.50 |
1.43 |
1.32 |
1.46 |
1.31 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
6 |
7 |
2 |
2 |
2 |
|
Debtors
Ratio |
42 |
36 |
40 |
31 |
43 |
|
Creditors
Ratio |
13 |
11 |
11 |
13 |
13 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.94 |
1.04 |
1.13 |
0.75 |
1.33 |
|
Liabilities
Ratio |
1.57 |
1.86 |
1.99 |
1.81 |
2.53 |
|
Times
Interest Earned Ratio |
8.79 |
123.98 |
115.32 |
58.14 |
27.69 |
|
Assets
Backing Ratio |
4.16 |
3.59 |
3.10 |
2.51 |
1.90 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.21 |
1.41 |
1.36 |
1.54 |
1.37 |
|
Net
Profit Margin |
1.04 |
1.28 |
1.20 |
1.38 |
1.22 |
|
Return
On Net Assets |
16.08 |
23.38 |
22.80 |
28.45 |
26.41 |
|
Return
On Capital Employed |
15.55 |
21.50 |
22.78 |
28.42 |
26.38 |
|
Return
On Shareholders' Funds/Equity |
12.25 |
21.01 |
20.18 |
25.65 |
23.72 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.13 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 80.59 |
|
SGD |
1 |
INR 49.74 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SYL |
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.