|
|
|
MIRA
INFORM REPORT
|
Report No. : |
504563 |
|
Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
GIVAUDAN SINGAPORE PTE LTD |
|
|
|
|
Formerly Known As : |
·
GIVAUDAN
ROURE PTE LTD ·
GIVAUDAN-ROURE
PTE LTD |
|
|
|
|
Registered Office : |
1, Woodlands Avenue 8,
738972 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
15.07.1992 |
|
|
|
|
Com. Reg. No.: |
199203766D |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The
Subject is principally engaged in manufacture of perfumes and fragrances. |
|
|
|
|
No. of Employees : |
Not available |
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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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. |
: |
199203766D |
||||
|
COMPANY
NAME |
: |
GIVAUDAN
SINGAPORE PTE LTD |
||||
|
FORMER
NAME |
: |
GIVAUDAN
ROURE PTE LTD (10/05/2000) |
||||
|
INCORPORATION
DATE |
: |
15/07/1992 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
1,
WOODLANDS AVENUE 8, 738972, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
1,
WOODLANDS AVENUE, 8, 738972, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-67519100 |
||||
|
FAX.NO. |
: |
65-67521162 |
||||
|
WEB
SITE |
: |
WWW.GIVAUDAN.COM |
||||
|
CONTACT
PERSON |
: |
LEE SA
HEAN ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURE
OF PERFUMES AND FRAGRANCES |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
12,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 12,000,000.00 |
||||
|
SALES |
: |
SGD
880,346,912 [2016] |
||||
|
NET
WORTH |
: |
SGD
99,664,253 [2016] |
||||
|
STAFF
STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
GOOD |
||||
|
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) manufacture of perfumes and fragrances.
The immediate
and ultimate holding company of the Subject is GIVAUDAN SA., a company
incorporated in SWITZERLAND.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
13/03/2018 |
SGD
24,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
GIVAUDAN
SA. |
CH-1214,
VERNIER-GENEVA SWITZERLAND |
S92UF0168 |
12,012,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
12,012,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
Local
No |
Country |
Company |
Status |
(%) |
As At |
|
011343 |
PHILIPPINES |
QUEST
INTERNATIONAL PHILIPPINES, INC |
- |
100.00 |
31/12/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
MONILA
AMAR KOTHARI |
|
Address |
: |
13,
FOLKESTONE ROAD, 139589, SINGAPORE. |
|
IC / PP
No |
: |
S2769655D |
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
21/02/2011 |
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 |
199203766D |
GIVAUDAN
SINGAPORE PTE LTD |
Director |
21/02/2011 |
0.00 |
- |
SGD17,260,621.00 |
2016 |
- |
13/03/2018 |
DIRECTOR 2
|
Name Of
Subject |
: |
LEE SA
HEAN |
|
Address |
: |
3,
ALEXANDRA VIEW, 15-08, ASCENTIA SKY, 158749, SINGAPORE. |
|
Other
Address(es) |
: |
20B,
DUCHESS ROAD, 02 - 12, 269032, SINGAPORE. |
|
IC / PP
No |
: |
S6904154Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
27/05/2005 |
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 |
199203766D |
GIVAUDAN
SINGAPORE PTE LTD |
Director |
27/05/2005 |
0.00 |
- |
SGD17,260,621.00 |
2016 |
- |
13/03/2018 |
DIRECTOR 3
|
Name Of
Subject |
: |
CHNG
TECK HUI |
|
Address |
: |
102,
JALAN LIM TAI SEE, 268437, SINGAPORE. |
|
IC / PP
No |
: |
S2745803C |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
11/03/2010 |
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 |
199203766D |
GIVAUDAN
SINGAPORE PTE LTD |
Director |
11/03/2010 |
0.00 |
- |
SGD17,260,621.00 |
2016 |
- |
13/03/2018 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
LEE SA
HEAN |
|
Position |
: |
MANAGING
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
DELOITTE
& TOUCHE LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
FAZILAH
ABDUL RAHMAN |
|
IC / PP
No |
: |
S7430698E |
|
|
Address |
: |
108,
SIMEI STREET 1, 02-748, 520108, SINGAPORE. |
|
|
2) |
Company
Secretary |
: |
ABDUL
JABBAR BIN KARAM DIN |
|
IC / PP
No |
: |
S6936625B |
|
|
Address |
: |
9,
BATTERY ROAD, 15-01, MYP CENTRE, 049910, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
DEUTSCHE
BANK LUXEMBOURG S.A |
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 |
: |
EUROPE,UNITED
STATES,ASIA |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
X |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA
PACIFIC |
|||
|
Credit
Term |
: |
30 - 60
DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacture of
perfumes and fragrances.
The Subject engages in developing and manufacturing immediate flavor and
fragrance to be sold to customers for their final product applications.
The Subject offers products and services such as:
* ethnic asian flavours
* flavouring extract manufacturers' supplies
* perfume manufacturers' equipment & supplies
* creator and supplier of fragrances, flavours, and speciality ingredients
The Subject's flavour division is organised into four business units:
Beverages:
* carbonated and non-carbonated soft drinks, fruit juices, alcoholic drinks and
instant beverages.
Dairy:
* ice cream, yoghurts and instant desserts.
Savoury:
* ready-made meals, snacks, soups, sauces, meats and poultry.
Sweet goods:
* baked goods, sugar confections, cereals, chewing gum and chocolate.
The Subject's fragrance division is organised into three global business units:
Fine fragrances
* unique perfumery compositions for major brands of men's and women's fine
perfumes, mass-market colognes, speciality retail, line extensions such as
ancillary products for body bath and home.
Consumer products
* this includes fabric & personal wash, hair and skin care as well as
household and air care.
Fragrance ingredients
* ingredients for givaudan's internal use and for other fragrance suppliers and
customers who have their own creative perfumery resources.
The Subject is a member of the following entities:
* Swiss business association
* Singapore international chambers of commerce
* American chamber of commerce
The Subject's products are HALAL certified.
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-67519100 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
1
WOODLANDS AVE 8 738972 |
|
Current
Address |
: |
1,
WOODLANDS AVENUE, 8, 738972, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
The address provided is incomplete.
The Subject refused to disclose its number of employees.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 -
2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2012 -
2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
17.47% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
23.66% |
] |
|
|
The
Subject's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.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 |
[ |
28 Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
47 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
20 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 |
: |
Unfavourable |
[ |
0.66
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
0.86
Times |
] |
|
|
A low
liquid ratio means that the Subject may be facing working capital deficiency.
If the Subject cannot obtain additional financing or injection of fresh
capital, it may face difficulties in meeting its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Favourable |
[ |
10.07
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
interest cover showed that the Subject was able to service the interest. The
favourable interest cover could indicate that the Subject was making enough
profit to pay for the interest accrued. The Subject 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 : |
||||||
|
Although
the Subject's turnover had increased, its profits had declined over the same
corresponding period. This could be due to the stiffer market competition and
/ or higher operating costs which lowered the Subject's profit margin. Due to
its weak liquidity position, the Subject will be faced with problems in
meeting all its short term obligations if no short term loan is obtained or
additional capital injected into the Subject. With the favourable interest
cover, the Subject could be able to service all the accrued interest without
facing any difficulties. 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 : STABLE |
||||||
|
|
||||||
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
: |
MANUFACTURING |
|
The
manufacturing sector expanded by 4.8% in the fourth quarter, supported
largely by robust output growth in the electronics and precision engineering
clusters. For the whole of 2017, the manufacturing sector grew by 10%,
accelerating from the 3.7% expansion in 2016. Growth was largely driven by
the electronics and precision engineering clusters, even as the biomedical
manufacturing, transport engineering and general manufacturing industries
clusters contracted. |
|
|
The
electronics cluster grew by 24% in the fourth quarter 2017, largely due to
the semiconductors segment, which expanded by 35%. Specifically, the
semiconductors segment benefitted from robust global semiconductors demand,
which was in turn driven by key end markets such as the smartphone market. At
the same time, the computer peripherals segment registered healthy growth of
9.5%, supported by buoyant demand for printer-related products. On the other
hand, the data storage and other electronic modules & components segments
contracted by 25% and 7.5% respectively. For the full year, the electronics
cluster expanded by 34% as the healthy performance of the semiconductors and
computer peripherals segments more than offset the weakness in the data
storage segment. |
|
|
In
fourth quarter 2017, the precision engineering cluster expanded to 20%,
supported by both the precision modules & components (PMC) and machinery
& systems (M&S) segments. Output in the PMC segment rose by 40% due
to an increase in the production of dies, moulds, tools, jigs & fixture,
optical instruments and metal precision components. Meanwhile, the M&S
segment grew by 8.9% in tandem with healthy export demand for semiconductor
manufacturing equipment. For the whole of 2017, the output of the precision
engineering cluster rose by 18% on account of robust expansions in both
segments. |
|
|
The
chemicals cluster grew by 12% in the fourth quarter 2017, with all segments
recording growth. In particular, the petrochemicals segment grew by 23% on
the back of production capacity expansions, while the petroleum segment
expanded by 13% supported by higher refining margins. At the same time, the
other chemicals and specialties segments posted growth of 8.1% and
6.2%respectively. For 2017 as a whole, the chemicals cluster expanded by
6.2%, supported by growth in all segments. |
|
|
Besides,
output of the general manufacturing industries cluster increased to 6.6% in
the fourth quarter 2017, primarily due to the strong performance of the food,
beverages & tobacco (FBT) segment, which grew by 18% on the back of a
surge in the production of beverages products. On the other hand, the
printing segment shrank by 11% due to weak demand for commercial printing,
while output in the miscellaneous industries segment declined by 0.6% on
account of a lower production of construction-related materials. For the
whole of 2017, the general manufacturing industries cluster contracted by
1.6%, as output declines in the printing and miscellaneous industries
segments outweighed output gains in the FBT segment. |
|
|
Moreover,
output of the transport engineering cluster fell by 7.8% in the fourth
quarter 2017. The aerospace segment recorded robust growth of 13% due to a
higher volume of repair and maintenance work from commercial airlines. However,
this was more than offset by output declines in the marine & offshore
engineering (M&OE) and land transport segments of 22% and 11%
respectively. In particular, the M&OE segment remained weak on account of
low levels of rig-building, shipbuilding and repair activities. For the full
year 2017, the transport engineering cluster shrank by 6.9%, dragged down
mainly by the M&OE segment. |
|
|
The
biomedical manufacturing cluster contracted by 28% in the fourth quarter
2017, weighed down by the pharmaceuticals segment (-37%) on the back of a
drop in the production of active pharmaceutical ingredients and biological
products. However, the medical technology segment, which grew at a healthy
pace of 3.3%, provided some support to the cluster. For 2017 as a whole, output
in the biomedical manufacturing cluster fell by 9.3%, led by the output
decline in the pharmaceuticals segment. |
|
|
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. |
|
GIVAUDAN
SINGAPORE PTE LTD |
|
Financial
Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
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 |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
880,346,912 |
841,924,908 |
584,913,983 |
513,894,477 |
491,171,760 |
|
Other
Income |
27,600,591 |
24,728,744 |
18,426,008 |
15,486,311 |
12,561,185 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
907,947,503 |
866,653,652 |
603,339,991 |
529,380,788 |
503,732,945 |
|
Costs
of Goods Sold |
(562,602,111) |
(545,880,180) |
(366,440,971) |
(328,402,978) |
(314,512,417) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
345,345,392 |
320,773,472 |
236,899,020 |
200,977,810 |
189,220,528 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
21,236,719 |
22,261,704 |
35,219,944 |
24,040,613 |
29,285,102 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
21,236,719 |
22,261,704 |
35,219,944 |
24,040,613 |
29,285,102 |
|
Taxation |
(3,976,098) |
(4,376,188) |
(6,964,142) |
(4,635,186) |
(4,697,645) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
17,260,621 |
17,885,516 |
28,255,802 |
19,405,427 |
24,587,457 |
|
Pre-acquisition
profit/(loss) |
151,705 |
(139,497) |
88,651 |
(104,894) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS |
17,412,326 |
17,746,019 |
28,344,453 |
19,300,533 |
24,587,457 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS |
17,412,326 |
17,746,019 |
28,344,453 |
19,300,533 |
24,587,457 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
60,247,355 |
72,501,336 |
59,156,883 |
59,856,350 |
70,268,893 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
60,247,355 |
72,501,336 |
59,156,883 |
59,856,350 |
70,268,893 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
77,659,681 |
90,247,355 |
87,501,336 |
79,156,883 |
94,856,350 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(20,000,000) |
(30,000,000) |
(15,000,000) |
(20,000,000) |
(35,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
57,659,681 |
60,247,355 |
72,501,336 |
59,156,883 |
59,856,350 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Loan
from holding company |
- |
726,724 |
24,879 |
13,712 |
88,653 |
|
Others |
2,341,546 |
406 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,341,546 |
727,130 |
24,879 |
13,712 |
88,653 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
7,419,671 |
4,273,969 |
3,345,155 |
3,605,019 |
3,722,673 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
7,419,671 |
4,273,969 |
3,345,155 |
3,605,019 |
3,722,673 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
GIVAUDAN
SINGAPORE PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
151,025,454 |
145,827,599 |
107,989,655 |
55,039,220 |
44,822,061 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
9,972 |
9,972 |
9,972 |
9,972 |
9,972 |
|
Deposits |
1,156,881 |
1,208,678 |
1,324,562 |
1,295,367 |
1,206,322 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
1,166,853 |
1,218,650 |
1,334,534 |
1,305,339 |
1,216,294 |
|
INTANGIBLE
ASSETS |
|||||
|
Others |
183,000 |
183,000 |
183,000 |
183,000 |
183,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
183,000 |
183,000 |
183,000 |
183,000 |
183,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
152,375,307 |
147,229,249 |
109,507,189 |
56,527,559 |
46,221,355 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
67,905,017 |
61,374,530 |
64,634,255 |
56,428,866 |
54,186,692 |
|
Contract
work-in-progress |
383,793 |
153,014 |
184,284 |
- |
- |
|
Trade
debtors |
113,699,053 |
103,811,450 |
91,596,365 |
74,431,725 |
63,285,562 |
|
Other
debtors, deposits & prepayments |
1,645,054 |
2,966,615 |
11,106,591 |
3,767,650 |
641,637 |
|
Short
term deposits |
8,300,000 |
- |
- |
16,845 |
17,509 |
|
Short
term loans & advances |
- |
- |
- |
- |
189,300 |
|
Amount
due from related companies |
85,263,836 |
72,266,930 |
56,501,099 |
37,591,204 |
35,292,588 |
|
Cash
& bank balances |
8,133,742 |
12,056,424 |
41,422,886 |
53,370,875 |
5,926,393 |
|
Others |
457,860 |
456,555 |
730,558 |
514,751 |
299,829 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
285,788,355 |
253,085,518 |
266,176,038 |
226,121,916 |
159,839,510 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
438,163,662 |
400,314,767 |
375,683,227 |
282,649,475 |
206,060,865 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
31,047,578 |
15,750,834 |
21,603,461 |
16,156,705 |
10,898,888 |
|
Other
creditors & accruals |
60,352,624 |
48,473,538 |
59,134,839 |
39,880,935 |
34,588,043 |
|
Amounts
owing to related companies |
235,263,881 |
226,032,226 |
174,051,743 |
125,648,539 |
59,949,937 |
|
Provision
for taxation |
4,350,026 |
4,248,448 |
6,162,719 |
4,634,306 |
5,980,619 |
|
Other
liabilities |
1,427,093 |
1,022,019 |
2,045,097 |
651,066 |
235,593 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
332,441,202 |
295,527,065 |
262,997,859 |
186,971,551 |
111,653,080 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(46,652,847) |
(42,441,547) |
3,178,179 |
39,150,365 |
48,186,430 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Deferred
taxation |
6,058,207 |
5,488,850 |
4,577,775 |
3,450,534 |
3,380,930 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
6,058,207 |
5,488,850 |
4,577,775 |
3,450,534 |
3,380,930 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
99,664,253 |
99,298,852 |
108,107,593 |
92,227,390 |
91,026,855 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
24,000,000 |
24,000,000 |
24,000,000 |
24,000,000 |
12,000,000 |
|
Preference
share capital |
- |
- |
- |
- |
12,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
24,000,000 |
24,000,000 |
24,000,000 |
24,000,000 |
24,000,000 |
|
RESERVES |
|||||
|
Capital
reserve |
18,004,572 |
15,051,497 |
11,606,257 |
9,070,507 |
7,170,505 |
|
Retained
profit/(loss) carried forward |
57,659,681 |
60,247,355 |
72,501,336 |
59,156,883 |
59,856,350 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
75,664,253 |
75,298,852 |
84,107,593 |
68,227,390 |
67,026,855 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
99,664,253 |
99,298,852 |
108,107,593 |
92,227,390 |
91,026,855 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
GIVAUDAN
SINGAPORE PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
16,433,742 |
12,056,424 |
41,422,886 |
53,387,720 |
5,943,902 |
|
Net
Liquid Funds |
16,433,742 |
12,056,424 |
41,422,886 |
53,387,720 |
5,943,902 |
|
Net
Liquid Assets |
(114,557,864) |
(103,816,077) |
(61,456,076) |
(17,278,501) |
(6,000,262) |
|
Net
Current Assets/(Liabilities) |
(46,652,847) |
(42,441,547) |
3,178,179 |
39,150,365 |
48,186,430 |
|
Net
Tangible Assets |
99,481,253 |
99,115,852 |
107,924,593 |
92,044,390 |
90,843,855 |
|
Net
Monetary Assets |
(120,616,071) |
(109,304,927) |
(66,033,851) |
(20,729,035) |
(9,381,192) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
23,578,265 |
22,988,834 |
35,244,823 |
24,054,325 |
29,373,755 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
30,997,936 |
27,262,803 |
38,589,978 |
27,659,344 |
33,096,428 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
338,499,409 |
301,015,915 |
267,575,634 |
190,422,085 |
115,034,010 |
|
Total
Assets |
438,163,662 |
400,314,767 |
375,683,227 |
282,649,475 |
206,060,865 |
|
Net
Assets |
99,664,253 |
99,298,852 |
108,107,593 |
92,227,390 |
91,026,855 |
|
Net
Assets Backing |
99,664,253 |
99,298,852 |
108,107,593 |
92,227,390 |
91,026,855 |
|
Shareholders'
Funds |
99,664,253 |
99,298,852 |
108,107,593 |
92,227,390 |
91,026,855 |
|
Total
Share Capital |
24,000,000 |
24,000,000 |
24,000,000 |
24,000,000 |
24,000,000 |
|
Total
Reserves |
75,664,253 |
75,298,852 |
84,107,593 |
68,227,390 |
67,026,855 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
4.56 |
43.94 |
13.82 |
4.63 |
6.59 |
|
Proft/(Loss)
Before Tax |
(4.60) |
(36.79) |
46.50 |
(17.91) |
(38.57) |
|
Proft/(Loss)
After Tax |
(3.49) |
(36.70) |
45.61 |
(21.08) |
(38.04) |
|
Total
Assets |
9.45 |
6.56 |
32.91 |
37.17 |
1.94 |
|
Total
Liabilities |
12.45 |
12.50 |
40.52 |
65.54 |
12.88 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.05 |
0.04 |
0.16 |
0.29 |
0.05 |
|
Liquid
Ratio |
0.66 |
0.65 |
0.77 |
0.91 |
0.95 |
|
Current
Ratio |
0.86 |
0.86 |
1.01 |
1.21 |
1.43 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
28 |
27 |
40 |
40 |
40 |
|
Debtors
Ratio |
47 |
45 |
57 |
53 |
47 |
|
Creditors
Ratio |
20 |
11 |
22 |
18 |
13 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
3.40 |
3.03 |
2.48 |
2.06 |
1.26 |
|
Times
Interest Earned Ratio |
10.07 |
31.62 |
1,416.65 |
1,754.25 |
331.33 |
|
Assets
Backing Ratio |
4.15 |
4.13 |
4.50 |
3.84 |
3.79 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
2.41 |
2.64 |
6.02 |
4.68 |
5.96 |
|
Net
Profit Margin |
1.98 |
2.11 |
4.85 |
3.76 |
5.01 |
|
Return
On Net Assets |
23.66 |
23.15 |
32.60 |
26.08 |
32.27 |
|
Return
On Capital Employed |
22.26 |
21.90 |
31.23 |
25.09 |
31.05 |
|
Return
On Shareholders' Funds/Equity |
17.47 |
17.87 |
26.22 |
20.93 |
27.01 |
|
Dividend
Pay Out Ratio (Times) |
1.15 |
1.69 |
0.53 |
1.04 |
1.42 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.68 |
|
|
1 |
INR 93.98 |
|
Euro |
1 |
INR 81.30 |
|
SGD |
1 |
INR 50.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
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.