|
|
|
MIRA INFORM REPORT
|
Report No. : |
503870 |
|
Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
REPRESENTATIONS INTERNATIONAL PTE. LTD. |
|
|
|
|
Registered Office : |
78, Shenton Way,
28-01, 079120 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
01.04.1972 |
|
|
|
|
Com. Reg. No.: |
197200380E |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is principally engaged in tobacco
merchant manufacturer's representatives, general agent and investment
holding. |
|
|
|
|
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
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. |
: |
197200380E |
||||
|
COMPANY
NAME |
: |
REPRESENTATIONS
INTERNATIONAL PTE. LTD. |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
01/04/1972 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
78,
SHENTON WAY, 28-01, 079120, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
78,
SHENTON WAY, 28-01, 079120, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63231800 |
||||
|
FAX.NO. |
: |
65-63232939 |
||||
|
CONTACT
PERSON |
: |
PRASENJIT
BHATTACHARYA ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TOBACCO
MERCHANT MANUFACTURER'S REPRESENTATIVES, GENERAL AGENT AND INVESTMENT HOLDING |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
4,930,000.00
ORDINARY SHARE, OF A VALUE OF SGD 6,053,000.00 |
||||
|
SALES |
: |
USD
12,188,136 [2016] |
||||
|
NET
WORTH |
: |
USD
4,816,623 [2016] |
||||
|
STAFF
STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
SLOW
BUT CORRECT |
||||
|
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) tobacco merchant
manufacturer's representatives, general agent and investment holding.
The
immediate and ultimate holding company of the Subject is ASIA RESOURCE
CORPORATION PTE LTD, a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
13/04/2018 |
SGD
6,053,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
ASIA
RESOURCE CORPORATION PTE LTD |
78,
SHENTON WAY, 28-01 079120 ,SINGAPORE |
198402056N |
4,930,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
4,930,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
Local
No |
Country |
Company |
Status |
(%) |
As At |
|
CAMBODIA |
JPC
(CAMBODIA) CO.,LTD |
- |
100.00 |
31/12/2016 |
|
|
CAMBODIA |
JUNO PACIFIC
(CAMBODIA) CO., LTD |
- |
100.00 |
31/12/2016 |
|
|
199409438H |
SINGAPORE |
JUNO
PACIFIC PTE. LTD. |
- |
100.00 |
31/12/2016 |
|
MYANMAR |
MERCOR
INTERNATIONAL CO.,LTD |
- |
70.00 |
31/12/2016 |
|
|
199400369R |
SINGAPORE |
MYANMARCORP
PTE LTD |
- |
51.00 |
31/12/2016 |
|
VIETNAM |
REPRESENTATIONS
INTERNATIONAL VIETNAM COMPANY LIMITED. |
- |
100.00 |
31/12/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
PATRICK |
|
Address |
: |
JALAN RAYA
PURI KEMBANGAN, KEDOYA GARDEN, E/27, JAKARTA BARAT, 11520, INDONESIA. |
|
IC / PP
No |
: |
A4962777 |
|
Nationality |
: |
INDONESIAN |
|
Date of
Appointment |
: |
02/07/2012 |
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 |
198402056N |
ASIA
RESOURCE CORPORATION PTE LTD |
Shareholder |
- |
180,000.00 |
0.55 |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
|
2 |
197200380E |
REPRESENTATIONS
INTERNATIONAL PTE. LTD. |
Director |
02/07/2012 |
0.00 |
- |
USD(1,191,358.00) |
2016 |
- |
13/04/2018 |
DIRECTOR 2
|
Name Of
Subject |
: |
CHEW
LEONG CHEE |
|
Address |
: |
6B,
CLUNY PARK, 259615, SINGAPORE. |
|
IC / PP
No |
: |
S0690146H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
31/01/1977 |
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 |
198402056N |
ASIA
RESOURCE CORPORATION PTE LTD |
Director |
07/06/1984 |
12,798,000.00 |
38.79 |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
|
2 |
197200380E |
REPRESENTATIONS
INTERNATIONAL PTE. LTD. |
Director |
31/01/1977 |
0.00 |
- |
USD(1,191,358.00) |
2016 |
- |
13/04/2018 |
DIRECTOR 3
|
Name Of
Subject |
: |
CHRISTOPHER
LIM SIEW HOCK |
|
Address |
: |
48,
MEYER ROAD, 04-48, EQUATORIAL APARTMENTS, 437872, SINGAPORE. |
|
Other
Address(es) |
: |
5572-I,TMN.NOR
MANSOR,JALAN TELIPOT, KOTA BHARU, KELANTAN, 15200 KOTA BHARU, KELANTAN,
MALAYSIA. |
|
IC / PP
No |
: |
S1513620J/1513620J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
18/04/1990 |
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 |
198402056N |
ASIA
RESOURCE CORPORATION PTE LTD |
Director |
01/08/1993 |
1,400,000.00 |
4.24 |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
|
2 |
404950P |
FUJIYOSHI
FOOD AND BEVERAGES SDN. BHD. |
Director |
06/10/1996 |
60,001.00 |
10.00 |
- |
2016 |
Winding-Up
by High Court (0000-00-00) |
26/03/2018 |
|
3 |
197200380E |
REPRESENTATIONS
INTERNATIONAL PTE. LTD. |
Director |
18/04/1990 |
0.00 |
- |
USD(1,191,358.00) |
2016 |
- |
13/04/2018 |
DIRECTOR 4
|
Name Of
Subject |
: |
CHARLIE
NG HOW KIAT |
|
Address |
: |
25,
MOONSTONE LANE, 19-03, MOONSTONE RESIDENCES, 328465, SINGAPORE. |
|
IC / PP
No |
: |
S7041731F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
02/07/2012 |
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 |
198402056N |
ASIA
RESOURCE CORPORATION PTE LTD |
Director |
26/06/2012 |
330,000.00 |
1.00 |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
|
2 |
197200380E |
REPRESENTATIONS
INTERNATIONAL PTE. LTD. |
Director |
02/07/2012 |
0.00 |
- |
USD(1,191,358.00) |
2016 |
- |
13/04/2018 |
DIRECTOR 5
|
Name Of
Subject |
: |
THANG
KWEK MIN |
|
Address |
: |
21B,
JANSEN ROAD, 548414, SINGAPORE. |
|
IC / PP
No |
: |
S1066102A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
18/04/1990 |
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 |
198402056N |
ASIA
RESOURCE CORPORATION PTE LTD |
Director |
24/04/1990 |
1,500,000.00 |
4.55 |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
|
2 |
197200380E |
REPRESENTATIONS
INTERNATIONAL PTE. LTD. |
Director |
18/04/1990 |
0.00 |
- |
USD(1,191,358.00) |
2016 |
- |
13/04/2018 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
PRASENJIT
BHATTACHARYA |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
HENG
LEE SENG LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
TAN
CHAY HOON |
|
IC / PP
No |
: |
S1563522C |
|
|
Address |
: |
78,
SHENTON WAY, 28-01, 079120, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
UNITED
OVERSEAS BANK LIMITED |
ENCUMBRANCE (S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
NULL |
- |
N/A |
UNITED
OVERSEAS BANK LIMITED |
SGD
600,000.00 |
Unsatisfied |
|
8101855 |
21/05/1981 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
8201705 |
15/05/1982 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
SGD
300,000.00 |
Unsatisfied |
|
9101049 |
18/03/1991 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
CIVIL LITIGATION CHECK -
SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its supplier information.
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 |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Services |
: |
TOBACCO
MERCHANT MANUFACTURER'S REPRESENTATIVES, GENERAL AGENT AND INVESTMENT HOLDING |
|
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) tobacco merchant
manufacturer's representatives, general agent and investment holding.
The Subject established itself as a leading one-stop solution provider for
cigarette manufacturers in South East Asia and China.
The Subject represents raw material and machinery suppliers for tobacco and
cigarette manufacturing and provides technical consultancy to its clients.
The Subject has grown its presence in ASEAN markets as well as China, India,
Middle East and Africa over the years.
The Subject offers a wide variety of services to the cigarette industry,
representing leading tobacco producers and equipment manufacturers. From the
supply of raw tobacco to the packaging of finished products, the Subject
provides a high standard of products and services to its customers in Southeast
Asia and China.
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
65-63231800 |
|
Current
Telephone Number |
: |
65-63231800 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
78
SHENTON WAY, 28-01 079120 SINGAPORE |
|
Current
Address |
: |
78,
SHENTON WAY, 28-01, 079120, 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 number of employees.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 -
2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012 -
2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(24.73%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(25.45%) |
] |
|
|
The continuous
fall in turnover could be due to the lower demand for the Subject's products
/ services.Higher losses before tax during the year could be due to the
higher operating costs incurred. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Debtor
Ratio |
: |
Unfavourable |
[ |
80 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
12 Days |
] |
|
|
The
high debtors' ratio could indicate that the Subject was weak in its credit
control. However, the Subject could also giving longer credit periods to its
customers in order to boost its sales or to capture / retain its market
share. The Subject had a favourable creditors' ratio where the Subject could
be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Favourable |
[ |
2.02
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
2.02
Times |
] |
|
|
A
minimum liquid ratio of 1 should be maintained by the Subject in order to
assure its creditors of its ability to meet short term obligations and the
Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Unfavourable |
[ |
(4,715.37
Times) |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject incurred losses in the year. It did not generate sufficient income to
service its interest. If the situation does not improve, the Subject may
be vulnerable to default in servicing the interest. The Subject had no
gearing and hence it had virtually no financial risk. The Subject was
financed by its shareholders' funds and internally generated fund. During the
economic downturn, the Subject, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
The Subject's
losses could be attributed to the lower turnover which in turn could be the
result of unfavourable market conditions. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. The Subject's interest cover was negative, indicating
that it did not generate sufficient income to service its interest. If its
result does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. The Subject was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises. |
||||||
|
Overall
financial condition of the Subject : LIMITED |
||||||
|
|
||||||
SINGAPORE ECONOMIC /
INDUSTRY OUTLOOK
|
|
Major
Economic Indicators : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population
(Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross
Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer
Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total
Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total
Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment
Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist
Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel
Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular
Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration
of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration
of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation
of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation
of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration
of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration
of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation
of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation
of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy
Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy
Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy
Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish
Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing
# |
|||||
|
Food,
Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing
Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather
Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood
& Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper
& Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing
& Media |
113.8 |
105.968
|
100.0 |
85.1 |
73.1 |
|
Crude
Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical
& Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical
Products |
101.421
|
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber
& Plastic Products |
109.497
|
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic
Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic
Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated
Metal Products |
107.5 |
107.757
|
100.0 |
93.8 |
91.3 |
|
Machinery
& Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical
Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic
Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport
Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real
Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport,
Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance
& Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government
Services |
6.50 |
6.30 |
- |
- |
- |
|
Education
Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
*
Estimate / Preliminary |
|||||
|
# Based
on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS
|
|
INDUSTRY
: |
ECONOMY |
|
In the
fourth quarter of 2017, the economy grew by 3.6% on a year-on-year basis,
moderating from the 5.5% growth in the previous quarter. The sectors which
contributed the most to growth in the quarter were the manufacturing and finance
& insurance sectors. For the whole of 2017, the economy expanded by 3.6%,
higher than the 2.4% growth in 2016. All major sectors grew in 2017, with the
exception of the construction sector. The manufacturing and finance &
insurance sectors were the key contributors to overall GDP growth. |
|
|
The
manufacturing sector expanded by 4.8% in the fourth quarter 2017, slowing
from the 19% surge in the third quarter. Growth was led by robust output
expansions in the electronics and precision engineering clusters, which more
than offset declines in the biomedical manufacturing and transport
engineering clusters. For full year 2017, the manufacturing sector grew by
10%, higher than the 3.7% growth in 2016. Growth was primarily driven by the
electronics and precision engineering clusters, while output declines in the
biomedical manufacturing, transport engineering and general manufacturing
clusters weighed on growth. |
|
|
The
services producing industries collectively expanded to 3.5% in the fourth
quarter 2017, the same pace of growth as the previous quarter. Among the
services sectors, the finance & insurance sector registered the strongest
growth at 6.3%, followed by the information & communications (6.0%) and
the transportation & storage (5.3%) sectors. Services producing
industries as a whole expanded to 2.8% in full year 2017, faster than the
1.4% growth in 2016. All services sectors saw positive growth. |
|
|
Among
the services sectors, the transportation & storage and finance & insurance
sectors registered the fastest pace of growth in 2017. Growth of the
transportation & storage sector came in at 4.8%, a pickup from the 1.3%
in 2016, largely due to stronger growth in the water transport and air
transport segments. Similarly, the finance & insurance sector expanded by
4.8%, improving from the 1.6% growth in 2016. The robust performance of the
sector was largely because of strong growth in the fund management segment,
even as growth in the financial intermediation and insurance segments
remained firm. |
|
|
Besides,
the construction sector contracted to 5.0%, extending the 9.3% decline in the
third quarter 2017. The output of the sector was weighed down primarily by
the weakness in private sector construction activities, as certified payments
across all private construction segments declined. Meanwhile, the
construction sector contracted to 8.4% in 2017, a reversal from the 1.9%
growth in 2016. Output in the sector was primarily weighed down by the
weakness in private sector construction works. |
|
|
In the
fourth quarter 2017, total demand rose by 4.9%, lower than the 5.5% growth in
the preceding quarter. For the whole of 2017, growth in total demand came in at
4.4%, an improvement from the 1.6% in 2016. External demand was the key
contributor to total demand growth (3.0 percentage-points), while the
contribution from domestic demand was also positive (1.4 percentage-points). |
|
|
Total
domestic demand rose by 6.6 % in the fourth quarter 2017, following the 8.5%
growth in the previous quarter. Growth was supported primarily by the
build-up in inventories and also higher consumption expenditure. Gross fixed
capital formation also contributed positively to total domestic demand growth
in the quarter. For 2017 as a whole, total domestic demand increased by 5.4%,
higher than the 3.1% expansion in 2016. Meanwhile, external demand rose by
4.2% in the fourth quarter 2017, similar to the 4.4% growth in the preceding quarter.
The increase in external demand was primarily due to higher real merchandise
exports. For the full year 2017, external demand grew at a faster pace of
4.1%, compared to the 1.1% growth in 2016. |
|
|
Total
consumption expenditure rose at a slower pace of 4.4% in the fourth quarter
2017, compared to the 5.7% expansion in the previous quarter. For the full
year 2017, total consumption expenditure grew by 3.3%, an improvement from
the 2.1% growth in 2016, on the back of faster growth in both public and
private consumption. Public consumption expanded by 4.1%, compared to 3.5% in
2016, while private consumption grew by 3.1%, compared to 1.7% in the
previous year. Expenditure on miscellaneous goods & services, recreation
& culture and housing & utilities were the main contributors to
private consumption growth. |
|
|
Since
November 2017, the outlook for global growth has improved slightly with the
IMF upgrading its global growth forecast for 2018 to 3.9%, partly on the back
of higher growth expected in the US due to the recently approved tax reforms.
However, as compared to 2017, growth in most of Singapore’s key final demand
markets such as the Eurozone, Japan, NIEs and ASEAN-5 is projected to
moderate or remain unchanged in 2018. In the US, GDP growth is projected to
improve further in 2018, supported by domestic demand and fiscal stimulus
arising from the recently approved tax reforms, although there are
uncertainties around the extent to which investments would respond to the tax
reforms. On the other hand, growth in the Eurozone economy is projected to
moderate in 2018, following the rebound seen in 2017. Growth will be
underpinned by continued improvements in labour market conditions and largely
accommodative monetary policies. |
|
|
In
Asia, China’s growth is also expected to ease in 2018 on the back of a
slowdown in investment, even as consumption is likely to remain stable and
provide support to growth. Meanwhile, growth in the key ASEAN economies is
expected to remain firm in 2018, supported by sustained improvements in
domestic demand as well as merchandise exports. On balance, the external
demand outlook for Singapore is expected to be slightly weaker in 2018 as
compared to 2017. Taking into account the global and domestic economic
environments, Ministry of Trade and Industry (MTI) has maintained the 2018
GDP growth forecast at “1.5 to 3.5%”. MTI’s central view is that growth will
likely come in slightly above the middle of the forecast range, barring the
materialisation of downside risks. |
|
|
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. |
|
REPRESENTATIONS
INTERNATIONAL 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 |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
12,188,136 |
15,376,554 |
17,770,268 |
7,434,762 |
7,203,111 |
|
Other
Income |
1,274,467 |
1,484,884 |
1,189,773 |
2,180,148 |
1,176,336 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
13,462,603 |
16,861,438 |
18,960,041 |
9,614,910 |
8,379,447 |
|
Costs
of Goods Sold |
(11,997,192) |
(15,013,389) |
(17,440,072) |
(7,287,718) |
(7,066,746) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
1,465,411 |
1,848,049 |
1,519,969 |
2,327,192 |
1,312,701 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(1,226,255) |
(245,820) |
(473,618) |
373,141 |
(1,005,336) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(1,226,255) |
(245,820) |
(473,618) |
373,141 |
(1,005,336) |
|
Taxation |
34,897 |
- |
0 |
(15,129) |
37,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(1,191,358) |
(245,820) |
(473,618) |
358,012 |
(968,336) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
2,207,981 |
2,453,801 |
2,927,419 |
2,569,407 |
- |
|
Prior
year adjustment |
- |
- |
- |
- |
3,537,743 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
2,207,981 |
2,453,801 |
2,927,419 |
2,569,407 |
3,537,743 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
1,016,623 |
2,207,981 |
2,453,801 |
2,927,419 |
2,569,407 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
1,016,623 |
2,207,981 |
2,453,801 |
2,927,419 |
2,569,407 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Lease
interest |
260 |
3,118 |
3,732 |
4,039 |
4,039 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
260 |
3,118 |
3,732 |
4,039 |
4,039 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
48,009 |
94,649 |
144,614 |
149,948 |
166,228 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
48,009 |
94,649 |
144,614 |
149,948 |
166,228 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
REPRESENTATIONS
INTERNATIONAL PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
68,423 |
108,624 |
140,953 |
254,594 |
372,271 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
1,130,391 |
1,453,951 |
1,003,713 |
967,547 |
320,954 |
|
Investment
properties |
1,278,772 |
1,131,856 |
1,210,837 |
1,534,203 |
1,423,429 |
|
Others |
- |
- |
756,773 |
- |
842,605 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
2,409,163 |
2,585,807 |
2,971,323 |
2,501,750 |
2,586,988 |
|
INTANGIBLE
ASSETS |
|||||
|
Others |
25,041 |
26,997 |
26,997 |
26,997 |
26,997 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
25,041 |
26,997 |
26,997 |
26,997 |
26,997 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG
TERM ASSETS |
2,502,627 |
2,721,428 |
3,139,273 |
2,783,341 |
2,986,256 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
- |
130 |
130 |
130 |
130 |
|
Trade
debtors |
2,657,848 |
3,843,638 |
3,664,250 |
2,707,092 |
2,202,960 |
|
Other debtors,
deposits & prepayments |
132,591 |
236,535 |
314,245 |
- |
9,613 |
|
Short
term deposits |
- |
28,006 |
29,728 |
- |
- |
|
Amount
due from subsidiary companies |
772,939 |
650,875 |
192,784 |
- |
- |
|
Amount
due from related companies |
21 |
21 |
21 |
- |
- |
|
Cash
& bank balances |
1,019,687 |
1,101,969 |
1,005,257 |
1,530,826 |
644,365 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
4,583,086 |
5,861,174 |
5,206,415 |
4,238,048 |
2,857,068 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
7,085,713 |
8,582,602 |
8,345,688 |
7,021,389 |
5,843,324 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
401,794 |
838,923 |
389,216 |
819,320 |
445,415 |
|
Other
creditors & accruals |
25,231 |
4,527 |
- |
338,908 |
93 |
|
Amounts
owing to subsidiary companies |
- |
- |
101,183 |
- |
- |
|
Provision
for taxation |
117,534 |
117,534 |
117,534 |
- |
- |
|
Lease
payables |
- |
2,759 |
33,170 |
36,303 |
37,870 |
|
Other
liabilities |
1,724,531 |
1,575,981 |
1,413,128 |
978,756 |
690,330 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
2,269,090 |
2,539,724 |
2,054,231 |
2,173,287 |
1,173,708 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
2,313,996 |
3,321,450 |
3,152,184 |
2,064,761 |
1,683,360 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Lease
obligations |
- |
- |
2,759 |
35,934 |
72,237 |
|
Deferred
taxation |
- |
34,897 |
34,897 |
34,897 |
34,897 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
34,897 |
37,656 |
70,831 |
107,134 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
4,816,623 |
6,007,981 |
6,253,801 |
4,777,271 |
4,562,482 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
3,800,000 |
3,800,000 |
3,800,000 |
1,849,852 |
1,849,852 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
3,800,000 |
3,800,000 |
3,800,000 |
1,849,852 |
1,849,852 |
|
RESERVES |
|||||
|
General
reserve |
- |
- |
- |
- |
143,223 |
|
Retained
profit/(loss) carried forward |
1,016,623 |
2,207,981 |
2,453,801 |
2,927,419 |
2,569,407 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
1,016,623 |
2,207,981 |
2,453,801 |
2,927,419 |
2,712,630 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
4,816,623 |
6,007,981 |
6,253,801 |
4,777,271 |
4,562,482 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
REPRESENTATIONS
INTERNATIONAL PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
1,019,687 |
1,129,975 |
1,034,985 |
1,530,826 |
644,365 |
|
Net
Liquid Funds |
1,019,687 |
1,129,975 |
1,034,985 |
1,530,826 |
644,365 |
|
Net
Liquid Assets |
2,313,996 |
3,321,320 |
3,152,054 |
2,064,631 |
1,683,230 |
|
Net
Current Assets/(Liabilities) |
2,313,996 |
3,321,450 |
3,152,184 |
2,064,761 |
1,683,360 |
|
Net
Tangible Assets |
4,791,582 |
5,980,984 |
6,226,804 |
4,750,274 |
4,535,485 |
|
Net
Monetary Assets |
2,313,996 |
3,286,423 |
3,114,398 |
1,993,800 |
1,576,096 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
(1,225,995) |
(242,702) |
(469,886) |
377,180 |
(1,001,297) |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
(1,177,986) |
(148,053) |
(325,272) |
527,128 |
(835,069) |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
2,759 |
35,934 |
72,237 |
|
Total
Liabilities |
2,269,090 |
2,574,621 |
2,091,887 |
2,244,118 |
1,280,842 |
|
Total
Assets |
7,085,713 |
8,582,602 |
8,345,688 |
7,021,389 |
5,843,324 |
|
Net
Assets |
4,816,623 |
6,007,981 |
6,253,801 |
4,777,271 |
4,562,482 |
|
Net
Assets Backing |
4,816,623 |
6,007,981 |
6,253,801 |
4,777,271 |
4,562,482 |
|
Shareholders'
Funds |
4,816,623 |
6,007,981 |
6,253,801 |
4,777,271 |
4,562,482 |
|
Total
Share Capital |
3,800,000 |
3,800,000 |
3,800,000 |
1,849,852 |
1,849,852 |
|
Total
Reserves |
1,016,623 |
2,207,981 |
2,453,801 |
2,927,419 |
2,712,630 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(20.74) |
(13.47) |
139.02 |
3.22 |
(5.36) |
|
Proft/(Loss)
Before Tax |
(398.84) |
48.10 |
(226.93) |
137.12 |
(171.04) |
|
Proft/(Loss)
After Tax |
(384.65) |
48.10 |
(232.29) |
136.97 |
(172.89) |
|
Total
Assets |
(17.44) |
2.84 |
18.86 |
20.16 |
2.79 |
|
Total
Liabilities |
(11.87) |
23.08 |
(6.78) |
75.21 |
38.35 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.45 |
0.44 |
0.50 |
0.70 |
0.55 |
|
Liquid
Ratio |
2.02 |
2.31 |
2.53 |
1.95 |
2.43 |
|
Current
Ratio |
2.02 |
2.31 |
2.53 |
1.95 |
2.43 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Debtors
Ratio |
80 |
91 |
75 |
133 |
112 |
|
Creditors
Ratio |
12 |
20 |
8 |
41 |
23 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0.01 |
0.02 |
|
Liabilities
Ratio |
0.47 |
0.43 |
0.33 |
0.47 |
0.28 |
|
Times
Interest Earned Ratio |
(4,715.37) |
(77.84) |
(125.91) |
93.38 |
(247.91) |
|
Assets
Backing Ratio |
1.26 |
1.57 |
1.64 |
2.57 |
2.45 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(10.06) |
(1.60) |
(2.67) |
5.02 |
(13.96) |
|
Net
Profit Margin |
(9.77) |
(1.60) |
(2.67) |
4.82 |
(13.44) |
|
Return
On Net Assets |
(25.45) |
(4.04) |
(7.51) |
7.90 |
(21.95) |
|
Return
On Capital Employed |
(25.32) |
(4.00) |
(7.44) |
7.74 |
(21.32) |
|
Return
On Shareholders' Funds/Equity |
(24.73) |
(4.09) |
(7.57) |
7.49 |
(21.22) |
|
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 65.68 |
|
|
1 |
INR 93.98 |
|
Euro |
1 |
INR 81.30 |
|
SGD |
1 |
INR 50.30 |
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.