MIRA INFORM REPORT

 

 

Report No. :

489948

Report Date :

08.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SALESFORCE.COM SINGAPORE PTE. LTD.

 

 

Formerly Known As :

SFDC SINGAPORE PTE. LTD. (06/06/2005)

 

 

Registered Office :

5, Temasek Boulevard, 13-01, Suntec Tower Five, 038985

 

 

Country :

Singapore

 

 

Financials (as on) :

31.01.2017

 

 

Date of Incorporation :

23.08.2004

 

 

Com. Reg. No.:

200410660N

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in the provision of information technology consultancy and marketing services, customer relation management services.

 

 

No. of Employees :

350 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

 

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

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

(30.06.2017)

Current Rating

(30.09.2017)

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.

:

200410660N

COMPANY NAME

:

SALESFORCE.COM SINGAPORE PTE. LTD.

FORMER NAME

:

SFDC SINGAPORE PTE. LTD. (06/06/2005)

INCORPORATION DATE

:

23/08/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

5, TEMASEK BOULEVARD, 13-01, SUNTEC TOWER FIVE, 038985, SINGAPORE.

BUSINESS ADDRESS

:

5 TEMASEK BOULEVARD #13-01, SUNTEC TOWER 5, 038985, SINGAPORE.

TEL.NO.

:

65-63025700

FAX.NO.

:

65-63025777

WEB SITE

:

WWW.SALESFORCE.COM

CONTACT PERSON

:

HAKAN JOACHIM WETTERMARK ( DIRECTOR )

PRINCIPAL ACTIVITY

:

THE PROVISION OF INFORMATION TECHNOLOGY CONSULTANCY AND MARKETING SERVICES, CUSTOMER RELATION MANAGEMENT SERVICES

ISSUED AND PAID UP CAPITAL

:

564,355.00 ORDINARY SHARE, OF A VALUE OF SGD 36,635,500.00 

SALES

:

USD 408,022,189 [2017]

NET WORTH

:

USD 16,931,618 [2017]

STAFF STRENGTH

:

350 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The subject is principally engaged in the (as a / as an) the provision of information technology consultancy and marketing services, customer relation management services.

 

Share Capital History

Date

Issue & Paid Up Capital

05/02/2018

SGD 36,635,500.00

 

The major shareholder(s) of the Subject are shown as follows :


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

SFDC (INTERNATIONAL) LIMITED

33-37 ATHOL STREET, DOUGLAS, IM1 1LB ISLE OF MAN

T05UF2125

564,355.00

100.00

---------------

------

564,355.00

100.00

============

=====

 

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

Status

(%)

As At

HONG KONG

SALESFORCE.COM HONG KONG LIMITED

-

100.00

31/01/2017

INDIA

SALESFORCE.COM INDIA PRIVATE LIMITED

-

99.00

31/01/2017

CHINA

SALESFORCE.COM INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD

-

100.00

31/01/2017

TAIWAN

SALESFORCE.COM TAIWAN LIMITED

-

100.00

31/01/2017

011

KOREA

SALESFORCESYSTEMS KOREA LIMITED

-

100.00

31/01/2017

AUSTRALIA

SFDC AUSTRALIA PTY LIMITED

-

100.00

31/01/2017



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

HAKAN JOACHIM WETTERMARK

Address

:

50, FREMONT, SUITE 300, SAN FRANCISCO, CA 94105, UNITED STATES.

IC / PP No

:

488572324

Nationality

:

AMERICAN

Date of Appointment

:

31/10/2013



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

200410660N

SALESFORCE.COM SINGAPORE PTE. LTD.

Director

31/10/2013

0.00

-

USD(4,809,042.00)

2017

-

05/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

JOSE LUIZ MOURA NETO

Address

:

FLOOR 26, SALESFORCE.COM TOWER, 110, BISHOPSGATE, LONDON, EC2N 4AY, UNITED KINGDOM.

IC / PP No

:

534907660

Nationality

:

BRITISH

Date of Appointment

:

30/09/2013



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

200410660N

SALESFORCE.COM SINGAPORE PTE. LTD.

Director

30/09/2013

0.00

-

USD(4,809,042.00)

2017

-

05/02/2018

 

DIRECTOR 3

 

Name Of Subject

:

BENSON WONG KAM MING

Address

:

9, TEMASEK BOULEVARD, 40-01, SUNTEC TOWER TWO, 038989, SINGAPORE.

IC / PP No

:

S2604524Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/09/2013



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

200410660N

SALESFORCE.COM SINGAPORE PTE. LTD.

Director

30/09/2013

0.00

-

USD(4,809,042.00)

2017

-

05/02/2018



MANAGEMENT

 

 

1)

Name of Subject

:

HAKAN JOACHIM WETTERMARK

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ANTHONY ANNE CATHARINE

IC / PP No

:

S1347717E

Address

:

8, MARINA BOULEVARD, 05-02, MARINA BAY FINANCIAL CENTRE, 018981, SINGAPORE.

 

BANKING


No Banker found in our databank. 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

 

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 is a service provider. 

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
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

THE PROVISION OF INFORMATION TECHNOLOGY CONSULTANCY AND MARKETING SERVICES, CUSTOMER RELATION MANAGEMENT SERVICES

 

Total Number of Employees:

YEAR

2018

 

GROUP

N/A

COMPANY

350

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) the provision of information technology consultancy and marketing services, customer relation management services. 

Salesforce began with the vision of reinventing Customer Relationship Management (CRM). 

All Salesforce products run entirely in the cloud so there's no expensive setup costs, no maintenance and employees can work from any device with an internet connection – smartphone, tablet or laptop.

It is a customer relationship management (CRM) software solution for sales, service, marketing, collaboration, analytics, and building custom mobile apps. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63025700

Match

:

N/A

Address Provided by Client

:

5, TEMASEK BOULEVARD 13-01 SUNTEC TOWER 5 038985

Current Address

:

5 TEMASEK BOULEVARD #13-01, SUNTEC TOWER 5, 038985, SINGAPORE.

Match

:

YES

 

 

Other Investigations


We contacted one of the staff from the Subject and he provided some information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2010 - 2017

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2017

]

Return on Shareholder Funds

:

Unfavourable

[

(28.40%)

]

Return on Net Assets

:

Unfavourable

[

(21.02%)

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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

[

3 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

:

Acceptable

[

0.98 Times

]

Current Ratio

:

Unfavourable

[

0.98 Times

]

The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : LIMITED

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

7.40

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

2.40

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

The economy expanded by 1.9% in the third quarter of 2015, marginally slower than the 2.0% growth in the second quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 1.9%, a reversal from the 2.6% contraction in the previous quarter.

Among the key sectors of the economy, the manufacturing sector recorded the weakest performance, contracting by 6.2% in the third quarter of 2015, extending the 4.8% decline in the previous quarter. The contraction was primarily due to a decline in the output of the transport engineering, electronics and precision engineering clusters.

The services producing industries performed better, with all sectors registering expansions. The wholesale & retail trade sector posted the strongest growth of 6.8%, followed by the finance & insurance (4.8%), information & communications (4.8%), other services (2.2%) and business services (1.5%) sectors. The accommodation & food services and transportation & storage sectors also recorded positive growth of 0.9% and 0.3% respectively.

Meanwhile, the construction sector grew by 1.6%, moderating from the 2.2% growth in the second quarter of 2015. The sectors that contributed the most to economic growth in the third quarter of 2015 were the wholesale & retail trade and finance & insurance sectors. Together, they accounted for about 97% of overall GDP growth.

Total demand rose by 4.1% in the third quarter, accelerating from the 0.6% growth in the previous quarter. The expansion was supported by both external and domestic demand. External demand rose at a faster pace of 3.2%, compared to the 1.1% growth in the previous quarter. Meanwhile, domestic demand increased by 6.6%, a rebound from the 0.6% decline in the second quarter.

Domestic demand was driven by consumption expenditure, which grew by 6.7% in the third quarter of 2015 following the 3.4% growth in the previous quarter. Both private and public consumption contributed to the rise in consumption expenditure. Changes in inventories also supported growth, rising by 1.6%, a reversal from the 2.9% contraction in the previous quarter. Growth in gross fixed capital formation moderated to 0.2%, from 4.1% in the previous quarter, weighed down by both public and private investments. Public investments contracted by 1.1%, a sharp reversal from the 11% growth in the previous quarter. On the other hand, private investments registered modest growth of 0.5%, slower than the 2.4% growth in the previous quarter.

Overall employment rose by 16,400 on a quarter-on-quarter basis in the third quarter of 2015, faster than the gains of 9,700 in the previous quarter. However, this represented a slower rate of increase as compared to the employment gains of 33,400 in the third quarter of 2014. The increase in employment in the third quarter brought the total number of employed persons in September 2015 to 3,644,000, 1.7% higher than a year ago. The rate of increase over 2014 was slower compared to that recorded in June 2015 (2.2%). At the sectoral level, employment in the services and construction sectors expanded on a quarter-on-quarter basis in the third quarter of 2015, while manufacturing employment continued to decline.

Even though global growth is expected to improve, the continued slowdown in the Chinese economy, the services-driven nature of growth in the US, as well as the trends of in-sourcing in China and the US may mean that external demand for Singapore and regional countries may not see a significant uplift in 2016. Domestically, the labour market is also expected to be tight, with the unemployment rate remaining low.

Against this backdrop, the growth outlook for the Singapore economy in 2016 is modest. While sectors such as finance & insurance and wholesale trade are expected to support growth, the manufacturing sector is likely to remain weak. Sector-specific factors may also weigh on the growth of some sectors. For instance, sustained low oil prices will continue to dampen rig building activities in the marine & offshore segment. Growth in labour-intensive sectors such as retail and food services may also be weighed down by labour constraints. By barring the materialisation of downside risks, the Singapore economy is expected to grow at a modest pace of "1.0% to 3.0%" in 2016.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2004, the Subject is a Private Limited company, focusing on the provision of information technology consultancy and marketing services, customer relation management services. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. Presently, the issued and paid up capital of the Subject stands at SGD 36,635,500. The Subject has a strong support from its shareholder. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 350 staff in its operations Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 16,931,618, the Subject should be able to maintain its business in the near terms. 

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts. 

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market. 

In view of the above, we recommend credit be granted to the Subject with close monitoring.



PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

SALESFORCE.COM SINGAPORE PTE. LTD.

 

Financial Year End

2017-01-31

2016-01-31

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

TURNOVER

408,022,189

297,283,782

Other Income

13,493,755

11,213,362

----------------

----------------

Total Turnover

421,515,944

308,497,144

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

(3,559,763)

(3,182,920)

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

(3,559,763)

(3,182,920)

Taxation

(1,249,279)

(544,941)

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

(4,809,042)

(3,727,861)

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(34,560,667)

(30,832,806)

----------------

----------------

As restated

(34,560,667)

(30,832,806)

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

(39,369,709)

(34,560,667)

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(39,369,709)

(34,560,667)

=============

=============

INTEREST EXPENSE (as per notes to P&L)

DEPRECIATION (as per notes to P&L)

648,072

812,694

----------------

----------------

Total Amortization And Depreciation

648,072

812,694

=============

=============

 

 

 

 

BALANCE SHEET

 

SALESFORCE.COM SINGAPORE PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

4,552,596

863,872

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

11,159,455

1,134,393

Deposits

1,018,874

239,021

Others

11,681,463

10,317,212

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

23,859,792

11,690,626

----------------

----------------

TOTAL LONG TERM ASSETS

28,412,388

12,554,498

CURRENT ASSETS

Trade debtors

88,962,781

61,305,585

Other debtors, deposits & prepayments

1,579,058

436,149

Amount due from holding company

62,151,482

65,037,353

Amount due from subsidiary companies

12,718,414

944,554

Amount due from related companies

594,334

2,224,190

Cash & bank balances

109,018,524

90,648,057

Others

22,595,990

15,175,815

----------------

----------------

TOTAL CURRENT ASSETS

297,620,583

235,771,703

----------------

----------------

TOTAL ASSET

326,032,971

248,326,201

=============

=============

CURRENT LIABILITIES

Trade creditors

2,808,599

1,114,187

Other creditors & accruals

20,756,513

15,171,312

Amounts owing to holding company

3,238,045

35,728,016

Amounts owing to subsidiary companies

14,797,512

14,529,888

Amounts owing to related companies

26,410,506

2,042,184

Provision for taxation

1,296,995

768,827

Other liabilities

234,518,682

160,757,507

----------------

----------------

TOTAL CURRENT LIABILITIES

303,826,852

230,111,921

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

(6,206,269)

5,659,782

----------------

----------------

LONG TERM LIABILITIES

Others

5,274,501

1,598,657

----------------

----------------

TOTAL LONG TERM LIABILITIES

5,274,501

1,598,657

----------------

----------------

TOTAL NET ASSETS

16,931,618

16,615,623

=============

=============

SHARE CAPITAL

Ordinary share capital

24,705,684

24,705,684

----------------

----------------

TOTAL SHARE CAPITAL

24,705,684

24,705,684

RESERVES

Retained profit/(loss) carried forward

(39,369,709)

(34,560,667)

Others

31,595,643

26,470,606

----------------

----------------

TOTAL RESERVES

(7,774,066)

(8,090,061)

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

16,931,618

16,615,623

=============

=============

 

 

 

 

FINANCIAL RATIO

 

SALESFORCE.COM SINGAPORE PTE. LTD.

 

TYPES OF FUNDS

Cash

109,018,524

90,648,057

Net Liquid Funds

109,018,524

90,648,057

Net Liquid Assets

(6,206,269)

5,659,782

Net Current Assets/(Liabilities)

(6,206,269)

5,659,782

Net Tangible Assets

16,931,618

16,615,623

Net Monetary Assets

(11,480,770)

4,061,125

PROFIT & LOSS ITEMS

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

(2,911,691)

(2,370,226)

BALANCE SHEET ITEMS

Total Liabilities

309,101,353

231,710,578

Total Assets

326,032,971

248,326,201

Net Assets

16,931,618

16,615,623

Net Assets Backing

16,931,618

16,615,623

Shareholders' Funds

16,931,618

16,615,623

Total Share Capital

24,705,684

24,705,684

Total Reserves

(7,774,066)

(8,090,061)

GROWTH RATIOS (Year on Year) (%)

Revenue

37.25

(4.84)

Proft/(Loss) Before Tax

(11.84)

(682.25)

Proft/(Loss) After Tax

(29.00)

(930.90)

Total Assets

29.70

(1.21)

Total Liabilities

33.86

0.34

LIQUIDITY (Times)

Cash Ratio

0.36

0.39

Liquid Ratio

0.98

1.02

Current Ratio

0.98

1.02

WORKING CAPITAL CONTROL (Days)

Debtors Ratio

80

75

Creditors Ratio

3

1

SOLVENCY RATIOS (Times)

Liabilities Ratio

18.26

13.95

Assets Backing Ratio

0.69

0.67

PERFORMANCE RATIO (%)

Operating Profit Margin

(0.87)

(1.07)

Net Profit Margin

(1.18)

(1.25)

Return On Net Assets

(21.02)

(19.16)

Return On Capital Employed

(16.03)

(17.47)

Return On Shareholders' Funds/Equity

(28.40)

(22.44)




 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.14

UK Pound

1

INR 89.50

Euro

1

INR 79.43

SGD

1

INR 48.34

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.