|
|
|
MIRA
INFORM REPORT
|
Report No. : |
493062 |
|
Report Date : |
19.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SWISS SINGAPORE
OVERSEAS ENTERPRISES PTE. LTD. |
|
|
|
|
Registered Office : |
65, Chulia Street, 48-05/08, Ocbc Centre,
049513 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
07.01.1978 |
|
|
|
|
Com. Reg. No.: |
197800048-Z |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of commodity products, agro-products, chemicals, coal/coke,
fertilizers, fluorspar, iron ore, petroleum products, steel and steel scraps,
sulphur, and timber logs, bitumen, cocoa, palm oil, pp grains/films, rice,
sesame seeds. |
|
|
|
|
No. of Employees : |
25 [2017]
|
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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It
enjoys a remarkably open and corruption-free environment, stable prices, and a
per capita GDP higher than that of most developed countries. Unemployment is
very low. The economy depends heavily on exports, particularly of consumer
electronics, information technology products, medical and optical devices,
pharmaceuticals, and on its vibrant transportation, business, and financial
services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial
crisis, but has continued to grow since 2010. Growth in 2014-16 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. |
: |
197800048-Z |
||||
|
COMPANY NAME |
: |
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE.
LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
07/01/1978 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
65, CHULIA STREET, 48-05/08, OCBC CENTRE,
049513, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
65, CHULIA STREET, 48-05/08, OCBC CENTRE,
049513, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62218455 |
||||
|
FAX.NO. |
: |
65-62224984 |
||||
|
WEB SITE |
: |
WWW.SWISS-SINGAPORE.COM |
||||
|
CONTACT PERSON |
: |
RAJESH KUMAR SOMANI ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMMODITY PRODUCTS,
AGRO-PRODUCTS, CHEMICALS, COAL/COKE, FERTILIZERS, FLUORSPAR, IRON ORE,
PETROLEUM PRODUCTS, STEEL AND STEEL SCRAPS, SULPHUR, AND TIMBER LOGS,
BITUMEN, COCOA, PALM OIL, PP GRAINS/FILMS, RICE, SESAME SEEDS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
36,955,598.00 ORDINARY SHARE, OF A VALUE OF
SGD 36,955,598.00 |
||||
|
SALES |
: |
USD 4,325,518,261 [2017] |
||||
|
NET WORTH |
: |
USD 230,994,170 [2017] |
||||
|
STAFF STRENGTH |
: |
25 [2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
NO COMPLAINTS |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY /
BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is insolvent.
The Subject is governed by the Companies Act and the company must file its
annual returns, together with its financial statements with the Registrar of
Companies.
The subject is principally engaged in the (as
a / as an) trading of commodity products, agro-products, chemicals, coal/coke,
fertilizers, fluorspar, iron ore, petroleum products, steel and steel scraps,
sulphur, and timber logs, bitumen, cocoa, palm oil, pp grains/films, rice,
sesame seeds.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
16/11/2017 |
SGD 36,955,598.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ABHA INVESTMENTS PTE. LTD. |
65, CHULIA STREET, 48-05/08, OCBC CENTRE
049513 ,SINGAPORE |
200802696G |
7,000,000.00 |
18.94 |
|
INDOGENIOUS HOLDINGS PTE. LTD. |
65, CHULIA STREET, 48-05/08, OCBC CENTRE
049513 ,SINGAPORE |
200802699Z |
7,000,000.00 |
18.94 |
|
CALYX INVESTMENTS PTE. LTD. |
65, CHULIA STREET, 48-05/08, OCBC CENTRE
049513 ,SINGAPORE |
200802697W |
7,000,000.00 |
18.94 |
|
BIG BANYAN INVESTMENTS PTE. LTD. |
65, CHULIA STREET, 48-05/08, OCBC CENTRE
049513 ,SINGAPORE |
200804356E |
7,000,000.00 |
18.94 |
|
BLUE BUCKS INVESTMENTS PTE. LTD. |
65, CHULIA STREET, 48-05/08, OCBC CENTRE
049513 ,SINGAPORE |
200804357R |
7,000,000.00 |
18.94 |
|
KIRAN INVESTMENTS PTE. LTD. |
65, CHULIA STREET, 48-05/08, OCBC CENTRE
049513 ,SINGAPORE |
200802701M |
1,955,598.00 |
5.29 |
|
--------------- |
------ |
|||
|
36,955,598.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
201623242M |
SINGAPORE |
CLEAN SHIP BULK CARRIERS PTE. LTD. |
- |
99.00 |
07/06/2017 |
|
201615022M |
SINGAPORE |
SAFE OCEAN BULK CARRIERS PTE. LTD. |
- |
99.99 |
07/06/2017 |
|
201315408Z |
SINGAPORE |
SSOE INVESTMENTS PTE. LTD. |
- |
100.00 |
07/06/2017 |
|
201502413W |
SINGAPORE |
SWISS SINGAPORE SHIPPING PTE. LTD. |
- |
99.99 |
07/06/2017 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
RAJIV DUBE |
|
Address |
: |
B-2601, LODHA BELLISIMO, APOLLO COMPD, N M
JOSHI MARG MAHALAXMI, MUMBAI, 400011, INDIA. |
|
IC / PP No |
: |
Z1780411 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
14/08/2015 |
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 |
197800048Z |
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE.
LTD. |
Director |
14/08/2015 |
0.00 |
- |
USD7,760,915.00 |
2017 |
- |
16/11/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
BAJAJ JAGDISH PRASAD |
|
Address |
: |
1, TANJONG RHU ROAD, 17-04, THE WATERSIDE,
436879, SINGAPORE. |
|
IC / PP No |
: |
G5327359P |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
07/09/2012 |
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 |
197800048Z |
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE.
LTD. |
Director |
07/09/2012 |
0.00 |
- |
USD7,760,915.00 |
2017 |
- |
16/11/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
ASKARAN AGARWALA |
|
Address |
: |
FLAT 3, HAVELI, L D RUPAREL MARG, MALABAR
HILL, MUMBAI PIN:400006, MAHARASHTRA, INDIA. |
|
IC / PP No |
: |
L1698953 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
17/10/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
197800048Z |
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE.
LTD. |
Director |
17/10/2014 |
0.00 |
- |
USD7,760,915.00 |
2017 |
- |
16/11/2017 |
DIRECTOR 4
|
Name Of Subject |
: |
RAJESH KUMAR SOMANI |
|
Address |
: |
FLAT 711, DR-AL BUTEEN II, NEAR TAJ PALACE
HOTEL, OFF AL RIGGA ROAD, DEIRA, DUBAI, UNITED ARAB EMIRATES. |
|
IC / PP No |
: |
Z3078897 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
07/10/2011 |
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 |
197800048Z |
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE.
LTD. |
Director |
07/10/2011 |
0.00 |
- |
USD7,760,915.00 |
2017 |
- |
16/11/2017 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
RAJESH KUMAR SOMANI |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
LAU CHIN HUAT & CO |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
ZANWAR SHYAMSUNDER BALAPRASAD |
|
IC / PP No |
: |
S7665331C |
|
|
Address |
: |
325A, SENGKANG EAST WAY, 15-501, ANCHORVALE
GROVE, 541325, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
CHEONG SENG CHOW |
|
IC / PP No |
: |
S1350970J |
|
|
Address |
: |
43, LORONG 5, TOA PAYOH, 11-129, EAST PAYOH
SPRING, 310043, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
CITIBANK N.A. |
|
2) |
Name |
: |
BARCLAYS BANK PLC |
|
3) |
Name |
: |
STANDARD CHARTERED BANK |
|
4) |
Name |
: |
DEUTSCHE BANK AKTIENGESELLSCHAFT |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201303139 |
26/02/2013 |
N/A |
UBS AG |
- |
Unsatisfied |
|
C201310768 |
06/08/2013 |
N/A |
CITIBANK N.A. |
- |
Unsatisfied |
|
C201311479 |
21/08/2013 |
N/A |
BANK JULIUS BAER & CO. LTD. |
- |
Unsatisfied |
|
C201311926 |
30/08/2013 |
N/A |
BARCLAYS BANK PLC |
- |
Unsatisfied |
|
C201407736 |
24/07/2014 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201413506 |
01/12/2014 |
N/A |
DEUTSCHE BANK AKTIENGESELLSCHAFT |
- |
Unsatisfied |
|
C201511477 |
06/10/2015 |
N/A |
BANK OF SINGAPORE LIMITED |
- |
Unsatisfied |
LITIGATION
CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
COMMODITY PRODUCTS, AGRO-PRODUCTS, CHEMICALS,
COAL/COKE, FERTILIZERS, FLUORSPAR, IRON ORE, PETROLEUM PRODUCTS, STEEL AND
STEEL SCRAPS, SULPHUR, AND TIMBER LOGS, PROVIDES BITUMEN, COCOA, PALM OIL, PP
GRAINS/FILMS, RICE, SESAME SEEDS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
2013 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
25 |
25 |
30 |
35 |
35 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of commodity
products, agro-products, chemicals, coal/coke, fertilizers, fluorspar, iron
ore, petroleum products, steel and steel scraps, sulphur, and timber logs,
bitumen, cocoa, palm oil, pp grains/films, rice, sesame seeds.
The Subject is one of the companies listed under the Aditya Birla group of
companies.
The Subject is a trans-national bulk commodity trading solutions provider with
a global presence.
The Subject has diversified portfolio such as petroleum products, sulphur,
fertilizers, timber logs, steel and steel scrap, coal/coke, iron ore, chemicals
and agro-products.
The agro products such as Beans, Pulses, Grains, Oil Seeds and Others (sugar
& palm oil, etc). Besides, the Subject also offer tea products.
other than that, the Subject also offer various types of fibres like Acrylic
Fibre, Viscose Staple Fibre, Cement, Clinker etc.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6562218455 |
|
Current Telephone Number |
: |
65-62218455 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
# 48-05/08, OCBC CENTRE, 65 CHULIA STREET,
049513 |
|
Current Address |
: |
65, CHULIA STREET, 48-05/08, OCBC CENTRE,
049513, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
3.36% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
6.62% |
] |
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The Subject's
profit fell sharply because of the high operating costs incurred. The
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
8 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
47 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
28 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing
its holding cost. This had reduced funds being tied up in stocks. The
favourable debtors' days could be due to the good credit control measures
implemented by the Subject. The Subject had a favourable creditors' ratio
where the Subject could be taking advantage of the cash discounts and also
wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.17 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.33 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 |
[ |
2.11 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.24 Times |
] |
|
|
The Subject's interest cover was low. If
its profits fall or when interest rate rises, it may not be able to
meet all its interest payment. The Subject was highly geared, thus it had a
high financial risk. The Subject was dependent on loans to finance its
business needs. In times of economic downturn and / or high interest rate,
the Subject will become less profitable and competitive than other firms in
the same industry, which are lowly geared. This is because the Subject has to
service the interest and to repay the loan, which will erode part of its
profits. The profits will fluctuate depending on the Subject's turnover and
the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
The Subject recorded lower profits as its
turnover showed a erratic trend. The Subject's management was unable to
control its costs efficiently as its profit showed a downward trend. The
Subject was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. If there is a
fall in the Subject's profit or any increase in interest rate, the Subject
may not be able to generate sufficient cash-flow to service its interest. The
Subject's gearing level was high and its going concern will be in doubt if
there is no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject
: POOR |
||||||
|
|
||||||
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 |
- |
- |
|
Government Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education Services |
0.30 |
3.10 |
5.98 |
- |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production
(2015 = 100) |
|||||
INDUSTRY
ANALYSIS
|
|
INDUSTRY : |
TRADING |
|
The wholesale & retail trade sector
expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in
the preceding quarter. Growth was supported by both the wholesale trade and
retail trade segments. The wholesale trade segment was boosted by an increase
in both domestic and foreign wholesale trade sales volume. In particular, the
domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in
the previous quarter. The strong performance in domestic wholesale trade was
due to a surge in the sales of petroleum and petroleum products (14%),
chemicals & chemical products (39%) and telecommunications &
computers (18%). |
|
|
Similarly, the foreign wholesale trade
index rose by 10% in the third quarter of 2015, accelerating from the 6.9%
rise in the previous quarter. Growth was driven by improvements in the sales
of petroleum & petroleum products (21%), metals, timber &
construction materials (10%) and general wholesale trade (8.8%). |
|
|
Overall retail trade sales volume also
recorded resilient growth of 5.6% in the third quarter of 2015, extending the
6.4 % expansion in the second quarter. Growth was supported by a surge in the
volume of motor vehicle sales (44%), which was in turn due to a substantial
increase in the supply of Certificate of Entitlements. Excluding motor
vehicles, retail sales volume increased at a much slower pace of 0.7% over
the same period. The increase in retail sales volume (excluding motor
vehicles) was due to improved non-discretionary goods sales. For instance,
the sales of medical goods & toiletries and department store goods rose
by 8.1% and 3.6% respectively. |
|
|
According to the Retail News Asia, Food and
beverage has overtaken fashion as the primary driver of demand for retail
real estate in Singapore. Despite declining retail sales and consumer
spending, the prime retail sector remained in good shape during the third
quarter 2015. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK
EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS
ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE.
LTD. |
|
Financial Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2013-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
4,325,518,261 |
3,649,523,597 |
4,226,747,154 |
4,130,115,395 |
3,891,133,318 |
|
Other Income |
23,124,423 |
27,537,054 |
18,103,128 |
12,177,359 |
6,520,788 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
4,348,642,684 |
3,677,060,651 |
4,244,850,282 |
4,142,292,754 |
3,897,654,106 |
|
Costs of Goods Sold |
(4,293,383,150) |
(3,592,372,634) |
(4,178,407,863) |
(4,083,538,015) |
(3,841,102,431) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
55,259,534 |
84,688,017 |
66,442,419 |
58,754,739 |
56,551,675 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
8,587,445 |
36,175,952 |
20,717,604 |
25,742,121 |
29,277,290 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
8,587,445 |
36,175,952 |
20,717,604 |
25,742,121 |
29,277,290 |
|
Taxation |
(826,530) |
(5,164,734) |
(2,255,731) |
(2,264,846) |
(2,002,245) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
7,760,915 |
31,011,218 |
18,461,873 |
23,477,275 |
27,275,045 |
|
Minority interests |
(2,130) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
7,758,785 |
31,011,218 |
18,461,873 |
23,477,275 |
27,275,045 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
7,758,785 |
31,011,218 |
18,461,873 |
23,477,275 |
27,275,045 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
227,556,847 |
196,545,629 |
178,083,756 |
204,606,481 |
177,331,436 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
227,556,847 |
196,545,629 |
178,083,756 |
204,606,481 |
177,331,436 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
235,315,632 |
227,556,847 |
196,545,629 |
228,083,756 |
204,606,481 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(25,000,000) |
- |
- |
(50,000,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
210,315,632 |
227,556,847 |
196,545,629 |
178,083,756 |
204,606,481 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Term loan / Borrowing |
7,770,735 |
7,902,034 |
7,385,899 |
3,703,688 |
2,780,209 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,770,735 |
7,902,034 |
7,385,899 |
3,703,688 |
2,780,209 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
2,009,453 |
1,518,786 |
697,841 |
565,694 |
391,923 |
|
AMORTIZATION |
88,060 |
147,561 |
131,168 |
126,155 |
261,927 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
2,097,513 |
1,666,347 |
829,009 |
691,849 |
653,850 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE.
LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
28,563,929 |
19,216,465 |
6,277,709 |
7,700,089 |
6,483,086 |
|
Investment properties |
- |
- |
- |
758,791 |
772,803 |
|
Investment securities |
10,016,008 |
- |
75,669,000 |
111,123,184 |
- |
|
Deferred assets |
418,381 |
94,406 |
80,489 |
63,546 |
5,845 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
10,434,389 |
94,406 |
75,749,489 |
111,945,521 |
778,648 |
|
INTANGIBLE ASSETS |
|||||
|
Deferred/Expenditure carried forward |
- |
- |
- |
- |
79,776 |
|
Goodwill on consolidation |
386,068 |
384,731 |
386,264 |
- |
- |
|
Computer software |
15,960 |
88,396 |
172,154 |
- |
- |
|
Others |
9,502 |
16,881 |
- |
105,205 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
411,530 |
490,008 |
558,418 |
105,205 |
79,776 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
39,409,848 |
19,800,879 |
82,585,616 |
119,750,815 |
7,341,510 |
|
Short term quoted/unquoted investments |
- |
- |
- |
- |
60,012,000 |
|
Stocks |
99,431,302 |
53,857,152 |
28,687,562 |
56,339,849 |
6,765,683 |
|
Trade debtors |
554,976,885 |
405,381,179 |
384,277,951 |
703,562,802 |
494,216,263 |
|
Other debtors, deposits & prepayments |
45,144,597 |
65,282,138 |
28,184,128 |
29,446,341 |
20,147,909 |
|
Short term deposits |
- |
5,120,040 |
37,949,748 |
85,578,147 |
- |
|
Cash & bank balances |
22,226,819 |
20,858,223 |
11,886,471 |
16,667,840 |
102,270,040 |
|
Others |
116,153,500 |
269,008,152 |
388,622,806 |
100,421,007 |
1,244,640 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
837,933,103 |
819,506,884 |
879,608,666 |
992,015,986 |
684,656,535 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
877,342,951 |
839,307,763 |
962,194,282 |
1,111,766,801 |
691,998,045 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
324,359,121 |
209,220,058 |
176,589,276 |
333,805,790 |
250,407,760 |
|
Other creditors & accruals |
23,532,396 |
23,164,862 |
30,908,794 |
29,459,986 |
26,508,643 |
|
Short term borrowings/Term loans |
125,283,695 |
203,758,118 |
348,617,681 |
166,289,625 |
- |
|
Other borrowings |
146,637,560 |
128,874,515 |
113,898,512 |
287,872,697 |
183,341,514 |
|
Deposits from customers |
3,783,188 |
9,767,324 |
2,567,926 |
4,585,487 |
- |
|
Other liabilities & accruals |
- |
- |
- |
- |
2,692,407 |
|
Provision for taxation |
2,383,910 |
3,488,154 |
2,189,673 |
2,115,614 |
2,229,217 |
|
Other liabilities |
4,240,218 |
4,057,623 |
3,895,037 |
1,438,178 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
630,220,088 |
582,330,654 |
678,666,899 |
825,567,377 |
465,179,541 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
207,713,015 |
237,176,230 |
200,941,767 |
166,448,609 |
219,476,994 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
247,122,863 |
256,977,109 |
283,527,383 |
286,199,424 |
226,818,504 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
|
Exchange equalisation/fluctuation reserve |
(438,069) |
(504,375) |
46,854 |
488,381 |
21,953 |
|
Retained profit/(loss) carried forward |
210,315,632 |
227,556,847 |
196,545,629 |
178,083,756 |
204,606,481 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
209,877,563 |
227,052,472 |
196,592,483 |
178,572,137 |
204,628,434 |
|
MINORITY INTEREST |
51,130 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
230,994,170 |
248,117,949 |
217,657,960 |
199,637,614 |
225,693,911 |
|
Other long term borrowings |
13,709,762 |
6,884,762 |
64,093,861 |
85,000,000 |
- |
|
Retirement benefits provision |
2,418,931 |
1,974,398 |
1,775,562 |
1,561,810 |
1,124,593 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
16,128,693 |
8,859,160 |
65,869,423 |
86,561,810 |
1,124,593 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
247,122,863 |
256,977,109 |
283,527,383 |
286,199,424 |
226,818,504 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE.
LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
22,226,819 |
25,978,263 |
49,836,219 |
102,245,987 |
102,270,040 |
|
Net Liquid Funds |
22,226,819 |
25,978,263 |
49,836,219 |
102,245,987 |
102,270,040 |
|
Net Liquid Assets |
108,281,713 |
183,319,078 |
172,254,205 |
110,108,760 |
212,711,311 |
|
Net Current Assets/(Liabilities) |
207,713,015 |
237,176,230 |
200,941,767 |
166,448,609 |
219,476,994 |
|
Net Tangible Assets |
246,711,333 |
256,487,101 |
282,968,965 |
286,094,219 |
226,738,728 |
|
Net Monetary Assets |
92,153,020 |
174,459,918 |
106,384,782 |
23,546,950 |
211,586,718 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
44,077,986 |
28,103,503 |
29,445,809 |
32,057,499 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
18,455,693 |
45,744,333 |
28,932,512 |
30,137,658 |
32,711,349 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
285,631,017 |
339,517,395 |
526,610,054 |
539,162,322 |
183,341,514 |
|
Total Liabilities |
646,348,781 |
591,189,814 |
744,536,322 |
912,129,187 |
466,304,134 |
|
Total Assets |
877,342,951 |
839,307,763 |
962,194,282 |
1,111,766,801 |
691,998,045 |
|
Net Assets |
247,122,863 |
256,977,109 |
283,527,383 |
286,199,424 |
226,818,504 |
|
Net Assets Backing |
230,994,170 |
248,117,949 |
217,657,960 |
199,637,614 |
225,693,911 |
|
Shareholders' Funds |
230,994,170 |
248,117,949 |
217,657,960 |
199,637,614 |
225,693,911 |
|
Total Share Capital |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
|
Total Reserves |
209,877,563 |
227,052,472 |
196,592,483 |
178,572,137 |
204,628,434 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
18.52 |
(13.66) |
2.34 |
6.14 |
13.68 |
|
Proft/(Loss) Before Tax |
(76.26) |
74.61 |
(19.52) |
(12.07) |
(25.14) |
|
Proft/(Loss) After Tax |
(74.97) |
67.97 |
(21.36) |
(13.92) |
(25.97) |
|
Total Assets |
4.53 |
(12.77) |
(13.45) |
60.66 |
55.07 |
|
Total Liabilities |
9.33 |
(20.60) |
(18.37) |
95.61 |
88.11 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.04 |
0.04 |
0.07 |
0.12 |
0.22 |
|
Liquid Ratio |
1.17 |
1.31 |
1.25 |
1.13 |
1.46 |
|
Current Ratio |
1.33 |
1.41 |
1.30 |
1.20 |
1.47 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
8 |
5 |
2 |
5 |
1 |
|
Debtors Ratio |
47 |
41 |
33 |
62 |
46 |
|
Creditors Ratio |
28 |
21 |
15 |
30 |
24 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.24 |
1.37 |
2.42 |
2.70 |
0.81 |
|
Liabilities Ratio |
2.80 |
2.38 |
3.42 |
4.57 |
2.07 |
|
Times Interest Earned Ratio |
2.11 |
5.58 |
3.81 |
7.95 |
11.53 |
|
Assets Backing Ratio |
11.71 |
12.18 |
13.43 |
13.58 |
10.76 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.20 |
0.99 |
0.49 |
0.62 |
0.75 |
|
Net Profit Margin |
0.18 |
0.85 |
0.44 |
0.57 |
0.70 |
|
Return On Net Assets |
6.62 |
17.15 |
9.91 |
10.29 |
14.13 |
|
Return On Capital Employed |
6.61 |
17.12 |
9.89 |
10.28 |
14.13 |
|
Return On Shareholders' Funds/Equity |
3.36 |
12.50 |
8.48 |
11.76 |
12.08 |
|
Dividend Pay Out Ratio (Times) |
3.22 |
0 |
0 |
2.13 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.90 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
|
SGD |
1 |
INR 49.02 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.