|
|
|
MIRA INFORM REPORT
|
Report No. : |
492380 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
TEXVISTA INTERNATIONAL PTE. LTD. |
|
|
|
|
Formerly Known As : |
|
|
|
|
|
Registered Office : |
120, Lower Delta Road, 14-01, Cendex Centre, 169208 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
26.12.1986 |
|
|
|
|
Com. Reg. No.: |
198602930C |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the trading of textile fabrics, yarn,
garment, steel and tyres & general merchandise. |
|
|
|
|
No. of Employees : |
70 |
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 |
|
|
|
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. |
: |
198602930C |
||||
|
COMPANY NAME |
: |
TEXVISTA INTERNATIONAL PTE. LTD. |
||||
|
FORMER NAME |
: |
KAYBEE EXIM PTE LTD (09/11/2016) |
||||
|
INCORPORATION DATE |
: |
26/12/1986 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65495200/62998900 |
||||
|
FAX.NO. |
: |
65-62980592 |
||||
|
CONTACT PERSON |
: |
VIKRAM KUMAR CHAND ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF TEXTILE FABRICS, YARN, GARMENT, STEEL AND TYRES &
GENERAL MERCHANDISE |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
7,896,227.00 ORDINARY SHARE, OF A VALUE OF SGD 7,896,227.00 |
||||
|
SALES |
: |
USD 242,573,663 [2016] |
||||
|
NET WORTH |
: |
USD 12,374,694 [2016] |
||||
|
STAFF STRENGTH |
: |
70 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
SLOW BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
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 textile fabrics, yarn, garment, steel and tyres & general merchandise.
The immediate holding company of the Subject is GRUPO KAYBEE PTE.
LIMITED, a company incorporated in SINGAPORE.
The ultimate holding company of
the Subject is M & K INVESTMENTS LTD, a company incorporated in BERMUDA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
23/01/2018 |
SGD 7,896,227.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
GRUPO KAYBEE PTE. LIMITED |
120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE 169208 ,SINGAPORE |
200600869K |
7,896,227.00 |
100.00 |
|
--------------- |
------ |
|||
|
7,896,227.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
BRAZIL |
KAYBEE EXIM DO |
- |
100.00 |
31/12/2015 |
|
|
CHINA |
KAYBEE SHANGHAI CONSULTING CO. LTD |
- |
100.00 |
31/12/2015 |
|
|
INDONESIA |
PT KAYBEE JAKARTA |
- |
80.00 |
31/12/2015 |
|
|
201433984W |
SINGAPORE |
SINMEX INTERNATIONAL TRADING PTE. LTD. |
- |
100.00 |
23/01/2018 |
|
200103139C |
SINGAPORE |
VEGA FOODS CORP PRIVATE LTD. |
- |
75.00 |
23/01/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
VIKRAM KUMAR CHAND |
|
Address |
: |
120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE. |
|
IC / PP No |
: |
S2706056J |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
28/07/1993 |
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 |
198602930C |
TEXVISTA INTERNATIONAL PTE. LTD. |
Director |
28/07/1993 |
0.00 |
- |
USD(763,304.00) |
2016 |
- |
23/01/2018 |
|
2 |
200103139C |
VEGA FOODS CORP PRIVATE LTD. |
Director |
12/05/2001 |
362,061,100.00 |
25.00 |
USD46,613.00 |
2015 |
- |
28/07/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
KUMAR K CHAND @ KUMAR KISHINCHAND GAJWANI |
|
Address |
: |
44, CORONATION ROAD WEST, 01-01, ASTRID MEADOWS, 269260,
SINGAPORE. |
|
IC / PP No |
: |
S2696283H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
09/03/2009 |
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 |
198602930C |
TEXVISTA INTERNATIONAL PTE. LTD. |
Director |
09/03/2009 |
0.00 |
- |
USD(763,304.00) |
2016 |
- |
23/01/2018 |
|
2 |
200103139C |
VEGA FOODS CORP PRIVATE LTD. |
Director |
09/03/2009 |
0.00 |
- |
USD46,613.00 |
2015 |
- |
28/07/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
GOVIND KARUNAKARAN |
|
Address |
: |
16, WAREHAM ROAD, 436780, SINGAPORE. |
|
IC / PP No |
: |
S2637302F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
19/06/1989 |
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 |
201540953C |
HARDSKILLS PTE. LTD. |
Shareholder |
- |
100,000.00 |
1.18 |
282.00 |
- |
- |
16/08/2017 |
|
2 |
198602930C |
TEXVISTA INTERNATIONAL PTE. LTD. |
Director |
19/06/1989 |
0.00 |
- |
USD(763,304.00) |
2016 |
- |
23/01/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
VIKRAM KUMAR CHAND |
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
MOORE STEPHENS LLP |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
SHIRLEY LIM GUAT HUA |
|
IC / PP No |
: |
S2510643A |
|
|
Address |
: |
5, BEDOK PLACE, BEDOK GROVE, 486078, SINGAPORE. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ABN AMRO BANK N.V. |
|
2) |
Name |
: |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD |
|
3) |
Name |
: |
KBC BANK N.V. |
|
4) |
Name |
: |
STANDARD CHARTERED BANK |
|
5) |
Name |
: |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
|
6) |
Name |
: |
UNITED OVERSEAS BANK LTD |
|
7) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
|
8) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
9601310 |
08/03/1996 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
USD 392,215.00 |
Unsatisfied |
|
C200500560 |
27/01/2005 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C200700640 |
23/01/2007 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C200705767 |
23/07/2007 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C200900785 |
30/01/2009 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C200902086 |
08/04/2009 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C200902087 |
08/04/2009 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201010975 |
18/11/2010 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201108797 |
19/07/2011 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201203997 |
12/04/2012 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201411351 |
16/10/2014 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201708874 |
04/09/2017 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
LITIGATION
CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
TEXTILE FABRICS, YARN, GARMENT, STEEL AND TYRES & GENERAL
MERCHANDISE |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2016 |
2014 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
70 |
n/a |
50 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of textile fabrics,
yarn, garment, steel and tyres & general merchandise.
The Subject's principal activities are those of traders in all kinds of textile
fabrics, yarn and general merchandise.
The Subject helps customers globally to source all kinds of textile products
ranging from fires and yarn to fashion farics, home furnishings and garments.
The group also manages affiliated businesses in food and other general
merchandise.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
65 6549 5200 |
|
Current Telephone Number |
: |
65-65495200/62998900 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
120 LOWER DELTA ROAD, 14-01 CENDEX CENTRE 169208 SINGAPORE |
|
Current Address |
: |
120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(6.17%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(2.77%) |
] |
|
|
The continuous fall in turnover could be due to the lower demand
for the Subject's products / services.The Subject incurred losses during the
year due to the inefficient control of its operating costs. 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 |
: |
Favourable |
[ |
53 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
32 Days |
] |
|
|
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 |
: |
Acceptable |
[ |
0.99 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.99 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 |
: |
Unfavourable |
[ |
(1.26 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.13 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 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's losses could be attributed to the lower turnover
which in turn could be the result of unfavourable market conditions. 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'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 |
- |
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 : |
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. |
|
TEXVISTA 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 |
NO |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
NO |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
242,573,663 |
276,321,032 |
344,922,012 |
304,725,543 |
266,919,899 |
|
Other Income |
3,098,684 |
2,412,954 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
245,672,347 |
278,733,986 |
344,922,012 |
304,725,543 |
266,919,899 |
|
Costs of Goods Sold |
(224,765,751) |
(254,917,178) |
(318,249,092) |
(280,912,794) |
(244,652,360) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
20,906,596 |
23,816,808 |
26,672,920 |
23,812,749 |
22,267,539 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(614,524) |
1,420,277 |
1,518,964 |
1,032,561 |
(1,084,252) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(614,524) |
1,420,277 |
1,518,964 |
1,032,561 |
(1,084,252) |
|
Taxation |
(148,780) |
(107,700) |
(100,924) |
(56,061) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(763,304) |
1,312,577 |
1,418,040 |
976,500 |
(1,084,252) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
8,222,971 |
6,910,394 |
5,492,354 |
4,515,854 |
5,600,106 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
8,222,971 |
6,910,394 |
5,492,354 |
4,515,854 |
5,600,106 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
7,459,667 |
8,222,971 |
6,910,394 |
5,492,354 |
4,515,854 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
7,459,667 |
8,222,971 |
6,910,394 |
5,492,354 |
4,515,854 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
15,087 |
17,084 |
38,031 |
34,621 |
30,882 |
|
Term loan / Borrowing |
51,372 |
52,826 |
50,751 |
57,528 |
103,922 |
|
Trust receipts |
205,182 |
266,408 |
308,869 |
284,963 |
365,766 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
271,641 |
336,318 |
397,651 |
377,112 |
500,570 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
235,370 |
228,191 |
330,455 |
322,995 |
328,241 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
235,370 |
228,191 |
330,455 |
322,995 |
328,241 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
TEXVISTA INTERNATIONAL PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
4,833,957 |
4,971,704 |
5,114,664 |
5,340,940 |
5,594,664 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
8,525,710 |
8,524,241 |
7,915,958 |
7,915,958 |
7,665,958 |
|
Investment properties |
852,050 |
868,873 |
885,696 |
902,519 |
919,342 |
|
Loans & advances - non-current |
483,343 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
9,861,103 |
9,393,114 |
8,801,654 |
8,818,477 |
8,585,300 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
14,695,060 |
14,364,818 |
13,916,318 |
14,159,417 |
14,179,964 |
|
CURRENT ASSETS |
|||||
|
Trade debtors |
35,221,622 |
31,164,821 |
44,499,234 |
44,864,331 |
33,364,175 |
|
Other debtors, deposits & prepayments |
777,202 |
533,512 |
725,465 |
798,415 |
1,496,431 |
|
Short term deposits |
3,150,000 |
3,150,000 |
2,950,000 |
2,950,000 |
2,850,000 |
|
Amount due from subsidiary companies |
3,187,165 |
965,207 |
698,600 |
2,391,103 |
3,345,511 |
|
Amount due from related companies |
588,078 |
546,340 |
1,626,300 |
869,245 |
1,928,518 |
|
Cash & bank balances |
2,114,776 |
1,500,278 |
3,041,987 |
2,220,885 |
1,511,492 |
|
Amount owing by customer |
- |
2,049,830 |
- |
- |
- |
|
Dividend Received |
550,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
45,588,843 |
39,909,988 |
53,541,586 |
54,093,979 |
44,496,127 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
60,283,903 |
54,274,806 |
67,457,904 |
68,253,396 |
58,676,091 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
19,450,922 |
16,798,067 |
26,043,894 |
29,075,782 |
28,544,604 |
|
Other creditors & accruals |
6,419,722 |
1,483,407 |
1,765,519 |
7,900,585 |
8,227,555 |
|
Short term borrowings/Term loans |
12,160,598 |
7,232,337 |
10,578,019 |
9,318,911 |
1,164,359 |
|
Deposits from customers |
- |
5,256,606 |
6,649,930 |
- |
- |
|
Amounts owing to holding company |
6,407,400 |
6,407,400 |
6,407,400 |
6,407,400 |
6,407,400 |
|
Amounts owing to subsidiary companies |
363,606 |
- |
- |
- |
- |
|
Amounts owing to related companies |
1,109,865 |
1,685,217 |
1,566,856 |
2,223,510 |
1,707,390 |
|
Provision for taxation |
58,179 |
94,456 |
88,532 |
61,948 |
6,015 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
45,970,292 |
38,957,490 |
53,100,150 |
54,988,136 |
46,057,323 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(381,449) |
952,498 |
441,436 |
(894,157) |
(1,561,196) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Long term loans |
1,867,087 |
2,105,859 |
2,453,813 |
2,775,965 |
3,102,986 |
|
Deferred taxation |
71,830 |
73,459 |
78,520 |
81,914 |
84,901 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1,938,917 |
2,179,318 |
2,532,333 |
2,857,879 |
3,187,887 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
12,374,694 |
13,137,998 |
11,825,421 |
10,407,381 |
9,430,881 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
4,915,027 |
4,915,027 |
4,915,027 |
4,915,027 |
4,915,027 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
4,915,027 |
4,915,027 |
4,915,027 |
4,915,027 |
4,915,027 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
7,459,667 |
8,222,971 |
6,910,394 |
5,492,354 |
4,515,854 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
7,459,667 |
8,222,971 |
6,910,394 |
5,492,354 |
4,515,854 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
12,374,694 |
13,137,998 |
11,825,421 |
10,407,381 |
9,430,881 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
|
|
TEXVISTA INTERNATIONAL PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
5,264,776 |
4,650,278 |
5,991,987 |
5,170,885 |
4,361,492 |
|
Net Liquid Funds |
5,264,776 |
4,650,278 |
5,991,987 |
5,170,885 |
4,361,492 |
|
Net Liquid Assets |
(381,449) |
952,498 |
441,436 |
(894,157) |
(1,561,196) |
|
Net Current Assets/(Liabilities) |
(381,449) |
952,498 |
441,436 |
(894,157) |
(1,561,196) |
|
Net Tangible Assets |
12,374,694 |
13,137,998 |
11,825,421 |
10,407,381 |
9,430,881 |
|
Net Monetary Assets |
(2,320,366) |
(1,226,820) |
(2,090,897) |
(3,752,036) |
(4,749,083) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(342,883) |
1,756,595 |
1,916,615 |
1,409,673 |
(583,682) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(107,513) |
1,984,786 |
2,247,070 |
1,732,668 |
(255,441) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
14,027,685 |
9,338,196 |
13,031,832 |
12,094,876 |
4,267,345 |
|
Total Liabilities |
47,909,209 |
41,136,808 |
55,632,483 |
57,846,015 |
49,245,210 |
|
Total Assets |
60,283,903 |
54,274,806 |
67,457,904 |
68,253,396 |
58,676,091 |
|
Net Assets |
12,374,694 |
13,137,998 |
11,825,421 |
10,407,381 |
9,430,881 |
|
Net Assets Backing |
12,374,694 |
13,137,998 |
11,825,421 |
10,407,381 |
9,430,881 |
|
Shareholders' Funds |
12,374,694 |
13,137,998 |
11,825,421 |
10,407,381 |
9,430,881 |
|
Total Share Capital |
4,915,027 |
4,915,027 |
4,915,027 |
4,915,027 |
4,915,027 |
|
Total Reserves |
7,459,667 |
8,222,971 |
6,910,394 |
5,492,354 |
4,515,854 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(12.21) |
(19.89) |
13.19 |
14.16 |
(14.40) |
|
Proft/(Loss) Before Tax |
(143.27) |
(6.50) |
47.11 |
195.23 |
(188.23) |
|
Proft/(Loss) After Tax |
(158.15) |
(7.44) |
45.22 |
190.06 |
(188.49) |
|
Total Assets |
11.07 |
(19.54) |
(1.17) |
16.32 |
(7.21) |
|
Total Liabilities |
16.46 |
(26.06) |
(3.83) |
17.47 |
(6.59) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.11 |
0.12 |
0.11 |
0.09 |
0.09 |
|
Liquid Ratio |
0.99 |
1.02 |
1.01 |
0.98 |
0.97 |
|
Current Ratio |
0.99 |
1.02 |
1.01 |
0.98 |
0.97 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
53 |
41 |
47 |
54 |
46 |
|
Creditors Ratio |
32 |
24 |
30 |
38 |
43 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.13 |
0.71 |
1.10 |
1.16 |
0.45 |
|
Liabilities Ratio |
3.87 |
3.13 |
4.70 |
5.56 |
5.22 |
|
Times Interest Earned Ratio |
(1.26) |
5.22 |
4.82 |
3.74 |
(1.17) |
|
Assets Backing Ratio |
2.52 |
2.67 |
2.41 |
2.12 |
1.92 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(0.25) |
0.51 |
0.44 |
0.34 |
(0.41) |
|
Net Profit Margin |
(0.31) |
0.48 |
0.41 |
0.32 |
(0.41) |
|
Return On Net Assets |
(2.77) |
13.37 |
16.21 |
13.54 |
(6.19) |
|
Return On Capital Employed |
(2.40) |
11.47 |
13.35 |
10.63 |
(4.63) |
|
Return On Shareholders' Funds/Equity |
(6.17) |
9.99 |
11.99 |
9.38 |
(11.50) |
|
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 65.05 |
|
|
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
|
SGD |
1 |
INR 49.09 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
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.