|
|
|
MIRA INFORM REPORT
|
Report No. : |
493131 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
VERMEER ASIA PACIFIC PTE. LTD. |
|
|
|
|
Registered Office : |
545, Orchard Road, 12-06, Far East Shopping Centre, 238882 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
26.10.2016 |
|
|
|
|
Date of Incorporation : |
17.10.2007 |
|
|
|
|
Com. Reg. No.: |
200719261E |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Wholesale of Industrial, Construction and
Related Machinery and Equipment |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of 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. |
: |
200719261E |
|
COMPANY
NAME |
: |
VERMEER
ASIA PACIFIC PTE. LTD. |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
17/10/2007 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
545,
ORCHARD ROAD, 12-06, FAR EAST SHOPPING CENTRE, 238882, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
545
ORCHARD ROAD #12-06 FAR EAST SHOPPING CENTRE,, 238882, SINGAPORE. |
|
TEL.NO. |
: |
65-65169560 |
|
FAX.NO. |
: |
65-65159218 |
|
CONTACT
PERSON |
: |
STEVEN
WAYNE VAN DUSSELDORP ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
WHOLESALE
OF INDUSTRIAL, CONSTRUCTION AND RELATED MACHINERY AND EQUIPMENT |
|
ISSUED
AND PAID UP CAPITAL |
: |
690,701.00
ORDINARY SHARE, OF A VALUE OF SGD 690,701.00 |
|
SALES |
: |
USD
11,570,800 [2016] |
|
NET
WORTH |
: |
USD
6,860,137 [2016] |
|
STAFF
STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
AVERAGE |
|
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) wholesale of industrial, construction and related machinery and
equipment.
The immediate and ultimate holding company of
the Subject is VERMEER MANUFACTURING COMPANY, a company incorporated in UNITED
STATES.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
21/02/2018 |
SGD
690,701.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
VERMEER
MANUFACTURING COMPANY |
1210,
VERMEER ROAD EAST, PELLA IOWA 50219 ,UNITED STATES |
T07UF3531 |
690,701.00 |
100.00 |
|
--------------- |
------ |
|||
|
690,701.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
INDIA |
VERMEER
EQUIPMENT INDIA PRIVATE LIMITED |
- |
80.00 |
29/10/2016 |
DIRECTORS
DIRECTOR
1
|
Name
Of Subject |
: |
STEVEN
WAYNE VAN DUSSELDORP |
|
Address |
: |
1213,
BRUCE LANE, PELLA IA, 50219, UNITED STATES. |
|
IC
/ PP No |
: |
483039834 |
|
Nationality |
: |
AMERICAN |
|
Date
of Appointment |
: |
05/12/2007 |
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 |
200719261E |
VERMEER
ASIA PACIFIC PTE. LTD. |
Director |
05/12/2007 |
0.00 |
- |
USD61,301.00 |
2016 |
- |
21/02/2018 |
DIRECTOR
2
|
Name
Of Subject |
: |
MICHAEL
SCOTT SPAUR |
|
Address |
: |
1
BISHAN STREET 15 16 - 05 , SKY VUE, 573910, SINGAPORE. |
|
Other
Address(es) |
: |
11,
SENGKANG SQUARE, 04-26, COMPASS HEIGHTS, 545076, SINGAPORE. |
|
IC
/ PP No |
: |
G6201720T |
|
Nationality |
: |
AMERICAN |
|
Date
of Appointment |
: |
01/06/2011 |
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 |
200719261E |
VERMEER
ASIA PACIFIC PTE. LTD. |
Director |
01/06/2011 |
0.00 |
- |
USD61,301.00 |
2016 |
- |
21/02/2018 |
DIRECTOR
3
|
Name
Of Subject |
: |
JASON
MARK ANDRINGA |
|
Address |
: |
2634
HEMEL DR., PELLA IOWA, 50219, UNITED STATES. |
|
IC
/ PP No |
: |
488407166 |
|
Nationality |
: |
AMERICAN |
|
Date
of Appointment |
: |
03/08/2017 |
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 |
200719261E |
VERMEER
ASIA PACIFIC PTE. LTD. |
Director |
03/08/2017 |
0.00 |
- |
USD61,301.00 |
2016 |
- |
21/02/2018 |
MANAGEMENT
|
1)
|
Name
of Subject |
: |
STEVEN
WAYNE VAN DUSSELDORP |
|
Position |
: |
DIRECTOR |
AUDITOR
|
Auditor |
: |
HELMI
TALIB & CO |
|
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 |
: |
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 |
: |
ASIA |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
Goods
Traded |
: |
INDUSTRIAL,
CONSTRUCTION AND RELATED MACHINERY AND EQUIPMENT |
|
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) wholesale of
industrial, construction and related machinery and equipment.
Vermeer has been providing superior solutions to a wide variety of industries including:
underground utility & pipeline installation, wood waste & biomass
recycling; tree care & landscaping, and surface mining.
It offers a full line of equipment for the underground construction, landscape,
surface mining, tree care, wood waste processing and organic recycling
industries.
CURRENT
INVESTIGATION
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6565169560 |
|
Current
Telephone Number |
: |
65-65169560 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
545
ORCHARD RAOD 13-06 FAR EAST SHOPPING CTR SINGAPORE 238882 |
|
Current
Address |
: |
545
ORCHARD ROAD #12-06 FAR EAST SHOPPING CENTRE,, 238882, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
The Subject refused to disclose its number of employees and bankers.
FINANCIAL
ANALYSIS
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010
- 2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2010
- 2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
0.89% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
1.13% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The management had succeeded in turning the Subject into a
profit making company. The profit could be due to better control of its
operating costs and efficiency in utilising its resources. 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 |
[ |
39
Days |
] |
|
|
Debtor
Ratio |
: |
Unfavourable |
[ |
130
Days |
] |
|
|
Creditors
Ratio |
: |
Unfavourable |
[ |
85
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had reduced
funds being tied up in stocks. The Subject's debtors ratio was high. The
Subject should tighten its credit control and improve its collection period.
The unfavourable creditors' ratio could be due to the Subject taking
advantage of the credit granted by its suppliers. However this may affect the
goodwill between the Subject and its suppliers and the Subject may
inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Favourable |
[ |
3.26
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
3.75
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 |
: |
Acceptable |
[ |
4.86
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the Subject is able
to generate sufficient income to service its interest and repay the loans.
The Subject had no gearing and hence it had virtually no financial risk. The
Subject was financed by its shareholders' funds and internally generated
fund. During the economic downturn, the Subject, having a zero gearing, will
be able to compete better than those which are highly geared in the same
industry. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject's turnover showed a volatile trend but its losses were lower when
compared to the previous corresponding period. This could suggest that the
Subject was more efficient in its operating cost control and was more
competitive. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject had an acceptable interest cover. If there is no
sudden sharp increase in interest rate or fall in the Subject's profit, we do
believe the Subject is able to generate sufficient cash flow to service its
interest payment. 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 : FAIR |
||||||
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
|
Incorporated
in 2007, the Subject is a Private Limited company, focusing on wholesale of industrial,
construction and related machinery and equipment. Having been in the industry
for over a decade, the Subject has achieved a certain market share and has
built up a satisfactory reputation in the market. It should have received
supports from its regular customers. Presently, the issued and paid up
capital of the Subject stands at MYR 690,701. With a strong backing from its
holding company, the Subject enjoys timely financial assistance should the
needs arise. |
PROFIT
AND LOSS ACCOUNT
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
VERMEER
ASIA PACIFIC PTE. LTD. |
|
Financial
Year End |
2016-10-29 |
2015-10-31 |
2014-11-01 |
|
Months |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
11,570,800 |
4,850,753 |
11,588,595 |
|
Other
Income |
234,076 |
119,479 |
2,110 |
|
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
11,804,876 |
4,970,232 |
11,590,705 |
|
Costs
of Goods Sold |
(9,397,726) |
(2,835,716) |
(8,789,096) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
2,407,150 |
2,134,516 |
2,801,609 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
61,301 |
(175,561) |
(167,543) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
61,301 |
(175,561) |
(167,543) |
|
Taxation |
- |
140,631 |
23,220 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
61,301 |
(34,930) |
(144,323) |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As
previously reported |
6,298,836 |
6,333,766 |
6,478,089 |
|
---------------- |
---------------- |
---------------- |
|
|
As
restated |
6,298,836 |
6,333,766 |
6,478,089 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
6,360,137 |
6,298,836 |
6,333,766 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
6,360,137 |
6,298,836 |
6,333,766 |
|
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||
|
Others |
15,895 |
66,455 |
128,026 |
|
---------------- |
---------------- |
---------------- |
|
|
15,895 |
66,455 |
128,026 |
|
|
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
2,500 |
3,260 |
3,050 |
|
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
2,500 |
3,260 |
3,050 |
|
============= |
============= |
============= |
BALANCE
SHEET
|
VERMEER
ASIA PACIFIC PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||
|
FIXED
ASSETS |
2,354 |
4,854 |
6,560 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||
|
Subsidiary
companies |
1,235 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
1,235 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
3,589 |
4,854 |
6,560 |
|
CURRENT
ASSETS |
|||
|
Stocks |
1,222,084 |
3,824,603 |
1,346,846 |
|
Trade
debtors |
4,115,083 |
2,068,879 |
3,846,738 |
|
Other
debtors, deposits & prepayments |
33,343 |
246,869 |
117,852 |
|
Amount
due from holding company |
2,346,594 |
2,444,340 |
1,329,247 |
|
Amount
due from related companies |
26,455 |
185,230 |
- |
|
Cash
& bank balances |
1,606,440 |
212,546 |
877,927 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
9,349,999 |
8,982,467 |
7,518,610 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
9,353,588 |
8,987,321 |
7,525,170 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade
creditors |
2,185,354 |
2,001,628 |
106,892 |
|
Other
creditors & accruals |
187,168 |
94,804 |
167,681 |
|
Deposits
from customers |
48,596 |
- |
- |
|
Amounts
owing to holding company |
- |
- |
229,621 |
|
Amounts
owing to related companies |
72,333 |
72,333 |
163,738 |
|
Amounts
owing to director |
- |
19,720 |
23,472 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
2,493,451 |
2,188,485 |
691,404 |
|
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
6,856,548 |
6,793,982 |
6,827,206 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
6,860,137 |
6,798,836 |
6,833,766 |
|
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||
|
SHARE
CAPITAL |
|||
|
Ordinary
share capital |
500,000 |
500,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
500,000 |
500,000 |
500,000 |
|
RESERVES |
|||
|
Retained
profit/(loss) carried forward |
6,360,137 |
6,298,836 |
6,333,766 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
6,360,137 |
6,298,836 |
6,333,766 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
6,860,137 |
6,798,836 |
6,833,766 |
|
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
VERMEER
ASIA PACIFIC PTE. LTD. |
|
TYPES
OF FUNDS |
|||
|
Cash |
1,606,440 |
212,546 |
877,927 |
|
Net
Liquid Funds |
1,606,440 |
212,546 |
877,927 |
|
Net
Liquid Assets |
5,634,464 |
2,969,379 |
5,480,360 |
|
Net
Current Assets/(Liabilities) |
6,856,548 |
6,793,982 |
6,827,206 |
|
Net
Tangible Assets |
6,860,137 |
6,798,836 |
6,833,766 |
|
Net
Monetary Assets |
5,634,464 |
2,969,379 |
5,480,360 |
|
PROFIT
& LOSS ITEMS |
|||
|
Earnings
Before Interest & Tax (EBIT) |
77,196 |
(109,106) |
(39,517) |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
79,696 |
(105,846) |
(36,467) |
|
BALANCE
SHEET ITEMS |
|||
|
Total
Borrowings |
0 |
0 |
0 |
|
Total
Liabilities |
2,493,451 |
2,188,485 |
691,404 |
|
Total
Assets |
9,353,588 |
8,987,321 |
7,525,170 |
|
Net
Assets |
6,860,137 |
6,798,836 |
6,833,766 |
|
Net
Assets Backing |
6,860,137 |
6,798,836 |
6,833,766 |
|
Shareholders'
Funds |
6,860,137 |
6,798,836 |
6,833,766 |
|
Total
Share Capital |
500,000 |
500,000 |
500,000 |
|
Total
Reserves |
6,360,137 |
6,298,836 |
6,333,766 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||
|
Revenue |
138.54 |
(58.14) |
167.22 |
|
Proft/(Loss)
Before Tax |
134.92 |
(4.79) |
(111.35) |
|
Proft/(Loss)
After Tax |
275.50 |
75.80 |
(111.45) |
|
Total
Assets |
4.08 |
19.43 |
36.62 |
|
Total
Liabilities |
13.94 |
216.53 |
(66.01) |
|
LIQUIDITY
(Times) |
|||
|
Cash
Ratio |
0.64 |
0.10 |
1.27 |
|
Liquid
Ratio |
3.26 |
2.36 |
8.93 |
|
Current
Ratio |
3.75 |
4.10 |
10.87 |
|
WORKING
CAPITAL CONTROL (Days) |
|||
|
Stock
Ratio |
39 |
288 |
42 |
|
Debtors
Ratio |
130 |
156 |
121 |
|
Creditors
Ratio |
85 |
258 |
4 |
|
SOLVENCY
RATIOS (Times) |
|||
|
Gearing
Ratio |
0 |
0 |
0 |
|
Liabilities
Ratio |
0.36 |
0.32 |
0.10 |
|
Times
Interest Earned Ratio |
4.86 |
(1.64) |
(0.31) |
|
Assets
Backing Ratio |
13.72 |
13.60 |
13.67 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating
Profit Margin |
0.53 |
(3.62) |
(1.45) |
|
Net
Profit Margin |
0.53 |
(0.72) |
(1.25) |
|
Return
On Net Assets |
1.13 |
(1.60) |
(0.58) |
|
Return
On Capital Employed |
1.13 |
(1.60) |
(0.58) |
|
Return
On Shareholders' Funds/Equity |
0.89 |
(0.51) |
(2.11) |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||
|
Contingent
Liabilities |
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 49.08 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NIT |
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.