|
|
|
MIRA INFORM REPORT
|
Report No. : |
484898 |
|
Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
TATA
INTERNATIONAL SINGAPORE PTE. LIMITED |
|
|
|
|
Registered Office : |
11, Keppel Road, 10-03, Abi Plaza, 089057 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2016 |
|
|
|
|
Date of Incorporation : |
01.11.2011 |
|
|
|
|
Com. Reg. No.: |
201132066-R |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of leather, mineral, metal, agricultural commodities. |
|
|
|
|
No. of Employees : |
6 [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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It
enjoys a remarkably open and corruption-free environment, stable prices, and a
per capita GDP higher than that of most developed countries. Unemployment is
very low. The economy depends heavily on exports, particularly of consumer
electronics, information technology products, medical and optical devices,
pharmaceuticals, and on its vibrant transportation, business, and financial services
sectors.
The economy contracted 0.6% in 2009 as a result of the global financial
crisis, but has continued to grow since 2010. Growth in 2014-16 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. |
: |
201132066-R |
||||
|
COMPANY NAME |
: |
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
01/11/2011 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
11, KEPPEL ROAD, 10-03, ABI PLAZA, 089057,
SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
3 ANSON ROAD #12-03 SPRINGLEAF TOWER,
079909, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68715855/91773400 |
||||
|
FAX.NO. |
: |
65-62658317 |
||||
|
WEB SITE |
: |
WWW.TATAINTERNATIONAL.COM |
||||
|
CONTACT PERSON |
: |
RAVINDRA PISHARODY ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF LEATHER, MINERAL, METAL,
AGRICULTURAL COMMODITIES |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
14,100,000.00 ORDINARY SHARE, OF A VALUE OF
USD 14,100,000.00 |
||||
|
SALES |
: |
USD 1,699,383,441 [2016] |
||||
|
NET WORTH |
: |
USD 85,874,699 [2016] |
||||
|
STAFF STRENGTH |
: |
6 [2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
Regular |
||||
|
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 leather, mineral, metal, agricultural commodities.
The immediate holding company of the Subject
is TATA INTERNATIONAL LIMITED, a company incorporated in INDIA.
The ultimate holding company of the Subject
is TAT SONS LIMITED, a company incorporated in INDIA.
Former Address(es)
|
Address |
As At Date |
|
22, TANJONG KLING ROAD, 628048 |
N/A |
|
3, ANSON ROAD, 12-03, SPRINGLEAF TOWER,
079909 |
N/A |
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
14/08/2017 |
USD 14,100,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
TATA INTERNATIONAL LIMITED |
7TH FLOOR, TRENT HOUSE, C-60, BLOCK G, BANDRA
KURLA COMPLEX, BANDRA (EAST), MUMBAI 400 051 ,INDIA |
T12UF1693 |
14,100,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
14,100,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
UNITED ARAB EMIRATES (DUBAI) |
TAH PHARMACEUTICALS LTD. |
- |
100.00 |
31/03/2016 |
|
|
UNITED ARAB EMIRATES (DUBAI) |
TATA AFRICA HOLDINGS (GHANA) LIMITED. |
- |
100.00 |
31/03/2016 |
|
|
AFRICA |
TATA AFRICA HOLDINGS (SA) PROPRIETARY
LIMITED |
- |
100.00 |
31/03/2016 |
|
|
HONG KONG |
TATA INTERNATIONAL METALS (ASIA) LIMITED |
- |
100.00 |
31/03/2016 |
|
|
UNITED KINGDOM |
TATA INTERNATIONAL METALS (UK) LIMITED |
- |
100.00 |
31/03/2016 |
|
|
UNITED ARAB EMIRATES (DUBAI) |
TATA INTERNATIONAL WEST ASIA DMCC |
- |
100.00 |
31/03/2016 |
|
|
HONG KONG |
TATA SOUTH-EAST ASIA LIMITED |
- |
100.00 |
31/03/2016 |
|
|
UNITED STATES |
TATA STEEL INTERNATIONAL METALS (AMERICAS)
LIMITED |
- |
100.00 |
31/03/2016 |
|
|
SENEGAL |
UNITECH MOTORS S.A. |
- |
70.00 |
31/03/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
NOEL TATA |
|
Address |
: |
WINDMERE, 5TH FLOOR, CUFFE PARADE, COLABA,
MUMBAI, 400 005, INDIA. |
|
IC / PP No |
: |
LT2099536 |
|
Nationality |
: |
IRISH |
|
Date of Appointment |
: |
25/09/2012 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
201132066R |
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
Director |
25/09/2012 |
0.00 |
USD(21,817,288.00) |
2016 |
- |
14/08/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
RAVINDRA PISHARODY |
|
Address |
: |
9, BUILDING 1, HILL PARK ESTATE, AG BELL
ROAD, MUMBAI, 400 006, INDIA. |
|
IC / PP No |
: |
Z2340297 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
25/09/2012 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
201132066R |
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
Director |
25/09/2012 |
0.00 |
USD(21,817,288.00) |
2016 |
- |
14/08/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
KOTTAMASU VENKATESWARA RAO |
|
Address |
: |
45, MANDALAY ROAD, 17-01, MANDALE HEIGHTS,
308225, SINGAPORE. |
|
IC / PP No |
: |
S2674660D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/04/2014 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
200719636Z |
TATA CHEMICALS INTERNATIONAL PTE. LTD. |
Director |
23/10/2007 |
0.00 |
USD9,890,658.00 |
2016 |
- |
31/05/2017 |
|
2 |
201132066R |
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
Director |
22/04/2014 |
0.00 |
USD(21,817,288.00) |
2016 |
- |
14/08/2017 |
|
3 |
200802690C |
TRUST ENERGY RESOURCES PTE. LTD. |
Director |
05/02/2008 |
0.00 |
USD11,159,902.00 |
2016 |
- |
10/08/2017 |
DIRECTOR 4
|
Name Of Subject |
: |
JAGANNATHAN NIRANJAN |
|
Address |
: |
32, KEPPEL BAY DRIVE, 07-59, CARIBBEAN AT
KEPPEL BAY, 098651, SINGAPORE. |
|
IC / PP No |
: |
G3087013T |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
01/09/2015 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
201205301G |
OMEGA FII INVESTMENTS PTE. LTD. |
Director |
27/10/2014 |
0.00 |
USD(26,126.00) |
2014 |
- |
13/05/2015 |
|
2 |
201132066R |
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
Director |
01/09/2015 |
0.00 |
USD(21,817,288.00) |
2016 |
- |
14/08/2017 |
DIRECTOR 5
|
Name Of Subject |
: |
AJAY MURLIDHAR PONKSHE |
|
Address |
: |
3, YASHODHAN, SAHAYOG MANDIR ROAD, NAUPADA,
THANE, 400602, INDIA. |
|
IC / PP No |
: |
H8165619 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
01/11/2011 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
201132066R |
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
Director |
01/11/2011 |
0.00 |
USD(21,817,288.00) |
2016 |
- |
14/08/2017 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
RAVINDRA PISHARODY |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
LEE WEI HSIUNG |
|
IC / PP No |
: |
S7927166G |
|
|
Address |
: |
633, JURONG WEST STREET 65, 10-310, 640633,
SINGAPORE. |
|
|
2) |
Company Secretary |
: |
TAY TUAN LENG |
|
IC / PP No |
: |
S7432140B |
|
|
Address |
: |
469B, SENGKANG WEST WAY, 19-614, FERNVALE
LEA, 792469, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
STANDARD CHARTERED BANK |
|
2) |
Name |
: |
ABN AMRO BANK N.V. |
|
3) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
|
4) |
Name |
: |
SOCIETE GENERALE |
|
5) |
Name |
: |
BNP PARIBAS |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201508461 |
24/07/2015 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201601254 |
28/01/2016 |
N/A |
SOCIETE GENERALE |
- |
Unsatisfied |
|
C201601255 |
28/01/2016 |
N/A |
SOCIETE GENERALE |
- |
Unsatisfied |
|
C201602732 |
08/03/2016 |
N/A |
EMIRATES NBD PJSC |
- |
Unsatisfied |
|
C201603103 |
17/03/2016 |
N/A |
EXPORT-IMPORT BANK OF INDIA |
- |
Unsatisfied |
|
C201603156 |
18/03/2016 |
N/A |
EXPORT-IMPORT BANK OF INDIA |
- |
Unsatisfied |
|
C201603704 |
05/04/2016 |
N/A |
AUSTRALIA AND NEW ZEALAND BANKING GROUP
LIMITED |
- |
Unsatisfied |
|
C201704268 |
04/05/2017 |
N/A |
BNP PARIBAS |
- |
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 |
: |
YES |
|
Overseas |
: |
YES |
|
Import Countries |
: |
ASIA |
The Subject's supplier are from third parties company, related companies,
immediate and ultimate holding company.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
The Subject sells their product to the immediate holding company, subsidiaries company,
related company and third parties.
OPERATIONS
|
|
Goods Traded |
: |
LEATHER, MINERAL, METAL, AGRICULTURAL
COMMODITIES |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
6 |
6 |
10 |
10 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of leather,
mineral, metal, agricultural commodities.
The Key products offered by the Subject are including steel, metallics and
rolls, products for the aluminium industry (customised engineering products)
and module mounting systems (solar).
The vision for the agricultural trading business is to tap into the
ever-increasing global trade in agricultural commodities like cereals, pulses,
oilseeds. etc, and create efficient linkages between India, Africa and Myanmar
for a select presence across the value chain. The Subject provides an
end-to-end trading solution to their customers and they are constantly engaged
in growing their sourcing base while adhering to quality and food safety
standards.
The Subject is primarily engaged in coal imports into India. Additionally,
other key products handled by the Subject are coal and coke; ores and fluxes;
ferro-alloys and base metals like nickel, tin, etc.
The Subject operates India's only performance leather facility. Their quality
and customer orientation have helped them build enduring associations with
major global brands like Marks & Spencer, Gabor, Aerosoles, Zara, Mango and
others.
The Subject's group company be the sale agent for metal products, sales and
service motor vehicle and etc..
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the
Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68715855/91773400 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
N/A |
|
Current Address |
: |
3 ANSON ROAD #12-03 SPRINGLEAF TOWER,
079909, SINGAPORE. |
|
Match |
: |
N/A |
Other Investigations
On 11th October 2017, we have contacted one of the staff from the Subject and
she provided some information.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(25.22%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
6.27% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.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 |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
32 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
54 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
23 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 |
: |
Acceptable |
[ |
0.84 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.16 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 |
[ |
0.41 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
4.35 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 : |
||||||
|
Although the Subject's turnover increased
its profits however showed a reverse trend. The losses could be due to the management's
failure to maintain its competitiveness in the market. The Subject's
liquidity was at an acceptable range. If the Subject is able to obtain
further short term financing, it should be able to meet all its short term
obligations. 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. |
|
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
|
Financial Year End |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2013-03-31 |
2012-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
1,699,383,441 |
1,320,685,445 |
887,964,662 |
251,193,253 |
386,335 |
|
Other Income |
10,798,090 |
12,677,505 |
8,235,206 |
786,980 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,710,181,531 |
1,333,362,950 |
896,199,868 |
251,980,233 |
386,335 |
|
Costs of Goods Sold |
(1,519,623,578) |
(1,208,914,181) |
(818,281,041) |
(234,260,883) |
(343,746) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
190,557,953 |
124,448,769 |
77,918,827 |
17,719,350 |
42,589 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(15,625,794) |
6,003,400 |
2,582,230 |
(2,249,497) |
(44,610) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(15,625,794) |
6,003,400 |
2,582,230 |
(2,249,497) |
(44,610) |
|
Taxation |
(6,191,494) |
(1,209,461) |
1,118,449 |
(262,137) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(21,817,288) |
4,793,939 |
3,700,679 |
(2,511,634) |
(44,610) |
|
Minority interests |
160,785 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
(21,656,503) |
4,793,939 |
3,700,679 |
(2,511,634) |
(44,610) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
(21,656,503) |
4,793,939 |
3,700,679 |
(2,511,634) |
(44,610) |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
5,938,374 |
1,144,435 |
(2,556,244) |
(44,610) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
5,938,374 |
1,144,435 |
(2,556,244) |
(44,610) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(15,718,129) |
5,938,374 |
1,144,435 |
(2,556,244) |
(44,610) |
|
TRANSFER TO RESERVES - General |
(6,131,415) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(21,849,544) |
5,938,374 |
1,144,435 |
(2,556,244) |
(44,610) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
2,330,903 |
1,503,323 |
- |
- |
- |
|
Term loan / Borrowing |
16,266,439 |
5,896,725 |
4,664,011 |
915,957 |
- |
|
Others |
7,774,481 |
3,646,328 |
2,653,654 |
450,423 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
26,371,823 |
11,046,376 |
7,317,665 |
1,366,380 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as per notes to P&L) |
3,219,838 |
47,744 |
53,324 |
19,659 |
- |
|
AMORTIZATION |
102,000 |
1,433,783 |
299,754 |
118,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,321,838 |
1,481,527 |
353,078 |
137,659 |
- |
|
|
============= |
============= |
============= |
============= |
||
|
|
|
|
|
|
|
BALANCE SHEET
|
|
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
43,593,190 |
4,804,778 |
66,490 |
119,252 |
- |
|
Investments |
3,838,101 |
5,936,884 |
600,000 |
- |
- |
|
Deferred assets |
3,691,739 |
1,329,465 |
1,379,342 |
216,950 |
- |
|
Others |
27,177,250 |
106,228,825 |
84,934,621 |
600,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
34,707,090 |
113,495,174 |
86,913,963 |
816,950 |
- |
|
Own goodwill |
1,842,638 |
1,842,638 |
- |
- |
- |
|
Others |
15,486,016 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
17,328,654 |
1,842,638 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
95,628,934 |
120,142,590 |
86,980,453 |
936,202 |
- |
|
Short term quoted/unquoted investments |
12,662,530 |
- |
- |
- |
- |
|
Stocks |
148,289,882 |
64,410,065 |
72,517,866 |
26,982,958 |
- |
|
Trade debtors |
252,446,424 |
218,574,696 |
189,721,049 |
60,376,469 |
22,459 |
|
Other debtors, deposits & prepayments |
38,820,718 |
8,984,930 |
11,227,457 |
8,364,320 |
- |
|
Amount due from holding company |
14,222,741 |
6,682,066 |
6,126,731 |
- |
- |
|
Amount due from related companies |
14,461,759 |
13,093,817 |
16,010,657 |
- |
- |
|
Cash & bank balances |
57,493,034 |
36,318,806 |
8,984,033 |
57,272,104 |
96,968 |
|
Others |
535,603 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
538,932,691 |
348,064,380 |
304,587,793 |
152,995,851 |
119,427 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
634,561,625 |
468,206,970 |
391,568,246 |
153,932,053 |
119,427 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
96,159,337 |
60,032,323 |
88,384,219 |
55,670,526 |
- |
|
Other creditors & accruals |
39,951,830 |
19,791,544 |
9,110,399 |
11,066,953 |
55,904 |
|
Bank overdraft |
46,686,499 |
839,200 |
14,523,167 |
- |
- |
|
Short term borrowings/Term loans |
175,292,049 |
85,541,172 |
115,539,998 |
45,142,711 |
- |
|
Other borrowings |
70,878,042 |
75,266,740 |
41,409,464 |
- |
- |
|
Deposits from customers |
- |
4,016,986 |
973,241 |
- |
- |
|
Amounts owing to holding company |
2,291,300 |
1,613,570 |
247,576 |
- |
- |
|
Amounts owing to related companies |
30,070,010 |
6,249,566 |
990,699 |
- |
8,133 |
|
Provision for taxation |
1,839,166 |
159,074 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
463,168,233 |
253,510,175 |
271,178,763 |
111,880,190 |
64,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
75,764,458 |
94,554,205 |
33,409,030 |
41,115,661 |
55,390 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
171,393,392 |
214,696,795 |
120,389,483 |
42,051,863 |
55,390 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
14,100,000 |
14,100,000 |
14,100,000 |
14,100,000 |
100,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
14,100,000 |
14,100,000 |
14,100,000 |
14,100,000 |
100,000 |
|
Exchange equalisation/fluctuation reserve |
(19,429,105) |
(1,539,255) |
911,571 |
(1,043,154) |
- |
|
Retained profit/(loss) carried forward |
(21,849,544) |
5,938,374 |
1,144,435 |
(2,556,244) |
(44,610) |
|
Others |
112,555,660 |
153,996,542 |
38,693,913 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
71,277,011 |
158,395,661 |
40,749,919 |
(3,599,398) |
(44,610) |
|
MINORITY INTEREST |
497,688 |
1,341,703 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
85,874,699 |
173,837,364 |
54,849,919 |
10,500,602 |
55,390 |
|
Long term loans |
80,866,912 |
36,178,639 |
65,509,000 |
31,551,261 |
- |
|
Deferred taxation |
483,000 |
- |
- |
- |
- |
|
Others |
4,168,781 |
4,680,792 |
30,564 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
85,518,693 |
40,859,431 |
65,539,564 |
31,551,261 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
171,393,392 |
214,696,795 |
120,389,483 |
42,051,863 |
55,390 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
TATA INTERNATIONAL SINGAPORE PTE. LIMITED |
|
TYPES OF FUNDS |
|||||
|
Cash |
57,493,034 |
36,318,806 |
8,984,033 |
57,272,104 |
96,968 |
|
Net Liquid Funds |
10,806,535 |
35,479,606 |
(5,539,134) |
57,272,104 |
96,968 |
|
Net Liquid Assets |
(72,525,424) |
30,144,140 |
(39,108,836) |
14,132,703 |
55,390 |
|
Net Current Assets/(Liabilities) |
75,764,458 |
94,554,205 |
33,409,030 |
41,115,661 |
55,390 |
|
Net Tangible Assets |
154,064,738 |
212,854,157 |
120,389,483 |
42,051,863 |
55,390 |
|
Net Monetary Assets |
(158,044,117) |
(10,715,291) |
(104,648,400) |
(17,418,558) |
55,390 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
10,746,029 |
17,049,776 |
9,899,895 |
(883,117) |
(44,610) |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
14,067,867 |
18,531,303 |
10,252,973 |
(745,458) |
(44,610) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
373,723,502 |
197,825,751 |
236,981,629 |
76,693,972 |
0 |
|
Total Liabilities |
548,686,926 |
294,369,606 |
336,718,327 |
143,431,451 |
64,037 |
|
Total Assets |
634,561,625 |
468,206,970 |
391,568,246 |
153,932,053 |
119,427 |
|
Net Assets |
171,393,392 |
214,696,795 |
120,389,483 |
42,051,863 |
55,390 |
|
Net Assets Backing |
85,874,699 |
173,837,364 |
54,849,919 |
10,500,602 |
55,390 |
|
Shareholders' Funds |
85,874,699 |
173,837,364 |
54,849,919 |
10,500,602 |
55,390 |
|
Total Share Capital |
14,100,000 |
14,100,000 |
14,100,000 |
14,100,000 |
100,000 |
|
Total Reserves |
71,277,011 |
158,395,661 |
40,749,919 |
(3,599,398) |
(44,610) |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
28.67 |
48.73 |
253.50 |
64,919.54 |
- |
|
Proft/(Loss) Before Tax |
(360.28) |
132.49 |
214.79 |
(4,942.58) |
- |
|
Proft/(Loss) After Tax |
(555.10) |
29.54 |
247.34 |
(5,530.20) |
- |
|
Total Assets |
35.53 |
19.57 |
154.38 |
128,792.17 |
- |
|
Total Liabilities |
86.39 |
(12.58) |
134.76 |
223,882.15 |
- |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.12 |
0.14 |
0.03 |
0.51 |
1.51 |
|
Liquid Ratio |
0.84 |
1.12 |
0.86 |
1.13 |
1.86 |
|
Current Ratio |
1.16 |
1.37 |
1.12 |
1.37 |
1.86 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
32 |
18 |
30 |
39 |
0 |
|
Debtors Ratio |
54 |
60 |
78 |
88 |
21 |
|
Creditors Ratio |
23 |
18 |
39 |
87 |
0 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
4.35 |
1.14 |
4.32 |
7.30 |
0 |
|
Liabilities Ratio |
6.39 |
1.69 |
6.14 |
13.66 |
1.16 |
|
Times Interest Earned Ratio |
0.41 |
1.54 |
1.35 |
(0.65) |
0 |
|
Assets Backing Ratio |
10.93 |
15.10 |
8.54 |
2.98 |
0.55 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(0.92) |
0.45 |
0.29 |
(0.90) |
(11.55) |
|
Net Profit Margin |
(1.27) |
0.36 |
0.42 |
(1.00) |
(11.55) |
|
Return On Net Assets |
6.27 |
7.94 |
8.22 |
(2.10) |
(80.54) |
|
Return On Capital Employed |
4.56 |
7.80 |
7.34 |
(2.10) |
(80.54) |
|
Return On Shareholders' Funds/Equity |
(25.22) |
2.76 |
6.75 |
(23.92) |
(80.54) |
|
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 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
|
SGD |
1 |
INR 47.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
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.