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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

486611

Report Date :

17.01.2018

 

IDENTIFICATION DETAILS

 

Name :

SIVANTOS PTE. LTD.

 

 

Formerly Known As :

·         SIVANTOS PTE. LTD.

·         SIEMENS MEDICAL INSTRUMENTS PTE. LTD

 

 

Registered Office :

18, Tai Seng Street, 08-08, 18, Tai Seng, 539775

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2016

 

 

Date of Incorporation :

31.03.1986

 

 

Com. Reg. No.:

198600657-G

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the manufacturing of hearing aids

 

 

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+

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.

:

198600657-G

COMPANY NAME

:

SIVANTOS PTE. LTD.

FORMER NAME

:

SIEMENS MEDICAL INSTRUMENTS PTE. LTD. (16/04/2015)
REXTON PTE. LTD. (22/09/1993)

INCORPORATION DATE

:

31/03/1986

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

18, TAI SENG STREET, 08-08, 18, TAI SENG, 539775, SINGAPORE.

BUSINESS ADDRESS

:

18 TAI SENG STREET, #08-08, 539775, SINGAPORE.

TEL.NO.

:

65-63709666

FAX.NO.

:

65-67738070

WEB SITE

:

WWW.SIVANTOS.COM

CONTACT PERSON

:

LUIS IGNACIO MARTINEZ AZKORRA ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURING OF HEARING AIDS

ISSUED AND PAID UP CAPITAL

:

997,669,641.00 ORDINARY SHARE, OF A VALUE OF EUR 997,669,641.00
500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 500,000.00

SALES

:

SGD 813,360,000 [2016]

NET WORTH

:

SGD 79,296,000 [2016]

STAFF STRENGTH

:

N/A

BANKER (S)

:

DEUTSCHE BANK AG, LONDON BRANCH
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

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

 

The Subject is principally engaged in the (as a / as an) manufacturing of hearing aids.

 

The immediate holding company of the Subject is SIVANTOS HOLDING SINGAPORE PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is AURIS LUXEMBOURG II S. A., a company incorporated in LUXEMBOURG.

 

Former Address(es)

Address

As At Date

28, AYER RAJAH CRESCENT, 06-08, 139959

N/A

 

Share Capital History

Date

Issue & Paid Up Capital

14/12/2017

EUR 997,669,641.00 & SGD 500,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

SIVANTOS HOLDING SINGAPORE PTE. LTD.
[ORDINARY = EUR 997,669,641 & SGD = 500,000]

18, TAI SENG STREET, 08-08, 18, TAI SENG 139959 ,SINGAPORE

201622586

998,169,641.00

100.00

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

------

998,169,641.00

100.00

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

=====

+ Also Director

 

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


Local No

Country

Company

Status

(%)

As At

DENMARK

SIVANTOS A/S

-

100.00

30/09/2016

NETHERLANDS

SIVANTOS BV

-

100.00

30/09/2016

TURKEY

SIVANTOS ISITME CIHAZLARI SANAYI VE TICARET A.S.

-

100.00

30/09/2016

JAPAN

SIVANTOS K.K.

-

100.00

30/09/2016

011

KOREA

SIVANTOS LTD

-

100.00

30/09/2016

BRAZIL

SIVANTOS SOLUCOES AUDITIVAS LTDA

-

100.00

30/09/2016

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

LUIS IGNACIO MARTINEZ AZKORRA

Address

:

10, FIR AVENUE, 279700, SINGAPORE.

IC / PP No

:

G3139562W

Nationality

:

SPANIARD

Date of Appointment

:

01/04/2016



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

198600657G

SIVANTOS PTE. LTD.

Director

01/04/2016

0.00

-

SGD194,070,000.00

2016

-

14/12/2017

 

DIRECTOR 2

 

Name Of Subject

:

DR WOLFGANG OLLIG

Address

:

25, SUNSET SQUARE, CLEMENTI PARK, 597322, SINGAPORE.

IC / PP No

:

G3282354N

Nationality

:

GERMAN

Date of Appointment

:

01/07/2016



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

198600657G

SIVANTOS PTE. LTD.

Director

01/07/2016

0.00

-

SGD194,070,000.00

2016

-

14/12/2017



MANAGEMENT

 

 

 

1)

Name of Subject

:

LUIS IGNACIO MARTINEZ AZKORRA

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN WAN MEI

IC / PP No

:

S7268474E

Address

:

577, PASIR RIS STREET 53, 06-96, 510577, SINGAPORE.

 

2)

Company Secretary

:

GAN LEE TENG

IC / PP No

:

S8066585G

Address

:

304, SHUNFU ROAD, 07-79, SHUNFU GARDENS, 570304, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

DEUTSCHE BANK AG, LONDON BRANCH

 

2)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201505323

06/05/2015

N/A

DEUTSCHE BANK AG, LONDON BRANCH

-

Unsatisfied

C201505392

07/05/2015

N/A

DEUTSCHE BANK AG, LONDON BRANCH

-

Unsatisfied

C201510265

08/09/2015

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201511472

06/10/2015

N/A

HSBC BANK AUSTRALIA LIMITED

-

Unsatisfied

C201511474

06/10/2015

N/A

HSBC BANK PLC

-

Unsatisfied

C201511476

06/10/2015

N/A

HSBC BANK USA, NATIONAL ASSOCIATION

-

Unsatisfied

C201601449

02/02/2016

N/A

DEUTSCHE BANK AG, LONDON BRANCH

-

Unsatisfied

C201700465

12/01/2017

N/A

DEUTSCHE BANK AG, LONDON BRANCH

-

Unsatisfied

C201702612

20/03/2017

N/A

DEUTSCHE BANK AG, LONDON BRANCH

-

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.

LEGAL ACTION

 

 

Status

:

PENDING

 

Code No

:

99

Case No

:

2548

Year

:

2014

Place

:

SINGAPORE

Type

:

DISTRICT COURT

Date Filed

:

19/08/2014

Solicitor

:

R DILIP KUMAR

Solicitor Ref

:

DK/1046/2012

Solicitor Firm

:

GAVAN LAW PRACTICE LLC

Plaintiff

:

KUMARAVELU KANCHANA

DEFENDANTS

:

SIVANTOS PTE. LTD. (198600657)

Hearing Date

:

N/A

Amount Claimed

:

13708.08

Nature of Claim

:

SGD

Remark

:

NEGLIGENCE

 

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

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

HEARING AIDS

 

Total Number of Employees:

YEAR

2016

GROUP

N/A

COMPANY

590

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacturing of hearing aids.

The Group provides hearing care professionals with hearing aids branded Signia, Siemens, Audio Service, Rexton and A&M. Complementary accessories, fitting software, smartphone apps and diagnostics workflow solutions are also part of th Group's portfolio.

It offers pocket hearing aids, complementary accessories, fitting software, smartphone applications, and diagnostics workflow solutions.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63709666

Match

:

N/A

Address Provided by Client

:

BLOCK 28 AYER RAJAH CRESECENT #06-08 139959

Current Address

:

18 TAI SENG STREET, #08-08, 539775, SINGAPORE.

Match

:

NO

 

Other Investigations


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

The address provided is the Subject's former registered address.

 

FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2013 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2013 - 2016

]

Return on Shareholder Funds

:

Favourable

[

244.74%

]

Return on Net Assets

:

Favourable

[

175.48%

]

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's management have been efficient in controlling its operating costs. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

19 Days

]

Debtor Ratio

:

Favourable

[

4 Days

]

Creditors Ratio

:

Favourable

[

41 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

:

Unfavourable

[

0.78 Times

]

Current Ratio

:

Unfavourable

[

0.89 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Favourable

[

18.62 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :

Generally, the Subject's performance has improved with higher turnover and profit. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STABLE

 

 

 

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 :

MANUFACTURING

In the first quarter of 2017, manufacturing output rose by 8.0%, following the increase of 11% in the previous quarter. The robust performance of the sector was underpinned by sustained growth in the electronics, precision engineering and chemicals clusters. For the whole year of 2016, the manufacturing sector grew by 3.6%, a reversal from the 5.1% contraction in the previous year.

The electronics cluster increased by 33% in the first quarter, largely driven by the semiconductors segment, which saw its output surge by 50%. The strong performance of the semiconductors segment can be attributed to the continued recovery in global semiconductors demand, driven in turn by healthy demand in key end markets such as smartphone and automotive applications. At the same time, the other electronic modules & components and computer peripherals segments grew by 9.0% and 1.2% respectively. For the full year of 2016, the electronics cluster expanded by 16%.

Besides, biomedical manufacturing cluster contracted by 7.5% in the first quarter of 2017. Within the cluster, the medical technology segment recorded robust growth of 14%, supported by higher export demand for medical instruments. However, this was outweighed by a 14% decline in the output of the pharmaceuticals segment as the production of active pharmaceutical ingredients fell. For 2016 as a whole, the biomedical manufacturing cluster expanded by 14%, with both the pharmaceuticals and medical technology segments supporting growth.

In the first quarter of 2017, output of the transport engineering cluster fell by 11%, dragged down by the marine & offshore engineering (M&OE) segment. This more than offset expansions in the aerospace (10%) and land (7.0%) segments. The aerospace segment, in particular, was supported by an increase in demand for aircraft and engine maintenance work. For the whole year of 2016, the transport engineering cluster contracted by 18%.

The precision engineering cluster expanded by 19% in the first quarter of 2017, supported by both the machinery & systems (M&S) and precision modules & components (PMC) segments. Output in the M&S segment rose by 24 % on the back of robust export demand for semiconductor manufacturing equipment. Meanwhile, the PMC segment grew by 11% due to an increase in the production of dies, moulds, tools, jigs & fixtures, optical instruments and metal precision components. In 2016, the precision engineering cluster’s output rose by 0.8%.

Moreover, output of the manufacturing industries shrank by 6.7% in the first quarter 2017. In particular, the output of the miscellaneous industries segment fell by 12% due to a decline in the production of fibre glass products and construction-related products & materials. The printing segment contracted by 21%, as demand for commercial printing remained weak and the food, beverage & tobacco segment expanded by 3.2%, supported by healthy export demand. For the full year 2016, the general manufacturing industries contracted by 2.5%.

The output of the chemicals cluster increased by 2.9% in the first quarter of 2017 supported primarily by growth in the petrochemicals (9.8%) and specialty chemicals (2.9%) segments. Growth in the petrochemicals segment was partly the result of a low base effect as production levels a year ago were weak due to plant maintenance shutdowns. On the other hand, the other chemicals segment contracted to 5.6% on account of a lower level of production of fragrances. For the full year 2016, the chemicals cluster contracted by 0.9 per cent. This was due to a decline in the output of the petrochemicals segment arising from major plant maintenance shutdowns, even as the output of all other segments expanded.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



 

 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1986, the Subject is a Private Limited company, focusing on manufacturing of hearing aids. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. Subject is expected to enjoy a stable market shares. The Subject is a large entity with strong capital position of EUR 997,669,641 & SGD 500,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

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

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 79,296,000, the Subject should be able to maintain its business in the near terms.

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

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

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

Based on the above condition, we recommend credit be granted to the Subject promptly.


Financial

 

PROFIT AND LOSS ACCOUNT

 

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

SIVANTOS PTE. LTD.

 

Financial Year End

2016-09-30

2015-09-30

2014-09-30

2013-09-30

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

SUMMARY

Currency

SGD

SGD

SGD

SGD

TURNOVER

813,360,000

752,391,000

657,486,000

593,418,000

Other Income

126,000

824,000

159,000

-

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

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

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

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

Total Turnover

813,486,000

753,215,000

657,645,000

593,418,000

Costs of Goods Sold

(403,069,000)

(400,491,000)

(375,027,000)

-

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

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

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

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

Gross Profit

410,417,000

352,724,000

282,618,000

-

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

209,919,000

175,698,000

152,167,000

66,994,000

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

209,919,000

175,698,000

152,167,000

66,994,000

Taxation

(15,849,000)

(8,860,000)

(10,555,000)

(3,035,000)

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

194,070,000

166,838,000

141,612,000

63,959,000

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

279,736,000

112,898,000

86,107,000

22,148,000

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

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

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

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

As restated

279,736,000

112,898,000

86,107,000

22,148,000

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

473,806,000

279,736,000

227,719,000

86,107,000

DIVIDENDS - Ordinary (paid & proposed)

(395,204,000)

-

(114,821,000)

-

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

78,602,000

279,736,000

112,898,000

86,107,000

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

11,270,000

6,023,000

1,276,000

-

Loan from subsidiary companies

7,000

1,000

-

-

Others

635,000

684,000

9,000

-

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

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

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

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

11,912,000

6,708,000

1,285,000

-

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

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

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

-

DEPRECIATION (as per notes to P&L)

10,399,000

10,816,000

9,336,000

-

AMORTIZATION

7,282,000

12,859,000

10,092,000

-

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

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

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

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

Total Amortization And Depreciation

17,681,000

23,675,000

19,428,000

-

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

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

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

 

BALANCE SHEET

 

SIVANTOS PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

29,212,000

31,924,000

26,071,000

135,570,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

83,207,000

84,572,000

84,717,000

-

Associated companies

3,169,000

-

-

-

Deposits

153,000

237,000

361,000

-

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

86,529,000

84,809,000

85,078,000

-

Patents / Copyrights

633,000

680,000

31,000

-

Computer software

16,021,000

14,476,000

15,444,000

-

Others

27,113,000

7,105,000

16,814,000

-

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

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

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

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

TOTAL INTANGIBLE ASSETS

43,767,000

22,261,000

32,289,000

-

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

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

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

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

TOTAL LONG TERM ASSETS

159,508,000

138,994,000

143,438,000

135,570,000

Stocks

31,121,000

48,569,000

37,045,000

-

Contract work-in-progress

10,336,000

24,221,000

22,019,000

-

Trade debtors

8,086,000

9,103,000

7,107,000

-

Other debtors, deposits & prepayments

1,795,000

1,562,000

1,373,000

-

Amount due from holding company

28,212,000

9,130,000

110,372,000

-

Amount due from subsidiary companies

23,645,000

2,310,000

-

-

Amount due from related companies

87,312,000

217,605,000

657,000

-

Cash & bank balances

69,415,000

31,743,000

3,437,000

-

Others

999,000

11,665,000

10,794,000

-

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

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

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

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

TOTAL CURRENT ASSETS

260,921,000

355,908,000

192,804,000

133,075,000

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

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

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

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

TOTAL ASSET

420,429,000

494,902,000

336,242,000

268,645,000

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

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

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

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

CURRENT LIABILITIES

Trade creditors

45,123,000

51,730,000

43,044,000

-

Other creditors & accruals

18,505,000

21,836,000

27,118,000

-

Amounts owing to holding company

-

-

106,414,000

-

Amounts owing to related companies

199,066,000

111,223,000

13,748,000

-

Provision for taxation

18,937,000

12,151,000

10,098,000

-

Other liabilities

12,384,000

12,764,000

13,737,000

-

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

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

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

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

TOTAL CURRENT LIABILITIES

294,015,000

209,704,000

214,159,000

174,146,000

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(33,094,000)

146,204,000

(21,355,000)

(41,071,000)

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

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

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

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

TOTAL NET ASSETS

126,414,000

285,198,000

122,083,000

94,499,000

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

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

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

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

SHARE CAPITAL

Ordinary share capital

500,000

500,000

500,000

500,000

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

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

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

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

TOTAL SHARE CAPITAL

500,000

500,000

500,000

500,000

Retained profit/(loss) carried forward

78,602,000

279,736,000

112,898,000

86,107,000

Others

194,000

(97,000)

3,436,000

(1,914,000)

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

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

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

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

TOTAL RESERVES

78,796,000

279,639,000

116,334,000

84,193,000

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

79,296,000

280,139,000

116,834,000

84,693,000

Deferred taxation

203,000

9,000

494,000

-

Others

46,915,000

5,050,000

4,755,000

-

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

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

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

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

TOTAL LONG TERM LIABILITIES

47,118,000

5,059,000

5,249,000

9,806,000

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

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

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

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

126,414,000

285,198,000

122,083,000

94,499,000

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

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

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

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

 

FINANCIAL RATIO

 

SIVANTOS PTE. LTD.

 

TYPES OF FUNDS

Cash

69,415,000

31,743,000

3,437,000

-

Net Liquid Funds

69,415,000

31,743,000

3,437,000

-

Net Liquid Assets

(64,215,000)

97,635,000

(58,400,000)

(41,071,000)

Net Current Assets/(Liabilities)

(33,094,000)

146,204,000

(21,355,000)

(41,071,000)

Net Tangible Assets

82,647,000

262,937,000

89,794,000

94,499,000

Net Monetary Assets

(111,333,000)

92,576,000

(63,649,000)

(50,877,000)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

182,406,000

153,452,000

-

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

239,512,000

206,081,000

172,880,000

-

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

-

Total Liabilities

341,133,000

214,763,000

219,408,000

183,952,000

Total Assets

420,429,000

494,902,000

336,242,000

268,645,000

Net Assets

126,414,000

285,198,000

122,083,000

94,499,000

Net Assets Backing

79,296,000

280,139,000

116,834,000

84,693,000

Shareholders' Funds

79,296,000

280,139,000

116,834,000

84,693,000

Total Share Capital

500,000

500,000

500,000

500,000

Total Reserves

78,796,000

279,639,000

116,334,000

84,193,000

GROWTH RATIOS (Year on Year)

Revenue

8.10

14.43

10.80

-

Proft/(Loss) Before Tax

19.48

15.46

127.14

-

Proft/(Loss) After Tax

16.32

17.81

121.41

-

Total Assets

(15.05)

47.19

25.16

-

Total Liabilities

58.84

(2.12)

19.27

-

LIQUIDITY (Times)

Cash Ratio

0.24

0.15

0.02

-

Liquid Ratio

0.78

1.47

0.73

-

Current Ratio

0.89

1.70

0.90

0.76

WORKING CAPITAL CONTROL (Days)

Stock Ratio

19

35

33

-

Debtors Ratio

4

4

4

-

Creditors Ratio

41

47

42

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

-

Liabilities Ratio

4.30

0.77

1.88

2.17

Times Interest Earned Ratio

18.62

27.19

119.42

-

Assets Backing Ratio

165.29

525.87

179.59

189.00

PERFORMANCE RATIO (%)

Operating Profit Margin

25.81

23.35

23.14

11.29

Net Profit Margin

23.86

22.17

21.54

10.78

Return On Net Assets

175.48

63.96

125.69

70.89

Return On Capital Employed

130.35

59.33

99.40

70.89

Return On Shareholders' Funds/Equity

244.74

59.56

121.21

75.52

Dividend Pay Out Ratio (Times)

2.04

0

0.81

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0





 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.76

UK Pound

1

INR 87.91

Euro

1

INR 78.20

SGD

1

INR 48.33

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

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)

 

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

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