|
|
|
MIRA INFORM REPORT
|
Report No. : |
486495 |
|
Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL APPAREL AND TEXTILE PTE. LTD. |
|
|
|
|
Registered Office : |
463, Macpherson Road, 02-00, M463, 368181 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2017 |
|
|
|
|
Date of Incorporation : |
15.11.2012 |
|
|
|
|
Com. Reg. No.: |
201228051M |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in the trading of textiles and garment
manufacturing. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
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 (30.06.2017) |
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. |
: |
201228051M |
||||
|
COMPANY NAME |
: |
GLOBAL APPAREL AND TEXTILE PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
15/11/2012 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
463, MACPHERSON ROAD, 02-00, M463, 368181, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
463 MACPHERSON ROAD, LEVEL 2, 368181, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63297769 |
||||
|
FAX.NO. |
: |
65-62823463 |
||||
|
WEB SITE |
: |
WWW.GLOBALAPPARELTEXTILE.COM |
||||
|
CONTACT PERSON |
: |
WU MING HUNG ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF TEXTILES AND GARMENT MANUFACTURING |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
4,538,930.00 ORDINARY SHARE, OF A VALUE OF USD 4,538,930.00 |
||||
|
SALES |
: |
USD 26,602,000 [2017] |
||||
|
NET WORTH |
: |
USD 2,552,000 [2017] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
SLOW BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
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) trading
of textiles and garment manufacturing.
Former Address(es)
|
Address |
As At Date |
|
159 KAMPONG AMPAT #06-04 KA PLACE, 368328 |
N/A |
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
17/01/2018 |
USD 4,538,930.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
WU MING HUNG + |
1, ROBIN ROAD 14-01, ONE ROBIN, 258176, SINGAPORE. |
S8683304B |
3,568,582.00 |
78.62 |
|
SURINA GAN MENG HUI |
1, ROBIN ROAD, 14-01, ONE ROBIN 258176 ,SINGAPORE |
S7921533C |
564,525.00 |
12.44 |
|
CHINA UNITED GARMENTS MFG. (SAMOA) CO., LTD. |
TRUSTNET CHAMBERS. LOTEMAU CENTRE P.O.BOX 1225, APIA SAMOA |
T15UF0615 |
300,000.00 |
6.61 |
|
CHU SIEW HWA |
781, UPPER CHANGI ROAD EAST, 08-35 486069 ,SINGAPORE |
S2577026I |
105,823.00 |
2.33 |
|
--------------- |
------ |
|||
|
4,538,930.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
CAMBODIA |
GLOBAL APPAREL TEXTILE (CAMBODIA) MANUFACTURING PTE. LTD. |
- |
100.00 |
30/06/2017 |
|
|
201530749G |
SINGAPORE |
GLOBAL UNITED TRADING AND SOURCING PTE. LTD. |
- |
60.00 |
17/01/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
WU MING HUNG |
|
Address |
: |
1, ROBIN ROAD 14-01, ONE ROBIN, 258176, SINGAPORE. |
|
IC / PP No |
: |
S8683304B |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
15/11/2012 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
201228051M |
GLOBAL APPAREL AND TEXTILE PTE. LTD. |
Director |
15/11/2012 |
3,568,582.00 |
78.62 |
USD517,000.00 |
2017 |
- |
17/01/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
WU MING HUNG |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
NEXIA TS PUBLIC ACCOUNTIN G CORPORATI ON |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
SIN CHEE MEI |
|
IC / PP No |
: |
S7185966E |
|
|
Address |
: |
600, NORTH BRIDGE ROAD, 23-01, PARKVIEW SQUARE, 188778,
SINGAPORE. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BANGKOK BANK PUBLIC COMPANY LIMITED |
|
2) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201314735 |
31/10/2013 |
N/A |
BANGKOK BANK PUBLIC COMPANY LIMITED |
- |
Unsatisfied |
|
C201412840 |
18/11/2014 |
N/A |
BANGKOK BANK PUBLIC COMPANY LIMITED |
- |
Unsatisfied |
|
C201505859 |
21/05/2015 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201710814 |
19/10/2017 |
N/A |
THE SHANGHAI COMMERCIAL & SAVINGS BANK, LTD. SINGAPORE BRANCH |
USD 120,000.00 |
Unsatisfied |
LITIGATION
CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
X |
] |
Poor >120 Days |
[ |
] |
||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of textiles
and garment manufacturing.
The Subject aim to become one of the world's leading Apparel and Textile
supply-chain company.
The products as follows:
Fashion
Casual
Activewear
Lounge/Sleepwear
Children
The Subject's Group focuses on the trading and manufacturing of garments.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63297769 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
463, MACPHERSON RD, LEVEL 2 368181 |
|
Current Address |
: |
463 MACPHERSON ROAD, LEVEL 2, 368181, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject and she only provided limited
information.
The address provided is incomplete.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2014 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2014 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
35.66% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
31.35% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
higher profit could be attributed to the increase in turnover. 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 |
: |
Unfavourable |
[ |
69 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
104 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
46 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its
capital was tied up in stocks, it could face liquidity problems. The
Subject's debtors ratio was high. The Subject should tighten its credit
control and improve its collection period. 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 |
[ |
0.88 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.99 Times |
] |
|
|
The Subject's liquid ratio was slightly low. This could indicate
that the Subject's working capital was slightly deficient. The Subject will have
to improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
1.89 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
6.17 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 : |
||||||
|
Generally, the Subject's performance has improved with higher
turnover and profit. 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 : LIMITED |
||||||
|
|
||||||
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 : |
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 general
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
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
GLOBAL APPAREL AND TEXTILE PTE. LTD. |
|
Financial Year End |
2017-06-30 |
2016-06-30 |
|
Months |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
TURNOVER |
26,602,000 |
17,485,000 |
|
Other Income |
110,000 |
420,000 |
|
---------------- |
---------------- |
|
|
Total Turnover |
26,712,000 |
17,905,000 |
|
Costs of Goods Sold |
(19,249,000) |
(12,384,000) |
|
---------------- |
---------------- |
|
|
Gross Profit |
7,463,000 |
5,521,000 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
517,000 |
315,000 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
517,000 |
315,000 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
517,000 |
315,000 |
|
Minority interests |
393,000 |
116,000 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
910,000 |
431,000 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
910,000 |
431,000 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
(3,608,000) |
(4,039,000) |
|
---------------- |
---------------- |
|
|
As restated |
(3,608,000) |
(4,039,000) |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(2,698,000) |
(3,608,000) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(2,698,000) |
(3,608,000) |
|
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||
|
Bank overdraft |
41,000 |
47,000 |
|
Lease interest |
8,000 |
13,000 |
|
Term loan / Borrowing |
145,000 |
110,000 |
|
Others |
386,000 |
196,000 |
|
---------------- |
---------------- |
|
|
580,000 |
366,000 |
|
|
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
560,000 |
289,000 |
|
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
560,000 |
289,000 |
|
============= |
============= |
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
GLOBAL APPAREL AND TEXTILE PTE. LTD. |
|
ASSETS EMPLOYED: |
||
|
FIXED ASSETS |
3,619,000 |
3,958,000 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
3,619,000 |
3,958,000 |
|
Stocks |
2,158,000 |
1,760,000 |
|
Contract work-in-progress |
2,869,000 |
712,000 |
|
Trade debtors |
7,591,000 |
5,043,000 |
|
Other debtors, deposits & prepayments |
3,078,000 |
1,648,000 |
|
Short term deposits |
2,187,000 |
2,221,000 |
|
Amount due from related companies |
695,000 |
- |
|
Amount due from director |
252,000 |
- |
|
Cash & bank balances |
214,000 |
552,000 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
19,044,000 |
11,936,000 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
22,663,000 |
15,894,000 |
|
============= |
============= |
|
|
CURRENT LIABILITIES |
||
|
Trade creditors |
2,404,000 |
1,622,000 |
|
Other creditors & accruals |
1,964,000 |
1,992,000 |
|
Hire purchase & lease creditors |
89,000 |
89,000 |
|
Bank overdraft |
918,000 |
1,319,000 |
|
Short term borrowings/Term loans |
2,727,000 |
2,216,000 |
|
Other borrowings |
8,353,000 |
4,916,000 |
|
Bill & acceptances payable |
2,709,000 |
1,423,000 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
19,164,000 |
13,577,000 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(120,000) |
(1,641,000) |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
3,499,000 |
2,317,000 |
|
============= |
============= |
|
|
SHARE CAPITAL |
||
|
Ordinary share capital |
4,539,000 |
3,783,000 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
4,539,000 |
3,783,000 |
|
Retained profit/(loss) carried forward |
(2,698,000) |
(3,608,000) |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(2,698,000) |
(3,608,000) |
|
MINORITY INTEREST |
711,000 |
1,104,000 |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
2,552,000 |
1,279,000 |
|
Long term loans |
932,000 |
934,000 |
|
Lease obligations |
15,000 |
104,000 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
947,000 |
1,038,000 |
|
---------------- |
---------------- |
|
|
3,499,000 |
2,317,000 |
|
|
============= |
============= |
|
|
|
|
|
FINANCIAL
RATIO
|
|
|
|
GLOBAL APPAREL AND TEXTILE PTE. LTD. |
|
TYPES OF FUNDS |
||
|
Cash |
2,401,000 |
2,773,000 |
|
Net Liquid Funds |
(1,226,000) |
31,000 |
|
Net Liquid Assets |
(2,278,000) |
(3,401,000) |
|
Net Current Assets/(Liabilities) |
(120,000) |
(1,641,000) |
|
Net Tangible Assets |
3,499,000 |
2,317,000 |
|
Net Monetary Assets |
(3,225,000) |
(4,439,000) |
|
PROFIT & LOSS ITEMS |
||
|
Earnings Before Interest & Tax (EBIT) |
0 |
0 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
1,657,000 |
970,000 |
|
BALANCE SHEET ITEMS |
||
|
Total Borrowings |
15,743,000 |
11,001,000 |
|
Total Liabilities |
20,111,000 |
14,615,000 |
|
Total Assets |
22,663,000 |
15,894,000 |
|
Net Assets |
3,499,000 |
2,317,000 |
|
Net Assets Backing |
2,552,000 |
1,279,000 |
|
Shareholders' Funds |
2,552,000 |
1,279,000 |
|
Total Share Capital |
4,539,000 |
3,783,000 |
|
Total Reserves |
(2,698,000) |
(3,608,000) |
|
GROWTH RATIOS (Year on Year) |
||
|
Revenue |
52.14 |
94.60 |
|
Proft/(Loss) Before Tax |
64.13 |
134.02 |
|
Proft/(Loss) After Tax |
64.13 |
134.02 |
|
Total Assets |
213.33 |
119.74 |
|
Total Liabilities |
206.24 |
122.55 |
|
LIQUIDITY (Times) |
||
|
Cash Ratio |
0.13 |
0.20 |
|
Liquid Ratio |
0.88 |
0.75 |
|
Current Ratio |
0.99 |
0.88 |
|
WORKING CAPITAL CONTROL (Days) |
||
|
Stock Ratio |
69 |
52 |
|
Debtors Ratio |
104 |
105 |
|
Creditors Ratio |
46 |
48 |
|
SOLVENCY RATIOS (Times) |
||
|
Gearing Ratio |
6.17 |
8.60 |
|
Liabilities Ratio |
7.88 |
11.43 |
|
Times Interest Earned Ratio |
1.89 |
1.86 |
|
Assets Backing Ratio |
0.77 |
0.61 |
|
PERFORMANCE RATIO (%) |
||
|
Operating Profit Margin |
1.94 |
1.80 |
|
Net Profit Margin |
3.42 |
2.46 |
|
Return On Net Assets |
31.35 |
29.39 |
|
Return On Capital Employed |
21.03 |
14.10 |
|
Return On Shareholders' Funds/Equity |
35.66 |
33.70 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
|
NOTES TO ACCOUNTS |
||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.98 |
|
|
1 |
INR 88.13 |
|
Euro |
1 |
INR 78.35 |
|
SGD |
1 |
INR 48.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.