|
|
|
MIRA INFORM REPORT
|
Report No. : |
516024 |
|
Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD. |
|
|
|
|
Registered Office : |
65, Chulia Street, 48-05/08, Ocbc Centre,
049513 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
07.01.1978 |
|
|
|
|
Com. Reg. No.: |
197800048Z |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is principally engaged in trading of commodity products,
agro-products, chemicals, coal/coke, fertilizers, fluorspar, iron ore,
petroleum products, steel and steel scraps, sulphur, and timber logs,
bitumen, cocoa, palm oil, PP grains/films, rice and sesame seeds. |
|
|
|
|
No. of Employees : |
27 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 (31.12.2017) |
Current Rating (01.04.2018) |
|
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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s
economy to reduce its dependence on foreign labor, raise productivity growth,
and increase wages amid slowing labor force growth and an aging population.
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 signatory of the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive
Economic Partnership (RCEP) negotiations with 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. |
: |
197800048Z |
||||
|
COMPANY NAME |
: |
SWISS SINGAPORE OVERSEAS ENTERPRISES
PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
07/01/1978 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY
SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
65, CHULIA STREET, 48-05/08,
OCBC CENTRE, 049513, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
65, CHULIA STREET, 48-05/08,
OCBC CENTRE, 049513, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62218455 |
||||
|
FAX.NO. |
: |
65-62224984 |
||||
|
WEB SITE |
: |
WWW.SWISS-SINGAPORE.COM |
||||
|
CONTACT PERSON |
: |
RAJESH KUMAR SOMANI (
MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMMODITY
PRODUCTS, AGRO-PRODUCTS, CHEMICALS, COAL/COKE, FERTILIZERS, FLUORSPAR, IRON ORE,
PETROLEUM PRODUCTS, STEEL AND STEEL SCRAPS, SULPHUR, AND TIMBER LOGS,
BITUMEN, COCOA, PALM OIL, PP GRAINS/FILMS, RICE, SESAME SEEDS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
36,955,598.00 ORDINARY
SHARE, OF A VALUE OF SGD 36,955,598.00 |
||||
|
SALES |
: |
USD 4,325,518,261 [2017] |
||||
|
NET WORTH |
: |
USD 230,994,170 [2017] |
||||
|
STAFF STRENGTH |
: |
27 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
AVERAGE |
||||
|
PAYMENT |
: |
NO COMPLAINTS |
||||
|
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) trading of
commodity products, agro-products, chemicals, coal/coke, fertilizers,
fluorspar, iron ore, petroleum products, steel and steel scraps, sulphur, and
timber logs, bitumen, cocoa, palm oil, pp grains/films, rice, sesame seeds.
Share Capital
History
|
Date |
Issue & Paid Up Capital |
|
22/06/2018 |
SGD 36,955,598.00 |
The major shareholder(s) of
the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ABHA INVESTMENTS PTE. LTD. |
65, CHULIA STREET, 48-05/08,
OCBC CENTRE 049513 ,SINGAPORE |
200802696G |
7,000,000.00 |
18.94 |
|
INDOGENIOUS HOLDINGS PTE.
LTD. |
65, CHULIA STREET, 48-05/08,
OCBC CENTRE 049513 ,SINGAPORE |
200802699Z |
7,000,000.00 |
18.94 |
|
CALYX INVESTMENTS PTE. LTD. |
65, CHULIA STREET, 48-05/08,
OCBC CENTRE 049513 ,SINGAPORE |
200802697W |
7,000,000.00 |
18.94 |
|
BIG BANYAN INVESTMENTS PTE.
LTD. |
65, CHULIA STREET, 48-05/08,
OCBC CENTRE 049513 ,SINGAPORE |
200804356E |
7,000,000.00 |
18.94 |
|
BLUE BUCKS INVESTMENTS PTE.
LTD. |
65, CHULIA STREET, 48-05/08,
OCBC CENTRE 049513 ,SINGAPORE |
200804357R |
7,000,000.00 |
18.94 |
|
KIRAN INVESTMENTS PTE. LTD. |
65, CHULIA STREET, 48-05/08,
OCBC CENTRE 049513 ,SINGAPORE |
200802701M |
1,955,598.00 |
5.29 |
|
--------------- |
------ |
|||
|
36,955,598.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in
other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
201623242M |
SINGAPORE |
CLEAN SHIP BULK CARRIERS
PTE. LTD. |
- |
99.00 |
22/06/2018 |
|
201615022M |
SINGAPORE |
SAFE OCEAN BULK CARRIERS
PTE. LTD. |
- |
100.00 |
22/06/2018 |
|
201315408Z |
SINGAPORE |
SSOE INVESTMENTS PTE. LTD. |
- |
100.00 |
22/06/2018 |
|
201502413W |
SINGAPORE |
SWISS SINGAPORE SHIPPING
PTE. LTD. |
- |
100.00 |
22/06/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
ASKARAN AGARWALA |
|
Address |
: |
FLAT 3, HAVELI, L D RUPAREL
MARG, MALABAR HILL, MUMBAI PIN, MAHARASHTRA, 400006, INDIA. |
|
IC / PP No |
: |
L1698953 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
17/10/2014 |
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 |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
197800048Z |
SWISS SINGAPORE OVERSEAS
ENTERPRISES PTE. LTD. |
Director |
17/10/2014 |
0.00 |
- |
USD7,760,915.00 |
2017 |
- |
22/06/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
MANISH KUMAR TIBREWAL |
|
Address |
: |
187, TANJONG RHU ROAD,
10-13, SANCTUARY GREEN, 436925, SINGAPORE. |
|
IC / PP No |
: |
S7087624H |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
31/03/2018 |
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 |
197800048Z |
SWISS SINGAPORE OVERSEAS
ENTERPRISES PTE. LTD. |
Director |
31/03/2018 |
0.00 |
- |
USD7,760,915.00 |
2017 |
- |
22/06/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. RAJESH KUMAR SOMANI |
|
Address |
: |
FLAT 711, DR-AL BUTEEN II,
NEAR TAJ PALACE HOTEL, OFF AL RIGGA ROAD, DEIRA, DUBAI, UNITED ARAB EMIRATES. |
|
IC / PP No |
: |
Z3078897 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
07/10/2011 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
197800048Z |
SWISS SINGAPORE OVERSEAS
ENTERPRISES PTE. LTD. |
Director |
07/10/2011 |
0.00 |
- |
USD7,760,915.00 |
2017 |
- |
22/06/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
RAJIV DUBE |
|
Address |
: |
B-2601, LODHA BELLISIMO, APOLLO
COMPD, N M JOSHI MARG MAHALAXMI, MUMBAI, 400011, INDIA. |
|
IC / PP No |
: |
Z1780411 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
14/08/2015 |
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 |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
197800048Z |
SWISS SINGAPORE OVERSEAS
ENTERPRISES PTE. LTD. |
Director |
14/08/2015 |
0.00 |
- |
USD7,760,915.00 |
2017 |
- |
22/06/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
RAJESH KUMAR SOMANI |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
LAU CHIN HUAT & CO |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
CHEONG SENG CHOW |
|
IC / PP No |
: |
S1350970J |
|
|
Address |
: |
43, LORONG 5, TOA PAYOH,
11-129, EAST PAYOH SPRING, 310043, SINGAPORE. |
|
|
Date of Appointment |
: |
16/08/2010 |
|
|
2) |
Company Secretary |
: |
ZANWAR SHYAMSUNDER
BALAPRASAD |
|
IC / PP No |
: |
S7665331C |
|
|
Address |
: |
325A, SENGKANG EAST WAY,
15-501, ANCHORVALE GROVE, 541325, SINGAPORE. |
|
|
Date of Appointment |
: |
22/05/2013 |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
CITIBANK N.A. |
|
2) |
Name |
: |
BARCLAYS BANK PLC |
|
3) |
Name |
: |
STANDARD CHARTERED BANK |
|
4) |
Name |
: |
DEUTSCHE BANK
AKTIENGESELLSCHAFT |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201310768 |
06/08/2013 |
N/A |
CITIBANK N.A. |
- |
Unsatisfied |
|
C201311479 |
21/08/2013 |
N/A |
BANK JULIUS BAER & CO.
LTD. |
- |
Unsatisfied |
|
C201311926 |
30/08/2013 |
N/A |
BARCLAYS BANK PLC |
- |
Unsatisfied |
|
C201407736 |
24/07/2014 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201413506 |
01/12/2014 |
N/A |
DEUTSCHE BANK
AKTIENGESELLSCHAFT |
- |
Unsatisfied |
|
C201511477 |
06/10/2015 |
N/A |
BANK OF SINGAPORE LIMITED |
- |
Unsatisfied |
CIVIL 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 |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
COMMODITY PRODUCTS, AGRO-PRODUCTS,
CHEMICALS, COAL/COKE, FERTILIZERS, FLUORSPAR, IRON ORE, PETROLEUM PRODUCTS,
STEEL AND STEEL SCRAPS, SULPHUR, AND TIMBER LOGS, PROVIDES BITUMEN, COCOA,
PALM OIL, PP GRAINS/FILMS, RICE, SESAME SEEDS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
27 |
25 |
25 |
30 |
35 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of commodity products,
agro-products, chemicals, coal/coke, fertilizers, fluorspar, iron ore,
petroleum products, steel and steel scraps, sulphur, and timber logs, bitumen,
cocoa, palm oil, pp grains/films, rice, sesame seeds.
The Subject is a trans-national bulk commodity trading solutions provider with
a global presence.
The Subject has diversified portfolio such as petroleum products, sulphur,
fertilizers, timber logs, steel and steel scrap, coal/coke, iron ore, chemicals
and agro-products.
The agro products such as Beans, Pulses, Grains, Oil Seeds and Others (sugar
& palm oil, etc). Besides, the Subject also offer tea products.
Other than that, the Subject also offer various types of fibres like Acrylic
Fibre, Viscose Staple Fibre, Cement, Clinker etc.
RECENT DEVELOPMENT
|
25 October 2017
Swiss Singapore wins Sri Lanka spot coal contract
ECONOMYNEXT – Swiss Singapore Overseas Enterprises Pte Ltd. has won a spot
tender by Sri Lanka for supply of 300,000 MT of coal at US$91.85 per tonne, a
government spokesman said.
The deal to buy coal required for the Lakvijaya coal power plant at Puttalam
under spot tender was approved by the Cabinet of Ministers this week on a
proposal by Power and Renewable Energy Minister Ranjith Siyambalapitiya.
The government is to buy half the coal needed by the Puttalam plant on long
term contract and the balance on spot tenders.
(COLOMBO, October 25, 2017)
CURRENT INVESTIGATION
|
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62218455 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
65 CHULLA STREET 48-05/08
OCBC CENTRE SINAGPORE |
|
Current Address |
: |
65, CHULIA STREET, 48-05/08,
OCBC CENTRE, 049513, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We have contacted one of the
staff from the Subject and she provided some information.
The address is as per stated in the report.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
3.36% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
6.62% |
] |
|
|
The fluctuating turnover
reflects the fierce competition among the existing and new market players.The
Subject's profit fell sharply because of the high operating costs incurred. The
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
8 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
47 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
28 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 |
: |
Favourable |
[ |
1.17 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.33 Times |
] |
|
|
A minimum liquid ratio of 1 should
be maintained by the Subject in order to assure its creditors of its ability
to meet short term obligations and the Subject was in a good liquidity
position. Thus, we believe the Subject is able to meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
2.11 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.24 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 : |
||||||
|
The Subject recorded lower profits
as its turnover showed a erratic trend. The Subject's management was unable
to control its costs efficiently as its profit showed a downward trend. The
Subject was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. 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 : AVERAGE |
||||||
|
|
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population (Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross Domestic Products ( %
) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular Phone Subscriber
(Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration of New
Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration of New
Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation of Companies
(No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration of New
Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration of New
Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation of Businesses
(No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation of Businesses
(%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal
Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages &
Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather Products &
Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood & Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper & Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing & Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical & Chemical
Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber & Plastic
Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery & Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport, Storage &
Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance & Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government Services |
6.50 |
6.30 |
- |
- |
- |
|
Education Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of
Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS
|
|
INDUSTRY : |
TRADING |
|
According to the Ministry of
Trade and Industry, the wholesale & retail trade sector expanded to 3.0%
in the fourth quarter of 2017, moderating from the 3.3% growth in the
previous quarter. The wholesale trade segment was boosted by an improvement
in foreign wholesale sales volume, which more than offset the weakness in
domestic wholesale sales volume. For the whole of 2017, the sector expanded
by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can
be attributed to the wholesale segment. |
|
|
The domestic wholesale sales
volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in
the preceding quarter. The poorer outturn was led by declines in the sales
volume of household equipment & furniture (-27%) and general wholesale
merchandise (-19%), which outweighed the increase in the sales volume of
telecommunications & computers (20%). For the whole of 2017, the domestic
wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in
2016. |
|
|
On the other hand, foreign
wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up
from the 5.1% growth in the preceding quarter. Growth was driven by
expansions in the sales of petroleum & petroleum-related products (11%t),
telecommunications & computers (19%) and electronic components (16%).
However, growth was partly offset by a 20% decline in the sales volume of
metals, timber & construction materials. For the full year 2017, the
foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5%
in the previous year. |
|
|
Besides, retail sales volume
rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth
recorded in the third quarter. Growth was supported by improvements in both motor
vehicle and non-motor vehicle sales volumes. While motor vehicle sales
benefitted from an on-year increase in COE supply, growth in non-motor
vehicle sales came on the back of an improvement in consumer sentiments.
Notably, the sales volume of discretionary goods such as recreational goods,
computer & telecommunication equipment and wearing apparel & footwear
grew by 4.6%, 4.3 % and 3.1% respectively. |
|
|
For the full year 2017,
retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in
2016. Growth was driven by both motor vehicle sales and non-motor vehicle
sales, which the former rising by 1.5% and the latter increasing by 1.3%. The
rise in non-motor vehicle sales was underpinned by higher sales of
discretionary goods. For instance, the sales volume of recreational goods
(3.9%), watches & jewellery (2.4%), computer & telecommunications
equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017. |
|
|
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. |
|
SWISS SINGAPORE OVERSEAS ENTERPRISES
PTE. LTD. |
|
Financial Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2013-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
4,325,518,261 |
3,649,523,597 |
4,226,747,154 |
4,130,115,395 |
3,891,133,318 |
|
Other Income |
23,124,423 |
27,537,054 |
18,103,128 |
12,177,359 |
6,520,788 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
4,348,642,684 |
3,677,060,651 |
4,244,850,282 |
4,142,292,754 |
3,897,654,106 |
|
Costs of Goods Sold |
(4,293,383,150) |
(3,592,372,634) |
(4,178,407,863) |
(4,083,538,015) |
(3,841,102,431) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
55,259,534 |
84,688,017 |
66,442,419 |
58,754,739 |
56,551,675 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM
OPERATIONS |
8,587,445 |
36,175,952 |
20,717,604 |
25,742,121 |
29,277,290 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
TAXATION |
8,587,445 |
36,175,952 |
20,717,604 |
25,742,121 |
29,277,290 |
|
Taxation |
(826,530) |
(5,164,734) |
(2,255,731) |
(2,264,846) |
(2,002,245) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
7,760,915 |
31,011,218 |
18,461,873 |
23,477,275 |
27,275,045 |
|
Minority interests |
(2,130) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
EXTRAORDINARY ITEMS |
7,758,785 |
31,011,218 |
18,461,873 |
23,477,275 |
27,275,045 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE
TO SHAREHOLDERS |
7,758,785 |
31,011,218 |
18,461,873 |
23,477,275 |
27,275,045 |
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|||||
|
As previously reported |
227,556,847 |
196,545,629 |
178,083,756 |
204,606,481 |
177,331,436 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
227,556,847 |
196,545,629 |
178,083,756 |
204,606,481 |
177,331,436 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
235,315,632 |
227,556,847 |
196,545,629 |
228,083,756 |
204,606,481 |
|
DIVIDENDS - Ordinary (paid
& proposed) |
(25,000,000) |
- |
- |
(50,000,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED
FORWARD |
210,315,632 |
227,556,847 |
196,545,629 |
178,083,756 |
204,606,481 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per
notes to P&L) |
|||||
|
Term loan / Borrowing |
7,770,735 |
7,902,034 |
7,385,899 |
3,703,688 |
2,780,209 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,770,735 |
7,902,034 |
7,385,899 |
3,703,688 |
2,780,209 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes
to P&L) |
2,009,453 |
1,518,786 |
697,841 |
565,694 |
391,923 |
|
AMORTIZATION |
88,060 |
147,561 |
131,168 |
126,155 |
261,927 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And
Depreciation |
2,097,513 |
1,666,347 |
829,009 |
691,849 |
653,850 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
SWISS SINGAPORE OVERSEAS
ENTERPRISES PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
28,563,929 |
19,216,465 |
6,277,709 |
7,700,089 |
6,483,086 |
|
LONG TERM INVESTMENTS/OTHER
ASSETS |
|||||
|
Investment properties |
- |
- |
- |
758,791 |
772,803 |
|
Investment securities |
10,016,008 |
- |
75,669,000 |
111,123,184 |
- |
|
Deferred assets |
418,381 |
94,406 |
80,489 |
63,546 |
5,845 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
10,434,389 |
94,406 |
75,749,489 |
111,945,521 |
778,648 |
|
INTANGIBLE ASSETS |
|||||
|
Deferred/Expenditure carried
forward |
- |
- |
- |
- |
79,776 |
|
Goodwill on consolidation |
386,068 |
384,731 |
386,264 |
- |
- |
|
Computer software |
15,960 |
88,396 |
172,154 |
- |
- |
|
Others |
9,502 |
16,881 |
- |
105,205 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
411,530 |
490,008 |
558,418 |
105,205 |
79,776 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
39,409,848 |
19,800,879 |
82,585,616 |
119,750,815 |
7,341,510 |
|
CURRENT ASSETS |
|||||
|
Short term quoted/unquoted
investments |
- |
- |
- |
- |
60,012,000 |
|
Stocks |
99,431,302 |
53,857,152 |
28,687,562 |
56,339,849 |
6,765,683 |
|
Trade debtors |
554,976,885 |
405,381,179 |
384,277,951 |
703,562,802 |
494,216,263 |
|
Other debtors, deposits
& prepayments |
45,144,597 |
65,282,138 |
28,184,128 |
29,446,341 |
20,147,909 |
|
Short term deposits |
- |
5,120,040 |
37,949,748 |
85,578,147 |
- |
|
Cash & bank balances |
22,226,819 |
20,858,223 |
11,886,471 |
16,667,840 |
102,270,040 |
|
Others |
116,153,500 |
269,008,152 |
388,622,806 |
100,421,007 |
1,244,640 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
837,933,103 |
819,506,884 |
879,608,666 |
992,015,986 |
684,656,535 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
877,342,951 |
839,307,763 |
962,194,282 |
1,111,766,801 |
691,998,045 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
324,359,121 |
209,220,058 |
176,589,276 |
333,805,790 |
250,407,760 |
|
Other creditors &
accruals |
23,532,396 |
23,164,862 |
30,908,794 |
29,459,986 |
26,508,643 |
|
Short term borrowings/Term
loans |
125,283,695 |
203,758,118 |
348,617,681 |
166,289,625 |
- |
|
Other borrowings |
146,637,560 |
128,874,515 |
113,898,512 |
287,872,697 |
183,341,514 |
|
Deposits from customers |
3,783,188 |
9,767,324 |
2,567,926 |
4,585,487 |
- |
|
Other liabilities &
accruals |
- |
- |
- |
- |
2,692,407 |
|
Provision for taxation |
2,383,910 |
3,488,154 |
2,189,673 |
2,115,614 |
2,229,217 |
|
Other liabilities |
4,240,218 |
4,057,623 |
3,895,037 |
1,438,178 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
630,220,088 |
582,330,654 |
678,666,899 |
825,567,377 |
465,179,541 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
207,713,015 |
237,176,230 |
200,941,767 |
166,448,609 |
219,476,994 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Other long term borrowings |
13,709,762 |
6,884,762 |
64,093,861 |
85,000,000 |
- |
|
Retirement benefits
provision |
2,418,931 |
1,974,398 |
1,775,562 |
1,561,810 |
1,124,593 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
16,128,693 |
8,859,160 |
65,869,423 |
86,561,810 |
1,124,593 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
247,122,863 |
256,977,109 |
283,527,383 |
286,199,424 |
226,818,504 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
|
RESERVES |
|||||
|
Exchange
equalisation/fluctuation reserve |
(438,069) |
(504,375) |
46,854 |
488,381 |
21,953 |
|
Retained profit/(loss)
carried forward |
210,315,632 |
227,556,847 |
196,545,629 |
178,083,756 |
204,606,481 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
209,877,563 |
227,052,472 |
196,592,483 |
178,572,137 |
204,628,434 |
|
MINORITY INTEREST |
51,130 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
230,994,170 |
248,117,949 |
217,657,960 |
199,637,614 |
225,693,911 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
SWISS SINGAPORE OVERSEAS
ENTERPRISES PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
22,226,819 |
25,978,263 |
49,836,219 |
102,245,987 |
102,270,040 |
|
Net Liquid Funds |
22,226,819 |
25,978,263 |
49,836,219 |
102,245,987 |
102,270,040 |
|
Net Liquid Assets |
108,281,713 |
183,319,078 |
172,254,205 |
110,108,760 |
212,711,311 |
|
Net Current
Assets/(Liabilities) |
207,713,015 |
237,176,230 |
200,941,767 |
166,448,609 |
219,476,994 |
|
Net Tangible Assets |
246,711,333 |
256,487,101 |
282,968,965 |
286,094,219 |
226,738,728 |
|
Net Monetary Assets |
92,153,020 |
174,459,918 |
106,384,782 |
23,546,950 |
211,586,718 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest
& Tax (EBIT) |
16,358,180 |
44,077,986 |
28,103,503 |
29,445,809 |
32,057,499 |
|
Earnings Before Interest,
Taxes, Depreciation And Amortization (EBITDA) |
18,455,693 |
45,744,333 |
28,932,512 |
30,137,658 |
32,711,349 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
285,631,017 |
339,517,395 |
526,610,054 |
539,162,322 |
183,341,514 |
|
Total Liabilities |
646,348,781 |
591,189,814 |
744,536,322 |
912,129,187 |
466,304,134 |
|
Total Assets |
877,342,951 |
839,307,763 |
962,194,282 |
1,111,766,801 |
691,998,045 |
|
Net Assets |
247,122,863 |
256,977,109 |
283,527,383 |
286,199,424 |
226,818,504 |
|
Net Assets Backing |
230,994,170 |
248,117,949 |
217,657,960 |
199,637,614 |
225,693,911 |
|
Shareholders' Funds |
230,994,170 |
248,117,949 |
217,657,960 |
199,637,614 |
225,693,911 |
|
Total Share Capital |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
21,065,477 |
|
Total Reserves |
209,877,563 |
227,052,472 |
196,592,483 |
178,572,137 |
204,628,434 |
|
GROWTH RATIOS (Year on Year)
(%) |
|||||
|
Revenue |
18.52 |
(13.66) |
2.34 |
6.14 |
13.68 |
|
Proft/(Loss) Before Tax |
(76.26) |
74.61 |
(19.52) |
(12.07) |
(25.14) |
|
Proft/(Loss) After Tax |
(74.97) |
67.97 |
(21.36) |
(13.92) |
(25.97) |
|
Total Assets |
4.53 |
(12.77) |
(13.45) |
60.66 |
55.07 |
|
Total Liabilities |
9.33 |
(20.60) |
(18.37) |
95.61 |
88.11 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.04 |
0.04 |
0.07 |
0.12 |
0.22 |
|
Liquid Ratio |
1.17 |
1.31 |
1.25 |
1.13 |
1.46 |
|
Current Ratio |
1.33 |
1.41 |
1.30 |
1.20 |
1.47 |
|
WORKING CAPITAL CONTROL
(Days) |
|||||
|
Stock Ratio |
8 |
5 |
2 |
5 |
1 |
|
Debtors Ratio |
47 |
41 |
33 |
62 |
46 |
|
Creditors Ratio |
28 |
21 |
15 |
30 |
24 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.24 |
1.37 |
2.42 |
2.70 |
0.81 |
|
Liabilities Ratio |
2.80 |
2.38 |
3.42 |
4.57 |
2.07 |
|
Times Interest Earned Ratio |
2.11 |
5.58 |
3.81 |
7.95 |
11.53 |
|
Assets Backing Ratio |
11.71 |
12.18 |
13.43 |
13.58 |
10.76 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.20 |
0.99 |
0.49 |
0.62 |
0.75 |
|
Net Profit Margin |
0.18 |
0.85 |
0.44 |
0.57 |
0.70 |
|
Return On Net Assets |
6.62 |
17.15 |
9.91 |
10.29 |
14.13 |
|
Return On Capital Employed |
6.61 |
17.12 |
9.89 |
10.28 |
14.13 |
|
Return On Shareholders'
Funds/Equity |
3.36 |
12.50 |
8.48 |
11.76 |
12.08 |
|
Dividend Pay Out Ratio
(Times) |
3.22 |
0 |
0 |
2.13 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.77 |
|
|
1 |
INR 89.96 |
|
Euro |
1 |
INR 78.86 |
|
SGD |
1 |
INR 49.96 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SYL |
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.