|
|
|
MIRA INFORM REPORT
|
Report No. : |
495422 |
|
Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
HAFELE SINGAPORE
PTE LTD |
|
|
|
|
Registered Office : |
68, Sungei Kadut Loop, 03-00, Nutz Centre,
729504 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
02.06.1988 |
|
|
|
|
Com. Reg. No.: |
198801762D |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of furniture, home furnishings and other its related products. |
|
|
|
|
No. of Employees : |
30 [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 |
|
Maximum Credit Limit : |
SGD 176,333 (USD 132,000) |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys
a remarkably open and corruption-free environment, stable prices, and a per
capita GDP higher than that of most developed countries. Unemployment is very
low. The economy depends heavily on exports, particularly of consumer
electronics, information technology products, medical and optical devices,
pharmaceuticals, and on its vibrant transportation, business, and financial
services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial
crisis, but has continued to grow since 2010. Growth in 2014-17 was slower than
during the previous decade, at under 3% annually, largely a result of soft
demand for exports amid a sluggish global economy and weak growth in
Singapore’s manufacturing sector.
The government is attempting to restructure Singapore’s economy by
weaning its dependence on foreign labor, addressing weak productivity growth,
and increasing Singaporean wages. Singapore has attracted major investments in
advanced manufacturing, pharmaceuticals, and medical technology production and
will continue efforts to strengthen its position as Southeast Asia's leading
financial and technology hub. Singapore is a member of the Regional
Comprehensive Economic Partnership negotiations with the nine other ASEAN
members plus Australia, China, India, Japan, South Korea, and New Zealand. In
2015, Singapore formed, with the other ASEAN members, the ASEAN Economic
Community.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
198801762D |
|
COMPANY NAME |
: |
HAFELE SINGAPORE PTE LTD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
02/06/1988 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
68, SUNGEI KADUT LOOP, 03-00, NUTZ CENTRE,
729504, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
68 SUNGEI KADUT LOOP, 03-00, NUTZ CENTRE,
729504, SINGAPORE. |
|
TEL.NO. |
: |
65-64947400 |
|
FAX.NO. |
: |
65-64947401 |
|
EMAIL |
: |
INFO@HEFELE.COM.SG |
|
WEB SITE |
: |
WWW.HAFELE.COM.SG |
|
CONTACT PERSON |
: |
DOMINIK MICHAEL FRUTH ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF FURNITURE, HOME FURNISHINGS AND
OTHER ITS RELATED PRODUCTS |
|
ISSUED AND PAID UP CAPITAL |
: |
7,500,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 7,500,000.00 |
|
SALES |
: |
SGD 7,817,518 [2016] |
|
NET WORTH |
: |
SGD 4,091,755 [2016] |
|
STAFF STRENGTH |
: |
30 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
SLOW BUT CORRECT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
|
PROPOSED CREDIT LIMIT |
: |
SGD 176,333 (USD 132,000) |
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 furniture, home furnishings and other its related
products.
The immediate holding company of the Subject
is HAFELE HOLDING GMBH, a company incorporated in GERMANY.
The ultimate holding company of the Subject
is HAFELE GMBH & CO KG, a company incorporated in GERMANY.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
02/03/2018 |
SGD 7,500,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HAFELE HOLDING GMBH |
POSTFACH 160, D-7270 NAGOLD FEDERAL
REPUBLICOF GERMANY |
T05UF2755 |
7,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
7,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
STEFAN MICHAEL HUBER |
|
Address |
: |
ROBERT-KOCH-STRASSE 14, 70563, STUTTGART,
GERMANY. |
|
IC / PP No |
: |
331696970 |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
10/04/2007 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
198801762D |
HAFELE SINGAPORE PTE LTD |
Director |
10/04/2007 |
0.00 |
- |
SGD284,386.00 |
2016 |
- |
02/03/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
SIBYLLE ANNEMARIE THIERER (MS) |
|
Address |
: |
BRESLAUER STREET 43, 72202, NAGOLD,
GERMANY. |
|
IC / PP No |
: |
6580263189 |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
28/05/2003 |
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 |
198801762D |
HAFELE SINGAPORE PTE LTD |
Director |
28/05/2003 |
0.00 |
- |
SGD284,386.00 |
2016 |
- |
02/03/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
DOMINIK MICHAEL FRUTH |
|
Address |
: |
68, SUNGEI KADUT LOOP, 03-00, NUTZ CENTRE,
729504, SINGAPORE. |
|
IC / PP No |
: |
S7779715G |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/09/2010 |
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 |
198801762D |
HAFELE SINGAPORE PTE LTD |
Director |
01/09/2010 |
0.00 |
- |
SGD284,386.00 |
2016 |
- |
02/03/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
DOMINIK MICHAEL FRUTH |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
UHY LEE SENG CHAN & CO. |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
KOH GEOK HOON |
|
IC / PP No |
: |
S0188289I |
|
|
Address |
: |
6001, BEACH ROAD, 14-01, GOLDEN MILE TOWER,
199589, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
KOH EE KOON |
|
IC / PP No |
: |
S1246901B |
|
|
Address |
: |
6001, BEACH ROAD, 14-01, GOLDEN MILE TOWER,
199589, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import Countries |
: |
GERMANY |
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 |
: |
AS AGREED,PROGRESSIVE PAYMENTS |
|||
|
Payment Mode |
: |
CASH |
|||
OPERATIONS
|
|
Goods Traded |
: |
FURNITURE, HOME FURNISHINGS AND OTHER ITS
RELATED PRODUCTS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2013 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
30 |
30 |
30 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of furniture, home
furnishings and other its related products.
The Subject provides more than 50.000 innovative solutions for Kitchen,
Laundry, Bathroom, Home Office Entertainment area and Bedroom furniture. Their
Furniture Fittings and Hardware Technology from Germany.
Their products such as :
- Furniture Fittings
- Architectural hardware
- Development and production product
- Special Product Range
- Kitchen
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
+65 6494 7400 |
|
Current Telephone Number |
: |
65-64947400 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
68 SUNGEI KAUT LOOP #03-00, NUTZ CENTRE
729504 SINGAPORE |
|
Current Address |
: |
68 SUNGEI KADUT LOOP, 03-00, NUTZ CENTRE,
729504, SINGAPORE. |
|
Match |
: |
YES |
|
|
||
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
6.95% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
7.62% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The dip in profit could be due to the stiff market
competition which reduced the Subject's profit margin. 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 |
: |
Unfavourable |
[ |
73 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
56 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
12 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 management was quite efficient in handling its debtors. The
Subject's debtors days were at an acceptable range, thus the risk of its
debts turning bad was minimised. 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 |
[ |
3.65 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
5.90 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it
did not pay any interest during the year. 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 : |
||||||
|
Although the Subject's turnover had
increased, its profits had declined over the same corresponding period. This
could be due to the stiffer market competition and / or higher operating costs
which lowered the Subject's profit margin. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. The Subject did not make any interest payment during
the year. The Subject was dependent on its shareholders' funds to finance its
business needs. 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
: STRONG |
||||||
|
|
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2012 |
2013 |
2014 |
2015 |
2016* |
|
|
|||||
|
Population (Million) |
5.31 |
5.40 |
5.47 |
5.54 |
5.63 |
|
Gross Domestic Products ( % ) |
1.3 |
3.7 |
(3.5) |
3.7 |
4.8 |
|
Consumer Price Index |
4.6 |
2.4 |
2.4 |
(0.5) |
(0.7) |
|
Total Imports (Million) |
474,554.0 |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
|
Total Exports (Million) |
510,329.0 |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
|
|
|||||
|
Unemployment Rate (%) |
2.0 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Tourist Arrival (Million) |
14.49 |
15.46 |
15.01 |
15.23 |
16.28 |
|
Hotel Occupancy Rate (%) |
86.4 |
86.3 |
85.5 |
85.0 |
- |
|
Cellular Phone Subscriber (Million) |
1.52 |
1.97 |
1.98 |
1.99 |
- |
|
|
|||||
|
Registration of New Companies (No.) |
31,892 |
37,288 |
41,589 |
34,243 |
35,528 |
|
Registration of New Companies (%) |
(1.3) |
9.8 |
11.5 |
(17.7) |
3.8 |
|
Liquidation of Companies (No.) |
17,218 |
17,369 |
18,767 |
21,384 |
- |
|
Liquidation of Companies (%) |
9.4 |
(5.3) |
8.0 |
13.9 |
- |
|
|
|||||
|
Registration of New Businesses (No.) |
24,788 |
22,893 |
35,773 |
28,480 |
33,326 |
|
Registration of New Businesses (%) |
5.51 |
1.70 |
56.30 |
(20.39) |
17.02 |
|
Liquidation of Businesses (No.) |
22,489 |
22,598 |
22,098 |
26,116 |
- |
|
Liquidation of Businesses (%) |
(2.2) |
0.5 |
(2.2) |
18.2 |
- |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,748 |
1,992 |
1,757 |
1,776 |
- |
|
Bankruptcy Orders (%) |
14.5 |
14.0 |
(11.8) |
1.0 |
- |
|
Bankruptcy Discharges (No.) |
1,881 |
2,584 |
3,546 |
3,499 |
- |
|
Bankruptcy Discharges (%) |
35.2 |
37.4 |
37.2 |
(1.3) |
- |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
5.16 |
1.78 |
4.29 |
3.04 |
- |
|
Fish Supply & Wholesale |
(0.5) |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
97.9 |
99.4 |
100.0 |
103.7 |
|
Textiles |
140.1 |
119.5 |
102.7 |
100.0 |
93.3 |
|
Wearing Apparel |
395.4 |
334.1 |
212.6 |
100.0 |
80.3 |
|
Leather Products & Footwear |
109.5 |
122.0 |
106.5 |
100.0 |
93.2 |
|
Wood & Wood Products |
93.3 |
103.0 |
107.2 |
100.0 |
90.5 |
|
Paper & Paper Products |
98.5 |
104.4 |
104.5 |
100.0 |
99.7 |
|
Printing & Media |
122.8 |
113.8 |
105.968 |
100.0 |
86.9 |
|
Crude Oil Refineries |
107.1 |
100.7 |
92.2 |
100.0 |
100.5 |
|
Chemical & Chemical Products |
85.3 |
88.4 |
96.7 |
100.0 |
97.6 |
|
Pharmaceutical Products |
103.8 |
101.421 |
109.4 |
100.0 |
115.9 |
|
Rubber & Plastic Products |
113.5 |
109.497 |
109.2 |
100.0 |
87.9 |
|
Non-metallic Mineral |
108.8 |
107.4 |
90.759 |
100.0 |
93.6 |
|
Basic Metals |
91.5 |
77.2 |
99.3 |
100.0 |
113.1 |
|
Fabricated Metal Products |
107.314 |
107.5 |
107.757 |
100.0 |
91.7 |
|
Machinery & Equipment |
107.3 |
109.1 |
118.2 |
100.0 |
79.3 |
|
Electrical Machinery |
80.102 |
87.4 |
97.871 |
100.0 |
99.3 |
|
Electronic Components |
100.7 |
105.0 |
105.6 |
100.0 |
106.3 |
|
Transport Equipment |
109.9 |
111.1 |
106.68 |
100.0 |
98.7 |
|
|
|||||
|
Construction |
28.70 |
25.40 |
22.00 |
- |
- |
|
Real Estate |
31.9 |
88.5 |
145.1 |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.30 |
6.70 |
6.50 |
- |
- |
|
Transport, Storage & Communication |
5.30 |
9.80 |
14.20 |
- |
- |
|
Finance & Insurance |
0.50 |
3.30 |
6.00 |
- |
7.40 |
|
Government Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education Services |
0.30 |
3.10 |
5.98 |
- |
2.40 |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production
(2015 = 100) |
|||||
INDUSTRY ANALYSIS
|
|
INDUSTRY : |
TRADING |
|
The wholesale & retail trade sector
expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in
the preceding quarter. Growth was supported by both the wholesale trade and retail
trade segments. The wholesale trade segment was boosted by an increase in
both domestic and foreign wholesale trade sales volume. In particular, the
domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in
the previous quarter. The strong performance in domestic wholesale trade was
due to a surge in the sales of petroleum and petroleum products (14%),
chemicals & chemical products (39%) and telecommunications &
computers (18%). |
|
|
Similarly, the foreign wholesale trade
index rose by 10% in the third quarter of 2015, accelerating from the 6.9%
rise in the previous quarter. Growth was driven by improvements in the sales
of petroleum & petroleum products (21%), metals, timber &
construction materials (10%) and general wholesale trade (8.8%). |
|
|
Overall retail trade sales volume also
recorded resilient growth of 5.6% in the third quarter of 2015, extending the
6.4 % expansion in the second quarter. Growth was supported by a surge in the
volume of motor vehicle sales (44%), which was in turn due to a substantial
increase in the supply of Certificate of Entitlements. Excluding motor
vehicles, retail sales volume increased at a much slower pace of 0.7% over
the same period. The increase in retail sales volume (excluding motor
vehicles) was due to improved non-discretionary goods sales. For instance,
the sales of medical goods & toiletries and department store goods rose
by 8.1% and 3.6% respectively. |
|
|
According to the Retail News Asia, Food and
beverage has overtaken fashion as the primary driver of demand for retail
real estate in Singapore. Despite declining retail sales and consumer
spending, the prime retail sector remained in good shape during the third
quarter 2015. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
HAFELE SINGAPORE PTE LTD |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
SUMMARY |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
7,817,518 |
7,403,860 |
7,338,243 |
6,574,251 |
6,190,198 |
|
Other Income |
205,722 |
286,646 |
251,900 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
8,023,240 |
7,690,506 |
7,590,143 |
6,574,251 |
6,190,198 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
311,686 |
434,827 |
377,086 |
245,307 |
8,159 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
311,686 |
434,827 |
377,086 |
245,307 |
8,159 |
|
Taxation |
(27,300) |
(87,989) |
(96,100) |
15,700 |
26,800 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
284,386 |
346,838 |
280,986 |
261,007 |
34,959 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(3,692,631) |
(4,039,469) |
(4,320,455) |
(4,581,462) |
(4,616,421) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(3,692,631) |
(4,039,469) |
(4,320,455) |
(4,581,462) |
(4,616,421) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(3,408,245) |
(3,692,631) |
(4,039,469) |
(4,320,455) |
(4,581,462) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(3,408,245) |
(3,692,631) |
(4,039,469) |
(4,320,455) |
(4,581,462) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Hire purchase |
- |
122 |
861 |
- |
- |
|
Term loan / Borrowing |
- |
6,643 |
14,776 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
6,765 |
15,637 |
- |
- |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
136,970 |
133,235 |
123,190 |
- |
- |
|
AMORTIZATION |
2,844 |
18,839 |
33,427 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
139,814 |
152,074 |
156,617 |
- |
- |
|
============= |
============= |
============= |
|||
|
|
|
|
|
|
|
BALANCE SHEET
|
|
HAFELE SINGAPORE PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
394,996 |
155,542 |
243,516 |
875,818 |
1,020,067 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Deferred assets |
269,607 |
296,907 |
383,107 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
269,607 |
296,907 |
383,107 |
- |
- |
|
INTANGIBLE ASSETS |
|||||
|
Own goodwill |
18,783 |
4,751 |
23,590 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
18,783 |
4,751 |
23,590 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
683,386 |
457,200 |
650,213 |
875,818 |
1,020,067 |
|
CURRENT ASSETS |
|||||
|
Stocks |
1,567,546 |
1,556,982 |
1,479,219 |
- |
- |
|
Trade debtors |
1,197,305 |
1,299,285 |
1,393,795 |
- |
- |
|
Other debtors, deposits & prepayments |
331,297 |
426,487 |
416,953 |
- |
- |
|
Amount due from holding company |
8,533 |
8,089 |
- |
- |
- |
|
Amount due from related companies |
22,826 |
40,270 |
8,809 |
- |
- |
|
Cash & bank balances |
976,176 |
1,063,932 |
1,018,276 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
4,103,683 |
4,395,045 |
4,317,052 |
4,380,244 |
4,445,114 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
4,787,069 |
4,852,245 |
4,967,265 |
5,256,062 |
5,465,181 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
260,266 |
291,285 |
176,390 |
- |
- |
|
Other creditors & accruals |
337,447 |
323,146 |
376,152 |
- |
- |
|
Hire purchase & lease creditors |
- |
- |
7,353 |
- |
- |
|
Short term borrowings/Term loans |
- |
- |
700,000 |
- |
- |
|
Amounts owing to holding company |
41,823 |
222,928 |
95,354 |
- |
- |
|
Amounts owing to related companies |
55,778 |
207,517 |
151,485 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
695,314 |
1,044,876 |
1,506,734 |
2,069,164 |
2,525,115 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
3,408,369 |
3,350,169 |
2,810,318 |
2,311,080 |
1,919,999 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
- |
- |
- |
7,353 |
21,528 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
4,091,755 |
3,807,369 |
3,460,531 |
3,179,545 |
2,918,538 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
7,500,000 |
7,500,000 |
7,500,000 |
7,500,000 |
7,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
7,500,000 |
7,500,000 |
7,500,000 |
7,500,000 |
7,500,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
(3,408,245) |
(3,692,631) |
(4,039,469) |
(4,320,455) |
(4,581,462) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(3,408,245) |
(3,692,631) |
(4,039,469) |
(4,320,455) |
(4,581,462) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
4,091,755 |
3,807,369 |
3,460,531 |
3,179,545 |
2,918,538 |
|
============= |
============= |
============= |
============= |
============= |
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|
|
|
|
FINANCIAL RATIO
|
|
HAFELE SINGAPORE PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
976,176 |
1,063,932 |
1,018,276 |
- |
- |
|
Net Liquid Funds |
976,176 |
1,063,932 |
1,018,276 |
- |
- |
|
Net Liquid Assets |
1,840,823 |
1,793,187 |
1,331,099 |
2,311,080 |
1,919,999 |
|
Net Current Assets/(Liabilities) |
3,408,369 |
3,350,169 |
2,810,318 |
2,311,080 |
1,919,999 |
|
Net Tangible Assets |
4,072,972 |
3,802,618 |
3,436,941 |
3,179,545 |
2,918,538 |
|
Net Monetary Assets |
1,840,823 |
1,793,187 |
1,331,099 |
2,303,727 |
1,898,471 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
311,686 |
441,592 |
392,723 |
- |
- |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
451,500 |
593,666 |
549,340 |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
707,353 |
- |
- |
|
Total Liabilities |
695,314 |
1,044,876 |
1,506,734 |
2,076,517 |
2,546,643 |
|
Total Assets |
4,787,069 |
4,852,245 |
4,967,265 |
5,256,062 |
5,465,181 |
|
Net Assets |
4,091,755 |
3,807,369 |
3,460,531 |
3,179,545 |
2,918,538 |
|
Net Assets Backing |
4,091,755 |
3,807,369 |
3,460,531 |
3,179,545 |
2,918,538 |
|
Shareholders' Funds |
4,091,755 |
3,807,369 |
3,460,531 |
3,179,545 |
2,918,538 |
|
Total Share Capital |
7,500,000 |
7,500,000 |
7,500,000 |
7,500,000 |
7,500,000 |
|
Total Reserves |
(3,408,245) |
(3,692,631) |
(4,039,469) |
(4,320,455) |
(4,581,462) |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
5.59 |
0.89 |
11.62 |
6.20 |
(8.66) |
|
Proft/(Loss) Before Tax |
(28.32) |
15.31 |
53.72 |
2,906.58 |
(97.81) |
|
Proft/(Loss) After Tax |
(18.01) |
23.44 |
7.65 |
646.61 |
(95.68) |
|
Total Assets |
(1.34) |
(2.32) |
(5.49) |
(3.83) |
(12.26) |
|
Total Liabilities |
(33.45) |
(30.65) |
(27.44) |
(18.46) |
(23.87) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
1.40 |
1.02 |
0.68 |
- |
- |
|
Liquid Ratio |
3.65 |
2.72 |
1.88 |
- |
- |
|
Current Ratio |
5.90 |
4.21 |
2.87 |
2.12 |
1.76 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
73 |
77 |
74 |
- |
- |
|
Debtors Ratio |
56 |
64 |
69 |
- |
- |
|
Creditors Ratio |
12 |
14 |
9 |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0.20 |
- |
- |
|
Liabilities Ratio |
0.17 |
0.27 |
0.44 |
0.65 |
0.87 |
|
Times Interest Earned Ratio |
0 |
65.28 |
25.11 |
- |
- |
|
Assets Backing Ratio |
0.54 |
0.51 |
0.46 |
0.42 |
0.39 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
3.99 |
5.87 |
5.14 |
3.73 |
0.13 |
|
Net Profit Margin |
3.64 |
4.68 |
3.83 |
3.97 |
0.56 |
|
Return On Net Assets |
7.62 |
11.60 |
11.35 |
7.72 |
0.28 |
|
Return On Capital Employed |
7.58 |
11.58 |
11.25 |
7.70 |
0.28 |
|
Return On Shareholders' Funds/Equity |
6.95 |
9.11 |
8.12 |
8.21 |
1.20 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
- |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
|
SGD |
1 |
INR 49.34 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.