|
|
|
MIRA
INFORM REPORT
|
Report No. : |
498778 |
|
Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SUDIMA INTERNATIONAL PTE LTD |
|
|
|
|
Registered Office : |
151, Chin Swee Road, 15-03, Manhattan House, 169876 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.09.2016 |
|
|
|
|
Date of Incorporation : |
27.01.1994 |
|
|
|
|
Com. Reg. No.: |
199400641-G |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in trading of commodities, agro
commodities, timber, textiles, iron ore, pharmaceuticals |
|
|
|
|
No. of Employees : |
35 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
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 2014-16 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. |
: |
199400641-G |
||||
|
COMPANY NAME |
: |
SUDIMA INTERNATIONAL PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
27/01/1994 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
151, CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
151, CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-67327180 |
||||
|
FAX.NO. |
: |
65-67327180 |
||||
|
EMAIL |
: |
INFO@SUDIMA.COM |
||||
|
WEB SITE |
: |
WWW.SUDIMA.COM |
||||
|
CONTACT PERSON |
: |
ANIL KUMAR JHUNJHNUWALA ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMMODITIES, AGRO COMMODITIES,TIMBER, TEXTILES, IRON
ORE, PHARMACEUTICALS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
8,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 8,000,000.00 |
||||
|
SALES |
: |
USD 275,533,437 [2016] |
||||
|
NET WORTH |
: |
USD 23,298,462 [2016] |
||||
|
STAFF STRENGTH |
: |
35 [2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND
The Subject is a private limited
company and is allowed to have a minimum of one and a maximum of forty-nine
shareholders. As a private limited company, the Subject must have at least two
directors. A private limited company is a separate legal entity from its
shareholders. As a separate legal entity, the Subject is capable of owning
assets, entering into contracts, sue or be sued by other companies. The
liabilities of the shareholders are to the extent of the equity they have taken
up and the creditors cannot claim on shareholders' personal assets even if the
Subject is insolvent. The Subject is governed by the Companies Act and the
company must file its annual returns, together with its financial statements
with the Registrar of Companies.
The Subject is principally
engaged in the (as a / as an) trading of commodities, agro commodities, timber,
textiles, iron ore, pharmaceuticals.
The immediate and ultimate
holding company of the Subject is SUREFAME LTD., a company incorporated in
VIRGIN ISLANDS, BRITISH.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
28/09/2017 |
SGD 8,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ANIL KUMAR JHUNJHNUWALA + |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
S2597940J |
2,380,000.00 |
29.75 |
|
SANGITA JHUNJHNUWALA + |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
S2597941I |
20,000.00 |
0.25 |
|
SUREFAME LTD. |
P.O. BOX 957, ROAD TOWN, OFFSHORE INCORPORATIONS CENTRE, TORTOLA
VIRGIN ISLANDS, BRITISH |
T08UF4305 |
5,600,000.00 |
70.00 |
|
--------------- |
------ |
|||
|
8,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
MYANMAR |
MYANMAR VENEER AND PLYWOOD PRIVATE LIMITED |
- |
100.00 |
30/09/2016 |
|
|
VIETNAM |
SUDIMA PANEL CO., LTD |
- |
100.00 |
30/09/2016 |
|
|
201026807K |
SINGAPORE |
SUDIMA PROPERTIES PTE. LTD. |
- |
100.00 |
28/09/2017 |
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
MANOJ KUMAR JHUNJHNUWALA |
|
Address |
: |
FLAT B, 2ND FLOOR, BLOCK 4, AQUA 33, 33, CONSORT RISE POKFULAM,
HONG KONG. |
|
IC / PP No |
: |
KJ 03377241 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
22/12/2000 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199400641G |
SUDIMA INTERNATIONAL PTE LTD |
Director |
22/12/2000 |
0.00 |
USD2,854,292.00 |
2016 |
- |
28/09/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
LAXMI NIWAS JHUNJHNUWALA |
|
Address |
: |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
|
IC / PP No |
: |
S2693981Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
27/01/1994 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199400641G |
SUDIMA INTERNATIONAL PTE LTD |
Director |
27/01/1994 |
0.00 |
USD2,854,292.00 |
2016 |
- |
28/09/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
SANGITA JHUNJHNUWALA |
|
Address |
: |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
|
Other Address(es) |
: |
335, BUKIT TIMAH ROAD, 12 - 02, WING ON LIFE GARDEN, 259718,
SINGAPORE. |
|
IC / PP No |
: |
S2597941I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/07/1998 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199400641G |
SUDIMA INTERNATIONAL PTE LTD |
Director |
01/07/1998 |
20,000.00 |
USD2,854,292.00 |
2016 |
- |
28/09/2017 |
DIRECTOR 4
|
Name Of Subject |
: |
ANIL KUMAR JHUNJHNUWALA |
|
Address |
: |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
|
Other Address(es) |
: |
335, BUKIT TIMAH ROAD, 12 - 02, WING ON LIFE GARDEN, 25971,
SINGAPORE. |
|
IC / PP No |
: |
S2597940J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/01/2005 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199400641G |
SUDIMA INTERNATIONAL PTE LTD |
Secretary Director |
30/09/2011 01/01/2005 |
2,380,000.00 |
USD2,854,292.00 |
2016 |
- |
28/09/2017 |
MANAGEMENT |
|
1) |
Name of Subject |
: |
ANIL KUMAR JHUNJHNUWALA |
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
AUDITOR |
|
Auditor |
: |
RSM CHIO LIM LLP |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
ANIL KUMAR JHUNJHNUWALA |
|
IC / PP No |
: |
S2597940J |
|
|
Address |
: |
5, ALLAMANDA GROVE, 269983, SINGAPORE. |
|
|
|
BANKING |
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
|
2) |
Name |
: |
UCO BANK |
|
3) |
Name |
: |
INDIAN OVERSEAS BANK |
|
4) |
Name |
: |
CITIBANK N.A. |
|
5) |
Name |
: |
KBC BANK N.V. |
ENCUMBRANCE (S)
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201008385 |
20/09/2010 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201101767 |
10/02/2011 |
N/A |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
- |
Unsatisfied |
|
C201200802 |
18/01/2012 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201312214 |
06/09/2013 |
N/A |
CITIBANK N.A. |
- |
Unsatisfied |
|
C201404360 |
02/05/2014 |
N/A |
KBC BANK N.V. |
- |
Unsatisfied |
|
C201505217 |
04/05/2015 |
N/A |
CTBC BANK CO., LTD. |
- |
Unsatisfied |
|
C201612454 |
09/12/2016 |
N/A |
UCO BANK |
- |
Unsatisfied |
LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT |
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
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 |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Goods Traded |
: |
COMMODITIES, AGRO COMMODITIES,TEXTILES, TIMBER, IRON ORE,
PHARMACEUTICALS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
35 |
33 |
33 |
31 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of commodities,
agro commodities,timber, textiles, iron ore, pharmaceuticals.
The Subject sells the followings:
* Agro commodities
* Timber
* Pharmacetical
* Textiles
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
6567327180 |
|
Current Telephone Number |
: |
65-67327180 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
151, CHIN SWEE ROAD, #15-03, MANHATTAN HOUSE, 169876 |
|
Current Address |
: |
151, CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
12.25% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
15.55% |
] |
|
|
The fluctuating turnover reflects the fierce competition among
the existing and new market players.The dip in profit could be due to the
stiff market competition which reduced the Subject's profit margin. The
Subject's management had generated acceptable return for its shareholders
using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
6 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
42 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
13 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 |
[ |
1.36 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.50 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 |
: |
Acceptable |
[ |
8.79 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.94 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no
sharp fall in its profit or sudden increase in the interest rates, we believe
the Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject's gearing was slightly high. The Subject is
utilising the leverage concept to fund its expansion. However, the high
gearing has added financial risks to the Subject. It will be more vulnerable
in times of economy downturn. |
||||||
|
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. The Subject had an acceptable interest
cover. If there is no sudden sharp increase in interest rate or fall in the
Subject's profit, we do believe the Subject is able to generate sufficient
cash flow to service its interest payment. The Subject's gearing was slightly
high and its financial risk was also high. If no plans are made to reduce its
gearing, the Subject's performance may deteriorate in the coming year. |
||||||
|
Overall financial condition of the Subject : FAIR |
||||||
|
|
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
|
|
Major Economic Indicators : |
2012 |
2013 |
2014 |
2015 |
2016* |
|
|
|||||
|
Population (Million) |
5.31 |
5.40 |
5.47 |
5.54 |
5.63 |
|
Gross Domestic Products ( % ) |
1.3 |
3.7 |
(3.5) |
3.7 |
4.8 |
|
Consumer Price Index |
4.6 |
2.4 |
2.4 |
(0.5) |
(0.7) |
|
Total Imports (Million) |
474,554.0 |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
|
Total Exports (Million) |
510,329.0 |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
|
|
|||||
|
Unemployment Rate (%) |
2.0 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Tourist Arrival (Million) |
14.49 |
15.46 |
15.01 |
15.23 |
16.28 |
|
Hotel Occupancy Rate (%) |
86.4 |
86.3 |
85.5 |
85.0 |
- |
|
Cellular Phone Subscriber (Million) |
1.52 |
1.97 |
1.98 |
1.99 |
- |
|
|
|||||
|
Registration of New Companies (No.) |
31,892 |
37,288 |
41,589 |
34,243 |
35,528 |
|
Registration of New Companies (%) |
(1.3) |
9.8 |
11.5 |
(17.7) |
3.8 |
|
Liquidation of Companies (No.) |
17,218 |
17,369 |
18,767 |
21,384 |
- |
|
Liquidation of Companies (%) |
9.4 |
(5.3) |
8.0 |
13.9 |
- |
|
|
|||||
|
Registration of New Businesses (No.) |
24,788 |
22,893 |
35,773 |
28,480 |
33,326 |
|
Registration of New Businesses (%) |
5.51 |
1.70 |
56.30 |
(20.39) |
17.02 |
|
Liquidation of Businesses (No.) |
22,489 |
22,598 |
22,098 |
26,116 |
- |
|
Liquidation of Businesses (%) |
(2.2) |
0.5 |
(2.2) |
18.2 |
- |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,748 |
1,992 |
1,757 |
1,776 |
- |
|
Bankruptcy Orders (%) |
14.5 |
14.0 |
(11.8) |
1.0 |
- |
|
Bankruptcy Discharges (No.) |
1,881 |
2,584 |
3,546 |
3,499 |
- |
|
Bankruptcy Discharges (%) |
35.2 |
37.4 |
37.2 |
(1.3) |
- |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
5.16 |
1.78 |
4.29 |
3.04 |
- |
|
Fish Supply & Wholesale |
(0.5) |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
97.9 |
99.4 |
100.0 |
103.7 |
|
Textiles |
140.1 |
119.5 |
102.7 |
100.0 |
93.3 |
|
Wearing Apparel |
395.4 |
334.1 |
212.6 |
100.0 |
80.3 |
|
Leather Products & Footwear |
109.5 |
122.0 |
106.5 |
100.0 |
93.2 |
|
Wood & Wood Products |
93.3 |
103.0 |
107.2 |
100.0 |
90.5 |
|
Paper & Paper Products |
98.5 |
104.4 |
104.5 |
100.0 |
99.7 |
|
Printing & Media |
122.8 |
113.8 |
105.968 |
100.0 |
86.9 |
|
Crude Oil Refineries |
107.1 |
100.7 |
92.2 |
100.0 |
100.5 |
|
Chemical & Chemical Products |
85.3 |
88.4 |
96.7 |
100.0 |
97.6 |
|
Pharmaceutical Products |
103.8 |
101.421 |
109.4 |
100.0 |
115.9 |
|
Rubber & Plastic Products |
113.5 |
109.497 |
109.2 |
100.0 |
87.9 |
|
Non-metallic Mineral |
108.8 |
107.4 |
90.759 |
100.0 |
93.6 |
|
Basic Metals |
91.5 |
77.2 |
99.3 |
100.0 |
113.1 |
|
Fabricated Metal Products |
107.314 |
107.5 |
107.757 |
100.0 |
91.7 |
|
Machinery & Equipment |
107.3 |
109.1 |
118.2 |
100.0 |
79.3 |
|
Electrical Machinery |
80.102 |
87.4 |
97.871 |
100.0 |
99.3 |
|
Electronic Components |
100.7 |
105.0 |
105.6 |
100.0 |
106.3 |
|
Transport Equipment |
109.9 |
111.1 |
106.68 |
100.0 |
98.7 |
|
|
|||||
|
Construction |
28.70 |
25.40 |
22.00 |
- |
- |
|
Real Estate |
31.9 |
88.5 |
145.1 |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.30 |
6.70 |
6.50 |
- |
- |
|
Transport, Storage & Communication |
5.30 |
9.80 |
14.20 |
- |
- |
|
Finance & Insurance |
0.50 |
3.30 |
6.00 |
- |
- |
|
Government Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education Services |
0.30 |
3.10 |
5.98 |
- |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS
|
INDUSTRY : |
TRADING |
|
The wholesale & retail
trade sector expanded by 6.8% in the third quarter of 2015, higher than the
6.0% growth in the preceding quarter. Growth was supported by both the
wholesale trade and retail trade segments. The wholesale trade segment was
boosted by an increase in both domestic and foreign wholesale trade sales
volume. In particular, the domestic wholesale trade index rose by 7.4%,
following the 8.1 % increase in the previous quarter. The strong performance
in domestic wholesale trade was due to a surge in the sales of petroleum and
petroleum products (14%), chemicals & chemical products (39%) and
telecommunications & computers (18%). |
|
|
Similarly, the foreign
wholesale trade index rose by 10% in the third quarter of 2015, accelerating
from the 6.9% rise in the previous quarter. Growth was driven by improvements
in the sales of petroleum & petroleum products (21%), metals, timber
& construction materials (10%) and general wholesale trade (8.8%). |
|
|
Overall retail trade sales
volume also recorded resilient growth of 5.6% in the third quarter of 2015,
extending the 6.4 % expansion in the second quarter. Growth was supported by
a surge in the volume of motor vehicle sales (44%), which was in turn due to
a substantial increase in the supply of Certificate of Entitlements.
Excluding motor vehicles, retail sales volume increased at a much slower pace
of 0.7% over the same period. The increase in retail sales volume (excluding
motor vehicles) was due to improved non-discretionary goods sales. For
instance, the sales of medical goods & toiletries and department store
goods rose by 8.1% and 3.6% respectively. |
|
|
According to the Retail News
Asia, Food and beverage has overtaken fashion as the primary driver of demand
for retail real estate in Singapore. Despite declining retail sales and
consumer spending, the prime retail sector remained in good shape during the
third quarter 2015. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1994, the
Subject is a Private Limited company, focusing on trading of commodities,
agro commodities,timber, textiles, iron ore, pharmaceuticals. The Subject has
been in business for over two decades. It has built up a strong clientele
base and satisfactory reputation will enable the Subject to further enhance
its business in the near term. The Subject is expected to enjoy a stable
market shares. A paid up capital of SGD 8,000,000 allows the Subject to
expand its business more comfortably. With a strong backing from its holding
company, the Subject enjoys timely financial assistance should the needs
arise.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
SUDIMA INTERNATIONAL PTE LTD |
|
Financial Year End |
2016-09-30 |
2015-09-30 |
2014-09-30 |
2013-09-30 |
2012-09-30 |
|
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 |
275,533,437 |
330,186,375 |
288,751,539 |
255,611,481 |
198,458,745 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
275,533,437 |
330,186,375 |
288,751,539 |
255,611,481 |
198,458,745 |
|
Costs of Goods Sold |
(263,560,845) |
(317,673,459) |
(278,270,765) |
(245,355,846) |
(190,240,432) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
11,972,592 |
12,512,916 |
10,480,774 |
10,255,635 |
8,218,313 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
3,320,400 |
4,662,303 |
3,920,751 |
3,927,086 |
2,709,845 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
3,320,400 |
4,662,303 |
3,920,751 |
3,927,086 |
2,709,845 |
|
Taxation |
(466,108) |
(438,994) |
(465,467) |
(406,269) |
(285,504) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
2,854,292 |
4,223,309 |
3,455,284 |
3,520,817 |
2,424,341 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
15,684,028 |
11,347,352 |
7,892,068 |
4,371,251 |
1,946,910 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
15,684,028 |
11,347,352 |
7,892,068 |
4,371,251 |
1,946,910 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
18,538,320 |
15,570,661 |
11,347,352 |
7,892,068 |
4,371,251 |
|
TRANSFER TO RESERVES - General |
56,683 |
113,367 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
18,595,003 |
15,684,028 |
11,347,352 |
7,892,068 |
4,371,251 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
426,376 |
37,911 |
34,297 |
68,722 |
101,529 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
426,376 |
37,911 |
34,297 |
68,722 |
101,529 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
724,631 |
791,617 |
494,387 |
337,676 |
309,265 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
724,631 |
791,617 |
494,387 |
337,676 |
309,265 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE SHEET
|
SUDIMA INTERNATIONAL PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
4,382,600 |
5,215,644 |
5,264,358 |
1,431,474 |
1,246,674 |
|
Investment properties |
1,979,257 |
1,268,506 |
1,417,779 |
1,462,635 |
1,529,257 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,979,257 |
1,268,506 |
1,417,779 |
1,462,635 |
1,529,257 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
6,361,857 |
6,484,150 |
6,682,137 |
2,894,109 |
2,775,931 |
|
Stocks |
4,769,650 |
6,530,899 |
1,878,909 |
1,222,259 |
998,644 |
|
Trade debtors |
31,736,684 |
32,992,041 |
31,350,898 |
21,729,315 |
23,255,457 |
|
Other debtors, deposits & prepayments |
12,247,214 |
8,324,165 |
1,264,918 |
1,684,852 |
785,277 |
|
Amount due from related companies |
158,820 |
39,626 |
29,066 |
283,482 |
280,143 |
|
Cash & bank balances |
4,619,380 |
3,057,808 |
1,399,450 |
3,004,957 |
1,685,763 |
|
Others |
- |
- |
8,526,201 |
7,710,522 |
6,276,804 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
53,531,748 |
50,944,539 |
44,449,442 |
35,635,387 |
33,282,088 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
59,893,605 |
57,428,689 |
51,131,579 |
38,529,496 |
36,058,019 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
9,043,651 |
9,946,444 |
8,231,517 |
8,542,578 |
6,548,277 |
|
Other creditors & accruals |
1,099,941 |
1,038,333 |
1,087,084 |
1,217,042 |
1,044,953 |
|
Hire purchase & lease creditors |
- |
13,485 |
14,330 |
12,912 |
13,465 |
|
Short term borrowings/Term loans |
954,545 |
875,000 |
79,997 |
104,247 |
386,152 |
|
Other borrowings |
20,244,690 |
18,250,898 |
19,072,502 |
9,925,665 |
12,810,299 |
|
Amounts owing to holding company |
3,157,383 |
4,313,830 |
4,155,560 |
4,352,296 |
4,362,375 |
|
Amounts owing to related companies |
973,425 |
803,374 |
810,482 |
- |
- |
|
Provision for taxation |
318,755 |
337,257 |
332,866 |
328,316 |
248,415 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
35,792,390 |
35,578,621 |
33,784,338 |
24,483,056 |
25,413,936 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
17,739,358 |
15,365,918 |
10,665,104 |
11,152,331 |
7,868,152 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
24,101,215 |
21,850,068 |
17,347,241 |
14,046,440 |
10,644,083 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
|
Revaluation reserve |
- |
56,683 |
170,050 |
170,050 |
170,050 |
|
Exchange equalisation/fluctuation reserve |
(892,070) |
(1,236,172) |
10,842 |
70,574 |
85,467 |
|
Retained profit/(loss) carried forward |
18,595,003 |
15,684,028 |
11,347,352 |
7,892,068 |
4,371,251 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
17,702,933 |
14,504,539 |
11,528,244 |
8,132,692 |
4,626,768 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
23,298,462 |
20,100,068 |
17,123,773 |
13,728,221 |
10,222,297 |
|
Long term loans |
802,753 |
1,750,000 |
207,274 |
287,271 |
378,493 |
|
Lease obligations |
- |
- |
16,194 |
30,948 |
43,293 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
802,753 |
1,750,000 |
223,468 |
318,219 |
421,786 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
24,101,215 |
21,850,068 |
17,347,241 |
14,046,440 |
10,644,083 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
SUDIMA INTERNATIONAL PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
4,619,380 |
3,057,808 |
1,399,450 |
3,004,957 |
1,685,763 |
|
Net Liquid Funds |
4,619,380 |
3,057,808 |
1,399,450 |
3,004,957 |
1,685,763 |
|
Net Liquid Assets |
12,969,708 |
8,835,019 |
8,786,195 |
9,930,072 |
6,869,508 |
|
Net Current Assets/(Liabilities) |
17,739,358 |
15,365,918 |
10,665,104 |
11,152,331 |
7,868,152 |
|
Net Tangible Assets |
24,101,215 |
21,850,068 |
17,347,241 |
14,046,440 |
10,644,083 |
|
Net Monetary Assets |
12,166,955 |
7,085,019 |
8,562,727 |
9,611,853 |
6,447,722 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
4,700,214 |
3,955,048 |
3,995,808 |
2,811,374 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
4,471,407 |
5,491,831 |
4,449,435 |
4,333,484 |
3,120,639 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
22,001,988 |
20,889,383 |
19,390,297 |
10,361,043 |
13,631,702 |
|
Total Liabilities |
36,595,143 |
37,328,621 |
34,007,806 |
24,801,275 |
25,835,722 |
|
Total Assets |
59,893,605 |
57,428,689 |
51,131,579 |
38,529,496 |
36,058,019 |
|
Net Assets |
24,101,215 |
21,850,068 |
17,347,241 |
14,046,440 |
10,644,083 |
|
Net Assets Backing |
23,298,462 |
20,100,068 |
17,123,773 |
13,728,221 |
10,222,297 |
|
Shareholders' Funds |
23,298,462 |
20,100,068 |
17,123,773 |
13,728,221 |
10,222,297 |
|
Total Share Capital |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
5,595,529 |
|
Total Reserves |
17,702,933 |
14,504,539 |
11,528,244 |
8,132,692 |
4,626,768 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
(16.55) |
14.35 |
12.97 |
28.80 |
2.31 |
|
Proft/(Loss) Before Tax |
(28.78) |
18.91 |
(0.16) |
44.92 |
42.77 |
|
Proft/(Loss) After Tax |
(32.42) |
22.23 |
(1.86) |
45.23 |
44.03 |
|
Total Assets |
4.29 |
12.32 |
32.71 |
6.85 |
24.91 |
|
Total Liabilities |
(1.96) |
9.76 |
37.12 |
(4.00) |
22.39 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.13 |
0.09 |
0.04 |
0.12 |
0.07 |
|
Liquid Ratio |
1.36 |
1.25 |
1.26 |
1.41 |
1.27 |
|
Current Ratio |
1.50 |
1.43 |
1.32 |
1.46 |
1.31 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
6 |
7 |
2 |
2 |
2 |
|
Debtors Ratio |
42 |
36 |
40 |
31 |
43 |
|
Creditors Ratio |
13 |
11 |
11 |
13 |
13 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.94 |
1.04 |
1.13 |
0.75 |
1.33 |
|
Liabilities Ratio |
1.57 |
1.86 |
1.99 |
1.81 |
2.53 |
|
Times Interest Earned Ratio |
8.79 |
123.98 |
115.32 |
58.14 |
27.69 |
|
Assets Backing Ratio |
4.31 |
3.90 |
3.10 |
2.51 |
1.90 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
1.21 |
1.41 |
1.36 |
1.54 |
1.37 |
|
Net Profit Margin |
1.04 |
1.28 |
1.20 |
1.38 |
1.22 |
|
Return On Net Assets |
15.55 |
21.51 |
22.80 |
28.45 |
26.41 |
|
Return On Capital Employed |
15.55 |
21.50 |
22.78 |
28.42 |
26.38 |
|
Return On Shareholders' Funds/Equity |
12.25 |
21.01 |
20.18 |
25.65 |
23.72 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
|
SGD |
1 |
INR 49.32 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.