MIRA INFORM REPORT

 

 

Report No. :

500488

Report Date :

31.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

VISA WORLDWIDE PTE. LIMITED

 

 

Registered Office :

71, Robinson Road, 08-01, 068895

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2016

 

 

Date of Incorporation :

17.10.2007

 

 

Com. Reg. No.:

200719281K

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the electronic payment system, digital currency services.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear  

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

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.

:

200719281K

COMPANY NAME

:

VISA WORLDWIDE PTE. LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

17/10/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

71, ROBINSON ROAD, 08-01, 068895, SINGAPORE.

BUSINESS ADDRESS

:

71, ROBINSON ROAD, 08-01, 068895, SINGAPORE.

TEL.NO.

:

65-66715800

FAX.NO.

:

N/A

CONTACT PERSON

:

VASANT M PRABHU ( DIRECTOR )

PRINCIPAL ACTIVITY

:

ELECTRONIC PAYMENT SYSTEM,DIGITAL CURRENCY SERVICES

ISSUED AND PAID UP CAPITAL

:

8,967,651.00 ORDINARY SHARE, OF A VALUE OF USD 8,967,651.00

SALES

:

USD 2,308,741,000 [2016]

NET WORTH

:

USD 6,151,518,000 [2016]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

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

The Subject is principally engaged in the (as a / as an) electronic payment system,digital currency services.

 

 

Share Capital History

Date

Issue & Paid Up Capital

30/03/2018

USD 8,967,651.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

VISA INTERNATIONAL HOLDINGS LIMITED

10, NORWICH STREET, LONDON EC4A 1BD UNITED KINGDOM

T16UF9468

8,967,651.00

100.00

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

------

8,967,651.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

200905126W

SINGAPORE

CYBS SINGAPORE PTE. LTD.

-

100.00

30/03/2018

INDONESIA

PT VISA WORLDWIDE INDONESIA

-

99.00

30/09/2015

AUSTRALIA

VISA AP (AUSTRALIA) PTY LTD

-

100.00

30/09/2015

HONG KONG

VISA HONG KONG LIMITED

-

100.00

30/09/2015

CHINA

VISA INFORMATION TECHNOLOGY (BEIJING) CO., LTD.

-

100.00

30/09/2015

INDIA

VISA MANAGED SERIVICE (INDIA) PRIVATE LIMITED

-

99.00

30/09/2015

199508699M

SINGAPORE

VISA SUPPORT SERVICES (SINGAPORE) PTE LTD

-

100.00

30/03/2018

TAIWAN

VISA TAIWAN CO., LTD.

-

100.00

30/09/2015

NEW ZEALAND

VISA WORLDWIDE (NEW ZEALAND) LIMITED

-

100.00

30/09/2015

201115021D

SINGAPORE

VISA WORLDWIDE SINGAPORE PTE. LIMITED

-

100.00

30/03/2018



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

VASANT M PRABHU

Address

:

139, OLD CHURCH ROAD, GREENWICH CT, 06830, UNITED STATES.

IC / PP No

:

488523768

Nationality

:

AMERICAN

Date of Appointment

:

13/03/2015

 


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

200719281K

VISA WORLDWIDE PTE. LIMITED

Director

13/03/2015

0.00

-

USD1,518,956,000.00

2016

-

30/03/2018

 

DIRECTOR 2

 

Name Of Subject

:

ANDREW TAN KAY HUAT

Address

:

25, AH SOO GARDEN, 539988, SINGAPORE.

IC / PP No

:

S1625614E

Nationality

:

SINGAPOREAN

Date of Appointment

:

25/02/2014



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

200719281K

VISA WORLDWIDE PTE. LIMITED

Director

25/02/2014

0.00

-

USD1,518,956,000.00

2016

-

30/03/2018

 

DIRECTOR 3

 

Name Of Subject

:

PATRICK KEMPEL STOREY

Address

:

194, LAUREL WOOD AVENUE, THE TENERIFFE, 275880, SINGAPORE.

IC / PP No

:

G6177833R

Nationality

:

AMERICAN

Date of Appointment

:

19/01/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200719281K

VISA WORLDWIDE PTE. LIMITED

Director

19/01/2016

0.00

-

USD1,518,956,000.00

2016

-

30/03/2018

 

DIRECTOR 4

 

Name Of Subject

:

CHRISTOPHER JAMES CLARK

Address

:

7, ARDMORE PARK, 15-02, ARDMORE RESIDENCE, 259954, SINGAPORE.

IC / PP No

:

G5490357Q

Nationality

:

AUSTRALIAN

Date of Appointment

:

25/02/2014



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

200719281K

VISA WORLDWIDE PTE. LIMITED

Director

25/02/2014

0.00

-

USD1,518,956,000.00

2016

-

30/03/2018



MANAGEMENT

 

 

1)

Name of Subject

:

VASANT M PRABHU

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MADELYN KWANG YEIT LAM

IC / PP No

:

S1426198B

Address

:

10, COLLYER QUAY, 10-01, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

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 is a service provider.

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

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

ELECTRONIC PAYMENT SYSTEM,DIGITAL CURRENCY SERVICES

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) electronic payment system,digital currency services.

The Group is a global payments technology company that connects consumers, businesses, financial institutions, and governments in many countries and territories to fast, secure and reliable electronic payments.

It operates a platform enabling consumer credit, debit, prepaid and commercial payments to enable transaction processing and related value-added services to consumers, businesses, banks, and governments.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-66715800

Match

:

N/A

Address Provided by Client

:

71 ROBINSON ROAD, # 09-01 068895 SINGAPORE

Current Address

:

71, ROBINSON ROAD, 08-01, 068895, SINGAPORE.

Match

:

NO

 

Other Investigations


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

The address provided also can be used for the Subject.

She refused to disclose the fax number, number of employees and bankers.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2016

]

Return on Shareholder Funds

:

Acceptable

[

24.69%

]

Return on Net Assets

:

Acceptable

[

25.81%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Debtor Ratio

:

Favourable

[

25 Days

]

Creditors Ratio

:

Unfavourable

[

81 Days

]

The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

Liquidity

Liquid Ratio

:

Favourable

[

2.80 Times

]

Current Ratio

:

Favourable

[

2.80 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

:

Favourable

[

74,909.30 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Generally, the Subject's performance has improved with higher turnover and profit. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : STRONG

 

 

 

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 :

ECONOMY

In the fourth quarter of 2017, the economy grew by 3.6% on a year-on-year basis, moderating from the 5.5% growth in the previous quarter. The sectors which contributed the most to growth in the quarter were the manufacturing and finance & insurance sectors. For the whole of 2017, the economy expanded by 3.6%, higher than the 2.4% growth in 2016. All major sectors grew in 2017, with the exception of the construction sector. The manufacturing and finance & insurance sectors were the key contributors to overall GDP growth.

The manufacturing sector expanded by 4.8% in the fourth quarter 2017, slowing from the 19% surge in the third quarter. Growth was led by robust output expansions in the electronics and precision engineering clusters, which more than offset declines in the biomedical manufacturing and transport engineering clusters. For full year 2017, the manufacturing sector grew by 10%, higher than the 3.7% growth in 2016. Growth was primarily driven by the electronics and precision engineering clusters, while output declines in the biomedical manufacturing, transport engineering and general manufacturing clusters weighed on growth.

The services producing industries collectively expanded to 3.5% in the fourth quarter 2017, the same pace of growth as the previous quarter. Among the services sectors, the finance & insurance sector registered the strongest growth at 6.3%, followed by the information & communications (6.0%) and the transportation & storage (5.3%) sectors. Services producing industries as a whole expanded to 2.8% in full year 2017, faster than the 1.4% growth in 2016. All services sectors saw positive growth.

Among the services sectors, the transportation & storage and finance & insurance sectors registered the fastest pace of growth in 2017. Growth of the transportation & storage sector came in at 4.8%, a pickup from the 1.3% in 2016, largely due to stronger growth in the water transport and air transport segments. Similarly, the finance & insurance sector expanded by 4.8%, improving from the 1.6% growth in 2016. The robust performance of the sector was largely because of strong growth in the fund management segment, even as growth in the financial intermediation and insurance segments remained firm.

Besides, the construction sector contracted to 5.0%, extending the 9.3% decline in the third quarter 2017. The output of the sector was weighed down primarily by the weakness in private sector construction activities, as certified payments across all private construction segments declined. Meanwhile, the construction sector contracted to 8.4% in 2017, a reversal from the 1.9% growth in 2016. Output in the sector was primarily weighed down by the weakness in private sector construction works.

In the fourth quarter 2017, total demand rose by 4.9%, lower than the 5.5% growth in the preceding quarter. For the whole of 2017, growth in total demand came in at 4.4%, an improvement from the 1.6% in 2016. External demand was the key contributor to total demand growth (3.0 percentage-points), while the contribution from domestic demand was also positive (1.4 percentage-points).

Total domestic demand rose by 6.6 % in the fourth quarter 2017, following the 8.5% growth in the previous quarter. Growth was supported primarily by the build-up in inventories and also higher consumption expenditure. Gross fixed capital formation also contributed positively to total domestic demand growth in the quarter. For 2017 as a whole, total domestic demand increased by 5.4%, higher than the 3.1% expansion in 2016. Meanwhile, external demand rose by 4.2% in the fourth quarter 2017, similar to the 4.4% growth in the preceding quarter. The increase in external demand was primarily due to higher real merchandise exports. For the full year 2017, external demand grew at a faster pace of 4.1%, compared to the 1.1% growth in 2016.

Total consumption expenditure rose at a slower pace of 4.4% in the fourth quarter 2017, compared to the 5.7% expansion in the previous quarter. For the full year 2017, total consumption expenditure grew by 3.3%, an improvement from the 2.1% growth in 2016, on the back of faster growth in both public and private consumption. Public consumption expanded by 4.1%, compared to 3.5% in 2016, while private consumption grew by 3.1%, compared to 1.7% in the previous year. Expenditure on miscellaneous goods & services, recreation & culture and housing & utilities were the main contributors to private consumption growth.

Since November 2017, the outlook for global growth has improved slightly with the IMF upgrading its global growth forecast for 2018 to 3.9%, partly on the back of higher growth expected in the US due to the recently approved tax reforms. However, as compared to 2017, growth in most of Singapore’s key final demand markets such as the Eurozone, Japan, NIEs and ASEAN-5 is projected to moderate or remain unchanged in 2018. In the US, GDP growth is projected to improve further in 2018, supported by domestic demand and fiscal stimulus arising from the recently approved tax reforms, although there are uncertainties around the extent to which investments would respond to the tax reforms. On the other hand, growth in the Eurozone economy is projected to moderate in 2018, following the rebound seen in 2017. Growth will be underpinned by continued improvements in labour market conditions and largely accommodative monetary policies.

In Asia, China’s growth is also expected to ease in 2018 on the back of a slowdown in investment, even as consumption is likely to remain stable and provide support to growth. Meanwhile, growth in the key ASEAN economies is expected to remain firm in 2018, supported by sustained improvements in domestic demand as well as merchandise exports. On balance, the external demand outlook for Singapore is expected to be slightly weaker in 2018 as compared to 2017. Taking into account the global and domestic economic environments, Ministry of Trade and Industry (MTI) has maintained the 2018 GDP growth forecast at “1.5 to 3.5%”. MTI’s central view is that growth will likely come in slightly above the middle of the forecast range, barring the materialisation of downside risks.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2007, the Subject is a Private Limited company, focusing on electronic payment system,digital currency services. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of USD 8,967,651 allows the Subject to expand its business more comfortably. With a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise.

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

 
We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 6,151,518,000, the Subject should be able to maintain its business in the near terms.

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

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

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



PROFIT AND LOSS ACCOUNT

 

 

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

VISA WORLDWIDE PTE. LIMITED

 

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

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

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

2,308,741,000

2,151,189,000

1,975,485,000

1,821,812,000

1,579,294,000

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

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

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

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

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

Total Turnover

2,308,741,000

2,151,189,000

1,975,485,000

1,821,812,000

1,579,294,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,587,981,000

1,169,529,000

1,009,096,000

914,415,000

549,889,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,587,981,000

1,169,529,000

1,009,096,000

914,415,000

549,889,000

Taxation

(69,025,000)

(55,019,000)

(45,722,000)

(35,819,000)

(30,078,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,518,956,000

1,114,510,000

963,374,000

878,596,000

519,811,000

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

4,710,412,000

3,595,902,000

2,632,528,000

1,753,932,000

1,235,557,000

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

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

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

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

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

As restated

4,710,412,000

3,595,902,000

2,632,528,000

1,753,932,000

1,235,557,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

6,229,368,000

4,710,412,000

3,595,902,000

2,632,528,000

1,755,368,000

DIVIDENDS - Ordinary (paid & proposed)

-

-

-

-

(1,436,000)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

6,229,368,000

4,710,412,000

3,595,902,000

2,632,528,000

1,753,932,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

21,199

-

-

7

5,355

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

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

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

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

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

21,199

-

-

7

5,355

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

15,059,000

16,999,000

14,565,000

10,352,000

5,450,000

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

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

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

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

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

Total Amortization And Depreciation

15,059,000

16,999,000

14,565,000

10,352,000

5,450,000

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

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

VISA WORLDWIDE PTE. LIMITED

 

ASSETS EMPLOYED:

FIXED ASSETS

31,644,000

31,393,000

44,253,000

46,502,000

35,732,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

177,322,000

172,338,000

15,049,000

13,568,000

13,568,000

Investment securities

3,748,604,000

2,848,032,000

2,236,255,000

1,626,557,000

1,790,039,000

Others

166,317,000

67,306,000

57,242,000

60,049,000

33,166,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

4,092,243,000

3,087,676,000

2,308,546,000

1,700,174,000

1,836,773,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

4,123,887,000

3,119,069,000

2,352,799,000

1,746,676,000

1,872,505,000

CURRENT ASSETS

Short term quoted/unquoted investments

2,692,815,000

1,971,589,000

1,406,192,000

1,357,405,000

522,160,000

Trade debtors

158,395,000

142,157,000

135,744,000

256,171,000

256,496,000

Other debtors, deposits & prepayments

42,704,000

15,857,000

12,259,000

3,290,000

3,665,000

Amount due from subsidiary companies

28,341,000

11,706,000

12,861,000

-

-

Amount due from related companies

30,306,000

193,657,000

203,745,000

-

-

Cash & bank balances

499,795,000

266,978,000

289,745,000

312,574,000

159,307,000

Others

51,499,000

343,417,000

404,776,000

61,243,000

22,833,000

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

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

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

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

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

TOTAL CURRENT ASSETS

3,503,855,000

2,945,361,000

2,465,322,000

1,990,683,000

964,461,000

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

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

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

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

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

TOTAL ASSET

7,627,742,000

6,064,430,000

4,818,121,000

3,737,359,000

2,836,966,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

511,169,000

617,178,000

583,426,000

639,781,000

600,299,000

Provision for taxation

13,038,000

5,400,000

4,147,000

9,730,000

8,457,000

Other liabilities

728,751,000

586,531,000

522,565,000

383,873,000

420,529,000

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

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

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

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

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

TOTAL CURRENT LIABILITIES

1,252,958,000

1,209,109,000

1,110,138,000

1,033,384,000

1,029,285,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

2,250,897,000

1,736,252,000

1,355,184,000

957,299,000

(64,824,000)

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

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

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

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

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

LONG TERM LIABILITIES

Deferred taxation

189,462,000

138,634,000

103,953,000

-

-

Others

33,804,000

24,422,000

18,225,000

74,343,000

54,889,000

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

223,266,000

163,056,000

122,178,000

74,343,000

54,889,000

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

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

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

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

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

TOTAL NET ASSETS

6,151,518,000

4,692,265,000

3,585,805,000

2,629,632,000

1,752,792,000

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

8,968,000

8,968,000

8,968,000

8,968,000

8,968,000

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

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

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

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

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

TOTAL SHARE CAPITAL

8,968,000

8,968,000

8,968,000

8,968,000

8,968,000

RESERVES

Retained profit/(loss) carried forward

6,229,368,000

4,710,412,000

3,595,902,000

2,632,528,000

1,753,932,000

Others

(86,818,000)

(27,115,000)

(19,065,000)

(11,864,000)

(10,108,000)

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

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

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

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

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

TOTAL RESERVES

6,142,550,000

4,683,297,000

3,576,837,000

2,620,664,000

1,743,824,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

6,151,518,000

4,692,265,000

3,585,805,000

2,629,632,000

1,752,792,000

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

VISA WORLDWIDE PTE. LIMITED

 

TYPES OF FUNDS

Cash

499,795,000

266,978,000

289,745,000

312,574,000

159,307,000

Net Liquid Funds

499,795,000

266,978,000

289,745,000

312,574,000

159,307,000

Net Liquid Assets

2,250,897,000

1,736,252,000

1,355,184,000

957,299,000

(64,824,000)

Net Current Assets/(Liabilities)

2,250,897,000

1,736,252,000

1,355,184,000

957,299,000

(64,824,000)

Net Tangible Assets

6,151,518,000

4,692,265,000

3,585,805,000

2,629,632,000

1,752,792,000

Net Monetary Assets

2,027,631,000

1,573,196,000

1,233,006,000

882,956,000

(119,713,000)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

1,169,529,000

1,009,096,000

914,415,007

549,894,355

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

1,603,061,199

1,186,528,000

1,023,661,000

924,767,007

555,344,355

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

1,476,224,000

1,372,165,000

1,232,316,000

1,107,727,000

1,084,174,000

Total Assets

7,627,742,000

6,064,430,000

4,818,121,000

3,737,359,000

2,836,966,000

Net Assets

6,151,518,000

4,692,265,000

3,585,805,000

2,629,632,000

1,752,792,000

Net Assets Backing

6,151,518,000

4,692,265,000

3,585,805,000

2,629,632,000

1,752,792,000

Shareholders' Funds

6,151,518,000

4,692,265,000

3,585,805,000

2,629,632,000

1,752,792,000

Total Share Capital

8,968,000

8,968,000

8,968,000

8,968,000

8,968,000

Total Reserves

6,142,550,000

4,683,297,000

3,576,837,000

2,620,664,000

1,743,824,000

GROWTH RATIOS (Year on Year) (%)

Revenue

7.32

8.89

8.44

15.36

(13.16)

Proft/(Loss) Before Tax

35.78

15.90

10.35

66.29

(22.81)

Proft/(Loss) After Tax

36.29

15.69

9.65

69.02

(24.25)

Total Assets

25.78

25.87

28.92

31.74

60.59

Total Liabilities

7.58

11.35

11.25

2.17

105.68

LIQUIDITY (Times)

Cash Ratio

0.40

0.22

0.26

0.30

0.15

Liquid Ratio

2.80

2.44

2.22

1.93

0.94

Current Ratio

2.80

2.44

2.22

1.93

0.94

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

0

0

Debtors Ratio

25

24

25

51

59

Creditors Ratio

81

105

108

128

139

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

0

Liabilities Ratio

0.24

0.29

0.34

0.42

0.62

Times Interest Earned Ratio

74,909.30

0

0

130,630,715.29

102,688.02

Assets Backing Ratio

685.94

523.22

399.84

293.22

195.45

PERFORMANCE RATIO (%)

Operating Profit Margin

68.78

54.37

51.08

50.19

34.82

Net Profit Margin

65.79

51.81

48.77

48.23

32.91

Return On Net Assets

25.81

24.92

28.14

34.77

31.37

Return On Capital Employed

24.91

24.09

27.21

33.82

30.42

Return On Shareholders' Funds/Equity

24.69

23.75

26.87

33.41

29.66

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 65.04

UK Pound

1

INR 92.28

Euro

1

INR 80.62

SGD

1

INR 49.65

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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

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