|
|
|
MIRA INFORM REPORT
|
Report No. : |
508055 |
|
Report Date : |
15.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
DINOWIC PTE LTD |
|
|
|
|
Registered Office : |
16, Raffles Quay, 27- 01a, Hong Leong
Building, 048581 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
01.11.1997 |
|
|
|
|
Com. Reg. No.: |
199707495K |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
investment holding and trading of steel and stainless steel. |
|
|
|
|
No. of Employees : |
15 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
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 electronics,
petroleum products, chemicals, medical and optical devices, pharmaceuticals,
and on Singapore’s vibrant transportation, business, and financial services
sectors.
The economy contracted 0.6% in 2009 as a result of the global financial
crisis, but has continued to grow since 2010. Growth from 2012-2017 was slower
than during the previous decade, a result of slowing structural growth - as
Singapore reached high-income levels - and soft global demand for exports.
Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to
reduce its dependence on foreign labor, raise productivity growth, and increase
wages amid slowing labor force growth and an aging population. Singapore has
attracted major investments in advanced manufacturing, pharmaceuticals, and
medical technology production and will continue efforts to strengthen its
position as Southeast Asia's leading financial and technology hub. Singapore is
a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific
Partnership (CPTPP), and a party to the Regional Comprehensive Economic
Partnership (RCEP) negotiations with nine other ASEAN members plus Australia,
China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed,
with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
199707495K |
|
COMPANY NAME |
: |
DINOWIC PTE LTD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
01/11/1997 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
16, RAFFLES QUAY, 27- 01A, HONG LEONG
BUILDING, 048581, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
16, RAFFLES QUAY, 27-01A, HONG LEONG
BUILDING, 048581, SINGAPORE. |
|
TEL.NO. |
: |
65-62261191 |
|
FAX.NO. |
: |
65-62261131 |
|
WEB SITE |
: |
WWW.DINOWIC.COM |
|
CONTACT PERSON |
: |
LIM TIONG BENG ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
INVESTMENT HOLDING AND TRADING OF STEEL AND
STAINLESS STEEL |
|
ISSUED AND PAID UP CAPITAL |
: |
11,396,220.00 ORDINARY SHARE, OF A VALUE OF
SGD 11,396,220.00 |
|
SALES |
: |
USD 359,859,372 [2016] |
|
NET WORTH |
: |
USD 22,712,185 [2016] |
|
STAFF STRENGTH |
: |
15 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
REGULAR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
HISTORY / BACKGROUND
|
The Subject is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As a
private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The Subject is principally engaged in the (as
a / as an) investment holding and trading of steel and stainless steel.
The immediate and ultimate holding company of
the Subject is UNICORN POWER INTERNATIONAL LIMITED, a company incorporated in
VIRGIN ISLANDS, BRITISH.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
14/05/2018 |
SGD 11,396,220.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
UNICORN POWER INTERNATIONAL LIMITED |
3076, SIR FRANCIS DRAKE'S HIGHWAY ROAD
TOWN, TORTOLA VIRGIN ISLANDS, BRITISH |
T10UF0432 |
11,396,220.00 |
100.00 |
|
--------------- |
------ |
|||
|
11,396,220.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
200914450R |
SINGAPORE |
DINOWIC TRADING PTE. LTD. |
- |
100.00 |
14/05/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
ALLAN PHAY YEOW SIONG |
|
Address |
: |
973, HOUGANG STREET 91, 15-216, 530973,
SINGAPORE. |
|
IC / PP No |
: |
S1668797I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
13/02/2018 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199707495K |
DINOWIC PTE LTD |
Director |
13/02/2018 |
0.00 |
- |
USD1,239,030.00 |
2016 |
- |
14/05/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LIM TIONG BENG |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
WU CHIAW CHING & COMPANY |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
EE KIM CHEW |
|
IC / PP No |
: |
S0085789J |
|
|
Address |
: |
69C, SHELFORD ROAD, WATTEN ESTATE, 288465,
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 |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
70% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
30% |
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
STEEL, STAINLESS STEEL |
|
|
Services |
: |
INVESTMENT HOLDING |
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
15 |
15 |
15 |
15 |
12 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) investment holding and
trading of steel and stainless steel.
The Subject is one of the largest and strongest stainless steel trading company
in Singapore.
The Subject deals in Prime, Secondary and Scrap Stainless Steel, coiled,
sheeted, and plated stainless steel products.
The Subject deals in all Austenitic, Ferritic and Martenstic Grades.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62261191 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
16 RAFFLES QUAY 27-01 A HONG LEONG
BUILDING, 048581 SINGAPORE |
|
Current Address |
: |
16, RAFFLES QUAY, 27-01A, HONG LEONG
BUILDING, 048581, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
5.46% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
9.78% |
] |
|
|
The continuous fall in turnover could be
due to the lower demand for the Subject's products / services.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 |
||||||
|
Debtor Ratio |
: |
Favourable |
[ |
29 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
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 |
[ |
1.92 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.92 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained
by the Subject in order to assure its creditors of its ability to meet short
term obligations and the Subject was in a good liquidity position. Thus, we
believe the Subject is able to meet all its short term obligations as and
when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
2.63 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.06 Times |
] |
|
|
The Subject's interest cover was low. If its
profits fall or when interest rate rises, it may not be able to meet
all its interest payment. The Subject was lowly geared thus it had a low
financial risk. The Subject was mainly financed by its shareholders' funds
and internally generated funds. In times of economic slowdown / downturn, the
Subject being a lowly geared company, will be able to compete better than
those companies which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's performance deteriorated over
the years with lower 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. If there is a fall in the Subject's profit or any
increase in interest rate, the Subject may not be able to generate sufficient
cash-flow to service its interest. The Subject as a lowly geared company,
will be more secured compared to those highly geared companies. It has the
ability to meet all its long term obligations. |
||||||
|
Overall financial condition of the Subject
: LIMITED |
||||||
|
|
||||||
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
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
DINOWIC 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 |
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 |
359,859,372 |
366,168,813 |
559,785,563 |
444,498,372 |
436,493,332 |
|
Other Income |
- |
- |
- |
6,998 |
17,075 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
359,859,372 |
366,168,813 |
559,785,563 |
444,505,370 |
436,510,407 |
|
Costs of Goods Sold |
- |
- |
(433,548,055) |
(438,954,032) |
(430,552,031) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
- |
- |
126,237,508 |
5,551,338 |
5,958,376 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,376,718 |
1,909,657 |
2,573,341 |
1,932,227 |
2,114,963 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,376,718 |
1,909,657 |
2,573,341 |
1,932,227 |
2,114,963 |
|
Taxation |
(137,688) |
(165,360) |
(202,093) |
(68,590) |
(264,094) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,239,030 |
1,744,297 |
2,371,248 |
1,863,637 |
1,850,869 |
|
Pre-acquisition profit/(loss) |
- |
- |
- |
- |
114,638 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
1,239,030 |
1,744,297 |
2,371,248 |
1,863,637 |
1,965,507 |
|
Extraordinary items |
- |
- |
- |
3,815,378 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
1,239,030 |
1,744,297 |
2,371,248 |
5,679,015 |
1,965,507 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
13,516,633 |
11,772,336 |
15,401,088 |
9,722,073 |
7,756,566 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
13,516,633 |
11,772,336 |
15,401,088 |
9,722,073 |
7,756,566 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
14,755,663 |
13,516,633 |
17,772,336 |
15,401,088 |
9,722,073 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
(6,000,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
14,755,663 |
13,516,633 |
11,772,336 |
15,401,088 |
9,722,073 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bankers' acceptance |
- |
- |
- |
209,819 |
285,750 |
|
Letter of credit |
214,877 |
283,075 |
357,071 |
469,570 |
521,855 |
|
Trust receipts |
61,674 |
77,240 |
29,038 |
96,315 |
96,954 |
|
Others |
567,615 |
823,974 |
1,164,204 |
481,925 |
972,116 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
844,166 |
1,184,289 |
1,550,313 |
1,257,629 |
1,876,675 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
1,717 |
6,472 |
27,007 |
29,002 |
30,735 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
1,717 |
6,472 |
27,007 |
29,002 |
30,735 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
DINOWIC PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
909 |
2,626 |
7,570 |
34,044 |
5,145,514 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
909 |
2,626 |
7,570 |
34,044 |
5,145,514 |
|
CURRENT ASSETS |
|||||
|
Stocks |
- |
13,344,046 |
599,760 |
117,112 |
1,428,431 |
|
Trade debtors |
28,763,577 |
48,982,141 |
18,517,738 |
29,094,332 |
58,113,288 |
|
Other debtors, deposits & prepayments |
10,511,742 |
13,802,195 |
21,324,851 |
18,506,781 |
1,732,526 |
|
Amount due from holding company |
- |
46,410 |
46,410 |
- |
- |
|
Amount due from related companies |
817,099 |
1,427 |
263,244 |
- |
1,713,816 |
|
Cash & bank balances |
7,238,912 |
20,602,552 |
13,882,559 |
7,640,919 |
5,748,044 |
|
Amount owing by shareholders |
- |
- |
- |
15,910 |
10,278 |
|
Others |
- |
31,833 |
36,522 |
23,344 |
15,994 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
47,331,330 |
96,810,604 |
54,671,084 |
55,398,398 |
68,762,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
47,332,239 |
96,813,230 |
54,678,654 |
55,432,442 |
73,907,891 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
20,415,446 |
33,168,441 |
13,252,019 |
25,037,104 |
32,654,107 |
|
Other creditors & accruals |
131,864 |
2,709,480 |
815,071 |
1,676,871 |
3,192,628 |
|
Deposits from customers |
282,295 |
1,638,426 |
9,211,271 |
- |
11,207 |
|
Bill & acceptances payable |
1,416,851 |
25,606,691 |
5,234,675 |
1,597,273 |
6,395,093 |
|
Amounts owing to holding company |
- |
1,000,000 |
- |
- |
- |
|
Amounts owing to related companies |
2,171,108 |
11,014,581 |
6,219,780 |
3,576,384 |
13,680,119 |
|
Provision for taxation |
202,081 |
202,047 |
216,571 |
186,281 |
285,576 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
24,619,645 |
75,339,666 |
34,949,387 |
32,073,913 |
56,218,730 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
22,711,685 |
21,470,938 |
19,721,697 |
23,324,485 |
12,543,647 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Deferred taxation |
409 |
409 |
409 |
919 |
12,346 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
409 |
409 |
409 |
919 |
12,346 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
22,712,185 |
21,473,155 |
19,728,858 |
23,357,610 |
17,676,815 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
7,956,522 |
7,956,522 |
7,956,522 |
7,956,522 |
7,956,522 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
7,956,522 |
7,956,522 |
7,956,522 |
7,956,522 |
7,956,522 |
|
RESERVES |
|||||
|
Exchange equalisation/fluctuation reserve |
- |
- |
- |
- |
(1,780) |
|
Retained profit/(loss) carried forward |
14,755,663 |
13,516,633 |
11,772,336 |
15,401,088 |
9,722,073 |
|
Others |
- |
- |
0 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
14,755,663 |
13,516,633 |
11,772,336 |
15,401,088 |
9,720,293 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
22,712,185 |
21,473,155 |
19,728,858 |
23,357,610 |
17,676,815 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
DINOWIC PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
7,238,912 |
20,602,552 |
13,882,559 |
7,640,919 |
5,748,044 |
|
Net Liquid Funds |
5,822,061 |
(5,004,139) |
8,647,884 |
6,043,646 |
(647,049) |
|
Net Liquid Assets |
22,711,685 |
8,126,892 |
19,121,937 |
23,207,373 |
11,115,216 |
|
Net Current Assets/(Liabilities) |
22,711,685 |
21,470,938 |
19,721,697 |
23,324,485 |
12,543,647 |
|
Net Tangible Assets |
22,712,185 |
21,473,155 |
19,728,858 |
23,357,610 |
17,676,815 |
|
Net Monetary Assets |
22,711,276 |
8,126,483 |
19,121,528 |
23,206,454 |
11,102,870 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
2,220,884 |
3,093,946 |
4,123,654 |
3,189,856 |
3,991,638 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
2,222,601 |
3,100,418 |
4,150,661 |
3,218,858 |
4,022,373 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
1,416,851 |
25,606,691 |
5,234,675 |
1,597,273 |
6,395,093 |
|
Total Liabilities |
24,620,054 |
75,340,075 |
34,949,796 |
32,074,832 |
56,231,076 |
|
Total Assets |
47,332,239 |
96,813,230 |
54,678,654 |
55,432,442 |
73,907,891 |
|
Net Assets |
22,712,185 |
21,473,155 |
19,728,858 |
23,357,610 |
17,676,815 |
|
Net Assets Backing |
22,712,185 |
21,473,155 |
19,728,858 |
23,357,610 |
17,676,815 |
|
Shareholders' Funds |
22,712,185 |
21,473,155 |
19,728,858 |
23,357,610 |
17,676,815 |
|
Total Share Capital |
7,956,522 |
7,956,522 |
7,956,522 |
7,956,522 |
7,956,522 |
|
Total Reserves |
14,755,663 |
13,516,633 |
11,772,336 |
15,401,088 |
9,720,293 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(1.72) |
(34.59) |
25.94 |
1.83 |
(24.72) |
|
Proft/(Loss) Before Tax |
(27.91) |
(25.79) |
33.18 |
(8.64) |
(16.71) |
|
Proft/(Loss) After Tax |
(28.97) |
(26.44) |
27.24 |
0.69 |
(17.95) |
|
Total Assets |
(51.11) |
77.06 |
(1.36) |
(25.00) |
(7.73) |
|
Total Liabilities |
(67.32) |
115.57 |
8.96 |
(42.96) |
(12.67) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.29 |
0.27 |
0.40 |
0.24 |
0.10 |
|
Liquid Ratio |
1.92 |
1.11 |
1.55 |
1.72 |
1.20 |
|
Current Ratio |
1.92 |
1.28 |
1.56 |
1.73 |
1.22 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
13 |
0 |
0 |
1 |
|
Debtors Ratio |
29 |
49 |
12 |
24 |
49 |
|
Creditors Ratio |
21 |
33 |
11 |
21 |
28 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.06 |
1.19 |
0.27 |
0.07 |
0.36 |
|
Liabilities Ratio |
1.08 |
3.51 |
1.77 |
1.37 |
3.18 |
|
Times Interest Earned Ratio |
2.63 |
2.61 |
2.66 |
2.54 |
2.13 |
|
Assets Backing Ratio |
2.85 |
2.70 |
2.48 |
2.94 |
2.22 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.38 |
0.52 |
0.46 |
0.43 |
0.48 |
|
Net Profit Margin |
0.34 |
0.48 |
0.42 |
0.42 |
0.45 |
|
Return On Net Assets |
9.78 |
14.41 |
20.90 |
13.66 |
22.58 |
|
Return On Capital Employed |
9.78 |
14.41 |
20.90 |
13.66 |
22.57 |
|
Return On Shareholders' Funds/Equity |
5.46 |
8.12 |
12.02 |
7.98 |
11.12 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
2.53 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.32 |
|
|
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.50 |
|
SGD |
1 |
INR 50.78 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
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.