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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

509594

Report Date :

19.05.2018

 

 

IDENTIFICATION DETAILS

 

Name :

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

 

 

Registered Office :

3, Shenton Way, 12-01a, Shenton House, 068805,

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

14.05.2014

 

 

Com. Reg. No.:

201413887Z

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the investment holding, wholesale of logs, sawn timber, plywood and related products.

 

 

No. of Employees :

2 [2018]

 

 

 

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

NOTES :

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

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of 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.

:

201413887Z

COMPANY NAME

:

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

14/05/2014

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

3, SHENTON WAY, 12-01A, SHENTON HOUSE, 068805, SINGAPORE.

BUSINESS ADDRESS

:

3 SHENTON WAY #12-01A SHENTON HOUSE, 068805, SINGAPORE.

TEL.NO.

:

65-62230239

FAX.NO.

:

65-62250678

CONTACT PERSON

:

DALJIT SINGH ( DIRECTOR )

PRINCIPAL ACTIVITY

:

INVESTMENT HOLDING, WHOLESALE OF LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS

ISSUED AND PAID UP CAPITAL

:

7,500,000.00 ORDINARY SHARE, OF A VALUE OF USD 7,500,000.00

SALES

:

USD 13,371,982 [2017]

NET WORTH

:

USD 8,030,159 [2017]

STAFF STRENGTH

:

2 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

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) investment holding, wholesale of logs, sawn timber, plywood and related products.

 

Share Capital History

Date

Issue & Paid Up Capital

17/05/2018

USD 7,500,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

ALKEMAL SINGAPORE PRIVATE LIMITED

3, SHENTON WAY, 12-01A, SHENTON HOUSE 068805 ,SINGAPORE

198200704K

3,750,000.00

50.00

GREENPLY TRADING PTE. LTD.

1, GEORGE STREET, 14-06, ONE GEORGE STREET 049145 ,SINGAPORE

201323926C

3,750,000.00

50.00

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

------

7,500,000.00

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

GREENPLY INDUSTRIES (MYANMAR) PVT LTD

-

100.00

31/03/2017

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

RAJESH MITTAL

Address

:

13, RAJA SANTOSH ROAD, FLAT 3A-B, 3RD FLOOR, KOLKATA WEST BENGAL, 700 027, INDIA.

IC / PP No

:

Z3681052

Nationality

:

INDIAN

Date of Appointment

:

14/05/2014


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

201413887Z

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

Director

14/05/2014

0.00

-

USD668,416.00

2017

-

17/05/2018

 

DIRECTOR 2

 

Name Of Subject

:

SHOBHAN MITTAL

Address

:

46, LAKESHORE VIEW, 098401, SINGAPORE.

IC / PP No

:

G3189142L

Nationality

:

INDIAN

Date of Appointment

:

14/05/2014



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

201413887Z

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

Director

14/05/2014

0.00

-

USD668,416.00

2017

-

17/05/2018

2

201323926C

GREENPLY TRADING PTE. LTD.

Director

28/02/2014

0.00

-

USD(1,181,092.00)

2017

-

31/07/2017

 

DIRECTOR 3

 

Name Of Subject

:

PUNEETA SINGH WASAN

Address

:

24, GOODMAN ROAD, 438987, SINGAPORE.

IC / PP No

:

S8515476A

Nationality

:

SINGAPOREAN

Date of Appointment

:

14/05/2014



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

201413887Z

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

Director

14/05/2014

0.00

-

USD668,416.00

2017

-

17/05/2018

 

DIRECTOR 4

 

Name Of Subject

:

DALJIT SINGH

Address

:

24, GOODMAN ROAD, 438987, SINGAPORE.

IC / PP No

:

S0039514E

Nationality

:

SINGAPOREAN

Date of Appointment

:

14/05/2014



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

198200704K

ALKEMAL SINGAPORE PRIVATE LIMITED

Director

07/01/1985

595,000.00

59.50

-

-

-

18/02/2016

2

201413887Z

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

Director

14/05/2014

0.00

-

USD668,416.00

2017

-

17/05/2018



MANAGEMENT

 

 

 

1)

Name of Subject

:

DALJIT SINGH

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

D. ARUMUGAM & CO

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SEAH HONG WEE @ XIE HONGWEI

IC / PP No

:

S8843736E

Address

:

17, UPPER CIRCULAR ROAD, 02-00, JUTA BUILDING, 058415, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201603024

16/03/2016

N/A

DBS BANK LTD.

-

Unsatisfied

 

 

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

X

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS

Services

:

INVESTMENT HOLDING

 

Total Number of Employees:

YEAR

2018

2015

GROUP

N/A

N/A

COMPANY

2

4

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) investment holding, wholesale of logs, sawn timber, plywood and related products.

The Subject deals with wood products, Lumber & Forest Products.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

024-62230239, 62209331

Current Telephone Number

:

65-62230239

Match

:

YES

Address Provided by Client

:

3 SHENTON WAY # 12-01A SHETON HOUSE, 068805

Current Address

:

3 SHENTON WAY #12-01A SHENTON HOUSE, 068805, SINGAPORE.

Match

:

YES

 

Other Investigations


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

The other number provided at 62209331 is not answered.

We were unable to find the provided name company at PT GREENPLY ALKEMAL (SINGAPORE) PTE LTD.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2015 - 2017

]

Profit/(Loss) Before Tax

:

Increased

[

2015 - 2017

]

Return on Shareholder Funds

:

Unfavourable

[

8.32%

]

Return on Net Assets

:

Acceptable

[

10.28%

]

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 unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Unfavourable

[

123 Days

]

Debtor Ratio

:

Favourable

[

36 Days

]

Creditors Ratio

:

Unfavourable

[

62 Days

]

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. 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

:

Unfavourable

[

0.56 Times

]

Current Ratio

:

Unfavourable

[

1.26 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Acceptable

[

7.10 Times

]

Gearing Ratio

:

Favourable

[

0.36 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 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 :

Generally, the Subject's performance has improved with higher turnover and profit. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. 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 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

 


Incorporated in 2014, the Subject is a Private Limited company, focusing on investment holding, wholesale of logs, sawn timber, plywood and related products. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Presently, the issued and paid up capital of the Subject stands at USD 7,500,000. The Subject has a strong support from its shareholder.

Investigation revealed, 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. The Subject's business operation is supported by 2 employees. 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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 8,030,159, the Subject should be able to maintain its business in the near terms.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

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.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

 

 

FINANCIALS

 

PROFIT AND LOSS ACCOUNT

 

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

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

 

Financial Year End

2017-03-31

2016-03-31

2015-03-31

Months

12

12

13

Consolidated Account

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

FULL

Currency

USD

USD

USD

TURNOVER

13,371,982

12,203,193

8,331,360

Other Income

12,308

497,026

-

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

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

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

Total Turnover

13,384,290

12,700,219

8,331,360

Costs of Goods Sold

(9,738,911)

(10,478,748)

(7,330,458)

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

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

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

Gross Profit

3,645,379

2,221,471

1,000,902

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

709,229

532,989

910,572

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

709,229

532,989

910,572

Taxation

(40,813)

(172,672)

(113,236)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

668,416

360,317

797,336

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,123,504

797,336

-

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

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

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

As restated

1,123,504

797,336

-

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

1,791,920

1,157,653

797,336

TRANSFER TO RESERVES - General

-

(34,149)

-

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,791,920

1,123,504

797,336

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

116,355

77,406

-

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

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

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

116,355

77,406

-

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

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

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

DEPRECIATION (as per notes to P&L)

279,249

132,469

-

AMORTIZATION

1,546

488

-

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

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

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

Total Amortization And Depreciation

280,795

132,957

-

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

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

 

BALANCE SHEET

 

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

4,130,528

4,584,133

-

LONG TERM INVESTMENTS/OTHER ASSETS

Others

-

241,098

-

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

241,098

-

INTANGIBLE ASSETS

Own goodwill

2,184,211

2,457,237

-

Others

31,901

37,498

-

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

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

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

TOTAL INTANGIBLE ASSETS

2,216,112

2,494,735

-

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

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

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

TOTAL LONG TERM ASSETS

6,346,640

7,319,966

-

CURRENT ASSETS

Stocks

4,497,705

2,278,377

-

Trade debtors

1,303,753

2,140,088

1,297,750

Other debtors, deposits & prepayments

965,689

1,287,970

-

Amount due from subsidiary companies

-

-

2,922,777

Amount due from related companies

124,700

276,397

655,596

Cash & bank balances

246,682

1,031,901

801,252

Amount owing by customer

736,998

203,610

-

Others

250,770

122,407

-

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

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

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

TOTAL CURRENT ASSETS

8,126,297

7,340,750

5,677,375

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

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

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

TOTAL ASSET

14,472,937

14,660,716

5,677,375

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

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

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

CURRENT LIABILITIES

Trade creditors

1,653,327

1,978,896

67,357

Other creditors & accruals

82,278

111,043

92,026

Bank overdraft

551,139

-

-

Short term borrowings/Term loans

2,319,887

1,766,000

-

Deposits from customers

290,929

320,683

-

Amounts owing to related companies

1,500,000

1,500,000

-

Provision for taxation

45,218

175,481

113,236

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

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

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

TOTAL CURRENT LIABILITIES

6,442,778

5,852,103

272,619

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

1,683,519

1,488,647

5,404,756

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

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

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

TOTAL NET ASSETS

8,030,159

8,808,613

5,404,756

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

7,500,000

7,500,000

4,607,420

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

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

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

TOTAL SHARE CAPITAL

7,500,000

7,500,000

4,607,420

RESERVES

Exchange equalisation/fluctuation reserve

(1,261,761)

185,109

-

Retained profit/(loss) carried forward

1,791,920

1,123,504

797,336

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

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

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

TOTAL RESERVES

530,159

1,308,613

797,336

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

8,030,159

8,808,613

5,404,756

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

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

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

 

FINANCIAL RATIO

 

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

 

TYPES OF FUNDS

Cash

246,682

1,031,901

801,252

Net Liquid Funds

(304,457)

1,031,901

801,252

Net Liquid Assets

(2,814,186)

(789,730)

5,404,756

Net Current Assets/(Liabilities)

1,683,519

1,488,647

5,404,756

Net Tangible Assets

5,814,047

6,313,878

5,404,756

Net Monetary Assets

(2,814,186)

(789,730)

5,404,756

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

825,584

610,395

910,572

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

1,106,379

743,352

910,572

BALANCE SHEET ITEMS

Total Borrowings

2,871,026

1,766,000

0

Total Liabilities

6,442,778

5,852,103

272,619

Total Assets

14,472,937

14,660,716

5,677,375

Net Assets

8,030,159

8,808,613

5,404,756

Net Assets Backing

8,030,159

8,808,613

5,404,756

Shareholders' Funds

8,030,159

8,808,613

5,404,756

Total Share Capital

7,500,000

7,500,000

4,607,420

Total Reserves

530,159

1,308,613

797,336

GROWTH RATIOS (Year on Year) (%)

Revenue

9.58

46.47

-

Proft/(Loss) Before Tax

33.07

(41.47)

-

Proft/(Loss) After Tax

85.51

(54.81)

-

Total Assets

(1.28)

158.23

-

Total Liabilities

10.09

2,046.62

-

LIQUIDITY (Times)

Cash Ratio

0.04

0.18

2.94

Liquid Ratio

0.56

0.87

20.83

Current Ratio

1.26

1.25

20.83

WORKING CAPITAL CONTROL (Days)

Stock Ratio

123

68

0

Debtors Ratio

36

64

57

Creditors Ratio

62

69

3

SOLVENCY RATIOS (Times)

Gearing Ratio

0.36

0.20

0

Liabilities Ratio

0.80

0.66

0.05

Times Interest Earned Ratio

7.10

7.89

0

Assets Backing Ratio

0.78

0.84

1.17

PERFORMANCE RATIO (%)

Operating Profit Margin

5.30

4.37

10.93

Net Profit Margin

5.00

2.95

9.57

Return On Net Assets

10.28

6.93

16.85

Return On Capital Employed

7.65

5.40

16.85

Return On Shareholders' Funds/Equity

8.32

4.09

14.75

Dividend Pay Out Ratio (Times)

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0




 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.96

UK Pound

1

INR 91.88

Euro

1

INR 80.26

SGD

1

INR 50.63

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

                                                


 

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.