MIRA
INFORM REPORT
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Report Date : |
9th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
HESS
CORPORATION PTE. LTD. |
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Registered Office : |
6 UBI Road 1, #07-14, Wintech Centre, Singapore 408726, Singapore |
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Country : |
Singapore |
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Financials (as on) : |
31.05.2006 |
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Date of Incorporation : |
02.06.2003 |
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Legal Form : |
Pte Limited |
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Line of Business : |
General
Contractor and Wholesale General Trader |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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Status : |
Small
Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
Company Name
HESS
CORPORATION PTE. LTD.
Line Of Business
GENERAL CONTRACTOR AND WHOLESALE GENERAL
TRADER.
Parent Company
-
Financial Elements
FY2006
COMPANY
Sales : S$
7,564
Networth :
-S$430,856
Paid-Up Capital : S$ 50,000
Net result : -S$207,662
Net
Margin(%) : -2,745.40
Return on Equity(%) : 48.20 (POSITIVE ROE DUE TO OFF-SET OF NEGATIVE EARNINGS AND
NEGATIVE TOTAL EQUITY)
Leverage Ratio : - 1.20 TIMES
Rating
Credit Rating : Up to
Singapore $ 10000
BUSINESS INFORMATION REPORT
COMPANY IDENTIFICATION
Subject Company : HESS CORPORATION PTE. LTD.
Former Name : -
Business Address : 6 UBI ROAD 1, #07-14, WINTECH CENTRE
Town : SINGAPORE
Postcode : 408726
Country : Singapore
Telephone : 6844 4708
Fax : 6844 4706
ROC Number : 200305069E
Reg. Town : -
SUMMARY
All amounts in this report are in : SGD
Legal Form : Pte Ltd
Date Inc. : 02/06/2003
Previous Legal Form : -
Summary year : 31/05/2006
Sales : 7,564
Net Worth : -430,856
Paid-Up Capital : 50,000
Employees : -
Net Result : -207,662
Auditor : C.S. CHAN & CO
REFERENCES
Litigation :
No
Company status : TRADING
Started :
02/06/2003
PRINCIPAL(S)
ONG HOR THONG ALOYSIUS S1548623F
Director
DIRECTOR(S)
ONG HOR THONG ALOYSIUS S1548623F Director
Appointed on : 02/06/2003
Street : 134 RIVERVALE STREET, #15-712
Town : SINGAPORE
Postcode : 540134
Country : Singapore
BEK NGIN HONG IVY S1758863Z Director
Appointed on : 02/06/2003
Street : 134 RIVERVALE STREET, #15-712
Town : SINGAPORE
Postcode : 540134
Country : Singapore
SIM BEE LIAN S6916401C Company Secretary
Appointed on : 28/09/2006
Street : 33 MANGIS ROAD, #02-14
Town : SINGAPORE
Postcode : 424968
Country : Singapore
ACTIVITY (IES)
CONSTRUCTION MANAGEMENT Code: 5350
IMPORTERS And EXPORTERS Code: 11760
BASED ON ACRA'S RECORD AS AT 05/02/2007
1) MIXED CONSTRUCTION ACTIVITIES
2) GENERAL WHOLESALE TRADE (INCLUDING
GENERAL IMPORTERS & EXPORTERS)
CHARGES
No Charges On
Premises/Property In Our Database
PREMISES/PROPERTY INFORMATIONS
No
Premises/Property Information In Our Databases
BANKERS
No Bankers’
Information In Our Databases
SHAREHOLDERS(S)
ONG HOR THONG ALOYSIUS 20,000 Private Person
Street : 134 RIVERVALE STREET, #15-712
Town : SINGAPORE
Postcode : 540134
Country : Singapore
BEK NGIN HONG IVY 30,000 Private Person
Street : 134 RIVERVALE STREET, #15-712
Town : SINGAPORE
Postcode : 540134
Country : Singapore
SUBSIDIARY (IES)
No Participation
In Our Database
PAYMENT HISTORY AND EXPERIENCES
Trade Morality :
AVERAGE
Liquidity :
LACKING
Payments :
SLOW
Trend :
DOWNWARD
Financial Situation : BAD
LITIGATION(S)
No Litigation In
Our Database
FINANCIAL ELEMENTS
All amounts in this report are in : SGD
Audit Qualification: GOING CONCERN GOING CONCERN
QUALIFICATION QUALIFICATION
Date Account Lodged: 27/09/2006
Balance Sheet Date: 31/05/2006 31/05/2005
Number of weeks: 52 52
Consolidation Code: COMPANY COMPANY
ASSETS
Tangible Fixed Assets: 2,370 23,942
Total Fixed Assets: 2,370 23,942
Inventories: 44,814 48,626
Receivables: 17,481 23,151
Cash, Banks, Securities: 5,837 8,060
Other current assets: 14,309 16,154
Total Current Assets: 82,441 95,991
TOTAL ASSETS: 84,811 119,933
LIABILITIES
Equity capital: 50,000 50,000
Profit & loss Account: -480,856 -273,194
Total Equity: -430,856 -223,194
Trade Creditors: 9,870 9,870
Other Short term Liab.: 503,405 331,064
Prepay. & Def. charges: 2,392 2,193
Total short term Liab.: 515,667
343,127
TOTAL LIABILITIES: 515,667 343,127
PROFIT & LOSS ACCOUNT
Net Sales 7,564
29,055
Purchases,Sces & Other Goods: 4,777 20,343
Gross Profit: 2,787 8,712
NET RESULT BEFORE TAX: -207,662 -162,698
Net income/loss year: -207,662 -162,698
Depreciation: 21,572 21,055
Directors Emoluments: 35,256 32,256
Wages and Salaries: 1,049 1,507
RATIOS
31/05/2006 31/05/2005
Net result / Turnover(%):
-27.45 -5.60
Stock / Turnover(%):
5.92 1.67
Net Margin(%):
-2745.40 -559.97
Return on Equity(%):
48.20 72.90
Return on Assets(%):
-244.85 -135.66
Net Working capital:
-433226.00
-247136.00
Cash Ratio:
0.01 0.02
Quick Ratio:
0.05 0.09
Current ratio:
0.16 0.28
Receivables Turnover:
831.99 286.85
Leverage Ratio:
-1.20 -1.54
Net Margin :
(100*Net income loss year)/Net sales
Return on Equity : (100*Net income loss
year)/Total equity
Return on Assets : (100*Net income loss
year)/Total fixed assets
Net Working capital : (Total current assets-Total
short term liabilities)
Cash Ratio :
Cash Bank securities/Total short term liabilities
Quick Ratio :
(Cash Bank securities+Receivables)/Total Short term liabilities
Current ratio : Total current
assets/Total short term liabilities
Inventory Turnover : (360*Inventories)/Net
sales
Receivables Turnover : (Receivable*360)/Net sales
Leverage Ratio :
Total liabilities/(Total equity-Intangible assets)
FINANCIAL COMMENTS
AUDITORS'
REPORT:
WITHOUT QUALIFYING OUR OPINION, WE DRAW
ATTENTION TO NOTE 2(A) TO THE FINANCIAL STATEMENTS. THE FINANCIAL STATEMENTS ARE PREPARED ON THE
GOING CONCERN BASIS AS THE SHAREHOLDERS HAVE GIVEN THEIR ASSURANCE TO
SUPPORT THE COMPANY FINANCIALLY.
THE FINANCIAL CONDITION OF THE COMPANY WAS
DEEMED TO BE LIMITED IN VIEW OF THE FOLLOWING:
NET WORTH:
THE BALANCE SHEET WAS INADEQUATE WITH
CAPITAL DEFICIENCY OF S$430,856 (2005: -S$223,194). THIS WAS ATTRIBUTED TO HIGHER
RETAINED LOSSES BROUGHT FORWARD OF S$480,856 (2005: -S$273,194).
LEVERAGE:
THE LEVERAGE RATIO REMAINED UNFAVOURABLE AT
-1.20 TIMES (2005: -1.54 TIMES), INDICATING THAT THE COMPANY'S TOTAL LIABILITIES WERE
SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.
IN THE SHORT TERM, TRADE CREDITORS TOTALLED
S$9,870 (2005: S$9,870). OTHER SHORT TERM LIABILITIES OF S$503,405 (2005: S$331,064) REPRESENTED:
* DIRECTORS OF S$503,405 (2005: S$330,616)
* SUNDRY OF NIL (2005: S$448).
LIQUIDITY:
THE OVERALL LIQUIDITY OF THE COMPANY WAS
UNHEALTHY. BOTH THE QUICK AND CURRENT RATIOS WERE LACKING AT 0.05 TIMES (2005: 0.09 TIMES)
AND 0.16 TIMES (2005: 0.28 TIMES) RESPECTIVELY.
THIS WAS IN TANDEM WITH THE NET WORKING
CAPITAL, WHICH REGISTERED UNFAVOURABLY AT -S$433,226 (2005: -S$247,136).
PROFITABILITY:
REVENUE FOR FY2006 DETERIORATED BY 73.97%,
AMOUNTING TO S$7,564 (2005: S$29,055). LIKEWISE, NET LOSSES INCURRED ROSE TO S$207,662
(2005: -S$162,698).
AS A RESULT, NET MARGIN STOOD NEGATIVELY AT
-2,745.40% (2005:
-559.97%).
DEBT SERVICING:
DEBT SERVICING PROBLEMS WERE ANTICIPATED IN
VIEW OF THE CAPITAL DEFICIENCY, UNHEALTHY LIQUIDITY, AS WELL AS FALLING REVENUES AND
NET INCOMES AND IF TRADE RECEIVABLES WERE NON-FORTHCOMING.
IN ADDITION, AVERAGE COLLECTION PERIOD HAD
LENGTHENED TO 832 DAYS (2005: 287 DAYS).
NOTES TO THE FINANCIAL
STATEMENTS:
BASIS OF ACCOUNTING
THE FINANCIAL STATEMENTS ARE PREPARED ON THE
GOING CONCERN BASIS AS THE SHAREHOLDERS HAVE GIVEN THEIR ASSURANCE TO SUPPPORT THE
COMPANY FINANCIALLY AND SO AS TO ENABLE IT TO CONTINUE AS A GOING
CONCERN.
BACKGROUND/OPERATION
THE COMPANY WAS INCORPORATED IN THE REPUBLIC
OF SINGAPORE ON
02/06/2003 AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT
NAMESTYLE AS "HESS CORPORATION PTE. LTD.".
AS AT 05/02/2007, SUBJECT HAS AN ISSUED AND
PAID-UP CAPITAL OF 50,000 SHARES OF A VALUE OF S$50,000
PRINCIPAL ACTIVITIES:
SUBJECT IS REGISTERED WITH THE ACCOUNTING
& CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:
1) MIXED CONSTRUCTION ACTIVITIES
2) GENERAL WHOLESALE TRADE (INCLUDING
GENERAL IMPORTERS & EXPORTERS)
DURING THE FINANCIAL YEAR(S), UNDER REVIEW,
SUBJECT'S PRINCIPAL ACTIVITIES ARE TO CARRY ON THE BUSINESS AS GENERAL CONTRACTOR AND
WHOLESALE GENERAL TRADER.
FROM THE RESEARCH CONDUCTED, THE FOLLOWING
INFORMATION WAS GATHERED:
SUBJECT IS LISTED IN THE SINGAPORE LOCAL
DIRECTORY UNDER THE CLASSIFICATION OF: CONSTRUCTION MANAGEMENT.
SERVICES RENDERED:
* DESIGN ENGINEERING
* PROCUREMENT
* CONSTRUCTION MANAGEMENT
* TESTING AND COMMISSIONING
* MAINTENANCE AND FACILITY MANAGEMENT
* SALES AND MARKETING
NO OTHER INFORMATION WAS GATHERED AS A
TELE-INTERVIEW REQUEST WAS DENIED BY THE SUBJECT'S PERSONNEL. THEY WERE ONLY WILLING TO
VERIFY THE CONTACT DETAILS AND BUSINESS ADDRESS.
REGISTERED ADDRESS:
137 YIO CHU KANG ROAD
SINGAPORE 545583
DATE OF CHANGE OF ADDRESS: 30/11/2003
BUSINESS ADDRESS:
6 UBI ROAD 1
#07-14
WINTECH CENTRE
SINGAPORE 408726
-- RENTED PREMISE
-- PREMISE OWNED BY: TANG SUAY TUEN
WEBSITE:
* http://www.hess-corp.com (WEBSITE DOWN)
EMAIL:
* NA
MANAGEMENT
THE DIRECTORS AT THE TIME OF THIS REPORT
ARE:
1) ONG HOR THONG ALOYSIUS, A SINGAPOREAN
- HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN
OUR DATABASE
2) BEK NGIN HONG IVY, A SINGAPOREAN
- HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN
OUR DATABASE
SINGAPORE'S COUNTRY RATING 2006
INVESTMENT GRADE
IN SINGAPORE, THE POLITICAL SITUATION
APPEARS TO BE VERY STABLE.
ECONOMIC GROWTH IS BECOMING MORE MODERATE AS
INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS BUOYANT DEMAND
FOR ELECTRONIC PRODUCTS.
ECONOMIC PERFORMANCE HAS REMAINED STRONG,
UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM THE
STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED
STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS,
LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED
TO SINGAPORE'S STRONG FINANCIAL CONDITION.
AS THE ELECTRONICS SECTOR FACES COMPETITION
FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING DIVERSIFICATION STRATEGY
THAT HAS BEEN CONSOLIDATING ITS POSITION. PHARMACEUTICALS ALREADY REPRESENT 10%
OF EXPORTS IN COMPARATIVE TO ITS INSIGNIFICANT CONTRIBUTION IN YEAR 1995.
ELECTRONICS SECTOR SECTOR'S SHARE HAS DECLINED FROM 80% TO 60% DURING THE SAME
PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL PRODUCTS, HIGH
VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.
ASSETS
- ONE OF THE MOST OPEN ECONOMIES IN THE
WORLD WITH EXPORTS PLAYING A MAJOR
ROLE IN ITS PERFORMANCE.
- ONE OF ASIA'S MOST ADVANCED COUNTRIES IN
QUALITY COMPETITIVENESS TERMS.
- WORKFORCE'S EDUCATION AND SKILL LEVEL IS
VERY HIGH.
- A MAJOR EXPORT OF CAPITAL IN ASIA,
PARTICULARLY THE STATE-OWNED HOLDING
COMPANY, TEMASEK.
- THE BUSINESS ENVIRONMENT HAS BEEN VERY
FAVOURABLE.
- GREAT POLITICAL STABILITY.
WEAKNESSES
- ECONOMY REMAINED OVERSPECIALISED IN THE
ELECTRONICS SECTOR.
- MUST ACCELERATE DIVERSIFICATION IN
SERVICES TO MAINTAIN ITS LEAD OVER
OTHER ASIAN ECONOMIES
- REFORMS ARE STILL NEEDED TO FOSTER
INNOVATION AND EDUCATION-SYSTEM
MODERNIZATION.
- AGING POPULATION COULD ULTIMATELY AFFECT
ECONOMIC PERFORMANCE.
CONSTRUCTION
SECTOR
OUTLOOK
FOR YEAR 2006
THE PERENNIAL LAGGARD OF THE SINGAPORE ECONOMY, THE CONSTRUCTION SECTOR, IS FINALLY SET TO STAGE A RECOVERY THIS YEAR. THE SECTOR IS EXPECTED TO GROW FOR THE FIRST TIME SINCE 2001, SAID DEPUTY SECRETARY OF THE MINISTRY OF TRADE AND INDUSTRY, DR NG WAI CHOONG.
BASED ON THE BUILDING AND CONSTRUCTION AUTHORITY’S LATEST DEVELOPMENT PLAN SURVEY AND THE RECENT DEVELOPMENTS IN THE SECTOR, TOTAL CONSTRUCTION DEMAND IS LIKELY TO REACH BETWEEN S$12 BILLION AND S$13.5 BILLON THIS YEAR. THE TOTAL VALUE OF CONSTRUCTION CONTRACTS AWARDED LAST YEAR INCREASED BY ALMOST 10% TO S$11.3 BILLION, WITH THE PRIVATE SECTOR BEING THE MAIN IMPETUS OF THE GROWTH.
CONSTRUCTION SECTOR ACTIVITY IN THE FOURTH QUARTER OF 2005, REGISTERING GROWTH ON A QUARTER - BY- QUARTER BASIS. ALTHOUGH THE SECTOR EXPERIENCED A 1.1% DECLINE LAST YEAR, IT WAS A SIGNIFICANT IMPROVEMENT OVER THE 6.1% DROP IN 2004.
THE SECTOR’S NEGATIVE PERFORMACE CONTRASTED SHARPLY AGAINST THE OTHER SECTORS OF THE ECONOMY, WHICH TOGETHER HELPED SINGAPORE EXPAND BY 6.4% LAST YEAR.
ECONOMIST CHUA HAK BIN EXPECTS THE CONSTRUCTION SECTOR TO GROW BY 2.5% THIS YEAR, BASED ON ENCOURAGING SALES OF PRIVATE RESIDENTIAL PROPERTY AS WELL AS COMMERCIAL DEVELOPMENTS. COMMERCIAL PROJECTS SUCH AS THE BUSINESS FINANCIAL SECTOR AND ORCHARD TURN WILL ALSO BOOST CONSTRUCTION SPENDING IN 2006.
HOWEVER, THE IMPACT FROM THE INTERGRATED RESORTS IS NOT LIKELY TO BE REFLECTED IN THE CONSTRUCTION FIGURES THIS YEAR.
ECONOMIST SUAN TECK KIN SEES THE CONSTRUCTION SECTOR GROWING BY ABOUT 5% THIS YEAR, CITING STRONG PRIVATE RESIDENTIAL PROPERTY SALES AND THE ORCHARD ROAD UPGRADING FOR HIS UPBEAT OUTLOOK.
NEWS:
SINGAPORE
CONSTRUCTION AND ENGINEERING FIRMS CLINCHED $2.2 BILLION OVERSEAS
CONTRACTS
IN 2005
Singapore
construction and engineering firms clinched a total of $2.2 billion worth of
overseas construction contracts in 2005, the second year in a row that
construction exports exceeded the $2 billion mark. The overseas reach of
construction exports also continued to widen in 2005, as indicated by a 9%
increase in the number of markets accessed to 38 countries.
Performance of Key Markets
Middle East – Middle East has emerged as an important
market for Singapore construction and engineering firms since 2003. Exports to
this region totalled $203 million in 2005. The United Arab Emirates remained
the largest market in the Middle East and accounted for half of the total contract
value clinched, followed by Qatar. Similar to China, the demand was underpinned
by environmental projects such as desalination plants and complex engineering
works.
Southeast Asia – Similar to a year ago, Southeast Asia
accounted for about 30% of the total export value in 2005. Indonesia was the
largest export market and contributed close to half of the construction export
value to this region. In addition to the traditional markets of Indonesia,
Malaysia and Thailand, Vietnam has also emerged as a potential market for
Singapore firms to expand their operations, as indicated by the increase in the
total export value from
$12
million in 2004 to $42 million in 2005.
China – Led by continued strong demand for
environmental projects such as desalination and water treatment plants to
support its rapid economic development, exports to China remained strong at
$414 million in 2005.
India – Exports to India in 2005 made up 10% of the
total export value. Exports to India remained strong at $222 million in 2005.
The performance in 2005 was a significant improvement as compared to the
average annual export value of about $50 million recorded in the early 2000s.
Exports by Consultants
Export of
construction-related consultancy services also saw positive growth in 2005.
Overall, the total number of overseas consultancy projects secured by Singapore
firms increased by almost 15% to about 450 projects in 2005. There was also a
68% increase in the number of consultants venturing overseas, up from 44 in
2004 to 74 in 2005.
Our
consultants clinched contracts in 35 countries, compared to 29 countries in
2004. Some new destinations of Singaporean consultants included Egypt, France,
Germany, Jordan, Morocco, Oman and Syria. China and India remained the largest
export markets for local consultants and accounted for more than half (57%) of
the total number of projects secured in 2005. This was followed by Southeast
Asia where consultants secured close to one-fifth (23%) of their overseas
contracts there.
More
consultants were attracted to expand their operations in the Middle East region
in view of the tremendous business opportunities and closer economic links with
Singapore in recent years. This was reflected in the continued increase in the
number of consultancy projects secured in this region over the last three
years, from 5 projects in 2003 to 34 projects in 2005.
Similar to
the past, the types of contracts clinched included architectural and
engineering consultancy, masterplanning, quantity surveying and
project management.
Architectural design and masterplanning constituted about one-third of the
contracts. Another 25% of the contracts were for the provision of mixed
consultancy services while 20% were for the provision of other services such as
feasibility studies, landscape architecture and interior design consultancy.
Mr.
William Tan Yong Keh, BCA’s Director of Business Development, said, “Our firms
have acquired much experience and expertise in urban planning, mass housing
development, industrial park development, transportation network planning, and
environmental management. One key area that they can enhance their expertise is
the management of process engineering projects, so that they can undertake
complex engineering projects such as oil refineries, water treatment and
desalination plants, in countries where there is a pressing demand for such
niche expertise.”
EXTRACTED FROM:
BUILDING AND CONSTRUCTION AUTHORITY
MINISTRY OF TRADE AND INDUSTRY
THE STRAITS TIMES
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution needed
to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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