MIRA INFORM REPORT

 

Report Date :

06.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SWIRE PACIFIC OFFSHORE OPERATIONS (PTE) LTD

 

 

Formerly Known As :

YITAN INVESTMENTS PTE LTD

 

 

Registered Office :

300 Beach Road #12-01 The Concourse Singapore 199555

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

30.09.1998

 

 

Com. Reg. No.:

199804749H

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Investment Holding Companies

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

S$1,000,000

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Exists

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

executive Summary

 

Company Name

:

SWIRE PACIFIC OFFSHORE OPERATIONS (PTE) LTD

Registration No

:

199804749H

Date of Registration

:

30/09/1998

Former Name

:

YITAN INVESTMENTS PTE LTD Eff. date : 30/09/1998 Eff. date : 30/09/1998

Date of Change of Name

:

04/12/1998

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

300 BEACH ROAD #12-01 THE CONCOURSE SINGAPORE 199555

Date of Change of Address

:

28/10/1998

Contact No.

:

6309 3600

Fax No.

:

6396 6484

Website

:

NA

Registered Activities

:

OTHER INVESTMENT HOLDING COMPANIES

Issued Ordinary Capital*

:

$500,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$500,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

1

No. of Local Associates

:

1

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 463,604,804.00 (FY2010)

Net Worth

:

SGD - SIN 114,943,913.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

395 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

90 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

407 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

110 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

241 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

7.52% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

SWIRE PACIFIC OFFSHORE HOLDINGS LTD

SHAREHOLDER ID

:

S87UF0121L

NATIONALITY

:

BERMUDA

ADDRESS

:

CANON'S COURT, 22 VICTORIA STREET HAMILTON HM12, BERMUDA

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

BRIAN TOWNSLEY

ADDRESS

:

31, RUE DE RIVOLLET, 17600 CORME ROYAL FRANCE

POSITION

:

DIRECTOR

DATE OF APPT

:

06/11/1998

NATIONALITY

:

BRITISH

I/C PASSPORT

:

761116282

 

NAME

:

NEIL FRANCIS GLENN

ADDRESS

:

1 THE KNOLLS #A-7401 SINGAPORE 098297

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2009

NATIONALITY

:

BRITISH

I/C PASSPORT

:

F1985270U

 

NAME

:

IAN CHARLES OFFLAND

ADDRESS

:

12 GREENLEAF LANE BAN GUAN PARK SINGAPORE 279471

POSITION

:

DIRECTOR

DATE OF APPT

:

01/11/2011

NATIONALITY

:

BRITISH

I/C PASSPORT

:

F5602058Q

 

NAME

:

COLIN JOHN PAYNE

ADDRESS

:

78A FERNHILL CLOSE SINGAPORE 259203

POSITION

:

DIRECTOR

DATE OF APPT

:

17/11/2008

NATIONALITY

:

BRITISH

I/C PASSPORT

:

G5830496X

 

NAME

:

NIGEL LLEWELYN GRIBBLE

ADDRESS

:

77 TREVOSE CRESCENT SINGAPORE 298091

POSITION

:

DIRECTOR

DATE OF APPT

:

30/07/2010

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

G6144600T

 

NAME

:

OO LAY KIM

ADDRESS

:

354 CHOA CHU KANG CENTRAL #04-333 SINGAPORE 680354

POSITION

:

SECRETARY

DATE OF APPT

:

01/03/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1835886G

 

 

KEY PERSONNEL PROFILE

 

Name:

BRIAN TOWNSLEY

NRIC Number:

761116282

Available Address:

31, RUE DE RIVOLLET, 17600 CORME ROYAL FRANCE

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

No Trace

 

 

 

 

 

 

 

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

DROMOND SHIPPING PTE LTD

LIVE COMPANY

DIRECTOR

02/02/1994

08/11/2011

2

SWIRE PACIFIC OFFSHORE SERVICES (PTE.) LIMITED

LIVE COMPANY

DIRECTOR

02/02/1994

08/11/2011

3

THE CHINA NAVIGATION COMPANY PTE. LTD.

LIVE COMPANY

DIRECTOR

13/11/2009

24/11/2011

 

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

SWIRE SALVAGE PTE. LTD.

100

SWIRE OCEAN SALVAGE (PTE.) LIMITED

50

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

             

 

 

 

 

 

LITIGATION

 

To date, there have been 2 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

Bef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

325

 

Date of Filing

:

29/01/2009

 

Amount

:

0.00

 

Cause

:

Tort - Negligence (Professional  Accidents With Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ROBERT C. GAMIT

 

2)

Court

:

Magistrate Court

 

Case No.

:

8633

 

Date of Filing

:

06/04/2010

 

Amount

:

0.00

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

CHAN JIM MI TRADING AS K CHAN SHIP CHANDLERS (UEN NO. 22518400A)

 

COMPLIANCE

 

Date of Last AGM

:

23/08/2011

Date of Last AR

:

16/09/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

463,604,804

-26.19

628,080,512

601,675,014

487,868,185

346,912,241

Profit/(Loss) Before Tax

114,689,453

-58.85

278,698,713

349,260,053

258,263,799

147,840,980

Profit After Tax attributable to Shareholders

112,540,829

-58.85

273,471,875

341,709,926

250,776,259

145,465,273

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

1,785,636,026

26.31

1,413,671,895

2,119,559,591

1,763,178,301

1,415,507,029

Current Assets

338,221,218

213.58

107,857,368

945,202,276

691,022,003

475,697,440

Non Current Assets

1,447,414,808

10.84

1,305,814,527

1,174,357,315

1,072,156,298

939,809,589

 

 

 

 

 

 

 

Total Liabilities

1,670,692,111

46.36

1,141,484,902

1,783,952,130

1,303,690,044

1,195,453,674

Current Liabilities

1,595,275,264

39.91

1,140,182,558

1,778,549,507

1,303,690,044

209,342,502

Non Current Liabilities

75,416,847

5,690.85

1,302,344

5,402,623

0

986,111,172

 

 

 

 

 

 

 

Shareholders' Funds

114,943,913

-57.77

272,186,993

335,607,459

459,488,258

220,053,355

Share Capital

420,472

-6.49

449,636

435,991

464,309

488,974

Total Reserves

114,523,441

-57.86

271,737,357

335,171,468

459,023,949

219,564,381

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-26.19

4.39

23.33

40.63

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

24.28

43.54

56.79

51.40

41.93

Return on Equity (%)

97.91

100.47

101.82

54.58

66.10

Return on Assets (%)

6.30

19.34

16.12

14.22

10.28

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

14.53

4.19

5.32

2.84

5.43

Current Debt/Equity (Times)

13.88

4.19

5.30

2.84

0.95

Long Term Debt To Equity (Times)

0.66

0.00

0.02

0.00

4.48

Total Asset To Total Equity (Times)

15.53

5.19

6.32

3.84

6.43

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.26

0.44

0.28

0.28

0.25

Fixed Assets Turnover (Times)

0.32

0.48

0.51

0.46

0.37

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.21

0.09

0.53

0.53

2.27

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 7.52% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 24.28 per cent in FY10 (FY09: 43.54 per cent). The company is now able to book in SGD - SIN 0.24 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.44 a year ago.

 

Liquidity

 

Current ratio stood at 0.21 times in FY10 (FY09: 0.09 times). This means that the company has SGD - SIN 0.21 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

Total debt-to-equity ratio notched 14.53 times in FY10, compared with 4.19 times in FY09. This means that the company requires additional external financing of SGD - SIN 14.53 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

Efficiency Ratio

 

Return on equity was 97.91 per cent for Subject in the current financial period, as compared to 100.47 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 6.30 per cent (FY09: 19.34 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 0.26 times in FY10 (FY09: 0.44 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.39

UK Pound

1

Rs.80.20

Euro

1

Rs.68.92

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

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