MIRA INFORM REPORT

 

 

Report Date :

11.11.2011

 

IDENTIFICATION DETAILS

 

Name :

JURONG PORT PTE LTD

 

 

Registered Office :

37 Jurong Port Road Jurong Port Administration Building Singapore 619110

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

26.08.2000

 

 

Com. Reg. No.:

200007468N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Port Operators, Provide, Develop, Manage, Maintain, Design, Market, Sponsor, Construct Port, Marine

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

Payment Behaviour :

Usually Correct

Litigation :

Exist

 

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

:

JURONG PORT PTE LTD

Registration No

:

200007468N

Date of Registration

:

26/08/2000

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

37 JURONG PORT ROAD JURONG PORT ADMINISTRATION BUILDING SINGAPORE 619110

Date of Change of Address

:

NA

Contact No.

:

6265 0666

Fax No.

:

6265 6614

Website

:

www.jp.com.sg

Registered Activities

:

PORT OPERATORS, PROVIDE, DEVELOP, MANAGE, MAINTAIN, DESIGN, MARKET, SPONSOR, CONSTRUCT PORT, MARINE

Issued Ordinary Capital*

:

$683,400,002.00 SINGAPORE, DOLLARS, NO. OF SHARE: 683,400,002

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$683,400,002.00 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

:

2

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 152,208,569.00 (FY2011)

Net Worth

:

SGD - SIN 884,089,547.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

4

S1000 / SME 500 / FG50 Ranking

:

1277 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

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

998 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

472 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

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

Compounded Annual Growth Rate (CAGR)

:

1.84% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

JURONG TOWN CORPORATION

SHAREHOLDER ID

:

T08GB0025A

NATIONALITY

:

SINGAPORE

ADDRESS

:

8 JURONG TOWN HALL ROAD JTC SUMMIT, THE SINGAPORE 609434

NO. OF ORD SHARES

:

683,400,002

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CHAN MATTHEW SHIU KEI

ADDRESS

:

10 CUSCADEN WALK #09-01 SINGAPORE 249693

POSITION

:

DIRECTOR

DATE OF APPT

:

01/08/2002

NATIONALITY

:

BRITISH

I/C PASSPORT

:

761260713

 

NAME

:

LIM HOW TECK

 

ADDRESS

:

144 UPPER BUKIT TIMAH ROAD #20-03 BEAUTY WORLD CENTRE SINGAPORE 588177

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

01/07/2006

 

NATIONALITY

:

SINGAPORE CITIZEN

 

I/C PASSPORT

:

S0036736B

 

 

NAME

:

CHUA KOON HEAN

 

ADDRESS

:

45 MAXWELL ROAD URA CENTRE, THE SINGAPORE 069118

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

01/08/2008

 

NATIONALITY

:

SINGAPORE CITIZEN

 

I/C PASSPORT

:

S1235799J

 

 

NAME

:

GOON KOK LOON

 

ADDRESS

:

18 LIM TAI SEE WALK SINGAPORE 267785

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

01/06/2005

 

NATIONALITY

:

SINGAPORE CITIZEN

 

I/C PASSPORT

:

S1516396H

 

 

NAME

:

RAMASAMY SUBRAMANIAM IYER @ RAJENDRAN

 

ADDRESS

:

14 FLORA ROAD #08-06 AZALEA PARK CONDOMINIUM SINGAPORE 509731

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

20/04/2010

 

NATIONALITY

:

SINGAPORE CITIZEN

 

I/C PASSPORT

:

S1577594G

 

 

NAME

:

ANDRE FRANCIS MANIAM

 

ADDRESS

:

32A MIMOSA ROAD SINGAPORE 805420

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

05/09/2011

 

NATIONALITY

:

SINGAPORE CITIZEN

 

I/C PASSPORT

:

S1683131Z

 

 

NAME

:

KHIATANI MANOHAR RAMESH

 

ADDRESS

:

2 PEACH GARDEN #03-02 PEACH GARDEN SINGAPORE 437603

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

16/10/2009

 

NATIONALITY

:

SINGAPORE CITIZEN

 

I/C PASSPORT

:

S2175261D

 

 

OFFICER DETAILS

 

NAME

:

LEE CHONG KWEE

 

ADDRESS

:

9 JALAN MEMBINA #23-05 CENTRAL GREEN CONDOMINIUM SINGAPORE 169483

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

01/01/2009

 

NATIONALITY

:

SINGAPORE P.R.

 

I/C PASSPORT

:

S2505542Z

 

 

NAME

:

TAN SOK HIANG LYNNE

 

ADDRESS

:

37 JURONG PORT ROAD JURONG PORT ADMINISTRATION BUILDING SINGAPORE 619110

 

POSITION

:

SECRETARY

 

DATE OF APPT

:

01/02/2008

 

NATIONALITY

:

SINGAPORE CITIZEN

 

I/C PASSPORT

:

S7143126F

 

 

 

KEY PERSONNEL PROFILE

 

Name:

CHAN MATTHEW SHIU KEI

NRIC Number:

761260713

Available Address:

10 CUSCADEN WALK #09-01  SINGAPORE 249693

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

JURONG PORT PTE LTD

DIRECTOR

01/08/2002

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

 

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 (%)

 

JURONG PORT RIZHAO HOLDING PTE. LTD.

100

OFFSHORE JOINT SERVICES (BASES ) COMPANY OF SINGAPORE PTE LTD

25.1

NORTH CHINA PORTS CONSORTIUM PTE LTD

20

                                                                                                                       

 

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 4 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

2

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

17859

 

Date of Filing

:

20/07/2004

 

Amount

:

29,700.00

 

Cause

:

Tort - Negligence (Others)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

HUATIONG INLAND TRANSPORT SERVICE PTE LTD

 

2)

Court

:

Supreme Court

 

Case No.

:

484

 

Date of Filing

:

28/07/2006

 

Amount

:

312,800.00

 

Cause

:

Tort - Negligence (Industrial accidents)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

NALLUGOUNDER PALANISAMY

 

3)

Court

:

District Court

 

Case No.

:

2291

 

Date of Filing

:

21/07/2008

 

Amount

:

250,000.00

 

Cause

:

Tort - Negligence (Industrial Accidents With Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

CHINNAIYAN BASKARAN

 

4)

Court

:

District Court

 

Case No.

:

3433

 

Date of Filing

:

12/10/2010

 

Amount

:

250,000.00

 

Cause

:

Tort - Negligence (Industrial Accident)

 

Case Status

:

PENDING

 

Plaintiff

:

PALINESELVAN S/O NAGAPPAN

 

 

COMPLIANCE

 

Date of Last AGM

:

10/08/2011

Date of Last AR

:

19/08/2011

Date of A/C Laid At Last AGM

:

31/03/2011

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

152,208,569

1.67

149,702,304

167,859,929

150,606,117

141,480,219

Profit/(Loss) Before Tax

49,607,585

4.62

47,416,156

41,634,306

62,454,905

77,031,722

Profit After Tax attributable to Shareholders

39,822,645

40.19

28,406,553

37,482,732

51,708,376

73,691,030

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

960,255,450

1.63

944,878,094

946,860,361

931,840,448

907,292,809

Current Assets

288,697,151

2.33

282,115,991

249,376,051

267,528,444

289,738,394

Non Current Assets

671,558,299

1.33

662,762,103

697,484,310

664,312,004

617,554,415

 

 

 

 

 

 

 

Total Liabilities

76,165,903

-11.86

86,411,192

98,060,012

94,622,831

84,883,568

Current Liabilities

54,856,490

-6.46

58,643,340

67,014,960

60,168,281

53,903,613

Non Current Liabilities

21,309,413

-23.26

27,767,852

31,045,052

34,454,550

30,979,955

 

 

 

 

 

 

 

Shareholders' Funds

884,089,547

2.98

858,466,902

848,800,349

837,217,617

822,409,241

Share Capital

683,400,002

0.00

683,400,002

683,400,002

683,400,002

683,400,002

Total Reserves

200,689,545

14.64

175,066,900

165,400,347

153,817,615

139,009,239

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

1.67

-10.82

11.46

6.45

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

26.16

18.98

22.33

34.33

52.09

Return on Equity (%)

4.50

3.31

4.42

6.18

8.96

Return on Assets (%)

4.15

3.01

3.96

5.55

8.12

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.09

0.10

0.12

0.11

0.10

Current Debt/Equity (Times)

0.06

0.07

0.08

0.07

0.07

Long Term Debt To Equity (Times)

0.02

0.03

0.04

0.04

0.04

Total Asset To Total Equity (Times)

1.09

1.10

1.12

1.11

1.10

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.16

0.16

0.18

0.16

0.16

Fixed Assets Turnover (Times)

0.23

0.23

0.24

0.23

0.23

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

5.26

4.81

3.72

4.45

5.38

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 1.84% (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 26.16 per cent in FY11 (FY10: 18.98 per cent). The company is now able to book in SGD - SIN 0.26 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.19 a year ago.

 

Liquidity

 

Current ratio stood at 5.26 times in FY11 (FY10: 4.81 times). This means that the company has SGD - SIN 5.26 of current assets for every SGD - SIN of current liability incurred.

 

FINANCIAL COMMENTARY

 

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 0.09 times in FY11, compared with 0.10 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.09 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 4.50 per cent for Subject in the current financial period, as compared to 3.31 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.

 

FINANCIAL COMMENTARY

 

Return on assets stood at 4.15 per cent (FY10: 3.01 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 0.16 times in FY11 (FY10: 0.16 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.49.78

UK Pound

1

Rs.80.10

Euro

1

Rs.68.82

 

 

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.