MIRA INFORM REPORT

 

 

Report Date :

03.05.2012

 

IDENTIFICATION DETAILS

 

Name :

SMIT SINGAPORE PTE LTD

 

 

Registered Office :

23 GUL ROAD SINGAPORE 629356

 

 

Country :

Singapore

 

 

Financials (as on) :

DEC 2010

 

 

Date of Incorporation :

29.08.1985

 

 

Com. Reg. No.:

198501849W

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Salvaging Of Distressed Vessels And Cargos Ship & Boat Leasing (Incl Chartering)

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

No complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Company Name:

Registered Number:

SMIT SINGAPORE PTE LTD

198501849W

 

Date Incorporated:

Registered Office:

Telephone Number:

29/08/1985

23 GUL ROAD SINGAPORE 629356

6668 4222

Age of Company:

Website:

Industry Type:

27

www.smit.com

TRANSPORT/STORAGE

 

Directors

 

Corporate Structure

Number of Current Directors

26

Holding Company:

SMIT HOLDING SINGAPORE PTE. LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

7

 

 

EXECUTIVE SUMMARY

 

Company Name

:

SMIT SINGAPORE PTE LTD

Registration No

:

198501849W

Date of Registration

:

29/08/1985

Former Name

:

1.SMIT TAK TOWAGE & SALVAGE (S) PTE. LTD. Eff. date : 29/08/1985 Eff. date : 29/08/1985

2.SMIT INTERNATIONAL SINGAPORE PTE LTD Eff. date : 10/02/1993 Eff. date : 10/02/1993

Date of Change of Name

:

31/05/2002

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

23 GUL ROAD SINGAPORE 629356

Date of Change of Address

:

01/12/1998

Contact No.

:

6668 4222

Fax No.

:

6668 4333

Website

:

www.smit.com

Registered Activities

:

1. SALVAGING OF DISTRESSED VESSELS AND CARGOS

SHIP & BOAT LEASING (INCL CHARTERING)

2. CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW (FREIGHT)

Issued Ordinary Capital*

:

$15,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 15,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$15,000,000.00 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

:

4

No. of Local Associates

:

3

Auditor

:

KPMG LLP

Bankers / Financiers

:

ABN AMRO BANK N.V.

Turnover

:

SGD - SIN 200,279,676.00 (FY2010)

Net Worth

:

SGD - SIN 202,530,764.00 (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

5

S1000 / SME 1000 / FG50 Ranking

:

1101 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

437 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011)

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

1203 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

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

Compounded Annual Growth Rate (CAGR)

:

11.26% (4 years)

SHAREHOLDER DETAILS

 

NAME

:

SMIT HOLDING SINGAPORE PTE. LTD.

SHAREHOLDER ID

:

200803195Z

NATIONALITY

:

SINGAPORE

ADDRESS

:

23 GUL ROAD SINGAPORE 629356

NO. OF ORD SHARES

:

15,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

CELINE ANNE GRIMBERGEN

ADDRESS

:

95 HOLLAND GROVE VIEW SINGAPORE 276252

POSITION

:

SECRETARY

DATE OF APPT

:

31/03/2012

NATIONALITY

:

DUTCH

I/C PASSPORT

:

G5235510P

 

NAME

:

HENDRIKUS JOHANNES HILHORST

ADDRESS

:

ROSSINISTRAAT 48, CAPELLE A/D YSSEL THE NETHERLANDS

POSITION

:

DIRECTOR

DATE OF APPT

:

01/09/2010

NATIONALITY

:

DUTCH

I/C PASSPORT

:

NK2512469

 

NAME

:

LEE SOOK FUNG

ADDRESS

:

23 HILLVIEW AVENUE #01-11 GLENDALE PARK SINGAPORE 669557

POSITION

:

SECRETARY

DIRECTOR

DATE OF APPT

:

05/09/1985

01/10/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2159473C

 

 

 

KEY PERSONNEL PROFILE

 

Name:

LEE SOOK FUNG

NRIC Number:

S2159473C

Available Address:

23 HILLVIEW AVENUE #01-11 GLENDALE PARK  SINGAPORE 669557

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ASIAN LIFT PTE LTD

DIRECTOR

17/04/1996

-

-

2

ASIAN LIFT PTE LTD

SECRETARY

22/02/1994

-

-

3

FLEETCARE SERVICES PTE LTD

DIRECTOR

14/05/2002

-

-

4

FLEETCARE SERVICES PTE LTD

SECRETARY

05/10/1985

-

-

5

KEPPEL SMIT TOWAGE PRIVATE LIMITED

DIRECTOR

31/08/1995

-

-

6

MAJU MARITIME PTE LTD

DIRECTOR

07/10/1999

-

-

7

ORIENT BLOSSOM PTE LTD

DIRECTOR

22/07/1998

-

-

8

ORIENT BLOSSOM PTE LTD

SECRETARY

30/07/1998

-

-

9

SMIT CONTRACTING SERVICES PTE. LTD.

DIRECTOR

22/07/2011

1

50.00

10

SMIT CONTRACTING SERVICES PTE. LTD.

SECRETARY

22/07/2011

1

50.00

11

SMIT HOLDING SINGAPORE PTE. LTD.

DIRECTOR

15/02/2008

-

-

12

SMIT HOLDING SINGAPORE PTE. LTD.

SECRETARY

29/02/2008

-

-

13

SMIT INSURANCE COMPANY PTE. LTD.

DIRECTOR

03/12/2004

-

-

14

SMIT LAND & MARINE ENGINEERING (FAR EAST) PTE LTD

DIRECTOR

18/07/1991

-

-

15

SMIT LAND & MARINE ENGINEERING (FAR EAST) PTE LTD

SECRETARY

22/02/1994

-

-

16

SMIT OFFSHORE MAINTENANCE (S) PTE LTD

DIRECTOR

31/08/1995

-

-

17

SMIT OFFSHORE MAINTENANCE (S) PTE LTD

SECRETARY

28/07/1987

-

-

18

SMIT SHIPPING SINGAPORE PTE. LTD.

DIRECTOR

15/02/2008

-

-

19

SMIT SHIPPING SINGAPORE PTE. LTD.

SECRETARY

29/02/2008

-

-

20

SMIT SINGAPORE PTE LTD

DIRECTOR

01/10/2009

-

-

21

SMIT SINGAPORE PTE LTD

SECRETARY

05/09/1985

-

-

22

SMIT TAK HEAVY LIFT (S) PTE. LTD.

DIRECTOR

12/11/1993

-

-

23

SMIT TAK HEAVY LIFT (S) PTE. LTD.

SECRETARY

05/09/1985

-

-

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ABSOLUTE RETURN PTE LTD

STRUCK OFF

DIRECTOR

01/06/1998

-

2

ASIAN LIFT PTE LTD

LIVE COMPANY

ALTERNATE DIRECTOR

24/10/1986

17/04/1996

3

HOLLAND INTERNATIONAL (S) PTE LTD

STRUCK OFF

SECRETARY

01/02/1992

15/09/2001

4

KEPPEL SMIT TOWAGE PRIVATE LIMITED

LIVE COMPANY

ALTERNATE DIRECTOR

10/04/1991

31/08/1995

5

SMIT INTERNATIONAL EMINENT CARRIERS PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

01/11/1999

-

6

SMIT INTERNATIONAL SOUTH EAST ASIA (PTE) LIMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

SECRETARY

01/04/1981

-

7

SMIT INTERNATIONAL TRANSPORT AND INSTALLATION PTE. LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

05/07/1999

-

8

SMIT MAMMOET (S) PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

SECRETARY

09/02/1990

19/11/2002

9

SMIT SINGAPORE PTE LTD

LIVE COMPANY

ALTERNATE DIRECTOR

31/10/2000

01/01/2007

10

SMIT TAK HEAVY LIFT (S) PTE. LTD.

LIVE COMPANY

ALTERNATE DIRECTOR

01/04/1993

12/11/1993

11

VROON OFFSHORE SERVICES PTE. LTD.

LIVE COMPANY

DIRECTOR

01/11/1999

19/04/2012

 

Bankruptcy Record

 

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Note: Please purchase case details to know the latest status.

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

SMIT LAND & MARINE ENGINEERING (FAR EAST) PTE LTD

100

SMIT TAK HEAVY LIFT (S) PTE. LTD.

100

SMIT OFFSHORE MAINTENANCE (S) PTE LTD

100

ORIENT BLOSSOM PTE LTD

100

MAJU MARITIME PTE LTD

49

KEPPEL SMIT TOWAGE PRIVATE LIMITED

49

FLEETCARE SERVICES PTE LTD

45

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

9605133

 

Date of Registration

:

27/08/1996

 

Chargee

:

ABN AMRO BANK N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

LEVEL 26 ONE RAFFLES QUAY SOUTH TOWER SINGAPORE 048583

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available in DP Information Network Pte Ltd database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered by DP Information Network Pte Ltd.

 

To date, there have been 5 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

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

0

1

High (>$250,000)

0

3

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

1096

 

Date of Filing

:

21/12/2000

 

Amount

:

USD 934,871.92

USD 150,855.95

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

UNOCAL THAILAND LTD

 

2)

Court

:

District Court

 

Case No.

:

2750

 

Date of Filing

:

18/08/2010

 

Amount

:

200,015.00

 

Cause

:

Others / Miscellaneous

 

Case Status

:

PENDING

 

Plaintiff

:

REGSHIP SERVICES SDN BHD

 

3)

Court

:

Supreme Court

 

Case No.

:

424

 

Date of Filing

:

01/03/1991

 

Amount

:

28,764.00

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

J P VAN HEEREN

 

4)

Court

:

Magistrate Court

 

Case No.

:

13410

 

Date of Filing

:

27/09/1993

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Injuries)

 

Case Status

:

PENDING

 

Plaintiff

:

LIM SONG KOW

 

5)

Court

:

Supreme Court

 

Case No.

:

1175

 

Date of Filing

:

11/06/1997

 

Amount

:

0.00

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

MAN B & W DIESEL A/S, ALPHA DIESEL

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

31/08/2011

Date of Last AR

:

30/09/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

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

200,279,676

23.48

162,194,242

211,909,376

173,273,117

130,685,665

Profit/(Loss) Before Tax

71,479,358

23.61

57,827,526

81,632,291

74,487,358

44,153,983

Profit After Tax attributable

 to Shareholders

66,839,833

10.58

60,442,052

79,051,110

73,629,394

44,743,071

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

340,463,682

11.06

306,567,991

357,742,599

347,739,319

236,638,478

Current Assets

169,502,443

30.78

129,606,603

179,961,409

175,219,890

82,453,610

Non Current Assets

170,961,239

-3.39

176,961,388

177,781,190

172,519,429

154,184,868

 

 

 

 

 

 

 

Total Liabilities

137,932,918

-0.24

138,262,314

178,828,780

150,848,618

113,377,171

Current Liabilities

85,274,305

16.59

73,142,124

100,149,326

105,985,868

73,729,346

Non Current Liabilities

52,658,613

-19.14

65,120,190

78,679,454

44,862,750

39,647,825

 

 

 

 

 

 

 

Shareholders' Funds

202,530,764

20.34

168,305,677

178,913,819

196,890,701

123,261,307

Share Capital

15,000,000

0.00

15,000,000

15,000,000

15,000,000

15,000,000

Total Reserves

187,530,764

22.32

153,305,677

163,913,819

181,890,701

108,261,307

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

23.48

-23.46

22.30

32.59

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

33.37

37.27

37.30

42.49

34.24

Return on Equity (%)

33.00

35.91

44.18

37.40

36.30

Return on Assets (%)

19.63

19.72

22.10

21.17

18.91

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.68

0.82

1.00

0.77

0.92

Current Debt/Equity (Times)

0.42

0.43

0.56

0.54

0.60

Long Term Debt To Equity (Times)

0.26

0.39

0.44

0.23

0.32

Total Asset To Total Equity (Times)

1.68

1.82

2.00

1.77

1.92

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.59

0.53

0.59

0.50

0.55

Fixed Assets Turnover (Times)

1.17

0.92

1.19

1.00

0.85

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.99

1.77

1.80

1.65

1.12

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 11.26% (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 33.37 per cent in FY10 (FY09: 37.27 per cent). The company is now able to book in SGD - SIN 0.33 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.37 a year ago.

 

Liquidity

Current ratio stood at 1.99 times in FY10 (FY09: 1.77 times). This means that the company has SGD - SIN 1.99 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 0.68 times in FY10, as compared with 0.82 times in FY09. This means that the company requires additional external financing of SGD - SIN 0.68 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 33.00 per cent for Subject in the current financial period, as compared to 35.91 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 19.63 per cent (FY09: 19.72 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 0.59 times in FY10 (FY09: 0.53 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.52.93

UK Pound

1

Rs.85.85

Euro

1

Rs.69.94

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

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.