MIRA INFORM REPORT

 

 

Report Date :

24.05.2012

 

IDENTIFICATION DETAILS

 

Name :

PACIFIC WORLD SHIPPING PTE. LTD.

 

 

Registered Office :

1 North Bridge Road #16-02 High Street Centre Singapore 179094

 

 

Country :

Singapore

 

 

Financials (as on) :

Mar 2011

 

 

Date of Incorporation :

11.08.2008

 

 

Com. Reg. No.:

200816010R

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Ship Brokering Services

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

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 – March 31st, 2012

 

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:

Registered Number:

PACIFIC WORLD SHIPPING PTE. LTD.

200816010R

 

Date Incorporated:

Registered Office:

Telephone Number:

11/08/2008

1 NORTH BRIDGE ROAD #16-02 HIGH STREET CENTRE SINGAPORE 179094

66039850

Age of Company:

Website:

Industry Type:

4

NA

TRANSPORT/STORAGE

 

Credit Assessment

 

 

Risk Dashboard

Risk & Rating

Days Beyond Terms

Trend:

No. of Litigation Counts:

Recommended Credit Line:

Company DTC:

NA

S$320,000

116

 

Better than last month;last month the entity took 49 days to pay

No. of Charges(s):
1

 

Industry DTC

 

30

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

SHUN SHING GROUP INTERNATIONAL LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

Risk Assessment Grid

Section

Assessment

Profitability

STRONG

GOOD

FAIR

MARGINAL

WEAK

Capital Structure

STRONG

GOOD

FAIR

MARGINAL

WEAK

Liquidity

STRONG

GOOD

FAIR

MARGINAL

WEAK

Activity

STRONG

GOOD

FAIR

MARGINAL

WEAK

Growth

STRONG

GOOD

FAIR

MARGINAL

WEAK

Size

STRONG

GOOD

FAIR

MARGINAL

WEAK

EXECUTIVE SUMMARY

 

Company Name

:

PACIFIC WORLD SHIPPING PTE. LTD.

Registration No

:

200816010R

Date of Registration

:

11/08/2008

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 NORTH BRIDGE ROAD #16-02 HIGH STREET CENTRE SINGAPORE 179094

Date of Change of Address

:

01/10/2010

Contact No.

:

66039850

Fax No.

:

65362533

Website

:

NA

Registered Activities

:

SHIP BROKERING SERVICES

SHIP CHARTERING & OPERATING

Issued Ordinary Capital*

:

$1,009,000.00 U.S. DOLLAR ,NO. OF SHARE : 1,009,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,009,000.00 U.S. DOLLAR

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

:

NA

No. of Local Associates

:

NA

Auditor

:

TAN, TEO & PARTNERS PAC

Bankers / Financiers

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

Turnover

:

SGD - SIN 26,720,951.00 (FY2011)

Net Worth

:

SGD - SIN 1,601,779.00 (FY2011)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

SHUN SHING GROUP INTERNATIONAL LTD

SHAREHOLDER ID

:

T11UF2432H

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

P.O.BOX NO. 957, OFFSHORE INCORPORATION CENTRE, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

1,009,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

U.S. DOLLAR

 

 

 

OFFICER DETAILS

 

NAME

:

YEO SOCK HWA

ADDRESS

:

6 LIM AH PIN ROAD #01-03 SINGAPORE 547822

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

11/08/2008

11/08/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1254472C

 

NAME

:

SAJJID HAIDER PASHA

ADDRESS

:

19TH FLOOR, ROOM 1904, FAR EAST FINANCE CENTRE, 16 HARCOURT ROAD, ADMIRALTY, HONG KONG

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

11/08/2008

01/04/2011

NATIONALITY

:

BANGLADESHI

I/C PASSPORT

:

W 0527051

 

NAME

:

MOHAMMED ALI PASHA

ADDRESS

:

19TH FLOOR, ROOM 1904, FAR EAST FINANCE CENTRE, 16 HARCOURT ROAD, ADMIRALTY, HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

11/08/2008

NATIONALITY

:

BANGLADESHI

I/C PASSPORT

:

W 0527053

 

NAME

:

IKRAM AHMED KHAN

ADDRESS

:

19TH FLOOR, ROOM 1904, FAR EAST FINANCE CENTRE, 16 HARCOURT ROAD, ADMIRALTY, HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

11/08/2008

NATIONALITY

:

BANGLADESHI

I/C PASSPORT

:

W 0527108

 

 

 

KEY PERSONNEL PROFILE

 

Name:

SAJJID HAIDER PASHA

NRIC Number:

W 0527051

Available Address:

19TH FLOOR, ROOM 1904, FAR EAST FINANCE CENTRE, 16 HARCOURT ROAD, ADMIRALTY, HONG KONG

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

PACIFIC WORLD SHIPPING PTE. LTD.

DIRECTOR

11/08/2008

-

-

2

PACIFIC WORLD SHIPPING PTE. LTD.

MANAGING DIRECTOR

01/04/2011

-

-

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

PACIFIC WORLD SHIPPING PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

24/04/2012

 

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.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

 

 

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.

:

C201200072

 

Date of Registration

:

03/01/2012

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

 

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/09/2011

Date of Last AR

:

02/11/2011

Date of A/C Laid At Last AGM

:

31/03/2011
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

 

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

 

MAR 2011

% Change

MAR 2010

Currency

SGD - SIN

 

SGD - SIN

Profit and Loss Key Figures

 

 

 

Turnover

26,720,951

129.97

11,619,536

Profit/(Loss) Before Tax

702,100

-26.30

952,663

Profit After Tax attributable

 to Shareholders

702,100

-26.30

952,663

 

 

 

 

Balance Sheet Key Figures

 

 

 

Total Assets

3,782,811

-41.31

6,445,438

Current Assets

3,733,546

-41.54

6,386,011

Non Current Assets

49,265

-17.10

59,427

 

 

 

 

Total Liabilities

2,181,032

-60.20

5,479,949

Current Liabilities

2,181,032

-60.20

5,479,949

Non Current Liabilities

0

NA

0

 

 

 

 

Shareholders' Funds

1,601,779

65.90

965,490

Share Capital

11,952

-6.81

12,826

Total Reserves

1,589,827

66.88

952,664

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

Growth %

 

 

Year-on-Year Growth

129.97

NA

 

 

 

Profitability

 

 

Profit Margin (%)

2.63

8.20

Return on Equity (%)

43.83

98.67

Return on Assets (%)

18.56

14.78

 

 

 

Leverage

 

 

Total Debt/Equity (Times)

1.36

5.68

Current Debt/Equity (Times)

1.36

5.68

Long Term Debt To Equity (Times)

0.00

0.00

Total Asset To Total Equity (Times)

2.36

6.68

 

 

 

Asset Management

 

 

Total Assets Turnover (Times)

7.06

1.80

Fixed Assets Turnover (Times)

542.39

195.53

 

 

 

Liquidity

 

 

Current Ratio (Times)

1.71

1.17

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 2.63 per cent in FY11 (FY10: 8.20 per cent). The company is now able to book in SGD - SIN 0.03 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.08 a year ago.

 

 

Liquidity

Current ratio stood at 1.71 times in FY11 (FY10: 1.17 times). This means that the company has SGD - SIN 1.71 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.

 

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 1.36 times in FY11, compared with 5.68 times in FY10. This means that the company requires additional external financing of SGD - SIN 1.36 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 43.83 per cent for Subject in the current financial period, as compared to 98.67 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 18.56 per cent (FY10: 14.78 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 7.06 times in FY11 (FY10: 1.80 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.55.93

UK Pound

1

Rs.88.14

Euro

1

Rs.70.87

 

 

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.