MIRA INFORM REPORT

 

 

Report Date :

05.10.2012

 

IDENTIFICATION DETAILS

 

Name :

SINGAPORE AEROSPACE MANUFACTURING PRIVATE LIMITED

 

 

 

 

Registered Office :

51 Corporation Road, 649806

 

 

Country :

Singapore

 

 

Date of Incorporation :

24.12.1981

 

 

Com. Reg. No.:

198105871-Z

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Manufacturing and assembly of aircraft and spacecraft

 

 

No. of Employees :

300

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

 


* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

198105871-Z

COMPANY NAME

:

SINGAPORE AEROSPACE MANUFACTURING PRIVATE LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

24/12/1981

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

51 CORPORATION ROAD, 649806, SINGAPORE.

BUSINESS ADDRESS

:

51 CORPORATION ROAD, 649806, SINGAPORE.

TEL.NO.

:

65-66618795

FAX.NO.

:

N/A

WEB SITE

:

www.sam.sg

CONTACT PERSON

:

GOH WEE KENG ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

MANUFACTURING AND ASSEMBLY OF AIRCRAFT AND SPACECRAFT

AUTHORISED CAPITAL

:

90,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 90,000,000.00

ISSUED AND PAID UP CAPITAL

:

90,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 90,000,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

300 [2012]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

HISTORY / BACKGROUND

 

The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. The SC is governed by the Companies Act and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due. Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.

 

The SC is principally engaged in the (as a / as an) manufacturing and assembly of aircraft and spacecraft.

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

ACCURON TECHNOLOGIES LIMITED

51 CORPORATION ROAD, SINGAPORE.

199502993

90,000,000.00

100.00

 

 

 

---------------

------

 

 

 

90,000,000.00

100.00

 

 

 

============

=====

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

KANNAN RAMESH

Address

:

39 JALAN ZAMRUD, HILLVIEW ESTATE, 668627, SINGAPORE.

IC / PP No

:

S1724635F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/04/2008

 

DIRECTOR 2

 

Name Of Subject

:

GOH WEE KENG

Address

:

323 TANAH MERAH KECHIL AVENUE, D'MANOR, 465789, SINGAPORE.

IC / PP No

:

S2551304E

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/09/2001

 

 

 

DIRECTOR 3

 

Name Of Subject

:

LOH CHUK YAM

Address

:

65 WEST COAST PARK, HONG LEONG GARDEN, 127667, SINGAPORE.

IC / PP No

:

S0224733Z

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/05/1983

 

DIRECTOR 4

 

Name Of Subject

:

VICTOR LIEW CHENG SAN

Address

:

3 JALAN RUMBIA, 05-03, IMPERIAL, 239617, SINGAPORE.

IC / PP No

:

S0200791F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

12/02/2007

 

 

DIRECTOR 5

 

Name Of Subject

:

PHILIP YEO

Address

:

55 WEST COAST PARK,, 127662, SINGAPORE.

IC / PP No

:

S1261580I

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

12/02/2009

 

DIRECTOR 6

 

Name Of Subject

:

TAN KAI HOE

Address

:

28 LICHI AVENUE, SENNETT ESTATE, 348802, SINGAPORE.

IC / PP No

:

S1742369Z

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/03/2010

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

GOH WEE KENG

 

Position

:

DIRECTOR

 

 

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

YAO HIANG AGNES

 

IC / PP No

:

S0013081H

 

 

 

 

 

Address

:

175 LORONG 2 TOA PAYOH, 13-557, 310175, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation. 

No legal action was found in our databank. 

No winding up petition was found in our databank. 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The staff from the registered office refused to reveal information on the SC's suppliers. 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A


The staff from the registered office refused to reveal information on the SC's clientele. 

 

OPERATIONS

 

Products manufactured

:

AIRCRAFT AND SPACECRAFT

 

 

 

 

Total Number of Employees:

YEAR

2012

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

300

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacturing and assembly of aircraft and spacecraft.

The SC specializes in the precision machining of niche products of complex geometry that are made of aluminium alloys and hard & tough materials such as stainless steels, titanium and nickel-based alloys. 

These products are being used in the aerospace and front-end semiconductor equipment. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-66618795

Match

:

N/A

 

 

 

Address Provided by Client

:

CORPORATION ROAD 51 SINGAPORE 64980

Current Address

:

51 CORPORATION ROAD, 649806, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


We contacted one of the staff from the registered office. She only provided limited information on the SC.

She refused to disclose the SC's bankers.

The postcode at the address provided is incorrect.

FINANCIAL ANALYSIS

 

 

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2006

2007

2008

2009

2010

 

 

 

 

 

 

Population (Million)

4.40

4.58

4.84

4.98

5.08

Gross Domestic Products ( % )

8.7

8.8

1.5

<0.8>

14.5

Consumer Price Index

1.0

2.1

6.6

0.6

2.8

Total Imports (Million)

378,924.1

395,979.7

450,892.6

356,299.3

423,221.8

Total Exports (Million)

431,559.2

450,627.7

476,762.2

391,118.1

478,840.7

 

 

 

 

 

 

Unemployment Rate (%)

2.7

2.3

2.2

3.2

2.2

Tourist Arrival (Million)

9.75

10.28

10.12

9.68

11.64

Hotel Occupancy Rate (%)

85.2

87.0

81.0

75.8

85.6

Cellular Phone Subscriber (Million)

1.05

1.22

1.31

1.37

1.43

 

 

 

 

 

 

Registration of New Companies (No.)

21,495

25,903

25,327

26,414

29,798

Registration of New Companies (%)

10.2

20.5

<2.2>

4.3

12.8

Liquidation of Companies (No.)

8,980

9,226

10,493

22,393

15,126

Liquidation of Companies (%)

28.1

2.7

13.7

113.4

<32.5>

 

 

 

 

 

 

Registration of New Businesses (No.)

24,219

24,762

24,850

26,876

23,978

Registration of New Businesses (%)

3.17

2.24

0.36

8.15

<10.78>

Liquidation of Businesses (No.)

26,843

21,322

21,150

23,552

24,211

Liquidation of Businesses (%)

<52.3>

<20.6>

<0.8>

11.4

2.8

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,983

2,767

2,326

2,058

1,537

Bankruptcy Orders (%)

15.8

<7.2>

<15.9>

<11.5>

<25.3>

Bankruptcy Discharges (No.)

1,634

1,626

1,500

3,056

2,252

Bankruptcy Discharges (%)

<2.9>

<0.5>

<7.7>

103.7

<26.3>

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.91

5.26

<0.32>

3.25

<0.48>

Fish Supply & Wholesale

1.33

<3.91>

<6.31>

<1.93>

3.60

 

 

 

 

 

 

Manufacturing *

94.4

100.0

95.8

91.8

119.1

Food, Beverages & Tobacco

89.9

100.0

107.7

102.7

109.5

Textiles

119.9

100.0

92.6

75.0

62.8

Wearing Apparel

114.5

100.0

71.8

45.3

26.4

Leather Products & Footwear

100.3

100.0

84.7

52.6

54.1

Wood & Wood Products

107.1

100.0

88.8

68.3

70.0

Paper & Paper Products

92.5

100.0

98.8

93.3

103.7

Printing & Media

97.6

100.0

96.7

82.5

84.7

Crude Oil Refineries

100.2

100.0

101.0

86.1

85.4

Chemical & Chemical Products

93.8

100.0

95.1

90.4

109.9

Pharmaceutical Products

102.1

100.0

92.8

104.4

159.9

Rubber & Plastic Products

100.1

100.0

92.2

77.6

86.1

Non-metallic Mineral

113.1

100.0

83.1

79.1

79.7

Basic Metals

110.0

100.0

120.9

101.9

112.5

Fabricated Metal Products

97.8

100.0

95.0

85.2

97.2

Machinery & Equipment

83.9

100.0

97.4

85.8

117.7

Electrical Machinery

98.8

100.0

98.1

104.2

149.1

Electronic Components

96.1

100.0

93.0

85.1

115.5

Transport Equipment

85.3

100.0

106.7

100.2

99.3

 

 

 

 

 

 

Construction

46.60

45.60

45.90

<36.9>

14.20

Real Estate

12.9

40.8

<11.2>

1.4

21.3

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<5.3>

11.00

<1.3>

1.70

4.00

Transport, Storage & Communication

6.00

8.50

11.60

3.90

12.80

Finance & Insurance

6.40

41.50

<5.9>

<16.4>

<0.4>

Government Services

13.50

3.80

17.40

4.50

9.70

Education Services

1.10

1.80

0.50

0.10

<0.9>

 

 

 

 

 

 

* Based on Index of Industrial Production (2007 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

MANUFACTURING

 

 

 


On a year-on-year basis, manufacturing output increased 24.4% in October 2011. Excluding biomedical manufacturing, output declined 11.2%. On a three-month moving average basis, manufacturing output in October 2011 increased 19.2% compared to the same period in 2010. On a seasonally adjusted month-on-month basis, manufacturing output grew 14.2% in October 2011.


Output of the biomedical manufacturing cluster expanded 112.3% in October 2011 on a year-on-year basis. The pharmaceuticals segment continued to be the main growth driver to the cluster as output increased 117.5% on the back of a different mix of active pharmaceutical ingredients. Output of the medical technology segment also rose 15.2% in October 2011. On a year-to-date basis, the biomedical output increased by 30.0% compared to the same period a year ago.


Output of the transport engineering cluster rose 15.3% year-on-year in October 2011. Within the cluster, the marine and offshore engineering segment's output expanded by 19.3%, with a higher level of oil rigs and shipbuilding activities. The aerospace segment also recorded a 15.7% increase in output with higher demand for repair jobs from commercial airlines in the Asia Pacific region. Cumulatively, output of the cluster grew 6.3% in the first ten months of 2011, compared to the same period in 2010.


The output of the precision engineering cluster declined 5.5% year-on-year in October 2011. The machinery and systems segment increased 0.6% while the precision modules and components segment declined 13.8%, as a result of lower output in metal precision components, connectors, metal stamping work, as well as dies, moulds, jigs and other tools. On a year-to-date basis, the output of the precision engineering cluster was 17.9% higher than the same period in 2010.


The general manufacturing cluster's output declined by 9.8% year-on-year in October 2011. Output of the food, beverages and tobacco segment grew 2.0% while the printing and miscellaneous industries segments declined by 9.1% and 15.0% respectively. On a year-to-date basis, output of the cluster was 3.2% lower, compared to the same period in 2010.


The chemicals cluster's output declined 10.4% year-on-year in October 2011. The specialties segment continued to record higher output due to the new production capacities that started earlier 2011. The petrochemicals and petroleum segments declined by 17.9% and 21.6% respectively in October 2011 due to plant shutdowns. Cumulatively, output of the chemicals cluster grew 5.3% from January to October 2011, compared to the same period in 2010.


Output of the electronics cluster was 20.3% lower in October 2011 compared to the same period in 2010. All segments within the cluster continued to record lower output on the back of shrinking demand for electronics exports. The semiconductors segment saw a 22.5% contraction while the data storage segment declined 13.5%. For the first ten months of 2011, electronics output declined by 10.3%, compared to the same period a year ago.

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1981, the SC is an Exempt Private company, focusing on manufacturing and assembly of aircraft and spacecraft. The SC has been in business for over three decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect.


The SC is a fairly large and rapidly growing company with over 300 staff in its operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.


As the SC is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. However, with the SC's strong capital position, it should have acquired competitive edge from its competitors.


Based on the above condition, we recommend credit be granted to the SC normally.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.97

UK Pound

1

Rs.83.67

Euro

1

Rs.67.19

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.