MIRA INFORM REPORT

 

 

Report Date :

10.07.2014

 

IDENTIFICATION DETAILS

 

Name :

SEAQUEST ENTERPRISE PTE. LTD.

 

 

Registered Office :

10, Admiralty Street, 02 - 34/35, North Link Building, 757695

 

 

Country :

Singapore

 

 

Date of Incorporation :

16.05.2003

 

 

Com. Reg. No.:

200304487-K

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Subject is engaged in building of ships, tankers and other ocean-going vessels including shipbuilding and ship repairing

 

 

No of Employees :

100 [2014]

 

 

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 :

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. 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

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200304487-K

COMPANY NAME

:

SEAQUEST ENTERPRISE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

16/05/2003

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

10, ADMIRALTY STREET, 02 - 34/35, NORTH LINK BUILDING, 757695, SINGAPORE.

BUSINESS ADDRESS

:

10, ADMIRALTY STREET, 02-34/35, NORTH LINK BUILDING, 757695, SINGAPORE.

TEL.NO.

:

65-67537433

FAX.NO.

:

65-67537633

CONTACT PERSON

:

TAN MENG HIN ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

BUILDING OF SHIPS, TANKERS AND OTHER OCEAN-GOING VESSELS INCLUDING SHIPBUILDING AND SHIP REPAIRING

 

 

 

ISSUED AND PAID UP CAPITAL

:

1,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,500,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

100 [2014]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

HISTORY / BACKGROUND

 

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

 

The Subject is principally engaged in the (as a / as an) building of ships, tankers and other ocean-going vessels including shipbuilding and ship repairing.

 

Share Capital History

Date

Issue & Paid Up Capital

04/07/2014

SGD 1,500,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

TAN MENG HIN +

707, UPPER CHANGI ROAD EAST, EAST VIEW GARDEN, 486837, SINGAPORE.

S1757717D

765,000.00

51.00

LUI KEE +

459, ANG MO KIO AVENUE, 10 06-1596, 560459, SINGAPORE.

S1304444I

735,000.00

49.00

 

 

 

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

------

 

 

 

1,500,000.00

100.00

 

 

 

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

199605315W

SINGAPORE

SUNG MI (ASIA) PTE LTD

100.00

30/06/2012

 

 

 

 

 

201007252M

SINGAPORE

SEAQUEST MARINE ENGINEERING PTE. LTD.

100.00

30/06/2012

 

 

 

 

 

200700528H

SINGAPORE

SEAQUEST MARINE & CONSTRUCTION PTE. LTD.

100.00

30/06/2012

 

 

 

 

 

200607432M

SINGAPORE

SEAQUEST ENGINEERING PTE. LTD.

100.00

30/06/2012

 

 

 

 

 

200807757D

SINGAPORE

PROPTECH (PTE.) LTD.

51.00

30/06/2012

 

 

 

 

 



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

LUI KEE

Address

:

459, ANG MO KIO AVENUE, 10 06-1596, 560459, SINGAPORE.

IC / PP No

:

S1304444I

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/05/2003

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

TAN MENG HIN

Address

:

707, UPPER CHANGI ROAD EAST, EAST VIEW GARDEN, 486837, SINGAPORE.

IC / PP No

:

S1757717D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/05/2003

 

 

 

 

 

 

 

 

 

 

 

 

 

MANAGEMENT

 

 

1)

Name of Subject

:

TAN MENG HIN

 

Position

:

DIRECTOR

 

 

 

 

 

AUDITOR

 

Auditor

:

ONN PING LAN & COMPANY

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TAY GIOK TIN

 

IC / PP No

:

S1668201B

 

 

 

 

 

Address

:

37, JALAN RUMAH TINGGI 12-425, 150037, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

 

 

 

 

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200711333

26/12/2007

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C200900530

20/01/2009

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C200903804

29/06/2009

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

 

 

LEGAL CHECK AGAINST SUBJECT


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

 

 

LEGAL ACTION

 

 

 

Code No

:

99

Case No

:

17081

 

 

 

 

 

Year

:

2008

Place

:

SINGAPORE

 

 

 

 

 

Court

:

MAGISTRATE COURT

 

 

 

 

 

 

 

 

Date Filed

:

10/07/2008

 

 

 

 

 

 

 

 

Solicitor

:

WONG SU-HSIEN AUDREY

 

 

 

 

 

 

 

 

Solicitor Ref

:

AW-INS-B4-51420 -08-JG

 

 

 

 

 

 

 

 

Solicitor Firm

:

VISION LAW LLC

 

 

 

 

 

Plaintiff

:

NG YAN HOCK

 

 

 

Defendants

:

SEAQUEST ENTERPRISE PTE. LTD. (200304487)

 

 

 

 

 

Amount Claimed

:

3084.08

 

 

 

 

 

 

 

 

Nature of Claim

:

SGD

 

 

 

 

 

 

 

 

Remark

:

TORT-NEGLIGENCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

 

No winding up petition was found in our databank

 

 

 

 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

 

 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A


The Subject refused to disclose its clientele information.

 

 

OPERATIONS

 

Services

:

BUILDING OF SHIPS, TANKERS AND OTHER OCEAN-GOING VESSELS INCLUDING SHIPBUILDING AND SHIP REPAIRING

 

 

 

 

 

Total Number of Employees:

YEAR

2014

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

100

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) building of ships, tankers and other ocean-going vessels including shipbuilding and ship repairing.


The Subject refused to disclose any information on its operation.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-67537433

Match

:

N/A

 

 

 

Address Provided by Client

:

10, ADMIRALTY STREET, 02-34/35, NORTH LINK BUILDING,757695 SINGAPORE

Current Address

:

10, ADMIRALTY STREET, 02-34/35, NORTH LINK BUILDING, 757695, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.



FINANCIAL ANALYSIS

 

 

The Subject 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 Subject's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the Subject : N/A

 

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

 

 

 

 

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

 

 

 

 

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

 

 

 

 

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

 

 

 

 

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

 

 

 

 

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

 

 

 

 

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

 

 

 

According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.

 

However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.

 

Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.

 

For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.

 

Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.

 

For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentage points. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.

 

In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.

 

Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.

 

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2003, the Subject is an Exempt Private company, focusing on building of ships, tankers and other ocean-going vessels including shipbuilding and ship repairing. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. With a weak shareholders' backing, the Subject's capital position is weak. Inadequate capital may be a constraint to the Subject as it limits its ability to expand its business in future.


Being a moderate size company, the Subject has a total workforce of 100 employees in its business operations. Overall, we regard that the Subject's management capability is average.


As the Subject 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 Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials.


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. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

 

In view of the above, we only recommend credit be proceeded to the Subject with guarantee.

 

 

 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 59.72

UK Pound

1

Rs. 102.35

Euro

1

Rs. 81.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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.