|
Report Date : |
15.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
STARHUB LTD. |
|
|
|
|
Formerly Known As : |
STARHUB PTE LTD |
|
|
|
|
Registered Office : |
67, Ubi Avenue 1, 05-01, Starhub Green, 408942, |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.05.1998 |
|
|
|
|
Com. Reg. No.: |
199802208-C |
|
|
|
|
Legal Form : |
Public (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is principally engaged in the provision of telecommunications services and other related services. |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% 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 |
|
REGISTRATION NO. |
: |
199802208-C |
|
COMPANY NAME |
: |
STARHUB LTD. |
|
FORMER NAME |
: |
STARHUB PTE LTD (18/08/2004) |
|
INCORPORATION DATE |
: |
07/05/1998 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PUBLIC (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
YES |
|
LISTED DATE |
: |
13/10/2004 |
|
REGISTERED ADDRESS |
: |
67, UBI AVENUE 1, 05-01, STARHUB GREEN, 408942, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
67, UBI AVENUE 1, 05-01, STARHUB GREEN, 408942, SINGAPORE. |
|
TEL.NO. |
: |
65-68255000 |
|
FAX.NO. |
: |
65-67215000 |
|
CONTACT PERSON |
: |
TAN GUONG CHING ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
PROVISION OF TELECOMMUNICATIONS SERVICES AND OTHER RELATED SERVICES |
|
ISSUED AND PAID UP CAPITAL |
: |
1,723,014,153.00 ORDINARY SHARE, OF A VALUE OF SGD 274,813,475.16 |
|
SALES |
: |
SGD 2,421,600,000 [2012] |
|
NET WORTH |
: |
SGD 43,500,000 [2012] |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
FAIR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
HIGH |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
HISTORY
/ BACKGROUND
|
As a public limited company, the Subject must have at least one shareholder but there is no limit on the maximum number of shareholders. The Subject must have at least two directors. A public 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. The liabilities of the shareholders are only up to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and must file in its annual return, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) provision of telecommunications services and other related services.
The immediate holding company of the Subject is ASIA MOBILE HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the Subject is TEMASEK HOLDINGS (PRIVATE) LIMITED, a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
12/03/2014 |
SGD 274,813,475.16 |
|
SGD 270,227,368.93 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ASIA MOBILE HOLDINGS PTE. LTD. |
1, TEMASEK AVENUE, 33-01, MILLENIA TOWER, 039192, SINGAPORE. |
200507749 |
970,807,990.00 |
56.34 |
|
NTT COMMUNICATIONS CORPORATION |
1-6, UCHISAIWAI-CHO, 1-CHOME CHIYODA-KU, TOKYO, JAPAN. |
S97UF0578 |
171,490,520.00 |
9.95 |
|
CITIBANK NOMINEES SINGAPORE PTE LTD |
8, MARINA VIEW, 21-00, ASIA SQUARE TOWER 1, 018960, SINGAPORE. |
198801936 |
126,730,399.00 |
7.36 |
|
DBS NOMINEES PTE LTD |
12, MARINA BOULEVARD , 018982, SINGAPORE. |
196900222 |
93,362,072.00 |
5.42 |
|
HSBC (SINGAPORE) NOMINEES PTE LTD |
21, COLLYER QUAY, 10-02, HSBC BUILDING, 049320, SINGAPORE. |
194600097 |
73,906,032.00 |
4.29 |
|
DBSN SERVICES PTE. LTD. |
12, MARINA BOULEVARD, MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE. |
200602090 |
51,816,834.00 |
3.01 |
|
RAFFLES NOMINEES (PTE.) LIMITED |
7, CHANGI BUSINESS PARK CRESCENT, 03-00, STANDARD CHARTERED @ CHANGI, 486028, SINGAPORE. |
193700032 |
30,462,076.00 |
1.77 |
|
UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED |
80, RAFFLES PLACE, UOB PLAZA , 048624, SINGAPORE. |
196800520 |
23,198,044.00 |
1.35 |
|
SINGAPORE PRESS HOLDINGS LIMITED |
1000, TOA PAYOH NORTH , 318994 , SINGAPORE. |
198402868E |
12,911,230.00 |
0.75 |
|
DB NOMINEES (SINGAPORE) PTE LTD |
1, RAFFLES QUAY, 17-10 , 048583 , SINGAPORE. |
197300322 |
8,397,818.00 |
0.49 |
|
REMAINING SHAREHOLDERS |
- |
- |
159,931,138.00 |
9.28 |
|
--------------- |
------ |
|||
|
1,723,014,153.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
MAURITIUS |
STARHUB (MAURITIUS) LTD |
100.00 |
31/12/2012 |
|
|
HONG KONG |
STARHUB (HONG KONG) LIMITED |
100.00 |
31/12/2012 |
|
|
199905336E |
SINGAPORE |
STARHUB SHOP PTE LTD |
100.00 |
31/12/2012 |
|
201111817G |
SINGAPORE |
SHINE SYSTEMS ASSETS PTE. LTD. |
100.00 |
31/12/2012 |
|
200906560W |
SINGAPORE |
NUCLEUS CONNECT PTE. LTD. |
100.00 |
31/12/2012 |
|
200000646C |
SINGAPORE |
STARHUB MOBILE PTE LTD |
100.00 |
31/12/2012 |
|
199504131K |
SINGAPORE |
STARHUB INTERNET PTE LTD |
100.00 |
22/12/2012 |
|
200501897Z |
SINGAPORE |
STARHUB ONLINE PTE LTD |
100.00 |
31/12/2012 |
|
199103398C |
SINGAPORE |
STARHUB CABLE VISION LTD. |
100.00 |
13/11/2013 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
TEO EK TOR |
|
Address |
: |
60, BINJAI PARK, 589860, SINGAPORE. |
|
IC / PP No |
: |
S0158671H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
16/08/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
NASSER MARAFIH |
|
Address |
: |
AL QUTAIFAT AREA, SAHA 66, VILLA 10, WEST BAY, DOHA, QATAR. |
|
IC / PP No |
: |
01095393 |
|
Nationality |
: |
QATARI |
|
Date of Appointment |
: |
09/07/2007 |
DIRECTOR 3
|
Name Of Subject |
: |
KUA HONG PAK |
|
Address |
: |
1, MUSWELL HILL, BRADDELL HEIGHTS ESTATE, 358416, SINGAPORE. |
|
IC / PP No |
: |
S0229766C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
19/11/2001 |
DIRECTOR 4
|
Name Of Subject |
: |
PETER SEAH LIM HUAT |
|
Address |
: |
45, BINJAI PARK, 589845, SINGAPORE. |
|
IC / PP No |
: |
S0337313D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/07/2002 |
DIRECTOR 5
|
Name Of Subject |
: |
NIHAL VIJAYA DEVADAS KAVIRATNE CBE |
|
Address |
: |
A-5, SEA FACE PARK, 50, BHULABHAI DESAI ROAD, MUMBAI, 400026, INDIA. |
|
IC / PP No |
: |
S2726390I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
16/08/2004 |
DIRECTOR 6
|
Name Of Subject |
: |
LIM MING SEONG |
|
Address |
: |
69, CHARTWELL DRIVE, SERANGOON GARDEN ESTATE, 558765, SINGAPORE. |
|
IC / PP No |
: |
S0348871C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
14/12/2000 |
DIRECTOR 7
|
Name Of Subject |
: |
LIU CHEE MING |
|
Address |
: |
5, THOMSON LANE, 24-01, SKY@ELEVEN, 297724, SINGAPORE. |
|
IC / PP No |
: |
S0143768B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
16/08/2004 |
DIRECTOR 8
|
Name Of Subject |
: |
SIO TAT HIANG |
|
Address |
: |
7, OAK AVENUE, OAK VILLAS, 276771, SINGAPORE. |
|
IC / PP No |
: |
S0005627H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
02/07/2012 |
DIRECTOR 9
|
Name Of Subject |
: |
TAN GUONG CHING |
|
Address |
: |
27, CARMICHAEL ROAD, GAY'S VILLAS, 359808, SINGAPORE. |
|
IC / PP No |
: |
S0416187D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
08/08/1998 |
DIRECTOR 10
|
Name Of Subject |
: |
TAKESHI KAZAMI |
|
Address |
: |
100, ROBERTSON QUAY, 03-03, ROBERTSON 100, 238250, SINGAPORE. |
|
IC / PP No |
: |
G5510222N |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
13/04/2012 |
DIRECTOR 11
|
Name Of Subject |
: |
TAN TONG HAI |
|
Address |
: |
30, LEEDON ROAD, 267849, SINGAPORE. |
|
IC / PP No |
: |
S1620724A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/03/2013 |
DIRECTOR 12
|
Name Of Subject |
: |
ROBERT J. SACHS |
|
Address |
: |
55-8, COMMERCIAL WHARF, BOSTON, MA, 02110, UNITED STATES. |
|
IC / PP No |
: |
488208150 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
29/04/2005 |
DIRECTOR 13
|
Name Of Subject |
: |
STEVEN TERRELL CLONTZ |
|
Address |
: |
465, 18TH AVENUE SOUTH, NAPLES, FLORIDA , 34102, UNITED STATES. |
|
IC / PP No |
: |
422105372 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
08/12/1999 |
|
1) |
Name of Subject |
: |
TAN GUONG CHING |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
16, RAFFLES QUAY, 22-00, HONG LEONG BUILDING, 048581, SINGAPORE |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
VERONICA LAI KWAI-YI |
|
IC / PP No |
: |
S6936393H |
|
|
Address |
: |
55B, NAMLY GARDEN, 267406, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
KONG POOI FOONG |
|
IC / PP No |
: |
S7280312D |
|
|
Address |
: |
71, JALAN TUA KONG, 04-06, PARK EAST, 457265, 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 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 |
: |
21661 |
||||||||
|
Year |
: |
2008 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
MAGISTRATE COURT |
|||||||||||
|
Date Filed |
: |
26/08/2008 |
|||||||||||
|
Plaintiff |
: |
RENTOKIL INTIAL SINGAPORE PTE LTD |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
25885.68 |
|||||||||||
|
Nature of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
CONTRACTS RELATED |
|||||||||||
|
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 |
: |
NO |
Percentage |
: |
0% |
|
Overseas |
: |
NO |
Percentage |
: |
0% |
The Subject does not have any trade supplier as it is a service provider
company.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
X |
] |
Poor >120 Days |
[ |
] |
||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
OPERATIONS
|
|
Services |
: |
SOLE OPERATOR DELIVERING A RANGE OF INFORMATION, COMMUNICATIONS AND ENTERTAINMENT SERVICES OVER FIXED, CABLE, MOBILE AND INTERNET PLATFORMS |
|
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|||||||||
|
YEAR |
2011 |
2010 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
2,770 |
2,770 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) provision of
telecommunications services and other related services.
The Subject is Singapore's fully-integrated info-communication company,
offering a full range of information, communications and entertainment services
for both consumer and corporate markets.
The Subject operates Singapore's fastest two-way HSPA+ mobile network that
delivers up to 21Mbps for downlink to complement its nation-wide GSM network,
and an island-wide HFC network that delivers multi-channel cable TV services
(including High Definition Television and on-demand services) as well as
ultra-high speed residential broadband services.
StarHub also operates an extensive fixed business network that provides a wide
range of data, voice and wholesale services.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68255000 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
67 UBI AVENUE 1 #05-01 STARHUB GREEN SINGAPORE 408942 |
|
Current Address |
: |
67, UBI AVENUE 1, 05-01, STARHUB GREEN, 408942, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
we contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
825.98% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
48.57% |
] |
|
|
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's management have been efficient in controlling its operating costs. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
4 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
9 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.67 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.70 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
22.57 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
15.80 Times |
] |
|
|
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has improved with higher turnover and profit. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject : FAIR |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2008 |
2009 |
2010 |
2011 |
2012 |
|
|
|||||
|
Population (Million) |
4.84 |
4.98 |
5.08 |
5.18 |
5.31 |
|
Gross Domestic Products ( % ) |
1.5 |
(0.8) |
14.5 |
4.9 |
1.3 |
|
Consumer Price Index |
6.6 |
0.6 |
2.8 |
5.2 |
4.6 |
|
Total Imports (Million) |
450,892.6 |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
|
Total Exports (Million) |
476,762.2 |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
|
|
|||||
|
Unemployment Rate (%) |
2.2 |
3.2 |
2.2 |
2.1 |
2.0 |
|
Tourist Arrival (Million) |
10.12 |
9.68 |
11.64 |
13.17 |
14.37 |
|
Hotel Occupancy Rate (%) |
81.0 |
75.8 |
85.6 |
86.5 |
86.4 |
|
Cellular Phone Subscriber (Million) |
1.31 |
1.37 |
1.43 |
1.50 |
1.52 |
|
|
|||||
|
Registration of New Companies (No.) |
25,327 |
26,414 |
29,798 |
32,317 |
31,892 |
|
Registration of New Companies (%) |
(2.2) |
4.3 |
12.8 |
8.5 |
(1.3) |
|
Liquidation of Companies (No.) |
10,493 |
22,393 |
15,126 |
19,005 |
17,218 |
|
Liquidation of Companies (%) |
13.7 |
113.4 |
(32.5) |
25.6 |
9.4 |
|
|
|||||
|
Registration of New Businesses (No.) |
24,850 |
26,876 |
23,978 |
23,494 |
24,788 |
|
Registration of New Businesses (%) |
0.36 |
8.15 |
(10.78) |
2.02 |
5.51 |
|
Liquidation of Businesses (No.) |
21,150 |
23,552 |
24,211 |
23,005 |
22,489 |
|
Liquidation of Businesses (%) |
(0.8) |
11.4 |
2.8 |
(5) |
(2.2) |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,326 |
2,058 |
1,537 |
1,527 |
1,748 |
|
Bankruptcy Orders (%) |
(15.9) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
|
Bankruptcy Discharges (No.) |
1,500 |
3,056 |
2,252 |
1,391 |
1,881 |
|
Bankruptcy Discharges (%) |
(7.7) |
103.7 |
(26.3) |
(38.2) |
35.2 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
(0.32) |
3.25 |
(0.48) |
4.25 |
3.64 |
|
Fish Supply & Wholesale |
(6.31) |
(1.93) |
(10.5) |
12.10 |
(0.5) |
|
|
|||||
|
Manufacturing * |
74.6 |
71.5 |
92.8 |
100.0 |
100.3 |
|
Food, Beverages & Tobacco |
94.8 |
90.4 |
96.4 |
100.0 |
103.5 |
|
Textiles |
180.1 |
145.9 |
122.1 |
100.0 |
104.0 |
|
Wearing Apparel |
334.6 |
211.0 |
123.3 |
100.0 |
92.1 |
|
Leather Products & Footwear |
128.2 |
79.5 |
81.8 |
100.0 |
98.6 |
|
Wood & Wood Products |
132.0 |
101.4 |
104.0 |
100.0 |
95.5 |
|
Paper & Paper Products |
101.0 |
95.4 |
106.1 |
100.0 |
97.4 |
|
Printing & Media |
118.2 |
100.9 |
103.5 |
100.0 |
93.0 |
|
Crude Oil Refineries |
113.1 |
96.4 |
95.6 |
100.0 |
99.4 |
|
Chemical & Chemical Products |
84.5 |
80.3 |
97.6 |
100.0 |
100.5 |
|
Pharmaceutical Products |
43.7 |
49.1 |
75.3 |
100.0 |
109.7 |
|
Rubber & Plastic Products |
120.1 |
101.2 |
112.3 |
100.0 |
96.5 |
|
Non-metallic Mineral |
96.5 |
91.9 |
92.5 |
100.0 |
98.2 |
|
Basic Metals |
109.8 |
92.6 |
102.2 |
100.0 |
90.6 |
|
Fabricated Metal Products |
101.3 |
90.8 |
103.6 |
100.0 |
104.3 |
|
Machinery & Equipment |
65.0 |
57.3 |
78.5 |
100.0 |
112.9 |
|
Electrical Machinery |
81.7 |
86.8 |
124.1 |
100.0 |
99.3 |
|
Electronic Components |
93.1 |
85.2 |
113.6 |
100.0 |
90.6 |
|
Transport Equipment |
102.0 |
96.0 |
94.0 |
100.0 |
106.3 |
|
|
|||||
|
Construction |
45.90 |
(36.9) |
14.20 |
20.50 |
28.70 |
|
Real Estate |
(11.2) |
1.4 |
21.3 |
25.4 |
31.9 |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
(1.3) |
1.70 |
4.00 |
7.00 |
6.30 |
|
Transport, Storage & Communication |
11.60 |
3.90 |
12.80 |
7.40 |
5.30 |
|
Finance & Insurance |
(5.9) |
(16.4) |
(0.4) |
8.90 |
0.50 |
|
Government Services |
17.40 |
4.50 |
9.70 |
6.90 |
6.00 |
|
Education Services |
0.50 |
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 percentagepoints. 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
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
STARHUB LTD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
2,421,600,000 |
2,312,000,000 |
2,237,700,000 |
2,150,000,000 |
|
Other Income |
26,700,000 |
21,400,000 |
6,000,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
2,448,300,000 |
2,333,400,000 |
2,243,700,000 |
2,150,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
431,400,000 |
379,800,000 |
317,500,000 |
385,200,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
431,400,000 |
379,800,000 |
317,500,000 |
385,200,000 |
|
Taxation |
(72,100,000) |
(64,300,000) |
(54,300,000) |
(65,500,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
359,300,000 |
315,500,000 |
263,200,000 |
319,700,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As previously reported |
34,300,000 |
62,100,000 |
142,000,000 |
139,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
34,300,000 |
62,100,000 |
142,000,000 |
139,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
393,600,000 |
377,600,000 |
405,200,000 |
458,700,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(343,400,000) |
(343,300,000) |
(343,100,000) |
(316,700,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
50,200,000 |
34,300,000 |
62,100,000 |
142,000,000 |
|
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||||
|
Term loan / Borrowing |
18,000,000 |
20,500,000 |
26,600,000 |
- |
|
Others |
2,000,000 |
- |
- |
24,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
20,000,000 |
20,500,000 |
26,600,000 |
24,000,000 |
|
|
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
STARHUB LTD. |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
791,100,000 |
761,900,000 |
776,000,000 |
785,100,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
||||
|
Deferred assets |
2,500,000 |
2,800,000 |
4,500,000 |
5,300,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,500,000 |
2,800,000 |
4,500,000 |
5,300,000 |
|
INTANGIBLE ASSETS |
||||
|
Goodwill on consolidation |
220,300,000 |
220,300,000 |
451,600,000 |
415,800,000 |
|
Computer software |
110,000,000 |
130,300,000 |
- |
- |
|
Others |
66,700,000 |
73,000,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
397,000,000 |
423,600,000 |
451,600,000 |
415,800,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,190,600,000 |
1,188,300,000 |
1,232,100,000 |
1,206,200,000 |
|
CURRENT ASSETS |
||||
|
Stocks |
28,100,000 |
37,200,000 |
31,800,000 |
28,200,000 |
|
Trade debtors |
142,300,000 |
152,000,000 |
173,900,000 |
125,300,000 |
|
Other debtors, deposits & prepayments |
123,600,000 |
149,200,000 |
101,700,000 |
116,100,000 |
|
Short term deposits |
225,800,000 |
141,700,000 |
191,100,000 |
184,500,000 |
|
Amount due from related companies |
12,000,000 |
17,200,000 |
16,500,000 |
22,600,000 |
|
Cash & bank balances |
86,200,000 |
37,500,000 |
46,400,000 |
49,700,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
618,000,000 |
534,800,000 |
561,400,000 |
526,400,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,808,600,000 |
1,723,100,000 |
1,793,500,000 |
1,732,600,000 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
||||
|
Trade creditors |
59,400,000 |
80,500,000 |
437,700,000 |
377,200,000 |
|
Other creditors & accruals |
668,700,000 |
622,400,000 |
237,400,000 |
196,400,000 |
|
Short term borrowings/Term loans |
- |
75,000,000 |
330,400,000 |
290,400,000 |
|
Amounts owing to related companies |
56,500,000 |
41,900,000 |
41,800,000 |
42,100,000 |
|
Provision for taxation |
94,600,000 |
83,500,000 |
25,800,000 |
19,400,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
879,200,000 |
903,300,000 |
1,073,100,000 |
925,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(261,200,000) |
(368,500,000) |
(511,700,000) |
(399,100,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
929,400,000 |
819,800,000 |
720,400,000 |
807,100,000 |
|
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
||||
|
Ordinary share capital |
263,100,000 |
262,800,000 |
260,300,000 |
257,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
263,100,000 |
262,800,000 |
260,300,000 |
257,500,000 |
|
RESERVES |
||||
|
Retained profit/(loss) carried forward |
50,200,000 |
34,300,000 |
62,100,000 |
142,000,000 |
|
Others |
(269,800,000) |
(274,500,000) |
(268,400,000) |
(273,700,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(219,600,000) |
(240,200,000) |
(206,300,000) |
(131,700,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
43,500,000 |
22,600,000 |
54,000,000 |
125,800,000 |
|
LONG TERM LIABILITIES |
||||
|
Long term loans |
687,500,000 |
587,500,000 |
475,000,000 |
605,400,000 |
|
Deferred taxation |
119,200,000 |
112,800,000 |
108,100,000 |
61,200,000 |
|
Others |
79,200,000 |
96,900,000 |
83,300,000 |
14,700,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
885,900,000 |
797,200,000 |
666,400,000 |
681,300,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
929,400,000 |
819,800,000 |
720,400,000 |
807,100,000 |
|
|
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
STARHUB LTD. |
|
TYPES OF FUNDS |
||||
|
Cash |
312,000,000 |
179,200,000 |
237,500,000 |
234,200,000 |
|
Net Liquid Funds |
312,000,000 |
179,200,000 |
237,500,000 |
234,200,000 |
|
Net Liquid Assets |
(289,300,000) |
(405,700,000) |
(543,500,000) |
(427,300,000) |
|
Net Current Assets/(Liabilities) |
(261,200,000) |
(368,500,000) |
(511,700,000) |
(399,100,000) |
|
Net Tangible Assets |
532,400,000 |
396,200,000 |
268,800,000 |
391,300,000 |
|
Net Monetary Assets |
(1,175,200,000) |
(1,202,900,000) |
(1,209,900,000) |
(1,108,600,000) |
|
BALANCE SHEET ITEMS |
||||
|
Total Borrowings |
687,500,000 |
662,500,000 |
805,400,000 |
895,800,000 |
|
Total Liabilities |
1,765,100,000 |
1,700,500,000 |
1,739,500,000 |
1,606,800,000 |
|
Total Assets |
1,808,600,000 |
1,723,100,000 |
1,793,500,000 |
1,732,600,000 |
|
Net Assets |
929,400,000 |
819,800,000 |
720,400,000 |
807,100,000 |
|
Net Assets Backing |
43,500,000 |
22,600,000 |
54,000,000 |
125,800,000 |
|
Shareholders' Funds |
43,500,000 |
22,600,000 |
54,000,000 |
125,800,000 |
|
Total Share Capital |
263,100,000 |
262,800,000 |
260,300,000 |
257,500,000 |
|
Total Reserves |
(219,600,000) |
(240,200,000) |
(206,300,000) |
(131,700,000) |
|
LIQUIDITY (Times) |
||||
|
Cash Ratio |
0.35 |
0.20 |
0.22 |
0.25 |
|
Liquid Ratio |
0.67 |
0.55 |
0.49 |
0.54 |
|
Current Ratio |
0.70 |
0.59 |
0.52 |
0.57 |
|
WORKING CAPITAL CONTROL (Days) |
||||
|
Stock Ratio |
4 |
6 |
5 |
5 |
|
Debtors Ratio |
21 |
24 |
28 |
21 |
|
Creditors Ratio |
9 |
13 |
71 |
64 |
|
SOLVENCY RATIOS (Times) |
||||
|
Gearing Ratio |
15.80 |
29.31 |
14.91 |
7.12 |
|
Liabilities Ratio |
40.58 |
75.24 |
32.21 |
12.77 |
|
Times Interest Earned Ratio |
22.57 |
19.53 |
12.94 |
17.05 |
|
Assets Backing Ratio |
2.02 |
1.51 |
1.03 |
1.52 |
|
PERFORMANCE RATIO (%) |
||||
|
Operating Profit Margin |
17.81 |
16.43 |
14.19 |
17.92 |
|
Net Profit Margin |
14.84 |
13.65 |
11.76 |
14.87 |
|
Return On Net Assets |
48.57 |
48.83 |
47.77 |
50.70 |
|
Return On Capital Employed |
34.03 |
32.19 |
29.36 |
33.46 |
|
Return On Shareholders' Funds/Equity |
825.98 |
1,396.02 |
487.41 |
254.13 |
|
Dividend Pay Out Ratio (Times) |
0.96 |
1.09 |
1.30 |
0.99 |
|
NOTES TO ACCOUNTS |
||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.