|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GE PACIFIC
PRIVATE LIMITED |
|
|
|
|
Formerly Known as : |
ELECTRONIC COMPONENTS OF GENERAL ELECTRIC (U.S.A) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
240, Tanjong Pagar Road, 04-00, Ge Tower, 088540 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.03.1970 |
|
|
|
|
Com. Reg. No.: |
197000148-E |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged as an investment holding company, the provision of management and
operational headquarters services, financial and treasury services to related
corporations and sales, distribution and service of ge products. |
|
|
|
|
No of Employees : |
384 [2014] |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 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 |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
197000148-E |
|
COMPANY NAME |
: |
GE PACIFIC
PRIVATE LIMITED |
|
FORMER NAME |
: |
ELECTRONIC COMPONENTS OF GENERAL ELECTRIC
(U.S.A) PRIVATE LIMITED (23/05/1990) |
|
INCORPORATION DATE |
: |
04/03/1970 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
240, TANJONG PAGAR ROAD, 04-00, GE TOWER,
088540, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
240, TANJONG PAGAR ROAD, 12-00, GE TOWER,
088540, SINGAPORE. |
|
TEL.NO. |
: |
65-62207022 |
|
FAX.NO. |
: |
65-62262600 |
|
WEB SITE |
: |
|
|
CONTACT PERSON |
: |
YEW WEI NAN ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
INVESTMENT HOLDING COMPANY, THE PROVISION OF MANAGEMENT AND OPERATIONAL HEADQUARTERS SERVICES, FINANCIAL AND TREASURY SERVICES TO RELATED CORPORATIONS AND SALES, DISTRIBUTION AND SERVICE OF GE PRODUCTS |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
33,653,876.00 ORDINARY SHARE, OF A VALUE
OF SGD 33,653,876.00 |
|
|
|
|
|
SALES |
: |
USD 525,167,785 [2012] |
|
NET WORTH |
: |
USD 1,322,073,242 [2012] |
|
|
|
|
|
STAFF STRENGTH |
: |
384 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. 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, sue or be sued by other companies. The liabilities of the shareholders are 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 the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) investment holding company, the provision of management and operational headquarters services, financial and treasury services to related corporations and
sales, distribution and service of ge products.
The immediate holding company of the Subject is GE PACIFIC HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the Subject is GENERAL ELECTRIC COMPANY, a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
15/05/2014 |
SGD 33,653,876.00 |
|
04/02/2013 |
SGD 31,482,709.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
GE PACIFIC HOLDINGS PTE. LTD. |
240, TANJONG PAGAR ROAD, 04-00, GE TOWER, 088540, SINGAPORE. |
199801196D |
33,653,876.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
33,653,876.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
|
VIETNAM |
GE VIETNAM LTD |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
GE (CHINA) CO., LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
199409532W |
SINGAPORE |
GE HEALTHCARE PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
GE LIGHTING CO., LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
NEW CHINA CONTROL SYSTEMS LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
INDONESIA |
GE CONSUMER PRODUCTS JAPAN, LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
GE WATER & PROCESS TECHNOLOGIES (WUXI) CO., LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
199604051E |
SINGAPORE |
AIRFOIL TECHNOLOGIES INTERNATIONAL - SINGAPORE PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
196900109M |
SINGAPORE |
DRESSER SINGAPORE PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
TAIWAN |
GE MEDICAL SYSTEMS TAIWAN LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
197100165C |
SINGAPORE |
GENERAL ELECTRIC (U.S.A.) CONTROLS PRIVATE LIMITED |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
TAIWAN |
GE APPLIANCES TAIWAN CORPORATION |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
200100514K |
SINGAPORE |
GE MONOMER (HOLDINGS) PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
GE INFRASTRUCTURE (SHANGHAI) CO., LTD. |
97.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
GE ENERGY HANGZHOU CO., LTD. |
90.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
GE (CHINA) RESEARCH & DEVELOPMENT CENTER CO., LTD. |
65.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
INDONESIA |
PT GE LIGHTING INDONESIA |
60.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
SHANGHAI GE GUANGDIAN CO., LTD. |
60.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
SHANGHAI GE BREAKERS CO., LTD. |
60.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
XIN HUA CONTROL ENGINEERING CO., LTD. |
59.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
GE HE-WING ENERGY (SHENYANG) CO., LTD. |
51.00 |
31/12/2012 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
JIMMY TAN WEE TEK |
|
Address |
: |
42, RIVERINA VIEW, RIVERINA, THE, 518391,
SINGAPORE. |
|
IC / PP No |
: |
S1308616H |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
03/09/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
DAVID UTAMA |
|
Address |
: |
11, THOMSON LANE, 09-09, SKY@ELEVEN,
297727, SINGAPORE. |
|
IC / PP No |
: |
S2768579Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
03/09/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MS. YEW WEI NAN |
|
Address |
: |
97, CASHEW ROAD, 04-02, CASHEW HEIGHTS
CONDOMINIUM, 679668, SINGAPORE. |
|
IC / PP No |
: |
S7175800A |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
12/03/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
BERNACCHI, BRUCE ALAN |
|
Address |
: |
90, PICASSO DRIVE, WEST HARBOUR, AUCKLAND,
NEW ZEALAND. |
|
IC / PP No |
: |
LH150939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
NEW ZEALANDER |
|
Date of Appointment |
: |
03/07/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
YEO ELAINE |
|
Address |
: |
100, HILLVIEW CRESCENT, HILLVIEW VILLAS,
669493, SINGAPORE. |
|
IC / PP No |
: |
S7222807C |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/07/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject |
: |
KOK WEE JUNE |
|
Address |
: |
176, DUCHESS AVENUE, 03-03, CASABELLA,
269187, SINGAPORE. |
|
IC / PP No |
: |
S7309522J |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
02/07/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
YEW WEI NAN |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
16, RAFFLES QUAY, 22- 00, HONG LEONG
BUILDING, 048581, SINGAPORE |
|
|
|
|
|
1) |
Company Secretary |
: |
KENNETH ONG HENG HENG |
|
|
IC / PP No |
: |
S7013671F |
|
|
|
|
|
|
|
Address |
: |
22, ST. MICHAEL'S ROAD, 07-12, SUNVILLE,
327981, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
NULL |
- |
N/A |
NEDERLANDSE FINANCIERINGS-MAATSCHAPPIJ
VOOR ONTWIKKELINGSLANDEN N.V |
- |
Unsatisfied |
|
C201207338 |
03/07/2012 |
N/A |
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT |
- |
Unsatisfied |
* A check has been conducted in our databank against the Subject 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
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 |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
GE PRODUCTS
|
|
|
|
|
|
|
|
Services |
: |
INVESTMENT HOLDING COMPANY, THE PROVISION OF
MANAGEMENT AND OPERATIONAL HEADQUARTERS SERVICES, FINANCIAL AND TREASURY
SERVICES TO RELATED CORPORATIONS
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
384 |
384 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is
principally engaged in the (as a / as an) investment holding company, the
provision of management and operational headquarters services, financial and treasury
services to related corporations and sales, distribution and service of ge products.
The principal activities of the Subject consist of an investment holding
company, the provision of management and operational headquarters services,
financial and treasury services to related corporations and sales, distribution
and service of ge products.
Background:
* The Subject is part of the ge
group.it is a diversified technology, media and financial services company.
Singapore and south east-asia business includes:
* consumer finance
* commercial finance which provides some and enterprise financing
solutions
* ge healthcare
* cnbc asia-pacific
* a number of key ge businesses have their regional headquarters in singapore
where they direct the company's operations in southeast asia and in some cases,
the entire asia pacific basin.
The Subject is a member of the following entities:
* Singapore international chambers of commerce
* American chamber of commerce
* Security systems association of singapore
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
65 63263353 |
|
Current Telephone Number |
: |
65-62207022 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
240, TANJONG PAGAR ROAD, HEX 06-00 GE
TOWER SINGAPORE 088540 |
|
Current Address |
: |
240, TANJONG PAGAR ROAD, 12-00, GE TOWER,
088540, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2009 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
16.09% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
16.98% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.The Subject's profit
fell sharply because of the high operating costs incurred. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
9 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
18 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
14 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 |
: |
Favourable |
[ |
1.57 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.60 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be
maintained by the Subject in order to assure its creditors of its ability to
meet short term obligations and the Subject was in a good liquidity position.
Thus, we believe the Subject is able to meet all its short term obligations
as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
5,323.50 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 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 had no gearing and hence it had virtually no financial risk. The
Subject was financed by its shareholders' funds and internally generated
fund. During the economic downturn, the Subject, having a zero gearing, will
be able to compete better than those which are highly geared in the same
industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
The Subject recorded lower profits as its
turnover showed a erratic trend. The Subject's management was unable to control
its costs efficiently as its profit showed a downward trend. The Subject was
in good liquidity position with its total current liabilities well covered by
its total current assets. With its current net assets, the Subject should be
able to repay its short term obligations. With the favourable interest cover,
the Subject could be able to service all the accrued interest without facing
any difficulties. The Subject was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : STRONG |
||||||
|
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) |
|
|
|
|
|
|
(Source : Department of Statistics) |
|
|
|
|
|
|
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 |
|
|
Incorporated in 1970, the Subject is a
Private Limited company, focusing on investment holding company, the provision
of management and operational headquarters services, financial and treasury
services to related corporations and sales, distribution and service of ge
products. The Subject has been in business for over 4 decades. It has built
up a strong clientele base and good reputation will enable the Subject to
further enhance its business in the near term. The Subject is expected to
enjoy a stable market shares. Having strong support from its holding company
has enabled the Subject to remain competitive despite the challenging
business environment. The Subject is a large entity with strong capital
position. We are confident with the Subject's business and its future growth
prospect. Over the years, the Subject has penetrated
into both the local and overseas market. The Subject has positioned itself in
the global market and is competing in the industry. Its stable clientele base
will enable the Subject to further enhance its business in the near term. The
Subject is a fairly large and rapidly growing company with over 384 staff in
its operations. Overall, we regard that the Subject's management capability
is average. This indicates that the Subject has greater potential to improve
its business performance and raising income for the Subject. The Subject's business performance showed
a reverse trend as both its turnover and pre-tax profit have decreased
compared to the previous year. Return on shareholders' funds of the Subject
was at an acceptable range which indicated that the management was efficient
in utilising its funds to generate income. The Subject is in good liquidity
position with its current liabilities well covered by it current assets.
Hence, it has sufficient working capital to meet its short term financial
obligations. Being a zero geared company, the Subject virtually has no
financial risk as it is mainly dependent on its internal funds to finance its
business. Given a positive net worth standing at USD 1,322,073,242, the
Subject should be able to maintain its business in the near terms. 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. In spite of the
difficult and challenging business environment, the Subject's competitive
capability is strong and it is adapting well to meet the challenges of this
sector. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
GE PACIFIC
PRIVATE LIMITED |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
TURNOVER |
525,167,785 |
836,218,277 |
525,302,285 |
405,134,628 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
525,167,785 |
836,218,277 |
525,302,285 |
405,134,628 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
224,455,069 |
639,448,071 |
408,074,868 |
227,808,174 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
224,455,069 |
639,448,071 |
408,074,868 |
227,808,174 |
|
Taxation |
(16,132,730) |
(28,958,361) |
(7,165,527) |
(4,692,960) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
208,322,339 |
610,489,710 |
400,909,341 |
223,115,214 |
|
Pre-acquisition profit/(loss) |
4,393,800 |
1,902,641 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
212,716,139 |
612,392,351 |
400,909,341 |
223,115,214 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
212,716,139 |
612,392,351 |
400,909,341 |
223,115,214 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
1,121,475,853 |
1,418,083,502 |
1,017,174,161 |
794,058,947 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
1,121,475,853 |
1,418,083,502 |
1,017,174,161 |
794,058,947 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,334,191,992 |
2,030,475,853 |
1,418,083,502 |
1,017,174,161 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(25,000,000) |
(909,000,000) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,309,191,992 |
1,121,475,853 |
1,418,083,502 |
1,017,174,161 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
Others |
42,171 |
36,438 |
15,647 |
431,617 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
42,171 |
36,438 |
15,647 |
431,617 |
|
|
============= |
============= |
============= |
============= |
|
GE PACIFIC
PRIVATE LIMITED |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
3,630,906 |
6,024,924 |
5,705,558 |
3,561,198 |
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Subsidiary companies |
884,406,365 |
840,629,442 |
914,158,614 |
902,683,444 |
|
Associated companies |
92,668,773 |
79,457,785 |
72,477,693 |
68,374,943 |
|
Investments |
68,811,368 |
65,891,526 |
65,831,525 |
27,641,473 |
|
Deferred assets |
- |
1,670,701 |
48,347 |
551,187 |
|
Others |
9,700,000 |
73,738,369 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,055,586,506 |
1,061,387,823 |
1,052,516,179 |
999,251,047 |
|
|
|
|
|
|
|
INTANGIBLE
ASSETS |
|
|
|
|
|
Deferred/Expenditure carried forward |
- |
- |
1,023,019 |
997,431 |
|
Computer software |
11,772 |
4,403,391 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
11,772 |
4,403,391 |
1,023,019 |
997,431 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,059,229,184 |
1,071,816,138 |
1,059,244,756 |
1,003,809,676 |
|
|
|
|
|
|
|
Stocks |
13,355,336 |
12,520,874 |
12,492,811 |
17,935,968 |
|
Trade debtors |
26,406,952 |
40,236,399 |
29,792,098 |
35,084,737 |
|
Other debtors, deposits & prepayments |
161,207,703 |
37,413,709 |
4,100,374 |
4,629,796 |
|
Amount due from related companies |
- |
- |
82,365,886 |
191,832,041 |
|
Cash & bank balances |
453,224,979 |
261,354,112 |
810,582,840 |
8,512,539 |
|
Others |
45,208,134 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
699,403,104 |
351,525,094 |
939,334,009 |
257,995,081 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
1,758,632,288 |
1,423,341,232 |
1,998,578,765 |
1,261,804,757 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Trade creditors |
19,495,174 |
42,256,961 |
33,782,484 |
34,773,710 |
|
Other creditors & accruals |
211,351 |
24,314,034 |
466,744,738 |
129,036,037 |
|
Bank overdraft |
576,987 |
1,345,878 |
- |
- |
|
Amounts owing to related companies |
368,240,919 |
190,420,111 |
- |
- |
|
Provision for taxation |
15,083,667 |
30,647,145 |
10,961,886 |
11,814,694 |
|
Other liabilities |
32,819,572 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
436,427,670 |
288,984,129 |
511,489,108 |
175,624,441 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
262,975,434 |
62,540,965 |
427,844,901 |
82,370,640 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
1,322,204,618 |
1,134,357,103 |
1,487,089,657 |
1,086,180,316 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
12,881,250 |
12,881,250 |
12,881,250 |
12,881,250 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
12,881,250 |
12,881,250 |
12,881,250 |
12,881,250 |
|
|
|
|
|
|
|
Revaluation reserve |
- |
- |
56,124,905 |
56,124,905 |
|
Retained profit/(loss) carried forward |
1,309,191,992 |
1,121,475,853 |
1,418,083,502 |
1,017,174,161 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
1,309,191,992 |
1,121,475,853 |
1,474,208,407 |
1,073,299,066 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
1,322,073,242 |
1,134,357,103 |
1,487,089,657 |
1,086,180,316 |
|
|
|
|
|
|
|
Deferred taxation |
131,376 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
131,376 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,322,204,618 |
1,134,357,103 |
1,487,089,657 |
1,086,180,316 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
GE PACIFIC
PRIVATE LIMITED |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
453,224,979 |
261,354,112 |
810,582,840 |
8,512,539 |
|
Net Liquid Funds |
452,647,992 |
260,008,234 |
810,582,840 |
8,512,539 |
|
Net Liquid Assets |
249,620,098 |
50,020,091 |
415,352,090 |
64,434,672 |
|
Net Current Assets/(Liabilities) |
262,975,434 |
62,540,965 |
427,844,901 |
82,370,640 |
|
Net Tangible Assets |
1,322,192,846 |
1,129,953,712 |
1,486,066,638 |
1,085,182,885 |
|
Net Monetary Assets |
249,488,722 |
50,020,091 |
415,352,090 |
64,434,672 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
Total Borrowings |
576,987 |
1,345,878 |
0 |
0 |
|
Total Liabilities |
436,559,046 |
288,984,129 |
511,489,108 |
175,624,441 |
|
Total Assets |
1,758,632,288 |
1,423,341,232 |
1,998,578,765 |
1,261,804,757 |
|
Net Assets |
1,322,204,618 |
1,134,357,103 |
1,487,089,657 |
1,086,180,316 |
|
Net Assets Backing |
1,322,073,242 |
1,134,357,103 |
1,487,089,657 |
1,086,180,316 |
|
Shareholders' Funds |
1,322,073,242 |
1,134,357,103 |
1,487,089,657 |
1,086,180,316 |
|
Total Share Capital |
12,881,250 |
12,881,250 |
12,881,250 |
12,881,250 |
|
Total Reserves |
1,309,191,992 |
1,121,475,853 |
1,474,208,407 |
1,073,299,066 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
Cash Ratio |
1.04 |
0.90 |
1.58 |
0.05 |
|
Liquid Ratio |
1.57 |
1.17 |
1.81 |
1.37 |
|
Current Ratio |
1.60 |
1.22 |
1.84 |
1.47 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
9 |
5 |
9 |
16 |
|
Debtors Ratio |
18 |
18 |
21 |
32 |
|
Creditors Ratio |
14 |
18 |
23 |
31 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.33 |
0.25 |
0.34 |
0.16 |
|
Times Interest Earned Ratio |
5,323.50 |
17,549.93 |
26,081.07 |
528.80 |
|
Assets Backing Ratio |
102.64 |
87.72 |
115.37 |
84.25 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
42.74 |
76.47 |
77.68 |
56.23 |
|
Net Profit Margin |
40.50 |
73.23 |
76.32 |
55.07 |
|
Return On Net Assets |
16.98 |
56.37 |
27.44 |
21.01 |
|
Return On Capital Employed |
16.97 |
56.09 |
27.42 |
20.99 |
|
Return On Shareholders' Funds/Equity |
16.09 |
53.99 |
26.96 |
20.54 |
|
Dividend Pay Out Ratio (Times) |
0.12 |
1.48 |
0.00 |
0.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
UK Pound |
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MNL |
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.