|
|
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
|
:
|
WWW.GE.COM/SG
|
|
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
|
HISTORY / BACKGROUND
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
|
|
|
|
|
|
|
DIRECTORS
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
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
YEW WEI NAN
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG LLP
|
|
Auditor' Address
|
:
|
16, RAFFLES QUAY, 22- 00, HONG LEONG BUILDING, 048581, SINGAPORE
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
KENNETH ONG HENG HENG
|
|
|
IC / PP No
|
:
|
S7013671F
|
|
|
|
|
|
|
|
Address
|
:
|
22, ST. MICHAEL'S ROAD, 07-12, SUNVILLE, 327981, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
|
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
|
LEGAL CHECK AGAINST SUBJECT
* A check has been conducted in our databank againt 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.
PAYMENT RECORD
|
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
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA PACIFIC
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
OPERATIONS
|
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
|
|
|
|
|
|
|
|
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 sme 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 Subect is a member of the following entities:
* Singapore international chambers of commerce
* American chamber of commerce
* Security systems association of singapore
CURRENT INVESTIGATION
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
On 12th May 2014 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL ANALYSIS
|
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
|
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)
|
|
|
|
|
|
|
(Source : Department of Statistics)
|
|
|
|
|
|
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
|
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.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. 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. Overall the Subject has a good control over its
resources.
We regard that the Subject's overall payment habit is prompt. The Subject
had a favourable creditors' ratio as evidenced by its favourable collection
days.
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.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
PROFIT AND LOSS ACCOUNT
|
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
|
|
|
=============
|
=============
|
=============
|
=============
|
BALANCE SHEET
|
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
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL RATIO
|
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
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
|