|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIVA BULK LIMITED |
|
|
|
|
Formerly Known As : |
CROSSBRIDGE SHIPPING SINGAPORE LIMITED (08/09/2011) AIWO LIMITED (07/10/2009) |
|
|
|
|
Registered Office : |
8, Temasek Boulevard, 22-02, Suntec Tower Three, 038988 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.12.2003 |
|
|
|
|
Com. Reg. No.: |
200312317-M |
|
|
|
|
Legal Form : |
Public (Limited By Share) |
|
|
|
|
Line of Business : |
Chartering of ships, barges and boats with crew (freight) |
|
|
|
|
No of Employees : |
9 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
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 |
EXECUTIVE SUMMARY |
|
|
|
REGISTRATION NO. |
: |
200312317-M |
||||
|
COMPANY NAME |
: |
SIVA BULK
LIMITED |
||||
|
FORMER NAME |
: |
CROSSBRIDGE SHIPPING SINGAPORE LIMITED
(08/09/2011) |
||||
|
INCORPORATION DATE |
: |
03/12/2003 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PUBLIC (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
8, TEMASEK BOULEVARD, 22-02, SUNTEC TOWER
THREE, 038988, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
8 TEMASEK BOULEVARD,#22-02 SUNTEC TOWER THREE,
038988, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62388824 |
||||
|
FAX.NO. |
: |
65-68359558 |
||||
|
WEB SITE |
: |
WWW.SIVASHIPPING.COM |
||||
|
CONTACT PERSON |
: |
DEEPAK BHANDARI ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
CHARTERING OF SHIPS, BARGES AND BOATS WITH
CREW (FREIGHT) |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
19,500,000.00 ORDINARY SHARE, OF A VALUE
OF USD 19,500,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 183,787,000 [2012] |
||||
|
NET WORTH |
: |
USD 5,564,000 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
9 [2014] |
||||
|
||||||
|
LITIGATION |
: |
TRACED |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
FAIR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
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) chartering of ships, barges and boats with crew (freight).
The immediate holding company of the Subject is SIVA SHIPPING SINGAPORE PTE. LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the Subject is SIVA INDUSTRIES AND HOLDINGS LIMITED, a company incorporated in INDIA.
The intermediate holding company of the Subject is SIVA GROUP SHIPPING AND TRADING PROJECTS PTE. LTD., a company incorporated in SINGAPORE.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
29/05/2014 |
USD 19,500,000.00 & SGD 4,500,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
SIVA SHIPPING SINGAPORE PTE. LTD. |
8, TEMASEK BOULEVARD, 22-02 SUNTEC TOWER
THREE, 038988, SINGAPORE. |
200922820C |
24,000,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
24,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
|
MAURITIUS |
CROSSBRIDGE PROJECTS (MAURITIUS) LIMITED |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
MAURITIUS |
CROSSBRIDGE PROJECTS LIMITED |
100.00 |
31/12/2012 |
|
|
|
|
|
|
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
SIVASANKARAN SARAVANA |
|
Address |
: |
RV 15, FOUR SEASONS BAIE LAZARE, FRANCE. |
|
IC / PP No |
: |
N0086177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SEYCHELLOIS |
|
Date of Appointment |
: |
19/04/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. DEEPAK BHANDARI |
|
Address |
: |
26, BAYSHORE ROAD, 26-01, THE BAYSHORE, 469972, SINGAPORE. |
|
IC / PP No |
: |
G5303030R |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
06/07/2012 |
|
|
|
|
MANAGEMENT |
|
|
|
1) |
Name of Subject |
: |
DEEPAK BHANDARI |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
AUDITOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
|
|
|
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
VANEE PRAMESHWARLAL JHUNJHUNWALA |
|
|
IC / PP No |
: |
S8063763B |
|
|
|
|
|
|
|
Address |
: |
638A, PUNGGOL DRIVE, 08-443, 821638, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
NG GEOK LAN (HUANG YULUAN) |
|
|
IC / PP No |
: |
S1592193E |
|
|
|
|
|
|
|
Address |
: |
573, PASIR RIS STREET 53, 14-30, 510573, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING |
Banking relations are maintained principally with :
|
1) |
Name |
: |
DBS BANK LTD |
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201009681 |
18/10/2010 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201104571 |
13/04/2011 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
LEGAL CHECK AGAINST SUBJECT |
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
LEGAL ACTION |
|
Code No |
: |
99 |
Case No |
: |
532 |
||||||||
|
Year |
: |
2014 |
Place |
: |
SINGAPORE |
||||||||
|
Date Filed |
: |
21/02/2014 |
|
|
|
||||||||
|
Solicitor |
: |
JEYABALEN |
|
|
|
||||||||
|
Solicitor Ref |
: |
JB/2864/14 |
|
|
|
||||||||
|
Solicitor Firm |
: |
JEYABALEN & PARTNERS |
|||||||||||
|
Plaintiff |
: |
ARYACORP (S) PTE LTD |
|
|
|
||||||||
|
Defendants |
: |
|
|
|
|
||||||||
|
Amount Claimed |
: |
64863 |
|
|
|
|
|
|
|
|
|||
|
Nature of Claim |
: |
USD |
|
|
|
|
|
|
|
|
|||
|
Remark |
: |
OTHERS |
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
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 |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
X |
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
CLIENTELE |
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
Services |
: |
NCHARTERING OF SHIPS, BARGES, BOATS WITH CREW, FREIGHT SERVICES
|
|
|
|
|
|
|
|
Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
9 |
9 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) chartering of ships,
barges and boats with crew (freight).
The Subject provides competitive freight services to dry bulk commodity traders
and receivers.
The Subject has grown from an initial focus on the transportation of coal to
India to being a freight provider for a range of bulk commodities including
minerals and grains across Asia Pacific.
The Subject provides chartering vessels for long and short duration and spot freight covers.
The Subject enters into long term and short term charter agreements with
ship-owners world over and help their clients move dry bulk cargo around the
world, seamlessly and effortlessly.
The Subject's strong network of ship owners gives it control over a large fleet
of vessels. this equips crossbridge with the power to charter vessels worldwide
with a particular focus on the atlantic, pacific, indian ocean and the
mediterranean.
The Subject's operations cover spot fixtures, contracts of affreightment (coa)
and period charters of a wide range of commodities that includes coal, coke,
iron ore, agro products, steel products and bulk minerals and to provide
representation in all major vessel categories from small handy-size vessels
upwards.
The trades goods are as follows:
*
coal/metallurgical coal
* iron ore
* grain & agro
* limestone & dolomite
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6562388824 |
|
Current Telephone Number |
: |
65-62388824 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
8, TEMASEK BOULEVARD #22-02 SUNTEC TOWER THREE SINGAPORE 038988 |
|
Current Address |
: |
8 TEMASEK BOULEVARD,#22-02 SUNTEC TOWER THREE, 038988, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
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 |
: |
Unfavourable |
[ |
(55.98%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(52.77%) |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The Subject could be more efficient in controlling its
operating costs and had managed to reduce its losses during the year. The
Subject's unfavourable returns on shareholders' funds indicate the
management's inefficiency in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
31 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
29 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 |
[ |
1.10 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.12 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 |
: |
Unfavourable |
[ |
(16.40 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.07 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not improve,
the Subject may be vulnerable to default in servicing the interest. 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 : |
|
|
|
|
|
|
|
The Subject's turnover showed a volatile trend but its losses were lower
when compared to the previous corresponding period. This could suggest that
the Subject was more efficient in its operating cost control and was more
competitive. 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. The Subject's interest cover was negative, indicating that it
did not generate sufficient income to service its interest. If its result
does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. 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 : POOR |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
|
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production
(2011 = 100) |
|
|
|
|
|
INDUSTRY ANALYSIS |
|
INDUSTRY : |
ECONOMY |
|
|
|
|
|
|
|
According to Ministry of Trade and Industry (MTI), the Singapore
economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global
economy is likely to remain subdued despite macroeconomic conditions
stablising in recent months of 2013. |
|
|
|
|
|
However, the global economic outlook is still clouded with
uncertainties. Notably, concerns remain over the extent of the fiscal cutback
with the budget sequester in the US and potential flareup of the debt crisis
in the Eurozone. Should any of these risks materialise, Singapore's economic
growth could come in lower than expected. |
|
|
|
|
|
Although resilient domestic demand in emerging Asia will provide some
support to global demand, it will not fully mitigate the effects of an
economic slowdown in the advanced economies. Consequently, Singapore's
externally-oriented sectors such as electronics and wholesale trade will
continue to perform poorly, while the financial services sector will be
affected by heightened uncertainties in the external environment. Nevertheless,
there will be some modest support to growth from the biomedical manufacturing
cluster and tourism-related sectors. The former will likely see increased
production of active pharmaceutical ingredients and biologics while the
latter will benefit from rising visitor arrivals from the region. |
|
|
|
|
|
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from
5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing
sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge
decline was largely due to a rebound in the output of the biomedical
manufacturing and transport engineering clusters, which together helped to
mitigate part of the fall in output in the electronics cluster. By contrast,
the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to
the expansion in both public and private building activities. |
|
|
|
|
|
Growth in the services producing industries also moderated to 1.2% in
2012, compared to 4.6% in 2011. This was mainly due to the slowdown in
wholesale and retail trade, accommodation and food services as well as other
services industries. In particular, the wholesale and retail trade sector
contracted by 0.7%, compared to the 1.6% growth in year 2011. The
accommodation and food services as well as other services industries posted
lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
|
|
|
|
|
|
For the whole of 2012, all sectors, except the wholesale and retail
trade, contributed to growth. Business services was the largest contributor
with 0.4 percentage-points, followed by construction with 0.3
percentage-points and transportation and storage at 0.2 percentage points.
Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011.
Domestic demand was the key contributor to total demand growth, accounting
for 2.2 percentage-points, or over 90 per cent, of the increase. |
|
|
|
|
|
In 2012, total domestic demand rose by 9.7%, following the 6.5%
increase in 2011. The growth in total domestic demand was broad-based across
consumption, gross fixed capital formation (GFCF) and changes in inventories.
The total consumption expenditure in 2012 grew slightly by 0.9%, easing from
the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%,
reversing the 0.5% growth in 2011. Private consumption expenditure registered
a 2.2% gain, moderating from the 4.6% increase in the preceding year. |
|
|
|
|
|
Overall, the Singapore economy is expected
to grow by 1.0 to 3.0% in 2013. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
|
|
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's business operation is supported by 9 employees. Overall, we regard
that the Subject's management capability is average. Due to the challenging market conditions,
the Subject's business performance seems to be deteriorating and losses
incurred. The Subject has generated an unfavourable return on shareholders'
funds indicating that the management was inefficient in utilising its funds
to generate return. The Subject is in good liquidity position with its
current liabilities well covered by it current assets. Unfortunately, the
high gearing ratio clearly implied that the Subject was supported by more
debt than equity. Thus, the Subject is exposed to high financial risk. Without a strong assets backing, the
Subject may face difficulties in getting loans for its future expansion and
continued growth. The Subject's supplier are from both the local and overseas
countries. This will eliminates the risk of dependency on deliveries from a
number of key suppliers and insufficient quantities of its raw materials. The Subject's payment record regarded as
fair. With poor financial condition, the Subject may unable to pay its
creditors on the given period of time. The industry has reached its maturity
stage and only enjoying a marginal growth. The steady growth of the country's
economy will further enhance the industry activities. Thus, the Subject's
future performance is very much depend on its marketing strategies in order
to retain its position in the market. In view of the above, we only recommend
credit be proceeded to the Subject with guarantee. |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
SIVA BULK
LIMITED |
|
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 |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
TURNOVER |
183,787,000 |
348,639,000 |
199,967,000 |
47,317,000 |
|
Other Income |
- |
- |
301,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
183,787,000 |
348,639,000 |
200,268,000 |
47,317,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(3,115,000) |
(15,139,000) |
2,714,000 |
1,880,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(3,115,000) |
(15,139,000) |
2,714,000 |
1,880,000 |
|
Taxation |
- |
- |
(14,000) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(3,115,000) |
(15,139,000) |
2,700,000 |
1,880,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
(17,779,000) |
(2,640,000) |
(5,340,000) |
(7,220,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
(17,779,000) |
(2,640,000) |
(5,340,000) |
(7,220,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(20,894,000) |
(17,779,000) |
(2,640,000) |
(5,340,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(20,894,000) |
(17,779,000) |
(2,640,000) |
(5,340,000) |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
Term loan / Borrowing |
175,000 |
21,000 |
3,000 |
- |
|
Others |
4,000 |
81,000 |
127,000 |
13,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
179,000 |
102,000 |
130,000 |
13,000 |
|
|
============= |
============= |
============= |
============= |
BALANCE SHEET |
|
|
|
SIVA BULK
LIMITED |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
120,000 |
206,000 |
273,000 |
39,000 |
|
|
|
|
|
|
|
Others |
1,211,000 |
1,211,000 |
1,221,000 |
4,702,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,211,000 |
1,211,000 |
1,221,000 |
4,702,000 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,331,000 |
1,417,000 |
1,494,000 |
4,741,000 |
|
|
|
|
|
|
|
Stocks |
642,000 |
668,000 |
1,453,000 |
- |
|
Trade debtors |
15,485,000 |
9,967,000 |
15,551,000 |
5,363,000 |
|
Other debtors, deposits & prepayments |
4,381,000 |
13,436,000 |
4,178,000 |
2,007,000 |
|
Amount due from holding company |
16,000 |
- |
- |
- |
|
Amount due from related companies |
- |
- |
100,000 |
- |
|
Cash & bank balances |
3,409,000 |
11,264,000 |
11,067,000 |
2,394,000 |
|
Others |
16,723,000 |
9,309,000 |
- |
27,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
40,656,000 |
44,644,000 |
32,349,000 |
9,791,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
41,987,000 |
46,061,000 |
33,843,000 |
14,532,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Trade creditors |
14,377,000 |
24,853,000 |
10,275,000 |
2,775,000 |
|
Other creditors & accruals |
1,450,000 |
1,347,000 |
1,675,000 |
2,076,000 |
|
Short term borrowings/Term loans |
5,969,000 |
4,118,000 |
1,265,000 |
- |
|
Amounts owing to holding company |
- |
330,000 |
- |
- |
|
Amounts owing to subsidiary companies |
3,041,000 |
658,000 |
- |
- |
|
Amounts owing to related companies |
- |
- |
81,000 |
- |
|
Other liabilities |
11,586,000 |
14,576,000 |
12,229,000 |
9,328,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
36,423,000 |
45,882,000 |
25,525,000 |
14,179,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
4,233,000 |
(1,238,000) |
6,824,000 |
(4,388,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
5,564,000 |
179,000 |
8,318,000 |
353,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
22,694,000 |
14,194,000 |
7,194,000 |
694,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
22,694,000 |
14,194,000 |
7,194,000 |
694,000 |
|
|
|
|
|
|
|
Retained profit/(loss) carried forward |
(20,894,000) |
(17,779,000) |
(2,640,000) |
(5,340,000) |
|
Others |
3,764,000 |
3,764,000 |
3,764,000 |
4,999,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
(17,130,000) |
(14,015,000) |
1,124,000 |
(341,000) |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
5,564,000 |
179,000 |
8,318,000 |
353,000 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,564,000 |
179,000 |
8,318,000 |
353,000 |
|
|
============= |
============= |
============= |
============= |
FINANCIAL RATIO |
|
|
|
SIVA BULK
LIMITED |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
3,409,000 |
11,264,000 |
11,067,000 |
2,394,000 |
|
Net Liquid Funds |
3,409,000 |
11,264,000 |
11,067,000 |
2,394,000 |
|
Net Liquid Assets |
3,591,000 |
(1,906,000) |
5,371,000 |
(4,388,000) |
|
Net Current Assets/(Liabilities) |
4,233,000 |
(1,238,000) |
6,824,000 |
(4,388,000) |
|
Net Tangible Assets |
5,564,000 |
179,000 |
8,318,000 |
353,000 |
|
Net Monetary Assets |
3,591,000 |
(1,906,000) |
5,371,000 |
(4,388,000) |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
Total Borrowings |
5,969,000 |
4,118,000 |
1,265,000 |
0 |
|
Total Liabilities |
36,423,000 |
45,882,000 |
25,525,000 |
14,179,000 |
|
Total Assets |
41,987,000 |
46,061,000 |
33,843,000 |
14,532,000 |
|
Net Assets |
5,564,000 |
179,000 |
8,318,000 |
353,000 |
|
Net Assets Backing |
5,564,000 |
179,000 |
8,318,000 |
353,000 |
|
Shareholders' Funds |
5,564,000 |
179,000 |
8,318,000 |
353,000 |
|
Total Share Capital |
22,694,000 |
14,194,000 |
7,194,000 |
694,000 |
|
Total Reserves |
(17,130,000) |
(14,015,000) |
1,124,000 |
(341,000) |
|
LIQUIDITY
(Times) |
|
|
|
|
|
Cash Ratio |
0.09 |
0.25 |
0.43 |
0.17 |
|
Liquid Ratio |
1.10 |
0.96 |
1.21 |
0.69 |
|
Current Ratio |
1.12 |
0.97 |
1.27 |
0.69 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
1 |
1 |
3 |
0 |
|
Debtors Ratio |
31 |
10 |
28 |
41 |
|
Creditors Ratio |
29 |
26 |
19 |
21 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
Gearing Ratio |
1.07 |
23.01 |
0.15 |
0.00 |
|
Liabilities Ratio |
6.55 |
256.32 |
3.07 |
40.17 |
|
Times Interest Earned Ratio |
(16.40) |
(147.42) |
21.88 |
145.62 |
|
Assets Backing Ratio |
0.25 |
0.01 |
1.16 |
0.51 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
(1.69) |
(4.34) |
1.36 |
3.97 |
|
Net Profit Margin |
(1.69) |
(4.34) |
1.35 |
3.97 |
|
Return On Net Assets |
(52.77) |
(8,400.56) |
34.19 |
536.26 |
|
Return On Capital Employed |
(52.77) |
(8,400.56) |
34.19 |
536.26 |
|
Return On Shareholders' Funds/Equity |
(55.98) |
(8,457.54) |
32.46 |
532.58 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.03 |
|
|
1 |
Rs. 98.91 |
|
Euro |
1 |
Rs. 80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.