MIRA INFORM REPORT

 

 

Report Date :

30.10.2014

 

IDENTIFICATION DETAILS

 

Name :

EAST MARINE PTE LTD

 

 

Registered Office :

1, Benoi Road, 629875

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

30.06.1986

 

 

Com. Reg. No.:

198601345-E

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Construction of Other Civil Engineering Projects

 

 

No. of Employees :

550

 

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 :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% 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.

:

198601345-E

COMPANY NAME

:

EAST MARINE PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

30/06/1986

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, BENOI ROAD, 629875, SINGAPORE.

BUSINESS ADDRESS

:

1 BENOI ROAD, 629875, SINGAPORE.

TEL.NO.

:

65-67781400

FAX.NO.

:

N/A

CONTACT PERSON

:

TEO ENG HWEE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

CONSTRUCTION OF OTHER CIVIL ENGINEERING PROJECTS

ISSUED AND PAID UP CAPITAL

:

27,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 27,000,000.00

SALES

:

SGD 83,185,000 [2013]

NET WORTH

:

SGD 65,454,000 [2013]

STAFF STRENGTH

:

550 [2014]

BANKER (S)

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED
UNITED OVERSEAS BANK LIMITED
ORIX LEASING SINGAPORE LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE 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) construction of other civil engineering projects.

 

The immediate holding company of the Subject is EM (FAR EAST) HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

 

Share Capital History

Date

Issue & Paid Up Capital

21/10/2014

SGD 27,000,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

EM (FAR EAST) HOLDINGS PTE. LTD.

1, BENOI ROAD, 629875, SINGAPORE.

198602405E

27,000,000.00

100.00

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

------

27,000,000.00

100.00

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

=====

 

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

TEO ENG HWEE

Address

:

248, LORONG CHUAN, 07-04, CHUAN PARK, 55674, SINGAPORE.

IC / PP No

:

0897320B

Nationality

:

SINGAPOREAN

Date of Appointment

:

22/11/1999

 

DIRECTOR 2

 

Name Of Subject

:

ATSUSHI OGAWA

Address

:

10, FABER PARK, FABER HILLS, 12910, SINGAPORE.

IC / PP No

:

S2696152A

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/06/1986



MANAGEMENT

 

 

 

1)

Name of Subject

:

TEO ENG HWEE

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. LOH SEOK HONG

IC / PP No

:

S1387753Z

Address

:

959, HOUGANG STREET 91, 12-284, 530959, SINGAPORE.

 

2)

Company Secretary

:

AU YEONG KOK CHEE

IC / PP No

:

S0283894Z

Address

:

30, AH HOOD ROAD, 15-01, NADIA MANSIONS, 329976, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

2)

Name

:

UNITED OVERSEAS BANK LIMITED

 

3)

Name

:

ORIX LEASING SINGAPORE LIMITED

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200705004

03/07/2007

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200705006

03/07/2007

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200705008

03/07/2007

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200705041

03/07/2007

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200803099

02/04/2008

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C200804057

30/04/2008

N/A

ORIX LEASING SINGAPORE LIMITED

-

Unsatisfied

C200804067

30/04/2008

N/A

ORIX LEASING SINGAPORE LIMITED

-

Unsatisfied

C200804181

06/05/2008

N/A

DBS BANK LTD.

-

Unsatisfied

C200804182

06/05/2008

N/A

DBS BANK LTD.

-

Unsatisfied

C200804183

06/05/2008

N/A

DBS BANK LTD.

-

Unsatisfied

C200808327

05/09/2008

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200808329

05/09/2008

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200900238

07/01/2009

N/A

DBS BANK LTD.

-

Unsatisfied

C200900240

07/01/2009

N/A

DBS BANK LTD.

-

Unsatisfied

C200900241

07/01/2009

N/A

DBS BANK LTD.

-

Unsatisfied

C200900659

23/01/2009

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201008493

22/09/2010

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201100413

11/01/2011

N/A

ORIX LEASING SINGAPORE LIMITED

-

Unsatisfied

C201100415

11/01/2011

N/A

ORIX LEASING SINGAPORE LIMITED

-

Unsatisfied

C201108571

14/07/2011

N/A

STANDARD CHARTERED BANK (SINGAPORE)

-

Unsatisfied

C201108572

14/07/2011

N/A

STANDARD CHARTERED BANK (SINGAPORE)

-

Unsatisfied

C201108575

14/07/2011

N/A

STANDARD CHARTERED BANK (SINGAPORE)

-

Unsatisfied

C201112741

11/10/2011

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201112743

11/10/2011

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201202740

12/03/2012

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201202741

12/03/2012

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201202742

12/03/2012

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201202744

12/03/2012

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201214837

17/12/2012

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201214838

17/12/2012

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201214841

17/12/2012

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201214842

17/12/2012

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201310389

30/07/2013

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201403262

31/03/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201404918

20/05/2014

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201404919

20/05/2014

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201410489

26/09/2014

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201410491

26/09/2014

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

 

 

LITIGATION 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

:

7119

Year

:

2012

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

16/03/2012

Solicitor Ref

:

ACS.9011.11

Solicitor Firm

:

A C SYED & PARTNERS

Plaintiff

:

YUEN HENG CHIONG

Defendants

:

EAST MARINE PTE LTD (198601345)

Amount Claimed

:

60000

Nature of Claim

:

SGD

Remark

:

TORT-NEGLIGENCE

 

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

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

CONSTRUCTION OF OTHER CIVIL ENGINEERING PROJECTS

 

Total Number of Employees:

YEAR

2014

GROUP

N/A

COMPANY

550

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) construction of other civil engineering projects.

The Subject has grown from a company with a single dredger into a leading specialist in dredging and maritime engineering works.

The Subject has participated in marine projects worldwide, establishing its credentials as an efficient and reliable marine contractor, as well as executing expert and customised solutions.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6567781400

Current Telephone Number

:

65-67781400

Match

:

YES

Address Provided by Client

:

NO 1, BENOI ROAD, SINGAPORE 629875

Current Address

:

1 BENOI ROAD, 629875, SINGAPORE.

Match

:

YES

 

Other Investigations


On 17th October 2014 we contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2011 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2011 - 2013

]

Return on Shareholder Funds

:

Acceptable

[

14.63%

]

Return on Net Assets

:

Acceptable

[

13.53%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Nil

[

0 Days

]

Debtor Ratio

:

Unfavourable

[

71 Days

]

Creditors Ratio

:

Favourable

[

47 Days

]

As the Subject is a service oriented company, the Subject does not need to keep stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Unfavourable

[

0.73 Times

]

Current Ratio

:

Unfavourable

[

0.73 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Favourable

[

13.57 Times

]

Gearing Ratio

:

Favourable

[

0.29 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

Generally, the Subject's performance has improved with higher turnover and profit. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : FAIR

 

 

 

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 :

CONSTRUCTION

According to Building and Construction Authority (BCA), Construction sector in Singapore is expected to remain a strong demand of between SGD26-SGD32 billion in year 2013 boosted by stronger public housing and infrastructure construction works.

Public sector demand is expected to contribute about 53% of overall industry demand, or SGD14 billion-SGD17 billion. Major public sector projects to be awarded in 2013 include various contracts for the construction of Singapore's new Thomson train line, the expansion of the Kallang Paya Lebar Expressway and Tampines Expressway interchange as well as Nanyang Technological University's Undergraduate Halls of Residence at Nanyang Avenue/Crescent and Energy Market Authority's fourth storage tank for the liquefied natural gas (LNG) terminal at Jurong Island.

Private sector construction demand on the other hand, is expected to moderate to SGD12-SGD15 billion in 2013, in light of slower domestic economic growth and continued global economic uncertainties. Private residential construction demand is projected to continue to soften in view of the anticipated continual slow economic growth in 2013, coupled with the significant supply of completed housing units over the next few years.

Based on advance estimates, the construction sector grew by 5.9% on a year-on-year basis in fourth quarter of year 2012, moderating from the 7.7% growth in the preceding quarter. For the full year 2012, construction rose 8.8% from 2.6% the previous year. Besides, the total construction demand was sustained at a healthy SGD28.1 billion in 2012.

Moreover, the total preliminary construction output (progress payments made for work done) is estimated to be about SGD31 billion in 2012, about 7% higher than the volume in 2011 and comparable to the 2009's record high.

Forecast for 2014 and 2015, the average construction demand is projected to be SGD20-SGD28 billion per annum. Barring any unforeseen circumstances, this projection is plausible in view of the strong pipeline of housing and infrastructure construction projects planned by the Government to meet the needs of the population, despite the anticipated lower economic growth rate in the coming years.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1986, the Subject is a Private Limited company, focusing on construction of other civil engineering projects. The Subject has been in business for 28 years. 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. With a large issued and paid up capital of SGD 27,000,000 and strong backing from its holding company, the Subject has the ability to further expand its business in the future compared to other corporation.

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. Being a large entity, the Subject has a steady workforce of 550 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at SGD 65,454,000, the Subject should be able to maintain its business in the near terms.

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.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

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.

EAST MARINE PTE LTD

 

Financial Year End

2013-06-30

2012-06-30

2011-06-30

Months

12

12

12

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

Currency

SGD

SGD

SGD

TURNOVER

83,185,000

69,049,000

67,435,000

Other Income

1,340,000

1,175,000

-

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

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

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

Total Turnover

84,525,000

70,224,000

67,435,000

Costs of Goods Sold

(64,860,000)

(54,657,000)

-

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

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

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

Gross Profit

19,665,000

15,567,000

-

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

10,985,000

8,629,000

13,615,000

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

10,985,000

8,629,000

13,615,000

Taxation

(1,409,000)

(3,081,000)

(2,736,000)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

9,576,000

5,548,000

10,879,000

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

28,878,000

23,330,000

12,451,000

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

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

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

As restated

28,878,000

23,330,000

12,451,000

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

38,454,000

28,878,000

23,330,000

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

38,454,000

28,878,000

23,330,000

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Lease interest

14,000

19,000

-

Term loan / Borrowing

651,000

969,000

-

Others

209,000

57,000

-

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

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

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

874,000

1,045,000

-

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

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

 

 

 

BALANCE SHEET

 

 

EAST MARINE PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

97,669,000

91,416,000

88,966,000

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

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

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

TOTAL LONG TERM ASSETS

97,669,000

91,416,000

88,966,000

Trade debtors

16,093,000

11,820,000

-

Other debtors, deposits & prepayments

3,746,000

3,539,000

-

Amount due from holding company

73,000

-

-

Cash & bank balances

7,131,000

3,044,000

-

Amount owing by customer

323,000

1,845,000

-

Others

228,000

181,000

-

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

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

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

TOTAL CURRENT ASSETS

27,594,000

20,429,000

18,996,000

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

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

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

TOTAL ASSET

125,263,000

111,845,000

107,962,000

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

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

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

CURRENT LIABILITIES

Trade creditors

8,413,000

7,551,000

-

Other creditors & accruals

9,194,000

7,262,000

-

Hire purchase & lease creditors

51,000

79,000

-

Bank overdraft

1,440,000

2,402,000

-

Short term borrowings/Term loans

8,381,000

11,147,000

-

Amounts owing to holding company

-

1,199,000

-

Amounts owing to subsidiary companies

5,691,000

4,717,000

-

Amounts owing to related companies

460,000

422,000

-

Amounts owing to director

1,998,000

1,368,000

-

Other liabilities

1,969,000

844,000

-

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

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

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

TOTAL CURRENT LIABILITIES

37,597,000

36,991,000

57,632,000

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(10,003,000)

(16,562,000)

(38,636,000)

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

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

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

TOTAL NET ASSETS

87,666,000

74,854,000

50,330,000

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

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

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

SHARE CAPITAL

Ordinary share capital

27,000,000

27,000,000

27,000,000

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

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

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

TOTAL SHARE CAPITAL

27,000,000

27,000,000

27,000,000

Retained profit/(loss) carried forward

38,454,000

28,878,000

23,330,000

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

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

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

TOTAL RESERVES

38,454,000

28,878,000

23,330,000

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

65,454,000

55,878,000

50,330,000

Long term loans

9,288,000

7,410,000

-

Lease obligations

42,000

93,000

-

Deferred taxation

12,882,000

11,473,000

-

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

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

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

TOTAL LONG TERM LIABILITIES

22,212,000

18,976,000

-

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

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

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

87,666,000

74,854,000

50,330,000

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

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

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

 

 

 

FINANCIAL RATIO

 

 

EAST MARINE PTE LTD

 

TYPES OF FUNDS

Cash

7,131,000

3,044,000

-

Net Liquid Funds

5,691,000

642,000

-

Net Liquid Assets

(10,003,000)

(16,562,000)

(38,636,000)

Net Current Assets/(Liabilities)

(10,003,000)

(16,562,000)

(38,636,000)

Net Tangible Assets

87,666,000

74,854,000

50,330,000

Net Monetary Assets

(32,215,000)

(35,538,000)

(38,636,000)

BALANCE SHEET ITEMS

Total Borrowings

19,202,000

21,131,000

-

Total Liabilities

59,809,000

55,967,000

57,632,000

Total Assets

125,263,000

111,845,000

107,962,000

Net Assets

87,666,000

74,854,000

50,330,000

Net Assets Backing

65,454,000

55,878,000

50,330,000

Shareholders' Funds

65,454,000

55,878,000

50,330,000

Total Share Capital

27,000,000

27,000,000

27,000,000

Total Reserves

38,454,000

28,878,000

23,330,000

LIQUIDITY (Times)

Cash Ratio

0.19

0.08

-

Liquid Ratio

0.73

0.55

-

Current Ratio

0.73

0.55

0.33

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

-

Debtors Ratio

71

62

-

Creditors Ratio

47

50

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.29

0.38

-

Liabilities Ratio

0.91

1.00

1.15

Times Interest Earned Ratio

13.57

9.26

-

Assets Backing Ratio

3.25

2.77

1.86

PERFORMANCE RATIO (%)

Operating Profit Margin

13.21

12.50

20.19

Net Profit Margin

11.51

8.03

16.13

Return On Net Assets

13.53

12.92

27.05

Return On Capital Employed

13.30

12.51

27.05

Return On Shareholders' Funds/Equity

14.63

9.93

21.62

Dividend Pay Out Ratio (Times)

0.00

0.00

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.31

UK Pound

1

Rs.99.00

Euro

1

Rs.78.14

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PDT

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.