|
Report No. : |
313366 |
|
Report Date : |
02.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRINITY OFFSHORE
PTE. LTD. |
|
|
|
|
Formerly Known As : |
BURONG 111 PTE LTD |
|
|
|
|
Registered Office : |
4, Loyang Crescent, Loyang Industrial Estate, 508979 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
01.06.1991 |
|
|
|
|
Com. Reg. No.: |
199102555-K |
|
|
|
|
Legal Form : |
Exempt Private |
|
|
|
|
Line of Business : |
Ship Management Services & Shipping Agencies. |
|
|
|
|
No. of Employees : |
30 [2015] |
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 : |
Unknown |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
|
REGISTRATION
NO. |
: |
199102555-K |
|
COMPANY
NAME |
: |
TRINITY
OFFSHORE PTE. LTD. |
|
FORMER
NAME |
: |
BURONG
111 PTE LTD (08/05/2003) |
|
INCORPORATION
DATE |
: |
01/06/1991 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
EXEMPT
PRIVATE |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
4,
LOYANG CRESCENT, LOYANG INDUSTRIAL ESTATE, 508979, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
4,
LOYANG CRESCENT, 508979, SINGAPORE. |
|
TEL.NO. |
: |
65-65431000 |
|
FAX.NO. |
: |
65-65451000 |
|
EMAIL |
: |
INFO@TRINITYOFFSHORE.COM |
|
WEB
SITE |
: |
WWW.TRINITYOFFSHORE.COM |
|
CONTACT
PERSON |
: |
HING
YIH PEIR ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
SHIP
MANAGEMENT SERVICES & SHIPPING AGENCIES |
|
ISSUED
AND PAID UP CAPITAL |
: |
1,500,000.00
ORDINARY SHARE, OF A VALUE OF SGD 1,500,000.00 |
|
SALES |
: |
N/A |
|
NET
WORTH |
: |
N/A |
|
STAFF
STRENGTH |
: |
30
[2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
N/A |
|
PAYMENT |
: |
N/A |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
MODERATE |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
MARGINAL
GROWTH |
The Subject is an exempt private company whose
shares are not held by any corporate body and has no more than 20 shareholders
who are all natural persons. An exempt company is a type of private limited
company. 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, suing or be sued by other companies. An exempt
private company with an annual turnover of less than SGD5 million are exempted
from statutory auditing requirements. Instead of filing audited annual
accounts, the Subject has to file in a document duly signed by its director in
charge of its finance and the company secretary stating that the Subject is
able to meet all its obligations as and when they fall due. The Subject is not
required to have their accounts audited. However, the Subject will prepare
unaudited accounts for purposes of AGMs and filing with Registry Office if it
is unable to meet all its obligations as and when they fall due.
The
Subject is principally engaged in the (as a / as an) ship management services
& shipping agencies.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
31/03/2015 |
SGD
1,500,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
JEFFREY
HING YIH PEIR + |
12,
SWETTENHAM ROAD, 248098, SINGAPORE. |
S1221373E |
750,000.00 |
50.00 |
|
WONG
BEI KEEN + |
12,
SWETTENHAM ROAD, 248098, SINGAPORE. |
S1286621F |
750,000.00 |
50.00 |
|
--------------- |
------ |
|||
|
1,500,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTOR
1
|
Name
Of Subject |
: |
JEFFREY
HING YIH PEIR |
|
Address |
: |
12,
SWETTENHAM ROAD, 248098, SINGAPORE. |
|
IC
/ PP No |
: |
S1221373E |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
15/07/2000 |
DIRECTOR
2
|
Name
Of Subject |
: |
WONG
BEI KEEN |
|
Address |
: |
12,
SWETTENHAM ROAD, 248098, SINGAPORE. |
|
IC
/ PP No |
: |
S1286621F |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
15/07/2000 |
|
1)
|
Name
of Subject |
: |
HING
YIH PEIR |
|
Position |
: |
DIRECTOR |
No Auditor found in our databank
|
1)
|
Company
Secretary |
: |
GOH
YONG KHANG |
|
IC
/ PP No |
: |
S0557564H |
|
|
Address |
: |
164,
LENTOR LOOP, 07-01, BULLION PARK, 789096, SINGAPORE. |
No Banker found in our databank.
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201210273 |
10/09/2012 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201405880 |
12/06/2014 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
* 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.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject is a service provider and it does not deal with trade suppliers.
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
WORLDWIDE |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Services |
: |
SHIP
MANAGEMENT AND VESSEL CHARTERING SERVICES |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
2012 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
30 |
30 |
|||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) ship management
services & shipping agencies.
The Trinity Offshore's Group of Companies based in Singapore started in 1991 as
a ship management company. Previously we were known as Agensea Pte Ltd.
Group owns and operates a fleet of specialized offshore support vessels
including accommodation vessels / barges (accommodation ranged from 50 to 385
berths), survey vessels, anchor handling tug supply vessels (AHTS), utility
vessels, crewboats, supply vessels and other offshore support work boats
servicing the offshore oil & gas and other related industries.
Latest
fresh investigations carried out on the Subject indicated that:
|
Telephone
Number Provided By Client |
: |
6565431000,
91121000 |
|
Current
Telephone Number |
: |
65-65431000 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
4
LOYANG CRESCENT,508979 SINGAPORE |
|
Current
Address |
: |
4,
LOYANG CRESCENT, 508979, SINGAPORE. |
|
Match |
: |
YES |
|
|
||
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
The Subject refused to disclose its bankers.
|
The
Subject is a private exempt company which does not need to file in its
accounts with the Registrar of Companies for the information of the public.
Therefore, we are not able to comment on the Subject's financial performance. |
||||||
|
Overall
financial condition of the Subject : N/A |
||||||
|
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
: |
ECONOMY |
|
The
Ministry of Trade and Industry (MTI) announced that it expects the Singapore
economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides
that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012.
This was mainly due to strong growth in the services producing industries,
particularly the finance & insurance, as well as wholesale & retail
trade sectors. |
|
|
In
2013, all sectors contributed positively to growth. Finance & insurance
was the largest contributor (1.2 percentage-points), followed by wholesale
& retail trade (0.8 percentage-points) and business services (0.6
percentage-points). Growth in the manufacturing sector was improved by 1.7%,
on the back of strong growth in the electronics and transport engineering
clusters. By contrast, growth in the construction sector moderated to 5.9%,
from 8.6% in 2012. |
|
|
Growth
in the services producing industries picked up to 5.3% in 2013, from 2.0% in
2012. This was mainly due to stronger growth in the finance & insurance and
wholesale & retail trade sectors. The finance & insurance sector grew
by 11%, up from 1.3% in the previous year. The wholesale & retail trade
sector has expanded by 5.0%, after declining by 1.4% the year before. |
|
|
For
the whole of 2013, growth in total demand was 3.1%, similar to the pace of
growth in 2012. External demand was the key contributor to total demand
growth, accounting for 2.7 percentage-points, or almost 90%, of the increase.
External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in
2012. This was supported mainly by growth in the exports of machinery &
transport equipment, miscellaneous manufactures, and transport services.
Total domestic demand rose by a modest 1.7%, following the 8.6% increase in
2012. The slower growth in total domestic demand was primarily due to the
decline in gross fixed capital formation (GFCF). |
|
|
For
the full year, total consumption expenditure grew by 4.4% in 2013, faster
than the 2.8% growth in 2012. Public consumption expenditure increased by
11%, a strong rebound from the 1.9% decline in 2012. Private consumption
expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the
preceding year. |
|
|
Furthermore,
in the first three quarters of 2014, the Singapore economy grew by 3.3% on a
year-on-year basis. For the rest of the year, growth is expected to ease
slightly on a year-on-year basis, in line with a projected slowdown in the
global economy. Externally-oriented sectors such as the manufacturing and
transportation & storage sectors are likely to slow, whereas growth in
the construction sector will continue to be weighed down by the weakness in
private sector construction activities. On the other hand, domestically-oriented
sectors like business services are likely to remain resilient. |
|
|
Additionally,
the labour market in Singapore is expected to remain tight in 2015, with low
unemployment and rising vacancy rates. Against this global and domestic
backdrop, the growth outlook for the Singapore economy remains modest. In
tandem with the expected pick-up in external demand, externally-oriented
sectors such as manufacturing, wholesale trade and finance & insurance
are likely to provide support to growth. While some domestically-oriented
sectors such as businesses services are expected to remain resilient,
labour-intensive ones like construction, retail and food services may see
their growth weighed down by labour constraints. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
|
Incorporated
in 1991, the Subject is an Exempt Private company, focusing on ship
management services & shipping agencies. The Subject has been in business
for over two decades. It has built up a strong clientele base and
satisfactory reputation will enable the Subject to further enhance its
business in the near term. The Subject is expected to enjoy a stable
market shares. A paid up capital of SGD 1,500,000 allows the Subject to
expand its business more comfortably. However, the Subject does not have
strong shareholders’ backing. Without a strong shareholders' backing, the
opportunity of the Subject to expand its business is limited. |
|
|
No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.