MIRA INFORM REPORT

 

 

Report No. :

337147

Report Date :

20.08.2015

 

IDENTIFICATION DETAILS

 

Name :

MMA OFFSHORE ASIA PTE. LTD.

 

 

Formerly Known As :

MERMAID MARINE ASIA PTE. LTD.

MERMAID MARINE OFFSHORE PTE. LTD.

 

 

Registered Office :

8, Cross Street , 08-01/06, PWC Building, 048424

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

15.08.2007

 

 

Com. Reg. No.:

200715016-C

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Supporting Services to Water Transport.

 

 

No. of Employees :

60 [2015]

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200715016-C

COMPANY NAME

:

MMA OFFSHORE ASIA PTE. LTD.

FORMER NAME

:

MERMAID MARINE ASIA PTE. LTD. (02/02/2015)
MERMAID MARINE OFFSHORE PTE. LTD. (10/09/2007)

INCORPORATION DATE

:

15/08/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

8, CROSS STREET , 08-01/06, PWC BUILDING, 048424, SINGAPORE.

BUSINESS ADDRESS

:

8, CROSS STREET, PWC BUILDING UNIT, 08-01/06, 048424, SINGAPORE.

TEL.NO.

:

65-62651010

FAX.NO.

:

65-68645555

WEB SITE

:

WWW.MMAOFFSHORE.COM

CONTACT PERSON

:

HENG CHIANG GNEE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

SUPPORTING SERVICES TO WATER TRANSPORT

ISSUED AND PAID UP CAPITAL

:

714,788,056.00 ORDINARY SHARE, OF A VALUE OF AUD 714,777,589.82
1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00

SALES

:

USD 60,567,000 [2014]

NET WORTH

:

USD 672,757,000 [2014]

STAFF STRENGTH

:

60 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

 

 

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) supporting services to water transport.

 

The immediate holding company of the Subject is MERMAID MARINE AUSTRALIA LTD, a company incorporated in AUSTRALIA.

 

Share Capital History

Date

Issue & Paid Up Capital

18/08/2015

AUD 714,777,589.82 & SGD 1.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MERMAID MARINE AUSTRALIA LTD
[714,788,056 FOR AUSTRALIA DOLLARS SHARES & 1 FOR SINGAPORE DOLLARS SHARE]

ENDEAVOUR SHED, 1 MEWS ROAD, FREMANTLE, WESTERN AUSTRALIA 6160, AUSTRALIA.

T07UF3339

714,788,057.00

100.00

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

------

714,788,057.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

199201525Z

SINGAPORE

JAYA OFFSHORE SUPPORT SERVICES PTE. LTD.

100.00

18/08/2015

197200068D

SINGAPORE

MMA OFFSHORE SHIPYARD AND ENGINEERING SERVICES PTE. LTD.

100.00

18/08/2015

198302479G

SINGAPORE

JAYA OFFSHORE PTE LTD

100.00

18/08/2015

200405854W

SINGAPORE

JAYA MARINE PTE. LTD.

100.00

18/08/2015

199402616R

SINGAPORE

MMA OFFSHORE INVESTMENTS PTE. LTD.

100.00

18/08/2015

198104130Z

SINGAPORE

JAVA MARINE LINES PTE LTD

100.00

18/08/2015

199408650Z

SINGAPORE

MMA OFFSHORE HOLDINGS PTE. LTD.

100.00

18/08/2015



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

DAVID COLIN ROSS

Address

:

14, BIRCH STREET, ATTADALE, WESTERN, 6156, AUSTRALIA.

IC / PP No

:

E3036504

Nationality

:

AUSTRALIAN

Date of Appointment

:

10/10/2007

 

DIRECTOR 2

 

Name Of Subject

:

PETER RAYNOR

Address

:

24, ELLIOTT ROAD TRIGG, WESTERN, AUSTRALIA.

IC / PP No

:

M6075026

Nationality

:

AUSTRALIAN

Date of Appointment

:

20/10/2009

Remark

:

ALTERNATE DIRECTOR TO JEFFREY ANDREW WEBER & DAVID COLIN ROSS

 

DIRECTOR 3

 

Name Of Subject

:

JEFFREY ANDREW WEBER

Address

:

3, AVONMORE TERRACE, COTTESLOE, WESTERN AUSTRALIA, 6011, AUSTRALIA.

IC / PP No

:

E1027212

Nationality

:

AUSTRALIAN

Date of Appointment

:

10/10/2007

 

DIRECTOR 4

 

Name Of Subject

:

HENG CHIANG GNEE

Address

:

2M, BISHOPSGATE, 249997, SINGAPORE.

IC / PP No

:

S1209964I

Nationality

:

SINGAPOREAN

Date of Appointment

:

24/09/2009



MANAGEMENT

 

 

 

1)

Name of Subject

:

HENG CHIANG GNEE

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHIA YONG WHATT

IC / PP No

:

S1705867C

Address

:

65, SIMEI RISE, 01-70, SAVANNAH CONDOPARK, 528796, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201109734

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109735

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109736

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109737

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109739

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109740

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109741

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109742

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109743

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109746

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109763

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109767

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201109785

05/08/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201116091

21/12/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201116098

21/12/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201116111

21/12/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201116144

22/12/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201116146

22/12/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201116150

22/12/2011

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201317376

24/12/2013

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201317377

24/12/2013

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405004

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405005

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405006

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405009

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405010

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405011

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405012

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405013

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405014

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405015

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405022

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405023

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405024

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405026

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405027

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405028

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405029

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405031

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405032

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405034

22/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201405063

23/05/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201407212

15/07/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201411827

29/10/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

C201411828

29/10/2014

N/A

TASOVAC PTY LIMITED

-

Unsatisfied

 

 

LITIGATION 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

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

SUPPORTING SERVICES TO WATER TRANSPORT

 

Total Number of Employees:

YEAR

2015

2013

GROUP

N/A

N/A

COMPANY

60

5

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) supporting services to water transport.

With its head office located in Fremantle, Western Australia (WA) and an international headquarters in Singapore, MMA Offshore is one of the largest marine service providers in the Asia Pacfic region.

MMA has grown substantially since listing on the Australian Securities Exchange in 1999. The company now owns and operates:

a fleet of over 60 modern offshore vessels

a supply base in Dampier, WA, positioned adjacent to the oil and gas fields of the Carnarvon Basin;

a ship repair facility in Dampier, WA;

a supply base in Broome, WA, operated under a joint venture with Toll and positioned adjacent to the oil and gas fields of the Browse Basin;

an onshore facility and shipyard in Batam, Indonesia; and

An oil and gas focused facility in Singapore.

This integrated operational profile of modern offshore vessels and strategically located onshore facilities uniquely positions MMA to effectively provide marine logistics services to clients throughout all phases of the offshore oil and gas development cycle.

MMA is a company with expansive global presence and specialised local knowledge. As an employer of choice for marine professionals with world class expertise, MMA delivers unique and tailored marine solutions to its domestic and international clients safely, reliably and with a willingness to explore new possibilities.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62651010

Match

:

N/A

Address Provided by Client

:

8 CROSS STREET PWC BUILDING UNIT 08-01/06 SINGAPORE 048424

Current Address

:

8, CROSS STREET, PWC BUILDING UNIT, 08-01/06, 048424, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its bankers.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2012 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

1.72%

]

Return on Net Assets

:

Unfavourable

[

2.29%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

0 Days

]

Debtor Ratio

:

Unfavourable

[

91 Days

]

Creditors Ratio

:

Favourable

[

3 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. 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

[

2.17 Times

]

Current Ratio

:

Favourable

[

2.17 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

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. 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 :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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 did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 : FAIR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2010

2011

2012

2013

2014

 

Population (Million)

5.08

5.18

5.31

5.40

5.47

Gross Domestic Products ( % )

14.5

4.9

1.3

3.7

(3.5)

Consumer Price Index

2.8

5.2

4.6

2.4

2.4

Total Imports (Million)

423,221.8

459,655.1

474,554.0

466,762.0

463,779.1

Total Exports (Million)

478,840.7

514,741.2

510,329.0

513,391.0

518,922.7

 

Unemployment Rate (%)

2.2

2.1

2.0

1.9

1.9

Tourist Arrival (Million)

11.64

13.17

14.49

15.46

15.01

Hotel Occupancy Rate (%)

85.6

86.5

86.4

86.3

85.5

Cellular Phone Subscriber (Million)

1.43

1.50

1.52

1.97

1.98

 

Registration of New Companies (No.)

29,798

32,317

31,892

37,288

41,589

Registration of New Companies (%)

12.8

8.5

(1.3)

9.8

11.5

Liquidation of Companies (No.)

15,126

19,005

17,218

17,369

18,767

Liquidation of Companies (%)

(32.5)

25.6

9.4

(5.3)

8.0

 

Registration of New Businesses (No.)

23,978

23,494

24,788

22,893

35,773

Registration of New Businesses (%)

(10.78)

2.02

5.51

1.70

56.30

Liquidation of Businesses (No.)

24,211

23,005

22,489

22,598

22,098

Liquidation of Businesses (%)

2.8

(5)

(2.2)

0.5

(2.2)

 

Bankruptcy Orders (No.)

1,537

1,527

1,748

1,992

1,757

Bankruptcy Orders (%)

(25.3)

(0.7)

14.5

14.0

(11.8)

Bankruptcy Discharges (No.)

2,252

1,391

1,881

2,584

3,546

Bankruptcy Discharges (%)

(26.3)

(38.2)

35.2

37.4

37.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(10.5)

12.10

(0.5)

-

2.80

 

Manufacturing *

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

96.4

100.0

103.5

103.5

105.0

Textiles

122.1

100.0

104.0

87.1

74.9

Wearing Apparel

123.3

100.0

92.1

77.8

49.5

Leather Products & Footwear

81.8

100.0

98.6

109.8

95.9

Wood & Wood Products

104.0

100.0

95.5

107.4

112.0

Paper & Paper Products

106.1

100.0

97.4

103.2

103.4

Printing & Media

103.5

100.0

93.0

86.1

80.3

Crude Oil Refineries

95.6

100.0

99.4

93.5

85.6

Chemical & Chemical Products

97.6

100.0

100.5

104.1

114.0

Pharmaceutical Products

75.3

100.0

109.7

107.2

115.7

Rubber & Plastic Products

112.3

100.0

96.5

92.9

92.8

Non-metallic Mineral

92.5

100.0

98.2

97.6

82.2

Basic Metals

102.2

100.0

90.6

76.5

98.3

Fabricated Metal Products

103.6

100.0

104.3

105.1

105.1

Machinery & Equipment

78.5

100.0

112.9

114.5

124.0

Electrical Machinery

124.1

100.0

99.3

108.5

121.3

Electronic Components

113.6

100.0

90.6

94.3

95.0

Transport Equipment

94.0

100.0

106.3

107.5

103.2

 

Construction

14.20

20.50

28.70

-

22.00

Real Estate

21.3

25.4

31.9

-

145.1

 

Services

Electricity, Gas & Water

4.00

7.00

6.30

-

Transport, Storage & Communication

12.80

7.40

5.30

-

14.20

Finance & Insurance

(0.4)

8.90

0.50

-

6.00

Government Services

9.70

6.90

6.00

-

Education Services

(0.9)

(1.4)

0.30

-

5.98

 

* Based on Index of Industrial Production (2011 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRANSPORTATION

In the second quarter of 2014, the transportation and storage sector grew by 2.0%. Growth in the sector was weighed down by the water transport segment. Additionally, in 2013, the sector grew by 3.0%, slower than the growth of 3.4% in 2012.

Growth in air passenger traffic remained weak at 1.7% in the second quarter of 2014, a further moderation from the 2.1% growth in the first quarter. The weakness in air passenger traffic was due to the continued fall in air passenger traffic along the Thailand-Singapore air route. Moreover, air passenger traffic grew by 5.7% in 2013, slower than the 9.9% increase in 2012. Growth was supported by resilient regional air travel. Air cargo growth rebounded to 0.8% in 2013, a reversal from the 1.6% contraction in the previous year. This came on the back of a rebound in the global Purchasing Managers Index (PMI) in the second half of 2013, which signaled a global recovery in manufacturing activities. Aircraft arrivals rose by 5.9% in 2013, the highest level recorded since data was made available.

For land transport, as of December 2013, the total number of vehicles registered with the Land Transport Authority (LTA) was 974,170, an increased of 0.4% from previous year. However, the pace of increase was slower than the 1.4% increase recorded the year before. The vehicle comprised 607,292 private and company cars, 16,396 rental cars, 27,695 taxis, 17,509 buses, 144,934 motorcycles and scooters, and 160,344 goods vehicles and other vehicle types.

Besides, for water transport, sea cargo volumes increased by 4.3% in 2013, faster than the 1.3% expansion in 2012. However, total sea cargo expanded by a much slower 2.1% in the second quarter of 2014, as compared to the 13% in the previous quarter. Furthermore, container throughput rose by 2.9% in 2013, extending the 5.7% increase in 2012. The number of twenty-foot equivalent units (TEUs) handled by Singapore’s ports surpassed the previous peak of 32 million in 2012, to reach a new peak of 33 million in 2013.

Under budget 2014, the government announced a new government-funded fare concession scheme so that persons with disabilities who travel by bus and train enjoy 25% discount on adult fares. Moreover, the government will introduce subsidies of up to 80% for those who require dedicated transport services to access special education and care services. Besides, the government will also subsidize those in the lower half of households through a new Taxi Subsidy Scheme, covering up to 50% of the cost.

OVERALL INDUSTRY OUTLOOK : MATURE



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2007, the Subject is a Private Limited company, focusing on supporting services to water transport. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. A paid up capital of AUD 714,777,589.82 & SGD 1 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Investigation revealed, 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 moderate size company, the Subject has a total workforce of 60 employees in its business 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.

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. 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. 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 672,757,000, 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.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

Based on the above condition, we recommend credit be granted to the Subject normally.

 



 

PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

MMA OFFSHORE ASIA PTE. LTD.

 

Financial Year End

2014-06-30

2013-06-30

2012-06-30

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

FULL

Currency

USD

USD

USD

TURNOVER

60,567,000

36,180,000

39,002,000

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

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

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

Total Turnover

60,567,000

36,180,000

39,002,000

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

15,552,000

12,648,000

14,121,000

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

15,552,000

12,648,000

14,121,000

Taxation

(4,012,000)

(3,749,000)

(3,488,000)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

11,540,000

8,899,000

10,633,000

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

3,213,000

10,314,000

27,681,000

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

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

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

As restated

3,213,000

10,314,000

27,681,000

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

14,753,000

19,213,000

38,314,000

DIVIDENDS - Ordinary (paid & proposed)

(3,000,000)

(16,000,000)

(28,000,000)

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

11,753,000

3,213,000

10,314,000

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

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

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

INTEREST EXPENSE (as per notes to P&L)

DEPRECIATION (as per notes to P&L)

7,146,000

6,291,000

5,632,000

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

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

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

7,146,000

6,291,000

5,632,000

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

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

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

 

 

 

BALANCE SHEET

 

MMA OFFSHORE ASIA PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

154,575,000

127,897,000

132,423,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

506,351,000

-

-

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

506,351,000

-

-

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

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

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

TOTAL LONG TERM ASSETS

660,926,000

127,897,000

132,423,000

Stocks

18,000

-

124,000

Trade debtors

15,154,000

5,003,000

4,643,000

Other debtors, deposits & prepayments

47,000

7,422,000

7,506,000

Short term deposits

-

-

3,216,000

Cash & bank balances

17,296,000

11,249,000

8,232,000

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

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

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

TOTAL CURRENT ASSETS

32,515,000

23,674,000

23,721,000

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

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

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

TOTAL ASSET

693,441,000

151,571,000

156,144,000

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

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

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

CURRENT LIABILITIES

Trade creditors

427,000

1,365,000

2,013,000

Other creditors & accruals

5,449,000

1,670,000

1,887,000

Amounts owing to related companies

7,997,000

805,000

314,000

Provision for taxation

1,081,000

1,555,000

297,000

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

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

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

TOTAL CURRENT LIABILITIES

14,954,000

5,395,000

4,511,000

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

17,561,000

18,279,000

19,210,000

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

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

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

TOTAL NET ASSETS

678,487,000

146,176,000

151,633,000

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

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

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

SHARE CAPITAL

Ordinary share capital

661,004,000

138,019,000

138,019,000

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

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

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

TOTAL SHARE CAPITAL

661,004,000

138,019,000

138,019,000

Retained profit/(loss) carried forward

11,753,000

3,213,000

10,314,000

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

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

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

TOTAL RESERVES

11,753,000

3,213,000

10,314,000

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

672,757,000

141,232,000

148,333,000

Deferred taxation

5,730,000

4,944,000

3,300,000

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

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

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

TOTAL LONG TERM LIABILITIES

5,730,000

4,944,000

3,300,000

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

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

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

678,487,000

146,176,000

151,633,000

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

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

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

 

 

 

FINANCIAL RATIO

 

MMA OFFSHORE ASIA PTE. LTD.

 

TYPES OF FUNDS

Cash

17,296,000

11,249,000

11,448,000

Net Liquid Funds

17,296,000

11,249,000

11,448,000

Net Liquid Assets

17,543,000

18,279,000

19,086,000

Net Current Assets/(Liabilities)

17,561,000

18,279,000

19,210,000

Net Tangible Assets

678,487,000

146,176,000

151,633,000

Net Monetary Assets

11,813,000

13,335,000

15,786,000

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

12,648,000

14,121,000

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

22,698,000

18,939,000

19,753,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

Total Liabilities

20,684,000

10,339,000

7,811,000

Total Assets

693,441,000

151,571,000

156,144,000

Net Assets

678,487,000

146,176,000

151,633,000

Net Assets Backing

672,757,000

141,232,000

148,333,000

Shareholders' Funds

672,757,000

141,232,000

148,333,000

Total Share Capital

661,004,000

138,019,000

138,019,000

Total Reserves

11,753,000

3,213,000

10,314,000

LIQUIDITY (Times)

Cash Ratio

1.16

2.09

2.54

Liquid Ratio

2.17

4.39

5.23

Current Ratio

2.17

4.39

5.26

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

1

Debtors Ratio

91

50

43

Creditors Ratio

3

14

19

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

Liabilities Ratio

0.03

0.07

0.05

Times Interest Earned Ratio

0

0

0

Assets Backing Ratio

1.03

1.06

1.10

PERFORMANCE RATIO (%)

Operating Profit Margin

25.68

34.96

36.21

Net Profit Margin

19.05

24.60

27.26

Return On Net Assets

2.29

8.65

9.31

Return On Capital Employed

2.29

8.65

9.31

Return On Shareholders' Funds/Equity

1.72

6.30

7.17

Dividend Pay Out Ratio (Times)

0.26

1.80

2.63

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.25

UK Pound

1

Rs.102.25

Euro

1

Rs.72.20

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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.