|
Report No. : |
353903 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
20, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.07.1975 |
|
|
|
|
Com. Reg. No.: |
197501262-N |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture of electric power cables and wires |
|
|
|
|
No. of Employee : |
90 [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 |
|
REGISTRATION
NO. |
: |
197501262-N |
|
COMPANY
NAME |
: |
SINGAPORE
CABLES MANUFACTURERS PTE. LTD. |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
18/07/1975 |
|
|
|
|
|
|
|
|
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS |
: |
20,
JURONG PORT ROAD, JURONG TOWN, 619094, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
20
JURONG PORT ROAD, JURONG TOWN, 619094, SINGAPORE. |
|
TEL.NO. |
: |
65-62650707 |
|
FAX.NO. |
: |
65-62667886 |
|
WEB
SITE |
: |
WWW.PRYSMIAN.COM |
|
CONTACT
PERSON |
: |
FREDERIC
GROSSE ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURE
OF ELECTRIC POWER CABLES AND WIRES |
|
|
|
|
|
ISSUED
AND PAID UP CAPITAL |
: |
1,038,000.00
ORDINARY SHARE, OF A VALUE OF SGD 1,500,000.00 |
|
|
|
|
|
SALES |
: |
SGD
136,180,210 [2014] |
|
NET
WORTH |
: |
SGD
32,584,870 [2014] |
|
|
|
|
|
STAFF
STRENGTH |
: |
90
[2015] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
NO
COMPLAINTS |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
MATURE |
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) manufacture of electric
power cables and wires.
The
immediate holding company of the Subject is DRAKA CABLETEQ ASIA PACIFIC HOLDING
PTE. LTD., a company incorporated in SINGAPORE.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
09/12/2015 |
SGD
1,500,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
DRAKA
CABLETEQ ASIA PACIFIC HOLDING PTE. LTD. |
20,
JURONG PORT ROAD |
199000997E |
1,038,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,038,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also
Director
DIRECTOR
1
|
Name
Of Subject |
: |
MEHMET
CEM BASAR |
|
Address |
: |
106,
DUCHESS AVENUE, 02-09, DUCHESS RESIDENCES, 266311, SINGAPORE. |
|
IC /
PP No |
: |
G3060267L |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
TURK |
|
Date
of Appointment |
: |
15/08/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
2
|
Name
Of Subject |
: |
FREDERIC
GROSSE |
|
Address |
: |
142A,
WATTEN ESTATE ROAD, 287630, SINGAPORE. |
|
IC /
PP No |
: |
11AA43867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
FRENCH |
|
Date
of Appointment |
: |
01/01/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
3
|
Name
Of Subject |
: |
DOMINIC
THOMAS WARING |
|
Address |
: |
3-3A,
THE LOFT, 2, JALAN PENAGA, BUKIT BANDARAYA, BANGSAR, 59100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
IC /
PP No |
: |
O99035372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
BRITISH |
|
Date
of Appointment |
: |
04/10/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name
of Subject |
: |
FREDERIC
GROSSE |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPE
RS LLP |
|
Auditor'
Address |
: |
N/A |
|
1) |
Company
Secretary |
: |
CHAN
CHOW PHENG |
|
|
IC /
PP No |
: |
S1298885J |
|
|
|
|
|
|
|
Address |
: |
59, TELOK
BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE. |
BANKING
No Banker found in our databank.
ENCUMBRANCE
(S)
No encumbrance was found in our databank at the time of investigation.
* 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 |
: |
1527 |
|
|
|
|
|
|||
|
Year |
: |
2009 |
Place |
: |
SINGAPORE |
|
|
|
|
|
|||
|
Court |
: |
DISTRICT
COURT |
|
|
|
|
|
|
|
|
|||
|
Date
Filed |
: |
29/04/2009 |
|
|
|
|
|
|
|
|
|||
|
Solicitor
Ref |
: |
20091001138PI |
|
|
|
|
|
|
|
|
|||
|
Solicitor
Firm |
: |
HOH
LAW CORPORATION |
|
|
|
|
|
||||||
|
Plaintiff |
: |
LIM
CHIEW GUAN |
|
|
|
||||||||
|
Defendants |
: |
|
|
|
|
||||||||
|
Hearing
Date |
: |
N/A |
|
|
|
|
|
|
|
|
|||
|
Amount
Claimed |
: |
250000 |
|
|
|
|
|
|
|
|
|||
|
Nature
of Claim |
: |
SGD |
|
|
|
|
|
|
|
|
|||
|
Remark |
: |
TORT-NEGLIGENCE |
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
No
winding up petition was found in our databank |
|
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 |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
|
|
|
|
|
|
|
Payment
Mode |
: |
CHEQUES |
|||
|
Type
of Customer |
: |
INDUSTRIAL
SECTOR,CONSTRUCTION INDUSTRY |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
manufactured |
: |
|
|
|
|
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
90 |
90 |
70 |
70 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacture of
electric power cables and wires.
The Subject is involve in manufacturing the electrical cable and wire. They also
manufacture the high extension cable for domestic market.
The products of Subject include:
- Elevator Products
- Low-voltage Cable
- Marine, Oil & Gas
- Rubber Cable
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
65
6898 3633 |
|
Current
Telephone Number |
: |
65-62650707 |
|
Match |
: |
NO |
|
|
|
|
|
Address
Provided by Client |
: |
20
JURONG PORT ROAD, JURONG TOWN,619094,SINGAPORE |
|
Current
Address |
: |
20
JURONG PORT ROAD, JURONG TOWN, 619094, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2010 -
2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2010 -
2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
7.28% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
9.57% |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand
for its products / services increased due to the goodwill built up over the
years.The dip in profit could be due to the stiff market competition which
reduced the Subject's profit margin. 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 |
: |
Acceptable |
[ |
65
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
36
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
13
Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject kept adequate stocks to meet its normal
business transactions without incurring excessive storage costs. 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 |
[ |
1.24
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
2.06
Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the
Subject in order to assure its creditors of its ability to meet short term
obligations and the Subject was in a good liquidity position. Thus, we
believe the Subject is able to meet all its short term obligations as and
when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest
Cover |
: |
Favourable |
[ |
136.91
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to
service the interest. The favourable interest cover could indicate that the
Subject was making enough profit to pay for the interest accrued. The Subject
had no gearing and hence it had virtually no financial risk. The Subject was
financed by its shareholders' funds and internally generated fund. During the
economic downturn, the Subject, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Although the Subject's turnover had increased, its profits
had declined over the same corresponding period. This could be due to the
stiffer market competition and / or higher operating costs which lowered the
Subject's profit margin. The Subject was in good liquidity position with its
total current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. With the favourable interest cover, the Subject could be able to
service all the accrued interest without facing any difficulties. The Subject
was a zero gearing company, it was solely dependant on its shareholders to
provide funds to finance its business. The Subject has good chance of getting
loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : FAIR |
||||||
|
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
: |
MANUFACTURING |
|
|
|
|
|
|
|
In the third quarter of 2014, manufacturing output has
increased by 1.9%, extending the 1.5% growth in the previous quarter. Growth
was largely driven by the biomedical manufacturing and chemicals clusters.
Besides, for the whole 2013, the manufacturing sector grew by 1.7%, an uptick
from the 0.3% growth recorded in the previous year. All clusters recorded an
expansion in 2013, except the biomedical manufacturing cluster. |
|
|
|
|
|
The chemicals cluster grew by 5.2% in the third quarter of
2014. Growth was led by the petrochemicals and specialty chemicals segments,
which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum
segment contracted by 4.2% in the third quarter of 2014 due to plant
maintenance shutdowns. For the year of 2013, the chemicals cluster grew only
by 0.7%. |
|
|
|
|
|
Besides, output of the biomedical manufacturing cluster
expanded by 9.0% in the third quarter of 2014. The medical technology segment
posted robust growth of 23% due to higher production of medical instruments
and supplies, while the output of the pharmaceuticals segment rose by 6.2%.
However, in the whole of 2013, the biomedical manufacturing cluster recorded
only a flat growth. |
|
|
|
|
|
In the third quarter of 2014, the transport engineering
cluster contracted by 2.0%, dragged down by the aerospace segment. Output in
the aerospace segment plunged by 18% on the back of fewer repair jobs from
commercial airlines. This was mitigated by the 4.1% growth in the marine
& offshore engineering segment, which was supported by higher
contributions from rig building projects. Nonetheless, for the whole of 2013,
the transport engineering cluster grew by 5.2%. |
|
|
|
|
|
Moreover, output of the precision engineering cluster
increased by 1.3% in the third quarter of 2014. The machinery & systems
segment grew by 6.2%, supported by higher demand for semiconductor-related
equipment and mechanical engineering work. This was partly offset by the
decline in the output of the precision modules & components segment.
Conversely, in the full year of 2013, the precision engineering cluster's
output declined by 5.6%. |
|
|
|
|
|
Furthermore, in the third quarter of 2014, output of the
general manufacturing industries declined by 3.0%. The 2.1% growth in the
food, beverages & tobacco segment was more than offset by declines in the
other two segments. In particular, the miscellaneous industries segment
contracted by 4.7% on the back of lower output in construction-related products,
such as concrete & cement products and steel structural components. For
the full year of 2013, the general manufacturing cluster grew by 2.8%. |
|
|
|
|
|
Besides, in the third quarter of 2014, the electronics
cluster expanded by 0.9%, reversing the 5.0% contraction in the previous
quarter. Growth was supported by an expansion in the computer peripherals
(6.3%) and data storage (2.6%) segments. Moreover, for the year 2013, the
electronics cluster expanded by 3.5%. |
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : MATURE |
|
|
Incorporated in 1975, the Subject is a Private Limited
company, focusing on manufacture of electric power cables and wires. 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. With a strong backing from its
holding company, the Subject enjoys timely financial assistance should the
needs arise.
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
SINGAPORE
CABLES MANUFACTURERS PTE. LTD. |
|
Financial
Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
|
|
|
|
|
|
|
TURNOVER |
136,180,210 |
121,047,154 |
92,022,747 |
86,696,419 |
97,754,903 |
|
Other
Income |
- |
- |
1,976,398 |
1,033,797 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total
Turnover |
136,180,210 |
121,047,154 |
93,999,145 |
87,730,216 |
97,754,903 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
3,095,583 |
3,858,430 |
5,647,684 |
(4,055,036) |
3,713,686 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
BEFORE TAXATION |
3,095,583 |
3,858,430 |
5,647,684 |
(4,055,036) |
3,713,686 |
|
Taxation |
(722,581) |
(621,117) |
(913,000) |
58,720 |
(841,785) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS)
AFTER TAXATION |
2,373,002 |
3,237,313 |
4,734,684 |
(3,996,316) |
2,871,901 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As
previously reported |
29,221,868 |
25,984,555 |
38,249,871 |
42,246,187 |
39,374,286 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As
restated |
29,221,868 |
25,984,555 |
38,249,871 |
42,246,187 |
39,374,286 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
31,594,870 |
29,221,868 |
42,984,555 |
38,249,871 |
42,246,187 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
- |
(17,000,000) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
31,594,870 |
29,221,868 |
25,984,555 |
38,249,871 |
42,246,187 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Others |
22,777 |
6,634 |
11,143 |
9,150 |
51,577 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
22,777 |
6,634 |
11,143 |
9,150 |
51,577 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
DEPRECIATION
(as per notes to P&L) |
221,302 |
202,005 |
335,584 |
375,721 |
518,840 |
|
AMORTIZATION |
102,466 |
358,603 |
341,661 |
358,155 |
358,940 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
323,768 |
560,608 |
677,245 |
733,876 |
877,780 |
|
|
============= |
============= |
============= |
============= |
============= |
|
SINGAPORE
CABLES MANUFACTURERS PTE. LTD. |
|
ASSETS
EMPLOYED: |
|
|
|
|
|
|
FIXED
ASSETS |
1,255,414 |
1,449,081 |
1,379,699 |
2,427,544 |
2,905,049 |
|
|
|
|
|
|
|
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary
companies |
- |
- |
- |
- |
4,583,365 |
|
Deferred
assets |
197,309 |
- |
- |
- |
- |
|
Others |
- |
- |
- |
10,770 |
22,950 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS |
197,309 |
- |
- |
10,770 |
4,606,315 |
|
|
|
|
|
|
|
|
Computer
software |
186,305 |
288,771 |
342,511 |
684,172 |
1,027,464 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
INTANGIBLE ASSETS |
186,305 |
288,771 |
342,511 |
684,172 |
1,027,464 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
LONG TERM ASSETS |
1,639,028 |
1,737,852 |
1,722,210 |
3,122,486 |
8,538,828 |
|
|
|
|
|
|
|
|
Stocks |
23,962,257 |
18,979,289 |
6,718,397 |
2,512,379 |
6,672,165 |
|
Contract
work-in-progress |
103,659 |
161,338 |
1,129 |
407,744 |
- |
|
Trade
debtors |
13,327,534 |
15,862,733 |
19,293,728 |
19,680,670 |
18,051,347 |
|
Other
debtors, deposits & prepayments |
506,362 |
434,837 |
98,207 |
114,459 |
5,634,516 |
|
Amount
due from holding company |
64,232 |
3,580,580 |
3,496,932 |
5,885,674 |
- |
|
Amount
due from subsidiary companies |
- |
- |
- |
2,125,623 |
552,769 |
|
Amount
due from related companies |
2,962,504 |
1,413,091 |
1,238,670 |
1,168,950 |
6,724,384 |
|
Cash
& bank balances |
19,261,202 |
20,616,433 |
12,313,145 |
25,485,473 |
22,146,793 |
|
Others |
- |
1,812,081 |
1,844,656 |
1,405,038 |
2,895,127 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
CURRENT ASSETS |
60,187,750 |
62,860,382 |
45,004,864 |
58,786,010 |
62,677,101 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
ASSET |
61,826,778 |
64,598,234 |
46,727,074 |
61,908,496 |
71,215,929 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade
creditors |
4,668,027 |
4,713,414 |
5,697,650 |
7,293,980 |
12,130,713 |
|
Other
creditors & accruals |
6,372,093 |
10,114,111 |
2,284,289 |
1,437,323 |
2,632,770 |
|
Bank
overdraft |
- |
- |
- |
- |
159,134 |
|
Amounts
owing to holding company |
364,517 |
9,684 |
- |
- |
- |
|
Amounts
owing to related companies |
14,603,922 |
18,276,435 |
10,707,395 |
12,446,982 |
8,985,020 |
|
Provision
for taxation |
1,210,254 |
766,448 |
551,422 |
69,578 |
- |
|
Other
liabilities |
2,023,095 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
CURRENT LIABILITIES |
29,241,908 |
33,880,092 |
19,240,756 |
21,247,863 |
23,907,637 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET
CURRENT ASSETS/(LIABILITIES) |
30,945,842 |
28,980,290 |
25,764,108 |
37,538,147 |
38,769,464 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET
ASSETS |
32,584,870 |
30,718,142 |
27,486,318 |
40,660,633 |
47,308,292 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE
CAPITAL |
|
|
|
|
|
|
Ordinary
share capital |
990,000 |
990,000 |
990,000 |
990,000 |
990,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
SHARE CAPITAL |
990,000 |
990,000 |
990,000 |
990,000 |
990,000 |
|
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward |
31,594,870 |
29,221,868 |
25,984,555 |
38,249,871 |
42,246,187 |
|
Others |
- |
- |
- |
872,811 |
3,073,426 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
RESERVES |
31,594,870 |
29,221,868 |
25,984,555 |
39,122,682 |
45,319,613 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS'
FUNDS/EQUITY |
32,584,870 |
30,211,868 |
26,974,555 |
40,112,682 |
46,309,613 |
|
|
|
|
|
|
|
|
Deferred
taxation |
- |
506,274 |
511,763 |
547,951 |
998,679 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL
LONG TERM LIABILITIES |
- |
506,274 |
511,763 |
547,951 |
998,679 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
32,584,870 |
30,718,142 |
27,486,318 |
40,660,633 |
47,308,292 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SINGAPORE
CABLES MANUFACTURERS PTE. LTD. |
|
TYPES
OF FUNDS |
|
|
|
|
|
|
Cash |
19,261,202 |
20,616,433 |
12,313,145 |
25,485,473 |
22,146,793 |
|
Net
Liquid Funds |
19,261,202 |
20,616,433 |
12,313,145 |
25,485,473 |
21,987,659 |
|
Net
Liquid Assets |
6,983,585 |
10,001,001 |
19,045,711 |
35,025,768 |
32,097,299 |
|
Net
Current Assets/(Liabilities) |
30,945,842 |
28,980,290 |
25,764,108 |
37,538,147 |
38,769,464 |
|
Net
Tangible Assets |
32,398,565 |
30,429,371 |
27,143,807 |
39,976,461 |
46,280,828 |
|
Net
Monetary Assets |
6,983,585 |
9,494,727 |
18,533,948 |
34,477,817 |
31,098,620 |
|
PROFIT
& LOSS ITEMS |
|
|
|
|
|
|
Earnings
Before Interest & Tax (EBIT) |
0 |
3,865,064 |
5,658,827 |
(4,045,886) |
3,765,263 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
3,442,128 |
4,425,672 |
6,336,072 |
(3,312,010) |
4,643,043 |
|
BALANCE
SHEET ITEMS |
|
|
|
|
|
|
Total
Borrowings |
0 |
0 |
0 |
0 |
159,134 |
|
Total
Liabilities |
29,241,908 |
34,386,366 |
19,752,519 |
21,795,814 |
24,906,316 |
|
Total
Assets |
61,826,778 |
64,598,234 |
46,727,074 |
61,908,496 |
71,215,929 |
|
Net
Assets |
32,584,870 |
30,718,142 |
27,486,318 |
40,660,633 |
47,308,292 |
|
Net
Assets Backing |
32,584,870 |
30,211,868 |
26,974,555 |
40,112,682 |
46,309,613 |
|
Shareholders'
Funds |
32,584,870 |
30,211,868 |
26,974,555 |
40,112,682 |
46,309,613 |
|
Total
Share Capital |
990,000 |
990,000 |
990,000 |
990,000 |
990,000 |
|
Total
Reserves |
31,594,870 |
29,221,868 |
25,984,555 |
39,122,682 |
45,319,613 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash
Ratio |
0.66 |
0.61 |
0.64 |
1.20 |
0.93 |
|
Liquid
Ratio |
1.24 |
1.30 |
1.99 |
2.65 |
2.34 |
|
Current
Ratio |
2.06 |
1.86 |
2.34 |
2.77 |
2.62 |
|
WORKING
CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock
Ratio |
65 |
58 |
27 |
12 |
25 |
|
Debtors
Ratio |
36 |
48 |
77 |
83 |
67 |
|
Creditors
Ratio |
13 |
14 |
23 |
31 |
45 |
|
SOLVENCY
RATIOS (Times) |
|
|
|
|
|
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
0.90 |
1.14 |
0.73 |
0.54 |
0.54 |
|
Times
Interest Earned Ratio |
136.91 |
582.61 |
507.84 |
(442.17) |
73.00 |
|
Assets
Backing Ratio |
32.73 |
30.74 |
27.42 |
40.38 |
46.75 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating
Profit Margin |
2.27 |
3.19 |
6.14 |
(4.68) |
3.80 |
|
Net
Profit Margin |
1.74 |
2.67 |
5.15 |
(4.61) |
2.94 |
|
Return
On Net Assets |
9.57 |
12.58 |
20.59 |
(9.95) |
7.96 |
|
Return
On Capital Employed |
9.52 |
12.47 |
20.33 |
(9.79) |
7.76 |
|
Return
On Shareholders' Funds/Equity |
7.28 |
10.72 |
17.55 |
(9.96) |
6.20 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
3.59 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|
|
|
|
|
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
|
SGD |
1 |
Rs. 47.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
ASH |
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.