|
Report No. : |
353743 |
|
Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
GE PACIFIC PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
ELECTRONIC COMPONENTS OF GENERAL ELECTRIC (U.S.A) PRIVATE LIMITED ELECTRONIC COMPONENTS OF GENERAL ELECTRIC (U.S.A) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
11 North Buona Vista Drive #09- 00 The Metropolis, 138589 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.03.1970 |
|
|
|
|
Com. Reg. No.: |
197000148-E |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
The Subject is principally engaged in the investment holding company, the
provision of management and operational headquarters services, financial and
treasury services to related corporations and sales, distribution and service
of ge products. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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. |
: |
197000148-E |
|
COMPANY NAME |
: |
GE PACIFIC PRIVATE LIMITED |
|
FORMER NAME |
: |
ELECTRONIC COMPONENTS OF GENERAL ELECTRIC (U.S.A) PRIVATE LIMITED
(23/05/1990) ELECTRONIC COMPONENTS OF GENERAL ELECTRIC (U.S.A) PRIVATE LIMITED |
|
INCORPORATION DATE |
: |
04/03/1970 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
11 NORTH BUONA VISTA DRIVE #09- 00 THE METROPOLIS, 138589, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
11, NORTH BUONA VISTA DRIVE, 09-00, THE METROPOLIS, 138589, SINGAPORE. |
|
TEL.NO. |
: |
65-62207022 |
|
FAX.NO. |
: |
65-62262600 |
|
WEB SITE |
: |
WWW.GE.COM/SG |
|
CONTACT PERSON |
: |
YEW WEI NAN ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
INVESTMENT HOLDING COMPANY, THE PROVISION OF MANAGEMENT AND
OPERATIONAL HEADQUARTERS SERVICES, FINANCIAL AND TREASURY SERVICES TO RELATED
CORPORATIONS AND SALES, DISTRIBUTION AND SERVICE OF GE PRODUCTS |
|
ISSUED AND PAID UP CAPITAL |
: |
81,000,293.00 ORDINARY SHARE, OF A VALUE OF SGD 2,543,013,977.00 |
|
SALES |
: |
USD 357,838,571 [2014] |
|
NET WORTH |
: |
USD 1,253,962,210 [2014] |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
REGULAR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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) investment
holding company, the provision of management and operational headquarters
services, financial and treasury services to related corporations and sales,
distribution and service of ge products.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
21/10/2015 |
SGD 2,543,013,977.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
GE PACIFIC HOLDINGS PTE. LTD. |
240, TANJONG PAGAR ROAD, 04-00, GE TOWER |
- |
81,000,293.00 |
100.00 |
|
--------------- |
------ |
|||
|
81,000,293.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
199604051E |
SINGAPORE |
AIRFOIL TECHNOLOGIES INTERNATIONAL - SINGAPORE PTE. LTD. |
- |
100.00 |
28/09/2015 |
|
199409532W |
SINGAPORE |
GE HEALTHCARE PTE. LTD. |
- |
100.00 |
28/09/2015 |
|
196900109M |
SINGAPORE |
GE MEASUREMENT AND CONTROL (SINGAPORE) PTE. LTD. |
- |
82.72 |
28/09/2015 |
|
201435837E |
SINGAPORE |
RIG RESEARCH PTE. LTD. |
- |
50.00 |
28/09/2015 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
YEW WEI NAN |
|
Date of Appointment |
: |
12/03/2013 |
DIRECTOR 2
|
Name Of Subject |
: |
ONG HENG HENG KENNETH |
|
Date of Appointment |
: |
01/04/2015 |
DIRECTOR 3
|
Name Of Subject |
: |
DAVID UTAMA |
|
Date of Appointment |
: |
03/09/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
BERNACCHI, BRUCE ALAN |
|
Date of Appointment |
: |
03/07/2012 |
DIRECTOR 5
|
Name Of Subject |
: |
KOK WEE JUNE |
|
Date of Appointment |
: |
02/07/2012 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
YEW WEI NAN |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
ONG HENG HENG KENNETH |
|
Address |
: |
N/A |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201207338 |
03/07/2012 |
ALL MONIES |
EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT NEDERLANDSE FINANCIERINGS-MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V. |
- |
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 PACIFIC |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
GE PRODUCTS |
|
|
Services |
: |
INVESTMENT HOLDING COMPANY, THE PROVISION OF MANAGEMENT AND OPERATIONAL
HEADQUARTERS SERVICES, FINANCIAL AND TREASURY SERVICES TO RELATED
CORPORATIONS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
384 |
384 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) investment holding
company, the provision of management and operational headquarters services,
financial and treasury services to related corporations and sales, distribution
and service of ge products.
The principal activities of the Subject consist of an investment holding
company, the provision of management and operational headquarters services,
financial and treasury services to related corporations and sales, distribution
and service of GE products.
Background:
* The Subject is part of the GE group.it is a diversified technology, media and
financial services company.
Singapore and south east Asia business includes:
* consumer finance
* commercial finance which provides SME and enterprise financing
solutions
* Ge healthcare
* Cnbc Asia-Pacific
* a number of key GE businesses have their regional headquarters in Singapore
where they direct the company's operations in southeast asia and in some cases,
the entire Asia Pacific basin.
The Subject is a member of the following entities:
* Singapore international chambers of commerce
* American chamber of commerce
* Security systems association of Singapore
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62207022 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
LEVEL 9 THE METEROPOLIS TOWER 2 11 NORTH BUONA VISTA DRIVE 138589
SINGAPORE |
|
Current Address |
: |
11, NORTH BUONA VISTA DRIVE, 09-00, THE METROPOLIS, 138589, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The address is as per stated in the report.
She refused to disclose the Subject's number of employees.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.35% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
0.83% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The Subject's profit fell sharply because of the high
operating costs incurred. 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 |
[ |
13 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
23 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
29 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The favourable debtors' days
could be due to the good credit control measures implemented by the Subject.
The Subject had a favourable creditors' ratio where the Subject could be
taking advantage of the cash discounts and also wanting to maintain goodwill
with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.44 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.47 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 |
[ |
12.78 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 : |
||||||
|
The Subject recorded lower profits as its turnover showed a erratic trend.
The Subject's management was unable to control its costs efficiently as its
profit showed a downward trend. 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 |
||||||
|
|
||||||
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 : |
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 |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
GE PACIFIC PRIVATE LIMITED |
|
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 |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
357,838,571 |
1,022,661,611 |
525,167,785 |
836,218,277 |
525,302,285 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
357,838,571 |
1,022,661,611 |
525,167,785 |
836,218,277 |
525,302,285 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
9,569,010 |
775,384,699 |
224,455,069 |
639,448,071 |
408,074,868 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
9,569,010 |
775,384,699 |
224,455,069 |
639,448,071 |
408,074,868 |
|
Taxation |
7,387,297 |
(51,043,009) |
(16,132,730) |
(28,958,361) |
(7,165,527) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
16,956,307 |
724,341,690 |
208,322,339 |
610,489,710 |
400,909,341 |
|
Pre-acquisition profit/(loss) |
- |
- |
4,393,800 |
1,902,641 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
16,956,307 |
724,341,690 |
212,716,139 |
612,392,351 |
400,909,341 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
16,956,307 |
724,341,690 |
212,716,139 |
612,392,351 |
400,909,341 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
1,296,533,682 |
1,309,191,992 |
1,121,475,853 |
1,418,083,502 |
1,017,174,161 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,296,533,682 |
1,309,191,992 |
1,121,475,853 |
1,418,083,502 |
1,017,174,161 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,313,489,989 |
2,033,533,682 |
1,334,191,992 |
2,030,475,853 |
1,418,083,502 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(71,440,000) |
(737,000,000) |
(25,000,000) |
(909,000,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,242,049,989 |
1,296,533,682 |
1,309,191,992 |
1,121,475,853 |
1,418,083,502 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
812,339 |
35,801 |
42,171 |
36,438 |
15,647 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
812,339 |
35,801 |
42,171 |
36,438 |
15,647 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
1,977,755 |
1,184,505 |
1,832,405 |
2,541,571 |
1,192,416 |
|
AMORTIZATION |
- |
11,937 |
268,114 |
279,735 |
312,692 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,977,755 |
1,196,442 |
2,100,519 |
2,821,306 |
1,505,108 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
GE PACIFIC PRIVATE LIMITED |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
12,494,503 |
3,513,701 |
3,630,906 |
6,024,924 |
5,705,558 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
873,842,671 |
858,969,981 |
884,406,365 |
840,629,442 |
914,158,614 |
|
Associated companies |
92,718,773 |
92,668,773 |
92,668,773 |
79,457,785 |
72,477,693 |
|
Investments |
71,781,024 |
65,366,568 |
68,811,368 |
65,891,526 |
65,831,525 |
|
Deferred assets |
6,266,602 |
- |
- |
1,670,701 |
48,347 |
|
Others |
9,325,000 |
9,700,000 |
9,700,000 |
73,738,369 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,053,934,070 |
1,026,705,322 |
1,055,586,506 |
1,061,387,823 |
1,052,516,179 |
|
INTANGIBLE ASSETS |
|||||
|
Deferred/Expenditure carried forward |
- |
- |
- |
- |
1,023,019 |
|
Computer software |
- |
- |
- |
4,403,391 |
- |
|
Others |
- |
- |
11,772 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
- |
- |
11,772 |
4,403,391 |
1,023,019 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,066,428,573 |
1,030,219,023 |
1,059,229,184 |
1,071,816,138 |
1,059,244,756 |
|
Stocks |
12,692,851 |
10,828,174 |
13,355,336 |
12,520,874 |
12,492,811 |
|
Trade debtors |
22,431,405 |
21,191,844 |
26,406,952 |
40,236,399 |
29,792,098 |
|
Other debtors, deposits & prepayments |
192,033,413 |
150,244,452 |
30,660,510 |
37,413,709 |
4,100,374 |
|
Amount due from related companies |
233,966,104 |
162,502,308 |
130,547,193 |
- |
82,365,886 |
|
Cash & bank balances |
117,771,735 |
127,503,968 |
453,224,979 |
261,354,112 |
810,582,840 |
|
Others |
8,476,501 |
- |
45,208,134 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
587,372,009 |
472,270,746 |
699,403,104 |
351,525,094 |
939,334,009 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,653,800,582 |
1,502,489,769 |
1,758,632,288 |
1,423,341,232 |
1,998,578,765 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
28,866,901 |
23,275,667 |
19,495,174 |
42,256,961 |
33,782,484 |
|
Other creditors & accruals |
- |
349,712 |
211,351 |
24,314,034 |
466,744,738 |
|
Bank overdraft |
- |
- |
576,987 |
1,345,878 |
- |
|
Amounts owing to related companies |
370,172,690 |
148,630,128 |
368,240,919 |
190,420,111 |
- |
|
Provision for taxation |
- |
21,459,100 |
15,083,667 |
30,647,145 |
10,961,886 |
|
Other liabilities |
- |
- |
32,819,572 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
399,039,591 |
193,714,607 |
436,427,670 |
288,984,129 |
511,489,108 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
188,332,418 |
278,556,139 |
262,975,434 |
62,540,965 |
427,844,901 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,254,760,991 |
1,308,775,162 |
1,322,204,618 |
1,134,357,103 |
1,487,089,657 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
14,660,894 |
14,660,894 |
12,881,250 |
12,881,250 |
12,881,250 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
14,660,894 |
14,660,894 |
12,881,250 |
12,881,250 |
12,881,250 |
|
Revaluation reserve |
- |
- |
- |
- |
56,124,905 |
|
Retained profit/(loss) carried forward |
1,242,049,989 |
1,296,533,682 |
1,309,191,992 |
1,121,475,853 |
1,418,083,502 |
|
Others |
(2,748,673) |
(2,748,673) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,239,301,316 |
1,293,785,009 |
1,309,191,992 |
1,121,475,853 |
1,474,208,407 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,253,962,210 |
1,308,445,903 |
1,322,073,242 |
1,134,357,103 |
1,487,089,657 |
|
Deferred taxation |
798,781 |
329,259 |
131,376 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
798,781 |
329,259 |
131,376 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,254,760,991 |
1,308,775,162 |
1,322,204,618 |
1,134,357,103 |
1,487,089,657 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
GE PACIFIC PRIVATE LIMITED |
|
TYPES OF FUNDS |
|||||
|
Cash |
117,771,735 |
127,503,968 |
453,224,979 |
261,354,112 |
810,582,840 |
|
Net Liquid Funds |
117,771,735 |
127,503,968 |
452,647,992 |
260,008,234 |
810,582,840 |
|
Net Liquid Assets |
175,639,567 |
267,727,965 |
249,620,098 |
50,020,091 |
415,352,090 |
|
Net Current Assets/(Liabilities) |
188,332,418 |
278,556,139 |
262,975,434 |
62,540,965 |
427,844,901 |
|
Net Tangible Assets |
1,254,760,991 |
1,308,775,162 |
1,322,192,846 |
1,129,953,712 |
1,486,066,638 |
|
Net Monetary Assets |
174,840,786 |
267,398,706 |
249,488,722 |
50,020,091 |
415,352,090 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
0 |
224,497,240 |
639,484,509 |
408,090,515 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
0 |
0 |
226,597,759 |
642,305,815 |
409,595,623 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
576,987 |
1,345,878 |
0 |
|
Total Liabilities |
399,838,372 |
194,043,866 |
436,559,046 |
288,984,129 |
511,489,108 |
|
Total Assets |
1,653,800,582 |
1,502,489,769 |
1,758,632,288 |
1,423,341,232 |
1,998,578,765 |
|
Net Assets |
1,254,760,991 |
1,308,775,162 |
1,322,204,618 |
1,134,357,103 |
1,487,089,657 |
|
Net Assets Backing |
1,253,962,210 |
1,308,445,903 |
1,322,073,242 |
1,134,357,103 |
1,487,089,657 |
|
Shareholders' Funds |
1,253,962,210 |
1,308,445,903 |
1,322,073,242 |
1,134,357,103 |
1,487,089,657 |
|
Total Share Capital |
14,660,894 |
14,660,894 |
12,881,250 |
12,881,250 |
12,881,250 |
|
Total Reserves |
1,239,301,316 |
1,293,785,009 |
1,309,191,992 |
1,121,475,853 |
1,474,208,407 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.30 |
0.66 |
1.04 |
0.90 |
1.58 |
|
Liquid Ratio |
1.44 |
2.38 |
1.57 |
1.17 |
1.81 |
|
Current Ratio |
1.47 |
2.44 |
1.60 |
1.22 |
1.84 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
13 |
4 |
9 |
5 |
9 |
|
Debtors Ratio |
23 |
8 |
18 |
18 |
21 |
|
Creditors Ratio |
29 |
8 |
14 |
18 |
23 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
0.32 |
0.15 |
0.33 |
0.25 |
0.34 |
|
Times Interest Earned Ratio |
12.78 |
21,659.19 |
5,323.50 |
17,549.93 |
26,081.07 |
|
Assets Backing Ratio |
85.59 |
89.27 |
102.64 |
87.72 |
115.37 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.67 |
75.82 |
42.74 |
76.47 |
77.68 |
|
Net Profit Margin |
4.74 |
70.83 |
40.50 |
73.23 |
76.32 |
|
Return On Net Assets |
0.83 |
59.25 |
16.98 |
56.37 |
27.44 |
|
Return On Capital Employed |
0.83 |
59.25 |
16.97 |
56.09 |
27.42 |
|
Return On Shareholders' Funds/Equity |
1.35 |
55.36 |
16.09 |
53.99 |
26.96 |
|
Dividend Pay Out Ratio (Times) |
4.21 |
1.02 |
0.12 |
1.48 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
SGD |
1 |
Rs.47.47 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.