|
Report No. : |
303826 |
|
Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEACHANGE MARITIME (SINGAPORE) PTE. LTD. |
|
|
|
|
Registered Office : |
79, South Bridge Road, 058709 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.02.2009 |
|
|
|
|
Com. Reg. No.: |
200902692-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is principally engaged in the other personal service activities, ship owning. |
|
|
|
|
No. of Employee : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
200902692-G |
|
COMPANY NAME |
: |
SEACHANGE
MARITIME(SINGAPORE) PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
13/02/2009 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
79, SOUTH BRIDGE ROAD, 058709, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
79 SOUTH BRIDGE ROAD, 058709, SINGAPORE. |
|
TEL.NO. |
: |
65-68846551 |
|
FAX.NO. |
: |
65-68846552 |
|
WEB SITE |
: |
WWW.SEACHANGE-MARITIME.COM |
|
CONTACT PERSON |
: |
YARIV ZGHOUL ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
OTHER PERSONAL SERVICE ACTIVITIES, SHIP
OWNING |
|
ISSUED AND PAID UP CAPITAL |
: |
1.00 ORDINARY SHARE, OF A VALUE OF SGD
1.00 |
|
SALES |
: |
USD 5,197,043 [2013] |
|
NET WORTH |
: |
USD (295,895) [2013] |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
N/A |
|
MANAGEMENT CAPABILITY |
: |
WEAK |
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
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) other personal
service activities, ship owning.
The immediate holding company of the Subject
is SEACHANGE SHIP MANAGEMENT LLC, a company incorporated in MARSHALL ISLANDS.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
20/01/2015 |
SGD 1.00 & USD 300,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SEACHANGE SHIP MANAGEMENT LLC |
TRUST COMPANY COMPLEX, AJELTAKE ROAD,
AJELTAKE ISLAND MAJURO, MARSHALL ISLANDS, MH 96960, MARSHALL ISLANDS. |
T12UF1682 |
300,001.00 |
100.00 |
|
--------------- |
------ |
|||
|
300,001.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
INDIA |
SEACHANGE MARITIME INDIA PRIVATE LIMITED |
100.00 |
31/12/2013 |
|
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
SAMUEL HAMMOND NORTON |
|
Address |
: |
3835, EL PRADO BLVD, MIAMI, FL 33133,
UNITED STATES. |
|
IC / PP No |
: |
488899220 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
13/02/2009 |
DIRECTOR 2
|
Name Of Subject |
: |
DAMIR GLAVAN |
|
Address |
: |
46A, TOH TUCK ROAD, 05-02, SIGNATURE PARK,
596738, SINGAPORE. |
|
IC / PP No |
: |
F2297812T |
|
Nationality |
: |
CROATIAN |
|
Date of Appointment |
: |
08/04/2011 |
DIRECTOR 3
|
Name Of Subject |
: |
YARIV ZGHOUL |
|
Address |
: |
201, NORTH COCONUT LANE, MIAMI BEACH, FL
33139, UNITED STATES. |
|
IC / PP No |
: |
G5700291W |
|
Nationality |
: |
ISRAELI |
|
Date of Appointment |
: |
13/02/2009 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
YARIV ZGHOUL |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
SHANKER IYER & CO |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
SONIA RAMCHAND JAGTIANI |
|
IC / PP No |
: |
S7071718B |
|
|
Address |
: |
134, SIMEI STREET, 1, 10-184, 520134, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
LEGAL
ACTION
|
|
Code No |
: |
99 |
Case No |
: |
11004 |
||||||||
|
Year |
: |
2013 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
MAGISTRATE COURT |
|||||||||||
|
Date Filed |
: |
17/05/2013 |
|||||||||||
|
Solicitor Ref |
: |
HS 5.2279.2013 |
|||||||||||
|
Solicitor Firm |
: |
DAISY YEO & CO |
|||||||||||
|
Plaintiff |
: |
ATLANTIC SUPPLIES AND TRADING PTE LTD |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
21490.65 |
|||||||||||
|
Nature of Claim |
: |
SGD |
|||||||||||
|
|
|||||||||||||
|
Code No |
: |
99 |
Case No |
: |
2156 |
||||||||
|
Year |
: |
2013 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
DISTRICT COURT |
|||||||||||
|
Date Filed |
: |
16/07/2013 |
|||||||||||
|
Solicitor Ref |
: |
AW/AL/20130218 |
|||||||||||
|
Solicitor Firm |
: |
TAN KIM SENG & PARTNERS |
|||||||||||
|
Plaintiff |
: |
LLOYD'S REGISTER ASIA |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
75200 16693.73 |
|||||||||||
|
Nature of Claim |
: |
USD SGD |
|||||||||||
|
Remark |
: |
OTHERS /NMISCELLANEOUS |
|||||||||||
|
|
|||||||||||||
|
Code No |
: |
99 |
Case No |
: |
1834 |
||||||||
|
Year |
: |
2014 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
MAGISTRATE COURT |
|||||||||||
|
Date Filed |
: |
27/01/2014 |
|||||||||||
|
Solicitor |
: |
JEYABALEN |
|||||||||||
|
Solicitor Ref |
: |
JB/2862/14 |
|||||||||||
|
Solicitor Firm |
: |
JEYABALEN & PARTNERS |
|||||||||||
|
Plaintiff |
: |
GRIFFIN TRAVEL PTE LTD |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
7124 |
|||||||||||
|
Nature of Claim |
: |
SGD |
|||||||||||
|
No winding up petition was found in our
databank |
||
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the SC's supplier information.
CLIENTELE
|
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
clientele information.
OPERATIONS
|
|
Services |
: |
OTHER PERSONAL SERVICE ACTIVITIES, SHIP OWNING |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) other personal service
activities, ship owning.
The staff from the registered office refused to disclose the Subject's
operation information.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6568846551 |
|
Current Telephone Number |
: |
65-68846551 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
79 SOUTH BRIDGE ROAD SINGAPORE 058709
SINGAPORE |
|
Current Address |
: |
79 SOUTH BRIDGE ROAD, 058709, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject's registered office and she only
provided limited information.
She refused to disclose the Subject's number of employees.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
74.72% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(1.52%) |
] |
|
|
Although the Subject's returns showed positive figures it is not reflective
of the true situation. The Subject incurred losses during the year and its
shareholders' funds have turned red. The positive returns on shareholders'
funds is the result of losses divided by negative shareholders' funds. The
Subject's management was inefficient in utilising the assets to generate
returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
693 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
As the Subject is a service oriented company, the Subject does not
need to keep 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 |
[ |
7.45 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
7.45 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 : |
||||||
|
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 : POOR |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
|
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( %
of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
* Based on Index of Industrial Production
(2011 = 100) |
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
|
|
The Subject has generated its turnover of
USD 5,197,043 and its pre-tax loss of USD 215,296. 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. The Subject's unfavourable financial
performance over the years has wiped out its shareholders' funds to a deficit
of USD -295,895. Therefore, the Subject as a going concern is much dependent
on its ability to generate sufficient cash flow and obtain additional
financing to meet its future obligations. Based on the above unfavourable condition,
we regard granting credit to the Subject to be quite risky. Hence, credit is
not recommended. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
SEACHANGE
MARITIME(SINGAPORE) PTE. LTD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
11 |
|
Consolidated Account |
GROUP |
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 |
SUMMARY |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
5,197,043 |
6,603,957 |
6,486,318 |
2,754,042 |
194,500 |
|
Other Income |
718 |
365 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
5,197,761 |
6,604,322 |
6,486,318 |
2,754,042 |
194,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(215,296) |
94,234 |
- |
112,268 |
(339,208) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(215,296) |
94,234 |
- |
112,268 |
(339,208) |
|
Taxation |
(5,795) |
0 |
0 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(221,091) |
94,234 |
- |
112,268 |
(339,208) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(374,805) |
(469,039) |
(226,940) |
(339,208) |
- |
|
Prior year adjustment |
- |
- |
(242,099) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(374,805) |
(469,039) |
(469,039) |
(339,208) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(595,896) |
(374,805) |
(469,039) |
(226,940) |
(339,208) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(595,896) |
(374,805) |
(469,039) |
(226,940) |
(339,208) |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE
SHEET
|
|
|
|
SEACHANGE
MARITIME(SINGAPORE) PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
20,597 |
104,822 |
269,627 |
99,249 |
37,903 |
|
Others |
4,009,054 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
4,009,054 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
4,029,651 |
104,822 |
269,627 |
99,249 |
37,903 |
|
Stocks |
- |
122,753 |
- |
- |
- |
|
Trade debtors |
9,873,242 |
14,873,997 |
- |
2,287,314 |
194,500 |
|
Other debtors, deposits & prepayments |
791,119 |
394,742 |
- |
73,159 |
30,441 |
|
Amount due from related companies |
- |
- |
- |
- |
1,080,558 |
|
Cash & bank balances |
993,540 |
1,012,303 |
- |
1,861,098 |
134,815 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
11,657,901 |
16,403,795 |
4,366,194 |
4,221,571 |
1,440,314 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
15,687,552 |
16,508,617 |
4,635,821 |
4,320,820 |
1,478,217 |
|
============= |
============= |
============= |
============= |
============= |
|
|
Other creditors & accruals |
1,565,558 |
1,916,655 |
- |
75,608 |
50,164 |
|
Amounts owing to holding company |
- |
- |
- |
502,116 |
1,567,260 |
|
Amounts owing to related companies |
- |
- |
- |
3,770,035 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,565,558 |
1,916,655 |
4,976,289 |
4,347,759 |
1,617,424 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
10,092,343 |
14,487,140 |
(610,095) |
(126,188) |
(177,110) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
14,121,994 |
14,591,962 |
(340,468) |
(26,939) |
(139,207) |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
300,001 |
300,001 |
200,001 |
200,001 |
200,001 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
300,001 |
300,001 |
200,001 |
200,001 |
200,001 |
|
Retained profit/(loss) carried forward |
(595,896) |
(374,805) |
(469,039) |
(226,940) |
(339,208) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(595,896) |
(374,805) |
(469,039) |
(226,940) |
(339,208) |
|
MINORITY INTEREST |
- |
- |
(71,430) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(295,895) |
(74,804) |
(340,468) |
(26,939) |
(139,207) |
|
Others |
14,417,889 |
14,666,766 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
14,417,889 |
14,666,766 |
0 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
14,121,994 |
14,591,962 |
(340,468) |
(26,939) |
(139,207) |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
|
|
SEACHANGE
MARITIME(SINGAPORE) PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
993,540 |
1,012,303 |
- |
1,861,098 |
134,815 |
|
Net Liquid Funds |
993,540 |
1,012,303 |
- |
1,861,098 |
134,815 |
|
Net Liquid Assets |
10,092,343 |
14,364,387 |
(610,095) |
(126,188) |
(177,110) |
|
Net Current Assets/(Liabilities) |
10,092,343 |
14,487,140 |
(610,095) |
(126,188) |
(177,110) |
|
Net Tangible Assets |
14,121,994 |
14,591,962 |
(340,468) |
(26,939) |
(139,207) |
|
Net Monetary Assets |
(4,325,546) |
(302,379) |
(610,095) |
(126,188) |
(177,110) |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
- |
0 |
0 |
|
Total Liabilities |
15,983,447 |
16,583,421 |
4,976,289 |
4,347,759 |
1,617,424 |
|
Total Assets |
15,687,552 |
16,508,617 |
4,635,821 |
4,320,820 |
1,478,217 |
|
Net Assets |
14,121,994 |
14,591,962 |
(340,468) |
(26,939) |
(139,207) |
|
Net Assets Backing |
(295,895) |
(74,804) |
(340,468) |
(26,939) |
(139,207) |
|
Shareholders' Funds |
(295,895) |
(74,804) |
(340,468) |
(26,939) |
(139,207) |
|
Total Share Capital |
300,001 |
300,001 |
200,001 |
200,001 |
200,001 |
|
Total Reserves |
(595,896) |
(374,805) |
(469,039) |
(226,940) |
(339,208) |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.63 |
0.53 |
- |
0.43 |
0.08 |
|
Liquid Ratio |
7.45 |
8.49 |
- |
0.97 |
0.89 |
|
Current Ratio |
7.45 |
8.56 |
0.88 |
0.97 |
0.89 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
7 |
- |
0 |
0 |
|
Debtors Ratio |
693 |
822 |
- |
303 |
365 |
|
Creditors Ratio |
0 |
0 |
- |
0 |
0 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
Liabilities Ratio |
(54.02) |
(221.69) |
(14.62) |
(161.39) |
(11.62) |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
Assets Backing Ratio |
47.07 |
48.64 |
(1.70) |
(0.13) |
(0.70) |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
(4.14) |
1.43 |
- |
4.08 |
(174.40) |
|
Net Profit Margin |
(4.25) |
1.43 |
- |
4.08 |
(174.40) |
|
Return On Net Assets |
(1.52) |
0.65 |
- |
(416.75) |
243.67 |
|
Return On Capital Employed |
(1.52) |
0.65 |
- |
(416.75) |
243.67 |
|
Return On Shareholders' Funds/Equity |
74.72 |
(125.97) |
- |
(416.75) |
243.67 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
- |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.84 |
|
|
1 |
Rs.93.26 |
|
Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.