|
Report No. : |
326967 |
|
Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASIA-PACIFIC
SHIPYARD PTE. LTD. |
|
|
|
|
Registered Office : |
1, Benoi Road, 629875 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
31.01.1973 |
|
|
|
|
Com. Reg. No.: |
197300183-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Building of Ships, Tankers and Other Ocean-Going Vessels. |
|
|
|
|
No. of Employees : |
150 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy.
It enjoys a remarkably open and corruption-free environment, stable prices, and
a per capita GDP higher than that of most developed countries. 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. |
: |
197300183-M |
||||
|
COMPANY NAME |
: |
ASIA-PACIFIC SHIPYARD PTE. LTD . |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
31/01/1973 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
1, BENOI ROAD, 629875, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
NO 1, BENOI ROAD, 629875, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68618235 |
||||
|
FAX.NO. |
: |
N/A |
||||
|
CONTACT PERSON |
: |
ATSUSHI OGAWA ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
BUILDING OF SHIPS, TANKERS AND OTHER OCEAN-GOING VESSELS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
3,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,500,000.00 |
||||
|
SALES |
: |
SGD 19,124,000 [2014] |
||||
|
NET WORTH |
: |
SGD 7,473,000 [2014] |
||||
|
STAFF STRENGTH |
: |
150 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
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) building of
ships, tankers and other ocean-going vessels.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
15/06/2015 |
SGD 3,500,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
EM (FAR EAST) HOLDINGS PTE. LTD. |
1, BENOI ROAD, 629875, SINGAPORE. |
198602405E |
3,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
3,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
TEO ENG HWEE |
|
Address |
: |
248, LORONG CHUAN, 07-04, CHUAN PARK, 556747, SINGAPORE. |
|
IC / PP No |
: |
S0897320B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/03/2003 |
DIRECTOR 2
|
Name Of Subject |
: |
ATSUSHI OGAWA |
|
Address |
: |
10, FABER PARK, FABER HILLS, 12910, SINGAPORE. |
|
IC / PP No |
: |
S2696152A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/04/2003 |
|
1) |
Name of Subject |
: |
ATSUSHI OGAWA |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. LOH SEOK HONG |
|
IC / PP No |
: |
S1387753Z |
|
|
Address |
: |
959, HOUGANG STREET 91, 12-284, 530959, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
AU YEONG KOK CHEE |
|
IC / PP No |
: |
S0283894Z |
|
|
Address |
: |
30, AH HOOD ROAD, 15-01, NADIA MANSIONS, 329976, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200905591 |
04/09/2009 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201000974 |
01/02/2010 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201206807 |
22/06/2012 |
N/A |
STANDARD CHARTERED BANK (SINGAPORE) |
- |
Unsatisfied |
|
C201206809 |
22/06/2012 |
N/A |
STANDARD CHARTERED BANK (SINGAPORE) |
- |
Unsatisfied |
|
C201206813 |
22/06/2012 |
N/A |
STANDARD CHARTERED BANK (SINGAPORE) |
- |
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
suppliers.
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
clientele.
OPERATIONS
|
|
Services |
: |
BUILDING OF SHIPS, TANKERS AND OTHER OCEAN-GOING VESSELS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
150 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) building of ships,
tankers and other ocean-going vessels.
The staff from the registered office refused to disclose the Subject's
operation.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68618235 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO 1, BENOI ROAD, SINGAPORE 629875 |
|
Current Address |
: |
NO 1, BENOI ROAD, 629875, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject's registered office and he only
provided limited information.
He refused to disclose the fax number.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.43% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
2.40% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.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 |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
61 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
41 Days |
] |
|
|
As the Subject is a service oriented company, the Subject does not
need to keep stocks. The Subject's management was quite efficient in handling
its debtors. The Subject's debtors days were at an acceptable range, thus the
risk of its debts turning bad was minimised. 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 |
[ |
1.06 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.06 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 |
: |
Unfavourable |
[ |
1.52 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.62 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest
payment. The Subject was lowly geared thus it had a low financial risk. The
Subject was mainly financed by its shareholders' funds and internally
generated funds. In times of economic slowdown / downturn, the Subject being
a lowly geared company, will be able to compete better than those companies
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. If there is a fall in the Subject's profit or any increase in
interest rate, the Subject may not be able to generate sufficient cash-flow
to service its interest. The Subject as a lowly geared company, will be more
secured compared to those highly geared companies. It has the ability to meet
all its long term obligations. |
||||||
|
Overall financial condition of the Subject : LIMITED |
||||||
|
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
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The Subject is a fairly large and rapidly growing company with over
150 staff in its operations Overall, we regard that the Subject's management
capability is average. This indicates that the Subject has greater potential
to improve its business performance and raising income for the Subject.
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PROFIT
AND LOSS ACCOUNT
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THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
ASIA-PACIFIC SHIPYARD PTE. LTD . |
|
Financial Year End |
2014-06-30 |
2013-06-30 |
2012-06-30 |
2011-06-30 |
2010-06-30 |
|
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 |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
19,124,000 |
9,844,000 |
8,695,000 |
8,704,000 |
10,993,000 |
|
Other Income |
244,000 |
367,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
19,368,000 |
10,211,000 |
8,695,000 |
8,704,000 |
10,993,000 |
|
Costs of Goods Sold |
(15,664,000) |
(6,541,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
3,704,000 |
3,670,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
79,000 |
359,000 |
789,000 |
569,000 |
1,801,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
79,000 |
359,000 |
789,000 |
569,000 |
1,801,000 |
|
Taxation |
28,000 |
(57,000) |
(90,000) |
(80,000) |
483,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
107,000 |
302,000 |
699,000 |
489,000 |
2,284,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
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As previously reported |
3,866,000 |
3,564,000 |
2,865,000 |
2,376,000 |
92,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
3,866,000 |
3,564,000 |
2,865,000 |
2,376,000 |
92,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
3,973,000 |
3,866,000 |
3,564,000 |
2,865,000 |
2,376,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
3,973,000 |
3,866,000 |
3,564,000 |
2,865,000 |
2,376,000 |
|
============= |
============= |
============= |
============= |
============= |
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INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
114,000 |
160,000 |
- |
- |
- |
|
Lease interest |
30,000 |
44,000 |
- |
- |
- |
|
Others |
8,000 |
2,000 |
- |
- |
- |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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|
152,000 |
206,000 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
789,000 |
589,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
789,000 |
589,000 |
- |
- |
- |
|
|
============= |
============= |
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ASIA-PACIFIC SHIPYARD PTE. LTD . |
|
ASSETS EMPLOYED: |
|||||
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FIXED ASSETS |
9,134,000 |
5,780,000 |
6,111,000 |
3,482,000 |
1,642,000 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL LONG TERM ASSETS |
9,134,000 |
5,780,000 |
6,111,000 |
3,482,000 |
1,642,000 |
|
Stocks |
- |
1,703,000 |
- |
- |
- |
|
Trade debtors |
3,218,000 |
398,000 |
- |
- |
- |
|
Other debtors, deposits & prepayments |
350,000 |
324,000 |
- |
- |
- |
|
Amount due from holding company |
2,720,000 |
2,540,000 |
- |
- |
- |
|
Amount due from subsidiary companies |
861,000 |
5,691,000 |
- |
- |
- |
|
Amount due from related companies |
61,000 |
- |
- |
- |
- |
|
Cash & bank balances |
109,000 |
41,000 |
- |
- |
- |
|
Others |
623,000 |
50,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL CURRENT ASSETS |
7,942,000 |
10,747,000 |
10,636,000 |
9,114,000 |
8,712,000 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL ASSET |
17,076,000 |
16,527,000 |
16,747,000 |
12,596,000 |
10,354,000 |
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============= |
============= |
============= |
============= |
============= |
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CURRENT LIABILITIES |
|||||
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Trade creditors |
1,749,000 |
1,016,000 |
- |
- |
- |
|
Other creditors & accruals |
1,316,000 |
3,229,000 |
- |
- |
- |
|
Hire purchase & lease creditors |
634,000 |
263,000 |
- |
- |
- |
|
Bank overdraft |
2,097,000 |
2,698,000 |
- |
- |
- |
|
Amounts owing to subsidiary companies |
1,225,000 |
10,000 |
- |
- |
- |
|
Amounts owing to related companies |
331,000 |
180,000 |
- |
- |
- |
|
Amounts owing to director |
100,000 |
- |
- |
- |
- |
|
Provision for taxation |
12,000 |
12,000 |
- |
- |
- |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL CURRENT LIABILITIES |
7,464,000 |
7,408,000 |
8,821,000 |
5,195,000 |
4,460,000 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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NET CURRENT ASSETS/(LIABILITIES) |
478,000 |
3,339,000 |
1,815,000 |
3,919,000 |
4,252,000 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL NET ASSETS |
9,612,000 |
9,119,000 |
7,926,000 |
7,401,000 |
5,894,000 |
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============= |
============= |
============= |
============= |
============= |
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SHARE CAPITAL |
|||||
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Ordinary share capital |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL SHARE CAPITAL |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
|
Retained profit/(loss) carried forward |
3,973,000 |
3,866,000 |
3,564,000 |
2,865,000 |
2,376,000 |
|
Others |
- |
- |
0 |
0 |
0 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL RESERVES |
3,973,000 |
3,866,000 |
3,564,000 |
2,865,000 |
2,376,000 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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SHAREHOLDERS' FUNDS/EQUITY |
7,473,000 |
7,366,000 |
7,064,000 |
6,365,000 |
5,876,000 |
|
Long term loans |
264,000 |
1,097,000 |
- |
- |
- |
|
Lease obligations |
1,670,000 |
423,000 |
- |
- |
- |
|
Deferred taxation |
205,000 |
233,000 |
- |
- |
- |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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TOTAL LONG TERM LIABILITIES |
2,139,000 |
1,753,000 |
862,000 |
1,036,000 |
18,000 |
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---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
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|
9,612,000 |
9,119,000 |
7,926,000 |
7,401,000 |
5,894,000 |
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============= |
============= |
============= |
============= |
============= |
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ASIA-PACIFIC SHIPYARD PTE. LTD . |
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TYPES OF FUNDS |
|||||
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Cash |
109,000 |
41,000 |
- |
- |
- |
|
Net Liquid Funds |
(1,988,000) |
(2,657,000) |
- |
- |
- |
|
Net Liquid Assets |
478,000 |
1,636,000 |
1,815,000 |
3,919,000 |
4,252,000 |
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Net Current Assets/(Liabilities) |
478,000 |
3,339,000 |
1,815,000 |
3,919,000 |
4,252,000 |
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Net Tangible Assets |
9,612,000 |
9,119,000 |
7,926,000 |
7,401,000 |
5,894,000 |
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Net Monetary Assets |
(1,661,000) |
(117,000) |
953,000 |
2,883,000 |
4,234,000 |
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PROFIT & LOSS ITEMS |
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Earnings Before Interest & Tax (EBIT) |
231,000 |
565,000 |
- |
- |
- |
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Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
1,020,000 |
1,154,000 |
- |
- |
- |
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BALANCE SHEET ITEMS |
|||||
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Total Borrowings |
4,665,000 |
4,481,000 |
- |
- |
- |
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Total Liabilities |
9,603,000 |
9,161,000 |
9,683,000 |
6,231,000 |
4,478,000 |
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Total Assets |
17,076,000 |
16,527,000 |
16,747,000 |
12,596,000 |
10,354,000 |
|
Net Assets |
9,612,000 |
9,119,000 |
7,926,000 |
7,401,000 |
5,894,000 |
|
Net Assets Backing |
7,473,000 |
7,366,000 |
7,064,000 |
6,365,000 |
5,876,000 |
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Shareholders' Funds |
7,473,000 |
7,366,000 |
7,064,000 |
6,365,000 |
5,876,000 |
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Total Share Capital |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
3,500,000 |
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Total Reserves |
3,973,000 |
3,866,000 |
3,564,000 |
2,865,000 |
2,376,000 |
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LIQUIDITY (Times) |
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Cash Ratio |
0.01 |
0.01 |
- |
- |
- |
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Liquid Ratio |
1.06 |
1.22 |
- |
- |
- |
|
Current Ratio |
1.06 |
1.45 |
1.21 |
1.75 |
1.95 |
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WORKING CAPITAL CONTROL (Days) |
|||||
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Stock Ratio |
0 |
63 |
- |
- |
- |
|
Debtors Ratio |
61 |
15 |
- |
- |
- |
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Creditors Ratio |
41 |
57 |
- |
- |
- |
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SOLVENCY RATIOS (Times) |
|||||
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Gearing Ratio |
0.62 |
0.61 |
- |
- |
- |
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Liabilities Ratio |
1.29 |
1.24 |
1.37 |
0.98 |
0.76 |
|
Times Interest Earned Ratio |
1.52 |
2.74 |
- |
- |
- |
|
Assets Backing Ratio |
2.75 |
2.61 |
2.26 |
2.11 |
1.68 |
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PERFORMANCE RATIO (%) |
|||||
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Operating Profit Margin |
0.41 |
3.65 |
9.07 |
6.54 |
16.38 |
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Net Profit Margin |
0.56 |
3.07 |
8.04 |
5.62 |
20.78 |
|
Return On Net Assets |
2.40 |
6.20 |
9.95 |
7.69 |
30.56 |
|
Return On Capital Employed |
1.87 |
4.68 |
9.95 |
7.69 |
30.56 |
|
Return On Shareholders' Funds/Equity |
1.43 |
4.10 |
9.90 |
7.68 |
38.87 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
- |
- |
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NOTES TO ACCOUNTS |
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Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.15 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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|
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 |
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|
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 |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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|
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 |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.