MIRA INFORM REPORT

 

 

Report No. :

329108

Report Date :

27.06.2015

 

IDENTIFICATION DETAILS

 

Name :

INTERNO CONSTRUCTION PTE. LTD.

 

 

Registered Office :

50, Serangoon North Avenue 4, 04-21, First Centre, 555856

 

 

Country :

Singapore

 

 

Date of Incorporation :

03.09.2013

 

 

Com. Reg. No.:

201323793-H

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

The Subject is principally engaged in construction

 

 

No of Employees :

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 :

Unknown

 

 

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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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.

:

201323793-H

COMPANY NAME

:

INTERNO CONSTRUCTION PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

03/09/2013

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

50, SERANGOON NORTH AVENUE 4, 04-21, FIRST CENTRE, 555856, SINGAPORE.

BUSINESS ADDRESS

:

5, UPPER ALJUNIED LINK, 03-08, QUARTZ INDUSTRIAL BUILDING, 628578, SINGAPORE.

TEL.NO.

:

65-62876998

FAX.NO.

:

N/A

CONTACT PERSON

:

SIEW ( STAFF )

PRINCIPAL ACTIVITY

:

CONSTRUCTION

ISSUED AND PAID UP CAPITAL

:

100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

POOR

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

 

The Subject is principally engaged in the (as a / as an) construction.

 

Share Capital History

Date

Issue & Paid Up Capital

25/06/2015

SGD 100,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

TAN SOH KUAN +

25, WOODLEIGH CLOSE, 02-33, EURO-ASIA PARK, 357920, SINGAPORE.

S7187458C

99,990.00

99.99

WU WEI LING +

128B, PUNGGOL FIELD WALK, 05-355, 822128, SINGAPORE.

S1649024E

10.00

0.01

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

------

100,000.00

100.00

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

WU WEI LING

Address

:

128B, PUNGGOL FIELD WALK, 05-355, 822128, SINGAPORE.

IC / PP No

:

S1649024E

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/09/2013

 

DIRECTOR 2

 

Name Of Subject

:

TAN SOH KUAN

Address

:

25, WOODLEIGH CLOSE, 02-33, EURO-ASIA PARK, 357920, SINGAPORE.

IC / PP No

:

S7187458C

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/09/2013



MANAGEMENT

 

1)

Name of Subject

:

SIEW

Position

:

STAFF

 

AUDITOR


No Auditor found in our databank



COMPANY SECRETARIES

 

1)

Company Secretary

:

GOH HONG YAP

IC / PP No

:

S7405041G

Address

:

295, PUNGGOL CENTRAL, 08-517, 820295, 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.

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.

 

 

CLIENTELE

 

Local

:

N/A

Overseas

:

N/A


The staff from the registered office refused to disclose the Subject's clientele.

 

 

OPERATIONS

 

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) construction.


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

:

6287 6998

Current Telephone Number

:

65-62876998

Match

:

YES

Address Provided by Client

:

5, UPPER ALJUNIED LINK, #03-08 QUARTZ INDUSTRIAL BUILDING SINGAPORE

Current Address

:

5, UPPER ALJUNIED LINK, 03-08, QUARTZ INDUSTRIAL BUILDING, 628578, SINGAPORE.

Match

:

NO


We have contacted the Subject's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

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 fax number, number of employee and bankers.


The address provided is incomplete.



FINANCIAL ANALYSIS

 

 

The Subject is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the Subject's financial performance.

Overall financial condition of the Subject : N/A

 

 

 

 

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 :

CONSTRUCTION

For the whole of 2013, the sector expanded by 5.9%, slower than the growth of 8.6% in the previous year. Total construction output increased by 5.4% on the back of robust private and public residential building activities. Besides, total construction demand increased by 17% to $36 billion in 2013, setting a new record high. The increase was driven by robust construction demand from the public sector.

Public sector construction demand rose by 56% to $15 billion in 2013. The increase was supported by a ramp-up of public-housing developments and significant increase in civil engineering construction demand on account of the award of various Thomson MRT Line contracts. Besides, despite a slight drop of 1.1%, total private sector construction demand remained relatively strong at $21 billion. Demand was fuelled by residential developments, where contracts awarded increased by 15% to reach $9.8 billion in 2013, the highest on record. Besides, civil engineering construction demand contracted by 45% due to the high base in 2012. However, the value of civil engineering contracts awarded in 2013 was still higher than that achieved between 2009 and 2011, supported largely by the construction of major utilities and berth facilities.

In 2013, construction output has increased by 5.4% to reach $33 billion, surpassing the previous peak of $32 billion in 2012. Growth was underpinned by strong on-site construction activities for public and private residential, private industrial and civil engineering developments. Total construction output in 2014 is projected to rise to between $34 billion and $36 billion, supported by record high levels of contracts awarded in 2013 and continued robust on-site activities from the high levels of demand since 2011.

Public sector construction output reached $12 billion in 2013, comparable to that achieved in 2012, supported largely by an increase in onsite construction activities for public housing (18%) and institutional and other building (4.7%) projects. Some of the major institutional building projects under construction included the Singapore University of Technology and Design (SUTD) Campus Phase 1, Ng Teng Fong Hospital, National Heart Centre, National Art Gallery and Victoria Concert Hall. Additionally, even though civil engineering construction output has contracted by 9.6% in 2013, progress payments remained robust at $4.8 billion, supported by new rail construction such as the Downtown Line Stages 2 & 3 as well as other infrastructure projects like Tuas West Extension and Marina Coastal Expressway.

Private sector construction output expanded by 8.3% to $21 billion in 2013, underpinned by growth across all development types. In particular, robust growth in on-site construction activities for residential developments (13%) and civil engineering (14%) projects supported overall output growth.

BCA forecasts total construction demand in 2014 to be between $31 billion and $38 billion. Demand from the public sector is expected to strengthen to between $19 billion and $22 billion, contributing close to 60% of projected total construction demand. The boost to overall demand is likely to come from stronger institutional and civil engineering construction works. At the same time, private sector demand is projected to soften to between $12 billion and $16 billion, due to the anticipated reduction in residential construction demand as property market sentiments remain subdued following the various property cooling measures.

Furthermore, BMI continues to expect construction and infrastructure growth in Singapore to moderate over the 2014-2020 period. Real growth for the construction sector is forecast to slow from 5.9% in 2014 to3.0% in 2019, while real growth for the infrastructure sector is expected to fall from 12.7% in 2014 to 4.0%in 2019. This moderation is primarily due to declining housing demand, longer construction periods for planned infrastructure projects and a poor export outlook, which could curb investment in non-residential buildings.

In September 2014, Singapore's Land Transit Authority (LTA) announced that Phase 2 of the Mass Rapid Transit (MRT) system's Downtown Line would open ahead of schedule in Q116. The project had previously been delayed by financial troubles at one of its key contractors, and was expected to come online only by Q216. Phase 2 of the Downtown Line will include 12 stations, nine of which will be completely new. The project's total cost is estimated at approximately SGD800mn.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2013, the Subject is an Exempt Private company, focusing on construction. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. With an issued and paid up capital of SGD 100,000 contributed by individual shareholders, the Subject may face difficulties in its attempt to further expand its business in the future. Thus, the Subject should put more efforts on its business to gain higher market share while competing aggressively in the market.

We regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

As the Subject is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

The industry shows an upward trend and this trend is very likely to sustain in the near terms.

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 

 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office. 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.60

UK Pound

1

Rs. 100.09

Euro

1

Rs. 71.23

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.