MIRA INFORM REPORT
|
Report No. : |
343619 |
|
Report Date : |
03.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MANITOWOC CRANE
GROUP ASIA PTE. LTD. |
|
|
|
|
Formerly Known As : |
MANITOWOC EQUIPMENT WORKS, PTE. LTD. MANITOWOC-PACIFIC PTE. LTD. |
|
|
|
|
Registered Office : |
13, Pioneer Sector 1, 628424 |
|
|
|
|
Country : |
Singapore
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.02.1994 |
|
|
|
|
Com. Reg. No.: |
199401055-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Investment Holding Companies & Manufacture and Repair
of Lifting and Handling Equipment. |
|
|
|
|
No. of Employees : |
70 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
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 – 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 freeTRADE
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. |
: |
199401055-M |
||||
|
COMPANY
NAME |
: |
MANITOWOC
CRANE GROUP ASIA PTE. LTD. |
||||
|
FORMER
NAME |
: |
MANITOWOC
EQUIPMENT WORKS, PTE. LTD. (03/01/2003) |
||||
|
INCORPORATION
DATE |
: |
14/02/1994 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
13,
PIONEER SECTOR 1, 628424, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
13,
PIONEER SECTOR 1, 628424, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62641188 |
||||
|
FAX.NO. |
: |
65-68624040 |
||||
|
WEB
SITE |
: |
WWW.MANITOWOC.COM |
||||
|
CONTACT
PERSON |
: |
KAY
LAY HUA ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
INVESTMENT
HOLDING COMPANIES & MANUFACTURE AND REPAIR OF LIFTING AND HANDLING
EQUIPMENT |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
21,540,636.00
ORDINARY SHARE, OF A VALUE OF SGD 215,406,360.00 |
||||
|
SALES |
: |
USD
195,875,142 [2013] |
||||
|
NET
WORTH |
: |
USD
206,365,989 [2013] |
||||
|
STAFF
STRENGTH |
: |
70
[2015] |
||||
|
||||||
|
LITIGATION |
: |
TRACED |
||||
|
FINANCIAL
CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
GOOD |
||||
|
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
companies & manufacture and repair of lifting and handling equipment.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
09/04/2015 |
SGD
219,786,960.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MANITOWOC
HOLDING ASIA SAS |
18,
RUE DE CHARBONNIERES, 69130 ECULLY, FRANCE. |
T07UF2669 |
21,584,442.00 |
100.00 |
|
--------------- |
------ |
|||
|
21,584,442.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
JOHN
WAYNE STEWART |
|
Address |
: |
33,
ROCHESTER DRIVE, 18-02, ROCHESTER, THE, 138638, SINGAPORE. |
|
IC
/ PP No |
: |
F2202200T |
|
Nationality |
: |
AMERICAN |
|
Date
of Appointment |
: |
01/12/2003 |
DIRECTOR
2
|
Name
Of Subject |
: |
KAY
LAY HUA |
|
Address |
: |
2D,
HONG SAN WALK, 11-10, PALM GARDENS, 689050, SINGAPORE. |
|
IC
/ PP No |
: |
S7045055J |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
11/03/2014 |
DIRECTOR
3
|
Name
Of Subject |
: |
RAMAN
JOSHI |
|
Address |
: |
TOWER
K2, APARTMENT 306, CENTRAL PARK 1, APARTMENT GURGAON, HARYANA, 122002, INDIA. |
|
IC
/ PP No |
: |
427887616 |
|
Nationality |
: |
AMERICAN |
|
Date
of Appointment |
: |
06/08/2013 |
MANAGEMENT
|
1)
|
Name
of Subject |
: |
KAY
LAY HUA |
|
Position |
: |
DIRECTOR |
AUDITOR
|
Auditor |
: |
PRICEWATERHOUSECOOPERS
LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
1)
|
Company
Secretary |
: |
NGIAM
MAY LING |
|
IC
/ PP No |
: |
S7306309D |
|
|
Address |
: |
9,
CHUAN WALK, LA QUINTA PARK, 558415, SINGAPORE. |
|
BANKING
Banking relations are maintained principally with:
|
1)
|
Name |
: |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201303134 |
26/02/2013 |
N/A |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
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 |
: |
632 |
||||||||
|
Year |
: |
2008 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
DISTRICT
COURT |
|||||||||||
|
Date
Filed |
: |
25/02/2008 |
|||||||||||
|
Solicitor |
: |
LIEW
KAH INN AUGUSTINE |
|||||||||||
|
Solicitor
Ref |
: |
HDA/AL/56198/20
07 |
|||||||||||
|
Solicitor
Firm |
: |
HARIDASS
HO & PARTNERS |
|||||||||||
|
Plaintiff |
: |
SUNDARESAN
KRISHNAMURTHI |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Remark |
: |
TORT
- NEGLIGENCEN(INDUSTRIAL ACCIDENT) |
|||||||||||
|
|
|||||||||||||
|
Code
No |
: |
99 |
Case
No |
: |
345 |
||||||||
|
Year |
: |
2009 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
SUPREME
COURT |
|||||||||||
|
Date
Filed |
: |
22/04/2009 |
|||||||||||
|
Solicitor
Ref |
: |
HDA/AL/56198/2007 |
|||||||||||
|
Solicitor
Firm |
: |
HARIDASS
HO & PARTNERS |
|||||||||||
|
Plaintiff |
: |
SUNDARESAN
KRISHNAMURTHI |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Remark |
: |
TORT
- NEGLIGENCEN(INDUSTRIAL ACCIDENT) |
|||||||||||
|
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 |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Services |
: |
INVESTMENT
HOLDING |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
70 |
||||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) investment holding
companies & manufacture and repair of lifting and handling equipment.
Manitowoc is committed to providing the most innovative, advanced and
comprehensive range of lifting solutions, with products that have long set the
standard for excellence worldwide.
The Subject's cranes are as follows:
Grove mobile telescoping cranes, Manitowoc lattice boom crawler cranes, Potain
tower cranes, National Crane boom trucks and Shuttlelift industrial cranes.
In addition to its outstanding product lines, Manitowoc offers outstanding
support services through Manitowoc Crane Care.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-62641188 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
13
PIONEER SECTOR 1 SINGAPORE 628424 |
|
Current
Address |
: |
13,
PIONEER SECTOR 1, 628424, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
4.52% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
5.27% |
] |
|
|
The
continuous fall in turnover could be due to the lower demand for the
Subject's products / services.The management had succeeded in turning the
Subject into a profit making company. The profit could be due to better
control of its operating costs and efficiency in utilising its resources. The
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Acceptable |
[ |
63
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
35
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
14
Days |
] |
|
|
The
Subject kept adequate stocks to meet its normal business transactions without
incurring excessive storage costs. The favourable debtors' days could be due
to the good credit control measures implemented by the Subject. The Subject
had a favourable creditors' ratio where the Subject could be taking advantage
of the cash discounts and also wanting to maintain goodwill with its
creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Favourable |
[ |
1.38
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
2.03
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 |
[ |
22.11
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
interest cover showed that the Subject was able to service the interest. The
favourable interest cover could indicate that the Subject was making enough
profit to pay for the interest accrued. The Subject had no gearing and hence
it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the Subject's turnover decreased, its losses also decreased during the year.
This could be the result of more efficient control in its operating costs. 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 : |
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
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
MANITOWOC
CRANE GROUP ASIA 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 |
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 |
USD |
USD |
SGD |
SGD |
SGD |
|
TURNOVER |
195,875,142 |
222,273,364 |
262,065,070 |
202,265,113 |
176,349,479 |
|
Other
Income |
1,036,667 |
1,138,599 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
196,911,809 |
223,411,963 |
262,065,070 |
202,265,113 |
176,349,479 |
|
Costs
of Goods Sold |
(168,779,490) |
(197,348,941) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
28,132,319 |
26,063,022 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
11,037,427 |
(24,103,367) |
27,829,429 |
20,613,711 |
20,976,447 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
11,037,427 |
(24,103,367) |
27,829,429 |
20,613,711 |
20,976,447 |
|
Taxation |
(1,701,096) |
(1,179,392) |
(2,874,662) |
(2,667,404) |
(1,915,821) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
9,336,331 |
(25,282,759) |
24,954,767 |
17,946,306 |
19,060,626 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
56,146,944 |
81,429,703 |
29,969,146 |
12,022,840 |
(7,037,786) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
56,146,944 |
81,429,703 |
29,969,146 |
12,022,840 |
(7,037,786) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
65,483,275 |
56,146,944 |
54,923,913 |
29,969,146 |
12,022,840 |
|
TRANSFER
TO RESERVES - General |
- |
- |
(52,398,456) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
65,483,275 |
56,146,944 |
2,525,457 |
29,969,146 |
12,022,840 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
522,741 |
520,819 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
522,741 |
520,819 |
- |
- |
- |
|
|
============= |
============= |
- |
- |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
136,376 |
134,812 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
136,376 |
134,812 |
- |
- |
- |
|
|
============= |
============= |
BALANCE
SHEET
|
MANITOWOC
CRANE GROUP ASIA PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
712,597 |
276,450 |
197,859,975 |
236,776,214 |
223,562,504 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
164,427,692 |
164,427,692 |
- |
- |
- |
|
Deferred
assets |
580,346 |
561,560 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
165,008,038 |
164,989,252 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
165,720,635 |
165,265,702 |
197,859,975 |
236,776,214 |
223,562,504 |
|
Stocks |
33,644,887 |
26,575,133 |
- |
- |
- |
|
Trade
debtors |
18,797,548 |
19,030,843 |
- |
- |
- |
|
Other
debtors, deposits & prepayments |
685,481 |
1,040,667 |
- |
- |
- |
|
Amount
due from holding company |
20,129,286 |
39,226 |
- |
- |
- |
|
Amount
due from subsidiary companies |
29,131,498 |
37,502,380 |
- |
- |
- |
|
Amount
due from related companies |
1,876,912 |
24,756,858 |
- |
- |
- |
|
Cash
& bank balances |
1,234,850 |
7,426,446 |
- |
- |
- |
|
Others |
596,574 |
145,223 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
106,097,036 |
116,516,776 |
87,130,944 |
89,377,728 |
71,757,483 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
271,817,671 |
281,782,478 |
284,990,919 |
326,153,942 |
295,319,987 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
6,525,253 |
3,634,836 |
- |
- |
- |
|
Other
creditors & accruals |
6,285,220 |
5,384,947 |
- |
- |
- |
|
Amounts
owing to holding company |
509,861 |
141,909 |
- |
- |
- |
|
Amounts
owing to subsidiary companies |
1,190,952 |
11,214,944 |
- |
- |
- |
|
Amounts
owing to related companies |
24,408,971 |
41,084,593 |
- |
- |
- |
|
Provision
for taxation |
925,495 |
1,006,873 |
- |
- |
- |
|
Other
liabilities |
12,525,519 |
8,706,638 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
52,371,271 |
71,174,740 |
62,678,502 |
60,214,059 |
48,592,310 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
53,725,765 |
45,342,036 |
24,452,442 |
29,163,669 |
23,165,173 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
219,446,400 |
210,607,738 |
222,312,417 |
265,939,883 |
246,727,677 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
140,882,714 |
140,882,714 |
219,786,960 |
219,786,960 |
219,786,960 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
140,882,714 |
140,882,714 |
219,786,960 |
219,786,960 |
219,786,960 |
|
Retained
profit/(loss) carried forward |
65,483,275 |
56,146,944 |
2,525,457 |
29,969,146 |
12,022,840 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
65,483,275 |
56,146,944 |
2,525,457 |
29,969,146 |
12,022,840 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
206,365,989 |
197,029,658 |
222,312,417 |
249,756,106 |
231,809,800 |
|
Others |
13,080,411 |
13,578,080 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
13,080,411 |
13,578,080 |
- |
16,183,777 |
14,917,877 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
219,446,400 |
210,607,738 |
222,312,417 |
265,939,883 |
246,727,677 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
MANITOWOC
CRANE GROUP ASIA PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
1,234,850 |
7,426,446 |
- |
- |
- |
|
Net
Liquid Funds |
1,234,850 |
7,426,446 |
- |
- |
- |
|
Net
Liquid Assets |
20,080,878 |
18,766,903 |
24,452,442 |
29,163,669 |
23,165,173 |
|
Net
Current Assets/(Liabilities) |
53,725,765 |
45,342,036 |
24,452,442 |
29,163,669 |
23,165,173 |
|
Net
Tangible Assets |
219,446,400 |
210,607,738 |
222,312,417 |
265,939,883 |
246,727,677 |
|
Net
Monetary Assets |
7,000,467 |
5,188,823 |
24,452,442 |
12,979,892 |
8,247,296 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
11,560,168 |
(23,582,548) |
- |
- |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
11,696,544 |
(23,447,736) |
- |
- |
- |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
- |
- |
- |
|
Total
Liabilities |
65,451,682 |
84,752,820 |
62,678,502 |
76,397,836 |
63,510,187 |
|
Total
Assets |
271,817,671 |
281,782,478 |
284,990,919 |
326,153,942 |
295,319,987 |
|
Net
Assets |
219,446,400 |
210,607,738 |
222,312,417 |
265,939,883 |
246,727,677 |
|
Net
Assets Backing |
206,365,989 |
197,029,658 |
222,312,417 |
249,756,106 |
231,809,800 |
|
Shareholders'
Funds |
206,365,989 |
197,029,658 |
222,312,417 |
249,756,106 |
231,809,800 |
|
Total
Share Capital |
140,882,714 |
140,882,714 |
219,786,960 |
219,786,960 |
219,786,960 |
|
Total
Reserves |
65,483,275 |
56,146,944 |
2,525,457 |
29,969,146 |
12,022,840 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.02 |
0.10 |
- |
- |
- |
|
Liquid
Ratio |
1.38 |
1.26 |
- |
- |
- |
|
Current
Ratio |
2.03 |
1.64 |
1.39 |
1.48 |
1.48 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
63 |
44 |
- |
- |
- |
|
Debtors
Ratio |
35 |
31 |
- |
- |
- |
|
Creditors
Ratio |
14 |
7 |
- |
- |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.00 |
0.00 |
- |
- |
- |
|
Liabilities
Ratio |
0.32 |
0.43 |
0.28 |
0.31 |
0.27 |
|
Times
Interest Earned Ratio |
22.11 |
(45.28) |
- |
- |
- |
|
Assets
Backing Ratio |
1.56 |
1.49 |
1.01 |
1.21 |
1.12 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
5.63 |
(10.84) |
10.62 |
10.19 |
11.89 |
|
Net
Profit Margin |
4.77 |
(11.37) |
9.52 |
8.87 |
10.81 |
|
Return
On Net Assets |
5.27 |
(11.20) |
12.52 |
7.75 |
8.50 |
|
Return
On Capital Employed |
5.27 |
(11.20) |
12.52 |
7.75 |
8.50 |
|
Return
On Shareholders' Funds/Equity |
4.52 |
(12.83) |
11.23 |
7.19 |
8.22 |
|
Dividend
Pay Out Ratio (Times) |
0.00 |
0.00 |
- |
- |
- |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
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.