MIRA INFORM REPORT

Report No. :	500772
Report Date :	03.04.2018

IDENTIFICATION DETAILS

Name :	MARINA BAY SANDS PTE. LTD.
Formerly Known As :	SANDS GARDEN CITY PTE. LTD.
Registered Office :	80, Robinson Road, 02-00, 068898
Country :	Singapore
Financials (as on) :	31.12.2016
Date of Incorporation :	27.05.2005
Com. Reg. No.:	200507292R
Legal Form :	Private Limited (Limited By Share)
Line of Business :	Subject is engaged in the real estate activities with own or leased property.
No. of Employees :	9500 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	SGD 722,738,667 (USD 542,054,000)
Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200507292R

COMPANY NAME

:

MARINA BAY SANDS PTE. LTD.

FORMER NAME

:

SANDS GARDEN CITY PTE. LTD. (21/03/2006)

INCORPORATION DATE

:

27/05/2005

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, ROBINSON ROAD, 02-00, 068898, SINGAPORE.

BUSINESS ADDRESS

:

10 BAYFRONT AVENUE, 018956, SINGAPORE.

TEL.NO.

:

65-66888868

FAX.NO.

:

65-66888869

WEB SITE

:

WWW.MARINABAYSANDS.COM

CONTACT PERSON

:

ROBERT GLEN GOLDSTEIN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

REAL ESTATE ACTIVITIES WITH OWN OR LEASED PROPERTY

ISSUED AND PAID UP CAPITAL

:

2,376,941,315.00 ORDINARY SHARE, OF A VALUE OF SGD 2,376,941,315.00

SALES

:

SGD 3,574,720,000 [2016]

NET WORTH

:

SGD 2,671,270,000 [2016]

STAFF STRENGTH

:

9500 [2018]

BANKER (S)

:

DBS BANK LTD

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

PROPOSED CREDIT LIMIT

:

SGD 722,738,667 (USD 542,054,000)

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) real estate activities with own or leased property.

The immediate holding company of the Subject is MBS HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is LVSC, a company incorporated in UNITED STATES.

Former Address(es)

Address	As At Date
9 RAFFLES PLACE #45-01 REPUBLIC PLAZA, 048619	N/A
4 SHENTON WAY #17-01 SGX CENTRE II, 068807	N/A

Share Capital History

Date	Issue & Paid Up Capital
02/04/2018	SGD 2,376,941,315.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
MBS HOLDINGS PTE. LTD.	80, ROBINSON ROAD, 02-00 068898 ,SINGAPORE	200717802N	2,376,941,315.00	100.00
			---------------	------
			2,376,941,315.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	Status	(%)	As At
201714837D	SINGAPORE	MBS RETAIL MANAGEMENT COMPANY PRIVATE LIMITED	-	100.00	02/04/2018

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ELIAS HARRY @ HARRY ELIAS JONAH
Address	:	9, NATHAN ROAD, 23-02, REGENCY PARK, 248730, SINGAPORE.
IC / PP No	:	S1123470D
Nationality	:	SINGAPOREAN
Date of Appointment	:	27/05/2005

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	200507292R	MARINA BAY SANDS PTE. LTD.	Director	27/05/2005	0.00	-	SGD1,017,942,000.00	2016	-	02/04/2018

DIRECTOR 2

Name Of Subject	:	GEORGE TANASIJEVICH
Address	:	21, GILSTEAD ROAD, 309068, SINGAPORE.
IC / PP No	:	S2719260B
Nationality	:	AMERICAN
Date of Appointment	:	01/02/2011

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	200507292R	MARINA BAY SANDS PTE. LTD.	Director	01/02/2011	0.00	-	SGD1,017,942,000.00	2016	-	02/04/2018

DIRECTOR 3

Name Of Subject	:	ROBERT GLEN GOLDSTEIN
Address	:	1105, PINE ISLAND COURT, LAS VEGAS, NV 89134, UNITED STATES.
IC / PP No	:	553395625
Nationality	:	AMERICAN
Date of Appointment	:	01/01/2015

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	792222W	LVS INTERNATIONAL (MALAYSIA) SDN. BHD.	Director	03/12/2015	0.00	-	MYR285,164.00	2016	-	23/02/2018
2	200507292R	MARINA BAY SANDS PTE. LTD.	Director	01/01/2015	0.00	-	SGD1,017,942,000.00	2016	-	02/04/2018

MANAGEMENT

1)	Name of Subject	:	ROBERT GLEN GOLDSTEIN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	S SURENTHIRARAJ
	IC / PP No	:	S1505647I
	Address	:	4, SHENTON WAY, 17-01, SGX CENTRE II, 068807, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

DBS BANK LTD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201207495	05/07/2012	N/A	DBS BANK LTD.	SGD 5,100,000,000.00	Unsatisfied
C201207499	05/07/2012	N/A	DBS BANK LTD.	SGD 5,100,000,000.00	Unsatisfied
C201207508	05/07/2012	N/A	DBS BANK LTD.	SGD 5,100,000,000.00	Unsatisfied
C201207512	05/07/2012	N/A	DBS BANK LTD.	SGD 5,100,000,000.00	Unsatisfied

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No winding up petition was found in our databank.

LEGAL ACTION
Total PENDING Case(s) : 10
Case Status	:	PENDING
Code No	:	99	Case No	:	1305
Year	:	2011	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	25/04/2011
Solicitor Firm	:	SIM & CO
Plaintiff	:	CHEN ZHONG ZHAI
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Remark	:	TORT-NEGLIGENCE
Case Status	:	PENDING
Code No	:	99	Case No	:	1330
Year	:	2011	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	26/04/2011
Solicitor Firm	:	SIM & CO
Plaintiff	:	LI DONG SHENG
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Remark	:	TORT-NEGLIGENCE
Case Status	:	PENDING
Code No	:	99	Case No	:	196
Year	:	2017	Place	:	SINGAPORE
Court	:	SUPREME COURT
Date Filed	:	03/03/2017
Solicitor	:	HOH CHIN CHA
Solicitor Firm	:	HOH LAW CORPORATION
Plaintiff	:	WU MIN YI JOEY
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Remark	:	NEGLIGENCE
Case Status	:	PENDING
Code No	:	99	Case No	:	2970
Year	:	2017	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	03/03/2017
Solicitor	:	NAMASIVAYAM SRINIVASAN
Solicitor Firm	:	HOH LAW CORPORATION
Plaintiff	:	WU MIN YI JOEY
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Remark	:	NEGLIGENCE
Case Status	:	PENDING
Code No	:	99	Case No	:	8339
Year	:	2017	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	19/05/2017
Solicitor	:	GOPALAKRISHNAN DINAGARAN
Solicitor Firm	:	PRESTIGE LEGAL LLP
Plaintiff	:	CHONG BENG LAY
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Remark	:	NEGLIGENCE
Case Status	:	PENDING
Code No	:	99	Case No	:	1385
Year	:	2011	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	28/04/2011
Solicitor Firm	:	HOH LAW CORPORATION
Plaintiff	:	YANG XIN RUI
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Amount Claimed	:	250000
Nature of Claim	:	SGD
Remark	:	TORT-NEGLIGENCE
Case Status	:	PENDING
Code No	:	99	Case No	:	11540
Year	:	2011	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	04/05/2011
Solicitor Firm	:	SIM MONG TECK & PARTNERS
Plaintiff	:	CHNG WAN PING (ZHUANG WANPING)
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Amount Claimed	:	60000
Nature of Claim	:	SGD
Remark	:	TORT - NEGLIGENCE
Case Status	:	PENDING
Code No	:	99	Case No	:	19011
Year	:	2012	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	17/07/2012
Solicitor Firm	:	A C SYED & PARTNERS
Plaintiff	:	A ISKANDAR BIN ALAWI
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Amount Claimed	:	60000
Nature of Claim	:	SGD
Remark	:	TORT - NEGLIGENCE
Case Status	:	PENDING
Code No	:	99	Case No	:	11873
Year	:	2013	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	29/05/2013
Solicitor Firm	:	TAN LAY KENG & CO
Plaintiff	:	SW RENT-A-CAR (SUING AS A FIRM)
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Amount Claimed	:	3890.35
Nature of Claim	:	SGD
Remark	:	TORT - NEGLIGENCE
Case Status	:	PENDING
Code No	:	99	Case No	:	262
Year	:	2018	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	25/01/2018
Solicitor	:	JOSH B. SINGH GILL
Solicitor Firm	:	PRITAM SINGH GILL & CO.
Plaintiff	:	SETHU SIVANESAN
DEFENDANTS	:	MARINA BAY SANDS PTE. LTD. (200507292)
Amount Claimed	:	4726.05 201999.32
Nature of Claim	:	SGD SGD
Remark	:	NEGLIGENCE

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject is a service provider.

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	Percentage	:	100%
Domestic Markets	:	SINGAPORE
Overseas	:	NO
Credit Term	:	N/A
Payment Mode	:	CREDIT CARD TELEGRAPHIC TRANSFER (TT) BANK TRANSFER

OPERATIONS

Services

:

REAL ESTATE ACTIVITIES WITH OWN OR LEASED PROPERTY

Total Number of Employees:
YEAR	2018
GROUP	N/A
COMPANY	9500

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) real estate activities with own or leased property.

The Subject also do operating the hotel names Marina Bay Sands Hotel. The Subject also do operating the resort.

Marina Bay Sands is set to become a premier entertainment destination with its vibrant diversity of attractions and facilities.

The Subject's vision is to build an integrated development that is timeless, a landmark that possesses a distinct identity which will distinguish Singapore from other cities.

Located along the Marina Bay waterfront, Marina Bay Sands features three cascading hotel towers topped by an extraordinary sky park, ‘floating' crystal pavilions, a lotus-inspired Museum, retail stores featuring cutting-edge labels and international luxury brands, trendy Celebrity Chef restaurants, endless entertainment at the theaters and the hottest night clubs.

Business visitors will also enjoy the extensive Meetings, Incentives, Conventions and Exhibitions (MICE) facilities featuring state-of-the-art technology, highly flexible exhibition halls, and a convention centre that can host over 45,000 delegates.

The Subject seamlessly combines business and leisure into a singular destination unlike any other.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-66888868
Match	:	N/A
Address Provided by Client	:	10 BAYFRONT AVENUE 018956 SINGAPORE
Current Address	:	10 BAYFRONT AVENUE, 018956, SINGAPORE.
Match	:	YES

Other Investigations

We have contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2011 - 2016	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2016	]
Return on Shareholder Funds	:	Favourable	[	38.11%	]
Return on Net Assets	:	Favourable	[	47.97%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Debtor Ratio	:	Favourable	[	42 Days	]
Creditors Ratio	:	Favourable	[	4 Days	]
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	[	1.88 Times	]
Current Ratio	:	Unfavourable	[	1.89 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	:	Unfavourable	[	1.62 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. 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's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the Subject : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2013	2014	2015	2016	2017*
Population (Million)	5.40	5.47	5.54	5.61	5.61
Gross Domestic Products ( % )	5.1	3.9	2.2	2.4	3.6
Consumer Price Index	2.4	1.0	(0.5)	(0.5)	0.6
Total Imports (Million)	466,762.0	463,779.1	407,767.9	398,372.0	403,300.0
Total Exports (Million)	513,391.0	518,922.7	476,285.4	468,552.0	466,900.0
Unemployment Rate (%)	1.9	1.9	1.9	2.1	-
Tourist Arrival (Million)	15.46	15.01	15.23	16.28	-
Hotel Occupancy Rate (%)	86.3	85.5	84.0	83.1	84.7
Cellular Phone Subscriber (Million)	1.97	1.98	1.99	-	-
Registration of New Companies (No.)	37,288	41,589	34,243	35,227	37,395
Registration of New Companies (%)	9.8	11.5	(17.7)	2.9	6.2
Liquidation of Companies (No.)	17,369	18,767	21,384	23,218	22,379
Liquidation of Companies (%)	(5.3)	8.0	13.9	8.6	(3.6)
Registration of New Businesses (No.)	22,893	35,773	28,480	27,120	22,148
Registration of New Businesses (%)	1.70	56.30	(20.39)	(4.78)	(18.33)
Liquidation of Businesses (No.)	22,598	22,098	26,116	35,866	24,344
Liquidation of Businesses (%)	0.5	(2.2)	18.2	37.3	(32.1)
Bankruptcy Orders (No.)	1,992	1,757	1,776	1,797	1,638
Bankruptcy Orders (%)	14.0	(11.8)	1.0	1.2	(8.9)
Bankruptcy Discharges (No.)	2,584	3,546	3,499	4,359	2,030
Bankruptcy Discharges (%)	37.4	37.2	(1.3)	24.6	(53.4)
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	1.78	4.29	3.04	-	-
Fish Supply & Wholesale	(3.8)	(8.6)	(8.5)	(9.9)	-
Manufacturing #
Food, Beverages & Tobacco	97.9	99.4	100.0	103.7	110.3
Textiles	119.5	102.7	100.0	92.4	84.4
Wearing Apparel	334.1	212.6	100.0	83.4	88.2
Leather Products & Footwear	122.0	106.5	100.0	88.8	79.0
Wood & Wood Products	103.0	107.2	100.0	95.0	92.9
Paper & Paper Products	104.4	104.5	100.0	97.3	96.1
Printing & Media	113.8	105.968	100.0	85.1	73.1
Crude Oil Refineries	100.7	92.2	100.0	104.2	113.5
Chemical & Chemical Products	88.4	96.7	100.0	98.9	105.3
Pharmaceutical Products	101.421	109.4	100.0	113.8	96.0
Rubber & Plastic Products	109.497	109.2	100.0	91.4	93.7
Non-metallic Mineral	107.4	90.759	100.0	89.8	72.9
Basic Metals	77.2	99.3	100.0	106.2	108.3
Fabricated Metal Products	107.5	107.757	100.0	93.8	91.3
Machinery & Equipment	109.1	118.2	100.0	80.8	86.1
Electrical Machinery	87.4	97.871	100.0	101.5	111.7
Electronic Components	105.0	105.6	100.0	114.1	151.4
Transport Equipment	111.1	106.68	100.0	101.0	99.5
Construction	25.40	22.00	-	-	-
Real Estate	88.5	145.1	-	-	-
Services
Electricity, Gas & Water	6.70	6.50	-	-	-
Transport, Storage & Communication	9.80	14.20	-	-	-
Finance & Insurance	3.30	6.00	-	7.40	-
Government Services	6.50	6.30	-	-	-
Education Services	3.10	5.98	-	2.40	-
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
In the fourth quarter of 2017, the economy grew by 3.6% on a year-on-year basis, moderating from the 5.5% growth in the previous quarter. The sectors which contributed the most to growth in the quarter were the manufacturing and finance & insurance sectors. For the whole of 2017, the economy expanded by 3.6%, higher than the 2.4% growth in 2016. All major sectors grew in 2017, with the exception of the construction sector. The manufacturing and finance & insurance sectors were the key contributors to overall GDP growth.
The manufacturing sector expanded by 4.8% in the fourth quarter 2017, slowing from the 19% surge in the third quarter. Growth was led by robust output expansions in the electronics and precision engineering clusters, which more than offset declines in the biomedical manufacturing and transport engineering clusters. For full year 2017, the manufacturing sector grew by 10%, higher than the 3.7% growth in 2016. Growth was primarily driven by the electronics and precision engineering clusters, while output declines in the biomedical manufacturing, transport engineering and general manufacturing clusters weighed on growth.
The services producing industries collectively expanded to 3.5% in the fourth quarter 2017, the same pace of growth as the previous quarter. Among the services sectors, the finance & insurance sector registered the strongest growth at 6.3%, followed by the information & communications (6.0%) and the transportation & storage (5.3%) sectors. Services producing industries as a whole expanded to 2.8% in full year 2017, faster than the 1.4% growth in 2016. All services sectors saw positive growth.
Among the services sectors, the transportation & storage and finance & insurance sectors registered the fastest pace of growth in 2017. Growth of the transportation & storage sector came in at 4.8%, a pickup from the 1.3% in 2016, largely due to stronger growth in the water transport and air transport segments. Similarly, the finance & insurance sector expanded by 4.8%, improving from the 1.6% growth in 2016. The robust performance of the sector was largely because of strong growth in the fund management segment, even as growth in the financial intermediation and insurance segments remained firm.
Besides, the construction sector contracted to 5.0%, extending the 9.3% decline in the third quarter 2017. The output of the sector was weighed down primarily by the weakness in private sector construction activities, as certified payments across all private construction segments declined. Meanwhile, the construction sector contracted to 8.4% in 2017, a reversal from the 1.9% growth in 2016. Output in the sector was primarily weighed down by the weakness in private sector construction works.
In the fourth quarter 2017, total demand rose by 4.9%, lower than the 5.5% growth in the preceding quarter. For the whole of 2017, growth in total demand came in at 4.4%, an improvement from the 1.6% in 2016. External demand was the key contributor to total demand growth (3.0 percentage-points), while the contribution from domestic demand was also positive (1.4 percentage-points).
Total domestic demand rose by 6.6 % in the fourth quarter 2017, following the 8.5% growth in the previous quarter. Growth was supported primarily by the build-up in inventories and also higher consumption expenditure. Gross fixed capital formation also contributed positively to total domestic demand growth in the quarter. For 2017 as a whole, total domestic demand increased by 5.4%, higher than the 3.1% expansion in 2016. Meanwhile, external demand rose by 4.2% in the fourth quarter 2017, similar to the 4.4% growth in the preceding quarter. The increase in external demand was primarily due to higher real merchandise exports. For the full year 2017, external demand grew at a faster pace of 4.1%, compared to the 1.1% growth in 2016.
Total consumption expenditure rose at a slower pace of 4.4% in the fourth quarter 2017, compared to the 5.7% expansion in the previous quarter. For the full year 2017, total consumption expenditure grew by 3.3%, an improvement from the 2.1% growth in 2016, on the back of faster growth in both public and private consumption. Public consumption expanded by 4.1%, compared to 3.5% in 2016, while private consumption grew by 3.1%, compared to 1.7% in the previous year. Expenditure on miscellaneous goods & services, recreation & culture and housing & utilities were the main contributors to private consumption growth.
Since November 2017, the outlook for global growth has improved slightly with the IMF upgrading its global growth forecast for 2018 to 3.9%, partly on the back of higher growth expected in the US due to the recently approved tax reforms. However, as compared to 2017, growth in most of Singapore’s key final demand markets such as the Eurozone, Japan, NIEs and ASEAN-5 is projected to moderate or remain unchanged in 2018. In the US, GDP growth is projected to improve further in 2018, supported by domestic demand and fiscal stimulus arising from the recently approved tax reforms, although there are uncertainties around the extent to which investments would respond to the tax reforms. On the other hand, growth in the Eurozone economy is projected to moderate in 2018, following the rebound seen in 2017. Growth will be underpinned by continued improvements in labour market conditions and largely accommodative monetary policies.
In Asia, China’s growth is also expected to ease in 2018 on the back of a slowdown in investment, even as consumption is likely to remain stable and provide support to growth. Meanwhile, growth in the key ASEAN economies is expected to remain firm in 2018, supported by sustained improvements in domestic demand as well as merchandise exports. On balance, the external demand outlook for Singapore is expected to be slightly weaker in 2018 as compared to 2017. Taking into account the global and domestic economic environments, Ministry of Trade and Industry (MTI) has maintained the 2018 GDP growth forecast at “1.5 to 3.5%”. MTI’s central view is that growth will likely come in slightly above the middle of the forecast range, barring the materialisation of downside risks.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2005, the Subject is a Private Limited company, focusing on real estate activities with own or leased property. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. The Subject is a large entity with strong capital position of SGD 2,376,941,315. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject should have build up its clientele base and received supports from its regular customers. Investigation revealed that the Subject's interest lies mostly in the local market. Thus, any adverse changes to the local economy might have a negative impact on the Subject's business performance. Being a large entity, the Subject has a steady workforce of 9500 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. The Subject has a good  management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at SGD 2,671,270,000, the Subject should be able to maintain its business in the near terms.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

MARINA BAY SANDS PTE. LTD.

Financial Year End	2016-12-31	2015-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	3,574,720,000	3,712,763,000
Other Income	11,764,000	1,150,000
	----------------	----------------
Total Turnover	3,586,484,000	3,713,913,000
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,281,494,000	1,425,043,000
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,281,494,000	1,425,043,000
Taxation	(263,552,000)	(280,109,000)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,017,942,000	1,144,934,000
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	221,986,000	352,052,000
	----------------	----------------
As restated	221,986,000	352,052,000
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,239,928,000	1,496,986,000
DIVIDENDS - Ordinary (paid & proposed)	(1,000,000,000)	(1,275,000,000)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	239,928,000	221,986,000
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	-	136,880
	----------------	----------------
	-	136,880
	-	=============
DEPRECIATION (as per notes to P&L)	365,619	311,817
AMORTIZATION	44,278	42,286
	----------------	----------------
Total Amortization And Depreciation	409,897	354,103
	=============	=============

BALANCE SHEET

MARINA BAY SANDS PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	4,548,958,000	4,779,899,000
LONG TERM INVESTMENTS/OTHER ASSETS
Investment properties	370,025,000	387,146,000
Others	1,170,178,000	1,196,526,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,540,203,000	1,583,672,000
INTANGIBLE ASSETS
Others	51,160,000	6,202,000
	----------------	----------------
TOTAL INTANGIBLE ASSETS	51,160,000	6,202,000
	----------------	----------------
TOTAL LONG TERM ASSETS	6,140,321,000	6,369,773,000
CURRENT ASSETS
Stocks	8,273,000	9,201,000
Trade debtors	412,961,000	749,513,000
Other debtors, deposits & prepayments	1,012,907,000	525,319,000
Cash & bank balances	625,866,000	575,196,000
Others	29,683,000	18,085,000
	----------------	----------------
TOTAL CURRENT ASSETS	2,089,690,000	1,877,314,000
	----------------	----------------
TOTAL ASSET	8,230,011,000	8,247,087,000
	=============	=============
CURRENT LIABILITIES
Trade creditors	43,474,000	32,625,000
Other creditors & accruals	694,048,000	650,690,000
Short term borrowings/Term loans	92,000,000	92,000,000
Amounts owing to holding company	2,913,000	5,488,000
Amounts owing to related companies	3,127,000	3,361,000
Provision for taxation	270,546,000	263,120,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	1,106,108,000	1,047,284,000
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	983,582,000	830,030,000
	----------------	----------------
LONG TERM LIABILITIES
Other long term borrowings	4,230,064,000	4,299,650,000
Deferred taxation	197,770,000	217,639,000
Others	24,799,000	28,917,000
	----------------	----------------
TOTAL LONG TERM LIABILITIES	4,452,633,000	4,546,206,000
	----------------	----------------
TOTAL NET ASSETS	2,671,270,000	2,653,597,000
	=============	=============
SHARE CAPITAL
Ordinary share capital	2,376,941,000	2,376,941,000
	----------------	----------------
TOTAL SHARE CAPITAL	2,376,941,000	2,376,941,000
RESERVES
Retained profit/(loss) carried forward	239,928,000	221,986,000
Others	54,401,000	54,670,000
	----------------	----------------
TOTAL RESERVES	294,329,000	276,656,000
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,671,270,000	2,653,597,000
	=============	=============

FINANCIAL RATIO

MARINA BAY SANDS PTE. LTD.

TYPES OF FUNDS
Cash	625,866,000	575,196,000
Net Liquid Funds	625,866,000	575,196,000
Net Liquid Assets	975,309,000	820,829,000
Net Current Assets/(Liabilities)	983,582,000	830,030,000
Net Tangible Assets	2,620,110,000	2,647,395,000
Net Monetary Assets	(3,477,324,000)	(3,725,377,000)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	1,281,494,000	1,425,179,880
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	1,281,903,897	1,425,533,983
BALANCE SHEET ITEMS
Total Borrowings	4,322,064,000	4,391,650,000
Total Liabilities	5,558,741,000	5,593,490,000
Total Assets	8,230,011,000	8,247,087,000
Net Assets	2,671,270,000	2,653,597,000
Net Assets Backing	2,671,270,000	2,653,597,000
Shareholders' Funds	2,671,270,000	2,653,597,000
Total Share Capital	2,376,941,000	2,376,941,000
Total Reserves	294,329,000	276,656,000
GROWTH RATIOS (Year on Year) (%)
Revenue	(3.72)	8.59
Proft/(Loss) Before Tax	(10.07)	27.26
Proft/(Loss) After Tax	(11.09)	29.05
Total Assets	(0.21)	(0.26)
Total Liabilities	(0.62)	(1.25)
LIQUIDITY (Times)
Cash Ratio	0.57	0.55
Liquid Ratio	1.88	1.78
Current Ratio	1.89	1.79
WORKING CAPITAL CONTROL (Days)
Stock Ratio	1	1
Debtors Ratio	42	74
Creditors Ratio	4	3
SOLVENCY RATIOS (Times)
Gearing Ratio	1.62	1.65
Liabilities Ratio	2.08	2.11
Times Interest Earned Ratio	-	10,411.89
Assets Backing Ratio	1.10	1.11
PERFORMANCE RATIO (%)
Operating Profit Margin	35.85	38.38
Net Profit Margin	28.48	30.84
Return On Net Assets	47.97	53.71
Return On Capital Employed	17.86	19.78
Return On Shareholders' Funds/Equity	38.11	43.15
Dividend Pay Out Ratio (Times)	0.98	1.11

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
SGD	1	INR 49.69

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.