|
|
|
MIRA INFORM REPORT
|
Report No. : |
503631 |
|
Report Date : |
14.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
CA SHIPPING PTE. LIMITED |
|
|
|
|
Formerly Known As : |
·
CHUN AN SHIPPING PTE. LTD ·
SUN GLORY SHIPPING PTE. LIMITED |
|
|
|
|
Registered Office : |
8, Eu Tong Sen Street, 19-81, The Central, 059818 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
13.02.2006 |
|
|
|
|
Com. Reg. No.: |
200601879Z |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the provide cargo bulk carriers,
ship chartering and ship management services |
|
|
|
|
No. of Employees : |
3 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
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. |
: |
200601879Z |
|
COMPANY NAME |
: |
CA SHIPPING PTE. LIMITED |
|
FORMER NAME |
: |
CHUN AN SHIPPING PTE. LTD. (14/06/2017) |
|
INCORPORATION DATE |
: |
13/02/2006 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
8, EU TONG SEN STREET, 19-81, THE CENTRAL, 059818, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
8 EU TONG SEN STREET #19-81 THE CENTRAL, 059818, SINGAPORE. |
|
TEL.NO. |
: |
65-62218866 |
|
FAX.NO. |
: |
65-62218855 |
|
WEB SITE |
: |
WWW.CHUNAN.COM. |
|
CONTACT PERSON |
: |
SONG ZHENHAI ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
PROVIDE CARGO BULK CARRIERS, SHIP CHARTERING AND SHIP MANAGEMENT
SERVICES |
|
ISSUED AND PAID UP CAPITAL |
: |
1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00 |
|
SALES |
: |
USD 727,300 [2016] |
|
NET WORTH |
: |
USD 1,529,364 [2016] |
|
STAFF STRENGTH |
: |
3 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
REGULAR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
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) provide
cargo bulk carriers, ship chartering and ship management services.
The immediate holding company of the Subject is CHUN AN SHIPPING
HOLDINGS LIMITED, a company incorporated in CAYMAN ISLANDS.
The ultimate holding company of the Subject is EVERSTEP
INVESTMENTS LIMITED, a company incorporated in MARSHALL ISLANDS.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
12/04/2018 |
SGD 1,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
CHUN AN SHIPPING HOLDINGS LIMITED |
SCOTIA CENTRE, 4TH FLOOR, P.O. BOX 2804, GEORGE TOWN, GRAND CAYMAN,
KY1-1112 CAYMAN ISLANDS |
T11UF2437 |
1,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
LIN JIEYUAN |
|
Address |
: |
64, TELOK BLANGAH DRIVE, 03-196, BLANGAH VIEW, 100064,
SINGAPORE. |
|
IC / PP No |
: |
S8136614D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/12/2017 |
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 |
200601879Z |
CA SHIPPING PTE. LIMITED |
Director |
31/12/2017 |
0.00 |
- |
USD317,199.00 |
2016 |
- |
12/04/2018 |
|
2 |
201437242H |
EVERSTEP TRADING PTE. LTD. |
Director |
16/12/2014 |
0.00 |
- |
SGD(35,838.30) |
2015 |
- |
08/07/2016 |
|
3 |
199708362C |
PENINSULA PETROLEUM FAR EAST PTE. LTD. |
Director |
27/04/2016 |
0.00 |
- |
USD6,487,369.00 |
2016 |
- |
31/10/2017 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
SONG ZHENHAI |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
CSI & CO. PAC |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
SOON KWAI YING |
|
IC / PP No |
: |
S1835489F |
|
|
Address |
: |
12, STIRLING ROAD, 13-08, QUEENS, 148955, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201709957 |
29/09/2017 |
N/A |
CHIYU BANKING CORPORATION LIMITED FUZHOU BRANCH |
- |
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 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 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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
OPERATIONS |
|
Services |
: |
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2018 |
2017 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
3 |
3 |
|||||||
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) provide cargo bulk
carriers, ship chartering and ship management services.
The Group engages in international management activities including vessel
maintenance, technical supervision, maritime safety, crewing, dispatching and
P&I claim processing. It values humanity as well as scientific methods and
objective analysis in problem solving.
The Subject is a sea carrier focuses on project and equipment cargoes as well
as steel products and other break bulk cargoes.
The Subject provides liner and non-liner services between China, ASEAN
countries as well as other Asian-ANZ and African regions.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
+86-411-88129179., +86-015904114876 |
|
Current Telephone Number |
: |
65-62218866 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
8 EU TONG SEN ST # 19-81 059818 |
|
Current Address |
: |
8 EU TONG SEN STREET #19-81 THE CENTRAL, 059818, SINGAPORE. |
|
Match |
: |
NO |
|
|
||
Other Investigations
we have contacted one of the staff from the Subject and she provided some
information.
The contact numbers provide is not answered.
The address provided is incomplete.
The Subject refused to disclose its bankers.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2013 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
20.74% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
21.78% |
] |
|
|
The fluctuating turnover reflects the fierce competition among
the existing and new market players.The higher profit could be attributed to the
increase in turnover. The Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Debtor Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
0 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 |
[ |
1.04 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.04 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject
in order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they fall
due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it did not pay any
interest during the year. The Subject had no gearing and hence it had virtually
no financial risk. The Subject was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the Subject, having
a zero gearing, will be able to compete better than those which are highly
geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover was erratic, the Subject had maintained a
steady growth in its profit. This indicate the management's efficiency in controlling
its costs and profitability. The Subject was in good liquidity position with
its total current liabilities well covered by its total current assets. With
its current net assets, the Subject should be able to repay its short term
obligations. The Subject did not make any interest payment during the year.
The Subject was dependent on its shareholders' funds to finance its business
needs. The Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject : STABLE |
||||||
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
|
|
|
Financials
|
PROFIT AND LOSS ACCOUNT |
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
CA SHIPPING PTE. LIMITED |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
|
TURNOVER |
727,300 |
819,379 |
422,500 |
382,500 |
|
Other Income |
16,641 |
2,556 |
1,789 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
743,941 |
821,935 |
424,289 |
382,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
333,113 |
162,993 |
88,928 |
19,053 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
333,113 |
162,993 |
88,928 |
19,053 |
|
Taxation |
(15,914) |
(5,982) |
(5,620) |
1,750 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
317,199 |
157,011 |
83,308 |
20,803 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As previously reported |
594,195 |
437,184 |
353,876 |
333,073 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
594,195 |
437,184 |
353,876 |
333,073 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
911,394 |
594,195 |
437,184 |
353,876 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
911,394 |
594,195 |
437,184 |
353,876 |
|
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
10,284 |
8,923 |
8,008 |
15,409 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
10,284 |
8,923 |
8,008 |
15,409 |
|
============= |
============= |
============= |
============= |
|
BALANCE SHEET |
|
CA SHIPPING PTE. LIMITED |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
24,844 |
14,204 |
18,077 |
26,085 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
24,844 |
14,204 |
18,077 |
26,085 |
|
CURRENT ASSETS |
||||
|
Other debtors, deposits & prepayments |
6,873,694 |
8,918,481 |
5,425,101 |
3,799,787 |
|
Amount due from holding company |
4,168,315 |
- |
1,073,393 |
2,326,387 |
|
Amount due from related companies |
18,912,562 |
17,669,534 |
14,346,819 |
5,112,267 |
|
Cash & bank balances |
5,115,733 |
8,595,697 |
9,388,488 |
1,806,750 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
35,070,304 |
35,183,712 |
30,233,801 |
13,045,191 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
35,095,148 |
35,197,916 |
30,251,878 |
13,071,276 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
||||
|
Other creditors & accruals |
19,273,494 |
12,667,030 |
22,624,631 |
6,343,976 |
|
Amounts owing to holding company |
- |
1,208,387 |
- |
- |
|
Amounts owing to related companies |
14,271,773 |
20,101,869 |
6,563,506 |
5,750,677 |
|
Provision for taxation |
16,625 |
6,780 |
6,642 |
1,869 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
33,561,892 |
33,984,066 |
29,194,779 |
12,096,522 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
1,508,412 |
1,199,646 |
1,039,022 |
948,669 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
||||
|
Deferred taxation |
3,892 |
1,685 |
1,945 |
2,908 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
3,892 |
1,685 |
1,945 |
2,908 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,529,364 |
1,212,165 |
1,055,154 |
971,846 |
|
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
||||
|
SHARE CAPITAL |
||||
|
Ordinary share capital |
617,970 |
617,970 |
617,970 |
617,970 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
617,970 |
617,970 |
617,970 |
617,970 |
|
RESERVES |
||||
|
Retained profit/(loss) carried forward |
911,394 |
594,195 |
437,184 |
353,876 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
911,394 |
594,195 |
437,184 |
353,876 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,529,364 |
1,212,165 |
1,055,154 |
971,846 |
|
============= |
============= |
============= |
============= |
|
|
FINANCIAL RATIO |
|
CA SHIPPING PTE. LIMITED |
|
TYPES OF FUNDS |
||||
|
Cash |
5,115,733 |
8,595,697 |
9,388,488 |
1,806,750 |
|
Net Liquid Funds |
5,115,733 |
8,595,697 |
9,388,488 |
1,806,750 |
|
Net Liquid Assets |
1,508,412 |
1,199,646 |
1,039,022 |
948,669 |
|
Net Current Assets/(Liabilities) |
1,508,412 |
1,199,646 |
1,039,022 |
948,669 |
|
Net Tangible Assets |
1,529,364 |
1,212,165 |
1,055,154 |
971,846 |
|
Net Monetary Assets |
1,504,520 |
1,197,961 |
1,037,077 |
945,761 |
|
PROFIT & LOSS ITEMS |
||||
|
Earnings Before Interest & Tax (EBIT) |
333,113 |
162,993 |
88,928 |
19,053 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
343,397 |
171,916 |
96,936 |
34,462 |
|
BALANCE SHEET ITEMS |
||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
|
Total Liabilities |
33,565,784 |
33,985,751 |
29,196,724 |
12,099,430 |
|
Total Assets |
35,095,148 |
35,197,916 |
30,251,878 |
13,071,276 |
|
Net Assets |
1,529,364 |
1,212,165 |
1,055,154 |
971,846 |
|
Net Assets Backing |
1,529,364 |
1,212,165 |
1,055,154 |
971,846 |
|
Shareholders' Funds |
1,529,364 |
1,212,165 |
1,055,154 |
971,846 |
|
Total Share Capital |
617,970 |
617,970 |
617,970 |
617,970 |
|
Total Reserves |
911,394 |
594,195 |
437,184 |
353,876 |
|
GROWTH RATIOS (Year on Year) (%) |
||||
|
Revenue |
(11.24) |
93.94 |
10.46 |
- |
|
Proft/(Loss) Before Tax |
104.37 |
83.29 |
366.74 |
- |
|
Proft/(Loss) After Tax |
102.02 |
88.47 |
300.46 |
- |
|
Total Assets |
(0.29) |
16.35 |
131.44 |
- |
|
Total Liabilities |
(1.24) |
16.40 |
141.31 |
- |
|
LIQUIDITY (Times) |
||||
|
Cash Ratio |
0.15 |
0.25 |
0.32 |
0.15 |
|
Liquid Ratio |
1.04 |
1.04 |
1.04 |
1.08 |
|
Current Ratio |
1.04 |
1.04 |
1.04 |
1.08 |
|
WORKING CAPITAL CONTROL (Days) |
||||
|
Stock Ratio |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
0 |
0 |
0 |
0 |
|
Creditors Ratio |
0 |
0 |
0 |
0 |
|
SOLVENCY RATIOS (Times) |
||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
21.95 |
28.04 |
27.67 |
12.45 |
|
Times Interest Earned Ratio |
0 |
0 |
0 |
0 |
|
Assets Backing Ratio |
2.47 |
1.96 |
1.71 |
1.57 |
|
PERFORMANCE RATIO (%) |
||||
|
Operating Profit Margin |
45.80 |
19.89 |
21.05 |
4.98 |
|
Net Profit Margin |
43.61 |
19.16 |
19.72 |
5.44 |
|
Return On Net Assets |
21.78 |
13.45 |
8.43 |
1.96 |
|
Return On Capital Employed |
21.73 |
13.43 |
8.41 |
1.95 |
|
Return On Shareholders' Funds/Equity |
20.74 |
12.95 |
7.90 |
2.14 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
|
SGD |
1 |
INR 49.70 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KET |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.