MIRA INFORM REPORT

 

 

Report No. :

506346

Report Date :

27.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

GALMON (S) PTE LTD

 

 

Registered Office :

50, Tuas Avenue 1, 639527

 

 

Country :

Singapore

 

 

Date of Incorporation :

25.05.1982

 

 

Com. Reg. No.:

198202184W

 

 

Legal Form :

Exempt Private (Limited By Share

 

 

Line of Business :

The Subject is engaged in the sell, rent and service the widest range of aerial access equipment, custom built lifts.

 

 

No. of Employees :

200 (2016)

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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.

:

198202184W

COMPANY NAME

:

GALMON (S) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

25/05/1982

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

50, TUAS AVENUE 1, 639527, SINGAPORE.

BUSINESS ADDRESS

:

50 TUAS AVENUE 1 JURONG INDUSTRIAL ESTATE, 639527, SINGAPORE.

TEL.NO.

:

65-68622277

FAX.NO.

:

65-68620520

WEB SITE

:

WWW.GALMON.COM

CONTACT PERSON

:

DESMOND ONG ( PRESIDENT )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

SELL, RENT AND SERVICE THE WIDEST RANGE OF AERIAL ACCESS EQUIPMENT, CUSTOM BUILT LIFTS

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

200 (2016)

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

N/A

PAYMENT

:

UNKNOWN

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, suing or be sued by other companies.

 

An exempt private company with an annual turnover of ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due.

An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

 

The Subject is principally engaged in the (as a / as an) sell, rent and service the widest range of aerial access equipment, custom built lifts.

 

Share Capital History

Date

Issue & Paid Up Capital

27/04/2018

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

(%)

ONG ENG CHANG +

52, BINJAI PARK, 589854, SINGAPORE.

S0117521A

600,000.00

60.00

CHAN YUET MUI +

52, BINJAI PARK, 589854, SINGAPORE.

S0185186A

400,000.00

40.00

 

 

 

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

------

 

 

 

1,000,000.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

CHAN YUET MUI

Address

:

52, BINJAI PARK, 589854, SINGAPORE.

IC / PP No

:

S0185186A

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

25/05/1982

 

 

 

 

 

 

 

 

 

 

 

 



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

198202184W

GALMON (S) PTE LTD

Secretary Director

25/05/1982 25/05/1982

400,000.00

40.00

-

-

-

27/04/2018

 

DIRECTOR 2

 

Name Of Subject

:

ONG ENG CHANG

Address

:

52, BINJAI PARK, 589854, SINGAPORE.

IC / PP No

:

S0117521A

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/07/1982

 

 

 

 

 

 

 

 

 

 

 

 



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

198202184W

GALMON (S) PTE LTD

Director

01/07/1982

600,000.00

60.00

-

-

-

27/04/2018



MANAGEMENT

 

 

 

1)

Name of Subject

:

DESMOND ONG

 

Position

:

PRESIDENT

 

 

 

 

 

2)

Name of Subject

:

ONG ENG CHANG

 

Position

:

CEO, MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

FIDES PAC

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN YUET MUI

 

IC / PP No

:

S0185186A

 

 

 

 

 

Address

:

52, BINJAI PARK, 589854, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201309822

18/07/2013

N/A

DBS BANK LTD.

-

Unsatisfied

C201405879

12/06/2014

N/A

DBS BANK LTD.

-

Unsatisfied

C201508715

03/08/2015

N/A

DBS BANK LTD.

-

Unsatisfied

C201513308

24/11/2015

N/A

UNITED OVERSEAS BANK LIMITED

SGD 6,000,000.00

Unsatisfied

C201607437

27/07/2016

N/A

DBS BANK LTD.

-

Unsatisfied

C201700869

24/01/2017

N/A

DBS BANK LTD.

-

Unsatisfied

C201700870

24/01/2017

N/A

DBS BANK LTD.

-

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) : 2

 

 

 

 

 

 

Case Status

:

PENDING

 

 

Code No

:

99

Case No

:

1297

 

 

Year

:

2011

Place

:

SINGAPORE

 

 

Court

:

MAGISTRATE COURT

 

 

 

 

 

Date Filed

:

14/01/2011

 

 

 

 

 

Solicitor Firm

:

TOMMY CHOO MARK GO & PARTNERS

 

 

Plaintiff

:

LOW CHIN YUEN

DEFENDANTS

:

GALMON (S) PTE LTD (198202184)

Amount Claimed

:

2999.24

 

 

 

 

 

Nature of Claim

:

SGD

 

 

 

 

 

Remark

:

TORT-NEGLIGENCE( MOTOR ACCIDENTS W/O DEATH/INJURY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case Status

:

PENDING

 

 

Code No

:

99

Case No

:

3048

 

 

Year

:

2017

Place

:

SINGAPORE

 

 

Court

:

DISTRICT COURT

 

 

 

 

 

Date Filed

:

20/10/2017

 

 

 

 

 

Solicitor

:

LEONG HUIXIAN JANIS

 

 

 

 

 

Solicitor Firm

:

JUSEQUITY LAW CORPORATION

 

 

Plaintiff

:

YEO YONG PENG

DEFENDANTS

:

GALMON (S) PTE LTD (198202184)

Amount Claimed

:

38845.10

 

 

 

 

 

Nature of Claim

:

SGD

 

 

 

 

 

Remark

:

NEGLIGENCE

 

 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

WIDEST RANGE OF AERIAL ACCESS EQUIPMENT, CUSTOM BUILT LIFTS

 

 

 

 

Total Number of Employees:

YEAR

2016

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

200

 

 

 

 

 

 

 

 

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) sell, rent and service the widest range of aerial access equipment, custom built lifts.

The Subject sells, rents and service sthe widest range of aerial access equipment from self-propelled booms, scissors, truck-mounted work platforms, telehandlers, aluminium mobile scaffolding to special custom-built lifts.

The services are highly reputable in the construction, building maintenance, aviation, marine, industrial, manufacturing, commercial and the public sectors.

The equipment are versatile and simple to operate for vertical, side and under reach.

It services include:

Free Site Survey
Maintenance, Servicing and Refurbishment
Sale of Parts
Warranty Coverage
Online Payment


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6568622277

Current Telephone Number

:

65-68622277

Match

:

YES

 

 

 

Address Provided by Client

:

50, TUAS AVENUE, 1 639527

Current Address

:

50 TUAS AVENUE 1 JURONG INDUSTRIAL ESTATE, 639527, SINGAPORE.

Match

:

NO

 

 

 


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

 

 

Other Investigations


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

The address provided is incomplete.

The Subject refused to disclose its number of employees.


FINANCIAL ANALYSIS

 

An exempt private company with an annual turnover of ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due.

An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

 

 

 

 

 

 

 

Overall financial condition of the Subject : N/A

 

 

 

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 :

TRADING

 

 

 

According to the Ministry of Trade and Industry, the wholesale & retail trade sector expanded to 3.0% in the fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter. The wholesale trade segment was boosted by an improvement in foreign wholesale sales volume, which more than offset the weakness in domestic wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can be attributed to the wholesale segment.

 

The domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer outturn was led by declines in the sales volume of household equipment & furniture (-27%) and general wholesale merchandise (-19%), which outweighed the increase in the sales volume of telecommunications & computers (20%). For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in 2016.

 

On the other hand, foreign wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related products (11%t), telecommunications & computers (19%) and electronic components (16%). However, growth was partly offset by a 20% decline in the sales volume of metals, timber & construction materials. For the full year 2017, the foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5% in the previous year.

 

Besides, retail sales volume rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth recorded in the third quarter. Growth was supported by improvements in both motor vehicle and non-motor vehicle sales volumes. While motor vehicle sales benefitted from an on-year increase in COE supply, growth in non-motor vehicle sales came on the back of an improvement in consumer sentiments. Notably, the sales volume of discretionary goods such as recreational goods, computer & telecommunication equipment and wearing apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively.

 

For the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was driven by both motor vehicle sales and non-motor vehicle sales, which the former rising by 1.5% and the latter increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For instance, the sales volume of recreational goods (3.9%), watches & jewellery (2.4%), computer & telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017.

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1982, the Subject is an Exempt Private company, focusing on sell, rent and service the widest range of aerial access equipment, custom built lifts. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. The Subject refused to disclose its number of employees. Presently, the issued and paid up capital of the Subject stands at SGD 1,000,000. The Subject does not have strong shareholders' backing. Without a strong shareholders' backing, the opportunity of the Subject to expand its business is limited.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

No financial accounts are available for analysis. As such, we are not able to comment on the Subject's current financial standing.

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

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.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

 

 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.


 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.83

UK Pound

1

INR 93.17

Euro

1

INR 81.38

SGD

1

INR 50.32

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

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)

 

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