|
|
|
MIRA
INFORM REPORT
|
Report No. : |
492325 |
|
Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MERIDIAN
ENTERPRISES PTE. LTD. |
|
|
|
|
Formerly Known As : |
MERIDIAN TECH PTE. LTD. (13/06/2016) |
|
|
|
|
Registered Office : |
105, Cecil Street, 11-00, The Octagon,
069534 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2015 |
|
|
|
|
Date of Incorporation : |
02.02.2006 |
|
|
|
|
Com. Reg. No.: |
200601466-R |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the advertising activities,
wholesale of metal, commodities. |
|
|
|
|
No. of Employees : |
4 [2017] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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. |
: |
200601466-R |
|
COMPANY NAME |
: |
MERIDIAN ENTERPRISES PTE. LTD. |
|
FORMER NAME |
: |
MERIDIAN TECH PTE. LTD. (13/06/2016) |
|
INCORPORATION DATE |
: |
02/02/2006 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
105, CECIL STREET, 11-00, THE OCTAGON,
069534, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
105, CECIL STREET, 11-00, THE OCTAGON,,
069534, SINGAPORE. |
|
TEL.NO. |
: |
65-62259330 |
|
FAX.NO. |
: |
65-62229330 |
|
CONTACT PERSON |
: |
MEENAVALLI VENKATA SRINIVAS ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
ADVERTISING ACTIVITIES, WHOLESALE OF METAL,
COMMODITIES |
|
ISSUED AND PAID UP CAPITAL |
: |
25,470,014.00 ORDINARY SHARE, OF A VALUE OF
SGD 26,624,172.00 |
|
SALES |
: |
USD 10,600,087 [2015] |
|
NET WORTH |
: |
USD (499,274) [2015] |
|
STAFF STRENGTH |
: |
4 [2017] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
SLOW |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
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) advertising activities, wholesale of metal, commodities.
Former Address(es)
|
Address |
As At Date |
|
OFFICE SUITE 1104, 105 CECIL STREET, 11-00,
THE OCTAGON, 069534 |
N/A |
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
19/12/2017 |
SGD 26,624,172.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MEENAVALLI VENKATA SRINIVAS + |
60, CAMBRIDGE ROAD, 01-01, 219757,
SINGAPORE. |
G5448134P |
24,852,431.00 |
97.58 |
|
WHURR ENTERPRISES PTE. LTD. |
10, JALAN BESAR, 10-03, SIM LIM TOWER
208787 ,SINGAPORE |
201507513 |
325,009.00 |
1.28 |
|
GALAXY MEDIA LIMITED |
UNIT 1, 8TH FLOOR, TOWER II, SOUTH SEAS
CENTRE, 75, MODY ROAD TSIMSHATSUI EAST, KOWLOON HONG KONG |
T16UF1875 |
140,590.00 |
0.55 |
|
BACHCHAN AMITABH PRATIKSHA |
10TH, NORTH SOUTH ROAD, J.V.P.D. SCHEME,
JUHU, MUMBAI 400049 ,INDIA |
Z2084170 |
44,600.00 |
0.18 |
|
BACHCHAN ABHISHEK PRATEEKSHA |
10TH, NORTH SOUTH ROAD, JUHU, VILE PARLE
WEST MUMBAI , MAHARASHTRA 400049 ,INDIA |
L2510016 |
44,600.00 |
0.18 |
|
MARAKA VASUDEVA RAO + |
830, WOODLANDS STREET 83, 02-25, 730830,
SINGAPORE. |
G5178346N |
31,298.00 |
0.12 |
|
SHAH CHINTAN NITIN MEGHDOOT |
PLOT 46, FLAT SION(W), MUMBAI 400022 ,INDIA |
F7634249 |
31,486.00 |
0.12 |
|
--------------- |
------ |
|||
|
25,470,014.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
HONG KONG |
MERIDIAN TECH HK LIMITED |
- |
100.00 |
31/12/2014 |
|
|
SAINT VINCENT AND THE GRENADINES |
MERIDIAN TECH LIMITED |
- |
100.00 |
31/12/2015 |
|
|
INDIA |
RELINK TECHNOLOGIES PRIVATE LIMITED |
- |
100.00 |
31/12/2015 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MARAKA VASUDEVA RAO |
|
Address |
: |
830, WOODLANDS STREET 83, 02-25, 730830,
SINGAPORE. |
|
IC / PP No |
: |
G5178346N |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
31/01/2012 |
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 |
200601466R |
MERIDIAN ENTERPRISES PTE. LTD. |
Director |
31/01/2012 |
31,298.00 |
0.12 |
USD(17,907,574.00) |
2015 |
- |
19/12/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
MEENAVALLI VENKATA SRINIVAS |
|
Address |
: |
60, CAMBRIDGE ROAD, 01-01, 219757,
SINGAPORE. |
|
IC / PP No |
: |
G5448134P |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
25/10/2013 |
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 |
200601466R |
MERIDIAN ENTERPRISES PTE. LTD. |
Director |
25/10/2013 |
24,852,431.00 |
97.58 |
USD(17,907,574.00) |
2015 |
- |
19/12/2017 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
MEENAVALLI VENKATA SRINIVAS |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
EVEREST ASSURANCE PAC |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
GRACE TAN XINYI |
|
IC / PP No |
: |
S8926424C |
|
|
Address |
: |
51, BUKIT BATOK CRESCENT, 08-05, UNITY
CENTRE, 658077, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
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 |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
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
|
|
Goods Traded |
: |
METAL,COMMODITIES |
|
|
Services |
: |
ADVERTISING ACTIVITIES |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2017 |
2016 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
4 |
4 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) advertising
activities, wholesale of metal, commodities.
The Subject provides online advertising services.
The Subject also involved in the general wholesale trade.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62259330 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
105, CECIL STREET, 11-00 OCTAGON 069534 |
|
Current Address |
: |
105, CECIL STREET, 11-00, THE OCTAGON,,
069534, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The address provided is incomplete.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
38.52% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
(553.71%) |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
3,586.72% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
3,586.68% |
] |
|
|
The shrinking turnover could be the result
of more entrants into the market which eroded the Subject's market
share.Higher losses before tax during the year could be due to the higher
operating costs incurred. Although the Subject's returns showed positive
figures it is not reflective of the true situation. The Subject incurred
losses during the year and its shareholders' funds have turned red. The
positive returns on shareholders' funds is the result of losses divided by
negative shareholders' funds. The Subject's management was inefficient in
utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Debtor Ratio |
: |
Favourable |
[ |
8 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
7 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 |
: |
Unfavourable |
[ |
0.53 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.53 Times |
] |
|
|
A low liquid ratio means that the Subject
may be facing working capital deficiency. If the Subject cannot obtain
additional financing or injection of fresh capital, it may face difficulties
in meeting its short term obligations. |
||||||
|
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 : |
||||||
|
The Subject's losses could be attributed to
the lower turnover which in turn could be the result of unfavourable market
conditions. Due to its weak liquidity position, the Subject will be faced
with problems in meeting all its short term obligations if no short term loan
is obtained or additional capital injected into the Subject. 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
: POOR |
||||||
|
|
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2012 |
2013 |
2014 |
2015 |
2016* |
|
|
|||||
|
Population (Million) |
5.31 |
5.40 |
5.47 |
5.54 |
5.63 |
|
Gross Domestic Products ( % ) |
1.3 |
3.7 |
(3.5) |
3.7 |
4.8 |
|
Consumer Price Index |
4.6 |
2.4 |
2.4 |
(0.5) |
(0.7) |
|
Total Imports (Million) |
474,554.0 |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
|
Total Exports (Million) |
510,329.0 |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
|
|
|||||
|
Unemployment Rate (%) |
2.0 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Tourist Arrival (Million) |
14.49 |
15.46 |
15.01 |
15.23 |
16.28 |
|
Hotel Occupancy Rate (%) |
86.4 |
86.3 |
85.5 |
85.0 |
- |
|
Cellular Phone Subscriber (Million) |
1.52 |
1.97 |
1.98 |
1.99 |
- |
|
|
|||||
|
Registration of New Companies (No.) |
31,892 |
37,288 |
41,589 |
34,243 |
35,528 |
|
Registration of New Companies (%) |
(1.3) |
9.8 |
11.5 |
(17.7) |
3.8 |
|
Liquidation of Companies (No.) |
17,218 |
17,369 |
18,767 |
21,384 |
- |
|
Liquidation of Companies (%) |
9.4 |
(5.3) |
8.0 |
13.9 |
- |
|
|
|||||
|
Registration of New Businesses (No.) |
24,788 |
22,893 |
35,773 |
28,480 |
33,326 |
|
Registration of New Businesses (%) |
5.51 |
1.70 |
56.30 |
(20.39) |
17.02 |
|
Liquidation of Businesses (No.) |
22,489 |
22,598 |
22,098 |
26,116 |
- |
|
Liquidation of Businesses (%) |
(2.2) |
0.5 |
(2.2) |
18.2 |
- |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,748 |
1,992 |
1,757 |
1,776 |
- |
|
Bankruptcy Orders (%) |
14.5 |
14.0 |
(11.8) |
1.0 |
- |
|
Bankruptcy Discharges (No.) |
1,881 |
2,584 |
3,546 |
3,499 |
- |
|
Bankruptcy Discharges (%) |
35.2 |
37.4 |
37.2 |
(1.3) |
- |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
5.16 |
1.78 |
4.29 |
3.04 |
- |
|
Fish Supply & Wholesale |
(0.5) |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
97.9 |
99.4 |
100.0 |
103.7 |
|
Textiles |
140.1 |
119.5 |
102.7 |
100.0 |
93.3 |
|
Wearing Apparel |
395.4 |
334.1 |
212.6 |
100.0 |
80.3 |
|
Leather Products & Footwear |
109.5 |
122.0 |
106.5 |
100.0 |
93.2 |
|
Wood & Wood Products |
93.3 |
103.0 |
107.2 |
100.0 |
90.5 |
|
Paper & Paper Products |
98.5 |
104.4 |
104.5 |
100.0 |
99.7 |
|
Printing & Media |
122.8 |
113.8 |
105.968 |
100.0 |
86.9 |
|
Crude Oil Refineries |
107.1 |
100.7 |
92.2 |
100.0 |
100.5 |
|
Chemical & Chemical Products |
85.3 |
88.4 |
96.7 |
100.0 |
97.6 |
|
Pharmaceutical Products |
103.8 |
101.421 |
109.4 |
100.0 |
115.9 |
|
Rubber & Plastic Products |
113.5 |
109.497 |
109.2 |
100.0 |
87.9 |
|
Non-metallic Mineral |
108.8 |
107.4 |
90.759 |
100.0 |
93.6 |
|
Basic Metals |
91.5 |
77.2 |
99.3 |
100.0 |
113.1 |
|
Fabricated Metal Products |
107.314 |
107.5 |
107.757 |
100.0 |
91.7 |
|
Machinery & Equipment |
107.3 |
109.1 |
118.2 |
100.0 |
79.3 |
|
Electrical Machinery |
80.102 |
87.4 |
97.871 |
100.0 |
99.3 |
|
Electronic Components |
100.7 |
105.0 |
105.6 |
100.0 |
106.3 |
|
Transport Equipment |
109.9 |
111.1 |
106.68 |
100.0 |
98.7 |
|
|
|||||
|
Construction |
28.70 |
25.40 |
22.00 |
- |
- |
|
Real Estate |
31.9 |
88.5 |
145.1 |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.30 |
6.70 |
6.50 |
- |
- |
|
Transport, Storage & Communication |
5.30 |
9.80 |
14.20 |
- |
- |
|
Finance & Insurance |
0.50 |
3.30 |
6.00 |
- |
- |
|
Government Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education Services |
0.30 |
3.10 |
5.98 |
- |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production
(2015 = 100) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY : |
ECONOMY |
|
The economy expanded by 1.9% in the third
quarter of 2015, marginally slower than the 2.0% growth in the second
quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the
economy grew by 1.9%, a reversal from the 2.6% contraction in the previous
quarter. |
|
|
Among the key sectors of the economy, the
manufacturing sector recorded the weakest performance, contracting by 6.2% in
the third quarter of 2015, extending the 4.8% decline in the previous
quarter. The contraction was primarily due to a decline in the output of the
transport engineering, electronics and precision engineering clusters. |
|
|
The services producing industries performed
better, with all sectors registering expansions. The wholesale & retail
trade sector posted the strongest growth of 6.8%, followed by the finance
& insurance (4.8%), information & communications (4.8%), other
services (2.2%) and business services (1.5%) sectors. The accommodation &
food services and transportation & storage sectors also recorded positive
growth of 0.9% and 0.3% respectively. |
|
|
Meanwhile, the construction sector grew by
1.6%, moderating from the 2.2% growth in the second quarter of 2015. The
sectors that contributed the most to economic growth in the third quarter of
2015 were the wholesale & retail trade and finance & insurance
sectors. Together, they accounted for about 97% of overall GDP growth. |
|
|
Total demand rose by 4.1% in the third
quarter, accelerating from the 0.6% growth in the previous quarter. The
expansion was supported by both external and domestic demand. External demand
rose at a faster pace of 3.2%, compared to the 1.1% growth in the previous
quarter. Meanwhile, domestic demand increased by 6.6%, a rebound from the
0.6% decline in the second quarter. |
|
|
Domestic demand was driven by consumption
expenditure, which grew by 6.7% in the third quarter of 2015 following the
3.4% growth in the previous quarter. Both private and public consumption
contributed to the rise in consumption expenditure. Changes in inventories
also supported growth, rising by 1.6%, a reversal from the 2.9% contraction
in the previous quarter. Growth in gross fixed capital formation moderated to
0.2%, from 4.1% in the previous quarter, weighed down by both public and
private investments. Public investments contracted by 1.1%, a sharp reversal
from the 11% growth in the previous quarter. On the other hand, private
investments registered modest growth of 0.5%, slower than the 2.4% growth in the
previous quarter. |
|
|
Overall employment rose by 16,400 on a
quarter-on-quarter basis in the third quarter of 2015, faster than the gains
of 9,700 in the previous quarter. However, this represented a slower rate of
increase as compared to the employment gains of 33,400 in the third quarter
of 2014. The increase in employment in the third quarter brought the total
number of employed persons in September 2015 to 3,644,000, 1.7% higher than a
year ago. The rate of increase over 2014 was slower compared to that recorded
in June 2015 (2.2%). At the sectoral level, employment in the services and
construction sectors expanded on a quarter-on-quarter basis in the third
quarter of 2015, while manufacturing employment continued to decline. |
|
|
Even though global growth is expected to
improve, the continued slowdown in the Chinese economy, the services-driven
nature of growth in the US, as well as the trends of in-sourcing in China and
the US may mean that external demand for Singapore and regional countries may
not see a significant uplift in 2016. Domestically, the labour market is also
expected to be tight, with the unemployment rate remaining low. |
|
|
Against this backdrop, the growth outlook
for the Singapore economy in 2016 is modest. While sectors such as finance
& insurance and wholesale trade are expected to support growth, the
manufacturing sector is likely to remain weak. Sector-specific factors may
also weigh on the growth of some sectors. For instance, sustained low oil
prices will continue to dampen rig building activities in the marine &
offshore segment. Growth in labour-intensive sectors such as retail and food
services may also be weighed down by labour constraints. By barring the
materialisation of downside risks, the Singapore economy is expected to grow
at a modest pace of "1.0% to 3.0%" in 2016. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK
EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS
ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
MERIDIAN ENTERPRISES PTE. LTD. |
|
Financial Year End |
2015-12-31 |
2014-12-31 |
2014-03-31 |
|
Months |
12 |
9 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
10,600,087 |
17,242,710 |
2,561,066 |
|
Other Income |
11,082 |
9,376 |
42,851 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
10,611,169 |
17,252,086 |
2,603,917 |
|
Costs of Goods Sold |
(9,593,939) |
(16,277,539) |
(49,170) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
1,017,230 |
974,547 |
2,554,747 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(17,907,347) |
(2,739,361) |
25,612 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(17,907,347) |
(2,739,361) |
25,612 |
|
Taxation |
(227) |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(17,907,574) |
(2,739,361) |
25,612 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
(2,499,242) |
240,119 |
214,507 |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
(2,499,242) |
240,119 |
214,507 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(20,406,816) |
(2,499,242) |
240,119 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(20,406,816) |
(2,499,242) |
240,119 |
|
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||
|
DEPRECIATION (as per notes to P&L) |
251,578 |
187,317 |
125,297 |
|
AMORTIZATION |
3,985,338 |
2,978,337 |
668,421 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
4,236,916 |
3,165,654 |
793,718 |
|
============= |
============= |
============= |
|
|
|
|
|
|
BALANCE SHEET
|
|
MERIDIAN ENTERPRISES PTE. LTD. |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
380,550 |
624,490 |
798,647 |
|
Others |
167,377 |
16,214,470 |
18,942,807 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
167,377 |
16,214,470 |
18,942,807 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
547,927 |
16,838,960 |
19,741,454 |
|
Trade debtors |
234,789 |
10,350,095 |
1,170,375 |
|
Other debtors, deposits & prepayments |
8,605 |
63,997 |
5,904 |
|
Amount due from related companies |
736,763 |
908,576 |
- |
|
Cash & bank balances |
63,370 |
56,845 |
116,601 |
|
Others |
117,261 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
1,160,788 |
11,379,513 |
1,292,880 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,708,715 |
28,218,473 |
21,034,334 |
|
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||
|
Trade creditors |
175,025 |
6,156 |
16,337 |
|
Other creditors & accruals |
983,383 |
11,064,438 |
1,150,794 |
|
Amounts owing to related companies |
118,276 |
- |
- |
|
Provision for taxation |
3,595 |
639 |
639 |
|
Other liabilities |
927,710 |
20,037 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
2,207,989 |
11,091,270 |
1,167,770 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(1,047,201) |
288,243 |
125,110 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
(499,274) |
17,127,203 |
19,866,564 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
19,901,685 |
19,626,445 |
19,626,445 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
19,901,685 |
19,626,445 |
19,626,445 |
|
Retained profit/(loss) carried forward |
(20,406,816) |
(2,499,242) |
240,119 |
|
Others |
5,857 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(20,400,959) |
(2,499,242) |
240,119 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(499,274) |
17,127,203 |
19,866,564 |
|
---------------- |
---------------- |
---------------- |
|
|
(499,274) |
17,127,203 |
19,866,564 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
FINANCIAL RATIO
|
|
MERIDIAN ENTERPRISES PTE. LTD. |
|
TYPES OF FUNDS |
|||
|
Cash |
63,370 |
56,845 |
116,601 |
|
Net Liquid Funds |
63,370 |
56,845 |
116,601 |
|
Net Liquid Assets |
(1,047,201) |
288,243 |
125,110 |
|
Net Current Assets/(Liabilities) |
(1,047,201) |
288,243 |
125,110 |
|
Net Tangible Assets |
(666,651) |
912,733 |
923,757 |
|
Net Monetary Assets |
(1,047,201) |
288,243 |
125,110 |
|
PROFIT & LOSS ITEMS |
|||
|
Earnings Before Interest & Tax (EBIT) |
0 |
(2,739,361) |
25,612 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
(13,670,431) |
426,293 |
25,612 |
|
BALANCE SHEET ITEMS |
|||
|
Total Borrowings |
0 |
0 |
0 |
|
Total Liabilities |
2,207,989 |
11,091,270 |
1,167,770 |
|
Total Assets |
1,708,715 |
28,218,473 |
21,034,334 |
|
Net Assets |
(499,274) |
17,127,203 |
19,866,564 |
|
Net Assets Backing |
(499,274) |
17,127,203 |
19,866,564 |
|
Shareholders' Funds |
(499,274) |
17,127,203 |
19,866,564 |
|
Total Share Capital |
19,901,685 |
19,626,445 |
19,626,445 |
|
Total Reserves |
(20,400,959) |
(2,499,242) |
240,119 |
|
GROWTH RATIOS (Year on Year) |
|||
|
Revenue |
(38.52) |
573.26 |
- |
|
Proft/(Loss) Before Tax |
(553.71) |
(10,795.62) |
- |
|
Proft/(Loss) After Tax |
(553.71) |
(10,795.62) |
- |
|
Total Assets |
(93.94) |
34.15 |
- |
|
Total Liabilities |
(80.09) |
849.78 |
- |
|
LIQUIDITY (Times) |
|||
|
Cash Ratio |
0.03 |
0.01 |
0.10 |
|
Liquid Ratio |
0.53 |
1.03 |
1.11 |
|
Current Ratio |
0.53 |
1.03 |
1.11 |
|
WORKING CAPITAL CONTROL (Days) |
|||
|
Stock Ratio |
0 |
0 |
0 |
|
Debtors Ratio |
8 |
219 |
167 |
|
Creditors Ratio |
7 |
9 |
121 |
|
SOLVENCY RATIOS (Times) |
|||
|
Gearing Ratio |
0 |
0 |
0 |
|
Liabilities Ratio |
(4.42) |
0.65 |
0.06 |
|
Times Interest Earned Ratio |
0 |
0 |
0 |
|
Assets Backing Ratio |
(0.03) |
0.05 |
0.05 |
|
PERFORMANCE RATIO (%) |
|||
|
Operating Profit Margin |
(168.94) |
(15.89) |
1.00 |
|
Net Profit Margin |
(168.94) |
(15.89) |
1.00 |
|
Return On Net Assets |
3,586.68 |
(15.99) |
0.13 |
|
Return On Capital Employed |
5,395.45 |
(8.22) |
0.07 |
|
Return On Shareholders' Funds/Equity |
3,586.72 |
(15.99) |
0.13 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.13 |
|
|
1 |
INR 89.17 |
|
Euro |
1 |
INR 79.39 |
|
SGD |
1 |
INR 48.72 |
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.