|
|
|
MIRA INFORM REPORT
|
Report No. : |
491916 |
|
Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ALPHARD MARITIME PTE. LTD. |
|
|
|
|
Registered Office : |
120, Lower Delta Road, 07-16, Cendex Centre, 169208 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2016 |
|
|
|
|
Date of Incorporation : |
16.06.2010 |
|
|
|
|
Com. Reg. No.: |
201012776K |
|
|
|
|
Legal Form : |
Exempt Private (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is principally engaged in the (as a / as an) Shipping. |
|
|
|
|
No. of Employees : |
15 [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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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. |
: |
201012776K |
|
COMPANY
NAME |
: |
ALPHARD
MARITIME PTE. LTD. |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
16/06/2010 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
EXEMPT
PRIVATE (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
120,
LOWER DELTA ROAD, 07-16, CENDEX CENTRE, 169208, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
#
07-16, CENDEX CENTRE, 120 LOWER DELTA ROAD,, 169208, SINGAPORE. |
|
TEL.NO. |
: |
65-62918116 |
|
FAX.NO. |
: |
N/A |
|
WEB
SITE |
: |
WWW.ALPHARDMARITIME.COM |
|
CONTACT
PERSON |
: |
LIM
( STAFF ) |
|
PRINCIPAL
ACTIVITY |
: |
SHIPPING |
|
ISSUED
AND PAID UP CAPITAL |
: |
1,500,000.00
ORDINARY SHARE, OF A VALUE OF SGD 1,500,000.00 |
|
SALES |
: |
USD
13,609,232 [2016] |
|
NET
WORTH |
: |
USD
4,845,937 [2016] |
|
STAFF
STRENGTH |
: |
15
[2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
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) shipping.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
13/02/2018 |
SGD
1,500,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
ALOK
KUMAR + |
297,
OCEAN DRIVE, 05-23, THE OCEANFRONT @ SENTOSA COVE, 098535, SINGAPORE. |
G5359107N |
1,400,000.00 |
93.33 |
|
PRITY
KUMARI |
297,
OCEAN DRIVE, 05-23, THE OCEANFRONT @ SENTOSA COVE 098535 ,SINGAPORE |
G3269834X |
100,000.00 |
6.67 |
|
--------------- |
------ |
|||
|
1,500,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
201609910R |
SINGAPORE |
ALPHARD
ONE MARITIME PTE. LTD. |
- |
100.00 |
13/02/2018 |
|
201609960Z |
SINGAPORE |
ALPHARD
THREE MARITIME PTE. LTD. |
- |
100.00 |
13/02/2018 |
|
201609958N |
SINGAPORE |
ALPHARD
TWO MARITIME PTE. LTD. |
- |
100.00 |
13/02/2018 |
DIRECTORS
DIRECTOR
1
|
Name
Of Subject |
: |
ALOK
KUMAR |
|
Address |
: |
297,
OCEAN DRIVE, 05-23, THE OCEANFRONT @ SENTOSA COVE, 098535, SINGAPORE. |
|
IC
/ PP No |
: |
G5359107N |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
16/06/2010 |
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 |
201012776K |
ALPHARD
MARITIME PTE. LTD. |
Director |
16/06/2010 |
1,400,000.00 |
93.33 |
USD1,703,475.00 |
2016 |
- |
13/02/2018 |
MANAGEMENT
|
1)
|
Name
of Subject |
: |
LIM |
|
Position |
: |
STAFF |
AUDITOR
|
Auditor |
: |
PKF-CAP
LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
1)
|
Company
Secretary |
: |
RASHMONI
DUTTA |
|
IC
/ PP No |
: |
S7167535A |
|
|
Address |
: |
1,
BUKIT BATOK STREET 25, 08-10, PARKVIEW APARTMENTS, 658882, SINGAPORE. |
|
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201605679 |
06/06/2016 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201605919 |
13/06/2016 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201605924 |
13/06/2016 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201605926 |
13/06/2016 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201605929 |
13/06/2016 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201612018 |
29/11/2016 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
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 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 |
: |
ASIA |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2018 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
15 |
||||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) shipping.
Alphard group intends to become an internal solution to the needs of its
clients by excelling in delivery of bespoke maritime solutions.
CURRENT INVESTIGATION
Latest
fresh investigations carried out on the Subject indicated that:
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-62918116 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
#
07-16, CENDEX CENTRE, 120 LOWER DELTA ROAD, 169208 |
|
Current
Address |
: |
#
07-16, CENDEX CENTRE, 120 LOWER DELTA ROAD,, 169208, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
He refused to disclose the fax number.
FINANCIAL ANALYSIS
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
28.45% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
61.54% |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
35.15% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
37.94% |
] |
|
|
The
lower turnover could be due to the intense market competition.The Subject's
management have been efficient in controlling its operating costs. 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 |
[ |
51
Days |
] |
|
|
Creditors
Ratio |
: |
Unfavourable |
[ |
60
Days |
] |
|
|
The
favourable debtors' days could be due to the good credit control measures
implemented by the Subject. The unfavourable creditors' ratio could be due to
the Subject taking advantage of the credit granted by its suppliers. However
this may affect the goodwill between the Subject and its suppliers and the
Subject may inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Unfavourable |
[ |
0.47
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
0.47
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 : |
||||||
|
Due
to the efficient control of its operating costs, the Subject was able to
remain profitable despite lower turnover achieved during the year. 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 : FAIR |
||||||
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 |
- |
7.40 |
|
Government
Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education
Services |
0.30 |
3.10 |
5.98 |
- |
2.40 |
|
|
|||||
|
*
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
|
Incorporated
in 2010, the Subject is an Exempt Private company, focusing on shipping.
Having been in business for more than 5 years, the Subject has established a
remarkable clientele base for itself which has contributed to its business
growth. A paid up capital of SGD 1,500,000 allows the Subject to expand its business
more comfortably. We considered that the Subject's business position in the
market is much dependent on the efforts of its director. |
PROFIT AND LOSS ACCOUNT
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
ALPHARD
MARITIME PTE. LTD. |
Note: The Subject is an
Exempt Private Company and it is not required by law to file its financials for
public view. The below financials are the last financial that submitted by the
Subject to the Registrar before changed to Exempt Private Company.
|
Financial
Year End |
2016-03-31 |
2015-05-31 |
|
Months |
10 |
12 |
|
Consolidated
Account |
Company |
Company |
|
Audited
Account |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
TURNOVER |
13,609,232 |
19,020,264 |
|
Other
Income |
345,163 |
18,168 |
|
---------------- |
---------------- |
|
|
Total
Turnover |
13,954,395 |
19,038,432 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,838,738 |
1,138,230 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,838,738 |
1,138,230 |
|
Taxation |
(135,263) |
(151,363) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,703,475 |
986,867 |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As
previously reported |
1,950,701 |
1,063,834 |
|
---------------- |
---------------- |
|
|
As
restated |
1,950,701 |
1,063,834 |
|
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
3,654,176 |
2,050,701 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
(100,000) |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
3,654,176 |
1,950,701 |
|
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
119,652 |
11,574 |
|
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
119,652 |
11,574 |
|
============= |
============= |
BALANCE SHEET
|
ALPHARD
MARITIME PTE. LTD. |
|
ASSETS
EMPLOYED: |
||
|
FIXED
ASSETS |
9,384,638 |
46,293 |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
9,384,638 |
46,293 |
|
CURRENT
ASSETS |
||
|
Trade
debtors |
1,895,414 |
2,520,458 |
|
Other
debtors, deposits & prepayments |
682,154 |
152,069 |
|
Amount
due from related companies |
16,563 |
- |
|
Amount
due from director |
1,014,189 |
- |
|
Cash
& bank balances |
422,097 |
3,984,423 |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
4,030,417 |
6,656,950 |
|
---------------- |
---------------- |
|
|
TOTAL
ASSET |
13,415,055 |
6,703,243 |
|
============= |
============= |
|
|
CURRENT
LIABILITIES |
||
|
Trade
creditors |
2,248,036 |
4,416,710 |
|
Other
creditors & accruals |
154,677 |
81,207 |
|
Amounts
owing to related companies |
5,874,210 |
47,337 |
|
Amounts
owing to director |
- |
10,391 |
|
Provision
for taxation |
292,195 |
157,139 |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
8,569,118 |
4,712,784 |
|
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(4,538,701) |
1,944,166 |
|
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
4,845,937 |
1,990,459 |
|
============= |
============= |
|
|
FINANCED
BY: |
||
|
SHARE
CAPITAL |
||
|
Ordinary
share capital |
1,191,761 |
39,758 |
|
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
1,191,761 |
39,758 |
|
RESERVES |
||
|
Retained
profit/(loss) carried forward |
3,654,176 |
1,950,701 |
|
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
3,654,176 |
1,950,701 |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
4,845,937 |
1,990,459 |
|
============= |
============= |
|
FINANCIAL RATIO
|
ALPHARD
MARITIME PTE. LTD. |
|
TYPES
OF FUNDS |
||
|
Cash |
422,097 |
3,984,423 |
|
Net
Liquid Funds |
422,097 |
3,984,423 |
|
Net
Liquid Assets |
(4,538,701) |
1,944,166 |
|
Net
Current Assets/(Liabilities) |
(4,538,701) |
1,944,166 |
|
Net
Tangible Assets |
4,845,937 |
1,990,459 |
|
Net
Monetary Assets |
(4,538,701) |
1,944,166 |
|
PROFIT
& LOSS ITEMS |
||
|
Earnings
Before Interest & Tax (EBIT) |
0 |
0 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
1,958,390 |
1,149,804 |
|
BALANCE
SHEET ITEMS |
||
|
Total
Borrowings |
0 |
0 |
|
Total
Liabilities |
8,569,118 |
4,712,784 |
|
Total
Assets |
13,415,055 |
6,703,243 |
|
Net
Assets |
4,845,937 |
1,990,459 |
|
Net
Assets Backing |
4,845,937 |
1,990,459 |
|
Shareholders'
Funds |
4,845,937 |
1,990,459 |
|
Total
Share Capital |
1,191,761 |
39,758 |
|
Total
Reserves |
3,654,176 |
1,950,701 |
|
GROWTH
RATIOS (Year on Year) (%) |
||
|
Revenue |
(28.45) |
- |
|
Proft/(Loss)
Before Tax |
61.54 |
- |
|
Proft/(Loss)
After Tax |
72.61 |
- |
|
Total
Assets |
- |
- |
|
Total
Liabilities |
- |
- |
|
LIQUIDITY
(Times) |
||
|
Cash
Ratio |
0.05 |
0.85 |
|
Liquid
Ratio |
0.47 |
1.41 |
|
Current
Ratio |
0.47 |
1.41 |
|
WORKING
CAPITAL CONTROL (Days) |
||
|
Stock
Ratio |
0 |
0 |
|
Debtors
Ratio |
51 |
48 |
|
Creditors
Ratio |
60 |
85 |
|
SOLVENCY
RATIOS (Times) |
||
|
Gearing
Ratio |
0 |
0 |
|
Liabilities
Ratio |
1.77 |
2.37 |
|
Times
Interest Earned Ratio |
0 |
0 |
|
Assets
Backing Ratio |
4.07 |
50.06 |
|
PERFORMANCE
RATIO (%) |
||
|
Operating
Profit Margin |
13.51 |
5.98 |
|
Net
Profit Margin |
12.52 |
5.19 |
|
Return
On Net Assets |
37.94 |
57.18 |
|
Return
On Capital Employed |
37.94 |
57.18 |
|
Return
On Shareholders' Funds/Equity |
35.15 |
49.58 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0.10 |
|
NOTES
TO ACCOUNTS |
||
|
Contingent
Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.71 |
|
SGD |
1 |
INR 49.01 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NIT |
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.