|
|
|
MIRA INFORM REPORT
|
Report No. : |
492861 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
BENG HUI MARINE
ELECTRICAL PTE. LTD. |
|
|
|
|
Registered Office : |
8, Penjuru Lane, 609189 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
08.02.1999 |
|
|
|
|
Com. Reg. No.: |
199900682G |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
wholesale of marine equipment and accessories. |
|
|
|
|
No. of Employees : |
Not Available |
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. |
: |
199900682G |
||||
|
COMPANY NAME |
: |
BENG HUI MARINE ELECTRICAL PTE. LTD. |
||||
|
FORMER NAME |
: |
BENG HUI INVESTMENT PTE LTD (14/05/2004) |
||||
|
INCORPORATION DATE |
: |
08/02/1999 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
8, PENJURU LANE, 609189, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
8 PENJURU LANE, 609189, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62914444 |
||||
|
FAX.NO. |
: |
65-62944474 |
||||
|
WEB SITE |
: |
WWW.BENGHUI.COM |
||||
|
CONTACT PERSON |
: |
LIM HUI ENG ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF MARINE EQUIPMENT AND
ACCESSORIES |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
6,700,100.00 ORDINARY SHARE, OF A VALUE OF
SGD 6,700,100.00 |
||||
|
SALES |
: |
SGD 48,097,263 [2016] |
||||
|
NET WORTH |
: |
SGD 47,641,783 [2016] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE 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) wholesale of marine equipment and accessories.
The immediate holding company of the Subject
is BH GLOBAL CORPORATION LIMITED, a company incorporated in SINGAPORE.
The ultimate holding company of the Subject
is BENG HUI HOLDING (S) PTE. LTD., a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
21/02/2018 |
SGD 6,700,100.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BH GLOBAL CORPORATION LIMITED |
8, PENJURU LANE 609189 ,SINGAPORE |
200404900H |
6,700,100.00 |
100.00 |
|
--------------- |
------ |
|||
|
6,700,100.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
INDIA |
BH GLOBAL MARINE INDIA PRIVATE LIMITED |
- |
90.00 |
31/12/2016 |
|
|
201733658K |
SINGAPORE |
ONE BHG PTE. LTD. |
- |
70.00 |
21/02/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
LIM HUI PENG |
|
Address |
: |
43, LORONG MELAYU, 416925, SINGAPORE. |
|
IC / PP No |
: |
S1744185Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
05/08/1999 |
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 |
199900682G |
BENG HUI MARINE ELECTRICAL PTE. LTD. |
Director |
05/08/1999 |
0.00 |
- |
SGD1,796,482.00 |
2016 |
- |
21/02/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
LIM HUI ENG |
|
Address |
: |
31C, CARMICHAEL ROAD, 359835, SINGAPORE. |
|
IC / PP No |
: |
S1696894C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
08/02/1999 |
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 |
199900682G |
BENG HUI MARINE ELECTRICAL PTE. LTD. |
Director |
08/02/1999 |
0.00 |
- |
SGD1,796,482.00 |
2016 |
- |
21/02/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
JOHNNY LIM HUAY HUA |
|
Address |
: |
29D, JALAN ISHAK, 419365, SINGAPORE. |
|
IC / PP No |
: |
S6900276E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
05/08/1999 |
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 |
199900682G |
BENG HUI MARINE ELECTRICAL PTE. LTD. |
Director |
05/08/1999 |
0.00 |
- |
SGD1,796,482.00 |
2016 |
- |
21/02/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
EILEEN LIM CHYE HOON |
|
Address |
: |
93, JALAN SENANG, 418466, SINGAPORE. |
|
IC / PP No |
: |
S1658511D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
03/05/2004 |
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 |
199900682G |
BENG HUI MARINE ELECTRICAL PTE. LTD. |
Director |
03/05/2004 |
0.00 |
- |
SGD1,796,482.00 |
2016 |
- |
21/02/2018 |
DIRECTOR 5
|
Name Of Subject |
: |
JASMIN LIM RUI LI |
|
Address |
: |
107, SERANGOON GARDEN WAY, SERANGOON GARDEN
ESTATE, 556004, SINGAPORE. |
|
IC / PP No |
: |
S8941489Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/09/2017 |
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 |
199900682G |
BENG HUI MARINE ELECTRICAL PTE. LTD. |
Director |
01/09/2017 |
0.00 |
- |
SGD1,796,482.00 |
2016 |
- |
21/02/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LIM HUI ENG |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
BAKER TILLY TFW LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
LEE WEI HSIUNG |
|
IC / PP No |
: |
S7927166G |
|
|
Address |
: |
633, JURONG WEST STREET 65, 10-310, 640633,
SINGAPORE. |
|
|
2) |
Company Secretary |
: |
PAN MI KEAY |
|
IC / PP No |
: |
S6967959E |
|
|
Address |
: |
98, ALJUNIED CRESCENT, 03-421, MACPHERSON
VIEW, 380098, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
2) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200804363 |
12/05/2008 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
C201308183 |
18/06/2013 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
C201509665 |
27/08/2015 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
C201711715 |
14/11/2017 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201711743 |
15/11/2017 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
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 |
: |
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 |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
MARINE INDUSTRY,SHIPPING INDUSTRY |
|||
OPERATIONS
|
|
Goods Traded |
: |
MARINE EQUIPMENT AND ACCESSORIES |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of marine
equipment and accessories.
The Subject is involve in wholesaler and retailer of electrical goods,
appliances and other related products in marine supply and servicing.
The Subject is an One Stop Marine and Offshore Electrical Supplier to the most
buoyant shipbuilding, ship repair, on-and-offshore, oil & gas industries.
Specialised Stockist:
Cable Solutions-
NEK 606 offshore cables
Marine shipboard cables
Industrial cables
Coaxial cables
Marine data cables
Fibre optic cables
Cable accessories
Lighting Solutions-
Searchlights
Floodlights
Navigation lights
ATEX lightings
LED lightings
Helideck lights
Exit lights
Pendant lights
Lighting accessories
Other Marine Solutions-
ATEX sounders & beacons
Alarms & signalling equipment
Ship horns
Battery chargers and accessories
Switchboard controls and automation
The Subject is one stop marine and offshore electrical supplier to the most
buoyant shipbuilding, ship repair, on-and-offshore, Oil & Gas industries
worldwide.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62914444 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO. 8 PENJURU LANE, 609189 SINGAPORE |
|
Current Address |
: |
8 PENJURU LANE, 609189, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
She refused to disclose the Subject's number of employees.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
3.77% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
4.92% |
] |
|
|
The continuous fall in turnover could be
due to the lower demand for the Subject's products / services.The Subject's
profit fell sharply because of the high operating costs incurred. The unfavourable
return on shareholders' funds could indicate that the Subject was inefficient
in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
202 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
104 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
26 Days |
] |
|
|
The Subject could be incurring higher
holding cost. As its capital was tied up in stocks, it could face liquidity problems.
The Subject's debtors ratio was high. The Subject should tighten its credit
control and improve its collection period. 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 |
[ |
1.16 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.57 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 |
: |
Acceptable |
[ |
5.09 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.30 Times |
] |
|
|
The Subject's interest cover was slightly
low. If there is no sharp fall in its profit or sudden increase in the
interest rates, we believe the Subject is able to generate sufficient income
to service its interest and repay the loans. The Subject was lowly geared
thus it had a low financial risk. The Subject was mainly financed by its
shareholders' funds and internally generated funds. In times of economic
slowdown / downturn, the Subject being a lowly geared company, will be able
to compete better than those companies which are highly geared in the same
industry. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's performance deteriorated over
the years with lower turnover and profit. 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 had an acceptable interest cover. If there is
no sudden sharp increase in interest rate or fall in the Subject's profit, we
do believe the Subject is able to generate sufficient cash flow to service
its interest payment. The Subject as a lowly geared company, will be more
secured compared to those highly geared companies. It has the ability to meet
all its long term obligations. |
||||||
|
Overall financial condition of the Subject
: LIMITED |
||||||
|
|
||||||
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 : |
TRADING |
|
The wholesale & retail trade sector
expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in
the preceding quarter. Growth was supported by both the wholesale trade and retail
trade segments. The wholesale trade segment was boosted by an increase in
both domestic and foreign wholesale trade sales volume. In particular, the
domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in
the previous quarter. The strong performance in domestic wholesale trade was
due to a surge in the sales of petroleum and petroleum products (14%),
chemicals & chemical products (39%) and telecommunications &
computers (18%). |
|
|
Similarly, the foreign wholesale trade
index rose by 10% in the third quarter of 2015, accelerating from the 6.9%
rise in the previous quarter. Growth was driven by improvements in the sales
of petroleum & petroleum products (21%), metals, timber &
construction materials (10%) and general wholesale trade (8.8%). |
|
|
Overall retail trade sales volume also
recorded resilient growth of 5.6% in the third quarter of 2015, extending the
6.4 % expansion in the second quarter. Growth was supported by a surge in the
volume of motor vehicle sales (44%), which was in turn due to a substantial
increase in the supply of Certificate of Entitlements. Excluding motor
vehicles, retail sales volume increased at a much slower pace of 0.7% over
the same period. The increase in retail sales volume (excluding motor vehicles)
was due to improved non-discretionary goods sales. For instance, the sales of
medical goods & toiletries and department store goods rose by 8.1% and
3.6% respectively. |
|
|
According to the Retail News Asia, Food and
beverage has overtaken fashion as the primary driver of demand for retail
real estate in Singapore. Despite declining retail sales and consumer
spending, the prime retail sector remained in good shape during the third
quarter 2015. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
BENG HUI MARINE ELECTRICAL PTE. LTD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
48,097,263 |
54,568,906 |
57,394,800 |
56,116,900 |
66,824,230 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
48,097,263 |
54,568,906 |
57,394,800 |
56,116,900 |
66,824,230 |
|
Costs of Goods Sold |
(31,959,299) |
(35,587,917) |
(37,440,304) |
(34,994,839) |
(43,687,577) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
16,137,964 |
18,980,989 |
19,954,496 |
21,122,061 |
23,136,653 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,883,166 |
6,699,987 |
6,816,473 |
8,929,770 |
13,160,884 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,883,166 |
6,699,987 |
6,816,473 |
8,929,770 |
13,160,884 |
|
Taxation |
(86,684) |
(519,561) |
911,432 |
(1,180,472) |
(1,894,750) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,796,482 |
6,180,426 |
7,727,905 |
7,749,298 |
11,266,134 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
39,145,201 |
38,964,775 |
31,236,870 |
29,987,572 |
49,186,438 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
39,145,201 |
38,964,775 |
31,236,870 |
29,987,572 |
49,186,438 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
40,941,683 |
45,145,201 |
38,964,775 |
37,736,870 |
60,452,572 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(6,000,000) |
- |
(6,500,000) |
(30,465,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
40,941,683 |
39,145,201 |
38,964,775 |
31,236,870 |
29,987,572 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
125 |
4,386 |
6,963 |
23,385 |
41,365 |
|
Hire purchase |
22,797 |
22,798 |
22,552 |
11,085 |
1,192 |
|
Term loan / Borrowing |
306,702 |
224,070 |
197,288 |
293,555 |
263,012 |
|
Trust receipts |
130,746 |
76,375 |
134,021 |
135,298 |
191,764 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
460,370 |
327,629 |
360,824 |
463,323 |
497,333 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
1,232,921 |
1,274,982 |
1,341,331 |
1,067,829 |
946,379 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
1,232,921 |
1,274,982 |
1,341,331 |
1,067,829 |
946,379 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
BENG HUI MARINE ELECTRICAL PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
12,858,201 |
13,724,037 |
14,559,574 |
15,219,573 |
14,312,459 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
- |
117,584 |
117,584 |
117,584 |
117,584 |
|
Investment properties |
- |
- |
- |
1,583,833 |
1,640,733 |
|
Others |
5,076,750 |
5,756,200 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
5,076,750 |
5,873,784 |
117,584 |
1,701,417 |
1,758,317 |
|
INTANGIBLE ASSETS |
|||||
|
Others |
198,327 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
198,327 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
18,133,278 |
19,597,821 |
14,677,158 |
16,920,990 |
16,070,776 |
|
CURRENT ASSETS |
|||||
|
Stocks |
26,589,831 |
29,943,070 |
30,028,515 |
29,134,111 |
30,724,029 |
|
Trade debtors |
13,739,656 |
16,008,206 |
11,697,852 |
17,598,516 |
24,091,445 |
|
Other debtors, deposits & prepayments |
1,654,551 |
1,285,683 |
395,530 |
572,038 |
501,651 |
|
Short term deposits |
- |
- |
500,000 |
- |
- |
|
Amount due from holding company |
349,334 |
- |
3,243,633 |
- |
- |
|
Amount due from subsidiary companies |
- |
245,686 |
162,913 |
56,304 |
- |
|
Amount due from related companies |
408,960 |
199,312 |
499,745 |
5,491,248 |
4,094,202 |
|
Cash & bank balances |
5,947,455 |
2,175,822 |
1,175,491 |
2,054,000 |
1,398,234 |
|
Others |
- |
853,000 |
1,526,933 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
48,689,787 |
50,710,779 |
49,230,612 |
54,906,217 |
60,809,561 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
66,823,065 |
70,308,600 |
63,907,770 |
71,827,207 |
76,880,337 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
2,260,872 |
5,743,399 |
4,054,973 |
7,568,086 |
6,491,540 |
|
Other creditors & accruals |
822,916 |
691,451 |
1,228,778 |
1,286,837 |
1,498,044 |
|
Bank overdraft |
- |
- |
- |
122,968 |
905,752 |
|
Short term borrowings/Term loans |
879,737 |
1,282,960 |
1,699,898 |
- |
132,960 |
|
Other borrowings |
13,210,520 |
8,026,973 |
8,987,306 |
14,804,601 |
22,595,756 |
|
Amounts owing to holding company |
- |
7,234,871 |
- |
6,885,895 |
5,229,183 |
|
Amounts owing to subsidiary companies |
- |
- |
- |
- |
15,397 |
|
Amounts owing to related companies |
1,391,820 |
- |
376,339 |
1,128,301 |
1,084,826 |
|
Provision for taxation |
261,328 |
963,545 |
1,209,491 |
1,341,000 |
2,239,207 |
|
Lease payables |
147,521 |
165,891 |
165,890 |
151,860 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
18,974,714 |
24,109,090 |
17,722,675 |
33,289,548 |
40,192,665 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
29,715,073 |
26,601,689 |
31,507,937 |
21,616,669 |
20,616,896 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Lease obligations |
206,568 |
354,209 |
520,220 |
600,689 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
206,568 |
354,209 |
520,220 |
600,689 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
47,641,783 |
45,845,301 |
45,664,875 |
37,936,970 |
36,687,672 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
6,700,100 |
6,700,100 |
6,700,100 |
6,700,100 |
6,700,100 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
6,700,100 |
6,700,100 |
6,700,100 |
6,700,100 |
6,700,100 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
40,941,683 |
39,145,201 |
38,964,775 |
31,236,870 |
29,987,572 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
40,941,683 |
39,145,201 |
38,964,775 |
31,236,870 |
29,987,572 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
47,641,783 |
45,845,301 |
45,664,875 |
37,936,970 |
36,687,672 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
BENG HUI MARINE ELECTRICAL PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
5,947,455 |
2,175,822 |
1,675,491 |
2,054,000 |
1,398,234 |
|
Net Liquid Funds |
5,947,455 |
2,175,822 |
1,675,491 |
1,931,032 |
492,482 |
|
Net Liquid Assets |
3,125,242 |
(3,341,381) |
1,479,422 |
(7,517,442) |
(10,107,133) |
|
Net Current Assets/(Liabilities) |
29,715,073 |
26,601,689 |
31,507,937 |
21,616,669 |
20,616,896 |
|
Net Tangible Assets |
47,443,456 |
45,845,301 |
45,664,875 |
37,936,970 |
36,687,672 |
|
Net Monetary Assets |
2,918,674 |
(3,695,590) |
959,202 |
(8,118,131) |
(10,107,133) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
2,343,536 |
7,027,616 |
7,177,297 |
9,393,093 |
13,658,217 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
3,576,457 |
8,302,598 |
8,518,628 |
10,460,922 |
14,604,596 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
14,296,825 |
9,664,142 |
11,207,424 |
15,528,258 |
23,634,468 |
|
Total Liabilities |
19,181,282 |
24,463,299 |
18,242,895 |
33,890,237 |
40,192,665 |
|
Total Assets |
66,823,065 |
70,308,600 |
63,907,770 |
71,827,207 |
76,880,337 |
|
Net Assets |
47,641,783 |
45,845,301 |
45,664,875 |
37,936,970 |
36,687,672 |
|
Net Assets Backing |
47,641,783 |
45,845,301 |
45,664,875 |
37,936,970 |
36,687,672 |
|
Shareholders' Funds |
47,641,783 |
45,845,301 |
45,664,875 |
37,936,970 |
36,687,672 |
|
Total Share Capital |
6,700,100 |
6,700,100 |
6,700,100 |
6,700,100 |
6,700,100 |
|
Total Reserves |
40,941,683 |
39,145,201 |
38,964,775 |
31,236,870 |
29,987,572 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(11.86) |
(4.92) |
2.28 |
(16.02) |
(8.03) |
|
Proft/(Loss) Before Tax |
(71.89) |
(1.71) |
(23.67) |
(32.15) |
(21.76) |
|
Proft/(Loss) After Tax |
(70.93) |
(20.02) |
(0.28) |
(31.22) |
(19.09) |
|
Total Assets |
(4.96) |
10.02 |
(11.03) |
(6.57) |
(31.92) |
|
Total Liabilities |
(21.59) |
34.10 |
(46.17) |
(15.68) |
(29.54) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.31 |
0.09 |
0.09 |
0.06 |
0.03 |
|
Liquid Ratio |
1.16 |
0.86 |
1.08 |
0.77 |
0.75 |
|
Current Ratio |
2.57 |
2.10 |
2.78 |
1.65 |
1.51 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
202 |
200 |
191 |
189 |
168 |
|
Debtors Ratio |
104 |
107 |
74 |
114 |
132 |
|
Creditors Ratio |
26 |
59 |
40 |
79 |
54 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.30 |
0.21 |
0.25 |
0.41 |
0.64 |
|
Liabilities Ratio |
0.40 |
0.53 |
0.40 |
0.89 |
1.10 |
|
Times Interest Earned Ratio |
5.09 |
21.45 |
19.89 |
20.27 |
27.46 |
|
Assets Backing Ratio |
7.08 |
6.84 |
6.82 |
5.66 |
5.48 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
3.92 |
12.28 |
11.88 |
15.91 |
19.69 |
|
Net Profit Margin |
3.74 |
11.33 |
13.46 |
13.81 |
16.86 |
|
Return On Net Assets |
4.92 |
15.33 |
15.72 |
24.76 |
37.23 |
|
Return On Capital Employed |
4.88 |
15.21 |
15.54 |
24.30 |
36.33 |
|
Return On Shareholders' Funds/Equity |
3.77 |
13.48 |
16.92 |
20.43 |
30.71 |
|
Dividend Pay Out Ratio (Times) |
0 |
0.97 |
0 |
0.84 |
2.70 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
|
SGD |
1 |
INR 49.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.