|
|
|
MIRA INFORM REPORT
|
Report No. : |
484294 |
|
Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
TECKWAH VALUE CHAIN PTE. LTD. |
|
|
|
|
Formerly Known As : |
|
|
|
|
|
Registered Office : |
51, Tai Seng Avenue, 05-01,
Pixel Red, 533941 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
16.01.1989 |
|
|
|
|
Com. Reg. No.: |
198900184K |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the investment holding. |
|
|
|
|
No. of Employees : |
700 |
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+ |
Low Risk |
Business dealings permissible with low
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 (30.06.2017) |
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 2014-16 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. |
: |
198900184K |
||||
|
COMPANY NAME |
: |
TECKWAH VALUE CHAIN PTE. LTD. |
||||
|
FORMER NAME |
: |
TECHWAH PRINTING & PACKAGING PTE LTD (01/04/2003) |
||||
|
INCORPORATION DATE |
: |
16/01/1989 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
51, TAI SENG AVENUE, 05-01, PIXEL RED, 533941, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
51, TAI SENG AVENUE, 05-01, PIXEL RED, 533941, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68728181 |
||||
|
FAX.NO. |
: |
65-68728229 |
||||
|
EMAIL |
: |
INFO@TECKWAH.COM.SG |
||||
|
WEB SITE |
: |
WWW.TECKWAH.COM.SG |
||||
|
CONTACT PERSON |
: |
CHUA KEE SENG ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
INVESTMENT HOLDING |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
10,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 10,000,000.00 |
||||
|
SALES |
: |
SGD 53,669,000 [2016] |
||||
|
NET WORTH |
: |
SGD 46,454,000 [2016] |
||||
|
STAFF STRENGTH |
: |
700 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
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)
investment holding.
The immediate and ultimate holding company of the Subject is
TECKWAH INDUSTRIAL CORPORATION LTD, a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
05/01/2018 |
SGD 10,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
TECKWAH INDUSTRIAL CORPORATION LTD |
51, TAI SENG AVENUE, 05-01, PIXEL RED 533941 ,SINGAPORE |
197201105E |
10,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
10,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
INDONESIA |
PT TECKWAH PAPER PRODUCTS INDONESIA |
- |
100.00 |
31/12/2016 |
|
|
200718255Z |
SINGAPORE |
SINGAPORE PRINT MEDIA HUB PTE. LTD. |
- |
100.00 |
05/01/2018 |
|
916041U |
MALAYSIA |
TECKWAH PHARMAPACK SOLUTIONS SDN. BHD. |
- |
100.00 |
31/12/2016 |
|
JAPAN |
TECKWAH VALUE CHAIN (JAPAN) CO. LTD. |
- |
70.00 |
31/12/2016 |
|
|
TAIWAN |
TECKWAH VALUE CHAIN (TAIWAN) LTD |
- |
100.00 |
31/12/2016 |
|
|
AUSTRALIA |
TECKWAH VALUE CHAIN PTY. LTD. |
- |
100.00 |
31/12/2016 |
|
|
CHINA |
WUXI TECKWAH PRINTING & PACKAGING CO., LTD |
- |
100.00 |
31/12/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
THOMAS CHUA KEE SENG |
|
Address |
: |
9, CHESTNUT GARDENS, 679234, SINGAPORE. |
|
IC / PP No |
: |
S0087199J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
18/01/1989 |
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 |
916041U |
TECKWAH PHARMAPACK SOLUTIONS SDN. BHD. |
Director |
28/09/2010 |
0.00 |
- |
MYR(1,310,276.00) |
2016 |
- |
26/12/2017 |
|
2 |
198900184K |
TECKWAH VALUE CHAIN PTE. LTD. |
Director |
18/01/1989 |
0.00 |
- |
SGD3,492,000.00 |
2016 |
- |
05/01/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
NG NAI PING |
|
Address |
: |
26, KIM TIAN ROAD, 31-01, TWIN REGENCY, 169277, SINGAPORE. |
|
IC / PP No |
: |
S1210378F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
19/06/1995 |
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 |
916041U |
TECKWAH PHARMAPACK SOLUTIONS SDN. BHD. |
Director |
28/09/2010 |
0.00 |
- |
MYR(1,310,276.00) |
2016 |
- |
26/12/2017 |
|
2 |
198900184K |
TECKWAH VALUE CHAIN PTE. LTD. |
Director |
19/06/1995 |
0.00 |
- |
SGD3,492,000.00 |
2016 |
- |
05/01/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
MAI AH NGO |
|
Address |
: |
9, CHESTNUT GARDENS, 679234, SINGAPORE. |
|
IC / PP No |
: |
S2159688D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/07/1999 |
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 |
916041U |
TECKWAH PHARMAPACK SOLUTIONS SDN. BHD. |
Director |
28/09/2010 |
0.00 |
- |
MYR(1,310,276.00) |
2016 |
- |
26/12/2017 |
|
2 |
198900184K |
TECKWAH VALUE CHAIN PTE. LTD. |
Director |
01/07/1999 |
0.00 |
- |
SGD3,492,000.00 |
2016 |
- |
05/01/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
CHUA KEE HIN |
|
Address |
: |
135, CASHEW ROAD, 08-123, 670135, SINGAPORE. |
|
IC / PP No |
: |
S1467923E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
16/01/1989 |
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 |
916041U |
TECKWAH PHARMAPACK SOLUTIONS SDN. BHD. |
Director |
28/09/2010 |
0.00 |
- |
MYR(1,310,276.00) |
2016 |
- |
26/12/2017 |
|
2 |
198900184K |
TECKWAH VALUE CHAIN PTE. LTD. |
Director |
16/01/1989 |
0.00 |
- |
SGD3,492,000.00 |
2016 |
- |
05/01/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
CHUA KEE SENG |
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
LIM GUEK HONG |
|
IC / PP No |
: |
S7018071E |
|
|
Address |
: |
220, ORCHARD ROAD, 05-01, MIDPOINT ORCHARD, 238852, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
LO SWEE OI |
|
IC / PP No |
: |
S1611477D |
|
|
Address |
: |
220, ORCHARD ROAD, 05-01, MIDPOINT ORCHARD, 238852, SINGAPORE. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
2) |
Name |
: |
CKB (2000) LTD |
|
3) |
Name |
: |
DBS BANK LTD |
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 againt 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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
MALAYSIA |
|||
|
Credit Term |
: |
30 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|||
OPERATIONS
|
|
Services |
: |
INVESTMENT HOLDING |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2016 |
2015 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
700 |
700 |
700 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) investment holding.
The Group is engaged in the followings:
SERVICES:
* PRINTING & PACKAGING SOLUTIONS
* VALUE CHAIN MANAGEMENT SERVICES
* LOGISTICS SERVICES
* PHARMACEUTICAL PACKAGING
* ONLINE DISTRIBUTION
Teckwah is a leading service provider of customised supply chain management
services.
The Group is involved in the manufacture and sales of corrugated boxes.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
6568728181 |
|
Current Telephone Number |
: |
65-68728181 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
51, TAI SENG AVENUE 05-01 PIXEL RED SINGAPORE 533941 |
|
Current Address |
: |
51, TAI SENG AVENUE, 05-01, PIXEL RED, 533941, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some information.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
7.52% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
7.90% |
] |
|
|
The fluctuating turnover reflects the fierce competition among
the existing and new market players.The higher profit could be attributed to the
increase in turnover. The unfavourable return on shareholders' funds could
indicate that the Subject was inefficient in utilising its assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Debtor Ratio |
: |
Unfavourable |
[ |
65 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
18 Days |
] |
|
|
The high debtors' ratio could indicate that the Subject was weak
in its credit control. However, the Subject could also giving longer credit periods
to its customers in order to boost its sales or to capture / retain its
market share. 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 |
[ |
2.15 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.30 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they fall
due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it did not pay any interest
during the year. The Subject had no gearing and hence it had virtually no
financial risk. The Subject was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the Subject, having
a zero gearing, will be able to compete better than those which are highly
geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. The Subject did not make any interest payment during
the year. The Subject was dependent on its shareholders' funds to finance its
business needs. The Subject was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject : STRONG |
||||||
|
|
||||||
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
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
TECKWAH VALUE CHAIN 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 |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
53,669,000 |
61,054,000 |
57,842,000 |
55,247,000 |
55,578,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
53,669,000 |
61,054,000 |
57,842,000 |
55,247,000 |
55,578,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
3,789,000 |
1,867,000 |
2,305,000 |
(8,592,000) |
3,568,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
3,789,000 |
1,867,000 |
2,305,000 |
(8,592,000) |
3,568,000 |
|
Taxation |
(297,000) |
(663,000) |
(304,000) |
143,000 |
(481,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
3,492,000 |
1,204,000 |
2,001,000 |
(8,449,000) |
3,087,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
32,962,000 |
31,758,000 |
29,757,000 |
38,206,000 |
35,119,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
32,962,000 |
31,758,000 |
29,757,000 |
38,206,000 |
35,119,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
36,454,000 |
32,962,000 |
31,758,000 |
29,757,000 |
38,206,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
36,454,000 |
32,962,000 |
31,758,000 |
29,757,000 |
38,206,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
- |
7,000 |
17,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
7,000 |
17,000 |
- |
- |
|
|
- |
============= |
============= |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
1,725,000 |
1,693,000 |
1,247,000 |
1,685,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
1,725,000 |
1,693,000 |
1,247,000 |
1,685,000 |
- |
|
============= |
============= |
============= |
============= |
||
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
TECKWAH VALUE CHAIN PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
9,114,000 |
10,761,000 |
11,520,000 |
4,704,000 |
25,245,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
19,456,000 |
19,456,000 |
19,556,000 |
19,556,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
19,456,000 |
19,456,000 |
19,556,000 |
19,556,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
28,570,000 |
30,217,000 |
31,076,000 |
24,260,000 |
25,245,000 |
|
Stocks |
2,173,000 |
2,786,000 |
2,202,000 |
3,876,000 |
- |
|
Contract work-in-progress |
137,000 |
64,000 |
30,000 |
109,000 |
- |
|
Trade debtors |
9,560,000 |
8,309,000 |
10,770,000 |
14,352,000 |
- |
|
Other debtors, deposits & prepayments |
69,000 |
161,000 |
73,000 |
1,826,000 |
- |
|
Amount due from holding company |
7,000 |
- |
35,000 |
- |
- |
|
Amount due from subsidiary companies |
13,944,000 |
17,128,000 |
21,006,000 |
9,018,000 |
- |
|
Amount due from related companies |
71,000 |
139,000 |
103,000 |
- |
- |
|
Cash & bank balances |
8,405,000 |
5,357,000 |
3,489,000 |
7,657,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
34,366,000 |
33,944,000 |
37,708,000 |
36,838,000 |
35,169,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
62,936,000 |
64,161,000 |
68,784,000 |
61,098,000 |
60,414,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
2,657,000 |
2,516,000 |
3,392,000 |
19,055,000 |
- |
|
Other creditors & accruals |
1,492,000 |
1,469,000 |
1,066,000 |
1,199,000 |
- |
|
Short term borrowings/Term loans |
- |
- |
2,000,000 |
- |
- |
|
Amounts owing to holding company |
10,727,000 |
15,739,000 |
16,558,000 |
17,000 |
- |
|
Amounts owing to subsidiary companies |
85,000 |
64,000 |
3,130,000 |
62,000 |
- |
|
Amounts owing to related companies |
- |
2,000 |
101,000 |
18,000 |
- |
|
Provision for taxation |
- |
58,000 |
- |
211,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
14,961,000 |
19,848,000 |
26,247,000 |
20,562,000 |
12,208,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
19,405,000 |
14,096,000 |
11,461,000 |
16,276,000 |
22,961,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
47,975,000 |
44,313,000 |
42,537,000 |
40,536,000 |
48,206,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
Retained profit/(loss) carried forward |
36,454,000 |
32,962,000 |
31,758,000 |
29,757,000 |
38,206,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
36,454,000 |
32,962,000 |
31,758,000 |
29,757,000 |
38,206,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
46,454,000 |
42,962,000 |
41,758,000 |
39,757,000 |
48,206,000 |
|
Deferred taxation |
1,521,000 |
1,351,000 |
779,000 |
779,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
1,521,000 |
1,351,000 |
779,000 |
779,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
47,975,000 |
44,313,000 |
42,537,000 |
40,536,000 |
48,206,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
TECKWAH VALUE CHAIN PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
8,405,000 |
5,357,000 |
3,489,000 |
7,657,000 |
- |
|
Net Liquid Funds |
8,405,000 |
5,357,000 |
3,489,000 |
7,657,000 |
- |
|
Net Liquid Assets |
17,232,000 |
11,310,000 |
9,259,000 |
12,400,000 |
22,961,000 |
|
Net Current Assets/(Liabilities) |
19,405,000 |
14,096,000 |
11,461,000 |
16,276,000 |
22,961,000 |
|
Net Tangible Assets |
47,975,000 |
44,313,000 |
42,537,000 |
40,536,000 |
48,206,000 |
|
Net Monetary Assets |
15,711,000 |
9,959,000 |
8,480,000 |
11,621,000 |
22,961,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
0 |
2,322,000 |
(8,592,000) |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
5,514,000 |
3,567,000 |
3,569,000 |
(6,907,000) |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
2,000,000 |
0 |
- |
|
Total Liabilities |
16,482,000 |
21,199,000 |
27,026,000 |
21,341,000 |
12,208,000 |
|
Total Assets |
62,936,000 |
64,161,000 |
68,784,000 |
61,098,000 |
60,414,000 |
|
Net Assets |
47,975,000 |
44,313,000 |
42,537,000 |
40,536,000 |
48,206,000 |
|
Net Assets Backing |
46,454,000 |
42,962,000 |
41,758,000 |
39,757,000 |
48,206,000 |
|
Shareholders' Funds |
46,454,000 |
42,962,000 |
41,758,000 |
39,757,000 |
48,206,000 |
|
Total Share Capital |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
Total Reserves |
36,454,000 |
32,962,000 |
31,758,000 |
29,757,000 |
38,206,000 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
(12.10) |
5.55 |
4.70 |
(0.60) |
(1.53) |
|
Proft/(Loss) Before Tax |
102.95 |
(19.00) |
126.83 |
(340.81) |
(18.91) |
|
Proft/(Loss) After Tax |
190.03 |
(39.83) |
123.68 |
(373.70) |
(33.97) |
|
Total Assets |
(1.91) |
(6.72) |
12.58 |
1.13 |
(2.04) |
|
Total Liabilities |
(22.25) |
(21.56) |
26.64 |
74.81 |
(26.24) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.56 |
0.27 |
0.13 |
0.37 |
- |
|
Liquid Ratio |
2.15 |
1.57 |
1.35 |
1.60 |
- |
|
Current Ratio |
2.30 |
1.71 |
1.44 |
1.79 |
2.88 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
16 |
17 |
14 |
26 |
- |
|
Debtors Ratio |
65 |
50 |
68 |
95 |
- |
|
Creditors Ratio |
18 |
15 |
21 |
126 |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0.05 |
0 |
- |
|
Liabilities Ratio |
0.35 |
0.49 |
0.65 |
0.54 |
0.25 |
|
Times Interest Earned Ratio |
0 |
267.71 |
136.59 |
0 |
- |
|
Assets Backing Ratio |
4.80 |
4.43 |
4.25 |
4.05 |
4.82 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
7.06 |
3.06 |
3.98 |
(15.55) |
6.42 |
|
Net Profit Margin |
6.51 |
1.97 |
3.46 |
(15.29) |
5.55 |
|
Return On Net Assets |
7.90 |
4.23 |
5.46 |
(21.20) |
7.40 |
|
Return On Capital Employed |
7.90 |
4.23 |
5.46 |
(21.20) |
7.40 |
|
Return On Shareholders' Funds/Equity |
7.52 |
2.80 |
4.79 |
(21.25) |
6.40 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.67 |
|
|
1 |
INR 86.11 |
|
Euro |
1 |
INR 76.59 |
|
SGD |
1 |
INR 47.65 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
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.