|
|
|
MIRA INFORM REPORT
|
Report No. : |
484807 |
|
Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MERZ ASIA PACIFIC PTE. LTD. |
|
|
|
|
Registered Office : |
21, Biopolis Road,
06-03/04, Nucleos, 138567 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2016 |
|
|
|
|
Date of Incorporation : |
20.08.2010 |
|
|
|
|
Com. Reg. No.: |
201017676W |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is principally engaged in activities
of head and regional head offices, trading of pharmaceutical and aesthetic
formulations of products. |
|
|
|
|
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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. |
: |
201017676W |
|
COMPANY
NAME |
: |
MERZ ASIA
PACIFIC PTE. LTD. |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
20/08/2010 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
21,
BIOPOLIS ROAD, 06-03/04, NUCLEOS, 138567, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
21,
BIOPOLIS ROAD, 06-03/04, NORTH TOWER, NUCLEOS, 138567, SINGAPORE. |
|
TEL.NO. |
: |
65-66648633 |
|
FAX.NO. |
: |
65-66648634 |
|
WEB
SITE |
: |
WWW.MERZ.COM |
|
CONTACT
PERSON |
: |
SIOW
HUNG CHONG ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
ACTIVITIES
OF HEAD AND REGIONAL HEAD OFFICES, TRADING OF PHARMACEUTICAL AND AESTHETIC
FORMULATIONS OF PRODUCTS |
|
ISSUED
AND PAID UP CAPITAL |
: |
7,335,154.00
ORDINARY SHARE, OF A VALUE OF SGD 7,335,154.00 |
|
SALES |
: |
EUR
69,892,202 [2016] |
|
NET
WORTH |
: |
EUR
2,127,932 [2016] |
|
STAFF
STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STABLE |
|
PAYMENT |
: |
SLOW BUT
CORRECT |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
MARGINAL
GROWTH |
HISTORY / BACKGROUND
|
The Subject is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As a
private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The Subject is principally engaged in the (as a /
as an) activities of head and regional head offices, trading of pharmaceutical
and aesthetic formulations of products.
The
immediate holding company of the Subject is MERZ PHARMACEUTICALS GMBH, a
company incorporated in GERMANY.
The
ultimate holding company of the Subject is MERZ GMBH & CO. KGAA, a company
incorporated in GERMANY.
The
penultimate holding company of the Subject is MERZ PHARMA GMBH & CO. KGAA,
a company incorporated in GERMANY.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
11/12/2017 |
SGD
7,335,154.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MERZ
PHARMACEUTICALS GMBH |
ECKENHEIMER
LANDSTRASSE 100, FRANKFURT AM MAIN 60318 ,GERMANY |
T10UF2430 |
7,335,154.00 |
100.00 |
|
--------------- |
------ |
|||
|
7,335,154.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local
No |
Country |
Company |
Status |
(%) |
As At |
|
AUSTRALIA |
MERZ
AUSTRALIA PTY LTD |
- |
100.00 |
30/06/2016 |
|
|
THAILAND |
MERZ HEALTHCARE
(THAILAND) COMPANY LIMITED |
- |
99.99 |
30/06/2016 |
|
|
INDIA |
MERZ
INDIA HEALTHCARE PRIVATE LIMITED |
- |
99.99 |
30/06/2016 |
|
|
1124377T |
MALAYSIA |
MERZ
MALAYSIA SDN. BHD. |
- |
100.00 |
30/06/2016 |
|
CHINA |
MERZ
PHARMA CHINA LTD |
- |
100.00 |
30/06/2016 |
|
|
PHILIPPINES |
MERZ
PHILIPPINES HEALTHCARE INC. |
- |
99.99 |
30/06/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
BEAT
NEUKOM |
|
Address |
: |
WOLFSGANGSTRASSE
96, 60322 FRANKFURT AM MAIN, GERMANY |
|
Other
Address(es) |
: |
RHEINSTRASSE,
19, 60325, FRANKFURT, GERMANY. |
|
IC / PP
No |
: |
X3721404 |
|
Nationality |
: |
SWISS |
|
Date of
Appointment |
: |
01/09/2014 |
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 |
201017676W |
MERZ
ASIA PACIFIC PTE. LTD. |
Director |
01/09/2014 |
0.00 |
- |
EUR862,116.00 |
2016 |
- |
11/12/2017 |
|
2 |
1124377T |
MERZ
MALAYSIA SDN. BHD. |
Director |
27/01/2015 |
0.00 |
- |
MYR52,932.00 |
2016 |
- |
26/12/2017 |
DIRECTOR 2
|
Name Of
Subject |
: |
MS.
LAWRENCE TESS SIOW HUNG CHONG |
|
Address |
: |
511,
SIXTH AVENUE, MING TECK PARK, 276595, SINGAPORE. |
|
Other
Address(es) |
: |
1B,
SHELFORD ROAD, 01-17, SHELFORD, THE, 288535, SINGAPORE. |
|
IC / PP
No |
: |
S1752414C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
01/11/2013 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none in
our databank |
|
Former
interest |
: |
none in
our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
201017676W |
MERZ
ASIA PACIFIC PTE. LTD. |
Director |
01/11/2013 |
0.00 |
- |
EUR862,116.00 |
2016 |
- |
11/12/2017 |
DIRECTOR 3
|
Name Of
Subject |
: |
WEI
CHIA CHUA |
|
Address |
: |
90,
CORPORATION ROAD, 17-22, LAKEHOLMZ, 649824, SINGAPORE. |
|
IC / PP
No |
: |
S7932184B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
20/01/2011 |
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 |
201017676W |
MERZ ASIA
PACIFIC PTE. LTD. |
Director |
20/01/2011 |
0.00 |
- |
EUR862,116.00 |
2016 |
- |
11/12/2017 |
DIRECTOR 4
|
Name Of
Subject |
: |
DAWN
NEO CHENG SEE |
|
Address |
: |
60,
CAMBRIDGE ROAD, 04-02, 219757, SINGAPORE. |
|
IC / PP
No |
: |
S7512408B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
03/04/2017 |
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 |
201017676W |
MERZ
ASIA PACIFIC PTE. LTD. |
Director |
03/04/2017 |
0.00 |
- |
EUR862,116.00 |
2016 |
- |
11/12/2017 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
SIOW
HUNG CHONG |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
KPMG
LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
MICHELLE
HO MEI SZE |
|
IC / PP
No |
: |
S7920037I |
|
|
Address |
: |
365,
HOLLAND ROAD, 11-01, ALLSWORTH PARK, 278639, SINGAPORE. |
|
|
2) |
Company
Secretary |
: |
LEE
HOCK HENG |
|
IC / PP
No |
: |
S7477839I |
|
|
Address |
: |
766,
BEDOK RESERVOIR ROAD, 01-19, WATERFRONT WAVES, 479248, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION CHECK - SUBJECT
COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank 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 disclose its supplier information.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
WORLDWIDE |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
PHARMACEUTICAL
AND AESTHETIC FORMULATIONS OF PRODUCTS |
|
|
Services |
: |
ACTIVITIES
OF HEAD AND REGIONAL HEAD OFFICES |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2016 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
35 |
||||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) activities of head and
regional head offices, trading of pharmaceutical and aesthetic formulations of
products.
The Subject is an independent international pharmaceutical company with its own
research and development. Core competences are medical and aesthetic
dermatology and neurological movement disorders.
The Subject is dedicated to the development of safe and effective aesthetics
treatment products to achieve optimal results.
The Subject sells the products based on customer's demands and requirement.
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-66648633 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
21 BIOPOLIS
ROAD NORTH TOWER NUCLEO 06-03/04 138567 |
|
Current
Address |
: |
21,
BIOPOLIS ROAD, 06-03/04, NORTH TOWER, NUCLEOS, 138567, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The address provided is as per stated in the report.
The Subject refused to disclose its number of employees and bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 -
2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012 -
2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
40.51% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
42.08% |
] |
|
|
The
Subject's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The higher
profit could be attributed to the increase in turnover. 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 |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
Debtor
Ratio |
: |
Unfavourable |
[ |
100
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
13 Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had reduced
funds being tied up in stocks. 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 |
: |
Acceptable |
[ |
0.91
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
0.99
Times |
] |
|
|
The Subject's
liquid ratio was slightly low. This could indicate that the Subject's working
capital was slightly deficient. The Subject will have to improve its
liquidity position either by obtaining short term financing or increase its
paid up capital so that it can meet all its short term obligations as and
when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Favourable |
[ |
10.53
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The interest
cover showed that the Subject was able to service the interest. The
favourable interest cover could indicate that the Subject was making enough
profit to pay for the interest accrued. 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 : |
||||||
|
Generally,
the Subject's performance has improved with higher turnover and profit. The
Subject's liquidity was at an acceptable range. If the Subject is able to obtain
further short term financing, it should be able to meet all its short term
obligations. With the favourable interest cover, the Subject could be able to
service all the accrued interest without facing any difficulties. 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 : STABLE |
||||||
|
|
||||||
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. |
|
MERZ
ASIA PACIFIC PTE. LTD. |
|
Financial
Year End |
2016-06-30 |
2015-06-30 |
2014-06-30 |
2013-06-30 |
2012-06-30 |
|
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 |
EUR |
EUR |
SGD |
SGD |
SGD |
|
TURNOVER |
69,892,202 |
47,269,504 |
41,185,775 |
33,209,577 |
22,647,936 |
|
Other
Income |
7,642,683 |
5,510,418 |
7,292,187 |
2,732,356 |
4,618,154 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
77,534,885 |
52,779,922 |
48,477,962 |
35,941,933 |
27,266,090 |
|
Costs
of Goods Sold |
(41,656,556) |
(25,114,994) |
(20,629,923) |
(16,806,470) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
35,878,329 |
27,664,928 |
27,848,039 |
19,135,463 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,055,735 |
452,433 |
5,044,445 |
(6,047,310) |
(836,971) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,055,735 |
452,433 |
5,044,445 |
(6,047,310) |
(836,971) |
|
Taxation |
(193,619) |
(139,693) |
(1,252,379) |
(179,359) |
(155,610) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
862,116 |
312,740 |
3,792,066 |
(6,226,669) |
(992,581) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously
reported |
(3,099,929) |
(2,805,504) |
(8,572,926) |
(2,346,257) |
(1,353,676) |
|
Prior
year adjustment |
- |
(607,165) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
(3,099,929) |
(3,412,669) |
(8,572,926) |
(2,346,257) |
(1,353,676) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(2,237,813) |
(3,099,929) |
(4,780,860) |
(8,572,926) |
(2,346,257) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(2,237,813) |
(3,099,929) |
(4,780,860) |
(8,572,926) |
(2,346,257) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Loan
from holding company |
110,733 |
152,774 |
218,521 |
172,472 |
113,674 |
|
Others |
- |
- |
- |
12,126 |
163,991 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
110,733 |
152,774 |
218,521 |
184,598 |
277,665 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
241,452 |
281,496 |
124,675 |
143,592 |
109,553 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
241,452 |
281,496 |
124,675 |
143,592 |
109,553 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
MERZ
ASIA PACIFIC PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
605,665 |
673,480 |
542,944 |
738,530 |
781,400 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
2,425,559 |
1,704,266 |
2,555,000 |
1 |
- |
|
Deferred
assets |
133,470 |
64,512 |
86,567 |
23,967 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
2,559,029 |
1,768,778 |
2,641,567 |
23,968 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
3,164,694 |
2,442,258 |
3,184,511 |
762,498 |
781,400 |
|
Stocks |
3,665,375 |
2,241,097 |
2,166,338 |
2,389,226 |
3,357,613 |
|
Trade
debtors |
19,222,515 |
12,386,824 |
21,488,717 |
14,057,823 |
8,807,189 |
|
Other
debtors, deposits & prepayments |
835,770 |
850,127 |
1,439,282 |
912,909 |
957,769 |
|
Short
term deposits |
- |
- |
- |
- |
955,800 |
|
Amount
due from holding company |
2,188,799 |
108,908 |
1,032,598 |
459,948 |
54,122 |
|
Amount due
from subsidiary companies |
1,210,262 |
- |
491,169 |
- |
- |
|
Amount
due from related companies |
3,242,654 |
2,938,619 |
2,696,705 |
2,126,698 |
57,044 |
|
Cash
& bank balances |
14,057,633 |
11,319,820 |
5,055,255 |
1,130,707 |
1,406,772 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
44,423,008 |
29,845,395 |
34,370,064 |
21,077,311 |
15,596,309 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
47,587,702 |
32,287,653 |
37,554,575 |
21,839,809 |
16,377,709 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
1,531,091 |
2,081,784 |
691,230 |
1,338,659 |
231,286 |
|
Other
creditors & accruals |
11,965,260 |
6,339,159 |
3,880,708 |
2,226,961 |
1,205,536 |
|
Amounts
owing to holding company |
18,600,559 |
13,420,909 |
26,242,607 |
18,917,501 |
10,129,845 |
|
Amounts
owing to subsidiary companies |
742,959 |
860,145 |
2,217,917 |
- |
- |
|
Amounts
owing to related companies |
11,687,017 |
7,798,655 |
895,715 |
2,141,665 |
1,420,922 |
|
Provision
for taxation |
288,701 |
52,946 |
1,211,223 |
210,843 |
335,445 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
44,815,587 |
30,553,598 |
35,139,400 |
24,835,629 |
13,323,034 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(392,579) |
(708,203) |
(769,336) |
(3,758,318) |
2,273,275 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
2,772,115 |
1,734,055 |
2,415,175 |
(2,995,820) |
3,054,675 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
4,304,415 |
4,304,415 |
7,335,154 |
5,000,000 |
5,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
4,304,415 |
4,304,415 |
7,335,154 |
5,000,000 |
5,000,000 |
|
Exchange
equalisation/fluctuation reserve |
61,330 |
99,963 |
(1,040,668) |
89,957 |
70,489 |
|
Retained
profit/(loss) carried forward |
(2,237,813) |
(3,099,929) |
(4,780,860) |
(8,572,926) |
(2,346,257) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(2,176,483) |
(2,999,966) |
(5,821,528) |
(8,482,969) |
(2,275,768) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
2,127,932 |
1,304,449 |
1,513,626 |
(3,482,969) |
2,724,232 |
|
Deferred
taxation |
- |
- |
- |
- |
1,289 |
|
Retirement
benefits provision |
644,183 |
429,606 |
901,549 |
487,149 |
329,154 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
644,183 |
429,606 |
901,549 |
487,149 |
330,443 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,772,115 |
1,734,055 |
2,415,175 |
(2,995,820) |
3,054,675 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
MERZ
ASIA PACIFIC PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
14,057,633 |
11,319,820 |
5,055,255 |
1,130,707 |
2,362,572 |
|
Net
Liquid Funds |
14,057,633 |
11,319,820 |
5,055,255 |
1,130,707 |
2,362,572 |
|
Net
Liquid Assets |
(4,057,954) |
(2,949,300) |
(2,935,674) |
(6,147,544) |
(1,084,338) |
|
Net Current
Assets/(Liabilities) |
(392,579) |
(708,203) |
(769,336) |
(3,758,318) |
2,273,275 |
|
Net
Tangible Assets |
2,772,115 |
1,734,055 |
2,415,175 |
(2,995,820) |
3,054,675 |
|
Net
Monetary Assets |
(4,702,137) |
(3,378,906) |
(3,837,223) |
(6,634,693) |
(1,414,781) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
1,166,468 |
605,207 |
5,262,966 |
(5,862,712) |
(559,306) |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
1,407,920 |
886,703 |
5,387,641 |
(5,719,120) |
(449,753) |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
45,459,770 |
30,983,204 |
36,040,949 |
25,322,778 |
13,653,477 |
|
Total
Assets |
47,587,702 |
32,287,653 |
37,554,575 |
21,839,809 |
16,377,709 |
|
Net
Assets |
2,772,115 |
1,734,055 |
2,415,175 |
(2,995,820) |
3,054,675 |
|
Net
Assets Backing |
2,127,932 |
1,304,449 |
1,513,626 |
(3,482,969) |
2,724,232 |
|
Shareholders'
Funds |
2,127,932 |
1,304,449 |
1,513,626 |
(3,482,969) |
2,724,232 |
|
Total
Share Capital |
4,304,415 |
4,304,415 |
7,335,154 |
5,000,000 |
5,000,000 |
|
Total
Reserves |
(2,176,483) |
(2,999,966) |
(5,821,528) |
(8,482,969) |
(2,275,768) |
|
GROWTH
RATIOS (Year on Year) |
|||||
|
Revenue |
47.86 |
14.77 |
24.02 |
46.63 |
87.71 |
|
Proft/(Loss)
Before Tax |
133.35 |
(91.03) |
183.42 |
(622.52) |
28.08 |
|
Proft/(Loss)
After Tax |
175.67 |
(91.75) |
160.90 |
(527.32) |
26.68 |
|
Total
Assets |
47.39 |
(14.02) |
71.95 |
33.35 |
20.46 |
|
Total
Liabilities |
46.72 |
(14.03) |
42.33 |
85.47 |
(8.63) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.31 |
0.37 |
0.14 |
0.05 |
0.18 |
|
Liquid
Ratio |
0.91 |
0.90 |
0.92 |
0.75 |
0.92 |
|
Current
Ratio |
0.99 |
0.98 |
0.98 |
0.85 |
1.17 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
19 |
17 |
19 |
26 |
54 |
|
Debtors
Ratio |
100 |
96 |
190 |
155 |
142 |
|
Creditors
Ratio |
13 |
30 |
12 |
29 |
4 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
21.36 |
23.75 |
23.81 |
(7.27) |
5.01 |
|
Times
Interest Earned Ratio |
10.53 |
3.96 |
24.08 |
(31.76) |
(2.01) |
|
Assets
Backing Ratio |
0.64 |
0.40 |
0.33 |
(0.60) |
0.61 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.51 |
0.96 |
12.25 |
(18.21) |
(3.70) |
|
Net Profit
Margin |
1.23 |
0.66 |
9.21 |
(18.75) |
(4.38) |
|
Return
On Net Assets |
42.08 |
34.90 |
217.91 |
195.70 |
(18.31) |
|
Return
On Capital Employed |
42.08 |
34.90 |
217.91 |
195.70 |
(18.31) |
|
Return
On Shareholders' Funds/Equity |
40.51 |
23.97 |
250.53 |
178.77 |
(36.44) |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.83 |
|
|
1 |
INR 86.28 |
|
Euro |
1 |
INR 76.14 |
|
SGD |
1 |
INR 47.80 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
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.