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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

486752

Report Date :

19.01.2018

 

IDENTIFICATION DETAILS

 

Name :

BULK MARINE PTE. LTD.

 

 

Formerly Known As :

SINO MARINE AGENCIES PTE. LTD. (16/12/2015)

 

 

Registered Office :

33, UBI Avenue 3, 08-68, Vertex, 408868

 

 

Country :

Singapore

 

 

Date of Incorporation :

05.04.2013

 

 

Com. Reg. No.:

201309115D

 

 

Legal Form :

Exempt Private (Limited By Share)

 

 

Line of Business :

Chartering of ships, barges and boats with crew.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

 

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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.

:

201309115D

COMPANY NAME

:

BULK MARINE PTE. LTD.

FORMER NAME

:

SINO MARINE AGENCIES PTE. LTD. (16/12/2015)

INCORPORATION DATE

:

05/04/2013

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

33, UBI AVENUE 3, 08-68, VERTEX, 408868, SINGAPORE.

BUSINESS ADDRESS

:

33 UBI AVENUE 3, 08-68, VERTEX TOWER A, 408868, SINGAPORE.

TEL.NO.

:

65-67491791

FAX.NO.

:

65-66344028

CONTACT PERSON

:

VEENU THAPLIYAL ( DIRECTOR )

PRINCIPAL ACTIVITY

:

CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW

ISSUED AND PAID UP CAPITAL

:

1,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

 

 

HISTORY/ BACKGROUND

 

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, suing or be sued by other companies.

 

An exempt private company with an annual turnover of ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due.

 

An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

 

The Subject is principally engaged in the (as a / as an) chartering of ships, barges and boats with crew.

 

 

Share Capital History

Date

Issue & Paid Up Capital

19/01/2018

SGD 1,000.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

ANURAG BHARGAVA

3/11-D, VISHNUPURI KANPUR 208002 ,INDIA

Z3504337

1,000.00

100.00

---------------

------

1,000.00

100.00

============

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

VEENU THAPLIYAL

Address

:

32, RIVER VALLEY CLOSE, 09-34, PACIFIC MANSIONS, 238436, SINGAPORE.

IC / PP No

:

S6984549E

Nationality

:

INDIAN

Date of Appointment

:

05/04/2013



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

201309115D

BULK MARINE PTE. LTD.

Director

05/04/2013

0.00

-

-

-

-

19/01/2018

 

DIRECTOR 2

 

Name Of Subject

:

MEETA BHARGAVA

Address

:

FT A15 6/F, BLK A REPULSE BAY APT, 101, REPULSE BAY ROAD REPULSE BAY, HONG KONG.

IC / PP No

:

Z2074338

Nationality

:

INDIAN

Date of Appointment

:

05/02/2016



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

201309115D

BULK MARINE PTE. LTD.

Director

05/02/2016

0.00

-

-

-

-

19/01/2018



MANAGEMENT

 

 

 

1)

Name of Subject

:

VEENU THAPLIYAL

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

TASSURE ASIA LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

GERARD S/O D. THANARAJ

IC / PP No

:

S7339946G

Address

:

62, WOODLANDS DRIVE 16, 11-28, LA CASA, 737895, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) chartering of ships, barges and boats with crew.

The Subject transports major bulk which includes iron ore, coal, grain and coking coal and minor bulks such as fertilizers.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-67491791

Match

:

N/A

Address Provided by Client

:

33 UBI AVENUE, 3, # 08-68, VERTEX 408868

Current Address

:

33 UBI AVENUE 3, 08-68, VERTEX TOWER A, 408868, SINGAPORE.

Match

:

NO

 

Other Investigations


We contacted one of the staff from the Subject's registered office and he only provided limited information.

The address provided is incomplete.

The Subject refused to disclose its number of employees and bankers.

FINANCIAL ANALYSIS

 

 

An exempt private company with an annual turnover of ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due.

An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

Overall financial condition of the Subject : N/A

 

 

 

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 :

TRANSPORTATION

In the second quarter of 2014, the transportation and storage sector grew by 2.0%. Growth in the sector was weighed down by the water transport segment. Additionally, in 2013, the sector grew by 3.0%, slower than the growth of 3.4% in 2012.

Growth in air passenger traffic remained weak at 1.7% in the second quarter of 2014, a further moderation from the 2.1% growth in the first quarter. The weakness in air passenger traffic was due to the continued fall in air passenger traffic along the Thailand-Singapore air route. Moreover, air passenger traffic grew by 5.7% in 2013, slower than the 9.9% increase in 2012. Growth was supported by resilient regional air travel. Air cargo growth rebounded to 0.8% in 2013, a reversal from the 1.6% contraction in the previous year. This came on the back of a rebound in the global Purchasing Managers Index (PMI) in the second half of 2013, which signaled a global recovery in manufacturing activities. Aircraft arrivals rose by 5.9% in 2013, the highest level recorded since data was made available.

For land transport, as of December 2013, the total number of vehicles registered with the Land Transport Authority (LTA) was 974,170, an increased of 0.4% from previous year. However, the pace of increase was slower than the 1.4% increase recorded the year before. The vehicle comprised 607,292 private and company cars, 16,396 rental cars, 27,695 taxis, 17,509 buses, 144,934 motorcycles and scooters, and 160,344 goods vehicles and other vehicle types.

Besides, for water transport, sea cargo volumes increased by 4.3% in 2013, faster than the 1.3% expansion in 2012. However, total sea cargo expanded by a much slower 2.1% in the second quarter of 2014, as compared to the 13% in the previous quarter. Furthermore, container throughput rose by 2.9% in 2013, extending the 5.7% increase in 2012. The number of twenty-foot equivalent units (TEUs) handled by Singapore’s ports surpassed the previous peak of 32 million in 2012, to reach a new peak of 33 million in 2013.

Under budget 2014, the government announced a new government-funded fare concession scheme so that persons with disabilities who travel by bus and train enjoy 25% discount on adult fares. Moreover, the government will introduce subsidies of up to 80% for those who require dedicated transport services to access special education and care services. Besides, the government will also subsidize those in the lower half of households through a new Taxi Subsidy Scheme, covering up to 50% of the cost.

OVERALL INDUSTRY OUTLOOK : MATURE



CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2013, the Subject is an Exempt Private company, focusing on chartering of ships, barges and boats with crew. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. With an issued and paid up capital of SGD 1,000 contributed by individual shareholders, the Subject may face difficulties in its attempt to further expand its business in the future. Thus, the Subject should put more efforts on its business to gain higher market share while competing aggressively in the market.

Investigation revealed, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

No financial accounts are available for analysis. As such, we are not able to comment on the Subject's current financial standing.

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 

 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.84

UK Pound

1

INR 88.28

Euro

1

INR 77.88

SGD

1

INR 48.30

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.