|
|
|
MIRA INFORM REPORT
|
Report No. : |
487011 |
|
Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
EMERSON PROCESS
MANAGEMENT ASIA PACIFIC PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
FISHER-ROSEMOUNT SINGAPORE PRIVATE LIMITED
(21/05/2002)
|
|
|
|
|
Registered Office : |
1, Pandan Crescent, 128461 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.09.2016 |
|
|
|
|
Date of Incorporation : |
06.08.1965 |
|
|
|
|
Com. Reg. No.: |
196500174M |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
manufacturing of process measuring, pneumatic, and analytical instruments,
control valves, regulators and distributed control system. |
|
|
|
|
No. of Employees : |
1350 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
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 2014-17 was slower than
during the previous decade, at under 3% annually, largely a result of soft
demand for exports amid a sluggish global economy and weak growth in
Singapore’s manufacturing sector.
The government is attempting to restructure Singapore’s economy by
weaning its dependence on foreign labor, addressing weak productivity growth,
and increasing Singaporean wages. Singapore has attracted major investments in
advanced manufacturing, pharmaceuticals, and medical technology production and
will continue efforts to strengthen its position as Southeast Asia's leading
financial and technology hub. Singapore is a member of the Regional
Comprehensive Economic Partnership negotiations with the nine other ASEAN
members plus Australia, China, India, Japan, South Korea, and New Zealand. In
2015, Singapore formed, with the other ASEAN members, the ASEAN Economic
Community.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
196500174M |
||||
|
COMPANY NAME |
: |
EMERSON PROCESS MANAGEMENT ASIA PACIFIC
PRIVATE LIMITED |
||||
|
FORMER NAME |
: |
FISHER-ROSEMOUNT SINGAPORE PRIVATE LIMITED
(21/05/2002) |
||||
|
INCORPORATION DATE |
: |
06/08/1965 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
1, PANDAN CRESCENT, 128461, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
1, PANDAN CRESCENT, 128461, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-67778211 |
||||
|
FAX.NO. |
: |
65-67770947 |
||||
|
EMAIL |
: |
ENQUIRIES@AP.EMERSONPROCESS.COM |
||||
|
WEB SITE |
: |
WWW.EMERSONPROCESS.COM |
||||
|
CONTACT PERSON |
: |
GOH SAN KENG ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF PROCESS MEASURING, PNEUMATIC,
AND ANALYTICAL INSTRUMENTS,CONTROL VALVES, REGULATORS AND DISTRIBUTED CONTROL
SYSTEM |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
1,268,718.00 ORDINARY SHARE, OF A VALUE OF
SGD 26,099,773.00 |
||||
|
SALES |
: |
USD 951,810,000 [2016] |
||||
|
NET WORTH |
: |
USD 1,001,818,000 [2016] |
||||
|
STAFF STRENGTH |
: |
1350 [2018] |
||||
|
||||||
|
LITIGATION |
: |
TRACED |
||||
|
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) manufacturing of process measuring, pneumatic, and analytical
instruments, control valves, regulators and distributed control system.
The immediate holding company of the Subject
is ROSEMOUNT INC, a company incorporated in UNITED STATES.
The ultimate holding company of the Subject
is EMERSON ELECTRIC CO., a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
29/12/2017 |
SGD 26,099,773.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ROSEMOUNT INC |
12001, TECHNOLOGY DR EDEN PRAIRIE MINNESOTA
55344 ,UNITED STATES |
S65UF0019 |
1,268,718.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,268,718.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
198103652D |
SINGAPORE |
EMERSON AUTOMATION SOLUTIONS FINAL CONTROL
SINGAPORE PTE. LTD. |
- |
100.00 |
29/12/2017 |
|
INDIA |
EMERSON PROCESS MANAGEMENT CHENNAI PVT LTD |
- |
50.97 |
30/09/2016 |
|
|
605079D |
MALAYSIA |
EMERSON PROCESS MANAGEMENT VALVE AUTOMATION
(M) SDN. BHD. |
- |
100.00 |
30/09/2016 |
|
ISRAEL |
SPECTRONIX LTD |
- |
100.00 |
30/09/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
KENNETH TAN PHENG GUAN |
|
Address |
: |
152, HAIG ROAD, 04-03, HAIG COURT, 438791,
SINGAPORE. |
|
IC / PP No |
: |
S1736788I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
18/05/2015 |
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 |
196500174M |
EMERSON PROCESS MANAGEMENT ASIA PACIFIC
PRIVATE LIMITED |
Director |
18/05/2015 |
0.00 |
- |
USD98,533,000.00 |
2016 |
- |
29/12/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. GOH SAN KENG |
|
Address |
: |
6, PANDAN VALLEY, 19-601, POINSETIA TOWER, 597630,
SINGAPORE. |
|
IC / PP No |
: |
S1171318A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
28/10/1991 |
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 |
198501311Z |
EL-O-MATIC VALVE ACTUATORS (F.E.) PTE LTD |
Director |
01/01/1998 |
0.00 |
- |
USD3,990,000.00 |
2015 |
- |
10/08/2016 |
|
2 |
196500174M |
EMERSON PROCESS MANAGEMENT ASIA PACIFIC
PRIVATE LIMITED |
Director |
28/10/1991 |
0.00 |
- |
USD98,533,000.00 |
2016 |
- |
29/12/2017 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
GOH SAN KENG |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
LEONG YOKE YENG |
|
IC / PP No |
: |
S1329872F |
|
|
Address |
: |
1, ROBINSON ROAD, 17-00, AIA TOWER, 048542,
SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
JP MORGAN CHASE BANK N.A. |
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.
|
LEGAL ACTION |
|
||||||||||||
|
|||||||||||||
|
Status |
: |
PENDING |
|
||||||||||
|
Code No |
: |
99 |
Case No |
: |
5330 |
||||||||
|
Year |
: |
2008 |
Place |
: |
SINGAPORE |
||||||||
|
Type |
: |
MAGISTRATE COURT |
|||||||||||
|
Date Filed |
: |
03/03/2008 |
|||||||||||
|
Solicitor |
: |
WONG SU-HSIEN AUDREY |
|||||||||||
|
Solicitor Ref |
: |
AW-INS-A5-49824-07-JG |
|||||||||||
|
Solicitor Firm |
: |
VISION LAW LLC |
|||||||||||
|
Plaintiff |
: |
TAN THIAN SOON |
|||||||||||
|
DEFENDANTS |
: |
|
|||||||||||
|
Hearing Date |
: |
N/A |
|||||||||||
|
Amount Claimed |
: |
2687.15 |
|||||||||||
|
Nature of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
TORT-NEGLIGENCE |
|||||||||||
|
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 suppliers.
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
1350 |
1500 |
1350 |
1350 |
1,350 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
process measuring, pneumatic, and analytical instruments, control valves,
regulators and distributed control system.
The Subject develops, designs, and manufactures process control and automation
solutions and services for energy, chemical, mining, and other companies.
The Subject offers measurement, analysis, and management solutions.
Automation Solutions from Emerson can transform manufacturing process and
control operations according to its customers' requirements.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
65 6777 0947 |
|
Current Telephone Number |
: |
65-67778211 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
1 PANDAN CRESCENT SINGAPORE-128461 |
|
Current Address |
: |
1, PANDAN CRESCENT, 128461, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The contact number provided is not answered.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
9.84% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
10.45% |
] |
|
|
The continuous fall in turnover could be due
to the lower demand for the Subject's products / services.The Subject's
profit fell sharply because of the high operating costs incurred. The
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
20 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
30 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
38 Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks.
The favourable debtors' days could be due to the good credit control measures
implemented by the Subject. 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 |
[ |
3.21 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
3.30 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 : |
||||||
|
The Subject's performance deteriorated over
the years with lower turnover and profit. The Subject was in good liquidity position
with its total current liabilities well covered by its total current assets.
With its current net assets, the Subject should be able to repay its short
term obligations. The Subject 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 : |
MANUFACTURING |
|
In the first quarter of 2017, manufacturing
output rose by 8.0%, following the increase of 11% in the previous quarter.
The robust performance of the sector was underpinned by sustained growth in
the electronics, precision engineering and chemicals clusters. For the whole
year of 2016, the manufacturing sector grew by 3.6%, a reversal from the 5.1%
contraction in the previous year. |
|
|
The electronics cluster increased by 33% in
the first quarter, largely driven by the semiconductors segment, which saw its
output surge by 50%. The strong performance of the semiconductors segment can
be attributed to the continued recovery in global semiconductors demand,
driven in turn by healthy demand in key end markets such as smartphone and
automotive applications. At the same time, the other electronic modules &
components and computer peripherals segments grew by 9.0% and 1.2%
respectively. For the full year of 2016, the electronics cluster expanded by
16%. |
|
|
Besides, biomedical manufacturing cluster
contracted by 7.5% in the first quarter of 2017. Within the cluster, the
medical technology segment recorded robust growth of 14%, supported by higher
export demand for medical instruments. However, this was outweighed by a 14%
decline in the output of the pharmaceuticals segment as the production of
active pharmaceutical ingredients fell. For 2016 as a whole, the biomedical
manufacturing cluster expanded by 14%, with both the pharmaceuticals and
medical technology segments supporting growth. |
|
|
In the first quarter of 2017, output of the
transport engineering cluster fell by 11%, dragged down by the marine &
offshore engineering (M&OE) segment. This more than offset expansions in
the aerospace (10%) and land (7.0%) segments. The aerospace segment, in particular,
was supported by an increase in demand for aircraft and engine maintenance
work. For the whole year of 2016, the transport engineering cluster
contracted by 18%. |
|
|
The precision engineering cluster expanded by
19% in the first quarter of 2017, supported by both the machinery &
systems (M&S) and precision modules & components (PMC) segments.
Output in the M&S segment rose by 24 % on the back of robust export
demand for semiconductor manufacturing equipment. Meanwhile, the PMC segment
grew by 11% due to an increase in the production of dies, moulds, tools, jigs
& fixtures, optical instruments and metal precision components. In 2016,
the precision engineering cluster’s output rose by 0.8%. |
|
|
Moreover, output of the general
manufacturing industries shrank by 6.7% in the first quarter 2017. In
particular, the output of the miscellaneous industries segment fell by 12%
due to a decline in the production of fibre glass products and
construction-related products & materials. The printing segment
contracted by 21%, as demand for commercial printing remained weak and the
food, beverage & tobacco segment expanded by 3.2%, supported by healthy
export demand. For the full year 2016, the general manufacturing industries contracted
by 2.5%. |
|
|
The output of the chemicals cluster
increased by 2.9% in the first quarter of 2017 supported primarily by growth
in the petrochemicals (9.8%) and specialty chemicals (2.9%) segments. Growth
in the petrochemicals segment was partly the result of a low base effect as
production levels a year ago were weak due to plant maintenance shutdowns. On
the other hand, the other chemicals segment contracted to 5.6% on account of
a lower level of production of fragrances. For the full year 2016, the
chemicals cluster contracted by 0.9 per cent. This was due to a decline in
the output of the petrochemicals segment arising from major plant maintenance
shutdowns, even as the output of all other segments expanded. |
|
|
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. |
|
EMERSON PROCESS MANAGEMENT ASIA PACIFIC
PRIVATE LIMITED |
|
Financial Year End |
2016-09-30 |
2015-09-30 |
2014-09-30 |
2013-09-30 |
2012-09-30 |
|
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 |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
951,810,000 |
1,105,107,000 |
1,143,144,000 |
1,105,232,000 |
1,009,307,000 |
|
Other Income |
8,041,000 |
24,824,000 |
11,338,000 |
6,269,000 |
5,543,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
959,851,000 |
1,129,931,000 |
1,154,482,000 |
1,111,501,000 |
1,014,850,000 |
|
Costs of Goods Sold |
(749,618,000) |
(847,205,000) |
(873,067,000) |
(855,028,000) |
(777,058,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
210,233,000 |
282,726,000 |
281,415,000 |
256,473,000 |
237,792,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
104,729,000 |
151,124,000 |
144,983,000 |
136,716,000 |
123,843,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
104,729,000 |
151,124,000 |
144,983,000 |
136,716,000 |
123,843,000 |
|
Taxation |
(6,196,000) |
(8,213,000) |
(9,461,000) |
(8,094,000) |
(7,340,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
98,533,000 |
142,911,000 |
135,522,000 |
128,622,000 |
116,503,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
862,258,000 |
749,347,000 |
653,825,000 |
566,203,000 |
489,700,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
862,258,000 |
749,347,000 |
653,825,000 |
566,203,000 |
489,700,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
960,791,000 |
892,258,000 |
789,347,000 |
694,825,000 |
606,203,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(35,000,000) |
(30,000,000) |
(40,000,000) |
(41,000,000) |
(40,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
925,791,000 |
862,258,000 |
749,347,000 |
653,825,000 |
566,203,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
- |
14,000 |
10,000 |
2,000 |
23,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
14,000 |
10,000 |
2,000 |
23,000 |
|
|
- |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
11,187,000 |
12,340,000 |
11,946,000 |
9,626,000 |
8,232,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
11,187,000 |
12,340,000 |
11,946,000 |
9,626,000 |
8,232,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
EMERSON PROCESS MANAGEMENT ASIA PACIFIC
PRIVATE LIMITED |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
58,812,000 |
57,947,000 |
59,334,000 |
56,195,000 |
32,829,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
219,164,000 |
91,287,000 |
12,287,000 |
12,287,000 |
12,287,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
219,164,000 |
91,287,000 |
12,287,000 |
12,287,000 |
12,287,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
277,976,000 |
149,234,000 |
71,621,000 |
68,482,000 |
45,116,000 |
|
Stocks |
26,596,000 |
22,702,000 |
28,727,000 |
55,171,000 |
47,756,000 |
|
Contract work-in-progress |
26,483,000 |
21,164,000 |
26,253,000 |
- |
- |
|
Trade debtors |
77,026,000 |
71,351,000 |
91,352,000 |
74,605,000 |
80,968,000 |
|
Other debtors, deposits & prepayments |
8,594,000 |
5,237,000 |
8,215,000 |
820,103,000 |
5,284,000 |
|
Short term deposits |
8,069,000 |
35,828,000 |
5,000,000 |
- |
- |
|
Amount due from holding company |
2,960,000 |
3,314,000 |
- |
- |
- |
|
Amount due from subsidiary companies |
1,974,000 |
446,000 |
- |
- |
- |
|
Amount due from related companies |
871,964,000 |
955,244,000 |
967,136,000 |
- |
712,634,000 |
|
Cash & bank balances |
15,831,000 |
10,227,000 |
17,463,000 |
26,207,000 |
27,433,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
1,039,497,000 |
1,125,513,000 |
1,144,146,000 |
976,086,000 |
874,075,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,317,473,000 |
1,274,747,000 |
1,215,767,000 |
1,044,568,000 |
919,191,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
77,675,000 |
82,313,000 |
105,347,000 |
80,276,000 |
88,065,000 |
|
Other creditors & accruals |
80,353,000 |
70,917,000 |
71,292,000 |
55,680,000 |
51,973,000 |
|
Amounts owing to holding company |
2,005,000 |
2,223,000 |
3,985,000 |
3,790,000 |
4,461,000 |
|
Amounts owing to subsidiary companies |
16,577,000 |
27,878,000 |
60,363,000 |
28,705,000 |
12,541,000 |
|
Amounts owing to related companies |
122,104,000 |
196,315,000 |
192,647,000 |
186,574,000 |
165,931,000 |
|
Provision for taxation |
6,727,000 |
8,462,000 |
8,989,000 |
8,788,000 |
7,773,000 |
|
Other liabilities |
9,747,000 |
7,466,000 |
7,014,000 |
10,154,000 |
5,200,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
315,188,000 |
395,574,000 |
449,637,000 |
373,967,000 |
335,944,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
724,309,000 |
729,939,000 |
694,509,000 |
602,119,000 |
538,131,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,002,285,000 |
879,173,000 |
766,130,000 |
670,601,000 |
583,247,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
15,091,000 |
15,091,000 |
15,091,000 |
15,091,000 |
15,091,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
15,091,000 |
15,091,000 |
15,091,000 |
15,091,000 |
15,091,000 |
|
Revaluation reserve |
1,210,000 |
1,210,000 |
1,210,000 |
1,210,000 |
1,210,000 |
|
General reserve |
59,726,000 |
- |
- |
- |
- |
|
Retained profit/(loss) carried forward |
925,791,000 |
862,258,000 |
749,347,000 |
653,825,000 |
566,203,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
986,727,000 |
863,468,000 |
750,557,000 |
655,035,000 |
567,413,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,001,818,000 |
878,559,000 |
765,648,000 |
670,126,000 |
582,504,000 |
|
Deferred taxation |
467,000 |
614,000 |
482,000 |
475,000 |
743,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
467,000 |
614,000 |
482,000 |
475,000 |
743,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,002,285,000 |
879,173,000 |
766,130,000 |
670,601,000 |
583,247,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
EMERSON PROCESS MANAGEMENT ASIA PACIFIC PRIVATE
LIMITED |
|
TYPES OF FUNDS |
|||||
|
Cash |
23,900,000 |
46,055,000 |
22,463,000 |
26,207,000 |
27,433,000 |
|
Net Liquid Funds |
23,900,000 |
46,055,000 |
22,463,000 |
26,207,000 |
27,433,000 |
|
Net Liquid Assets |
697,713,000 |
707,237,000 |
665,782,000 |
546,948,000 |
490,375,000 |
|
Net Current Assets/(Liabilities) |
724,309,000 |
729,939,000 |
694,509,000 |
602,119,000 |
538,131,000 |
|
Net Tangible Assets |
1,002,285,000 |
879,173,000 |
766,130,000 |
670,601,000 |
583,247,000 |
|
Net Monetary Assets |
697,246,000 |
706,623,000 |
665,300,000 |
546,473,000 |
489,632,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
151,138,000 |
144,993,000 |
136,718,000 |
123,866,000 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
115,916,000 |
163,478,000 |
156,939,000 |
146,344,000 |
132,098,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
315,655,000 |
396,188,000 |
450,119,000 |
374,442,000 |
336,687,000 |
|
Total Assets |
1,317,473,000 |
1,274,747,000 |
1,215,767,000 |
1,044,568,000 |
919,191,000 |
|
Net Assets |
1,002,285,000 |
879,173,000 |
766,130,000 |
670,601,000 |
583,247,000 |
|
Net Assets Backing |
1,001,818,000 |
878,559,000 |
765,648,000 |
670,126,000 |
582,504,000 |
|
Shareholders' Funds |
1,001,818,000 |
878,559,000 |
765,648,000 |
670,126,000 |
582,504,000 |
|
Total Share Capital |
15,091,000 |
15,091,000 |
15,091,000 |
15,091,000 |
15,091,000 |
|
Total Reserves |
986,727,000 |
863,468,000 |
750,557,000 |
655,035,000 |
567,413,000 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(13.87) |
(3.33) |
3.43 |
9.50 |
17.18 |
|
Proft/(Loss) Before Tax |
(30.70) |
4.24 |
6.05 |
10.39 |
6.48 |
|
Proft/(Loss) After Tax |
(31.05) |
5.45 |
5.36 |
10.40 |
5.61 |
|
Total Assets |
3.35 |
4.85 |
16.39 |
13.64 |
12.88 |
|
Total Liabilities |
(20.33) |
(11.98) |
20.21 |
11.21 |
9.21 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.08 |
0.12 |
0.05 |
0.07 |
0.08 |
|
Liquid Ratio |
3.21 |
2.79 |
2.48 |
2.46 |
2.46 |
|
Current Ratio |
3.30 |
2.85 |
2.54 |
2.61 |
2.60 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
20 |
14 |
18 |
18 |
17 |
|
Debtors Ratio |
30 |
24 |
29 |
25 |
29 |
|
Creditors Ratio |
38 |
35 |
44 |
34 |
41 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
0.32 |
0.45 |
0.59 |
0.56 |
0.58 |
|
Times Interest Earned Ratio |
0 |
10,795.57 |
14,499.30 |
68,359.00 |
5,385.48 |
|
Assets Backing Ratio |
66.42 |
58.26 |
50.77 |
44.44 |
38.65 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
11.00 |
13.68 |
12.68 |
12.37 |
12.27 |
|
Net Profit Margin |
10.35 |
12.93 |
11.86 |
11.64 |
11.54 |
|
Return On Net Assets |
10.45 |
17.19 |
18.93 |
20.39 |
21.24 |
|
Return On Capital Employed |
10.45 |
17.19 |
18.93 |
20.39 |
21.24 |
|
Return On Shareholders' Funds/Equity |
9.84 |
16.27 |
17.70 |
19.19 |
20.00 |
|
Dividend Pay Out Ratio (Times) |
0.36 |
0.21 |
0.30 |
0.32 |
0.34 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
|
SGD |
1 |
INR 48.35 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.