|
|
|
MIRA INFORM REPORT
|
Report No. : |
488203 |
|
Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
EVOQUA WATER TECHNOLOGIES PTE. LTD. |
|
|
|
|
Formerly Known As : |
SIEMENS WATER TECHNOLOGIES PTE. LTD |
|
|
|
|
Registered Office : |
28, Tuas Avenue 8, 639243 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.09.2015 |
|
|
|
|
Date of Incorporation : |
28.03.2013 |
|
|
|
|
Com. Reg. No.: |
201323301-N |
|
|
|
|
Legal Form : |
Private
limited (limited by share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the
trading of water and wastewater treatment products, systems and
services for industrial and municipal customers |
|
|
|
|
No. of Employees : |
200 |
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 : |
No Complaints |
|
|
|
|
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 2014-17 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. |
: |
201323301-N |
|
COMPANY
NAME |
: |
EVOQUA
WATER TECHNOLOGIES PTE. LTD. |
|
FORMER
NAME |
: |
SIEMENS
WATER TECHNOLOGIES PTE. LTD. (17/01/2014) |
|
INCORPORATION
DATE |
: |
28/08/2013 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
28,
TUAS AVENUE 8, 639243, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
28,
TUAS AVENUE 8,, 639243, SINGAPORE. |
|
TEL.NO. |
: |
65-68592600 |
|
FAX.NO. |
: |
65-68613853 |
|
WEB
SITE |
: |
WWW.EVOQUA.COM |
|
CONTACT
PERSON |
: |
DEEPAK
DINESH MEHTA ( MANAGING DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF WATER AND WASTEWATER TREATMENT PRODUCTS, SYSTEMS AND SERVICES FOR
INDUSTRIAL AND MUNICIPAL CUSTOMERS |
|
ISSUED
AND PAID UP CAPITAL |
: |
8,262,709.00
ORDINARY SHARE, OF A VALUE OF SGD 8,262,709.00 |
|
SALES |
: |
SGD
43,072,308 [2015] |
|
NET
WORTH |
: |
SGD
6,928,045 [2015] |
|
STAFF
STRENGTH |
: |
200 |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STABLE |
|
PAYMENT |
: |
NO COMPLAINTS |
|
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) trading of water and
wastewater treatment products, systems and services for industrial and
municipal customers.
The
immediate holding company of the Subject is WTG HOLDCO SINGAPORE PTE. LTD., a
company incorporated in SINGAPORE.
The
ultimate holding company of the Subject is AEA INVESTOR LP, a company
incorporated in UNITED STATES.
Former
Address(es)
|
Address |
As
At Date |
|
60,
MACPHERSON ROAD, 07-08, THE SIEMENS CENTRE, 348615 |
N/A |
|
THE
SIEMENS CENTER, 07-08, BLOCK 1, 60 MACPHERSON ROAD, 348615 |
N/A |
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
21/09/2017 |
SGD
8,262,709.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
WTG
HOLDCO SINGAPORE PTE. LTD. |
80,
ROBINSON ROAD, 02-00 068898 ,SINGAPORE |
201333741C |
8,262,709.00 |
100.00 |
|
--------------- |
------ |
|||
|
8,262,709.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
BENEDICT
JOSEPH STAS |
|
Address |
: |
128,
VERMAX ROAD, LATROBE, PA 15650, UNITED STATES. |
|
IC
/ PP No |
: |
530963996 |
|
Nationality |
: |
AMERICAN |
|
Date
of Appointment |
: |
27/04/2015 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
201323301N |
EVOQUA
WATER TECHNOLOGIES PTE. LTD. |
Director |
27/04/2015 |
0.00 |
SGD3,301,033.00 |
2015 |
- |
21/09/2017 |
DIRECTOR
2
|
Name
Of Subject |
: |
RONALD
CHAFFIN KEATING |
|
Address |
: |
118,
FIELD CLUB RD, PITTSBURG, PA 15238, UNITED STATES. |
|
IC
/ PP No |
: |
464392760 |
|
Nationality |
: |
AMERICAN |
|
Date
of Appointment |
: |
01/12/2014 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
201323301N |
EVOQUA
WATER TECHNOLOGIES PTE. LTD. |
Director |
01/12/2014 |
0.00 |
SGD3,301,033.00 |
2015 |
- |
21/09/2017 |
DIRECTOR
3
|
Name
Of Subject |
: |
LYNN
WONG PEI LING @ HUANG PEILING |
|
Address |
: |
126D,
EDGEDALE PLAINS, 13-322, 824126, SINGAPORE. |
|
IC
/ PP No |
: |
S7347247D |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
28/08/2013 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
201323301N |
EVOQUA
WATER TECHNOLOGIES PTE. LTD. |
Director |
28/08/2013 |
0.00 |
SGD3,301,033.00 |
2015 |
- |
21/09/2017 |
DIRECTOR
4
|
Name
Of Subject |
: |
EDWARD
NORMAN MAY JR |
|
Address |
: |
202,
DURROW CT, MARS PA 16046, UNITED STATES. |
|
IC
/ PP No |
: |
504254460 |
|
Nationality |
: |
AMERICAN |
|
Date
of Appointment |
: |
27/04/2015 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
201323301N |
EVOQUA
WATER TECHNOLOGIES PTE. LTD. |
Director |
27/04/2015 |
0.00 |
SGD3,301,033.00 |
2015 |
- |
21/09/2017 |
DIRECTOR
5
|
Name
Of Subject |
: |
DEEPAK
DINESH MEHTA |
|
Address |
: |
11,
DAIRY FARM ROAD, 03-05, THE DAIRY FARM, 679040, SINGAPORE. |
|
IC
/ PP No |
: |
S2606445G |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
12/05/2014 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
201323301N |
EVOQUA
WATER TECHNOLOGIES PTE. LTD. |
Director |
12/05/2014 |
0.00 |
SGD3,301,033.00 |
2015 |
- |
21/09/2017 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
DEEPAK
DINESH MEHTA |
|
Position |
: |
MANAGING
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
CHAN
WAN MEI |
|
IC
/ PP No |
: |
S7268474E |
|
|
Address |
: |
577,
PASIR RIS STREET 53, 06-96, 510577, SINGAPORE. |
|
|
2)
|
Company
Secretary |
: |
GAN
LEE TENG |
|
IC
/ PP No |
: |
S8066585G |
|
|
Address |
: |
304,
SHUNFU ROAD, 07-79, SHUNFU GARDENS, 570304, 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 |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
|
|
|
Services |
: |
|
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2016 |
2014 |
|||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
200 |
n/a |
|||||||
|
Branch |
: |
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of water and wastewater
treatment products, systems and services for industrial and municipal
customers.
The Subject provides the below services:
-Aftermarket spares and consumables
-Preventive Maintenance
-Operation and Maintenance
-Laboratory analysis service and etc.
-Resin and media analysis & others
-Membrane cleaning
-Upgrade and retrofit solutions
-Mobile and temporary water treatment services.
-Ad-hoc Service
The key product areas of the Subject as below:
-Activated carbon for vapor and water filtration
-Aeration
-Biological treatment
-Chemical feed and disinfection
-Controls, instruments and analyzers
-Conventional filtration
-Ballasted Clarifications
-Boiler Feed Water
-Condensate Polishing
-Ion exchange
-Laboratory water products
-Liquid and vapor phase odor control systems
-Membrane filtration and separation
-Physical/chemical treatment products
-Separation and clarification products
-Sludge and biosolids processing
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-68592600 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
168
ROBINSON ROAD 14TH FLOOR, CAPITAL TOWER, 068912 |
|
Current
Address |
: |
28,
TUAS AVENUE 8,, 639243, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We
have contacted one of the staff from the Subject and she provided some
information.
The Subject is not aware of the address provided.
She refused to disclose the Subject's number of employees.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
6.78% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
445.91% |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
47.65% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
40.66% |
] |
|
|
The
higher turnover could be attributed to the favourable market condition.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 |
[ |
11
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
47
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
16
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 |
[ |
1.12
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.19
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 |
: |
Favourable |
[ |
191.71
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
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. 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 |
- |
- |
|
Government
Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education
Services |
0.30 |
3.10 |
5.98 |
- |
- |
|
|
|||||
|
*
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
|
|
|
Financials
|
PROFIT
AND LOSS ACCOUNT |
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
EVOQUA
WATER TECHNOLOGIES PTE. LTD. |
|
Financial
Year End |
2015-09-30 |
2014-09-30 |
|
Months |
12 |
13 |
|
Consolidated
Account |
Company |
Company |
|
Audited
Account |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
|
Currency |
SGD |
SGD |
|
TURNOVER |
43,072,308 |
40,339,243 |
|
---------------- |
---------------- |
|
|
Total
Turnover |
43,072,308 |
40,339,243 |
|
Costs
of Goods Sold |
(31,744,242) |
(31,880,908) |
|
---------------- |
---------------- |
|
|
Gross
Profit |
11,328,066 |
8,458,335 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
3,814,518 |
698,742 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
3,814,518 |
698,742 |
|
Taxation |
(513,485) |
426,093 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
3,301,033 |
1,124,835 |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As
previously reported |
1,124,835 |
- |
|
---------------- |
---------------- |
|
|
As
restated |
1,124,835 |
- |
|
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
4,425,868 |
1,124,835 |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
4,425,868 |
1,124,835 |
|
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
||
|
Others |
20,002 |
17,108 |
|
---------------- |
---------------- |
|
|
20,002 |
17,108 |
|
|
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
860,793 |
978,841 |
|
AMORTIZATION |
4,307 |
5,871 |
|
---------------- |
---------------- |
|
|
865,100 |
984,712 |
|
|
============= |
============= |
|
BALANCE
SHEET |
|
EVOQUA
WATER TECHNOLOGIES PTE. LTD. |
|
ASSETS
EMPLOYED: |
||
|
FIXED
ASSETS |
5,311,304 |
4,647,861 |
|
Deferred
assets |
766,725 |
426,093 |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
766,725 |
426,093 |
|
Computer
software |
1,181 |
5,488 |
|
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
1,181 |
5,488 |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
6,079,210 |
5,079,442 |
|
Stocks |
1,303,568 |
997,420 |
|
Trade
debtors |
5,548,857 |
4,056,399 |
|
Other
debtors, deposits & prepayments |
3,007,817 |
3,618,643 |
|
Amount
due from related companies |
1,064,831 |
919,908 |
|
Cash
& bank balances |
8,043,188 |
9,372,546 |
|
Amount
owing by customer |
1,718,884 |
1,534,954 |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
20,687,145 |
20,499,870 |
|
---------------- |
---------------- |
|
|
TOTAL
ASSET |
26,766,355 |
25,579,312 |
|
============= |
============= |
|
|
CURRENT
LIABILITIES |
||
|
Trade
creditors |
1,355,949 |
2,984,794 |
|
Other
creditors & accruals |
6,607,001 |
4,905,448 |
|
Deposits
from customers |
340,160 |
1,961,961 |
|
Amounts
owing to related companies |
3,806,037 |
3,324,732 |
|
Provision
for taxation |
833,890 |
- |
|
Other
liabilities |
4,391,938 |
3,155,932 |
|
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
17,334,975 |
16,332,867 |
|
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
3,352,170 |
4,167,003 |
|
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
9,431,380 |
9,246,445 |
|
============= |
============= |
|
|
SHARE
CAPITAL |
||
|
Ordinary
share capital |
8,262,709 |
8,262,709 |
|
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
8,262,709 |
8,262,709 |
|
General
reserve |
(5,760,532) |
(5,760,532) |
|
Retained
profit/(loss) carried forward |
4,425,868 |
1,124,835 |
|
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(1,334,664) |
(4,635,697) |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
6,928,045 |
3,627,012 |
|
Others |
2,503,335 |
5,619,433 |
|
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
2,503,335 |
5,619,433 |
|
---------------- |
---------------- |
|
|
9,431,380 |
9,246,445 |
|
|
============= |
============= |
|
|
FINANCIAL
RATIO |
|
EVOQUA
WATER TECHNOLOGIES PTE. LTD. |
|
TYPES
OF FUNDS |
||
|
Cash |
8,043,188 |
9,372,546 |
|
Net
Liquid Funds |
8,043,188 |
9,372,546 |
|
Net
Liquid Assets |
2,048,602 |
3,169,583 |
|
Net
Current Assets/(Liabilities) |
3,352,170 |
4,167,003 |
|
Net
Tangible Assets |
9,430,199 |
9,240,957 |
|
Net
Monetary Assets |
(454,733) |
(2,449,850) |
|
PROFIT
& LOSS ITEMS |
||
|
Earnings
Before Interest & Tax (EBIT) |
3,834,520 |
715,850 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
4,699,620 |
1,700,562 |
|
BALANCE
SHEET ITEMS |
||
|
Total
Borrowings |
0 |
0 |
|
Total
Liabilities |
19,838,310 |
21,952,300 |
|
Total
Assets |
26,766,355 |
25,579,312 |
|
Net
Assets |
9,431,380 |
9,246,445 |
|
Net
Assets Backing |
6,928,045 |
3,627,012 |
|
Shareholders'
Funds |
6,928,045 |
3,627,012 |
|
Total
Share Capital |
8,262,709 |
8,262,709 |
|
Total
Reserves |
(1,334,664) |
(4,635,697) |
|
GROWTH
RATIOS (Year on Year) |
||
|
Revenue |
6.78 |
- |
|
Proft/(Loss)
Before Tax |
445.91 |
- |
|
Proft/(Loss)
After Tax |
193.47 |
- |
|
Total
Assets |
4.64 |
- |
|
Total
Liabilities |
(9.63) |
- |
|
LIQUIDITY
(Times) |
||
|
Cash
Ratio |
0.46 |
0.57 |
|
Liquid
Ratio |
1.12 |
1.19 |
|
Current
Ratio |
1.19 |
1.26 |
|
WORKING
CAPITAL CONTROL (Days) |
||
|
Stock
Ratio |
11 |
9 |
|
Debtors
Ratio |
47 |
37 |
|
Creditors
Ratio |
16 |
34 |
|
SOLVENCY
RATIOS (Times) |
||
|
Gearing
Ratio |
0 |
0 |
|
Liabilities
Ratio |
2.86 |
6.05 |
|
Times
Interest Earned Ratio |
191.71 |
41.84 |
|
Assets
Backing Ratio |
1.14 |
1.12 |
|
PERFORMANCE
RATIO (%) |
||
|
Operating
Profit Margin |
8.86 |
1.73 |
|
Net
Profit Margin |
7.66 |
2.79 |
|
Return
On Net Assets |
40.66 |
7.74 |
|
Return
On Capital Employed |
40.65 |
7.74 |
|
Return
On Shareholders' Funds/Equity |
47.65 |
31.01 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
|
NOTES
TO ACCOUNTS |
||
|
Contingent
Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.77 |
|
|
1 |
INR 89.20 |
|
Euro |
1 |
INR 78.22 |
|
SGD |
1 |
INR 48.53 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
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.