|
|
|
MIRA INFORM REPORT
|
Report No. : |
515162 |
|
Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
SINEUROPE PTE LTD |
|
|
|
|
Registered Office : |
4,
Tuas Bay Walk, 637767 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2015 |
|
|
|
|
Date of Incorporation : |
05.10.1981 |
|
|
|
|
Com. Reg. No.: |
198104726z |
|
|
|
|
Legal Form : |
Exempt
Private (Limited By Share) |
|
|
|
|
Line of Business : |
Processing
and Trading of Fish, Seafood and Meat Products |
|
|
|
|
No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Maximum Credit Limit : |
SGD 1,320,000 (USD 990,000) |
|
|
|
|
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.
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 electronics,
petroleum products, chemicals, medical and optical devices, pharmaceuticals,
and on Singapore’s 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 from 2012-2017 was slower
than during the previous decade, a result of slowing structural growth - as
Singapore reached high-income levels - and soft global demand for exports.
Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to
reduce its dependence on foreign labor, raise productivity growth, and increase
wages amid slowing labor force growth and an aging population. 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 signatory
of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
(CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP)
negotiations with 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. |
: |
198104726Z |
|
COMPANY
NAME |
: |
SINEUROPE
PTE LTD |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
05/10/1981 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
EXEMPT
PRIVATE (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
4,
TUAS BAY WALK, 637767, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
4,
TUAS BAY WALK, 637767, SINGAPORE. |
|
TEL.NO. |
: |
65-68639339 |
|
FAX.NO. |
: |
65-68633773 |
|
WEB
SITE |
: |
WWW.SINEUROPE.COM/ |
|
CONTACT
PERSON |
: |
FOO
HEE YI ( MANAGING DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
PROCESSING
AND TRADING OF FISH, SEAFOOD AND MEAT PRODUCTS |
|
ISSUED
AND PAID UP CAPITAL |
: |
5,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 5,000,000.00 |
|
SALES |
: |
SGD
57,413,274 [2015] |
|
NET
WORTH |
: |
SGD
25,024,504 [2015] |
|
BANKER
(S) |
CITIBANK N.A. |
|
|
STAFF
STRENGTH |
: |
35
[2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
N/A |
|
PAYMENT |
: |
N/A |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
MODERATE |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
MARGINAL
GROWTH |
|
PROPOSED CREDIT LIMIT |
: |
SGD 1,320,000 (USD 990,000) |
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) processing and trading of
fish, seafood and meat products.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
20/06/2018 |
SGD
5,000,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
FOO
HEE YI + |
30,
TOH CRESCENT, 507939, SINGAPORE. |
S1129159G |
3,000,000.00 |
60.00 |
|
ROBYN
FOO SUE ZHI |
30,
TOH CRESCENT 507939 ,SINGAPORE |
S8026609Z |
500,000.00 |
10.00 |
|
WEE
SUAT ENG + |
30,
TOH CRESCENT, 507939, SINGAPORE. |
S1189600F |
500,000.00 |
10.00 |
|
JUSTIN
FU ZHIJIE + |
30,
TOH CRESCENT, 507939, SINGAPORE. |
S8900436E |
500,000.00 |
10.00 |
|
SHERLYN
FOO SUE ER |
20,
CUSCADEN ROAD, 07 - 01, THE TOMLINSON 249726 ,SINGAPORE |
S8131637F |
500,000.00 |
10.00 |
|
--------------- |
------ |
|||
|
5,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
DIRECTOR
1
|
Name
Of Subject |
: |
KRISTINE
FU SHUYI |
|
Address |
: |
30,
TOH CRESCENT, 507939, SINGAPORE. |
|
IC
/ PP No |
: |
S8615850G |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
20/04/2017 |
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 |
198104726Z |
SINEUROPE
PTE LTD |
Director |
20/04/2017 |
0.00 |
- |
SGD7,144,909.00 |
2015 |
- |
20/06/2018 |
DIRECTOR
2
|
Name
Of Subject |
: |
EDWIN
FU ZHIXIAN |
|
Address |
: |
30,
TOH CRESCENT, 507939, SINGAPORE. |
|
IC
/ PP No |
: |
S9545503D |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
20/04/2017 |
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 |
198104726Z |
SINEUROPE
PTE LTD |
Director |
20/04/2017 |
0.00 |
- |
SGD7,144,909.00 |
2015 |
- |
20/06/2018 |
DIRECTOR
3
|
Name
Of Subject |
: |
JUSTIN
FU ZHIJIE |
|
Address |
: |
30,
TOH CRESCENT, 507939, SINGAPORE. |
|
IC
/ PP No |
: |
S8900436E |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
01/05/2014 |
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 |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
198104726Z |
SINEUROPE
PTE LTD |
Director |
01/05/2014 |
500,000.00 |
10.00 |
SGD7,144,909.00 |
2015 |
- |
20/06/2018 |
DIRECTOR
4
|
Name
Of Subject |
: |
WEE
SUAT ENG |
|
Address |
: |
30,
TOH CRESCENT, 507939, SINGAPORE. |
|
IC
/ PP No |
: |
S1189600F |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
15/08/1992 |
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 |
198104726Z |
SINEUROPE
PTE LTD |
Director |
15/08/1992 |
500,000.00 |
10.00 |
SGD7,144,909.00 |
2015 |
- |
20/06/2018 |
DIRECTOR
5
|
Name
Of Subject |
: |
FOO
HEE YI |
|
Address |
: |
30,
TOH CRESCENT, 507939, SINGAPORE. |
|
IC
/ PP No |
: |
S1129159G |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
05/10/1981 |
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 |
408724P |
GAMMA
POINT SDN. BHD. |
Director |
18/12/1996 |
0.00 |
- |
- |
2015 |
Disolved
by Registrar (24/02/2017) |
28/05/2018 |
|
2 |
198104726Z |
SINEUROPE
PTE LTD |
Director |
05/10/1981 |
3,000,000.00 |
60.00 |
SGD7,144,909.00 |
2015 |
- |
20/06/2018 |
MANAGEMENT
|
1) |
Name
of Subject |
: |
FOO
HEE YI |
|
Position |
: |
MANAGING
DIRECTOR |
AUDITOR
|
Auditor |
: |
KPMG
LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
1) |
Company
Secretary |
: |
CHENG
LISA |
|
IC
/ PP No |
: |
S7436043B |
|
|
Address |
: |
38,
BEACH ROAD, 29-11, SOUTH BEACH TOWER, 189767, SINGAPORE. |
|
|
Date
of Appointment |
: |
31/07/2014 |
|
BANKING
Banking relations are maintained principally with :
|
1) |
Name |
: |
CITIBANK
N.A. |
|
2) |
Name |
: |
OVERSEA-CHINESE
BANKING CORPORATION LIMITED |
|
|
|
|
|
|
3) |
Name |
: |
UNITED
OVERSEAS BANK LIMITED |
ENCUMBRANCE
(S)
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
200003450 |
27/07/2000 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C200605431 |
16/08/2006 |
N/A |
CITIBANK
BHD |
- |
Unsatisfied |
|
C200708511 |
09/10/2007 |
N/A |
OVERSEA-CHINESE
BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201105719 |
11/05/2011 |
N/A |
CIMB
BANK BERHAD |
- |
Unsatisfied |
|
C201212916 |
08/11/2012 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201411705 |
27/10/2014 |
N/A |
RHB
BANK BERHAD |
- |
Unsatisfied |
CIVIL 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 |
|
Import
Countries |
: |
HONG
KONG |
CLIENTELE
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2018 |
||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
35 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) processing and trading
of fish, seafood and meat products.
The Subject has upgrade and expand its production facility in Tuas, Singapore
to improve its production and storage capacity.
The Subject is one of Asia's biggest suppliers of premium seafood, including
shark's fin and sea cucumber.
CURRENT
INVESTIGATION
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-68639339 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
NO.4,
TUAS BAY WALK, SINGAPORE 637767, SINGAPORE |
|
Current
Address |
: |
4,
TUAS BAY WALK, 637767, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
On 21st June 2018, we have contacted one of the staff from the Subject and she provided
some information.
FINANCIAL
ANALYSIS
|
The
Subject's latest financial accounts are up to 2015 which is out dated in our
opinion. Therefore, our comment on the Subject financial performance is
restricted thereto. |
||||||
|
Overall
financial condition of the Subject : N/A |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
Major
Economic Indicators : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population
(Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross
Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer
Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total
Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total
Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment
Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist
Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel
Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular
Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration
of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration
of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation
of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation
of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration
of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration
of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation
of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation
of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy
Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy
Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy
Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish
Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing
# |
|||||
|
Food,
Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing
Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather
Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood
& Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper
& Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing
& Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude
Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical
& Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical
Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber
& Plastic Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic
Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic
Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated
Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery
& Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical
Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic
Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport
Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real
Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport,
Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance
& Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government
Services |
6.50 |
6.30 |
- |
- |
- |
|
Education
Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
*
Estimate / Preliminary |
|||||
|
#
Based on Index of Industrial Production (2015 = 100) |
INDUSTRY
ANALYSIS
|
INDUSTRY
: |
MANUFACTURING |
|
The
manufacturing sector expanded by 4.8% in the fourth quarter, supported
largely by robust output growth in the electronics and precision engineering
clusters. For the whole of 2017, the manufacturing sector grew by 10%,
accelerating from the 3.7% expansion in 2016. Growth was largely driven by
the electronics and precision engineering clusters, even as the biomedical
manufacturing, transport engineering and general manufacturing industries
clusters contracted. |
|
|
The
electronics cluster grew by 24% in the fourth quarter 2017, largely due to
the semiconductors segment, which expanded by 35%. Specifically, the
semiconductors segment benefitted from robust global semiconductors demand,
which was in turn driven by key end markets such as the smartphone market. At
the same time, the computer peripherals segment registered healthy growth of
9.5%, supported by buoyant demand for printer-related products. On the other
hand, the data storage and other electronic modules & components segments
contracted by 25% and 7.5% respectively. For the full year, the electronics
cluster expanded by 34% as the healthy performance of the semiconductors and
computer peripherals segments more than offset the weakness in the data
storage segment. |
|
|
In
fourth quarter 2017, the precision engineering cluster expanded to 20%,
supported by both the precision modules & components (PMC) and machinery
& systems (M&S) segments. Output in the PMC segment rose by 40% due
to an increase in the production of dies, moulds, tools, jigs & fixture,
optical instruments and metal precision components. Meanwhile, the M&S
segment grew by 8.9% in tandem with healthy export demand for semiconductor
manufacturing equipment. For the whole of 2017, the output of the precision
engineering cluster rose by 18% on account of robust expansions in both
segments. |
|
|
The
chemicals cluster grew by 12% in the fourth quarter 2017, with all segments
recording growth. In particular, the petrochemicals segment grew by 23% on
the back of production capacity expansions, while the petroleum segment
expanded by 13% supported by higher refining margins. At the same time, the
other chemicals and specialties segments posted growth of 8.1% and
6.2%respectively. For 2017 as a whole, the chemicals cluster expanded by
6.2%, supported by growth in all segments. |
|
|
Besides,
output of the general manufacturing industries cluster increased to 6.6% in
the fourth quarter 2017, primarily due to the strong performance of the food,
beverages & tobacco (FBT) segment, which grew by 18% on the back of a
surge in the production of beverages products. On the other hand, the
printing segment shrank by 11% due to weak demand for commercial printing,
while output in the miscellaneous industries segment declined by 0.6% on
account of a lower production of construction-related materials. For the
whole of 2017, the general manufacturing industries cluster contracted by
1.6%, as output declines in the printing and miscellaneous industries
segments outweighed output gains in the FBT segment. |
|
|
Moreover,
output of the transport engineering cluster fell by 7.8% in the fourth
quarter 2017. The aerospace segment recorded robust growth of 13% due to a
higher volume of repair and maintenance work from commercial airlines.
However, this was more than offset by output declines in the marine &
offshore engineering (M&OE) and land transport segments of 22% and 11%
respectively. In particular, the M&OE segment remained weak on account of
low levels of rig-building, shipbuilding and repair activities. For the full
year 2017, the transport engineering cluster shrank by 6.9%, dragged down
mainly by the M&OE segment. |
|
|
The
biomedical manufacturing cluster contracted by 28% in the fourth quarter
2017, weighed down by the pharmaceuticals segment (-37%) on the back of a
drop in the production of active pharmaceutical ingredients and biological
products. However, the medical technology segment, which grew at a healthy
pace of 3.3%, provided some support to the cluster. For 2017 as a whole,
output in the biomedical manufacturing cluster fell by 9.3%, led by the
output decline in the pharmaceuticals segment. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1981, the Subject is an
Exempt Private company, focusing on processing and trading of fish, seafood
and meat products. The Subject has been in business for over two decades. It
has built up a strong clientele base and satisfactory reputation will enable
the Subject to further enhance its business in the near term. The Subject is
expected to enjoy a stable market shares. Presently, the issued and paid up
capital of the Subject stands at SGD 5,000,000. The Subject does not have
strong shareholders' backing. Without a strong shareholders' backing, the
opportunity of the Subject to expand its business is limited. |
Financials
|
PROFIT
AND LOSS ACCOUNT |
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
SINEUROPE
PTE LTD |
Note
: The Subject is an Exempt Private Company and it is not required by law to file
its financials for public view. The below financials are the last financial
that submitted by the Subject to the Registrar before changed to Exempt Private
Company.
|
Financial Year End |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
SUMMARY |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
57,413,274 |
40,958,800 |
45,645,608 |
79,083,698 |
138,049,307 |
|
Other
Income |
74,020 |
177,875 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
57,487,294 |
41,136,675 |
45,645,608 |
79,083,698 |
138,049,307 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
7,130,781 |
(7,249,225) |
(1,387,931) |
2,185,323 |
3,216,048 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
7,130,781 |
(7,249,225) |
(1,387,931) |
2,185,323 |
3,216,048 |
|
Taxation |
14,128 |
1,703 |
825,084 |
73,093 |
(993,666) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
7,144,909 |
(7,247,522) |
(562,847) |
2,258,416 |
2,222,382 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
11,463,005 |
18,710,527 |
19,273,374 |
17,014,958 |
14,792,576 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
11,463,005 |
18,710,527 |
19,273,374 |
17,014,958 |
14,792,576 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
18,607,914 |
11,463,005 |
18,710,527 |
19,273,374 |
17,014,958 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
18,607,914 |
11,463,005 |
18,710,527 |
19,273,374 |
17,014,958 |
|
============= |
============= |
============= |
============= |
============= |
|
|
BALANCE
SHEET |
|
SINEUROPE
PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
5,717,593 |
5,597,793 |
5,990,116 |
6,406,340 |
9,728,269 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Deferred
assets |
20,847 |
6,719 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
20,847 |
6,719 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
5,738,440 |
5,604,512 |
5,990,116 |
6,406,340 |
9,728,269 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
28,678,892 |
24,906,261 |
- |
- |
- |
|
Trade
debtors |
6,544,708 |
4,487,570 |
- |
- |
- |
|
Other
debtors, deposits & prepayments |
4,312,953 |
3,189,645 |
- |
- |
- |
|
Short
term deposits |
703,613 |
3,154,342 |
- |
- |
- |
|
Cash
& bank balances |
2,651,631 |
286,126 |
- |
- |
- |
|
Others |
797,181 |
894,939 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
43,688,978 |
36,918,883 |
46,373,504 |
51,346,412 |
87,928,639 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
49,427,418 |
42,523,395 |
52,363,620 |
57,752,752 |
97,656,908 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
3,889,755 |
4,144,364 |
- |
- |
- |
|
Other
creditors & accruals |
48,726 |
28,633 |
- |
- |
- |
|
Bank
overdraft |
794,473 |
948,427 |
- |
- |
- |
|
Short
term borrowings/Term loans |
573,098 |
542,342 |
- |
- |
- |
|
Other
borrowings |
15,799,908 |
16,507,761 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
21,105,960 |
22,171,527 |
24,079,078 |
33,479,378 |
75,641,950 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
22,583,018 |
14,747,356 |
22,294,426 |
17,867,034 |
12,286,689 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Long
term loans |
3,289,396 |
3,857,973 |
- |
- |
- |
|
Other
long term borrowings |
7,558 |
30,890 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
3,296,954 |
3,888,863 |
4,574,015 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
25,024,504 |
16,463,005 |
23,710,527 |
82,026,126 |
22,014,958 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
RESERVES |
|||||
|
Exchange
equalisation/fluctuation reserve |
1,416,590 |
- |
- |
- |
- |
|
Retained
profit/(loss) carried forward |
18,607,914 |
11,463,005 |
18,710,527 |
19,273,374 |
17,014,958 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
20,024,504 |
11,463,005 |
18,710,527 |
19,273,374 |
17,014,958 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
25,024,504 |
16,463,005 |
23,710,527 |
24,273,374 |
22,014,958 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCIAL
RATIO |
|
SINEUROPE
PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
3,355,244 |
3,440,468 |
- |
- |
- |
|
Net
Liquid Funds |
2,560,771 |
2,492,041 |
- |
- |
- |
|
Net
Liquid Assets |
(6,095,874) |
(10,158,905) |
22,294,426 |
17,867,034 |
12,286,689 |
|
Net
Current Assets/(Liabilities) |
22,583,018 |
14,747,356 |
22,294,426 |
17,867,034 |
12,286,689 |
|
Net
Tangible Assets |
25,024,504 |
16,463,005 |
23,710,527 |
82,026,126 |
22,014,958 |
|
Net
Monetary Assets |
(9,392,828) |
(14,047,768) |
17,720,411 |
17,867,034 |
12,286,689 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
7,130,781 |
(7,249,225) |
- |
- |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
7,130,781 |
(7,249,225) |
- |
- |
- |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
20,464,433 |
21,887,393 |
- |
- |
- |
|
Total
Liabilities |
24,402,914 |
26,060,390 |
28,653,093 |
33,479,378 |
75,641,950 |
|
Total
Assets |
49,427,418 |
42,523,395 |
52,363,620 |
57,752,752 |
97,656,908 |
|
Net
Assets |
25,024,504 |
16,463,005 |
23,710,527 |
82,026,126 |
22,014,958 |
|
Net
Assets Backing |
25,024,504 |
16,463,005 |
23,710,527 |
24,273,374 |
22,014,958 |
|
Shareholders'
Funds |
25,024,504 |
16,463,005 |
23,710,527 |
24,273,374 |
22,014,958 |
|
Total
Share Capital |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
Total
Reserves |
20,024,504 |
11,463,005 |
18,710,527 |
19,273,374 |
17,014,958 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
40.17 |
(10.27) |
(42.28) |
(42.71) |
27.29 |
|
Proft/(Loss)
Before Tax |
198.37 |
(422.30) |
(163.51) |
(32.05) |
(62.45) |
|
Proft/(Loss)
After Tax |
198.58 |
(1,187.65) |
(124.92) |
1.62 |
(68.47) |
|
Total
Assets |
16.24 |
(18.79) |
(9.33) |
(40.86) |
33.01 |
|
Total
Liabilities |
(6.36) |
(9.05) |
(14.42) |
(55.74) |
41.05 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.16 |
0.16 |
- |
- |
- |
|
Liquid
Ratio |
0.71 |
0.54 |
- |
- |
- |
|
Current
Ratio |
2.07 |
1.67 |
1.93 |
1.53 |
1.16 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
182 |
222 |
- |
- |
- |
|
Debtors
Ratio |
42 |
40 |
- |
- |
- |
|
Creditors
Ratio |
25 |
37 |
- |
- |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.82 |
1.33 |
- |
- |
- |
|
Liabilities
Ratio |
0.98 |
1.58 |
1.21 |
1.38 |
3.44 |
|
Assets
Backing Ratio |
5.00 |
3.29 |
4.74 |
16.41 |
4.40 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
12.42 |
(17.70) |
(3.04) |
2.76 |
2.33 |
|
Net
Profit Margin |
12.44 |
(17.69) |
(1.23) |
2.86 |
1.61 |
|
Return
On Net Assets |
28.50 |
(44.03) |
(5.85) |
2.66 |
14.61 |
|
Return
On Capital Employed |
24.49 |
(34.03) |
(4.91) |
9.00 |
14.61 |
|
Return
On Shareholders' Funds/Equity |
28.55 |
(44.02) |
(2.37) |
9.30 |
10.09 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.20 |
|
|
1 |
INR 89.58 |
|
Euro |
1 |
INR 78.79 |
|
SGD |
1 |
INR 50.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SDA |
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.