|
|
|
MIRA
INFORM REPORT
|
Report No. : |
495442 |
|
Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
BOUSTEAD SALCON WATER SOLUTIONS PTE. LTD. |
|
|
|
|
Formerly Known As : |
|
|
|
|
|
Registered Office : |
82,
Ubi Avenue 4, 08-01, Edward Boustead Centre, 408832 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
23.05.1980 |
|
|
|
|
Com. Reg. No.: |
198001694Z |
|
|
|
|
Legal Form : |
Private
Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Provide
Water and Wastewater Treatment Services and Other Related Engineering
Services |
|
|
|
|
No. of Employees : |
80 |
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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. |
: |
198001694Z |
|
COMPANY NAME |
: |
BOUSTEAD SALCON WATER SOLUTIONS PTE. LTD. |
|
FORMER NAME |
: |
SALCON PTE. LTD. (31/03/2009) |
|
INCORPORATION DATE |
: |
23/05/1980 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
82, UBI AVENUE 4, 08-01, EDWARD BOUSTEAD CENTRE, 408832, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
82 UBI AVENUE 4, #08-03 EDWARD BOUSTEAD CENTRE, 408832, SINGAPORE. |
|
TEL.NO. |
: |
65-68469988 |
|
FAX.NO. |
: |
65-67478878 |
|
EMAIL |
: |
ENQUIRY@BOUSTEADSALCON.COM |
|
WEB SITE |
: |
WWW.BOUSTEADSALCON.COM |
|
CONTACT PERSON |
: |
WONG AH WAH @ WONG FONG FUI ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
PROVIDE WATER AND WASTEWATER TREATMENT SERVICES AND OTHER RELATED
ENGINEERING SERVICES |
|
ISSUED AND PAID UP CAPITAL |
: |
105,558,305.00 ORDINARY SHARE, OF A VALUE OF SGD 23,191,661.00 |
|
SALES |
: |
SGD 16,347,000 [2017] |
|
NET WORTH |
: |
SGD 4,065,000 [2017] |
|
STAFF STRENGTH |
: |
80 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
FAIR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
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) provide water and wastewater
treatment services and other related engineering services.
The immediate and
ultimate holding company of the Subject is BOUSTEAD SINGAPORE LIMITED, a
company incorporated in SINGAPORE.
Share
Capital History
|
Date |
Issue & Paid Up Capital |
|
02/03/2018 |
SGD 23,191,661.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BOUSTEAD SINGAPORE LIMITED |
82, UBI AVENUE 4, 08-01, EDWARD BOUSTEAD CENTRE 408832 ,SINGAPORE |
197501036K |
105,558,305.00 |
100.00 |
|
--------------- |
------ |
|||
|
105,558,305.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
DIRECTOR
1
|
Name Of Subject |
: |
LOH KAI KEONG |
|
Address |
: |
45, HINDHEDE WALK, 07-09, 587978, SINGAPORE. |
|
IC / PP No |
: |
S0019257J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/08/2002 |
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 |
593093V |
BIH HEATERS MALAYSIA SDN. BHD. |
Director |
01/12/2012 |
0.00 |
- |
MYR245,988.00 |
2017 |
- |
25/01/2018 |
|
2 |
198001694Z |
BOUSTEAD SALCON WATER SOLUTIONS PTE. LTD. |
Director |
22/08/2002 |
0.00 |
- |
SGD(1,217,000.00) |
2017 |
- |
02/03/2018 |
DIRECTOR
2
|
Name Of Subject |
: |
WONG AH WAH @ WONG FONG FUI |
|
Address |
: |
4A, MAYFIELD AVENUE, 438028, SINGAPORE. |
|
IC / PP No |
: |
S1853025B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/08/2002 |
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 |
198001694Z |
BOUSTEAD SALCON WATER SOLUTIONS PTE. LTD. |
Director |
22/08/2002 |
0.00 |
- |
SGD(1,217,000.00) |
2017 |
- |
02/03/2018 |
DIRECTOR
3
|
Name Of Subject |
: |
WONG YU LOON @ HUANG YOULUN |
|
Address |
: |
21A, SIGLAP BANK, 456237, SINGAPORE. |
|
Other Address(es) |
: |
BLK 79, MEYER ROAD, #09-03, SINGAPORE, 437906, SINGAPORE. |
|
IC / PP No |
: |
S7427169C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/01/2005 |
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 |
593093V |
BIH HEATERS MALAYSIA SDN. BHD. |
Director |
01/12/2012 |
0.00 |
- |
MYR245,988.00 |
2017 |
- |
25/01/2018 |
|
2 |
198001694Z |
BOUSTEAD SALCON WATER SOLUTIONS PTE. LTD. |
Director |
01/01/2005 |
0.00 |
- |
SGD(1,217,000.00) |
2017 |
- |
02/03/2018 |
DIRECTOR
4
|
Name Of Subject |
: |
RAVICHANDRAN SUBRAMANIAN |
|
Address |
: |
120, TANJONG RHU ROAD, 02-03, CASUARINA COVE, 436904, SINGAPORE. |
|
IC / PP No |
: |
S6861737E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
11/04/2017 |
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 |
198001694Z |
BOUSTEAD SALCON WATER SOLUTIONS PTE. LTD. |
Director |
11/04/2017 |
0.00 |
- |
SGD(1,217,000.00) |
2017 |
- |
02/03/2018 |
MANAGEMENT
|
1) |
Name of Subject |
: |
WONG AH WAH @ WONG FONG FUI |
|
Position |
: |
DIRECTOR |
AUDITOR
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
1) |
Company Secretary |
: |
KOK WUI HOONG |
|
IC / PP No |
: |
S2194434C |
|
|
Address |
: |
22, BAYSHORE ROAD, 22-08, THE BAYSHORE, 469970, SINGAPORE. |
|
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200303379 |
21/07/2003 |
N/A |
BOUSTED SINGAPORE LIMITED |
- |
Unsatisfied |
|
C200400696 |
11/02/2004 |
N/A |
BOUSTED SINGAPORE LIMITED |
- |
Unsatisfied |
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 |
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 |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
X |
] |
Poor >120 Days |
[ |
] |
||||||||
CLIENTELE
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
Services |
: |
WATER AND WASTEWATER TREATMENT SERVICES AND OTHER RELATED ENGINEERING
SERVICES |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2016 |
2015 |
2014 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
80 |
80 |
80 |
80 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) provide water and
wastewater treatment services and other related engineering services.
The Subject is a leading global water & wastewater engineering specialist
and Singapore's largest ion exchange specialist in the energy sector.
Their in-depth domain expertise and vast experience focuses on seawater
desalination, ion exchange, condensate polisher and wastewater
reclamation.
The Subject has delivered advanced proven water and wastewater treatment
technologies to help their clients meet their changing water needs. It is their
ability to identify, design and implement the optimal combination of process
knowledge and technology within a tight project footprint and timeframe that
has earned them a reputation of delivering superior engineering.
The Subject's team of water treatment specialists has engineered water treatment
solutions for many types of municipal and industrial processes, including
sophisticated processes for raw water into pure or ultra-pure water. To date,
the Subject's expertise and experience have traversed numerous key industries
and revitalised the world's water resources.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68469988 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
OFFICE AT 82 UBI AVENUE 4#08-03 408832 SINGAPORE |
|
Current Address |
: |
82 UBI AVENUE 4, #08-03 EDWARD BOUSTEAD CENTRE, 408832, SINGAPORE. |
|
Match |
: |
NO |
|
|
||
Other Investigations
On 2nd March 2018, we have contacted one of the staff from the Subject and she
provided some information.
The address provided is incomplete and it is as per stated in the report.
The Subject refused to disclose its banker information.
FINANCIAL ANALYSIS
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(29.94%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(29.94%) |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.Higher losses before tax during the year
could be due to the higher operating costs incurred. The Subject's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Debtor Ratio |
: |
Unfavourable |
[ |
100 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
57 Days |
] |
|
|
The Subject's debtors ratio was high. The Subject should tighten its
credit control and improve its collection period. The Subject had a
favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.35 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.35 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 losses increased but its turnover showed a
fluctuating trend. This indicate the Subject was slowly losing its
market share due to its competitors. 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 : FAIR |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators : |
2012 |
2013 |
2014 |
2015 |
2016* |
|
|
|||||
|
Population (Million) |
5.31 |
5.40 |
5.47 |
5.54 |
5.63 |
|
Gross Domestic Products ( % ) |
1.3 |
3.7 |
(3.5) |
3.7 |
4.8 |
|
Consumer Price Index |
4.6 |
2.4 |
2.4 |
(0.5) |
(0.7) |
|
Total Imports (Million) |
474,554.0 |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
|
Total Exports (Million) |
510,329.0 |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
|
|
|||||
|
Unemployment Rate (%) |
2.0 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Tourist Arrival (Million) |
14.49 |
15.46 |
15.01 |
15.23 |
16.28 |
|
Hotel Occupancy Rate (%) |
86.4 |
86.3 |
85.5 |
85.0 |
- |
|
Cellular Phone Subscriber (Million) |
1.52 |
1.97 |
1.98 |
1.99 |
- |
|
|
|||||
|
Registration of New Companies (No.) |
31,892 |
37,288 |
41,589 |
34,243 |
35,528 |
|
Registration of New Companies (%) |
(1.3) |
9.8 |
11.5 |
(17.7) |
3.8 |
|
Liquidation of Companies (No.) |
17,218 |
17,369 |
18,767 |
21,384 |
- |
|
Liquidation of Companies (%) |
9.4 |
(5.3) |
8.0 |
13.9 |
- |
|
|
|||||
|
Registration of New Businesses (No.) |
24,788 |
22,893 |
35,773 |
28,480 |
33,326 |
|
Registration of New Businesses (%) |
5.51 |
1.70 |
56.30 |
(20.39) |
17.02 |
|
Liquidation of Businesses (No.) |
22,489 |
22,598 |
22,098 |
26,116 |
- |
|
Liquidation of Businesses (%) |
(2.2) |
0.5 |
(2.2) |
18.2 |
- |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,748 |
1,992 |
1,757 |
1,776 |
- |
|
Bankruptcy Orders (%) |
14.5 |
14.0 |
(11.8) |
1.0 |
- |
|
Bankruptcy Discharges (No.) |
1,881 |
2,584 |
3,546 |
3,499 |
- |
|
Bankruptcy Discharges (%) |
35.2 |
37.4 |
37.2 |
(1.3) |
- |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
5.16 |
1.78 |
4.29 |
3.04 |
- |
|
Fish Supply & Wholesale |
(0.5) |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
97.9 |
99.4 |
100.0 |
103.7 |
|
Textiles |
140.1 |
119.5 |
102.7 |
100.0 |
93.3 |
|
Wearing Apparel |
395.4 |
334.1 |
212.6 |
100.0 |
80.3 |
|
Leather Products & Footwear |
109.5 |
122.0 |
106.5 |
100.0 |
93.2 |
|
Wood & Wood Products |
93.3 |
103.0 |
107.2 |
100.0 |
90.5 |
|
Paper & Paper Products |
98.5 |
104.4 |
104.5 |
100.0 |
99.7 |
|
Printing & Media |
122.8 |
113.8 |
105.968 |
100.0 |
86.9 |
|
Crude Oil Refineries |
107.1 |
100.7 |
92.2 |
100.0 |
100.5 |
|
Chemical & Chemical Products |
85.3 |
88.4 |
96.7 |
100.0 |
97.6 |
|
Pharmaceutical Products |
103.8 |
101.421 |
109.4 |
100.0 |
115.9 |
|
Rubber & Plastic Products |
113.5 |
109.497 |
109.2 |
100.0 |
87.9 |
|
Non-metallic Mineral |
108.8 |
107.4 |
90.759 |
100.0 |
93.6 |
|
Basic Metals |
91.5 |
77.2 |
99.3 |
100.0 |
113.1 |
|
Fabricated Metal Products |
107.314 |
107.5 |
107.757 |
100.0 |
91.7 |
|
Machinery & Equipment |
107.3 |
109.1 |
118.2 |
100.0 |
79.3 |
|
Electrical Machinery |
80.102 |
87.4 |
97.871 |
100.0 |
99.3 |
|
Electronic Components |
100.7 |
105.0 |
105.6 |
100.0 |
106.3 |
|
Transport Equipment |
109.9 |
111.1 |
106.68 |
100.0 |
98.7 |
|
|
|||||
|
Construction |
28.70 |
25.40 |
22.00 |
- |
- |
|
Real Estate |
31.9 |
88.5 |
145.1 |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.30 |
6.70 |
6.50 |
- |
- |
|
Transport, Storage & Communication |
5.30 |
9.80 |
14.20 |
- |
- |
|
Finance & Insurance |
0.50 |
3.30 |
6.00 |
- |
7.40 |
|
Government Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education Services |
0.30 |
3.10 |
5.98 |
- |
2.40 |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS
|
INDUSTRY : |
ECONOMY |
|
The economy expanded by 1.9% in the third quarter of 2015, marginally
slower than the 2.0% growth in the second quarter. On a quarter-on-quarter
seasonally-adjusted annualised basis, the economy grew by 1.9%, a reversal
from the 2.6% contraction in the previous quarter. |
|
|
Among the key sectors of the economy, the manufacturing sector recorded
the weakest performance, contracting by 6.2% in the third quarter of 2015,
extending the 4.8% decline in the previous quarter. The contraction was
primarily due to a decline in the output of the transport engineering,
electronics and precision engineering clusters. |
|
|
The services producing industries performed better, with all sectors
registering expansions. The wholesale & retail trade sector posted the
strongest growth of 6.8%, followed by the finance & insurance (4.8%),
information & communications (4.8%), other services (2.2%) and business
services (1.5%) sectors. The accommodation & food services and
transportation & storage sectors also recorded positive growth of 0.9%
and 0.3% respectively. |
|
|
Meanwhile, the construction sector grew by 1.6%, moderating from the
2.2% growth in the second quarter of 2015. The sectors that contributed the
most to economic growth in the third quarter of 2015 were the wholesale &
retail trade and finance & insurance sectors. Together, they accounted
for about 97% of overall GDP growth. |
|
|
Total demand rose by 4.1% in the third quarter, accelerating from the
0.6% growth in the previous quarter. The expansion was supported by both
external and domestic demand. External demand rose at a faster pace of 3.2%,
compared to the 1.1% growth in the previous quarter. Meanwhile, domestic
demand increased by 6.6%, a rebound from the 0.6% decline in the second
quarter. |
|
|
Domestic demand was driven by consumption expenditure, which grew by
6.7% in the third quarter of 2015 following the 3.4% growth in the previous
quarter. Both private and public consumption contributed to the rise in
consumption expenditure. Changes in inventories also supported growth, rising
by 1.6%, a reversal from the 2.9% contraction in the previous quarter. Growth
in gross fixed capital formation moderated to 0.2%, from 4.1% in the previous
quarter, weighed down by both public and private investments. Public
investments contracted by 1.1%, a sharp reversal from the 11% growth in the
previous quarter. On the other hand, private investments registered modest
growth of 0.5%, slower than the 2.4% growth in the previous quarter. |
|
|
Overall employment rose by 16,400 on a quarter-on-quarter basis in the
third quarter of 2015, faster than the gains of 9,700 in the previous quarter.
However, this represented a slower rate of increase as compared to the
employment gains of 33,400 in the third quarter of 2014. The increase in
employment in the third quarter brought the total number of employed persons
in September 2015 to 3,644,000, 1.7% higher than a year ago. The rate of
increase over 2014 was slower compared to that recorded in June 2015 (2.2%).
At the sectoral level, employment in the services and construction sectors
expanded on a quarter-on-quarter basis in the third quarter of 2015, while
manufacturing employment continued to decline. |
|
|
Even though global growth is expected to improve, the continued
slowdown in the Chinese economy, the services-driven nature of growth in the
US, as well as the trends of in-sourcing in China and the US may mean that
external demand for Singapore and regional countries may not see a
significant uplift in 2016. Domestically, the labour market is also expected
to be tight, with the unemployment rate remaining low. |
|
|
Against this backdrop, the growth outlook for the Singapore economy in
2016 is modest. While sectors such as finance & insurance and wholesale
trade are expected to support growth, the manufacturing sector is likely to
remain weak. Sector-specific factors may also weigh on the growth of some
sectors. For instance, sustained low oil prices will continue to dampen rig
building activities in the marine & offshore segment. Growth in
labour-intensive sectors such as retail and food services may also be weighed
down by labour constraints. By barring the materialisation of downside risks,
the Singapore economy is expected to grow at a modest pace of "1.0% to
3.0%" in 2016. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1980, the Subject is a
Private Limited company, focusing on provide water and wastewater treatment
services and other related engineering services. 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 23,191,661. The Subject have a strong support from its holding
company. |
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
BOUSTEAD SALCON WATER SOLUTIONS PTE. LTD. |
|
Financial Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2013-03-31 |
|
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 |
FULL |
FULL |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
16,347,000 |
13,955,000 |
18,005,000 |
16,315,000 |
24,746,000 |
|
Other Income |
31,000 |
95,000 |
122,000 |
150,000 |
189,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
16,378,000 |
14,050,000 |
18,127,000 |
16,465,000 |
24,935,000 |
|
Costs of Goods Sold |
(13,723,000) |
(10,596,000) |
(13,305,000) |
(11,557,000) |
(18,413,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
2,655,000 |
3,454,000 |
4,822,000 |
4,908,000 |
6,522,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(1,217,000) |
(396,000) |
1,005,000 |
1,065,000 |
1,609,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(1,217,000) |
(396,000) |
1,005,000 |
1,065,000 |
1,609,000 |
|
Taxation |
- |
- |
594,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(1,217,000) |
(396,000) |
1,599,000 |
1,065,000 |
1,609,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(18,093,000) |
(17,697,000) |
(19,296,000) |
(20,361,000) |
(21,970,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(18,093,000) |
(17,697,000) |
(19,296,000) |
(20,361,000) |
(21,970,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(19,310,000) |
(18,093,000) |
(17,697,000) |
(19,296,000) |
(20,361,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(19,310,000) |
(18,093,000) |
(17,697,000) |
(19,296,000) |
(20,361,000) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
- |
- |
- |
- |
3,000 |
|
Others |
- |
- |
23,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
23,000 |
- |
3,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
122,000 |
105,000 |
85,000 |
53,000 |
68,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
122,000 |
105,000 |
85,000 |
53,000 |
68,000 |
|
============= |
============= |
============= |
============= |
============= |
BALANCE SHEET
|
BOUSTEAD SALCON WATER SOLUTIONS PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
236,000 |
264,000 |
309,000 |
137,000 |
54,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
2,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
238,000 |
264,000 |
309,000 |
137,000 |
54,000 |
|
CURRENT ASSETS |
|||||
|
Stocks |
- |
- |
- |
- |
73,000 |
|
Contract work-in-progress |
5,210,000 |
5,188,000 |
6,092,000 |
6,153,000 |
- |
|
Trade debtors |
4,500,000 |
1,438,000 |
2,094,000 |
1,240,000 |
3,443,000 |
|
Other debtors, deposits & prepayments |
395,000 |
340,000 |
909,000 |
291,000 |
99,000 |
|
Cash & bank balances |
4,534,000 |
2,650,000 |
2,494,000 |
4,202,000 |
3,558,000 |
|
Others |
- |
- |
- |
- |
5,309,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
14,639,000 |
9,616,000 |
11,589,000 |
11,886,000 |
12,482,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
14,877,000 |
9,880,000 |
11,898,000 |
12,023,000 |
12,536,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
2,129,000 |
3,281,000 |
5,045,000 |
5,173,000 |
3,398,000 |
|
Other creditors & accruals |
495,000 |
523,000 |
293,000 |
288,000 |
2,106,000 |
|
Amounts owing to holding company |
- |
- |
- |
1,011,000 |
2,144,000 |
|
Amounts owing to subsidiary companies |
- |
- |
- |
- |
31,000 |
|
Amounts owing to related companies |
- |
- |
3,000 |
1,385,000 |
1,671,000 |
|
Other liabilities |
8,188,000 |
794,000 |
879,000 |
87,000 |
172,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
10,812,000 |
4,598,000 |
6,220,000 |
7,944,000 |
9,522,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
3,827,000 |
5,018,000 |
5,369,000 |
3,942,000 |
2,960,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
4,065,000 |
5,282,000 |
5,678,000 |
4,079,000 |
3,014,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
23,192,000 |
23,192,000 |
23,192,000 |
23,192,000 |
23,192,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
23,192,000 |
23,192,000 |
23,192,000 |
23,192,000 |
23,192,000 |
|
RESERVES |
|||||
|
Capital reserve |
183,000 |
183,000 |
183,000 |
183,000 |
183,000 |
|
Retained profit/(loss) carried forward |
(19,310,000) |
(18,093,000) |
(17,697,000) |
(19,296,000) |
(20,361,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(19,127,000) |
(17,910,000) |
(17,514,000) |
(19,113,000) |
(20,178,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
4,065,000 |
5,282,000 |
5,678,000 |
4,079,000 |
3,014,000 |
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL RATIO
|
BOUSTEAD SALCON WATER SOLUTIONS PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
4,534,000 |
2,650,000 |
2,494,000 |
4,202,000 |
3,558,000 |
|
Net Liquid Funds |
4,534,000 |
2,650,000 |
2,494,000 |
4,202,000 |
3,558,000 |
|
Net Liquid Assets |
3,827,000 |
5,018,000 |
5,369,000 |
3,942,000 |
2,887,000 |
|
Net Current Assets/(Liabilities) |
3,827,000 |
5,018,000 |
5,369,000 |
3,942,000 |
2,960,000 |
|
Net Tangible Assets |
4,065,000 |
5,282,000 |
5,678,000 |
4,079,000 |
3,014,000 |
|
Net Monetary Assets |
3,827,000 |
5,018,000 |
5,369,000 |
3,942,000 |
2,887,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(1,217,000) |
(396,000) |
1,028,000 |
1,065,000 |
1,612,000 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(1,095,000) |
(291,000) |
1,113,000 |
1,118,000 |
1,680,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
10,812,000 |
4,598,000 |
6,220,000 |
7,944,000 |
9,522,000 |
|
Total Assets |
14,877,000 |
9,880,000 |
11,898,000 |
12,023,000 |
12,536,000 |
|
Net Assets |
4,065,000 |
5,282,000 |
5,678,000 |
4,079,000 |
3,014,000 |
|
Net Assets Backing |
4,065,000 |
5,282,000 |
5,678,000 |
4,079,000 |
3,014,000 |
|
Shareholders' Funds |
4,065,000 |
5,282,000 |
5,678,000 |
4,079,000 |
3,014,000 |
|
Total Share Capital |
23,192,000 |
23,192,000 |
23,192,000 |
23,192,000 |
23,192,000 |
|
Total Reserves |
(19,127,000) |
(17,910,000) |
(17,514,000) |
(19,113,000) |
(20,178,000) |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
17.14 |
(22.49) |
10.36 |
(34.07) |
(36.87) |
|
Proft/(Loss) Before Tax |
(207.32) |
(139.40) |
(5.63) |
(33.81) |
253.63 |
|
Proft/(Loss) After Tax |
(207.32) |
(124.77) |
50.14 |
(33.81) |
253.63 |
|
Total Assets |
50.58 |
(16.96) |
(1.04) |
(4.09) |
(1.87) |
|
Total Liabilities |
135.15 |
(26.08) |
(21.70) |
(16.57) |
(16.25) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.42 |
0.58 |
0.40 |
0.53 |
0.37 |
|
Liquid Ratio |
1.35 |
2.09 |
1.86 |
1.50 |
1.30 |
|
Current Ratio |
1.35 |
2.09 |
1.86 |
1.50 |
1.31 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
116 |
136 |
123 |
138 |
1 |
|
Debtors Ratio |
100 |
38 |
42 |
28 |
51 |
|
Creditors Ratio |
57 |
113 |
138 |
163 |
67 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
2.66 |
0.87 |
1.10 |
1.95 |
3.16 |
|
Times Interest Earned Ratio |
0 |
0 |
44.70 |
0 |
537.33 |
|
Assets Backing Ratio |
0.18 |
0.23 |
0.24 |
0.18 |
0.13 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(7.44) |
(2.84) |
5.58 |
6.53 |
6.50 |
|
Net Profit Margin |
(7.44) |
(2.84) |
8.88 |
6.53 |
6.50 |
|
Return On Net Assets |
(29.94) |
(7.50) |
18.10 |
26.11 |
53.48 |
|
Return On Capital Employed |
(29.94) |
(7.50) |
18.10 |
26.11 |
53.48 |
|
Return On Shareholders' Funds/Equity |
(29.94) |
(7.50) |
28.16 |
26.11 |
53.38 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
|
SGD |
1 |
INR 49.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.