|
|
|
MIRA INFORM REPORT
|
Report No. : |
496763 |
|
Report Date : |
13.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
PACIFIC WORLD SHIPPING PTE. LTD. |
|
|
|
|
Registered Office : |
30, Raffles Place, 22-01, Chevron House, 048622 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2016 |
|
|
|
|
Date of Incorporation : |
11.08.2008 |
|
|
|
|
Com. Reg. No.: |
200816010R |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the ship brokering services. |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
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. |
: |
200816010R |
||||
|
COMPANY NAME |
: |
PACIFIC WORLD SHIPPING PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
11/08/2008 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
30, RAFFLES PLACE, 22-01, CHEVRON HOUSE, 048622, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
30 RAFFLES PLACE #22-01 CHEVRON HOUSE, 048622, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-66039850 |
||||
|
FAX.NO. |
: |
N/A |
||||
|
EMAIL |
: |
CHARTERING@PW-SHIPPING.COM |
||||
|
WEB SITE |
: |
WWW.PW-SHIPPING.COM |
||||
|
CONTACT PERSON |
: |
YEO SOCK HWA ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
SHIP BROKERING SERVICES |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
1,009,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,009,000.00 |
||||
|
SALES |
: |
USD 49,605,556 [2016] |
||||
|
NET WORTH |
: |
USD 1,579,559 [2016] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
SLOW BUT CORRECT |
||||
|
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) ship
brokering services.
The immediate and ultimate holding company of the Subject is SHUN
SHING GROUP INTERNATIONAL LTD, a company incorporated in VIRGIN ISLANDS,
BRITISH.
Former Address(es)
|
Address |
As At Date |
|
ROOM #20-01A MARKET STREET, BANK OF SINGAPORE CENTER,63 MARKET
STREET, 048942 |
N/A |
|
62 UBI ROAD 1 #06-09 OXLEY BIZHUB 2, 408734 |
N/A |
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
09/03/2018 |
USD 1,009,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SHUN SHING GROUP INTERNATIONAL LTD |
VISTRA CORPORATE SERVICES CENTRE, WICKHAMS CAY II, ROAD TOWN, TORTOLA
VG1110 ,VIRGIN ISLANDS, BRITISH |
T11UF2432 |
1,009,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,009,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
VIRGIN ISLANDS, BRITISH |
EXCEL HORIZON LIMITED |
- |
100.00 |
30/06/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
YEO SOCK HWA |
|
Address |
: |
6, LIM AH PIN ROAD, 01-03, THE COURTYARD, 547822, SINGAPORE. |
|
IC / PP No |
: |
S1254472C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
11/08/2008 |
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 |
200822742K |
ANGSTROM PTE. LTD. |
Secretary |
05/12/2008 |
0.00 |
- |
- |
2016 |
- |
23/01/2018 |
|
2 |
200904547R |
ASIA POWER SOLUTIONS PTE. LTD. |
Secretary |
13/03/2009 |
0.00 |
- |
- |
2016 |
- |
20/01/2014 |
|
3 |
199300043W |
C&R INTERIORS PTE. LTD. |
Secretary |
08/11/1993 |
0.00 |
- |
- |
- |
- |
14/11/2011 |
|
4 |
199901856W |
GOLDEN O.K. PTE LTD |
Secretary |
17/11/1999 |
0.00 |
- |
- |
- |
- |
02/04/2013 |
|
5 |
200810770R |
KWEK GLOBAL PTE. LTD. |
Secretary |
02/06/2008 |
0.00 |
- |
- |
2016 |
- |
13/03/2017 |
|
6 |
199305951C |
KWEK SUM CHUAN HOLDING PTE LTD |
Secretary |
28/09/1998 |
0.00 |
- |
- |
- |
- |
27/06/2012 |
|
7 |
199305627E |
KWEK SUM CHUAN PTE LTD |
Secretary |
28/09/1998 |
0.00 |
- |
- |
- |
- |
16/01/2014 |
|
8 |
200405747D |
LHA FOOD & BEVERAGES PTE. LTD. |
Secretary |
11/05/2004 |
0.00 |
- |
SGD57,213.00 |
2016 |
- |
25/10/2017 |
|
9 |
200300006N |
MATTRESS INTERNATIONAL PTE. LTD. |
Director |
01/01/2003 |
0.00 |
- |
- |
2014 |
- |
10/11/2014 |
|
10 |
200714369E |
MILLENNIUM INVESTMENT HOLDINGS PTE. LTD. |
Director |
02/11/2015 |
0.00 |
- |
- |
2016 |
- |
29/07/2016 |
|
11 |
200208451H |
P.K. AUTO PARTS PTE. LTD. |
Secretary |
30/09/2002 |
0.00 |
- |
SGD209,550.00 |
2014 |
- |
08/07/2016 |
|
12 |
200816010R |
PACIFIC WORLD SHIPPING PTE. LTD. |
Director Secretary |
11/08/2008 11/08/2008 |
0.00 |
- |
USD(1,249,306.00) |
2016 |
- |
09/03/2018 |
|
13 |
198501902E |
RAINMATE PTE LTD |
Secretary |
08/02/2002 |
0.00 |
- |
- |
- |
- |
21/10/2014 |
|
14 |
200616510C |
TRITREASURES INTERNATIONAL PTE. LTD. |
Secretary |
06/11/2006 |
0.00 |
- |
- |
2016 |
- |
02/04/2013 |
|
15 |
199404162R |
YOTA (S) PRIVATE LIMITED |
Secretary |
01/11/1994 |
0.00 |
- |
- |
- |
- |
13/12/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
MOHAMMED ALI PASHA |
|
Address |
: |
ROOM 1913-16, 19/F, CHINA MERCHANT TOWER, SHUN TAK CENTRE, 200,
CONNAUGHT ROAD CENTRAL, HONG KONG. |
|
IC / PP No |
: |
F0588176 |
|
Nationality |
: |
BANGLADESHI |
|
Date of Appointment |
: |
11/08/2008 |
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 |
200816010R |
PACIFIC WORLD SHIPPING PTE. LTD. |
Director |
11/08/2008 |
0.00 |
- |
USD(1,249,306.00) |
2016 |
- |
09/03/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
IKRAM AHMED KHAN |
|
Address |
: |
29/F, BLK 47, 550-555, VICTORIA ROAD, BAGUIO VILLA POK FU LAM,
HONG KONG. |
|
Other Address(es) |
: |
ROOM 1913-16, 19/F, CHINA MERCHANT TOWER, SHUN TAK CENTRE 200
CONNAUGHT ROAD CENTRAL, HONG KONG. |
|
IC / PP No |
: |
KJ0322117 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
11/08/2008 |
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 |
200816010R |
PACIFIC WORLD SHIPPING PTE. LTD. |
Director |
11/08/2008 |
0.00 |
- |
USD(1,249,306.00) |
2016 |
- |
09/03/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
SAJJID HAIDER PASHA |
|
Address |
: |
8/F, BLOCK 46, 550, VICTORIA ROAD, BAGUIO VILLA POK FU LAM, HONG
KONG. |
|
IC / PP No |
: |
KJ0642787 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
11/08/2008 |
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 |
200816010R |
PACIFIC WORLD SHIPPING PTE. LTD. |
Director |
11/08/2008 |
0.00 |
- |
USD(1,249,306.00) |
2016 |
- |
09/03/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
SAJJID HAIDER PASHA |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
YEO SOCK HWA |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
CA TRUST PAC |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
YEO SOCK HWA |
|
IC / PP No |
: |
S1254472C |
|
|
Address |
: |
6, LIM AH PIN ROAD, 01-03, THE COURTYARD, 547822, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
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.
CRIMINAL
RECORDS 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 criminal record was found in our databank.
CIVIL
LITIGATION CHECK - SUBJECT COMPANY AS A PLAINTIFF
|
* A check has been conducted in our databank against the Subject whether the subject
has been involved in any litigation.
No plaintiff record was found in our databank.
CRIMINAL
RECORDS CHECK - SUBJECT COMPANY AS A PLAINTIFF
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No criminal record 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 |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Services |
: |
SHIPPING BUSINESS, VESSEL OPERATION |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
4 |
4 |
2 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) ship brokering
services.
The Subject is a Singapore based Ship Operating company providing freight
services in dry bulk sector to global clients.
The Subject is actively working with blue chip Charterers, multi-national
corporations and regional trading, mining and manufacturing companies out of
Singapore office to provide competitive freight services on voyage or time
charter.
The Subject operates vessels in fleet size from Handysize up to Panamax, mainly
focus and specialise on worldwide lawful, harmless dry bulk cargo, especially
Cement Clinker, Coal, Iron Ore, other minerals and agri-products, fertilizer,
etc.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
6566039850 |
|
Current Telephone Number |
: |
65-66039850 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
30 RAFFELS PLACE 22-01 CHEVRON HOUSE SINGAPORE 048622 |
|
Current Address |
: |
30 RAFFLES PLACE #22-01 CHEVRON HOUSE, 048622, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some information.
He refused to disclose the Subject's number of employees.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(79.09%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(78.97%) |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject incurred losses during the year
due to the inefficient control of its operating costs. 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 |
: |
Favourable |
[ |
32 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
6 Days |
] |
|
|
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 |
[ |
1.14 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.14 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 : LIMITED |
||||||
|
|
||||||
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 : |
ECONOMY |
|
In the fourth quarter of 2017, the economy grew by 3.6% on a
year-on-year basis, moderating from the 5.5% growth in the previous quarter.
The sectors which contributed the most to growth in the quarter were the
manufacturing and finance & insurance sectors. For the whole of 2017, the
economy expanded by 3.6%, higher than the 2.4% growth in 2016. All major
sectors grew in 2017, with the exception of the construction sector. The
manufacturing and finance & insurance sectors were the key contributors
to overall GDP growth. |
|
|
The manufacturing sector expanded by 4.8% in the fourth quarter
2017, slowing from the 19% surge in the third quarter. Growth was led by
robust output expansions in the electronics and precision engineering
clusters, which more than offset declines in the biomedical manufacturing and
transport engineering clusters. For full year 2017, the manufacturing sector
grew by 10%, higher than the 3.7% growth in 2016. Growth was primarily driven
by the electronics and precision engineering clusters, while output declines
in the biomedical manufacturing, transport engineering and general
manufacturing clusters weighed on growth. |
|
|
The services producing industries collectively expanded to 3.5%
in the fourth quarter 2017, the same pace of growth as the previous quarter.
Among the services sectors, the finance & insurance sector registered the
strongest growth at 6.3%, followed by the information & communications
(6.0%) and the transportation & storage (5.3%) sectors. Services producing
industries as a whole expanded to 2.8% in full year 2017, faster than the
1.4% growth in 2016. All services sectors saw positive growth. |
|
|
Among the services sectors, the transportation & storage and
finance & insurance sectors registered the fastest pace of growth in
2017. Growth of the transportation & storage sector came in at 4.8%, a
pickup from the 1.3% in 2016, largely due to stronger growth in the water
transport and air transport segments. Similarly, the finance & insurance
sector expanded by 4.8%, improving from the 1.6% growth in 2016. The robust
performance of the sector was largely because of strong growth in the fund
management segment, even as growth in the financial intermediation and
insurance segments remained firm. |
|
|
Besides, the construction sector contracted to 5.0%, extending
the 9.3% decline in the third quarter 2017. The output of the sector was
weighed down primarily by the weakness in private sector construction
activities, as certified payments across all private construction segments
declined. Meanwhile, the construction sector contracted to 8.4% in 2017, a
reversal from the 1.9% growth in 2016. Output in the sector was primarily
weighed down by the weakness in private sector construction works. |
|
|
In the fourth quarter 2017, total demand rose by 4.9%, lower
than the 5.5% growth in the preceding quarter. For the whole of 2017, growth
in total demand came in at 4.4%, an improvement from the 1.6% in 2016.
External demand was the key contributor to total demand growth (3.0
percentage-points), while the contribution from domestic demand was also
positive (1.4 percentage-points). |
|
|
Total domestic demand rose by 6.6 % in the fourth quarter 2017, following
the 8.5% growth in the previous quarter. Growth was supported primarily by
the build-up in inventories and also higher consumption expenditure. Gross
fixed capital formation also contributed positively to total domestic demand
growth in the quarter. For 2017 as a whole, total domestic demand increased
by 5.4%, higher than the 3.1% expansion in 2016. Meanwhile, external demand
rose by 4.2% in the fourth quarter 2017, similar to the 4.4% growth in the
preceding quarter. The increase in external demand was primarily due to
higher real merchandise exports. For the full year 2017, external demand grew
at a faster pace of 4.1%, compared to the 1.1% growth in 2016. |
|
|
Total consumption expenditure rose at a slower pace of 4.4% in
the fourth quarter 2017, compared to the 5.7% expansion in the previous
quarter. For the full year 2017, total consumption expenditure grew by 3.3%,
an improvement from the 2.1% growth in 2016, on the back of faster growth in
both public and private consumption. Public consumption expanded by 4.1%,
compared to 3.5% in 2016, while private consumption grew by 3.1%, compared to
1.7% in the previous year. Expenditure on miscellaneous goods & services,
recreation & culture and housing & utilities were the main contributors
to private consumption growth. |
|
|
Since November 2017, the outlook for global growth has improved
slightly with the IMF upgrading its global growth forecast for 2018 to 3.9%,
partly on the back of higher growth expected in the US due to the recently approved
tax reforms. However, as compared to 2017, growth in most of Singapore’s key
final demand markets such as the Eurozone, Japan, NIEs and ASEAN-5 is
projected to moderate or remain unchanged in 2018. In the US, GDP growth is
projected to improve further in 2018, supported by domestic demand and fiscal
stimulus arising from the recently approved tax reforms, although there are
uncertainties around the extent to which investments would respond to the tax
reforms. On the other hand, growth in the Eurozone economy is projected to
moderate in 2018, following the rebound seen in 2017. Growth will be
underpinned by continued improvements in labour market conditions and largely
accommodative monetary policies. |
|
|
In Asia, China’s growth is also expected to ease in 2018 on the
back of a slowdown in investment, even as consumption is likely to remain
stable and provide support to growth. Meanwhile, growth in the key ASEAN
economies is expected to remain firm in 2018, supported by sustained
improvements in domestic demand as well as merchandise exports. On balance,
the external demand outlook for Singapore is expected to be slightly weaker
in 2018 as compared to 2017. Taking into account the global and domestic
economic environments, Ministry of Trade and Industry (MTI) has maintained
the 2018 GDP growth forecast at “1.5 to 3.5%”. MTI’s central view is that
growth will likely come in slightly above the middle of the forecast range,
barring the materialisation of downside risks. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
PACIFIC WORLD SHIPPING PTE. LTD. |
|
Financial Year End |
2016-06-30 |
2015-06-30 |
2014-06-30 |
2013-06-30 |
2012-06-30 |
|
Months |
12 |
12 |
12 |
12 |
15 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
49,605,556 |
86,523,261 |
66,734,535 |
101,639,645 |
54,093,414 |
|
Other Income |
- |
- |
152,667 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
49,605,556 |
86,523,261 |
66,887,202 |
101,639,645 |
54,093,414 |
|
Costs of Goods Sold |
(48,429,651) |
(83,565,178) |
(64,287,666) |
(99,735,585) |
(51,509,625) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
1,175,905 |
2,958,083 |
2,599,536 |
1,904,060 |
2,583,789 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(1,247,405) |
508,794 |
632,872 |
103,097 |
1,245,209 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(1,247,405) |
508,794 |
632,872 |
103,097 |
1,245,209 |
|
Taxation |
(1,901) |
5,703 |
(11,582) |
(361,387) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(1,249,306) |
514,497 |
621,290 |
(258,290) |
1,245,209 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
1,819,865 |
1,305,368 |
684,078 |
942,368 |
1,197,159 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,819,865 |
1,305,368 |
684,078 |
942,368 |
1,197,159 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
570,559 |
1,819,865 |
1,305,368 |
684,078 |
2,442,368 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
- |
(1,500,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
570,559 |
1,819,865 |
1,305,368 |
684,078 |
942,368 |
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
46,160 |
11,461 |
15,582 |
13,127 |
14,699 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
46,160 |
11,461 |
15,582 |
13,127 |
14,699 |
|
============ |
============ |
============ |
============ |
============ |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
|
|
PACIFIC WORLD SHIPPING PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
22,510 |
27,476 |
31,331 |
19,127 |
29,966 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
22,510 |
27,476 |
31,331 |
19,127 |
29,966 |
|
CURRENT ASSETS |
|||||
|
Trade debtors |
4,309,659 |
7,641,905 |
3,928,207 |
5,156,638 |
1,092,559 |
|
Other debtors, deposits & prepayments |
2,150,065 |
1,522,531 |
676,745 |
1,366,274 |
1,497,643 |
|
Amount due from holding company |
- |
196,297 |
204,837 |
220,522 |
219,702 |
|
Amount due from subsidiary companies |
- |
- |
- |
1,687,629 |
- |
|
Amount due from related companies |
3,347,161 |
- |
- |
3,090,289 |
1,464,953 |
|
Cash & bank balances |
2,598,379 |
2,442,433 |
2,106,111 |
541,787 |
1,004,041 |
|
Others |
- |
- |
67,125 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
12,405,264 |
11,803,166 |
6,983,025 |
12,063,139 |
5,278,898 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
12,427,774 |
11,830,642 |
7,014,356 |
12,082,266 |
5,308,864 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
819,986 |
2,885,163 |
2,534,631 |
4,104,204 |
1,162,009 |
|
Other creditors & accruals |
3,198,516 |
2,099,458 |
2,095,357 |
38,190 |
139,734 |
|
Deposits from customers |
- |
- |
- |
860,248 |
369,232 |
|
Amounts owing to holding company |
3,090,371 |
4,017,156 |
- |
832,433 |
832,433 |
|
Amounts owing to related companies |
3,555,727 |
- |
- |
4,192,726 |
854,088 |
|
Provision for taxation |
- |
- |
70,000 |
361,387 |
- |
|
Other liabilities |
183,615 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
10,848,215 |
9,001,777 |
4,699,988 |
10,389,188 |
3,357,496 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
1,557,049 |
2,801,389 |
2,283,037 |
1,673,951 |
1,921,402 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,579,559 |
2,828,865 |
2,314,368 |
1,693,078 |
1,951,368 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
1,009,000 |
1,009,000 |
1,009,000 |
1,009,000 |
1,009,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,009,000 |
1,009,000 |
1,009,000 |
1,009,000 |
1,009,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
570,559 |
1,819,865 |
1,305,368 |
684,078 |
942,368 |
|
Others |
- |
0 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
570,559 |
1,819,865 |
1,305,368 |
684,078 |
942,368 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,579,559 |
2,828,865 |
2,314,368 |
1,693,078 |
1,951,368 |
|
============ |
============ |
============ |
============ |
============ |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
|
|
PACIFIC WORLD SHIPPING PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
2,598,379 |
2,442,433 |
2,106,111 |
541,787 |
1,004,041 |
|
Net Liquid Funds |
2,598,379 |
2,442,433 |
2,106,111 |
541,787 |
1,004,041 |
|
Net Liquid Assets |
1,557,049 |
2,801,389 |
2,283,037 |
1,673,951 |
1,921,402 |
|
Net Current Assets/(Liabilities) |
1,557,049 |
2,801,389 |
2,283,037 |
1,673,951 |
1,921,402 |
|
Net Tangible Assets |
1,579,559 |
2,828,865 |
2,314,368 |
1,693,078 |
1,951,368 |
|
Net Monetary Assets |
1,557,049 |
2,801,389 |
2,283,037 |
1,673,951 |
1,921,402 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
508,794 |
632,872 |
103,097 |
1,245,209 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(1,201,245) |
520,255 |
648,454 |
116,224 |
1,259,908 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
10,848,215 |
9,001,777 |
4,699,988 |
10,389,188 |
3,357,496 |
|
Total Assets |
12,427,774 |
11,830,642 |
7,014,356 |
12,082,266 |
5,308,864 |
|
Net Assets |
1,579,559 |
2,828,865 |
2,314,368 |
1,693,078 |
1,951,368 |
|
Net Assets Backing |
1,579,559 |
2,828,865 |
2,314,368 |
1,693,078 |
1,951,368 |
|
Shareholders' Funds |
1,579,559 |
2,828,865 |
2,314,368 |
1,693,078 |
1,951,368 |
|
Total Share Capital |
1,009,000 |
1,009,000 |
1,009,000 |
1,009,000 |
1,009,000 |
|
Total Reserves |
570,559 |
1,819,865 |
1,305,368 |
684,078 |
942,368 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(42.67) |
29.65 |
(34.34) |
87.90 |
168.84 |
|
Proft/(Loss) Before Tax |
(345.17) |
(19.61) |
513.86 |
(91.72) |
135.53 |
|
Proft/(Loss) After Tax |
(342.82) |
(17.19) |
340.54 |
(120.74) |
135.53 |
|
Total Assets |
(25.36) |
68.66 |
(41.95) |
127.59 |
86.37 |
|
Total Liabilities |
(14.37) |
91.53 |
(54.76) |
209.43 |
104.43 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.24 |
0.27 |
0.45 |
0.05 |
0.30 |
|
Liquid Ratio |
1.14 |
1.31 |
1.49 |
1.16 |
1.57 |
|
Current Ratio |
1.14 |
1.31 |
1.49 |
1.16 |
1.57 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
0 |
0 |
0 |
0 |
|
Debtors Ratio |
32 |
32 |
21 |
19 |
7 |
|
Creditors Ratio |
6 |
13 |
14 |
15 |
8 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
6.87 |
3.18 |
2.03 |
6.14 |
1.72 |
|
Times Interest Earned Ratio |
0 |
0 |
0 |
0 |
0 |
|
Assets Backing Ratio |
1.57 |
2.80 |
2.29 |
1.68 |
1.93 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(2.51) |
0.59 |
0.95 |
0.10 |
2.30 |
|
Net Profit Margin |
(2.52) |
0.59 |
0.93 |
(0.25) |
2.30 |
|
Return On Net Assets |
(78.97) |
17.99 |
27.35 |
6.09 |
63.81 |
|
Return On Capital Employed |
(78.97) |
17.99 |
27.35 |
6.09 |
63.81 |
|
Return On Shareholders' Funds/Equity |
(79.09) |
18.19 |
26.84 |
(15.26) |
63.81 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
1.20 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 90.12 |
|
Euro |
1 |
INR 80.09 |
|
SGD |
1 |
INR 49.41 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
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.