|
|
|
MIRA
INFORM REPORT
|
Report No. : |
497097 |
|
Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
STMICROELECTRONICS ASIA PACIFIC PTE LTD |
|
|
|
|
Formerly Known As : |
SGS-THOMSON MICROELECTRONICS ASIA PACIFIC (PTE) LTD |
|
|
|
|
Registered Office : |
5A, Serangoon North Avenue 5, 554574 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
22.06.1994 |
|
|
|
|
Com. Reg. No.: |
199404407W |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
Subject is principally engaged in the
manufacture of printed circuit boards without electronic parts. |
|
|
|
|
No. of Employees : |
750 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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. |
: |
199404407W |
|
COMPANY
NAME |
: |
STMICROELECTRONICS
ASIA PACIFIC PTE LTD |
|
FORMER
NAME |
: |
SGS-THOMSON
MICROELECTRONICS ASIA PACIFIC (PTE) LTD (19/05/1998) |
|
INCORPORATION
DATE |
: |
22/06/1994 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
5A,
SERANGOON NORTH AVENUE 5, 554574, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
5A,
SERANGOON NORTH AVENUE 5, 554574, SINGAPORE. |
|
TEL.NO. |
: |
65-62165000 |
|
FAX.NO. |
: |
65-64820240 |
|
WEB
SITE |
: |
WWW.ST.COM |
|
CONTACT
PERSON |
: |
STOLTZ
BERTRAND BERNARD PAUL ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURE
OF PRINTED CIRCUIT BOARDS WITHOUT ELECTRONIC PARTS |
|
ISSUED
AND PAID UP CAPITAL |
: |
13,982,000.00
ORDINARY SHARE, OF A VALUE OF SGD 13,982,000.00 |
|
SALES |
: |
USD
3,752,750,000 [2016] |
|
NET
WORTH |
: |
USD
7,178,000 [2016] |
|
STAFF
STRENGTH |
: |
750
[2018] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL
CONDITION |
: |
STABLE |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT
CAPABILITY |
: |
GOOD |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
GOOD |
|
INDUSTRY
OUTLOOK |
: |
MARGINAL
GROWTH |
HISTORY / BACKGROUND |
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The
Subject is principally engaged in the (as a / as an) manufacture of printed
circuit boards without electronic parts.
The
immediate and ultimate holding company of the Subject is STMICROELECTRONICS
N.V., a company incorporated in NETHERLANDS.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
13/03/2018 |
SGD
13,982,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
STMICROELECTRONICS
N.V. |
WTC
SCHIPHOL AIRPORT AMSTERDAM, SCHIPHOL BOULEVARD 265, 1118 BH SCHIPHOL AIRPORT,
THE NEDERLANDS NETHERLANDS |
S69UF0067 |
13,982,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
13,982,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
INDIA |
ST
MICROELECTRONIS MARKETING PVT. LTD |
- |
100.00 |
31/12/2016 |
|
|
THAILAND |
STMICROELECTRONICS
(THAILAND) LTD |
- |
100.00 |
31/12/2016 |
|
|
AUSTRALIA |
STMICROELECTRONICS
PTY LIMITED |
- |
100.00 |
31/12/2016 |
DIRECTORS |
DIRECTOR 1
|
Name
Of Subject |
: |
CARLO
MARIA FERRO |
|
Address |
: |
CHEMIN
DU CHAMP-DES-FILLES 39, 1228, PLAN-LES-OUATES, (GE), SWITZERLAND. |
|
IC
/ PP No |
: |
X2257264 |
|
Nationality |
: |
SWISS |
|
Date
of Appointment |
: |
01/04/2016 |
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 |
199404407W |
STMICROELECTRONICS
ASIA PACIFIC PTE LTD |
Director |
01/04/2016 |
0.00 |
- |
USD35,242,000.00 |
2016 |
- |
13/03/2018 |
|
2 |
196900236M |
STMICROELECTRONICS
PTE LTD |
Director |
01/04/2016 |
0.00 |
- |
USD8,275,000.00 |
2015 |
- |
24/11/2016 |
DIRECTOR 2
|
Name
Of Subject |
: |
JEROME
GEORGES CLAUDE ROUX |
|
Address |
: |
82,
GRANGE ROAD, 20-04, COLONNADE APARTMENT, 249587, SINGAPORE. |
|
IC
/ PP No |
: |
S2731399Z |
|
Nationality |
: |
FRENCH |
|
Date
of Appointment |
: |
01/04/2016 |
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 |
199404407W |
STMICROELECTRONICS
ASIA PACIFIC PTE LTD |
Director |
01/04/2016 |
0.00 |
- |
USD35,242,000.00 |
2016 |
- |
13/03/2018 |
DIRECTOR 3
|
Name
Of Subject |
: |
MARCO
LUCIANO CASSIS |
|
Address |
: |
SUITE
503, OPUS ARISUGAWA TERRACE, 5-4-1, MINAMI AZABU, MINATO-KU, TOKYO 106-0047,
JAPAN. |
|
IC
/ PP No |
: |
YA0372449 |
|
Nationality |
: |
ITALIAN |
|
Date
of Appointment |
: |
03/01/2011 |
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 |
199404407W |
STMICROELECTRONICS
ASIA PACIFIC PTE LTD |
Director |
03/01/2011 |
0.00 |
- |
USD35,242,000.00 |
2016 |
- |
13/03/2018 |
DIRECTOR 4
|
Name
Of Subject |
: |
STOLTZ
BERTRAND BERNARD PAUL |
|
Address |
: |
5,
BALMORAL ROAD, 10-02, TREASURE ON BALMORAL, 259786, SINGAPORE. |
|
IC
/ PP No |
: |
G5690405R |
|
Nationality |
: |
FRENCH |
|
Date
of Appointment |
: |
01/04/2013 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
199404407W |
STMICROELECTRONICS
ASIA PACIFIC PTE LTD |
Director |
01/04/2013 |
0.00 |
- |
USD35,242,000.00 |
2016 |
- |
13/03/2018 |
|
2 |
196900236M |
STMICROELECTRONICS
PTE LTD |
Director |
01/04/2013 |
0.00 |
- |
USD8,275,000.00 |
2015 |
- |
24/11/2016 |
MANAGEMENT |
|
1) |
Name
of Subject |
: |
STOLTZ
BERTRAND BERNARD PAUL |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR |
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
|
|
COMPANY SECRETARIES |
|
1) |
Company
Secretary |
: |
BARRY
MARTIN-DELONGCHAMPS GREGOIRE, CHARLES, ALBERT |
|
IC
/ PP No |
: |
G5807423W |
|
|
Address |
: |
63,
BISHAN STREET 21, 08-01, BISHAN 8, 574045, SINGAPORE. |
|
|
|
BANKING |
No Banker found in our databank.
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 winding up petition was found in our
databank.
|
LEGAL
ACTION |
|
||||||
|
|||||||
|
|||||||
|
Total
PENDING Case(s) : 1 |
|
||||||
|
|||||||
|
Case
Status |
: |
PENDING |
|||||
|
Code
No |
: |
99 |
Case
No |
: |
1323 |
||
|
Year |
: |
2012 |
Place |
: |
SINGAPORE |
||
|
Court |
: |
DISTRICT
COURT |
|||||
|
Date
Filed |
: |
10/05/2012 |
|||||
|
Solicitor
Firm |
: |
APAC
LAW CORPORATION |
|||||
|
Plaintiff |
: |
GUNA
SEGAR S/O RAMANATHAN |
|||||
|
DEFENDANTS |
: |
STMICROELECTRONICS
ASIA PACIFIC PTE LTD (199404407) KEPPEL
SHIPYARD LIMITED (197000594) 51, PIONEER SECTOR 1, 628437, SINGAPORE. |
|||||
|
Amount
Claimed |
: |
100000 |
|||||
|
Nature
of Claim |
: |
SGD |
|||||
|
Remark |
: |
TORT
- NEGLIGENCE |
|||||
|
Total
SETTLED Case(s) : 1 |
|||||||
|
Case
Status |
: |
SETTLED
(CONSENT JUDGEMENT) |
|||||
|
Code
No |
: |
99 |
Case
No |
: |
542 |
||
|
Year |
: |
2012 |
Place |
: |
SINGAPORE |
||
|
Court |
: |
SUPREME
COURT |
|||||
|
Date
Filed |
: |
29/05/2013 |
|||||
|
Solicitor
Firm |
: |
GURBANI
& CO. |
|||||
|
Plaintiff |
: |
PAULUS
TANNOS CATHERINE
TANNOS PT.
SANDIPALA ARTHAPUTRA |
|||||
|
DEFENDANTS |
: |
STMICROELECTRONICS
ASIA PACIFIC PTE LTD (199404407) |
|||||
|
Amount
Claimed |
: |
1712875 1000000 6000000 |
|||||
|
Nature
of Claim |
: |
USD USD USD |
|||||
|
Remark |
: |
CONTRACT-
SALE OF GOODS & SERVICES |
|||||
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 |
[ |
X |
] |
Average
61-90 Days |
[ |
] |
|||||
|
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 |
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2013 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
750 |
750 |
1000 |
800 |
|||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a
/ as an) manufacture of printed circuit boards without electronic parts.
The Group is a world leader in developing and
delivering semiconductor solutions across the spectrum of microelectronics
applications.
The Group is also engaged in the designing and
testing of microelectronics.
It produces a range of electric components such
as diodes, semiconductors, transistors, and memory storage devices.
CURRENT INVESTIGATION |
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-62165000 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
5A
SERANGOON NORTH AVENUE 5, SINGAPORE 554574 |
|
Current
Address |
: |
5A,
SERANGOON NORTH AVENUE 5, 554574, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
On 13th March 2018 we contacted one of the staff
from the Subject and he provided some information.
FINANCIAL ANALYSIS |
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012
- 2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012
- 2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
490.97% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
562.52% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The management had succeeded in turning the Subject into a
profit making company. The profit could be due to better control of its
operating costs and efficiency in utilising its resources. Generally the
Subject was profitable. The favourable return on shareholders' funds and
return on net assets indicate that the Subject's management was efficient in
utilising the assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
7
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
51
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
0
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the Subject. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Acceptable |
[ |
0.90
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.01
Times |
] |
|
|
The
Subject's liquid ratio was slightly low. This could indicate that the
Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Favourable |
[ |
219.45
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
interest cover showed that the Subject was able to service the interest. The
favourable interest cover could indicate that the Subject was making enough
profit to pay for the interest accrued. The Subject had no gearing and hence
it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject's turnover showed a volatile trend but its losses were lower when
compared to the previous corresponding period. This could suggest that the
Subject was more efficient in its operating cost control and was more
competitive. The Subject's liquidity was at an acceptable range. If the
Subject is able to obtain further short term financing, it should be able to
meet all its short term obligations. With the favourable interest cover, the
Subject could be able to service all the accrued interest without facing any
difficulties. The Subject was a zero gearing company, it was solely dependant
on its shareholders to provide funds to finance its business. The Subject has
good chance of getting loans, if the needs arises. |
||||||
|
Overall
financial condition of the Subject : STABLE |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
Major
Economic Indicators : |
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) |
|||||
|
(Source
: Department of Statistics) |
INDUSTRY ANALYSIS |
|
INDUSTRY
: |
MANUFACTURING |
|
In
the first quarter of 2017, manufacturing output rose by 8.0%, following the
increase of 11% in the previous quarter. The robust performance of the sector
was underpinned by sustained growth in the electronics, precision engineering
and chemicals clusters. For the whole year of 2016, the manufacturing sector
grew by 3.6%, a reversal from the 5.1% contraction in the previous year. |
|
|
The
electronics cluster increased by 33% in the first quarter, largely driven by
the semiconductors segment, which saw its output surge by 50%. The strong
performance of the semiconductors segment can be attributed to the continued
recovery in global semiconductors demand, driven in turn by healthy demand in
key end markets such as smartphone and automotive applications. At the same
time, the other electronic modules & components and computer peripherals
segments grew by 9.0% and 1.2% respectively. For the full year of 2016, the
electronics cluster expanded by 16%. |
|
|
Besides,
biomedical manufacturing cluster contracted by 7.5% in the first quarter of
2017. Within the cluster, the medical technology segment recorded robust
growth of 14%, supported by higher export demand for medical instruments.
However, this was outweighed by a 14% decline in the output of the
pharmaceuticals segment as the production of active pharmaceutical
ingredients fell. For 2016 as a whole, the biomedical manufacturing cluster
expanded by 14%, with both the pharmaceuticals and medical technology
segments supporting growth. |
|
|
In
the first quarter of 2017, output of the transport engineering cluster fell
by 11%, dragged down by the marine & offshore engineering (M&OE)
segment. This more than offset expansions in the aerospace (10%) and land (7.0%)
segments. The aerospace segment, in particular, was supported by an increase
in demand for aircraft and engine maintenance work. For the whole year of
2016, the transport engineering cluster contracted by 18%. |
|
|
The
precision engineering cluster expanded by 19% in the first quarter of 2017,
supported by both the machinery & systems (M&S) and precision modules
& components (PMC) segments. Output in the M&S segment rose by 24 %
on the back of robust export demand for semiconductor manufacturing equipment.
Meanwhile, the PMC segment grew by 11% due to an increase in the production
of dies, moulds, tools, jigs & fixtures, optical instruments and metal
precision components. In 2016, the precision engineering cluster’s output
rose by 0.8%. |
|
|
Moreover,
output of the general manufacturing industries shrank by 6.7% in the first
quarter 2017. In particular, the output of the miscellaneous industries
segment fell by 12% due to a decline in the production of fibre glass
products and construction-related products & materials. The printing
segment contracted by 21%, as demand for commercial printing remained weak
and the food, beverage & tobacco segment expanded by 3.2%, supported by
healthy export demand. For the full year 2016, the general manufacturing
industries contracted by 2.5%. |
|
|
The
output of the chemicals cluster increased by 2.9% in the first quarter of
2017 supported primarily by growth in the petrochemicals (9.8%) and specialty
chemicals (2.9%) segments. Growth in the petrochemicals segment was partly the
result of a low base effect as production levels a year ago were weak due to
plant maintenance shutdowns. On the other hand, the other chemicals segment
contracted to 5.6% on account of a lower level of production of fragrances.
For the full year 2016, the chemicals cluster contracted by 0.9 per cent.
This was due to a decline in the output of the petrochemicals segment arising
from major plant maintenance shutdowns, even as the output of all other
segments expanded. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
FINANCIALS
PROFIT AND LOSS ACCOUNT |
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
STMICROELECTRONICS
ASIA PACIFIC PTE LTD |
|
Financial
Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
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 |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
3,752,750,000 |
3,672,173,000 |
3,854,494,000 |
3,885,300,000 |
3,820,925,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
3,752,750,000 |
3,672,173,000 |
3,854,494,000 |
3,885,300,000 |
3,820,925,000 |
|
Costs
of Goods Sold |
(3,500,950,000) |
(3,517,206,000) |
(3,646,733,000) |
(3,651,122,000) |
(3,551,256,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
251,800,000 |
154,967,000 |
207,761,000 |
234,178,000 |
269,669,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
40,194,000 |
(40,255,000) |
8,754,000 |
20,448,000 |
76,402,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
40,194,000 |
(40,255,000) |
8,754,000 |
20,448,000 |
76,402,000 |
|
Taxation |
(4,952,000) |
3,551,000 |
(839,000) |
(4,483,000) |
(8,798,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
35,242,000 |
(36,704,000) |
7,915,000 |
15,965,000 |
67,604,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
(36,474,000) |
13,230,000 |
16,115,000 |
115,150,000 |
217,546,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
(36,474,000) |
13,230,000 |
16,115,000 |
115,150,000 |
217,546,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(1,232,000) |
(23,474,000) |
24,030,000 |
131,115,000 |
285,150,000 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
(13,000,000) |
(10,800,000) |
(115,000,000) |
(170,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(1,232,000) |
(36,474,000) |
13,230,000 |
16,115,000 |
115,150,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
- |
- |
- |
1,000 |
1,000 |
|
Others |
184,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
184,000 |
- |
- |
1,000 |
1,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
1,761,000 |
1,820,000 |
1,831,000 |
1,849,000 |
2,069,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
1,761,000 |
1,820,000 |
1,831,000 |
1,849,000 |
2,069,000 |
|
|
============= |
============= |
============= |
============= |
BALANCE SHEET |
|
STMICROELECTRONICS
ASIA PACIFIC PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
5,514,000 |
5,903,000 |
7,516,000 |
7,881,000 |
7,998,000 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
821,000 |
821,000 |
821,000 |
821,000 |
821,000 |
|
Deferred
assets |
1,761,000 |
6,502,000 |
1,337,000 |
1,113,000 |
1,360,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
2,582,000 |
7,323,000 |
2,158,000 |
1,934,000 |
2,181,000 |
|
INTANGIBLE
ASSETS |
|||||
|
Goodwill
on consolidation |
- |
- |
- |
- |
439,000 |
|
Computer
software |
- |
10,000 |
176,000 |
374,000 |
- |
|
Others |
- |
- |
- |
- |
559,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
- |
10,000 |
176,000 |
374,000 |
998,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
8,096,000 |
13,236,000 |
9,850,000 |
10,189,000 |
11,177,000 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
73,230,000 |
83,670,000 |
118,351,000 |
80,265,000 |
76,369,000 |
|
Trade
debtors |
527,730,000 |
432,434,000 |
489,083,000 |
560,513,000 |
547,032,000 |
|
Other
debtors, deposits & prepayments |
5,457,000 |
4,651,000 |
5,459,000 |
5,469,000 |
4,821,000 |
|
Short
term deposits |
784,000 |
546,000 |
521,000 |
366,000 |
552,000 |
|
Amount
due from holding company |
- |
6,185,000 |
2,761,000 |
- |
- |
|
Amount
due from related companies |
81,831,000 |
3,007,000 |
2,916,000 |
511,000 |
46,801,000 |
|
Cash
& bank balances |
2,154,000 |
4,327,000 |
8,021,000 |
3,411,000 |
14,016,000 |
|
Others |
2,641,000 |
2,943,000 |
93,000 |
141,000 |
174,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
693,827,000 |
537,763,000 |
627,205,000 |
650,676,000 |
689,765,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
701,923,000 |
550,999,000 |
637,055,000 |
660,865,000 |
700,942,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
1,307,000 |
1,068,000 |
1,252,000 |
1,472,000 |
461,348,000 |
|
Other
creditors & accruals |
24,243,000 |
25,177,000 |
31,074,000 |
36,471,000 |
36,451,000 |
|
Amounts
owing to holding company |
912,000 |
- |
- |
727,000 |
1,706,000 |
|
Amounts
owing to subsidiary companies |
47,380,000 |
3,266,000 |
3,723,000 |
3,711,000 |
3,316,000 |
|
Amounts
owing to related companies |
613,071,000 |
540,671,000 |
577,594,000 |
591,134,000 |
65,391,000 |
|
Provision
for taxation |
517,000 |
1,683,000 |
1,418,000 |
2,592,000 |
- |
|
Other
liabilities |
606,000 |
185,000 |
354,000 |
233,000 |
9,170,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
688,036,000 |
572,050,000 |
615,415,000 |
636,340,000 |
577,382,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
5,791,000 |
(34,287,000) |
11,790,000 |
14,336,000 |
112,383,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Others |
6,709,000 |
7,013,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
6,709,000 |
7,013,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
7,178,000 |
(28,064,000) |
21,640,000 |
24,525,000 |
123,560,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
8,410,000 |
8,410,000 |
8,410,000 |
8,410,000 |
8,410,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
8,410,000 |
8,410,000 |
8,410,000 |
8,410,000 |
8,410,000 |
|
RESERVES |
|||||
|
Retained
profit/(loss) carried forward |
(1,232,000) |
(36,474,000) |
13,230,000 |
16,115,000 |
115,150,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(1,232,000) |
(36,474,000) |
13,230,000 |
16,115,000 |
115,150,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
7,178,000 |
(28,064,000) |
21,640,000 |
24,525,000 |
123,560,000 |
|
|
============= |
============= |
============= |
============= |
|
FINANCIAL RATIO |
|
STMICROELECTRONICS
ASIA PACIFIC PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
2,938,000 |
4,873,000 |
8,542,000 |
3,777,000 |
14,568,000 |
|
Net
Liquid Funds |
2,938,000 |
4,873,000 |
8,542,000 |
3,777,000 |
14,568,000 |
|
Net
Liquid Assets |
(67,439,000) |
(117,957,000) |
(106,561,000) |
(65,929,000) |
36,014,000 |
|
Net
Current Assets/(Liabilities) |
5,791,000 |
(34,287,000) |
11,790,000 |
14,336,000 |
112,383,000 |
|
Net
Tangible Assets |
7,178,000 |
(28,074,000) |
21,464,000 |
24,151,000 |
122,562,000 |
|
Net
Monetary Assets |
(74,148,000) |
(124,970,000) |
(106,561,000) |
(65,929,000) |
36,014,000 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
40,378,000 |
(40,255,000) |
8,754,000 |
20,449,000 |
76,403,000 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
42,139,000 |
(38,435,000) |
10,585,000 |
22,298,000 |
78,472,000 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
694,745,000 |
579,063,000 |
615,415,000 |
636,340,000 |
577,382,000 |
|
Total
Assets |
701,923,000 |
550,999,000 |
637,055,000 |
660,865,000 |
700,942,000 |
|
Net
Assets |
7,178,000 |
(28,064,000) |
21,640,000 |
24,525,000 |
123,560,000 |
|
Net
Assets Backing |
7,178,000 |
(28,064,000) |
21,640,000 |
24,525,000 |
123,560,000 |
|
Shareholders'
Funds |
7,178,000 |
(28,064,000) |
21,640,000 |
24,525,000 |
123,560,000 |
|
Total
Share Capital |
8,410,000 |
8,410,000 |
8,410,000 |
8,410,000 |
8,410,000 |
|
Total
Reserves |
(1,232,000) |
(36,474,000) |
13,230,000 |
16,115,000 |
115,150,000 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
2.19 |
(4.73) |
(0.79) |
1.68 |
(10.64) |
|
Proft/(Loss)
Before Tax |
199.85 |
(559.85) |
(57.19) |
(73.24) |
(10.18) |
|
Proft/(Loss)
After Tax |
196.02 |
(563.73) |
(50.42) |
(76.38) |
(9.95) |
|
Total
Assets |
27.39 |
(13.51) |
(3.60) |
(5.72) |
9.48 |
|
Total
Liabilities |
19.98 |
(5.91) |
(3.29) |
10.21 |
39.37 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0 |
0.01 |
0.01 |
0.01 |
0.03 |
|
Liquid
Ratio |
0.90 |
0.79 |
0.83 |
0.90 |
1.06 |
|
Current
Ratio |
1.01 |
0.94 |
1.02 |
1.02 |
1.19 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
7 |
8 |
11 |
8 |
7 |
|
Debtors
Ratio |
51 |
43 |
46 |
53 |
52 |
|
Creditors
Ratio |
0 |
0 |
0 |
0 |
47 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
96.79 |
(20.63) |
28.44 |
25.95 |
4.67 |
|
Times
Interest Earned Ratio |
219.45 |
0 |
0 |
20,449.00 |
76,403.00 |
|
Assets
Backing Ratio |
0.85 |
(3.34) |
2.55 |
2.87 |
14.57 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.07 |
(1.10) |
0.23 |
0.53 |
2.00 |
|
Net
Profit Margin |
0.94 |
(1.00) |
0.21 |
0.41 |
1.77 |
|
Return
On Net Assets |
562.52 |
143.44 |
40.45 |
83.38 |
61.83 |
|
Return
On Capital Employed |
290.76 |
191.32 |
40.13 |
82.13 |
61.34 |
|
Return
On Shareholders' Funds/Equity |
490.97 |
130.79 |
36.58 |
65.10 |
54.71 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0.35 |
1.36 |
7.20 |
2.51 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.48 |
|
Euro |
1 |
INR 79.48 |
|
SGD |
1 |
INR 49.30 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
DNS |
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.