|
|
|
MIRA
INFORM REPORT
|
Report No. : |
498863 |
|
Report Date : |
24.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
TPSC ASIA PTE. LTD. |
|
|
|
|
Formerly Known As : |
·
TOTAL PETROCHEMICALS SOUTH EAST ASIA PTE.
LTD (31/10/2014) ·
ATOFINA SOUTH EAST ASIA PTE LTD
(08/10/2004) ·
ELF ATOCHEM SOUTH EAST ASIA PTE LTD
(15/04/2000) ·
ATOCHEM SOUTH EAST ASIA PTE LTD
(01/01/1992) |
|
|
|
|
Registered Office : |
53, Tuas Crescent, 638732 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
12.11.1983 |
|
|
|
|
Com. Reg. No.: |
198305378K |
|
|
|
|
Legal Form : |
Private limited (limited by share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the
manufacturing of polystyrene plastic raw materials. |
|
|
|
|
No. of Employees : |
75 [2018] |
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 |
|
|
|
|
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. |
: |
198305378K |
||||
|
COMPANY NAME |
: |
TPSC ASIA PTE. LTD. |
||||
|
FORMER NAME |
: |
TOTAL PETROCHEMICALS SOUTH EAST ASIA PTE. LTD (31/10/2014) |
||||
|
INCORPORATION DATE |
: |
12/11/1983 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
53, TUAS CRESCENT, 638732, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
53 TUAS CRESCENT, 638732, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68621228 |
||||
|
FAX.NO. |
: |
65-68623179 |
||||
|
WEB SITE |
: |
WWW.TPSC-ASIA.COM/ |
||||
|
CONTACT PERSON |
: |
TEO YI-DAR @ ZHANG YIDA ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF POLYSTYRENE PLASTIC RAW MATERIALS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
25,403,200.00 ORDINARY SHARE, OF A VALUE OF SGD 23,458,699.68 |
||||
|
SALES |
: |
USD 104,561,686 [2016] |
||||
|
NET WORTH |
: |
USD 13,263,892 [2016] |
||||
|
STAFF STRENGTH |
: |
75 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
SLOW |
||||
|
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)
manufacturing of polystyrene plastic raw materials.
The immediate holding company of the Subject is TPSC HOLDINGS PTE.
LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the Subject is TECK LEE HOLDINGS
PTE LTD, a company incorporated in SINGAPORE.
The intermediate holding company of the Subject is HO LEE GROUP
PTE LTD, a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
20/03/2018 |
SGD 23,458,699.68 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
TPSC HOLDINGS PTE. LTD. |
200, JALAN SULTAN, 04-25, TEXTILE CENTRE 199018 ,SINGAPORE |
201431494E |
25,403,200.00 |
100.00 |
|
--------------- |
------ |
|||
|
25,403,200.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
TEO YI-DAR @ ZHANG YIDA |
|
Address |
: |
7E, JALAN BERJAYA, THOMSON RISE ESTATE, 578606, SINGAPORE. |
|
IC / PP No |
: |
S7129289D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/10/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
198802660D |
HG METAL MANUFACTURING LIMITED |
Director |
13/11/2014 |
0.00 |
- |
SGD(5,648,000.00) |
2015 |
- |
25/01/2017 |
|
2 |
200104588H |
ORIENTAL METALS PTE LTD |
Director |
09/02/2015 |
0.00 |
- |
SGD1,918,324.00 |
2015 |
- |
01/03/2017 |
|
3 |
198305378K |
TPSC ASIA PTE. LTD. |
Director |
31/10/2014 |
0.00 |
- |
USD1,845,237.00 |
2016 |
- |
20/03/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
TAN HAI PENG, MICHEAL |
|
Address |
: |
23, JALAN LEBAN, SEMBAWANG HILLS ESTATE, 577560, SINGAPORE. |
|
Other Address(es) |
: |
BLOCK 889A #10-1038, TAMPINES STREET 81, SINGAPORE 521889 |
|
IC / PP No |
: |
S7020677C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/10/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
||
|
No. |
% |
||||||||||
|
1 |
199600831K |
HO LEE GROUP PTE LTD |
Director |
15/12/1997 |
0.00 |
- |
SGD80,505,572.00 |
2014 |
- |
08/07/2016 |
|
|
2 |
386474K |
HO LEE MACHINERY SDN. BHD. |
Director |
14/12/1996 |
0.00 |
- |
MYR(1,685.00) |
2009 |
Disolved by Member Voluntary (17/08/2011) |
23/02/2018 |
|
|
3 |
198305378K |
TPSC ASIA PTE. LTD. |
Director |
31/10/2014 |
0.00 |
- |
USD1,845,237.00 |
2016 |
- |
20/03/2018 |
|
MANAGEMENT |
|||||||||||
|
1) |
Name of Subject |
: |
TEO YI-DAR @ ZHANG YIDA |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
JOANNA LIM LAN SIM |
|
IC / PP No |
: |
S1572261D |
|
|
Address |
: |
165, TAMPINES STREET 12, 09-305, 521165, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
TAY TUAN LENG |
|
IC / PP No |
: |
S7432140B |
|
|
Address |
: |
469B, SENGKANG WEST WAY, 19-614, FERNVALE LEA, 792469,
SINGAPORE. |
|
|
|
BANKING |
Banking relations are maintained principally with :
|
1) |
Name |
: |
BNP PARIBAS |
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201507962 |
14/07/2015 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
C201507964 |
14/07/2015 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
|
C201507968 |
14/07/2015 |
N/A |
MALAYAN BANKING BERHAD |
- |
Unsatisfied |
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT |
* A check has been conducted in our databank againt the Subject whether the subject
has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD |
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import Countries |
: |
ASIA |
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 |
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
75 |
75 |
75 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
polystyrene plastic raw materials.
The Subject is a well-known Polystyrene resin producer in the region and
beyond.
With plant capacity of 100,000 ton/year, they supply high quality general
purpose polystyrene (GPPS) and high impact polystyrene (HIPS) to over thirty
countries worldwide.
The plant is strategically located in Singapore, which allows convenient access
to the other Asia Pacific countries and the rest of the world.
The Subject is committed to offering quality products to customers in
industries such as electrical and electronic, office automation, consumer
goods, packaging, and medical.
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68621228 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
53 TUAS CRESCENT 638732 SINGAPORE |
|
Current Address |
: |
53 TUAS CRESCENT, 638732, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
13.91% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
20.50% |
] |
|
|
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. The
Subject's management had generated acceptable return for its shareholders
using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
43 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
56 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
6 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding
cost. This had reduced funds being tied up in stocks. The Subject's management
was quite efficient in handling its debtors. The Subject's debtors days were
at an acceptable range, thus the risk of its debts turning bad was minimised.
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 |
[ |
1.27 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.71 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 |
: |
Acceptable |
[ |
3.11 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.32 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no
sharp fall in its profit or sudden increase in the interest rates, we believe
the Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject was highly geared, thus it had a high financial
risk. The Subject was dependent on loans to finance its business needs. In
times of economic downturn and / or high interest rate, the Subject will
become less profitable and competitive than other firms in the same industry,
which are lowly geared. This is because the Subject has to service the
interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the Subject's turnover and the interest
it needs to pay. |
||||||
|
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 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 had an acceptable interest cover. If there is no
sudden sharp increase in interest rate or fall in the Subject's profit, we do
believe the Subject is able to generate sufficient cash flow to service its
interest payment. The Subject's gearing level was high and its going concern
will be in doubt if there is no injection of additional shareholders' funds
in times of economic downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject : FAIR |
||||||
|
|
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
|
|
Major Economic Indicators : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population (Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood & Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper & Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing & Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical & Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber & Plastic Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery & Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport, Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance & Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government Services |
6.50 |
6.30 |
- |
- |
- |
|
Education Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS |
|
INDUSTRY : |
MANUFACTURING |
|
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 |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
TPSC ASIA 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 |
104,561,686 |
104,160,658 |
150,432,000 |
161,064,000 |
186,517,000 |
|
Other Income |
79,035 |
48,247 |
1,646,000 |
742,000 |
773,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
104,640,721 |
104,208,905 |
152,078,000 |
161,806,000 |
187,290,000 |
|
Costs of Goods Sold |
(94,854,567) |
(96,538,682) |
(144,450,000) |
(154,852,000) |
(180,786,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
9,786,154 |
7,670,223 |
7,628,000 |
6,954,000 |
6,504,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,491,185 |
(411,792) |
(3,230,000) |
(6,436,000) |
(7,294,000) |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
354,052 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,845,237 |
(411,792) |
(3,230,000) |
(6,436,000) |
(7,294,000) |
|
Taxation |
- |
- |
- |
- |
(1,177,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,845,237 |
(411,792) |
(3,230,000) |
(6,436,000) |
(8,471,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(61,540,435) |
(60,145,000) |
(56,915,000) |
(50,479,000) |
(42,008,000) |
|
Prior year adjustment |
- |
(983,643) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(61,540,435) |
(61,128,643) |
(56,915,000) |
(50,479,000) |
(42,008,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(59,695,198) |
(61,540,435) |
(60,145,000) |
(56,915,000) |
(50,479,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(59,695,198) |
(61,540,435) |
(60,145,000) |
(56,915,000) |
(50,479,000) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
494,191 |
452,831 |
65,000 |
- |
- |
|
Term loan / Borrowing |
379,899 |
72,968 |
- |
- |
- |
|
Others |
- |
- |
279,000 |
456,000 |
393,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
874,090 |
525,799 |
344,000 |
456,000 |
393,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
2,096,817 |
2,141,808 |
2,051,000 |
2,139,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
2,096,817 |
2,141,808 |
2,051,000 |
2,139,000 |
- |
|
============= |
============= |
============= |
============= |
||
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
TPSC ASIA PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
9,171,596 |
10,802,998 |
11,533,000 |
13,586,000 |
15,228,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
- |
- |
- |
26,000 |
26,000 |
|
Deferred assets |
354,052 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
354,052 |
- |
- |
26,000 |
26,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
9,525,648 |
10,802,998 |
11,533,000 |
13,612,000 |
15,254,000 |
|
CURRENT ASSETS |
|||||
|
Stocks |
12,252,696 |
8,788,374 |
11,677,000 |
11,864,000 |
16,408,000 |
|
Trade debtors |
16,160,670 |
12,594,597 |
19,023,000 |
25,214,000 |
33,147,000 |
|
Other debtors, deposits & prepayments |
5,295,884 |
4,611,418 |
905,000 |
9,992,000 |
10,891,000 |
|
Short term deposits |
- |
- |
- |
- |
171,000 |
|
Amount due from holding company |
11,461,035 |
- |
- |
- |
- |
|
Amount due from related companies |
- |
- |
- |
2,192,000 |
2,660,000 |
|
Cash & bank balances |
2,648,073 |
7,201,432 |
3,660,000 |
56,000 |
466,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
47,818,358 |
33,195,821 |
35,265,000 |
49,318,000 |
63,743,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
57,344,006 |
43,998,819 |
46,798,000 |
62,930,000 |
78,997,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
1,662,877 |
905,242 |
9,192,000 |
2,532,000 |
3,559,000 |
|
Other creditors & accruals |
1,267,669 |
1,197,380 |
1,646,000 |
3,240,000 |
3,590,000 |
|
Short term borrowings/Term loans |
1,657,017 |
848,951 |
- |
- |
- |
|
Amounts owing to holding company |
23,329,290 |
11,589,361 |
65,000 |
- |
- |
|
Amounts owing to related companies |
- |
- |
- |
59,714,000 |
67,968,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
27,916,853 |
14,540,934 |
10,903,000 |
65,486,000 |
75,117,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
19,901,505 |
18,654,887 |
24,362,000 |
(16,168,000) |
(11,374,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Long term loans |
15,879,750 |
6,219,960 |
- |
- |
- |
|
Deferred taxation |
283,511 |
283,511 |
- |
- |
- |
|
Others |
- |
11,535,759 |
23,081,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
16,163,261 |
18,039,230 |
23,081,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
13,263,892 |
11,418,655 |
12,814,000 |
(2,556,000) |
3,880,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
72,959,090 |
72,959,090 |
72,959,000 |
54,359,000 |
54,359,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
72,959,090 |
72,959,090 |
72,959,000 |
54,359,000 |
54,359,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
(59,695,198) |
(61,540,435) |
(60,145,000) |
(56,915,000) |
(50,479,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(59,695,198) |
(61,540,435) |
(60,145,000) |
(56,915,000) |
(50,479,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
13,263,892 |
11,418,655 |
12,814,000 |
(2,556,000) |
3,880,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
TPSC ASIA PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
2,648,073 |
7,201,432 |
3,660,000 |
56,000 |
637,000 |
|
Net Liquid Funds |
2,648,073 |
7,201,432 |
3,660,000 |
56,000 |
637,000 |
|
Net Liquid Assets |
7,648,809 |
9,866,513 |
12,685,000 |
(28,032,000) |
(27,782,000) |
|
Net Current Assets/(Liabilities) |
19,901,505 |
18,654,887 |
24,362,000 |
(16,168,000) |
(11,374,000) |
|
Net Tangible Assets |
13,263,892 |
11,418,655 |
12,814,000 |
(2,556,000) |
3,880,000 |
|
Net Monetary Assets |
(8,514,452) |
(8,172,717) |
(10,396,000) |
(28,032,000) |
(27,782,000) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
2,719,327 |
114,007 |
(2,886,000) |
(5,980,000) |
(6,901,000) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
4,816,144 |
2,255,815 |
(835,000) |
(3,841,000) |
(6,901,000) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
17,536,767 |
7,068,911 |
0 |
0 |
0 |
|
Total Liabilities |
44,080,114 |
32,580,164 |
33,984,000 |
65,486,000 |
75,117,000 |
|
Total Assets |
57,344,006 |
43,998,819 |
46,798,000 |
62,930,000 |
78,997,000 |
|
Net Assets |
13,263,892 |
11,418,655 |
12,814,000 |
(2,556,000) |
3,880,000 |
|
Net Assets Backing |
13,263,892 |
11,418,655 |
12,814,000 |
(2,556,000) |
3,880,000 |
|
Shareholders' Funds |
13,263,892 |
11,418,655 |
12,814,000 |
(2,556,000) |
3,880,000 |
|
Total Share Capital |
72,959,090 |
72,959,090 |
72,959,000 |
54,359,000 |
54,359,000 |
|
Total Reserves |
(59,695,198) |
(61,540,435) |
(60,145,000) |
(56,915,000) |
(50,479,000) |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
0.39 |
(30.76) |
(6.60) |
(13.65) |
(1.70) |
|
Proft/(Loss) Before Tax |
548.10 |
87.25 |
49.81 |
11.76 |
(324.98) |
|
Proft/(Loss) After Tax |
548.10 |
87.25 |
49.81 |
24.02 |
(291.69) |
|
Total Assets |
30.33 |
(5.98) |
(25.63) |
(20.34) |
(10.93) |
|
Total Liabilities |
35.30 |
(4.13) |
(48.10) |
(12.82) |
(1.60) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.09 |
0.50 |
0.34 |
0 |
0.01 |
|
Liquid Ratio |
1.27 |
1.68 |
2.16 |
0.57 |
0.63 |
|
Current Ratio |
1.71 |
2.28 |
3.23 |
0.75 |
0.85 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
43 |
31 |
28 |
27 |
32 |
|
Debtors Ratio |
56 |
44 |
46 |
57 |
65 |
|
Creditors Ratio |
6 |
3 |
23 |
6 |
7 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.32 |
0.62 |
0 |
0 |
0 |
|
Liabilities Ratio |
3.32 |
2.85 |
2.65 |
(25.62) |
19.36 |
|
Times Interest Earned Ratio |
3.11 |
0.22 |
(8.39) |
(13.11) |
(17.56) |
|
Assets Backing Ratio |
0.18 |
0.16 |
0.18 |
(0.05) |
0.07 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
1.76 |
(0.40) |
(2.15) |
(4.00) |
(3.91) |
|
Net Profit Margin |
1.76 |
(0.40) |
(2.15) |
(4.00) |
(4.54) |
|
Return On Net Assets |
20.50 |
1.00 |
(22.52) |
233.96 |
(177.86) |
|
Return On Capital Employed |
9.24 |
0.39 |
(8.04) |
233.96 |
(177.86) |
|
Return On Shareholders' Funds/Equity |
13.91 |
(3.61) |
(25.21) |
251.80 |
(218.32) |
|
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 65.13 |
|
|
1 |
INR 91.95 |
|
Euro |
1 |
INR 80.34 |
|
SGD |
1 |
INR 49.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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.