|
|
|
MIRA
INFORM REPORT
|
Report No. : |
500109 |
|
Report Date : |
31.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ASIA AIRBLAST PTE LTD |
|
|
|
|
Registered Office : |
55, Tuas Avenue 1, 639503 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
22.02.1996 |
|
|
|
|
Com. Reg. No.: |
199601300E |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in trading of blasting and painting
equipment, surface preparation and finishing equipment. |
|
|
|
|
No. of Employees : |
17 |
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 : |
No Complaints |
|
|
|
|
Litigation : |
-- |
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. |
: |
199601300E |
|
COMPANY NAME |
: |
ASIA AIRBLAST PTE LTD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
22/02/1996 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
55, TUAS AVENUE 1, 639503, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
55, TUAS AVENUE 1, 639503, SINGAPORE. |
|
TEL.NO. |
: |
65-62666010 |
|
FAX.NO. |
: |
65-62666968 |
|
WEB SITE |
: |
WWW.AIRBLAST.COM |
|
CONTACT PERSON |
: |
CHUA THIAM SENG ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF BLASTING AND PAINTING EQUIPMENT, SURFACE PREPARATION
AND FINISHING EQUIPMENT |
|
ISSUED AND PAID UP CAPITAL |
: |
100,002.00 ORDINARY SHARE, OF A VALUE OF SGD 100,002.00 |
|
SALES |
: |
SGD 23,438,580 [2016] |
|
NET WORTH |
: |
SGD 6,864,269 [2016] |
|
STAFF STRENGTH |
: |
17 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
NO COMPLAINTS |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE 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) trading
of blasting and painting equipment, surface preparation and finishing
equipment.
The immediate holding company of the Subject is AIRBLAST B.V.- HOLLAND,
a company incorporated in NETHERLANDS.
The ultimate holding company of the Subject is SHANDONG KAITAI
GROUP CO., LTD, a company incorporated in CHINA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
28/03/2018 |
SGD 100,002.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
AIRBLAST B.V.- HOLLAND |
1704, RB HEERHUGOWAARD, NIJVERHEIDSPLEIN 2A NETHERLANDS |
T06UF0286 |
70,002.00 |
70.00 |
|
MR. CHUA THIAM SENG + |
14, ANG MO KOI CENTRAL 3, 01-22, GRANDEUR 8, 567747, SINGAPORE. |
S1345633Z |
20,000.00 |
20.00 |
|
CEBE HOLDING B.V. |
RONDELAAN 37, 1861 EC, BERGEN NETHERLANDS |
T13UF4169 |
10,000.00 |
10.00 |
|
--------------- |
------ |
|||
|
100,002.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
529463P |
MALAYSIA |
AB CORROSION CONTROL EQUIPMENT SDN. BHD. |
- |
100.00 |
31/12/2016 |
|
INDIA |
AIRBLAST EQUIPMENT INDIA PRIVATE LIMITED |
- |
80.00 |
31/12/2016 |
|
|
INDONESIA |
PT AIRBLAST EQUIPMENT INDONESIA |
- |
100.00 |
31/12/2016 |
|
|
AUSTRALIA |
PUMPLINE PTY LTD |
- |
75.00 |
31/12/2016 |
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
CORNELIS BEKINK |
|
Address |
: |
RONDELAAN 37, 1861, EC BERGEN (NH), NETHERLANDS. |
|
IC / PP No |
: |
BC8RBCKR6 |
|
Nationality |
: |
DUTCH |
|
Date of Appointment |
: |
21/01/1998 |
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 |
199601300E |
ASIA AIRBLAST PTE LTD |
Director |
21/01/1998 |
0.00 |
- |
SGD769,650.00 |
2016 |
- |
28/03/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
WANG RUIGUO |
|
Address |
: |
SUNSHINE NEW ROAD, HUAIYIN DISTRICT, JINAN CITY, SHANDONG
PROVINCE, CHINA. |
|
IC / PP No |
: |
G49067713 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
05/08/2014 |
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 |
199601300E |
ASIA AIRBLAST PTE LTD |
Director |
05/08/2014 |
0.00 |
- |
SGD769,650.00 |
2016 |
- |
28/03/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
ZHANG LAIBIN |
|
Address |
: |
QINGYANG TOWN, ZOUPING COUNTY, SHANDONG, CHINA. |
|
IC / PP No |
: |
E93161269 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
05/08/2014 |
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 |
199601300E |
ASIA AIRBLAST PTE LTD |
Director |
05/08/2014 |
0.00 |
- |
SGD769,650.00 |
2016 |
- |
28/03/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. CHUA THIAM SENG |
|
Address |
: |
14, ANG MO KOI CENTRAL 3, 01-22, GRANDEUR 8, 567747, SINGAPORE. |
|
IC / PP No |
: |
S1345633Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/02/1996 |
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 |
199601300E |
ASIA AIRBLAST PTE LTD |
Director |
22/02/1996 |
20,000.00 |
20.00 |
SGD769,650.00 |
2016 |
- |
28/03/2018 |
MANAGEMENT |
||||||||||
|
1) |
Name of Subject |
: |
CHUA THIAM SENG |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR |
|
Auditor |
: |
ECOVIS ASSURANCE LLP |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
LEE HWANG YANN |
|
IC / PP No |
: |
S7248093G |
|
|
Address |
: |
151, CHIN SWEE ROAD, 03-28, MANHATTAN HOUSE, 169876, SINGAPORE. |
|
|
|
BANKING |
No Banker found in our databank.
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201407009 |
11/07/2014 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201502620 |
26/02/2015 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT |
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No winding up petition was found in our databank.
|
LEGAL ACTION |
|
||||||
|
|||||||
|
|||||||
|
Total SETTLED Case(s) : 1 |
|
||||||
|
|||||||
|
Case Status |
: |
SETTLED |
|||||
|
Code No |
: |
99 |
Case No |
: |
22063 |
||
|
Year |
: |
2013 |
Place |
: |
SINGAPORE |
||
|
Court |
: |
MAGISTRATE COURT |
|||||
|
Date Filed |
: |
08/10/2013 |
|||||
|
Solicitor Firm |
: |
CK TEO & CO. |
|||||
|
Plaintiff |
: |
NATIONAL CAR RENTALS (PRIVATE) LIMITED |
|||||
|
DEFENDANTS |
: |
ASIA AIRBLAST PTE LTD (199601300) |
|||||
|
Remark |
: |
NEGLIGENCE |
|||||
PAYMENT RECORD |
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its supplier.
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 |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Goods Traded |
: |
BLASTING AND PAINTING EQUIPMENT,SURFACE PREPARATION AND
FINISHING EQUIPMENT |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2018 |
2016 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
17 |
25 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of blasting
and painting equipment, surface preparation and finishing equipment.
The Subject has been the world leader in providing blasting and painting
solutions to the anticorrosion industries.
The Subject provides a one-stop service to their clients in the surface
preparation and finishing industries in the South East Asia and Asia Pacific
region with a wide selection of high quality products ranging from off-the
shelve equipment and accessories to turn-key projects, including being the
first to design and built a Triangle Blast and Paint Chamber in the world.
Asia Airblast provides a one-stop service to clients in the surface preparation
and finishing industries .
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62666010 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
55 TUAS AVENUE 1 639503 |
|
Current Address |
: |
55, TUAS AVENUE 1, 639503, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We have contacted the staff from the Subject and she provided limited
information.
The Subject refused to disclose its bankers.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2013 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2013 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
9.96% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.83% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.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 unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
74 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
87 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
51 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its
capital was tied up in stocks, it could face liquidity problems. The
Subject's debtors ratio was high. The Subject should tighten its credit
control and improve its collection period. The Subject had a favourable
creditors' ratio where the Subject could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Acceptable |
[ |
0.94 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.42 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 |
[ |
10.87 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.40 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 was
lowly geared thus it had a low financial risk. The Subject was mainly
financed by its shareholders' funds and internally generated funds. In times
of economic slowdown / downturn, the Subject being a lowly geared company,
will be able to compete better than those companies which are highly geared
in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
The higher turnover had helped to reduce the Subject's losses.
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 as a lowly geared company, will be more secured compared to those
highly geared companies. It has the ability to meet all its long term
obligations. |
||||||
|
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 : |
TRADING |
|
The wholesale & retail
trade sector expanded by 6.8% in the third quarter of 2015, higher than the
6.0% growth in the preceding quarter. Growth was supported by both the
wholesale trade and retail trade segments. The wholesale trade segment was
boosted by an increase in both domestic and foreign wholesale trade sales
volume. In particular, the domestic wholesale trade index rose by 7.4%, following
the 8.1 % increase in the previous quarter. The strong performance in
domestic wholesale trade was due to a surge in the sales of petroleum and
petroleum products (14%), chemicals & chemical products (39%) and
telecommunications & computers (18%). |
|
|
Similarly, the foreign
wholesale trade index rose by 10% in the third quarter of 2015, accelerating
from the 6.9% rise in the previous quarter. Growth was driven by improvements
in the sales of petroleum & petroleum products (21%), metals, timber &
construction materials (10%) and general wholesale trade (8.8%). |
|
|
Overall retail trade sales
volume also recorded resilient growth of 5.6% in the third quarter of 2015,
extending the 6.4 % expansion in the second quarter. Growth was supported by
a surge in the volume of motor vehicle sales (44%), which was in turn due to
a substantial increase in the supply of Certificate of Entitlements.
Excluding motor vehicles, retail sales volume increased at a much slower pace
of 0.7% over the same period. The increase in retail sales volume (excluding
motor vehicles) was due to improved non-discretionary goods sales. For
instance, the sales of medical goods & toiletries and department store
goods rose by 8.1% and 3.6% respectively. |
|
|
According to the Retail News
Asia, Food and beverage has overtaken fashion as the primary driver of demand
for retail real estate in Singapore. Despite declining retail sales and
consumer spending, the prime retail sector remained in good shape during the
third quarter 2015. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
ASIA AIRBLAST PTE LTD |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
23,438,580 |
19,542,051 |
19,283,563 |
7,948,499 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
23,438,580 |
19,542,051 |
19,283,563 |
7,948,499 |
|
Costs of Goods Sold |
(16,090,157) |
(13,801,271) |
(13,650,120) |
(5,660,298) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
7,348,423 |
5,740,780 |
5,633,443 |
2,288,201 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
924,398 |
(402,266) |
977,071 |
(37,175) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
924,398 |
(402,266) |
977,071 |
(37,175) |
|
Taxation |
(154,748) |
167,507 |
6,551 |
(77,216) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
769,650 |
(234,759) |
983,622 |
(114,391) |
|
Minority interests |
(85,800) |
29,375 |
(9,370) |
7,424 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
683,850 |
(205,384) |
974,252 |
(106,967) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
683,850 |
(205,384) |
974,252 |
(106,967) |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As previously reported |
5,595,695 |
5,801,079 |
4,826,827 |
4,933,794 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
5,595,695 |
5,801,079 |
4,826,827 |
4,933,794 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
6,279,545 |
5,595,695 |
5,801,079 |
4,826,827 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
6,279,545 |
5,595,695 |
5,801,079 |
4,826,827 |
|
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||||
|
Lease interest |
24,281 |
23,560 |
6,856 |
6,161 |
|
Term loan / Borrowing |
69,414 |
44,639 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
93,695 |
68,199 |
6,856 |
6,161 |
|
|
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
404,473 |
318,818 |
73,130 |
52,184 |
|
AMORTIZATION |
104,848 |
96,111 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
509,321 |
414,929 |
73,130 |
52,184 |
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
ASIA AIRBLAST PTE LTD |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
2,907,221 |
3,041,677 |
612,513 |
168,651 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
||||
|
Investments |
- |
- |
- |
178,827 |
|
Deferred assets |
54,702 |
87,660 |
- |
- |
|
Others |
1,896,004 |
2,000,852 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,950,706 |
2,088,512 |
- |
178,827 |
|
INTANGIBLE ASSETS |
||||
|
Goodwill on consolidation |
452,497 |
452,497 |
452,497 |
- |
|
Others |
5,910 |
5,832 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
458,407 |
458,329 |
452,497 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
5,316,334 |
5,588,518 |
1,065,010 |
347,478 |
|
CURRENT ASSETS |
||||
|
Stocks |
4,736,979 |
4,133,355 |
3,962,194 |
3,040,405 |
|
Trade debtors |
5,586,337 |
4,013,107 |
3,333,590 |
1,526,059 |
|
Other debtors, deposits & prepayments |
629,573 |
692,277 |
559,681 |
281,313 |
|
Short term deposits |
1,060,621 |
568,257 |
1,415,979 |
764,117 |
|
Amount due from holding company |
33,074 |
12,158 |
199,885 |
- |
|
Amount due from related companies |
51,815 |
93,386 |
44,781 |
167,784 |
|
Cash & bank balances |
1,367,951 |
2,184,465 |
2,290,460 |
1,870,269 |
|
Amount owing by customer |
499,038 |
316,930 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
13,965,388 |
12,013,935 |
11,806,570 |
7,649,947 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
19,281,722 |
17,602,453 |
12,871,580 |
7,997,425 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
||||
|
Trade creditors |
2,246,777 |
2,078,614 |
1,375,640 |
374,901 |
|
Other creditors & accruals |
621,481 |
751,709 |
625,971 |
931,912 |
|
Short term borrowings/Term loans |
178,524 |
189,764 |
- |
- |
|
Deposits from customers |
501,915 |
1,153,502 |
1,063,417 |
43,818 |
|
Amounts owing to holding company |
1,604,294 |
2,284,962 |
1,781,447 |
471,421 |
|
Amounts owing to related companies |
4,247,886 |
1,969,026 |
978,606 |
973,424 |
|
Amounts owing to director |
150,177 |
155,241 |
155,241 |
197,343 |
|
Provision for taxation |
87,416 |
55,945 |
201,882 |
- |
|
Lease payables |
173,803 |
153,185 |
103,475 |
17,834 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
9,812,273 |
8,791,948 |
6,285,679 |
3,010,653 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
4,153,115 |
3,221,987 |
5,520,891 |
4,639,294 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
||||
|
Long term loans |
2,273,577 |
2,449,910 |
- |
- |
|
Lease obligations |
291,989 |
353,306 |
184,061 |
1,063 |
|
Deferred taxation |
39,614 |
2,086 |
1,083 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
2,605,180 |
2,805,302 |
185,144 |
1,063 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
6,864,269 |
6,005,203 |
6,400,757 |
4,985,709 |
|
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
||||
|
SHARE CAPITAL |
||||
|
Ordinary share capital |
100,002 |
100,002 |
100,002 |
100,002 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
100,002 |
100,002 |
100,002 |
100,002 |
|
RESERVES |
||||
|
Exchange equalisation/fluctuation reserve |
(81,793) |
(118,728) |
119,003 |
10,162 |
|
Retained profit/(loss) carried forward |
6,279,545 |
5,595,695 |
5,801,079 |
4,826,827 |
|
Others |
34,631 |
34,488 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
6,232,383 |
5,511,455 |
5,920,082 |
4,836,989 |
|
MINORITY INTEREST |
531,884 |
393,746 |
380,673 |
48,718 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
6,864,269 |
6,005,203 |
6,400,757 |
4,985,709 |
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
ASIA AIRBLAST PTE LTD |
|
TYPES OF FUNDS |
||||
|
Cash |
2,428,572 |
2,752,722 |
3,706,439 |
2,634,386 |
|
Net Liquid Funds |
2,428,572 |
2,752,722 |
3,706,439 |
2,634,386 |
|
Net Liquid Assets |
(583,864) |
(911,368) |
1,558,697 |
1,598,889 |
|
Net Current Assets/(Liabilities) |
4,153,115 |
3,221,987 |
5,520,891 |
4,639,294 |
|
Net Tangible Assets |
6,405,862 |
5,546,874 |
5,948,260 |
4,985,709 |
|
Net Monetary Assets |
(3,189,044) |
(3,716,670) |
1,373,553 |
1,597,826 |
|
PROFIT & LOSS ITEMS |
||||
|
Earnings Before Interest & Tax (EBIT) |
1,018,093 |
(334,067) |
983,927 |
(31,014) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
1,527,414 |
80,862 |
1,057,057 |
21,170 |
|
BALANCE SHEET ITEMS |
||||
|
Total Borrowings |
2,744,090 |
2,992,980 |
184,061 |
1,063 |
|
Total Liabilities |
12,417,453 |
11,597,250 |
6,470,823 |
3,011,716 |
|
Total Assets |
19,281,722 |
17,602,453 |
12,871,580 |
7,997,425 |
|
Net Assets |
6,864,269 |
6,005,203 |
6,400,757 |
4,985,709 |
|
Net Assets Backing |
6,864,269 |
6,005,203 |
6,400,757 |
4,985,709 |
|
Shareholders' Funds |
6,864,269 |
6,005,203 |
6,400,757 |
4,985,709 |
|
Total Share Capital |
100,002 |
100,002 |
100,002 |
100,002 |
|
Total Reserves |
6,232,383 |
5,511,455 |
5,920,082 |
4,836,989 |
|
GROWTH RATIOS (Year on Year) (%) |
||||
|
Revenue |
19.94 |
1.34 |
142.61 |
- |
|
Proft/(Loss) Before Tax |
329.80 |
(141.17) |
2,728.30 |
- |
|
Proft/(Loss) After Tax |
427.85 |
(123.87) |
959.88 |
- |
|
Total Assets |
9.54 |
36.75 |
60.95 |
- |
|
Total Liabilities |
7.07 |
79.22 |
114.86 |
- |
|
LIQUIDITY (Times) |
||||
|
Cash Ratio |
0.25 |
0.31 |
0.59 |
0.88 |
|
Liquid Ratio |
0.94 |
0.90 |
1.25 |
1.53 |
|
Current Ratio |
1.42 |
1.37 |
1.88 |
2.54 |
|
WORKING CAPITAL CONTROL (Days) |
||||
|
Stock Ratio |
74 |
77 |
75 |
140 |
|
Debtors Ratio |
87 |
75 |
63 |
70 |
|
Creditors Ratio |
51 |
55 |
37 |
24 |
|
SOLVENCY RATIOS (Times) |
||||
|
Gearing Ratio |
0.40 |
0.50 |
0.03 |
0 |
|
Liabilities Ratio |
1.81 |
1.93 |
1.01 |
0.60 |
|
Times Interest Earned Ratio |
10.87 |
(4.90) |
143.51 |
(5.03) |
|
Assets Backing Ratio |
64.06 |
55.47 |
59.48 |
49.86 |
|
PERFORMANCE RATIO (%) |
||||
|
Operating Profit Margin |
3.94 |
(2.06) |
5.07 |
(0.47) |
|
Net Profit Margin |
2.92 |
(1.05) |
5.05 |
(1.35) |
|
Return On Net Assets |
14.83 |
(5.56) |
15.37 |
(0.62) |
|
Return On Capital Employed |
9.73 |
(3.46) |
13.26 |
(0.62) |
|
Return On Shareholders' Funds/Equity |
9.96 |
(3.42) |
15.22 |
(2.15) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
|
SGD |
1 |
INR 49.65 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.