|
|
|
MIRA INFORM REPORT
|
Report No. : |
506820 |
|
Report Date : |
05.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SEALXPERT
PRODUCTS PTE. LTD. |
|
|
|
|
Registered Office : |
60, Kaki Bukit Place, 09-11, Eunos
Techpark, 415979 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
25.06.2015 |
|
|
|
|
Com. Reg. No.: |
201526923E |
|
|
|
|
Legal Form : |
Exempt Private (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the manufacture
of industrial maintenance, repair and operations consumables. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 electronics,
petroleum products, chemicals, medical and optical devices, pharmaceuticals,
and on Singapore’s 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 from 2012-2017 was slower
than during the previous decade, a result of slowing structural growth - as Singapore
reached high-income levels - and soft global demand for exports. Growth
recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to
reduce its dependence on foreign labor, raise productivity growth, and increase
wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific
Partnership (CPTPP), and a party to the Regional Comprehensive Economic
Partnership (RCEP) negotiations with 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. |
: |
201526923E |
|
COMPANY NAME |
: |
SEALXPERT PRODUCTS PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
25/06/2015 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
EXEMPT PRIVATE (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
60, KAKI BUKIT PLACE, 09-11, EUNOS
TECHPARK, 415979, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
60, KAKI BUKIT PLACE, 09-11, EUNOS
TECHPARK, 415979, SINGAPORE. |
|
TEL.NO. |
: |
65-64724998 |
|
FAX.NO. |
: |
65-67496916 |
|
CONTACT PERSON |
: |
SAM CHEOK WHAI @ SHEN ZHUOWEI ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF INDUSTRIAL MAINTENANCE,
REPAIR AND OPERATIONS CONSUMABLES |
|
ISSUED AND PAID UP CAPITAL |
: |
100,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 100,000.00 |
|
SALES |
: |
N/A |
|
NET WORTH |
: |
N/A |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
N/A |
|
PAYMENT |
: |
UNKNOWN |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
HISTORY / BACKGROUND
|
The Subject is an exempt private company whose
shares are not held by any corporate body and has no more than 20 shareholders
who are all natural persons. An exempt company is a type of private limited
company. 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, suing or be sued by other companies.
An exempt private company with an annual
turnover of ≤ SGD10 million, or total assets ≤ SGD10 million or
number of employees ≤ 50 (meet at least 2 criteria for immediate past two
financial years) are exempted from statutory auditing requirements. The Subject
is not required to have their accounts audited. However, the Subject will
prepare unaudited accounts for purposes of AGMs and filing with Registry Office
if it is unable to meet all its obligations as and when they fall due.
An exempt private company with an annual
turnover of more than SGD10 million, or total assets more than SGD10 million or
number of employees more than 50 (meet at least 2 criteria for immediate past
two financial years) are required to file the audited financial.
The Subject is principally engaged in the (as
a / as an) manufacture of industrial maintenance, repair and operations
consumables.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
03/05/2018 |
SGD 100,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SAM CHEOK WHAI @ SHEN ZHUOWEI + |
92A, PIPIT ROAD, 04-87, 371092, SINGAPORE. |
S7228050D |
100,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
100,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
SAM CHEOK WHAI @ SHEN ZHUOWEI |
|
Address |
: |
92A, PIPIT ROAD, 04-87, 371092, SINGAPORE. |
|
IC / PP No |
: |
S7228050D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
25/06/2015 |
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 |
201116074R |
ALSTERN MARINE & OFFSHORE PTE. LTD. |
Director |
06/07/2011 |
25,000.00 |
50.00 |
- |
- |
- |
21/03/2012 |
|
2 |
201526923E |
SEALXPERT PRODUCTS PTE. LTD. |
Director |
25/06/2015 |
100,000.00 |
100.00 |
- |
- |
- |
03/05/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
SAM CHEOK WHAI @ SHEN ZHUOWEI |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
No Auditor found in our databank
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
HU LYE CHYE |
|
IC / PP No |
: |
S1529823E |
|
|
Address |
: |
10, ANSON ROAD, 10-11, INTERNATIONAL PLAZA,
079903, 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 legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of
industrial maintenance, repair and operations consumables.
The Subject were offering a range of proven products for pipeline repair,
maintenance and overhaul services.
Their range of maintenance and repair products are used for pipe leak repair,
corrosion repair and protection, composite repair and rebuilding, corrosion and
wear coating, pipeline reinforcement and rehabilitation, etc.
Their products are used in the various types of industries such as oil and gas
industries, petrochemical industries, building and facilities management,
offshore operations, chemical industries, marine, power generation, water
distribution, waste water management, pharmaceutical industries, pulp and paper
industries and manufacturing plants.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-64724998 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
59, UBI AVENUE 1, 06-15 BIZLINK CENTRE
408938 SINGAPORE |
|
Current Address |
: |
60, KAKI BUKIT PLACE, 09-11, EUNOS
TECHPARK, 415979, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We have contacted one of the staff from the Subject and she only provided
limited information.
The Subject is not aware of the address provided.
The Subject refused to disclose its number of employees and bankers
information.
FINANCIAL ANALYSIS
|
|
An exempt
private company with an annual turnover of ≤ SGD10 million, or total
assets ≤ SGD10 million or number of employees ≤ 50 (meet at least
2 criteria for immediate past two financial years) are exempted from
statutory auditing requirements. The Subject is not required to have their
accounts audited. However, the Subject will prepare unaudited accounts for
purposes of AGMs and filing with Registry Office if it is unable to meet all
its obligations as and when they fall due. |
||||||
|
Overall financial condition of the Subject
: N/A |
||||||
|
|
||||||
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 |
|
The manufacturing sector expanded by 4.8%
in the fourth quarter, supported largely by robust output growth in the electronics
and precision engineering clusters. For the whole of 2017, the manufacturing
sector grew by 10%, accelerating from the 3.7% expansion in 2016. Growth was
largely driven by the electronics and precision engineering clusters, even as
the biomedical manufacturing, transport engineering and general manufacturing
industries clusters contracted. |
|
|
The electronics cluster grew by 24% in the
fourth quarter 2017, largely due to the semiconductors segment, which expanded
by 35%. Specifically, the semiconductors segment benefitted from robust
global semiconductors demand, which was in turn driven by key end markets
such as the smartphone market. At the same time, the computer peripherals
segment registered healthy growth of 9.5%, supported by buoyant demand for
printer-related products. On the other hand, the data storage and other
electronic modules & components segments contracted by 25% and 7.5%
respectively. For the full year, the electronics cluster expanded by 34% as
the healthy performance of the semiconductors and computer peripherals
segments more than offset the weakness in the data storage segment. |
|
|
In fourth quarter 2017, the precision
engineering cluster expanded to 20%, supported by both the precision modules
& components (PMC) and machinery & systems (M&S) segments. Output
in the PMC segment rose by 40% due to an increase in the production of dies,
moulds, tools, jigs & fixture, optical instruments and metal precision
components. Meanwhile, the M&S segment grew by 8.9% in tandem with
healthy export demand for semiconductor manufacturing equipment. For the
whole of 2017, the output of the precision engineering cluster rose by 18% on
account of robust expansions in both segments. |
|
|
The chemicals cluster grew by 12% in the
fourth quarter 2017, with all segments recording growth. In particular, the
petrochemicals segment grew by 23% on the back of production capacity
expansions, while the petroleum segment expanded by 13% supported by higher
refining margins. At the same time, the other chemicals and specialties
segments posted growth of 8.1% and 6.2%respectively. For 2017 as a whole, the
chemicals cluster expanded by 6.2%, supported by growth in all segments. |
|
|
Besides, output of the general
manufacturing industries cluster increased to 6.6% in the fourth quarter
2017, primarily due to the strong performance of the food, beverages &
tobacco (FBT) segment, which grew by 18% on the back of a surge in the production
of beverages products. On the other hand, the printing segment shrank by 11%
due to weak demand for commercial printing, while output in the miscellaneous
industries segment declined by 0.6% on account of a lower production of
construction-related materials. For the whole of 2017, the general
manufacturing industries cluster contracted by 1.6%, as output declines in
the printing and miscellaneous industries segments outweighed output gains in
the FBT segment. |
|
|
Moreover, output of the transport engineering
cluster fell by 7.8% in the fourth quarter 2017. The aerospace segment
recorded robust growth of 13% due to a higher volume of repair and
maintenance work from commercial airlines. However, this was more than offset
by output declines in the marine & offshore engineering (M&OE) and
land transport segments of 22% and 11% respectively. In particular, the
M&OE segment remained weak on account of low levels of rig-building,
shipbuilding and repair activities. For the full year 2017, the transport
engineering cluster shrank by 6.9%, dragged down mainly by the M&OE
segment. |
|
|
The biomedical manufacturing cluster
contracted by 28% in the fourth quarter 2017, weighed down by the
pharmaceuticals segment (-37%) on the back of a drop in the production of active
pharmaceutical ingredients and biological products. However, the medical
technology segment, which grew at a healthy pace of 3.3%, provided some
support to the cluster. For 2017 as a whole, output in the biomedical
manufacturing cluster fell by 9.3%, led by the output decline in the
pharmaceuticals segment. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
|
FINANCIAL ACCOUNT
|
No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.76 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
|
SGD |
1 |
INR 50.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
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.