|
|
|
MIRA INFORM REPORT
|
Report No. : |
507559 |
|
Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
FILTEC PRIVATE
LIMITED |
|
|
|
|
Formerly Known As : |
TQ SERVICES PTE LTD (26/11/2003) |
|
|
|
|
Registered Office : |
35, Defu Lane 9, Defu Industrial Estate,
539275 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
01.09.1999 |
|
|
|
|
Com. Reg. No.: |
199905184W |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of fuel water separator filters. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 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. |
: |
199905184W |
||||
|
COMPANY NAME |
: |
FILTEC PRIVATE LIMITED |
||||
|
FORMER NAME |
: |
TQ SERVICES PTE LTD (26/11/2003) |
||||
|
INCORPORATION DATE |
: |
01/09/1999 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
35, DEFU LANE 9, DEFU INDUSTRIAL ESTATE,
539275, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
14, ANG MO KIO STREET 63, 569116,
SINGAPORE. |
||||
|
TEL.NO. |
: |
65-64837511 |
||||
|
FAX.NO. |
: |
65-64837520 |
||||
|
WEB SITE |
: |
WWW.FILTERS.COM.SG |
||||
|
CONTACT PERSON |
: |
NEO CHIN HENG ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF FUEL WATER SEPARATOR FILTERS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
650,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 650,000.00 |
||||
|
SALES |
: |
SGD 33,339,450 [2016] |
||||
|
NET WORTH |
: |
SGD 9,965,367 [2016] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
TRACED |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
NO COMPLAINTS |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
||||
HISTORY / BACKGROUND
|
The Subject is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As a
private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The subject is principally engaged in the (as
a / as an) trading of fuel water separator filters.
The immediate and ultimate holding company of
the Subject is SOON AIK GLOBAL PTE. LTD., a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
04/05/2018 |
SGD 650,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SOON AIK GLOBAL PTE. LTD. |
25, ROBERTS LANE 218304 ,SINGAPORE |
200311731N |
650,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
650,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
UNITED ARAB EMIRATES (DUBAI) |
SAMED TRADING FZE |
- |
100.00 |
31/12/2015 |
|
|
201001424G |
SINGAPORE |
TRACZONE PTE. LTD. |
- |
100.00 |
04/05/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
NEO CHIN HENG |
|
Address |
: |
455, PUNGGOL ROAD, BEAUTY GARDEN, 546666,
SINGAPORE. |
|
IC / PP No |
: |
S1634422B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/09/1999 |
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 |
656483V |
ALREX SDN. BHD. |
Director |
17/06/2004 |
1.00 |
50.00 |
MYR(51,089.00) |
2007 |
Disolved by Registrar (22/07/2010) |
23/04/2018 |
|
2 |
199905184W |
FILTEC PRIVATE LIMITED |
Director |
01/09/1999 |
0.00 |
- |
SGD1,580,679.00 |
2016 |
- |
04/05/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
NEO CHEE ENG |
|
Address |
: |
50, SPRINGSIDE VIEW, 786265, SINGAPORE. |
|
Other Address(es) |
: |
APT BLK 533 HOUGANG AVENUE 6, #04-315
SINGAPORE 530533, MALAYSIA. |
|
IC / PP No |
: |
S1503471H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/09/1999 |
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 |
199905184W |
FILTEC PRIVATE LIMITED |
Director |
01/09/1999 |
0.00 |
- |
SGD1,580,679.00 |
2016 |
- |
04/05/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
NEO CHIN HENG |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
BAKER TILLY TFW LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
YAP KIM YEN |
|
IC / PP No |
: |
S7734156J |
|
|
Address |
: |
52, STRATHMORE AVENUE, 12-243, FORFAR
HEIGHTS, 141052, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
DBS BANK LTD |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201009778 |
20/10/2010 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201800585 |
16/01/2018 |
N/A |
RHB BANK BERHAD |
- |
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 PENDING Case(s) : 2 |
|
||||||
|
|||||||
|
Case Status |
: |
PENDING |
|||||
|
Code No |
: |
99 |
Case No |
: |
19889 |
||
|
Year |
: |
2008 |
Place |
: |
SINGAPORE |
||
|
Court |
: |
MAGISTRATE COURT |
|||||
|
Date Filed |
: |
08/08/2008 |
|||||
|
Solicitor |
: |
WONG SU-HSIEN AUDREY |
|||||
|
Solicitor Firm |
: |
VISION LAW LLC |
|||||
|
Plaintiff |
: |
TAN ENG HUA |
|||||
|
DEFENDANTS |
: |
FILTEC PRIVATE LIMITED (199905184) |
|||||
|
Amount Claimed |
: |
4450 |
|||||
|
Nature of Claim |
: |
SGD |
|||||
|
Remark |
: |
TORT-NEGLIGENCE |
|||||
|
|
|
|
|||||
|
Case Status |
: |
PENDING |
|||||
|
Code No |
: |
99 |
Case No |
: |
9865 |
||
|
Year |
: |
2010 |
Place |
: |
SINGAPORE |
||
|
Court |
: |
MAGISTRATE COURT |
|||||
|
Date Filed |
: |
19/04/2010 |
|||||
|
Solicitor Firm |
: |
BONNIE KWOK & CO |
|||||
|
Plaintiff |
: |
GOH GEK TSU |
|||||
|
DEFENDANTS |
: |
FILTEC PRIVATE LIMITED (199905184) |
|||||
|
Amount Claimed |
: |
3382 |
|||||
|
Nature of Claim |
: |
SGD |
|||||
|
Remark |
: |
TORT-NEGLIGENCE |
|||||
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
FUEL WATER SEPARATOR FILTERS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2016 |
||||||||
|
|
|||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
20 |
||||||||
|
Branch |
: |
YES |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of fuel water separator
filters.
The Subject is Filtec specialize in Fuel Water Separator Filters, Filters For
Automotive Applications, Filters For Heavy Duty Applications, Filters For
European Applications.
Its vision is to be a premier and trusted automotive and industrial supplies
company known for its enterprise and service.
The Subject sells products according to its customers' orders.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
65 64837522 |
|
Current Telephone Number |
: |
65-64837511 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
14 ANG MO KIO STREET, 63 569116 |
|
Current Address |
: |
14, ANG MO KIO STREET 63, 569116, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The contact number provided is not answered.
The Subject refused to disclose its number of employees.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
15.86% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
19.62% |
] |
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The higher
profit could be attributed to the increase in turnover. The Subject's management
had generated acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
125 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
146 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
27 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 |
[ |
0.91 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.54 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 |
: |
Acceptable |
[ |
8.43 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.41 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 : |
||||||
|
Although the turnover was erratic, the
Subject had maintained a steady growth in its profit. This indicate the
management's efficiency in controlling its costs and profitability. 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. 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 |
|
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
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
FILTEC PRIVATE LIMITED |
|
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 |
SUMMARY |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
33,339,450 |
26,393,096 |
33,001,386 |
28,063,115 |
26,911,935 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
33,339,450 |
26,393,096 |
33,001,386 |
28,063,115 |
26,911,935 |
|
Costs of Goods Sold |
(27,209,679) |
(20,591,050) |
(26,780,439) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
6,129,771 |
5,802,046 |
6,220,947 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,723,439 |
588,038 |
1,123,086 |
2,165,977 |
1,021,207 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,723,439 |
588,038 |
1,123,086 |
2,165,977 |
1,021,207 |
|
Taxation |
(142,760) |
(198,868) |
(190,105) |
(298,367) |
(64,026) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,580,679 |
389,170 |
932,981 |
1,867,610 |
957,181 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
8,334,688 |
7,945,518 |
7,012,537 |
5,144,927 |
4,187,746 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
8,334,688 |
7,945,518 |
7,012,537 |
5,144,927 |
4,187,746 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
9,915,367 |
8,334,688 |
7,945,518 |
7,012,537 |
5,144,927 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(600,000) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
9,315,367 |
8,334,688 |
7,945,518 |
7,012,537 |
5,144,927 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Lease interest |
1,380 |
201 |
- |
- |
- |
|
Term loan / Borrowing |
230,644 |
271,944 |
175,368 |
- |
- |
|
Others |
- |
- |
973 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
232,024 |
272,145 |
176,341 |
- |
- |
|
|
============= |
============= |
============= |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
111,276 |
150,478 |
182,641 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
111,276 |
150,478 |
182,641 |
- |
- |
|
============= |
============= |
============= |
|||
|
|
|
|
|
|
|
BALANCE SHEET
|
|
FILTEC PRIVATE LIMITED |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
213,404 |
216,839 |
348,187 |
573,324 |
489,897 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
60,000 |
433,900 |
60,000 |
- |
- |
|
Investments |
- |
1 |
1 |
- |
- |
|
Others |
- |
162,093 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
60,000 |
595,994 |
60,001 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
273,404 |
812,833 |
408,188 |
573,324 |
489,897 |
|
CURRENT ASSETS |
|||||
|
Stocks |
11,393,957 |
8,583,873 |
8,129,850 |
- |
- |
|
Trade debtors |
13,334,615 |
11,094,344 |
11,154,863 |
- |
- |
|
Other debtors, deposits & prepayments |
1,392,882 |
371,595 |
509,398 |
- |
- |
|
Short term deposits |
64,060 |
63,583 |
63,583 |
- |
- |
|
Short term loans & advances |
- |
2,390,055 |
1,378,211 |
- |
- |
|
Amount due from holding company |
- |
- |
443,218 |
- |
- |
|
Amount due from subsidiary companies |
- |
26,981 |
- |
- |
- |
|
Amount due from related companies |
973,037 |
12,852 |
149,165 |
- |
- |
|
Cash & bank balances |
506,741 |
802,434 |
1,939,201 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
27,665,292 |
23,345,717 |
23,767,489 |
16,683,594 |
14,502,553 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
27,938,696 |
24,158,550 |
24,175,677 |
17,256,918 |
14,992,450 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
2,030,432 |
2,265,039 |
1,682,352 |
- |
- |
|
Other creditors & accruals |
235,222 |
302,830 |
82,870 |
- |
- |
|
Short term borrowings/Term loans |
- |
1,973,859 |
2,460,200 |
- |
- |
|
Other borrowings |
13,964,487 |
6,516,445 |
10,830,071 |
- |
- |
|
Deposits from customers |
1,062,990 |
1,859,207 |
- |
- |
- |
|
Amounts owing to holding company |
173,025 |
1,525,424 |
155,842 |
- |
- |
|
Amounts owing to subsidiary companies |
- |
373,900 |
- |
- |
- |
|
Amounts owing to related companies |
126,367 |
62,542 |
19,857 |
- |
- |
|
Provision for taxation |
306,158 |
103,736 |
221,953 |
- |
- |
|
Lease payables |
7,736 |
- |
- |
- |
- |
|
Other liabilities |
- |
154,282 |
90,416 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
17,906,417 |
15,137,264 |
15,543,561 |
9,547,833 |
9,197,523 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
9,758,875 |
8,208,453 |
8,223,928 |
7,135,761 |
5,305,030 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Lease obligations |
51,462 |
- |
- |
- |
- |
|
Deferred taxation |
15,450 |
36,598 |
36,598 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
66,912 |
36,598 |
36,598 |
46,548 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
9,965,367 |
8,984,688 |
8,595,518 |
7,662,537 |
5,794,927 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
650,000 |
650,000 |
650,000 |
650,000 |
650,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
650,000 |
650,000 |
650,000 |
650,000 |
650,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
9,315,367 |
8,334,688 |
7,945,518 |
7,012,537 |
5,144,927 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
9,315,367 |
8,334,688 |
7,945,518 |
7,012,537 |
5,144,927 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
9,965,367 |
8,984,688 |
8,595,518 |
7,662,537 |
5,794,927 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
FILTEC PRIVATE LIMITED |
|
TYPES OF FUNDS |
|||||
|
Cash |
570,801 |
866,017 |
2,002,784 |
- |
- |
|
Net Liquid Funds |
570,801 |
866,017 |
2,002,784 |
- |
- |
|
Net Liquid Assets |
(1,635,082) |
(375,420) |
94,078 |
7,135,761 |
5,305,030 |
|
Net Current Assets/(Liabilities) |
9,758,875 |
8,208,453 |
8,223,928 |
7,135,761 |
5,305,030 |
|
Net Tangible Assets |
9,965,367 |
8,984,688 |
8,595,518 |
7,662,537 |
5,794,927 |
|
Net Monetary Assets |
(1,701,994) |
(412,018) |
57,480 |
7,089,213 |
5,305,030 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
1,955,463 |
860,183 |
1,299,427 |
- |
- |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
2,066,739 |
1,010,661 |
1,482,068 |
- |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
14,015,949 |
8,490,304 |
13,290,271 |
- |
- |
|
Total Liabilities |
17,973,329 |
15,173,862 |
15,580,159 |
9,594,381 |
9,197,523 |
|
Total Assets |
27,938,696 |
24,158,550 |
24,175,677 |
17,256,918 |
14,992,450 |
|
Net Assets |
9,965,367 |
8,984,688 |
8,595,518 |
7,662,537 |
5,794,927 |
|
Net Assets Backing |
9,965,367 |
8,984,688 |
8,595,518 |
7,662,537 |
5,794,927 |
|
Shareholders' Funds |
9,965,367 |
8,984,688 |
8,595,518 |
7,662,537 |
5,794,927 |
|
Total Share Capital |
650,000 |
650,000 |
650,000 |
650,000 |
650,000 |
|
Total Reserves |
9,315,367 |
8,334,688 |
7,945,518 |
7,012,537 |
5,144,927 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
26.32 |
(20.02) |
17.60 |
4.28 |
1.61 |
|
Proft/(Loss) Before Tax |
193.08 |
(47.64) |
(48.15) |
112.10 |
(10.81) |
|
Proft/(Loss) After Tax |
306.17 |
(58.29) |
(50.04) |
95.12 |
(9.14) |
|
Total Assets |
15.65 |
(0.07) |
40.09 |
15.10 |
3.10 |
|
Total Liabilities |
18.45 |
(2.61) |
62.39 |
4.31 |
(5.22) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.03 |
0.06 |
0.13 |
- |
- |
|
Liquid Ratio |
0.91 |
0.98 |
1.01 |
- |
- |
|
Current Ratio |
1.54 |
1.54 |
1.53 |
1.75 |
1.58 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
125 |
119 |
90 |
- |
- |
|
Debtors Ratio |
146 |
153 |
123 |
- |
- |
|
Creditors Ratio |
27 |
40 |
23 |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.41 |
0.94 |
1.55 |
- |
- |
|
Liabilities Ratio |
1.80 |
1.69 |
1.81 |
1.25 |
1.59 |
|
Times Interest Earned Ratio |
8.43 |
3.16 |
7.37 |
- |
- |
|
Assets Backing Ratio |
15.33 |
13.82 |
13.22 |
11.79 |
8.92 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
5.17 |
2.23 |
3.40 |
7.72 |
3.79 |
|
Net Profit Margin |
4.74 |
1.47 |
2.83 |
6.66 |
3.56 |
|
Return On Net Assets |
19.62 |
9.57 |
15.12 |
28.27 |
17.62 |
|
Return On Capital Employed |
19.49 |
9.54 |
15.05 |
28.10 |
17.62 |
|
Return On Shareholders' Funds/Equity |
15.86 |
4.33 |
10.85 |
24.37 |
16.52 |
|
Dividend Pay Out Ratio (Times) |
0.38 |
- |
- |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.08 |
|
|
1 |
INR 91.14 |
|
Euro |
1 |
INR 80.00 |
|
SGD |
1 |
INR 50.17 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
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.