|
|
|
MIRA
INFORM REPORT
|
Report No. : |
511514 |
|
Report Date : |
29.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
ELECON SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
10, Anson Road, 24-03, International Plaza, 079903 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
21.07.2000 |
|
|
|
|
Com. Reg. No.: |
200006402R |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the engineering on power generation
and palm oil, trading of plant machinery, reduction gears, geared motors. |
|
|
|
|
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 : |
Slow but Correct |
|
|
|
|
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. |
: |
200006402R |
|
COMPANY NAME |
: |
ELECON SINGAPORE PTE LTD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
21/07/2000 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
10, ANSON ROAD, 24-03, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
10, ANSON ROAD, 24-03, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
|
TEL.NO. |
: |
65-62278258 |
|
FAX.NO. |
: |
65-62278942 |
|
WEB SITE |
: |
WWW.ELECON.COM |
|
CONTACT PERSON |
: |
PRAYASVIN BHANUBHAI PATEL ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
ENGINEERING ON POWER GENERATION AND PALM OIL, TRADING OF PLANT
MACHINERY, REDUCTION GEARS, GEARED MOTORS |
|
ISSUED AND PAID UP CAPITAL |
: |
897,854.00 ORDINARY SHARE, OF A VALUE OF SGD 897,854.00 |
|
SALES |
: |
SGD 2,752,786 [2017] |
|
NET WORTH |
: |
SGD 1,203,794 [2017] |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
SLOW BUT CORRECT |
|
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)
engineering on power generation and palm oil, trading of plant machinery,
reduction gears, geared motors.
The immediate holding company of the Subject is ELECON ENGINEERING
COMPANY LIMITED, a company incorporated in INDIA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
25/05/2018 |
SGD 897,854.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
PRAYASVIN BHANUBHAI PATEL + |
'HONEY HOUSE', BAKROL ROAD, VALLABH VIDYANAGAR, GUJARAT STATE,
388120, INDIA. |
B1915611 |
10.00 |
0.00 |
|
ELECON ENGINEERING COMPANY LIMITED |
ANAND- SOJITRA ROAD, VALLABH VIDYANAGAR, GUJARAT STATE 388120
,INDIA |
T04UF1474 |
897,844.00 |
100.00 |
|
--------------- |
------ |
|||
|
897,854.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
SHAH VIPUKUMAR BHAGVANDAS |
|
Address |
: |
255, COMPASSVALE ROAD, 11-690, 540255, SINGAPORE. |
|
IC / PP No |
: |
S7063891F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/12/2008 |
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 |
200006402R |
ELECON SINGAPORE PTE LTD |
Director |
31/12/2008 |
0.00 |
- |
SGD7,912.00 |
2017 |
- |
25/05/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
TARUNA PRAYASVIN PATEL |
|
Address |
: |
HONEY HOUSE, BAKROL ROAD, VALLABH VIDYANAGAR, DISTRICT ANAND,
GUJARAT STATE, 388120, INDIA. |
|
IC / PP No |
: |
058242802 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
24/07/2006 |
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 |
200006402R |
ELECON SINGAPORE PTE LTD |
Director |
24/07/2006 |
0.00 |
- |
SGD7,912.00 |
2017 |
- |
25/05/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
PRAYASVIN BHANUBHAI PATEL |
|
Address |
: |
'HONEY HOUSE', BAKROL ROAD, VALLABH VIDYANAGAR, GUJARAT STATE,
388120, INDIA. |
|
IC / PP No |
: |
B1915611 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
21/07/2000 |
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 |
200006402R |
ELECON SINGAPORE PTE LTD |
Director |
21/07/2000 |
10.00 |
0.001 |
SGD7,912.00 |
2017 |
- |
25/05/2018 |
MANAGEMENT |
|
1) |
Name of Subject |
: |
PRAYASVIN BHANUBHAI PATEL |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR |
|
Auditor |
: |
SMALLEY & SIMS PAC |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
SAPPHIRA LOW BING YOKE |
|
IC / PP No |
: |
S1344941D |
|
|
Address |
: |
333, NORTH BRIDGE ROAD, 08-00, KH KEA BUILDING, 188721,
SINGAPORE. |
|
|
|
BANKING |
No Banker found in our databank.
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C20137222 |
20/12/2013 |
N/A |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
- |
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 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 |
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 |
: |
PLANT MACHINERY, REDUCTION GEARS, GEARED MOTORS |
|
|
Services |
: |
ENGINEERING SERVICES |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2015 |
2014 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
4 |
4 |
50 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) engineering on power
generation and palm oil, trading of plant machinery, reduction gears, geared
motors.
The Subject is engaged in the Marketing and supply of material handling
equipment, mechanical power transmission products eg. helical gears, worm gear
units, custom built gearboxes.
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62278258 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
SINGAPORE |
|
Current Address |
: |
10, ANSON ROAD, 24-03, INTERNATIONAL PLAZA, 079903, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject's registered office and she only
provided limited information.
The address provided is incomplete.
She refused to disclose the Subject's number of employees and bankers.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
0.66% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
2.72% |
] |
|
|
The fluctuating turnover reflects the fierce competition among
the existing and new market players.The dip in profit could be due to the
stiff market competition which reduced the Subject's profit margin. 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 |
: |
Favourable |
[ |
3 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
115 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
9 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 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 |
: |
Favourable |
[ |
2.23 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.26 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it did not pay any
interest during the year. The Subject had no gearing and hence it had
virtually no financial risk. The Subject was financed by its shareholders'
funds and internally generated fund. During the economic downturn, the
Subject, having a zero gearing, will be able to compete better than those
which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
The Subject recorded lower profits as its turnover showed a
erratic trend. The Subject's management was unable to control its costs
efficiently as its profit showed a downward trend. 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 did not make any interest
payment during the year. The Subject was dependent on its shareholders' funds
to finance its business needs. The Subject was a zero gearing company, it was
solely dependant on its shareholders to provide funds to finance its
business. The Subject has good chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject : 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 : |
CONSTRUCTION |
|
The construction sector shrank
to 5.0% in the fourth quarter of 2017, extending the 9.3% decline recorded in
the previous quarter. For the whole of 2017, the sector contracted by 8.4%,
reversing from the 1.9% growth in the previous year. Construction demand (or
contracts awarded) increased by 56% to reach $7.9 billion in the fourth
quarter 2017, due to an expansion in public sector construction demand. For
the full year 2017, total construction demand fell by 6.1% to $25 billion as
a result of continued weakness in private sector construction demand. On the
other hand, public sector construction demand provided some support to
growth. |
|
|
In the fourth quarter 2017,
public sector construction demand expanded by 132%, following the 201%
increase in the previous quarter. This was primarily due to a surge in
contracts awarded for civil engineering works such as Circle Line 6 and the
Deep Tunnel Sewerage System Phase 2. For the full year 2017, public sector
construction demand rose by 2.9% to reach $16 billion. Growth was mainly
supported by a 99% increase in the demand for industrial building works and a
10% rise in the demand for civil engineering works. Some of the major
projects awarded included HDB’s Defu Industrial City, JTC’s Logistics Hub @
Gul and the North-South Corridor. |
|
|
Private sector construction
demand declined in the fourth quarter 2017(-7.6%), mainly due to the weakness
in demand for industrial developments and commercial developments. However,
demand for civil engineering developments and institutional & other
building developments provided some support to growth. For the full year
2017, private sector construction demand shrank by 19% from $11 billion in
2016 to $9.0 billion. Private construction demand for all development types,
except for institutional & other building projects, fell. Despite overall
sluggish private sector construction demand, a number of notable projects
were awarded in 2017, including the construction of the fourth Desalination
Plant at Marina East and Project Glory at Market Street (redevelopment of the
Golden Shoe Carpark to a mixed use commercial development) as well as the
refurbishment of Raffles Hotel. |
|
|
Construction output (or
certified payments) declined by 17% to $6.7 billion in the fourth quarter
2017, due to a slowdown in both private and public sector construction
activities. For the full year 2017, construction output contracted by 21% to
$28 billion, likewise dragged down by private and public sector construction
works. Private sector construction output shrank by 26% to $3.2 billion in
the fourth quarter, largely attributable to a moderation in residential building
and industrial building works. For the whole of 2017, private construction
output fell by 29 % to $13 billion, due to a broad-based decline in all types
of construction activities. |
|
|
Besides, public sector
construction output fell by 7.1% to $3.5 billion in the fourth quarter 2017.
The contraction was led by a reduction in on-site construction activities for
all development types, except for industrial building works, which rose
marginally by 1.0% during the quarter. For the full year 2017, public sector
construction output declined by 11% to $15 billion, pulled down by a drop in
residential building works (-30%) and civil engineering works (-13%). On the
other hand, construction activities for institutional & other building
developments, industrial developments, and commercial developments rose.
Major on-going projects in these areas include the expansion of the Liquefied
Natural Gas (LNG) Terminal (Phase 3), JTC Space @ Tuas, Sengkang General and
Community Hospital and Woodlands Integrated Health Campus. |
|
|
In tandem with the slowdown in
construction activities, total consumption of ready-mixed concrete fell by
8.6% to reach $13 million m3 in 2017, compared to a year ago. Similarly,
total consumption of steel rebars declined to 1.5 million tonnes in 2017,
from 1.6 million tonnes in the previous year. Due to higher raw material
prices, the average market price of Grade 40 pumps ready-mixed concrete
increased by 1.9% year-on-year in the fourth quarter 2017. Similarly, the
average market price of steel rebar increased to 36% year-on-year in the same
period. |
|
|
According to The Building and
Construction Authority (BCA), total construction demand in 2018 is projected
to be between $26 billion and $31 billion. Demand from the public sector is
expected to strengthen to between $16 billion and $19 billion in 2018,
accounting for around 60% of total construction demand. The boost to public
sector construction demand is likely to come from an anticipated increase in
the demand for institutional & other building projects and civil
engineering works. Furthermore, private sector demand is projected to improve
from the $9 billion in 2017 to between $10 billion and $12 billion in 2018,
in line with the positive economic outlook and property market sentiments.
Total construction output in 2018 is projected to remain subdued at between
$26 billion and $28 billion, due to the slowdown in overall construction
demand since 2015. |
|
|
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. |
|
ELECON SINGAPORE PTE LTD |
|
Financial Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2013-03-31 |
|
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 |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
2,752,786 |
2,172,626 |
2,395,081 |
1,437,798 |
1,395,119 |
|
Other Income |
1,113 |
1,698 |
56,134 |
91 |
16,395 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
2,753,899 |
2,174,324 |
2,451,215 |
1,437,889 |
1,411,514 |
|
Costs of Goods Sold |
(1,848,709) |
(1,306,498) |
(1,375,156) |
(739,841) |
(551,225) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
905,190 |
867,826 |
1,076,059 |
698,048 |
860,289 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
32,715 |
38,617 |
392,534 |
125,602 |
339,159 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
32,715 |
38,617 |
392,534 |
125,602 |
339,159 |
|
Taxation |
(24,803) |
(9,125) |
(9,767) |
(21,900) |
49,600 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
7,912 |
29,492 |
382,767 |
103,702 |
388,759 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
298,028 |
268,536 |
(114,231) |
(217,933) |
(606,692) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
298,028 |
268,536 |
(114,231) |
(217,933) |
(606,692) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
305,940 |
298,028 |
268,536 |
(114,231) |
(217,933) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
305,940 |
298,028 |
268,536 |
(114,231) |
(217,933) |
|
============ |
============ |
============ |
============ |
============ |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
- |
- |
- |
6,873 |
- |
|
Others |
- |
- |
- |
- |
9,257 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
- |
6,873 |
9,257 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
7,356 |
7,398 |
5,707 |
4,511 |
5,045 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
7,356 |
7,398 |
5,707 |
4,511 |
5,045 |
|
============ |
============ |
============ |
============ |
============ |
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
ELECON SINGAPORE PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
19,521 |
16,774 |
11,773 |
17,480 |
14,642 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Deferred assets |
- |
22,524 |
27,700 |
27,700 |
49,600 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
22,524 |
27,700 |
27,700 |
49,600 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
19,521 |
39,298 |
39,473 |
45,180 |
64,242 |
|
CURRENT ASSETS |
|||||
|
Stocks |
20,286 |
13,203 |
4,755 |
4,755 |
28,288 |
|
Trade debtors |
865,308 |
336,807 |
616,160 |
181,064 |
140,652 |
|
Other debtors, deposits & prepayments |
19,241 |
6,100 |
163,275 |
190,900 |
6,818 |
|
Short term deposits |
150,905 |
150,452 |
150,302 |
114,170 |
- |
|
Amount due from holding company |
185,981 |
246,418 |
294,491 |
85,167 |
- |
|
Amount due from related companies |
9,543 |
264,609 |
357,582 |
87,365 |
- |
|
Amount due from director |
3,000 |
- |
- |
- |
- |
|
Cash & bank balances |
879,083 |
576,556 |
491,465 |
684,794 |
405,680 |
|
Amount owing by shareholders |
- |
- |
- |
- |
562,444 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
2,133,347 |
1,594,145 |
2,078,030 |
1,348,215 |
1,143,882 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
2,152,868 |
1,633,443 |
2,117,503 |
1,393,395 |
1,208,124 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
46,668 |
36,051 |
2,963 |
2,697 |
25,533 |
|
Other creditors & accruals |
12,992 |
7,159 |
437,019 |
173,980 |
5,043 |
|
Deposits from customers |
260,609 |
- |
- |
- |
- |
|
Amounts owing to holding company |
594,313 |
263,034 |
294,983 |
341,398 |
- |
|
Amounts owing to related companies |
29,409 |
131,317 |
206,381 |
91,697 |
- |
|
Provision for taxation |
1,764 |
- |
9,767 |
- |
- |
|
Other liabilities |
- |
- |
- |
- |
497,627 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
945,755 |
437,561 |
951,113 |
609,772 |
528,203 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
1,187,592 |
1,156,584 |
1,126,917 |
738,443 |
615,679 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Deferred taxation |
3,319 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
3,319 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,203,794 |
1,195,882 |
1,166,390 |
783,623 |
679,921 |
|
=========== |
=========== |
=========== |
=========== |
=========== |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
897,854 |
897,854 |
897,854 |
897,854 |
897,854 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
897,854 |
897,854 |
897,854 |
897,854 |
897,854 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
305,940 |
298,028 |
268,536 |
(114,231) |
(217,933) |
|
Others |
- |
- |
0 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
305,940 |
298,028 |
268,536 |
(114,231) |
(217,933) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,203,794 |
1,195,882 |
1,166,390 |
783,623 |
679,921 |
|
=========== |
=========== |
=========== |
=========== |
=========== |
|
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
ELECON SINGAPORE PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,029,988 |
727,008 |
641,767 |
798,964 |
405,680 |
|
Net Liquid Funds |
1,029,988 |
727,008 |
641,767 |
798,964 |
405,680 |
|
Net Liquid Assets |
1,167,306 |
1,143,381 |
1,122,162 |
733,688 |
587,391 |
|
Net Current Assets/(Liabilities) |
1,187,592 |
1,156,584 |
1,126,917 |
738,443 |
615,679 |
|
Net Tangible Assets |
1,203,794 |
1,195,882 |
1,166,390 |
783,623 |
679,921 |
|
Net Monetary Assets |
1,163,987 |
1,143,381 |
1,122,162 |
733,688 |
587,391 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
32,715 |
38,617 |
392,534 |
132,475 |
348,416 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
40,071 |
46,015 |
398,241 |
136,986 |
353,461 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
949,074 |
437,561 |
951,113 |
609,772 |
528,203 |
|
Total Assets |
2,152,868 |
1,633,443 |
2,117,503 |
1,393,395 |
1,208,124 |
|
Net Assets |
1,203,794 |
1,195,882 |
1,166,390 |
783,623 |
679,921 |
|
Net Assets Backing |
1,203,794 |
1,195,882 |
1,166,390 |
783,623 |
679,921 |
|
Shareholders' Funds |
1,203,794 |
1,195,882 |
1,166,390 |
783,623 |
679,921 |
|
Total Share Capital |
897,854 |
897,854 |
897,854 |
897,854 |
897,854 |
|
Total Reserves |
305,940 |
298,028 |
268,536 |
(114,231) |
(217,933) |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
26.70 |
(9.29) |
66.58 |
3.06 |
- |
|
Proft/(Loss) Before Tax |
(15.28) |
(90.16) |
212.52 |
(62.97) |
- |
|
Proft/(Loss) After Tax |
(73.17) |
(92.30) |
269.10 |
(73.32) |
- |
|
Total Assets |
31.80 |
(22.86) |
51.97 |
15.34 |
- |
|
Total Liabilities |
116.90 |
(53.99) |
55.98 |
15.44 |
- |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
1.09 |
1.66 |
0.67 |
1.31 |
0.77 |
|
Liquid Ratio |
2.23 |
3.61 |
2.18 |
2.20 |
2.11 |
|
Current Ratio |
2.26 |
3.64 |
2.18 |
2.21 |
2.17 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
3 |
2 |
1 |
1 |
7 |
|
Debtors Ratio |
115 |
57 |
94 |
46 |
37 |
|
Creditors Ratio |
9 |
10 |
1 |
1 |
17 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
0.79 |
0.37 |
0.82 |
0.78 |
0.78 |
|
Times Interest Earned Ratio |
0 |
0 |
0 |
19.27 |
37.64 |
|
Assets Backing Ratio |
1.34 |
1.33 |
1.30 |
0.87 |
0.76 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
1.19 |
1.78 |
16.39 |
8.74 |
24.31 |
|
Net Profit Margin |
0.29 |
1.36 |
15.98 |
7.21 |
27.87 |
|
Return On Net Assets |
2.72 |
3.23 |
33.65 |
16.91 |
51.24 |
|
Return On Capital Employed |
2.71 |
3.23 |
33.65 |
16.91 |
51.24 |
|
Return On Shareholders' Funds/Equity |
0.66 |
2.47 |
32.82 |
13.23 |
57.18 |
|
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 67.44 |
|
|
1 |
INR 89.89 |
|
Euro |
1 |
INR 79.00 |
|
SGD |
1 |
INR 50.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
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.