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MIRA INFORM REPORT

 

 

Report Date :            

11.04.2011

 

IDENTIFICATION DETAILS

 

Name :

FENG NIAN COMPANY PTE. LTD.

 

 

Registered Office :

8 Cross Street #23-03 Pwc Building Singapore 048424

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

16.10.2003

 

 

Com. Reg. No.:

200310407c

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of rubber (including rubber brokers)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

S$1,000,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

FENG NIAN COMPANY PTE. LTD.

Registration No

:

200310407C

Date of Registration

:

16/10/2003

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

8 CROSS STREET #23-03 PWC BUILDING SINGAPORE 048424

Date of Change of Address

:

19/05/2004

Contact No.

:

6438 6939

Fax No.

:

6438 2165

Website

:

NA

Registered Activities

:

WHOLESALE OF RUBBER (INCLUDING RUBBER BROKERS)

Issued Ordinary Capital*

:

$4,893,547.00 U.S. DOLLAR ,NO. OF SHARE : 4,837,297

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$4,893,547.00 U.S. DOLLAR

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

RSM CHIO LIM LLP

Bankers / Financiers

:

ING BANK N.V.

BNP PARIBAS

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

Turnover

:

SGD - SIN 440,388,111.00 (FY2009)

Net Worth

:

SGD - SIN 16,713,404.00 (FY2009)

No. of Bank Charges

:

5

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

537 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

270 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

538 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

343 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

340 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

30.08% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SOUTHLAND RESOURCES CO., LTD.

SHAREHOLDER ID

:

T05UF1884D

NATIONALITY

:

NA

ADDRESS

:

NO. 55 RAJYINDEE ROAD, HATYAI SUB-DIST, HATYAI DISTRICT, SONGKHLA PROVINCE, THAILAND

NO. OF ORD SHARES

:

3,463,618

% OF SHAREHOLDING

:

71.6%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

PHERM TIRASARNVONG

SHAREHOLDER ID

:

C794175

NATIONALITY

:

THAI

ADDRESS

:

55 RAJYINDEE ROAD ROAD, HATYAI SONGKHLA 90110 THAILAND

NO. OF ORD SHARES

:

432,893

% OF SHAREHOLDING

:

8.9%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

NG TZE KIAT

SHAREHOLDER ID

:

A17362145

NATIONALITY

:

MALAYSIAN

ADDRESS

:

55 RAJYINDEE ROAD HATYAI SONGKHLA 90110 THAILAND

NO. OF ORD SHARES

:

389,556

% OF SHAREHOLDING

:

8.1%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

TAN POH TEE

SHAREHOLDER ID

:

S1342900F

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

71 MIMOSA DRIVE SINGAPORE 805451

NO. OF ORD SHARES

:

324,789

% OF SHAREHOLDING

:

6.7%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

KOH AI WEE

SHAREHOLDER ID

:

S6930814G

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

9 SERANGOON AVENUE 2 #12-24 SUNGLADE SINGAPORE 556134

NO. OF ORD SHARES

:

108,104

% OF SHAREHOLDING

:

2.2%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

LIM THIAM CHYE

SHAREHOLDER ID

:

S1433609E

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

20 PENSHURST PLACE SERANGOON GARDEN ESTATE SINGAPORE 556435

NO. OF ORD SHARES

:

75,000

% OF SHAREHOLDING

:

1.6%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

LEONG TIM FOOK

SHAREHOLDER ID

:

S2000628E

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

2 KIM YAM ROAD #06-02 RIVIERA POINT SINGAPORE 239320

NO. OF ORD SHARES

:

43,337

% OF SHAREHOLDING

:

0.9%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

NG TZE KIAT

ADDRESS

:

55 RAJYINDEE ROAD HATYAI SONGKHLA 90110 THAILAND

POSITION

:

DIRECTOR

DATE OF APPT

:

16/10/2003

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A17362145

 

NAME

:

PHERM TIRASARNVONG

ADDRESS

:

55 RAJYINDEE ROAD ROAD, HATYAI SONGKHLA 90110 THAILAND

POSITION

:

DIRECTOR

DATE OF APPT

:

01/05/2005

NATIONALITY

:

THAI

I/C PASSPORT

:

C794175

 

NAME

:

TAN POH TEE

ADDRESS

:

71 MIMOSA DRIVE SINGAPORE 805451

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/05/2005

01/01/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1342900F

 

NAME

:

LEONG TIM FOOK

ADDRESS

:

2 KIM YAM ROAD #06-02 RIVIERA POINT SINGAPORE 239320

POSITION

:

DIRECTOR

DATE OF APPT

:

16/10/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2000628E

 

NAME

:

KOH AI WEE

ADDRESS

:

9 SERANGOON AVENUE 2 #12-24 SUNGLADE SINGAPORE 556134

POSITION

:

SECRETARY

DATE OF APPT

:

01/05/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6930814G

 

 

KEY PERSONNEL PROFILE

 

Name:

NG TZE KIAT

NRIC Number:

A17362145

Available Address:

55 RAJYINDEE ROAD HATYAI SONGKHLA 90110 THAILAND

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

FENG NIAN COMPANY PTE. LTD.

DIRECTOR

16/10/2003

389556

8.05

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

NA

 

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 5 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201001733

 

Date of Registration

:

25/02/2010

 

Chargee

:

ING BANK N.V.

 

Address

:

9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619

 

2)

Charge No.

:

C200903312

 

Date of Registration

:

05/06/2009

 

Chargee

:

BNP PARIBAS

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

3)

Charge No.

:

C200608160

 

Date of Registration

:

01/12/2006

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

4)

Charge No.

:

C200600492

 

Date of Registration

:

19/01/2006

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

Address

:

1 RAFFLES QUAY #38-01 ONE RAFFLES QUAY, NORTH TOWER SINGAPORE 048583

 

5)

Charge No.

:

C200506920

 

Date of Registration

:

08/11/2005

 

Chargee

:

BNP PARIBAS

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

17/05/2010

Date of Last AR

:

16/06/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

440,388,111

-49.81

877,444,213

595,196,117

552,263,135

153,795,273

Profit/(Loss) Before Tax

2,823,645

-54.57

6,215,500

957,048

3,528,142

1,114,212

Profit After Tax attributable to Shareholders

2,523,591

-54.09

5,496,580

860,830

3,395,514

913,973

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

68,471,973

20.36

56,888,523

58,304,434

40,888,733

31,657,661

Current Assets

68,321,701

20.11

56,884,272

58,294,006

40,873,930

31,602,178

Non Current Assets

150,272

3,434.98

4,251

10,428

14,803

55,483

 

 

 

 

 

 

 

Total Liabilities

51,758,568

17.72

43,966,798

50,397,030

33,696,865

27,914,303

Current Liabilities

51,758,568

23.52

41,903,533

48,199,758

31,380,184

25,477,422

Non Current Liabilities

0

-100.00

2,063,265

2,197,272

2,316,681

2,436,881

 

 

 

 

 

 

 

Shareholders' Funds

16,713,404

29.34

12,921,725

7,907,403

7,191,869

3,743,358

Share Capital

7,120,762

52.93

4,656,218

4,958,636

4,990,466

4,999,425

Total Reserves

9,592,642

16.06

8,265,507

2,948,767

2,201,403

(1,256,067)

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-49.81

47.42

7.77

259.09

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.57

0.63

0.14

0.61

0.59

Return on Equity (%)

15.10

42.54

10.89

47.21

24.42

Return on Assets (%)

3.69

9.66

1.48

8.30

2.89

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.10

3.40

6.37

4.69

7.46

Current Debt/Equity (Times)

3.10

3.24

6.10

4.36

6.81

Long Term Debt To Equity (Times)

0.00

0.16

0.28

0.32

0.65

Total Asset To Total Equity (Times)

4.10

4.40

7.37

5.69

8.46

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.43

15.42

10.21

13.51

4.86

Fixed Assets Turnover (Times)

2,930.61

206,408.90

57,076.73

37,307.51

2,771.94

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.32

1.36

1.21

1.30

1.24

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 30.08% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 0.57 per cent in FY09 (FY08: 0.63 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.01 a year ago.

 

Liquidity

Current ratio stood at 1.32 times in FY09 (FY08: 1.36 times). This means that the company has SGD - SIN 1.32 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 3.10 times in FY09, as compared with 3.40 times in FY08. This means that the company requires additional external financing of SGD - SIN 3.10 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 15.10 per cent for Subject in the current financial period, as compared to 42.54 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 3.69 per cent (FY08: 9.66 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 6.43 times in FY09 (FY08: 15.42 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.04

UK Pound

1

Rs.72.20

Euro

1

Rs.63.40

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.