MIRA INFORM REPORT

 

 

Report Date :

27.08.2011

 

IDENTIFICATION DETAILS

 

Name :

TWIN DISC (FAR EAST) LIMITED

 

 

Registered Office :

10 Fifth Lok Yang Road Singapore 629761

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2009

 

 

Date of Incorporation :

17.04.1976

 

 

Com. Reg. No.:

S76FC2560C

 

 

Legal Form :

Foreign Company Registered In Singapore

 

 

Line of Business :

Wholesale of Marine Equp and Accessories (inc marine navigational equp and radar)

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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

:

TWIN DISC (FAR EAST) LIMITED

Registration No

:

S76FC2560C

Date of Registration

:

17/04/1976

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

FOREIGN COMPANY REGISTERED IN SINGAPORE

Registered Address

:

10 FIFTH LOK YANG ROAD SINGAPORE 629761

Date of Change of Address

:

21/07/2009

Contact No.

:

6267 0800

Fax No.

:

6264 2080

Website

:

NA

Registered Activities

:

1. WHOLESALE OF MARINE EQUP AND ACCESSORIES(INC MARINE NAVIGATIONAL EQUP AND RADAR)

DISTRIBUTION AND AFTER-SALES SUPPORT FOR MECHANICAL POWER TRANSMISSIONS

2. OTHER SUPPORT ACTIVITIES NEC

DISTRIBUTION AND AFTER-SALES SUPPORT FOR ELECTRONIC CONTROLS AND SURFACE DRIVE

Issued Ordinary Capital*

:

NA

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

NA

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

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

STANDARD CHARTERED BANK

Turnover

:

SGD - SIN 59,066,452.00

Net Worth

:

SGD - SIN 12,387,000.00

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

22.43% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

No Trace

 

OFFICER DETAILS

 

NAME

:

JOHN HITCHCOCK BATTEN

ADDRESS

:

1328 RACINE STREET RACINE WI 53403 USA

POSITION

:

DIRECTOR

DATE OF APPT

:

20/01/2009

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

028459083

 

NAME

:

JEFFREY SCOTT KNUTSON

ADDRESS

:

1651 MOUNTAIN AVENUE, WAUWATOSA WISCONSIN 53213, USA

POSITION

:

DIRECTOR

DATE OF APPT

:

21/10/2005

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

214608778

 

NAME

:

CHRISTOPHER J. EPERJESY

ADDRESS

:

1135 SOUTH MAIN STREET, RACINE WI 53403 UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/01/2003

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

300761256

 

NAME

:

H. CLAUDE FABRY

ADDRESS

:

60 RUE DE BLEURMONT, 4053 EMBOURG BELGIUM

POSITION

:

DIRECTOR

DATE OF APPT

:

15/10/1999

NATIONALITY

:

BELGIAN

I/C PASSPORT

:

EB735706 421/99

 

NAME

:

MICHAEL E. BATTEN

ADDRESS

:

1328 RACINE STREET, RACINE WI 53403, UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

25/02/1976

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

F/664641

 

NAME

:

TAY SOON SONG

ADDRESS

:

35 JURONG EAST AVENUE 1 #14-06 PARC OASIS SINGAPORE 609774

POSITION

:

AGENT

DATE OF APPT

:

13/09/1982

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0337608G

 

NAME

:

YEO WAI SOON

ADDRESS

:

1M PINE GROVE #01-50 PINE GROVE SINGAPORE 591201

POSITION

:

AGENT

DIRECTOR

DATE OF APPT

:

28/10/1998

20/10/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1676753J

 

 

KEY PERSONNEL PROFILE

 

Name:

MICHAEL E. BATTEN

NRIC Number:

F/664641

Available Address:

1328 RACINE STREET, RACINE WI 53403, UNITED STATES OF AMERICA

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

TWIN DISC (FAR EAST) LIMITED

DIRECTOR

25/02/1976

-

-

 

 

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 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200904178

 

Date of Registration

:

09/07/2009

 

Chargee

:

STANDARD CHARTERED BANK

 

2)

Charge No.

:

7700895

 

Date of Registration

:

04/06/1977

 

Chargee

:

STANDARD CHARTERED BANK

 

 

LITIGATION

 

Clear                                           

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

NA

Date of Last AR

:

NA

Date of A/C Laid At Last AGM

:

30/06/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2009

% Change

JUN 2008

JUL 2007

JUN 2006

JUN 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

59,066,452

38.46

42,659,568

31,321,159

30,318,645

26,287,320

Profit/(Loss) Before Tax

8,801,315

82.42

4,824,740

3,657,546

2,744,979

2,331,821

Profit After Tax attributable to Shareholders

7,320,825

82.73

4,006,337

3,039,815

2,181,297

1,836,594

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

33,658,916

63.28

20,614,619

15,849,847

12,285,251

11,993,024

Current Assets

33,196,640

63.31

20,327,101

15,609,331

12,033,206

11,752,944

Non Current Assets

462,276

60.78

287,518

240,516

252,045

240,080

 

 

 

 

 

 

 

Total Liabilities

21,271,916

60.25

13,274,425

7,895,232

4,870,465

4,537,053

Current Liabilities

21,247,121

60.52

13,236,262

7,882,289

4,825,029

4,495,039

Non Current Liabilities

24,795

-35.03

38,163

12,943

45,436

42,014

 

 

 

 

 

 

 

Shareholders' Funds

12,387,000

68.76

7,340,194

7,954,615

7,414,786

7,455,971

Share Capital

0

NA

0

0

0

0

Total Reserves

12,387,000

68.76

7,340,194

7,954,615

7,414,786

7,455,971

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

JUN 2009

JUN 2008

JUL 2007

JUN 2006

JUN 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

38.46

36.20

3.31

15.34

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

12.39

9.39

9.71

7.19

6.99

Return on Equity (%)

59.10

54.58

38.21

29.42

24.63

Return on Assets (%)

21.75

19.43

19.18

17.76

15.31

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.72

1.81

0.99

0.66

0.61

Current Debt/Equity (Times)

1.72

1.80

0.99

0.65

0.60

Long Term Debt To Equity (Times)

0.00

0.01

0.00

0.01

0.01

Total Asset To Total Equity (Times)

2.72

2.81

1.99

1.66

1.61

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.75

2.07

1.98

2.47

2.19

Fixed Assets Turnover (Times)

127.77

148.37

130.22

120.29

109.49

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.56

1.54

1.98

2.49

2.61

 

 

FINANCIAL COMMENTARY

Compound Annual Growth Rate

 

The company's CAGR is 22.43% (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 12.39 per cent in FY09 (FY08: 9.39 per cent). The company is now able to book in SGD - SIN 0.12 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.09 a year ago.

Liquidity

Current ratio stood at 1.56 times in FY09 (FY08: 1.54 times). This means that the company has SGD - SIN 1.56 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.

 

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 1.72 times in FY09, compared with 1.81 times in FY08. This means that the company requires additional external financing of SGD - SIN 1.72 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 59.10 per cent for Subject in the current financial period, as compared to 54.58 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 21.75 per cent (FY08: 19.43 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 1.75 times in FY09 (FY08: 2.07 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.46.05

UK Pound

1

Rs.75.19

Euro

1

Rs.66.47

 

 

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

----

NB

New Business

----

 

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.