MIRA INFORM REPORT

 

 

Report Date :

21.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SKF ASIA PACIFIC PTE. LTD.

 

 

Formerly Known As :

SKF SOUTH EAST ASIA & PACIFIC PTE LTD

 

 

Registered Office :

1 CHANGI SOUTH LANE SINGAPORE 486070

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

07.02.1973

 

 

Com. Reg. No.:

197300214H

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of metals and metal ores except general hardware (eg steel pipes)

 

 

No. of Employees :

Not Available

 

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 :

Good

Payment Behaviour :

Regular

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

:

SKF ASIA PACIFIC PTE. LTD.

Registration No

:

197300214H

Date of Registration

:

07/02/1973

Former Name

:

1.SKF SOUTH EAST ASIA (PTE) LTD Eff. date : 07/02/1973 Eff. date : 07/02/1973

2.SKF SOUTH EAST ASIA & PACIFIC PTE LTD Eff. date : 16/09/1991 Eff. date : 16/09/1991

Date of Change of Name

:

01/04/2008

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 CHANGI SOUTH LANE SINGAPORE 486070

Date of Change of Address

:

18/09/2000

Contact No.

:

6876 7777

Fax No.

:

6876 7700

Website

:

www.skf.com.sg

Registered Activities

:

1. WHOLESALE OF METALS AND METAL ORES EXCEPT GENERAL HARDWARE (EG STEEL PIPES)

DISTRIBUTION OF BALL AND ROLLER BEARINGS

2. VALUE ADDED LOGISTICS PROVIDERS

INTEGRATED LOGISTICS SERVICES & SOLUTIONS

Issued Ordinary Capital*

:

$1,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,000,000.00 SINGAPORE, DOLLARS

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

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 888,794,000.00 (FY2010)

Net Worth

:

SGD - SIN 88,627,000.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

775 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

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

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

523 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

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

Compounded Annual Growth Rate (CAGR)

:

8.22% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

AKTIEBOLAGET SKF

SHAREHOLDER ID

:

T03UF0351A

NATIONALITY

:

NA

ADDRESS

:

SE-415 50 GOTEBORG SWEDEN

NO. OF ORD SHARES

:

1,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

VARTAN VARTANIAN

ADDRESS

:

BROTTKARRS BYVAG 729, 43658 HOVAS, SWEDEN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2010

NATIONALITY

:

SWEDISH

I/C PASSPORT

:

34801188

 

NAME

:

ANIL KUMAR GUPTA

ADDRESS

:

32 ORANGE GROVE ROAD #M-905 SINGAPORE 258354

POSITION

:

 

DIRECTOR

DATE OF APPT

:

 

10/06/1991

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

F1384671P

 

NAME

:

DAVID BISHOP

ADDRESS

:

20 BALMORAL PARK #01-02 BALMORAL, THE SINGAPORE 259849

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2010

NATIONALITY

:

BRITISH

I/C PASSPORT

:

F2275177T

 

NAME

:

CHIA MUI LENG

ADDRESS

:

10D GLASGOW ROAD SINGAPORE 549315

POSITION

:

 

DIRECTOR

DATE OF APPT

:

 

08/06/1990

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0198474H

 

NAME

:

TAN SIM CHENG PETER

ADDRESS

:

2 RIFLE RANGE ROAD #02-07 MAYFAIR GARDENS SINGAPORE 588373

POSITION

:

DIRECTOR

DATE OF APPT

:

05/02/1973

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0283231C

 

NAME

:

NOR HAFIZA ALWI

ADDRESS

:

2 GHIM MOH ROAD #07-318 SINGAPORE 270002

POSITION

:

SECRETARY

DATE OF APPT

:

15/12/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1788410G

 

NAME

:

LEE BEE FONG

ADDRESS

:

118D JALAN MEMBINA #07-103 SINGAPORE 164118

POSITION

:

SECRETARY

DATE OF APPT

:

29/06/2007

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7376654J

 

KEY PERSONNEL PROFILE

 

Name:

CHIA MUI LENG

NRIC Number:

S0198474H

Available Address:

10D GLASGOW ROAD  SINGAPORE 549315

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

SKF ASIA PACIFIC PTE. LTD.

DIRECTOR

08/06/1990

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

H. P. HENDRY (PTE.) LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

24/10/1985

-

2

MDR LIMITED

LIVE COMPANY

DIRECTOR

31/07/2002

29/08/2011

3

OERLIKON TEXTILE COMPONENTS SINGAPORE PTE. LTD.

LIVE COMPANY

DIRECTOR

14/04/2000

01/12/2011

4

SKF VEHICLE PARTS (PTE) LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

03/04/1995

-

 

 

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

M

24667

2009

12/08/2009

SGD 5,000.00

Negligence Related

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

 

LITIGATION

 

Clear

 

COMPLIANCE

 

Date of Last AGM

:

03/05/2011

Date of Last AR

:

04/05/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

888,794,000

36.18

652,674,000

780,962,000

708,543,000

648,084,503

Profit/(Loss) Before Tax

28,050,000

-9.73

31,072,000

39,476,000

42,923,000

27,669,303

Profit After Tax attributable to Shareholders

23,176,000

-8.98

25,462,000

32,355,000

35,989,000

22,451,820

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

324,735,000

7.04

303,378,000

241,082,000

304,016,000

223,241,177

Current Assets

320,333,000

6.73

300,127,000

236,014,000

299,699,000

219,545,989

Non Current Assets

4,402,000

35.40

3,251,000

5,068,000

4,317,000

3,695,188

 

 

 

 

 

 

 

Total Liabilities

236,108,000

8.50

217,612,000

156,213,000

220,284,000

152,205,772

Current Liabilities

231,747,000

8.38

213,836,000

152,161,000

217,200,000

149,640,866

Non Current Liabilities

4,361,000

15.49

3,776,000

4,052,000

3,084,000

2,564,906

 

 

 

 

 

 

 

Shareholders' Funds

88,627,000

3.34

85,766,000

84,869,000

83,732,000

71,035,405

Share Capital

1,000,000

0.00

1,000,000

1,000,000

1,000,000

1,000,000

Total Reserves

87,627,000

3.38

84,766,000

83,869,000

82,732,000

70,035,405

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

36.18

-16.43

10.22

9.33

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.61

3.90

4.14

5.08

3.46

Return on Equity (%)

26.15

29.69

38.12

42.98

31.61

Return on Assets (%)

7.14

8.39

13.42

11.84

10.06

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.66

2.54

1.84

2.63

2.14

Current Debt/Equity (Times)

2.61

2.49

1.79

2.59

2.11

Long Term Debt To Equity (Times)

0.05

0.04

0.05

0.04

0.04

Total Asset To Total Equity (Times)

3.66

3.54

2.84

3.63

3.14

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.74

2.15

3.24

2.33

2.90

Fixed Assets Turnover (Times)

201.91

200.76

154.10

164.13

175.39

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.38

1.40

1.55

1.38

1.47

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 8.22% (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 2.61 per cent in FY10 (FY09: 3.90 per cent). The company is now able to book in SGD - SIN 0.03 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.04 a year ago.

 

Liquidity

 

Current ratio stood at 1.38 times in FY10 (FY09: 1.40 times). This means that the company has SGD - SIN 1.38 of current assets for every SGD - SIN of current liability incurred.

 

 

FINANCIAL COMMENTARY

 

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 2.66 times in FY10, compared with 2.54 times in FY09. This means that the company requires additional external financing of SGD - SIN 2.66 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 26.15 per cent for Subject in the current financial period, as compared to 29.69 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.

 

FINANCIAL COMMENTARY

 

Return on assets stood at 7.14 per cent (FY09: 8.39 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 2.74 times in FY10 (FY09: 2.15 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.53.03

UK Pound

1

Rs.82.34

Euro

1

Rs.68.99

 

 

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.