MIRA
INFORM REPORT
|
Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASCENT PHARMAHEALTH |
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|
Formerly Known As : |
STRIDES |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
28.07.2006 |
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Com. Reg. No.: |
200610988W |
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|
Legal Form : |
Limited Private Company |
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|
Line of Business : |
Wholesale Of Medicinal And Pharmaceutical Products
(Western) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
S$1,000,000 |
|
Status : |
Moderate |
|
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 (01.04.2010) |
Current Rating (30.06.2010) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
ASCENT PHARMAHEALTH
Executive
Summary
|
: |
ASCENT PHARMAHEALTH ASIA PTE. LTD. |
|
|
Registration No |
: |
200610988W |
|
Date of Registration |
: |
28/07/2006 |
|
Former Name |
: |
STRIDES SINGAPORE PTE. LTD. Eff. date : 28/07/2006 Eff.
date : 28/07/2006 |
|
Date of Change of Name |
: |
05/12/2008 |
|
Type of Company |
: |
LIMITED PRIVATE COMPANY |
|
Registered Address |
: |
2 CHIA PING ROAD HAW PAR TIGER BALM BUILDING SINGAPORE
619968 |
|
Date of Change of Address |
: |
28/07/2006 |
|
Contact No. |
: |
NA |
|
Fax No. |
: |
NA |
|
Website |
: |
NA |
|
Registered Activities |
: |
WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS
(WESTERN) PHARMACEUTICAL PRODUCTS WHOLESALING |
|
Issued Ordinary Capital* |
: |
$19,878,001.00 |
|
Issued Preference Capital |
: |
NA |
|
Paid-Up Ordinary Capital |
: |
$19,878,001.00 SINGAPORE, DOLLARS |
|
Paid-Up Preference Capital |
: |
NA |
|
* Number of Shares includes number of Issued Treasury
Shares |
||
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Issued Treasury Capital |
: |
NA |
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Paid-Up Treasury Capital |
: |
NA |
|
No. of Local Subsidiaries |
: |
2 |
|
No. of Local Associates |
: |
NA |
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Bankers / Financiers |
: |
BANK OF WESTERN AUSTRALIA LIMITED |
|
Turnover |
: |
SGD - SIN 16,163,377.00 (FY2009) |
|
Net Worth |
: |
SGD - SIN 27,178,066.00 (FY2009) |
|
No. of Bank Charges |
: |
2 |
|
No. of Litigation Suits |
: |
NA |
|
S1000 / SME 500 / FG50 Ranking |
: |
|
|
Compounded Annual Growth Rate (CAGR) |
: |
NA |
Credit Recommendation
|
Recommended
Credit Line |
: |
S$1,000,000 |
SHAREHOLDER DETAILS
|
: |
ASCENT PHARMAHEALTH LIMITED |
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SHAREHOLDER
ID |
: |
T09UF0672K |
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NATIONALITY |
: |
AUSTRALIA |
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ADDRESS |
: |
151-153 CLARENDON STREET, SOUTH MELBOURNE VICTORIA 3205,
AUSTRALIA |
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NO. OF ORD SHARES |
: |
19,878,001 |
|
% OF
SHAREHOLDING |
: |
100% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
|
|
||
OFFICER DETAILS
|
: |
DENNIS BASTAS |
|
|
ADDRESS |
: |
274 CANTERBURY ROAD, ST KILDA WEST, VICTORIA, AUSTRALIA
3182, AUSTRALIA |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
31/07/2008 |
|
NATIONALITY |
: |
AUSTRALIAN |
|
I/C PASSPORT |
: |
E3003660 |
|
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||
|
NAME |
: |
MOHANA KUMAR PILLAI |
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ADDRESS |
: |
1 JERVOIS CLOSE #04-02 ONE JERVOIS SINGAPORE 249115 |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
24/11/2006 |
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NATIONALITY |
: |
INDIAN |
|
I/C PASSPORT |
: |
G5916250R |
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||
|
NAME |
: |
ANDREW JOHN BURGESS |
|
ADDRESS |
: |
68 CRUIKSHANK STREET, PORT MELBOURNE VICTORIA 3207,
AUSTRALIA |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
23/02/2010 |
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NATIONALITY |
: |
AUSTRALIAN |
|
I/C PASSPORT |
: |
L9076396 |
|
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||
|
NAME |
: |
STEPHEN LESLIE BLANK |
|
ADDRESS |
: |
24 PINE GROVE SHOREHAM VICTORIA 3916, AUSTRALIA |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
31/07/2008 |
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NATIONALITY |
: |
AUSTRALIAN |
|
I/C PASSPORT |
: |
M2166764 |
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|
||
|
NAME |
: |
WONG CHUEN SHYA |
|
ADDRESS |
: |
47 JALAN TIGA #03-42 SINGAPORE 390047 |
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POSITION |
: |
SECRETARY |
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DATE OF APPT |
: |
20/12/2010 |
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NATIONALITY |
: |
SINGAPORE CITIZEN |
|
I/C PASSPORT |
: |
S7439653D |
|
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||
KEY PERSONNEL PROFILE
|
MOHANA KUMAR
PILLAI |
|
|
NRIC Number: |
G5916250R |
|
Available Address: |
1 JERVOIS CLOSE
#04-02 ONE JERVOIS SINGAPORE 249115 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
ASCENT
PHARMAHEALTH ASIA PTE. LTD. |
DIRECTOR |
24/11/2006 |
- |
- |
|
|
2 |
DRUG HOUSES OF
AUSTRALIA PTE. LTD. |
DIRECTOR |
25/09/2007 |
- |
- |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known Inactive Date |
|
GREEN CROSS PHARMA
PTE. LTD. |
AMALGAMATED |
DIRECTOR |
07/04/2009 |
- |
Bankruptcy Record
No Trace
Litigation Search – Writ of
Summons
|
Court |
Case No. |
Year |
Date of Filing |
Amount |
Cause Category |
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SUBSIDIARIES AND ASSOCIATE COMPANIES
|
Company |
Shareholdings (%) |
|
|
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|
100 |
|
|
GREEN CROSS PHARMA PTE. LTD. |
100 |
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:
|
Charge No. |
: |
C200903493 |
|
|
|
Date of Registration |
: |
12/06/2009 |
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Chargee |
: |
BANK OF WESTERN AUSTRALIA LIMITED |
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|
Address |
: |
--- |
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|||
|
2) |
Charge No. |
: |
C200903485 |
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Date of Registration |
: |
12/06/2009 |
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Chargee |
: |
BANK OF WESTERN AUSTRALIA LIMITED |
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|
Address |
: |
--- |
LITIGATION
Clear
COMPLIANCE RECORDS
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
28/06/2010 |
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Date of A/C Laid At Last AGM |
: |
31/12/2009 |
FINANCIAL HIGHLIGHTS
|
Financial Figures |
|||||
|
|
DEC
2009 |
%
Change |
DEC
2008 |
DEC
2007 |
DEC
2006 |
|
Currency |
SGD
- SIN |
|
SGD
- SIN |
SGD
- SIN |
SGD
- SIN |
|
Profit and Loss Key Figures |
|
|
|
|
|
|
16,163,377 |
314.08 |
3,903,435 |
0 |
0 |
|
|
Profit/(Loss) Before Tax |
3,721,426 |
-50.91 |
7,580,061 |
(263,237) |
157,815 |
|
Profit After Tax attributable to Shareholders |
3,745,172 |
-49.80 |
7,460,315 |
(263,237) |
157,815 |
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|
|
|
|
|
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Balance Sheet Key Figures |
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|
|
|
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Total Assets |
33,672,848 |
18.02 |
28,530,337 |
20,120,996 |
20,193,713 |
|
Current Assets |
4,636,953 |
84.08 |
2,518,956 |
75,743 |
148,460 |
|
Non Current Assets |
29,035,895 |
11.63 |
26,011,381 |
20,045,253 |
20,045,253 |
|
|
|
|
|
|
|
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Total Liabilities |
6,494,782 |
-14.51 |
7,597,443 |
20,226,417 |
20,035,897 |
|
Current Liabilities |
6,494,782 |
-14.51 |
7,597,443 |
6,125,127 |
20,035,897 |
|
Non Current Liabilities |
0 |
NA |
0 |
14,101,290 |
0 |
|
|
|
|
|
|
|
|
Shareholders' Funds |
27,178,066 |
29.83 |
20,932,894 |
(105,421) |
157,816 |
|
Share Capital |
19,878,001 |
46.40 |
13,578,001 |
1 |
1 |
|
Total Reserves |
7,300,065 |
-0.75 |
7,354,893 |
(105,422) |
157,815 |
|
|
|
|
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FINANCIAL RATIOS
|
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||||
|
|
DEC
2009 |
DEC
2008 |
DEC
2007 |
DEC
2006 |
|
Growth % |
|
|
|
|
|
314.08 |
NA |
NA |
NA |
|
|
|
|
|
|
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Profitability |
|
|
|
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|
Profit Margin (%) |
23.17 |
191.12 |
0.00 |
0.00 |
|
Return on Equity (%) |
13.78 |
35.64 |
249.70 |
100.00 |
|
Return on Assets (%) |
11.12 |
26.15 |
-1.31 |
0.78 |
|
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Leverage |
|
|
|
|
|
Total Debt/Equity (Times) |
0.24 |
0.36 |
-191.86 |
126.96 |
|
Current Debt/Equity (Times) |
0.24 |
0.36 |
0.00 |
126.96 |
|
Long Term Debt To Equity (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Asset To Total Equity (Times) |
1.24 |
1.36 |
-190.86 |
127.96 |
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
Total Assets Turnover (Times) |
0.48 |
0.14 |
0.00 |
0.00 |
|
Fixed Assets Turnover (Times) |
0.56 |
0.15 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
Current Ratio (Times) |
0.71 |
0.33 |
0.01 |
0.01 |
|
|
|
|
|
|
FINANCIAL
COMMENTARY
Profitability
The company yielded a rate of net profit on sales of 23.17 per
cent in FY09 (FY08: 191.12 per cent). The company is now able to book in SGD -
SIN 0.23 of profit for every SGD - SIN of sales in FY09, as compared with SGD -
SIN 1.91 a year ago.
Liquidity
Current ratio stood at 0.71 times
in FY09 (FY08: 0.33 times). This means that the company has SGD - SIN 0.71 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 0.24 times in FY09, compared with 0.36 times in FY08. This means that the
company requires additional external financing of SGD - SIN 0.24 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 13.78 per cent for Subject in the
current financial period, as compared to 35.64 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 11.12 per cent (FY08: 26.15 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 0.48 times in FY09
(FY08: 0.14 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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.