MIRA INFORM REPORT

 

 

Report Date :

21.01.2011

 

IDENTIFICATION DETAILS

 

Name :

ART CRAFT TECHNOLOGY PTE LTD

 

 

Formerly Known As :

ARBITRATENET.COM PTE LTD

 

 

Registered Office :

13 Loyang Lane Singapore 508924

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

11.07.2000

 

 

Com. Reg. No.:

200006089R

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of other electronic components and boards

 

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$361,000

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

(01.04.2010)

Current Rating

(30.06.2010)

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

:

ART CRAFT TECHNOLOGY PTE LTD

Registration No

:

200006089R

Date of Registration

:

11/07/2000

Former Name

:

ARBITRATENET.COM PTE LTD Eff. date : 11/07/2000 Eff. date : 11/07/2000

Date of Change of Name

:

27/04/2002

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

13 LOYANG LANE SINGAPORE 508924

Date of Change of Address

:

16/09/2010

Contact No.

:

62593900

Fax No.

:

62593683

Website

:

NA

Registered Activities

:

1. MANUFACTURE OF OTHER ELECTRONIC COMPONENTS AND BOARDS NEC

2. OTHER INFORMATION TECHNOLOGY AND COMPUTER SERVICE ACTIVITIES (EG DISASTER RECOVERY SERVICES)

Issued Ordinary Capital*

:

$360,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 360,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$360,000.00 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

:

U.S. DOLLAR 5,471,623.00 (FY2009)

Net Worth

:

U.S. DOLLAR 1,714,469.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$361,000

 

SHAREHOLDER DETAILS

 

NAME

:

MAP TECHNOLOGY HOLDINGS LIMITED

SHAREHOLDER ID

:

200415617H

NATIONALITY

:

SINGAPORE

ADDRESS

:

80 RAFFLES PLACE #16-21 UOB PLAZA SINGAPORE 048624

NO. OF ORD SHARES

:

360,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

FANG KUANG-YI

ADDRESS

:

3F-1, NO. 11 RONGHUA 3 ROAD, BEITOU DISTRICT TAIPEI, TAIWAN

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2010

NATIONALITY

:

TAIWANESE

I/C PASSPORT

:

131278214

 

NAME

:

LU JUNG-CHING

ADDRESS

:

5F., NO. 118-12, MIN-AN W. RD. XINZHUANG CITY, TAIPEI COUNTY 242, TAIWAN (R.O.C.)

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2010

NATIONALITY

:

TAIWANESE

I/C PASSPORT

:

210345072

 

NAME

:

CHIA KIN HENG

ADDRESS

:

3 GRANGE GARDEN #15-01 GRANGE, THE SINGAPORE 249633

POSITION

:

DIRECTOR

DIRECTOR

DATE OF APPT

:

22/11/2002

08/04/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0102490F

 

NAME

:

TIONG KUNG LIM

ADDRESS

:

42 TANGLIN HALT ROAD #04-209 SINGAPORE 141042

POSITION

:

SECRETARY

DATE OF APPT

:

31/08/2009

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7263703H

 

NAME

:

HIA SHAN SHAN

ADDRESS

:

116 JURONG EAST STREET 13 #09-390 SINGAPORE 600116

POSITION

:

SECRETARY

DATE OF APPT

:

31/08/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7622658Z

 

KEY PERSONNEL PROFILE

 

Name:

CHIA KIN HENG

NRIC Number:

S0102490F

Available Address:

3 GRANGE GARDEN #15-01 GRANGE, THE  SINGAPORE 249633

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ART CRAFT TECHNOLOGY PTE LTD

DIRECTOR

08/04/2010

-

-

2

MAP TECHNOLOGY HOLDINGS LIMITED

DIRECTOR

28/01/2005

-

-

3

MIN AIK INTERNATIONAL DEVELOPMENT PTE LTD

DIRECTOR

15/09/2001

-

-

4

MIN AIK INTERNATIONAL DEVELOPMENT PTE LTD

MANAGING DIRECTOR

15/09/2001

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ART CRAFT TECHNOLOGY PTE LTD

LIVE COMPANY

DIRECTOR

22/11/2002

05/10/2009

2

CKK ELECTRONICS

TERMINATION

MANAGER

03/12/2000

03/04/2002

3

CKK ELECTRONICS

TERMINATION

OWNER

03/12/2000

03/04/2002

4

GPM SOLUTION PTE. LTD.

STRUCK OFF

DIRECTOR

18/01/2002

12/02/2009

5

LIH TA SCREW PTE LTD

STRUCK OFF

DIRECTOR

13/02/1999

16/02/2002

6

LIH TA SCREW PTE LTD

STRUCK OFF

SHAREHOLDER

-

-

7

MAP BIO-MED TECHNOLOGY PTE. LTD.

LIVE COMPANY

DIRECTOR

29/07/2009

10/09/2009

8

MAP PLASTICS HOLDINGS PTE. LTD.

LIVE COMPANY

DIRECTOR

03/06/2009

10/09/2009

9

MAP TECHNOLOGY HOLDINGS LIMITED

LIVE COMPANY

SHAREHOLDER

-

12/11/2010

 

 

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 are no bank charges registered against Subject by its bankers.

           

 

LITIGATION

 

Clear


COMPLIANCE RECORDS

 

Date of Last AGM

:

01/06/2010

Date of Last AR

:

30/06/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

U.S. DOLLAR

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

5,471,623

9,610,183

14,714,966

11,042,254

6,611,676

Profit/(Loss) Before Tax

463,537

434,425

967,720

1,030,438

164,144

Profit After Tax attributable to Shareholders

417,082

356,229

793,531

826,093

136,722

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

2,827,397

4,350,158

6,953,122

5,963,269

2,687,971

Current Assets

2,824,882

4,336,613

6,920,978

5,891,451

2,542,974

Non Current Assets

2,515

13,545

32,144

71,818

144,997

 

 

 

 

 

 

Total Liabilities

1,112,928

2,519,578

4,679,788

3,821,301

1,303,822

Current Liabilities

1,103,840

2,506,755

4,666,132

3,806,903

1,288,677

Non Current Liabilities

9,088

12,823

13,656

14,398

15,145

 

 

 

 

 

 

Shareholders' Funds

1,714,469

1,830,581

2,273,335

2,141,968

1,384,149

Share Capital

201,117

283,771

302,202

318,625

335,156

Total Reserves

1,513,352

1,546,810

1,971,133

1,823,343

1,048,993

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

7.62

3.71

5.39

7.48

2.07

Return on Equity (%)

24.33

19.46

34.91

38.57

9.88

Return on Assets (%)

14.75

8.19

11.41

13.85

5.09

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.65

1.38

2.06

1.78

0.94

Current Debt/Equity (Times)

0.64

1.37

2.05

1.78

0.93

Long Term Debt To Equity (Times)

0.01

0.01

0.01

0.01

0.01

Total Asset To Total Equity (Times)

1.65

2.38

3.06

2.78

1.94

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.94

2.21

2.12

1.85

2.46

Fixed Assets Turnover (Times)

2,175.60

709.50

457.78

153.75

45.60

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.56

1.73

1.48

1.55

1.97

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 7.62 per cent in FY09. The company is now able to book in U.S. DOLLAR 0.08 of profit for every U.S. DOLLAR of sales.

 

Liquidity

 

Current ratio stood at 2.56 times in FY09. This means that the company has U.S. DOLLAR 2.56 of current assets for every U.S. DOLLAR 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 at 0.65 times in FY09. This means that the company requires additional external financing of U.S. DOLLAR 0.65 for every U.S. DOLLAR 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 24.33 per cent for Subject in the current financial period. 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 14.75 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 1.94 times in FY09. 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.45.58

UK Pound

1

Rs.72.73

Euro

1

Rs.61.45

 

 

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.