MIRA INFORM REPORT

 

 

Report Date :           

29.07.2011

 

IDENTIFICATION DETAILS

 

Name :

MUN HEAN ASIA PTE. LTD.

 

 

Formerly Known As :

Mun Hean (Agricultural) Pte Ltd

 

 

Registered Office :

51 Kim Keat Road #05-02 Mun Hean Industrial Bldg Singapore 328821

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

22.011985

 

 

Com. Reg. No.:

198500168n

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade

 

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$ 61,000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31st, 2011

 

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

 

 Bottom of Form

Executive Summary

 

Company Name

:

MUN HEAN ASIA PTE. LTD.

Registration No

:

198500168N

Date of Registration

:

22/01/1985

Former Name

:

MUN HEAN (AGRICULTURAL) PTE LTD Eff. date : 22/01/1985 Eff. date : 22/01/1985

Date of Change of Name

:

16/07/2007

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

51 KIM KEAT ROAD #05-02 MUN HEAN INDUSTRIAL BLDG SINGAPORE 328821

Date of Change of Address

:

NA

Contact No.

:

62500522

Fax No.

:

NA

Website

:

NA

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

GENERAL TRADING

2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$1,262,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,262,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,262,000.00 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

:

BOB ENG & PARTNERS

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 170,750.00 (FY2009)

Net Worth

:

SINGAPORE, DOLLARS 605,007.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

68.98% (4 years)

 

 

Credit Recommendation

 

 

Recommended Credit Line

:

S$61,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

MUN HEAN SINGAPORE PTE. LTD.

SHAREHOLDER ID

:

198100294H

NATIONALITY

:

SINGAPORE

ADDRESS

:

51 KIM KEAT ROAD #05-02 MUN HEAN IND BLDG SINGAPORE 328821

NO. OF ORD SHARES

:

1,261,999

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

MOK WING CHONG

SHAREHOLDER ID

:

S0364153H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

3B LORONG SALLEH SINGAPORE 416749

NO. OF ORD SHARES

:

1

% OF SHAREHOLDING

:

0%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CHENG JIEW HONG

ADDRESS

:

798 YISHUN RING ROAD #04-3344 SINGAPORE 760798

POSITION

:

SECRETARY

DATE OF APPT

:

22/01/1985

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0002525I

 

NAME

:

THOMAS NEO LIAN TECK

ADDRESS

:

69 MARIAM WAY SINGAPORE 508584

POSITION

:

DIRECTOR

DATE OF APPT

:

15/04/1985

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0112243F

 

NAME

:

MOK WING HIM

ADDRESS

:

113 BISHAN STREET 12 #12-112 BISHAN VIEW SINGAPORE 570113

POSITION

:

DIRECTOR

DATE OF APPT

:

15/04/1985

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0288191H

 

NAME

:

MOK WING CHUN

ADDRESS

:

256 KIM KEAT AVENUE #08-154 SINGAPORE 310256

POSITION

:

DIRECTOR

DATE OF APPT

:

15/04/1985

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0302723F

 

NAME

:

MOK WING CHONG

ADDRESS

:

3B LORONG SALLEH SINGAPORE 416749

POSITION

:

DIRECTOR

DATE OF APPT

:

22/01/1985

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0364153H

 

 

KEY PERSONNEL PROFILE

 

Name:

MOK WING CHONG

NRIC Number:

S0364153H

Available Address:

3B LORONG SALLEH  SINGAPORE 416749

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

MUN HEAN ASIA PTE. LTD.

DIRECTOR

22/01/1985

1

0.00

2

MUN HEAN SINGAPORE PTE. LTD.

DIRECTOR

09/03/1981

316800

15.09

3

MUN HEAN SINGAPORE PTE. LTD.

MANAGING DIRECTOR

09/03/1981

316800

15.09

4

MUN HEAN TECHNOLOGY PTE. LTD.

DIRECTOR

12/09/1986

2

0.00

5

MUN HEAN TECHNOLOGY PTE. LTD.

MANAGING DIRECTOR

12/09/1986

2

0.00

6

SOUTHERN GRACE HARDWARE PTE LTD

SHAREHOLDER

-

168017

11.20

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MUN HEAN REALTY PTE. LTD.

IN LIQUIDATION - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

11/04/1978

-

2

SOUTHERN GRACE COMPANY

TERMINATION

OWNER

15/04/1981

28/02/1986

3

SOUTHERN GRACE HARDWARE PTE LTD

LIVE COMPANY

DIRECTOR

02/01/1986

13/07/2011

4

V-LINE MARKETING PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

09/06/1997

11/07/2000

 

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

:

23/06/2010

Date of Last AR

:

22/07/2010

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

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

170,750

-25.45

229,045

361,778

524,872

20,943

Profit/(Loss) Before Tax

83,575

-10.77

93,665

133,526

102,355

34,485

Profit After Tax attributable to Shareholders

60,040

-76.96

260,642

133,526

102,355

34,485

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

642,795

16.75

550,581

357,720

261,564

51,986

Current Assets

499,353

30.17

383,604

357,720

1

51,985

Non Current Assets

143,442

-14.09

166,977

0

261,563

1

 

 

 

 

 

 

 

Total Liabilities

37,788

573.10

5,614

73,395

110,765

3,542

Current Liabilities

37,788

573.10

5,614

73,395

110,765

3,542

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

605,007

11.02

544,967

284,325

150,799

48,444

Share Capital

1,262,000

0.00

1,262,000

1,262,000

1,262,000

1,262,000

Total Reserves

(656,993)

NA

(717,033)

(977,675)

(1,111,201)

(1,213,556)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-25.45

-36.69

-31.07

2,406.19

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

35.16

113.80

36.91

19.50

164.66

Return on Equity (%)

9.92

47.83

46.96

67.88

71.19

Return on Assets (%)

9.34

47.34

37.33

39.13

66.34

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.06

0.01

0.26

0.73

0.07

Current Debt/Equity (Times)

0.06

0.01

0.26

0.73

0.07

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.06

1.01

1.26

1.73

1.07

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.27

0.42

1.01

2.01

0.40

Fixed Assets Turnover (Times)

1.19

1.37

0.00

2.01

20,943.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

13.21

68.33

4.87

0.00

14.68

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 68.98% (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 35.16 per cent in FY09 (FY08: 113.80 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.35 of profit for every SINGAPORE, DOLLARS of sales in FY09, as compared with SINGAPORE, DOLLARS 1.14 a year ago.

 

Liquidity

Current ratio stood at 13.21 times in FY09 (FY08: 68.33 times). This means that the company has SINGAPORE, DOLLARS 13.21 of current assets for every SINGAPORE, DOLLARS 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 0.06 times in FY09, as compared with 0.01 times in FY08. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.06 for every SINGAPORE, DOLLARS 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 9.92 per cent for Subject in the current financial period, as compared to 47.83 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 9.34 per cent (FY08: 47.34 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 0.27 times in FY09 (FY08: 0.42 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.44.13

UK Pound

1

Rs.72.05

Euro

1

Rs.63.33

 

 

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%)

 

 

 

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