MIRA INFORM REPORT

 

 

Report Date :

08.06.2011

 

IDENTIFICATION DETAILS

 

Name :

LF CENTENNIAL PTE. LTD.

 

 

Formerly Known As :

LF CENTENNIAL TRADING PTE. LTD

 

 

Registered Office :

10 Raeburn Park #03-08 Singapore 088702

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

07.12.2006

 

 

Com. Reg. No.:

200618333D

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

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 – 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

Executive Summary

 

Company Name

:

LF CENTENNIAL PTE. LTD.

Registration No

:

200618333D

Date of Registration

:

07/12/2006

Former Name

:

LF CENTENNIAL TRADING PTE. LTD. Eff. date : 07/12/2006 Eff. date : 07/12/2006

Date of Change of Name

:

28/12/2006

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

10 RAEBURN PARK #03-08 SINGAPORE 088702

Date of Change of Address

:

17/11/2008

Contact No.

:

63338893

Fax No.

:

6835 9668

Website

:

NA

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$100,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 100,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$100,000.00 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

:

7

No. of Local Associates

:

NA

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 4,657,164,262.00 (FY2009)

Net Worth

:

SGD - SIN 157,956,540.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

117 POSITION IN SINGAPORE 1000 (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

LF CENTENNIAL LIMITED

SHAREHOLDER ID

:

T07UF0636H

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

P.O.BOX 957, OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS.

NO. OF ORD SHARES

:

100,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

UWE DERIGS

ADDRESS

:

130 CANTONMENT ROAD #08-06 BEACON, THE SINGAPORE 089775

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2007

NATIONALITY

:

GERMAN

I/C PASSPORT

:

G5951434U

 

NAME

:

DWIJENDRANATH RAMDIN

ADDRESS

:

62 TANAH MERAH KECHIL AVENUE #11-21 CASA MERAH SINGAPORE 465530

POSITION

:

SECRETARY

DATE OF APPT

:

15/01/2010

NATIONALITY

:

MAURITIAN

I/C PASSPORT

:

G6290467X

 

NAME

:

CHEN CHUN LENG

ADDRESS

:

ROOM 504, 9R, SCRA, LANE 555, JIN FENG ROAD MIN HANG DISTRICT, SHANGHAI 201107, CHINA

POSITION

:

DIRECTOR

DATE OF APPT

:

14/12/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1177752Z

 

 

KEY PERSONNEL PROFILE

 

Name:

CHEN CHUN LENG

NRIC Number:

S1177752Z

Available Address:

ROOM 504, 9R, SCRA, LANE 555, JIN FENG ROAD MIN HANG DISTRICT, SHANGHAI 201107, CHINA

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

ALSTER INTERNATIONAL TRADING COMPANY PTE LTD

DIRECTOR

19/04/2009

-

-

2

COLOURFUL EXPRESS TRADING PTE. LTD.

DIRECTOR

19/04/2009

-

-

3

DIRECT SOURCING GROUP PTE. LTD.

DIRECTOR

07/01/2010

-

-

4

DSG SERVICES PTE. LTD.

DIRECTOR

19/02/2010

-

-

5

INNO PRODUCT PTE. LTD.

DIRECTOR

27/07/2010

-

-

6

JMI SPORTSWEAR PTE. LTD.

DIRECTOR

23/01/2009

-

-

7

JOYLIN PTE. LTD.

DIRECTOR

13/10/1994

394630

32.88

8

LF BEAUTY PTE. LTD.

DIRECTOR

23/01/2009

-

-

9

LF CENTENNIAL PTE. LTD.

DIRECTOR

14/12/2006

-

-

10

LF CENTENNIAL SERVICE (SINGAPORE) PTE. LTD.

DIRECTOR

29/01/2007

-

-

11

LF EUROPE (ASIA) PTE. LTD.

DIRECTOR

25/03/2009

-

-

12

MILES FASHION ASIA PTE. LTD.

DIRECTOR

15/03/2009

-

-

13

MILLWORK PTE. LTD.

DIRECTOR

23/02/2009

-

-

14

SOCIAL COMPLIANCE MANAGEMENT & AUDIT PTE. LTD.

DIRECTOR

15/03/2009

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

LEONPAM INTERNATIONAL PTE LTD

STRUCK OFF

DIRECTOR

29/03/1994

-

 

 

 

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 (%)

LF BEAUTY PTE. LTD.

100

JMI SPORTSWEAR PTE. LTD.

100

MILLWORK PTE. LTD.

100

LF EUROPE (ASIA) PTE. LTD.

100

DIRECT SOURCING GROUP PTE. LTD.

100

INNO PRODUCT PTE. LTD.

100

LF CREDIT

NA (SOLE-PROPRIETOR)

 

                                                                                                                       

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

:

28/04/2010

Date of Last AR

:

11/05/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

Turnover

4,657,164,262

73.01

2,691,840,655

2,086,855,122

Profit/(Loss) Before Tax

160,205,285

145.29

65,312,582

42,851,053

Profit After Tax attributable to Shareholders

152,077,142

145.25

62,009,363

40,640,618

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

691,155,650

-2.58

709,475,474

579,008,483

Current Assets

651,951,358

-8.07

709,200,268

578,560,211

Non Current Assets

39,204,292

14,145.44

275,206

448,272

 

 

 

 

 

Total Liabilities

533,199,110

-18.17

651,568,420

538,267,865

Current Liabilities

533,199,110

-18.17

651,568,420

538,267,865

Non Current Liabilities

0

NA

0

0

 

 

 

 

 

Shareholders' Funds

157,956,540

172.78

57,907,055

40,740,618

Share Capital

99,326

3.13

96,312

100,000

Total Reserves

157,857,214

173.06

57,810,743

40,640,618

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

Year-on-Year Growth

73.01

28.99

NA

 

 

 

 

Profitability

 

 

 

Profit Margin (%)

3.27

2.30

1.95

Return on Equity (%)

96.28

107.08

99.75

Return on Assets (%)

22.00

8.74

7.02

 

 

 

 

Leverage

 

 

 

Total Debt/Equity (Times)

3.38

11.25

13.21

Current Debt/Equity (Times)

3.38

11.25

13.21

Long Term Debt To Equity (Times)

NA

NA

NA

Total Asset To Total Equity (Times)

4.38

12.25

14.21

 

 

 

 

Asset Management

 

 

 

Total Assets Turnover (Times)

6.74

3.79

3.60

Fixed Assets Turnover (Times)

118.79

9,781.18

4,655.33

 

 

 

 

Liquidity

 

 

 

Current Ratio (Times)

1.22

1.09

1.07

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 3.27 per cent in FY09 (FY08: 2.30 per cent). The company is now able to book in SGD - SIN 0.03 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.02 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.22 times in FY09 (FY08: 1.09 times). This means that the company has SGD - SIN 1.22 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 3.38 times in FY09, as compared with 11.25 times in FY08. This means that the company requires additional external financing of SGD - SIN 3.38 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 96.28 per cent for Subject in the current financial period, as compared to 107.08 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 22.00 per cent (FY08: 8.74 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 6.74 times in FY09 (FY08: 3.79 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.44.74

UK Pound

1

Rs.73.25

Euro

1

Rs.65.48

 

 

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.