MIRA INFORM REPORT

 

 

Report Date :

17.06.2011

 

IDENTIFICATION DETAILS

 

Name :

EEMS CHINA PTE. LTD.

 

 

Registered Office :

150 Cecil Street #15-01 Singapore 069543

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

31.03.2005

 

 

Com. Reg. No.:

200504196R

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Assembly And Testing Of Semiconductors

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

 

 

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

 

Executive Summary

 

Company Name

:

EEMS CHINA PTE. LTD.

Registration No

:

200504196R

Date of Registration

:

31/03/2005

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

150 CECIL STREET #15-01 SINGAPORE 069543

Date of Change of Address

:

01/08/2010

Contact No.

:

6853 0857

Fax No.

:

6853 0749

Website

:

www.eemsasia.com

Registered Activities

:

1. ASSEMBLY AND TESTING OF SEMICONDUCTORS

2. OTHER INVESTMENT HOLDING COMPANIES

Issued Ordinary Capital*

:

$2.00 U.S. DOLLAR ,NO. OF SHARE : 2

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2.00 U.S. DOLLAR

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

:

ERNST & YOUNG LLP

Bankers / Financiers

:

UNICREDIT CORPORATE BANKING S.P.A.

Turnover

:

SINGAPORE, DOLLARS 0.00 (FY2009)

Net Worth

:

SINGAPORE, DOLLARS 58,203,694.43 (FY2009)

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

EEMS ASIA PTE. LTD.

SHAREHOLDER ID

:

200501933N

NATIONALITY

:

SINGAPORE

ADDRESS

:

150 CECIL STREET #15-01 SINGAPORE 069543

NO. OF ORD SHARES

:

2

% OF SHAREHOLDING

:

100%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

PAOLO MUTTI

ADDRESS

:

VIA G. LEOPARDI, 3 MILANO, ITALY

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2010

NATIONALITY

:

ITALIAN

I/C PASSPORT

:

D698443

 

NAME

:

ANNE CHOO

ADDRESS

:

34 JALAN REBANA FABER GARDEN SINGAPORE 577003

POSITION

:

SECRETARY

DATE OF APPT

:

20/04/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1256587I

 

NAME

:

IRENE LEE LI HUAN

ADDRESS

:

35 DUKU ROAD SINGAPORE 429193

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1572292D

 

NAME

:

CARLO BERNARDOCCHI

ADDRESS

:

VIA PIGNA, NO. 1, 37121, VERONA (VR), ITALY

POSITION

:

DIRECTOR

DATE OF APPT

:

29/04/2011

NATIONALITY

:

ITALIAN

I/C PASSPORT

:

YA1619503

 

 

 

KEY PERSONNEL PROFILE

 

Name:

PAOLO MUTTI

NRIC Number:

D698443

Available Address:

VIA G. LEOPARDI, 3 MILANO, ITALY

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

EEMS ASIA PTE. LTD.

DIRECTOR

01/07/2010

-

-

2

EEMS CHINA PTE. LTD.

DIRECTOR

01/07/2010

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

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 have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200905596

 

Date of Registration

:

04/09/2009

 

Chargee

:

UNICREDIT CORPORATE BANKING S.P.A.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C200905594

 

Date of Registration

:

04/09/2009

 

Chargee

:

UNICREDIT CORPORATE BANKING S.P.A.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

LITIGATION

 

Clear

 

COMPLIANCE

 

Date of Last AGM

:

29/04/2010

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

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

0

-100.00

38,163,296

0

0

0

Profit/(Loss) Before Tax

(6,938,822)

NA

30,872,884

(6,505,163)

(4,427,211)

(1,292,502)

Profit After Tax attributable to Shareholders

(7,152,834)

NA

30,845,450

(6,505,163)

(4,427,211)

(1,292,502)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

202,218,355

5.02

192,557,936

118,312,535

110,504,145

51,099,041

Current Assets

2,069,350

59.15

1,300,275

56,577

80,177

829,753

Non Current Assets

200,149,005

4.65

191,257,661

118,255,958

110,423,968

50,269,288

 

 

 

 

 

 

 

Total Liabilities

144,014,661

11.40

129,277,684

93,551,204

79,480,297

34,966,250

Current Liabilities

42,397,914

635,074.74

6,675

7,581,244

24,193

5,454

Non Current Liabilities

101,616,747

-21.39

129,271,009

85,969,960

79,456,104

34,960,796

 

 

 

 

 

 

 

Shareholders' Funds

58,203,694

-8.02

63,280,252

24,761,331

31,023,848

16,132,791

Share Capital

3

-100.00

43,574,678

3

3

3

Total Reserves

58,203,692

195.37

19,705,574

24,761,328

31,023,845

16,132,788

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-100.00

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.00

80.82

0.00

0.00

0.00

Return on Equity (%)

-12.29

48.74

-26.27

-14.27

-8.01

Return on Assets (%)

-3.54

16.02

-5.50

-4.01

-2.53

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.47

2.04

3.78

2.56

2.17

Current Debt/Equity (Times)

0.73

0.00

0.31

0.00

0.00

Long Term Debt To Equity (Times)

1.75

2.04

3.47

2.56

2.17

Total Asset To Total Equity (Times)

3.47

3.04

4.78

3.56

3.17

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.00

0.20

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.20

0.00

0.00

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.05

194.80

0.01

3.31

152.14

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability.

 

Liquidity

 

Current ratio stood at 0.05 times in FY09 (FY08: 194.80 times). This means that the company has SINGAPORE, DOLLARS 0.05 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.

 

 

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 2.47 times in FY09, as compared with 2.04 times in FY08. This means that the company requires additional external financing of SINGAPORE, DOLLARS 2.47 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

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

We are unable to comment on Subject's total assets turnover ratio.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.90

UK Pound

1

Rs.72.54

Euro

1

Rs.63.39

 

 

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.