MIRA INFORM REPORT

 

 

Report Date :

22.06.2011

 

IDENTIFICATION DETAILS

 

Name :

ACHIEVA TECHNOLOGY PTE LTD

 

 

Registered Office :

100j Pasir Panjang Road #05-00 Sutl House Singapore 118525

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

15.06.1996

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

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 :

--

 

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

:

ACHIEVA TECHNOLOGY PTE LTD

Registration No

:

199604363D

Date of Registration

:

15/06/1996

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

100J PASIR PANJANG ROAD #05-00 SUTL HOUSE SINGAPORE 118525

Date of Change of Address

:

22/09/2010

Contact No.

:

65907100

Fax No.

:

65907101

Website

:

www.achieva.com.sg

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$22,896,207.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 22,896,207

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$22,896,207.00 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

:

2

No. of Local Associates

:

NA

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 116,425,000.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 1,370,000.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

932 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

816 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

406 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2005/2006)

366 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2004/2005)

898 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2003/2004)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

ACHIEVA LIMITED

SHAREHOLDER ID

:

199307251M

NATIONALITY

:

SINGAPORE

ADDRESS

:

100J PASIR PANJANG ROAD #05-00 SUTL HOUSE SINGAPORE 118525

NO. OF ORD SHARES

:

22,896,207

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

CHIA LAY BENG

ADDRESS

:

16 AMBER GARDENS #05-01 AMBER PARK SINGAPORE 439961

POSITION

:

SECRETARY

DATE OF APPT

:

30/09/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0107267F

 

NAME

:

CHAN KUM TAO

ADDRESS

:

32 JALAN RAJAH #22-03 RAJAH TOWER SINGAPORE 329141

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0150787G

 

NAME

:

TAY TENG GUAN ARTHUR

ADDRESS

:

7 TREASURE ISLAND SINGAPORE 098335

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1164972F

 

NAME

:

TAY TENG HOCK

ADDRESS

:

16 CARMEN STREET OPERA ESTATE SINGAPORE 459744

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1201524J

 

 

KEY PERSONNEL PROFILE

 

Name:

CHAN KUM TAO

NRIC Number:

S0150787G

Available Address:

32 JALAN RAJAH #22-03 RAJAH TOWER  SINGAPORE 329141

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ACHIEVA INVESTMENTS (CHINA) PTE LTD

DIRECTOR

30/04/2010

-

-

2

ACHIEVA INVESTMENTS PTE LTD

DIRECTOR

30/04/2010

-

-

3

ACHIEVA LIMITED

DIRECTOR

19/01/2010

-

-

4

ACHIEVA PHILIPPINES PTE. LTD.

DIRECTOR

28/07/2010

-

-

5

ACHIEVA TECHNOLOGY INDONESIA PTE LTD

DIRECTOR

30/04/2010

-

-

6

ACHIEVA TECHNOLOGY PTE LTD

DIRECTOR

30/04/2010

-

-

7

ALLIANCE BOATING PTE. LTD.

SECRETARY

26/02/2009

-

-

8

EA TECH PTE. LTD.

DIRECTOR

30/04/2010

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

FAR EAST SEAS LIMITED (SINGAPORE BRANCH)

CEASED REGISTRATION

AGENT

13/05/2005

-

2

HAVEN AUTOMATION INDUSTRIES (S) PTE LTD

LIVE COMPANY

SECRETARY

08/03/1993

09/06/2011

3

NEXUSEDGE TECHNOLOGIES PTE LTD

LIVE COMPANY

SHAREHOLDER

-

-

4

NEXUSEDGE TECHNOLOGIES PTE LTD

LIVE COMPANY

SHAREHOLDER

-

05/08/2003

5

SUTL DINERS PTE. LTD.

LIVE COMPANY

SECRETARY

11/06/2008

28/01/2011

6

SUTL INDO-IMEX PTE. LTD.

STRUCK OFF

DIRECTOR

08/08/2006

-

 

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 (%)

 

EA TECH PTE. LTD.

100

ACHIEVA TECHNOLOGY INDONESIA PTE LTD

86.66

                                                                                                                       

 

 

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

:

31/05/2011

Date of Last AR

:

02/06/2011

Date of A/C Laid At Last AGM

:

31/12/2010

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

224,094,847

1.99

219,714,205

261,854,748

287,875,017

Profit/(Loss) Before Tax

(1,520,614)

NA

(3,410,327)

(297,723)

1,117,595

Profit After Tax attributable to Shareholders

(1,363,460)

NA

(3,558,479)

52,649

946,270

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

60,916,233

18.04

51,607,821

76,808,929

78,664,500

Current Assets

58,279,532

17.93

49,419,399

73,403,479

74,387,057

Non Current Assets

2,636,701

20.48

2,188,422

3,405,450

4,277,443

 

 

 

 

 

 

Total Liabilities

53,582,361

18.04

45,393,888

64,749,242

73,943,011

Current Liabilities

47,779,291

11.82

42,729,967

58,287,989

54,837,448

Non Current Liabilities

5,803,070

117.84

2,663,921

6,461,253

19,105,563

 

 

 

 

 

 

Shareholders' Funds

7,333,871

18.02

6,213,934

12,059,687

4,721,489

Share Capital

19,832,008

3.13

19,230,178

20,479,744

14,938,737

Total Reserves

(12,498,137)

NA

(13,016,244)

(8,420,057)

(10,217,248)

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

Year-on-Year Growth

1.99

-16.09

-9.04

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

NA

NA

0.02

0.33

Return on Equity (%)

NA

NA

0.44

20.04

Return on Assets (%)

NA

NA

0.07

1.20

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

7.31

7.31

5.37

15.66

Current Debt/Equity (Times)

6.51

6.88

4.83

11.61

Long Term Debt To Equity (Times)

0.79

0.43

0.54

4.05

Total Asset To Total Equity (Times)

8.31

8.31

6.37

16.66

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

3.68

4.26

3.41

3.66

Fixed Assets Turnover (Times)

84.99

100.40

76.89

67.30

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.22

1.16

1.26

1.36

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

116,425,000

-28.39

162,584,920

166,018,140

190,261,064

178,589,112

Profit/(Loss) Before Tax

(967,000)

NA

(6,289,085)

2,805,018

3,061,575

(686,961)

Profit After Tax attributable to Shareholders

(1,085,000)

NA

(6,289,085)

2,707,661

3,113,150

(686,961)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

35,835,000

-19.84

44,706,052

49,996,487

66,152,350

61,023,300

Current Assets

25,039,000

-20.46

31,478,892

40,328,487

53,288,560

48,797,056

Non Current Assets

10,796,000

-18.38

13,227,160

9,668,000

12,863,790

12,226,244

 

 

 

 

 

 

 

Total Liabilities

34,465,000

-17.98

42,018,419

41,292,184

59,765,720

64,225,882

Current Liabilities

22,612,000

-37.56

36,215,349

38,628,263

53,304,467

45,214,582

Non Current Liabilities

11,853,000

104.25

5,803,070

2,663,921

6,461,253

19,011,300

 

 

 

 

 

 

 

Shareholders' Funds

1,370,000

-49.03

2,687,631

8,704,305

6,386,630

(3,202,582)

Share Capital

22,896,000

15.45

19,832,008

19,230,178

20,479,744

14,938,737

Total Reserves

(21,526,000)

NA

(17,144,377)

(10,525,873)

(14,093,114)

(18,141,319)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-28.39

-2.07

-12.74

6.54

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-0.93

-3.87

1.63

1.64

-0.38

Return on Equity (%)

-79.20

-234.00

31.11

48.74

21.45

Return on Assets (%)

-3.03

-14.07

5.42

4.71

-1.13

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

25.16

15.63

4.74

9.36

-20.05

Current Debt/Equity (Times)

16.51

13.47

4.44

8.35

0.00

Long Term Debt To Equity (Times)

8.65

2.16

0.31

1.01

0.00

Total Asset To Total Equity (Times)

26.16

16.63

5.74

10.36

-19.05

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.25

3.64

3.32

2.88

2.93

Fixed Assets Turnover (Times)

10.78

12.29

17.17

14.79

14.61

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.11

0.87

1.04

1.00

1.08

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability as Subject posted losses for the financial year end under review.

 

 

Liquidity

 

Current ratio stood at 1.11 times in FY10 (FY09: 0.87 times). This means that the company has SINGAPORE, DOLLARS 1.11 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 25.16 times in FY10, as compared with 15.63 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 25.16 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 as Subject posted losses for the financial year end under review.

 

We are unable to comment on Subject's return on assets as Subject posted losses for the financial year end under review.

 

Total assets turnover ratio logged at 3.25 times in FY10 (FY09: 3.64 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.44.91

UK Pound

1

Rs.72.89

Euro

1

Rs.64.48

 

 

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.