MIRA INFORM REPORT

 

 

Report Date :           

03.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ATLANTIC SUPPLIES AND TRADING PTE LTD

 

 

Registered Office :

165 Pasir Panjang Road #01-36/37 Pasir Panjang Distripark Singapore 118499

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

21.12.1999

 

 

Com. Reg. No.:

199908097w

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Other Business Support Services Activities

 

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$33,000

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Exists

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

:

ATLANTIC SUPPLIES AND TRADING PTE LTD

Registration No

:

199908097W

Date of Registration

:

21/12/1999

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

165 PASIR PANJANG ROAD #01-36/37 PASIR PANJANG DISTRIPARK SINGAPORE 118499

Date of Change of Address

:

01/02/2004

Contact No.

:

62762760

Fax No.

:

NA

Website

:

NA

Registered Activities

:

1. OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES)

HOUSEHOLD ELECT APPPLIANCES & EQUIP(EG VACUUM CLEANERS,WASHING MACHINE ETC)

2. BUILDING OF SHIPS, TANKERS AND OTHER OCEAN-GOING VESSELS (INCLUDING CONVERSION OF SHIPS INTO OFF-SHORE STRUCTURES)

Issued Ordinary Capital*

:

$300,010.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 300,010

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$300,010.00 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

:

ROBIN CHIA & CO.

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 6,424,945.00 (FY2008)

Net Worth

:

SINGAPORE, DOLLARS 665,466.00 (FY2008)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

3

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

16.16% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$33,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

ANG KAI HUAT

SHAREHOLDER ID

:

S1112211F

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

2 HOLLAND AVENUE #19-94 SINGAPORE 271002

NO. OF ORD SHARES

:

150,005

% OF SHAREHOLDING

:

50%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

KHOO HA NGEK

SHAREHOLDER ID

:

S2586061F

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

2 HOLLAND AVENUE #19-94 SINGAPORE 271002

NO. OF ORD SHARES

:

150,005

% OF SHAREHOLDING

:

50%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

ANG KAI HUAT

ADDRESS

:

2 HOLLAND AVENUE #19-94 SINGAPORE 271002

POSITION

:

DIRECTOR

DATE OF APPT

:

21/12/1999

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1112211F

 

NAME

:

KHOO HA NGEK

ADDRESS

:

2 HOLLAND AVENUE #19-94 SINGAPORE 271002

POSITION

:

DIRECTOR

DATE OF APPT

:

21/12/1999

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2586061F

 

NAME

:

TOMY CHOLLAMPUZHA JOSEPH

ADDRESS

:

504 HOUGANG AVENUE 8 #04-704 SINGAPORE 530504

POSITION

:

SECRETARY

DATE OF APPT

:

02/06/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7464919Z

 

 

KEY PERSONNEL PROFILE

 

Name:

ANG KAI HUAT

NRIC Number:

S1112211F

Available Address:

2 HOLLAND AVENUE #19-94  SINGAPORE 271002

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

ATLANTIC SUPPLIES AND TRADING PTE LTD

DIRECTOR

21/12/1999

150005

50.00

2

ELKO ELECTRICAL TRADING PTE LTD

DIRECTOR

19/10/1999

200000

44.44

3

SP SHIP SUPPLY & ENGINEERING PTE. LTD.

DIRECTOR

07/01/2011

90

90.00

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ARROW ASIA MARINE SUPPLIES

LIVE

OWNER

22/03/2000

07/03/2005

2

ATLANTIC SUPPLIES & TRADING

TERMINATION

OWNER

29/12/1987

-

3

I T L HARDWARE & ENGINEERING SUPPLIES

TERMINATION

OWNER

04/10/1990

31/10/1991

4

ITL HARDWARE & ENGINEERING SUPPLIES PTE LTD

LIVE COMPANY

DIRECTOR

25/09/1991

19/04/2011

5

NEW WORLD CABIN SUPPLIES

TERMINATION

OWNER

28/02/1995

23/06/1995

6

OCEAN BATTERY (PTE.) LTD.

STRUCK OFF

DIRECTOR

03/01/1978

-

7

PIONEER TOOLS INDUSTRIAL SUPPLIES PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

06/05/1994

30/03/2006

8

WORLD MARINE AND TRADING PTE. LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR/SHR

24/03/1990

20/07/2007

 

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

M

22902

2007

12/10/2007

SGD 26,527.40

Contracts Related

M

1371

2003

13/01/2003

SGD 8,152.36

-

 

 

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

 

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 3 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

W.e.f 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

2

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

27644

 

Date of Filing

:

14/09/2001

 

Amount

:

3,650.00

 

Cause

:

Negligence - Motor Accidents (Not Injuries / Death)

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

OH SIEW KHIM

 

Last Update Date

:

14/10/2008

 

2)

Court

:

District Court

 

Case No.

:

884

 

Date of Filing

:

05/03/2002

 

Amount

:

0.00

 

Cause

:

Landlord / Tenant (Non-Rent Controlled)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

HOUSING & DEVELOPMENT BOARD

 

Last Update Date

:

14/10/2008

 

3)

Court

:

Magistrate Court

 

Case No.

:

2016

 

Date of Filing

:

22/01/2010

 

Amount

:

15,544.70

 

Cause

:

Tort - Negligence (Motor Accidents With Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

KOH KHOON HAN

 

Last Update Date

:

25/01/2010

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

10/11/2010

Date of Last AR

:

24/11/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2008

% Change

DEC 2007

DEC 2006

DEC 2005

DEC 2004

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

6,424,945

10.75

5,801,148

5,462,069

5,030,763

3,528,673

Profit/(Loss) Before Tax

268,267

1,563.16

16,130

133,376

53,184

18,085

Profit After Tax attributable to Shareholders

233,532

2,263.21

9,882

70,398

35,568

19,052

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

3,034,713

-4.14

3,165,938

2,638,936

2,170,881

1,861,365

Current Assets

2,883,958

-4.53

3,020,927

2,460,839

1,934,447

1,567,268

Non Current Assets

150,755

3.96

145,011

178,097

236,434

294,097

 

 

 

 

 

 

 

Total Liabilities

2,369,247

-13.34

2,734,004

2,216,884

1,819,227

1,545,279

Current Liabilities

2,176,987

-13.92

2,528,918

1,946,196

1,507,025

1,280,823

Non Current Liabilities

192,260

-6.25

205,086

270,688

312,202

264,456

 

 

 

 

 

 

 

Shareholders' Funds

665,466

54.07

431,934

422,052

351,654

316,086

Share Capital

300,010

0.00

300,010

300,010

300,010

300,010

Total Reserves

365,456

177.02

131,924

122,042

51,644

16,076

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2008

DEC 2007

DEC 2006

DEC 2005

DEC 2004

Growth %

 

 

 

 

 

Year-on-Year Growth

10.75

6.21

8.57

42.57

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

3.63

0.17

1.29

0.71

0.54

Return on Equity (%)

35.09

2.29

16.68

10.11

6.03

Return on Assets (%)

7.70

0.31

2.67

1.64

1.02

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.56

6.33

5.25

5.17

4.89

Current Debt/Equity (Times)

3.27

5.85

4.61

4.29

4.05

Long Term Debt To Equity (Times)

0.29

0.47

0.64

0.89

0.84

Total Asset To Total Equity (Times)

4.56

7.33

6.25

6.17

5.89

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.12

1.83

2.07

2.32

1.90

Fixed Assets Turnover (Times)

42.62

40.00

30.67

21.28

12.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.32

1.19

1.26

1.28

1.22

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 16.16% (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 3.63 per cent in FY08 (FY07: 0.17 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.04 of profit for every SINGAPORE, DOLLARS of sales in FY08, as compared with SINGAPORE, DOLLARS 0.00 a year ago.

 

Liquidity

Current ratio stood at 1.32 times in FY08 (FY07: 1.19 times). This means that the company has SINGAPORE, DOLLARS 1.32 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 3.56 times in FY08, as compared with 6.33 times in FY07. This means that the company requires additional external financing of SINGAPORE, DOLLARS 3.56 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 35.09 per cent for Subject in the current financial period, as compared to 2.29 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 7.70 per cent (FY07: 0.31 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 2.12 times in FY08 (FY07: 1.83 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.44.33

UK Pound

1

Rs.73.89

Euro

1

Rs.65.57

 

 

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.