MIRA INFORM REPORT

 

 

Report Date :

06.05.2011

 

IDENTIFICATION DETAILS

 

Name :

QUALITY COMPONENTS & SYSTEMS PTE. LTD.

 

 

Registered Office :

3015a Ubi Road 1 #03-11 Singapore 408705

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

06.11.1984

 

 

Com. Reg. No.:

198403959N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Research And Experimental Development On Electronics

Design, Development, Sale And Servicing Of Switching Power Supplies

 

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 :

Excellent

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 – 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

:

QUALITY COMPONENTS & SYSTEMS PTE. LTD.

Registration No

:

198403959N

Date of Registration

:

06/11/1984

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

3015A UBI ROAD 1 #03-11 SINGAPORE 408705

Date of Change of Address

:

13/08/2010

Contact No.

:

6848 0450

Fax No.

:

6747 9607

Website

:

NA

Registered Activities

:

1. RESEARCH AND EXPERIMENTAL DEVELOPMENT ON ELECTRONICS

DESIGN, DEVELOPMENT, SALE AND SERVICING OF SWITCHING POWER SUPPLIES

2. WHOLESALE OF TELECOMMUNICATIONS EQUIPMENT

ENGAGED IN THE PURCHASE & DISTRIBUTION OF ELECTRONIC COMPONENTS & PARTS

Issued Ordinary Capital*

:

$832,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 83,200,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$832,000.00 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

:

RSM CHIO LIM LLP

Bankers / Financiers

:

DBS BANK LTD

Turnover

:

SGD - SIN 91,940,186.00 (FY2010)

Net Worth

:

SGD - SIN 38,979,059.00 (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

1824 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1561 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2002/2003)

Compounded Annual Growth Rate (CAGR)

:

9.32% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

AQUAMARINE HOLDINGS LTD

SHAREHOLDER ID

:

T07UF0329G

NATIONALITY

:

BAHAMAS

ADDRESS

:

P.O.BOX N7788 WEST BAY STREET NASSAU BAHAMAS

NO. OF ORD SHARES

:

45,722,523

% OF SHAREHOLDING

:

55%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

DYNACOMP INC.

SHAREHOLDER ID

:

T07UF4251E

NATIONALITY

:

UNITED STATES

ADDRESS

:

501 SEAPORT COURT, SUITE 103 REDWOOD CITY, CA 94063, USA

NO. OF ORD SHARES

:

37,477,477

% OF SHAREHOLDING

:

45%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

GAUTAM CHAUDHARY

ADDRESS

:

132 BEVERLY DRIVE, SAN CARLOS, CA 94070 USA

POSITION

:

DIRECTOR

DATE OF APPT

:

18/10/2002

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

425906103

 

NAME

:

NITHYA CAMOENS

ADDRESS

:

5 CORONATION ROAD #02-03 CORONATION ARCADE SINGAPORE 269406

POSITION

:

SECRETARY

DATE OF APPT

:

02/08/2010

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G5894249P

 

NAME

:

CHAUDHARY RANJIT KAUR

ADDRESS

:

93 GRANGE ROAD #15-05 GRANGE RESIDENCES SINGAPORE 249614

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2009

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G6335097X

 

NAME

:

TIRUCHIRAPALLI SUNDARA RAJAN VISWESWARAN

ADDRESS

:

125 GEYLANG EAST AVENUE 1 #04-25 SINGAPORE 381125

POSITION

:

 

DIRECTOR

DATE OF APPT

:

 

03/09/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2623900A

 

NAME

:

LEE GEOK MOI

ADDRESS

:

4 RAMSGATE ROAD SINGAPORE 437451

POSITION

:

DIRECTOR

DATE OF APPT

:

29/01/2009

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7072223B

 

 

KEY PERSONNEL PROFILE

 

Name:

TIRUCHIRAPALLI SUNDARA RAJAN VISWESWARAN

NRIC Number:

S2623900A

Available Address:

125 GEYLANG EAST AVENUE 1 #04-25  SINGAPORE 381125

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ADMA & LEE POWER PRODUCTS PTE. LTD.

SECRETARY

08/03/2007

-

-

2

AQUAMARINE INVESTMENTS PTE. LTD.

DIRECTOR

18/08/2010

-

-

3

QUALITY COMPONENTS & SYSTEMS PTE. LTD.

DIRECTOR

03/09/2009

-

-

4

SUNDAYA INTERNATIONAL PTE LTD

DIRECTOR

01/02/2011

-

-

 

 

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 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200506158

 

Date of Registration

:

05/10/2005

 

Chargee

:

DBS BANK LTD

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

 

 

             

 

 

LITIGATION

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

Bef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

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

0

0

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.

:

9174

 

Date of Filing

:

04/04/2001

 

Amount

:

9,955.98

 

Cause

:

CONTRACTS-SALE OF GOODS

 

Case Status

:

CONCLUDED

 

Plaintiff

:

METHODE ELECTRONICS FAR EAST PTELTD

 

 

 

COMPLIANCE

 

Date of Last AGM

:

13/08/2010

Date of Last AR

:

01/09/2010

Date of A/C Laid At Last AGM

:

31/03/2010

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

MAR 2010

% Change

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

91,940,186

-15.21

108,431,546

102,625,921

95,391,275

64,370,153

Profit/(Loss) Before Tax

8,840,156

-15.13

10,416,652

7,542,066

7,706,810

4,559,033

Profit After Tax attributable to Shareholders

7,117,159

-14.42

8,316,590

6,145,115

6,098,364

3,576,397

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

51,835,266

19.71

43,300,790

42,305,566

35,143,991

23,463,557

Current Assets

48,976,431

21.41

40,339,645

39,177,866

31,685,286

19,709,255

Non Current Assets

2,858,835

-3.46

2,961,145

3,127,700

3,458,705

3,754,302

 

 

 

 

 

 

 

Total Liabilities

12,856,206

16.30

11,054,170

18,111,840

16,162,459

9,826,363

Current Liabilities

12,856,206

16.36

11,048,401

18,105,958

16,156,219

9,819,712

Non Current Liabilities

0

-100.00

5,769

5,882

6,240

6,651

 

 

 

 

 

 

 

Shareholders' Funds

38,979,059

20.88

32,246,619

24,193,725

18,981,530

13,637,195

Share Capital

812,331

-1.19

822,140

838,171

889,247

970,998

Total Reserves

38,166,728

21.46

31,424,479

23,355,554

18,092,283

12,666,197

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-15.21

5.66

7.58

48.19

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

7.74

7.67

5.99

6.39

5.56

Return on Equity (%)

18.26

25.79

25.40

32.13

26.23

Return on Assets (%)

13.73

19.21

14.53

17.35

15.24

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.33

0.34

0.75

0.85

0.72

Current Debt/Equity (Times)

0.33

0.34

0.75

0.85

0.72

Long Term Debt To Equity (Times)

NA

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.33

1.34

1.75

1.85

1.72

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.77

2.50

2.43

2.71

2.74

Fixed Assets Turnover (Times)

32.16

36.62

32.81

27.58

17.15

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

3.81

3.65

2.16

1.96

2.01

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 9.32% (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 group yielded a rate of net profit on sales of 7.74 per cent in FY10. The group is now able to book in SGD - SIN 0.08 of profit for every SGD - SIN of sales.

 

Liquidity

Current ratio stood at 3.81 times in FY10. This means that the group has SGD - SIN 3.81 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.

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched at 0.33 times in FY10. This means that the group requires additional external financing of SGD - SIN 0.33 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 18.26 per cent for Subject in the current financial period. 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 13.73 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 1.77 times in FY10. This ratio measures the group'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.44.57

UK Pound

1

Rs.73.58

Euro

1

Rs.66.23

 

 

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.