MIRA INFORM REPORT
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Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
ZF MARINE SINGAPORE PTE. LTD |
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Formerly Known As : |
HRP ASIA PTE. LTD. |
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Registered Office : |
20 Harbour Drive #06-01 Psa Vista Singapore 117612 |
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Country : |
Singapore |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.07.1997 |
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Com. Reg. No.: |
199704959G |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Manufacture and Repair of Marine Engine and Ship Parts |
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$80,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Unknown |
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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Executive
Summary
|
: |
ZF MARINE SINGAPORE PTE.
LTD. |
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|
Registration No |
: |
199704959G |
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Date of Registration |
: |
17/07/1997 |
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Former Name |
: |
HRP ASIA PTE. LTD. Eff.
date : 17/07/1997 Eff. date : 17/07/1997 |
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Date of Change of Name |
: |
03/01/2011 |
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Type of Company |
: |
LIMITED PRIVATE COMPANY |
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Registered Address |
: |
20 HARBOUR DRIVE #06-01
PSA VISTA SINGAPORE 117612 |
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Date of Change of Address |
: |
20/07/2006 |
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Contact No. |
: |
NA |
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Fax No. |
: |
NA |
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Website |
: |
NA |
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Registered Activities |
: |
1. MANUFACTURE AND REPAIR
OF MARINE ENGINE AND SHIP PARTS 2. WHOLESALE OF TRANSPORT
EQUIPMENT EXCEPT MOTOR VEHICLES AND MOTORCYCLES NEC |
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Issued Ordinary Capital* |
: |
$62,500.00 SINGAPORE,
DOLLARS ,NO. OF SHARE : 62,500 |
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Issued Preference Capital |
: |
NA |
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Paid-Up Ordinary Capital |
: |
$62,500.00 SINGAPORE,
DOLLARS |
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Paid-Up Preference
Capital |
: |
NA |
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* Number of Shares
includes number of Issued Treasury Shares |
||
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Issued Treasury Capital |
: |
NA |
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Paid-Up Treasury Capital |
: |
NA |
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No. of Local Subsidiaries |
: |
NA |
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No. of Local Associates |
: |
NA |
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Auditor |
: |
ROBERT TAN & CO |
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Bankers / Financiers |
: |
DBS BANK LTD. |
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Turnover |
: |
SINGAPORE, DOLLARS
36,347,575.00 (FY2010) |
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Net Worth |
: |
SINGAPORE, DOLLARS
1,597,447.00 (FY2010) |
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No. of Bank Charges |
: |
2 |
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No. of Litigation Suits |
: |
NA |
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S1000 / SME 500 / FG50
Ranking |
: |
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Compounded Annual Growth
Rate (CAGR) |
: |
33.92% (4
years) |
Credit Recommendation
|
Recommended Credit Line |
: |
S$80,000 |
SHAREHOLDER DETAILS
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: |
ZF ASIA PACIFIC PTE. LTD. |
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SHAREHOLDER ID |
: |
198702489N |
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NATIONALITY |
: |
SINGAPORE |
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ADDRESS |
: |
1 MARINA BOULEVARD #28-00 ONE MARINA BOULEVARD SINGAPORE 018989 |
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NO. OF ORD SHARES |
: |
62,500 |
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% OF SHAREHOLDING |
: |
100% |
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CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
KAREL-STEVEN
LINSKENS |
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ADDRESS |
: |
11
WESTBOURNE ROAD #02-04 SINGAPORE 138947 |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
30/08/1999 |
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NATIONALITY |
: |
NETHERLANDS |
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I/C PASSPORT |
: |
F5642858P |
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||
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NAME |
: |
LAURA
NG KWEE HONG |
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ADDRESS |
: |
10
BROOKE ROAD #08-02 EAST VIEW SINGAPORE 429986 |
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POSITION |
: |
SECRETARY |
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DATE OF APPT |
: |
14/10/2005 |
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NATIONALITY |
: |
SINGAPORE
CITIZEN |
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I/C PASSPORT |
: |
S1193635J |
KEY PERSONNEL PROFILE
|
KAREL-STEVEN LINSKENS |
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NRIC Number: |
F5642858P |
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Available Address: |
11 WESTBOURNE ROAD #02-04 SINGAPORE 138947 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
ANDERSOM PTE. LTD. |
DIRECTOR |
10/05/2007 |
50 |
50.00 |
|
|
2 |
ARASHIE PTE. LTD. |
SHAREHOLDER |
- |
49 |
49.00 |
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3 |
CITYSCOOPS MEDIA |
OWNER |
08/06/2009 |
- |
- |
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4 |
ZEPPELIN AIRSHIP WORLD PTE.
LTD. |
SHAREHOLDER |
- |
60000 |
12.00 |
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5 |
ZF MARINE SINGAPORE PTE. LTD. |
DIRECTOR |
30/08/1999 |
- |
- |
Previous Business
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No. |
Name |
Status |
Position |
Appt Date |
Last Known
Inactive Date |
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Bankruptcy Record
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Case
No. |
Year |
Date
of Filing |
Petitioner
Name |
Amount |
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Litigation Search – Writ of Summons
|
Court |
Case No. |
Year |
Date
of Filing |
Amount |
Cause
Category |
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SUBSIDIARIES AND ASSOCIATE
COMPANIES
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Company |
Shareholdings (%) |
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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:
|
Charge
No. |
: |
C201011179 |
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Date
of Registration |
: |
23/11/2010 |
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Chargee |
: |
DBS
BANK LTD. |
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Address |
: |
6
SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809 |
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2) |
Charge
No. |
: |
C200600638 |
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Date
of Registration |
: |
25/01/2006 |
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Chargee |
: |
DBS
BANK LTD. |
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Address |
: |
6
SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809 |
LITIGATION
COMPLIANCE RECORDS
|
Date of Last AGM |
: |
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Date of Last AR |
: |
20/04/2011 |
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Date of A/C Laid At Last AGM |
: |
31/12/2010 |
FINANCIAL HIGHLIGHTS
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Financial Figures |
||||||
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|
DEC 2010 |
% Change |
DEC 2009 |
DEC 2008 |
DEC 2007 |
DEC 2006 |
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Currency |
SGD - SIN |
|
SGD - SIN |
SGD - SIN |
SGD - SIN |
SGD - SIN |
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Profit and Loss Key Figures |
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36,347,575 |
17.85 |
30,842,174 |
28,711,580 |
25,502,154 |
11,299,236 |
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Profit/(Loss) Before Tax |
1,836,405 |
-59.10 |
4,490,436 |
3,005,891 |
2,911,846 |
1,383,820 |
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Profit After Tax attributable to
Shareholders |
1,510,908 |
-59.56 |
3,736,406 |
2,475,584 |
2,408,001 |
1,085,092 |
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Balance Sheet Key Figures |
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Total Assets |
22,036,303 |
7.66 |
20,469,008 |
16,620,600 |
14,117,203 |
7,631,070 |
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Current Assets |
21,817,572 |
7.81 |
20,236,764 |
16,274,964 |
13,799,953 |
7,343,319 |
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Non Current Assets |
218,731 |
-5.82 |
232,244 |
345,636 |
317,250 |
287,751 |
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Total Liabilities |
20,438,856 |
22.89 |
16,632,469 |
14,070,467 |
11,642,654 |
6,464,522 |
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Current Liabilities |
20,418,856 |
22.95 |
16,607,469 |
13,992,429 |
11,561,216 |
6,367,670 |
|
Non Current Liabilities |
20,000 |
-20.00 |
25,000 |
78,038 |
81,438 |
96,852 |
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Shareholders' Funds |
1,597,447 |
-58.36 |
3,836,539 |
2,550,133 |
2,474,549 |
1,166,548 |
|
Share Capital |
62,500 |
0.00 |
62,500 |
62,500 |
62,500 |
62,500 |
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Total Reserves |
1,534,947 |
-59.33 |
3,774,039 |
2,487,633 |
2,412,049 |
1,104,048 |
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FINANCIAL RATIOS
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DEC
2010 |
DEC
2009 |
DEC
2008 |
DEC
2007 |
DEC
2006 |
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Growth % |
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|
17.85 |
7.42 |
12.58 |
125.70 |
NA |
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Profitability |
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Profit Margin (%) |
4.16 |
12.11 |
8.62 |
9.44 |
9.60 |
|
Return on Equity (%) |
94.58 |
97.39 |
97.08 |
97.31 |
93.02 |
|
Return on Assets (%) |
6.86 |
18.25 |
14.89 |
17.06 |
14.22 |
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Leverage |
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Total Debt/Equity (Times) |
12.79 |
4.34 |
5.52 |
4.70 |
5.54 |
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Current Debt/Equity (Times) |
12.78 |
4.33 |
5.49 |
4.67 |
5.46 |
|
Long Term Debt To Equity (Times) |
0.01 |
0.01 |
0.03 |
0.03 |
0.08 |
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Total Asset To Total Equity (Times) |
13.79 |
5.34 |
6.52 |
5.70 |
6.54 |
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Asset Management |
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Total Assets Turnover (Times) |
1.65 |
1.51 |
1.73 |
1.81 |
1.48 |
|
Fixed Assets Turnover (Times) |
166.17 |
132.80 |
83.07 |
80.39 |
39.27 |
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Liquidity |
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Current Ratio (Times) |
1.07 |
1.22 |
1.16 |
1.19 |
1.15 |
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FINANCIAL
COMMENTARY
Compound Annual Growth Rate
The company's CAGR is 33.92% (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 4.16 per cent in FY10 (FY09: 12.11 per cent). The
company is now able to book in SINGAPORE, DOLLARS 0.04 of profit for every
SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.12 a
year ago.
Liquidity
Current ratio stood at 1.07 times in FY10
(FY09: 1.22 times). This means that the company has SINGAPORE, DOLLARS 1.07 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 12.79 times in FY10, as compared with 4.34 times in FY09. This means
that the company requires additional external financing of SINGAPORE, DOLLARS
12.79 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 94.58 per cent for Subject in the current financial
period, as compared to 97.39 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 6.86 per cent (FY09: 18.25 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 1.65 times in FY10 (FY09: 1.51
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.44.79 |
|
UK Pound |
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.