MIRA INFORM REPORT

 

 

Report Date :           

17.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SINOTRON UNITED PTE LTD

 

 

Formerly Known As :

MANDALAY LAND PTE LTD

 

 

Registered Office :

46 Penjuru Lane C & P Hub 3 Singapore 609206

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010 (Company)

31.12.2009 (Group)

 

 

Date of Incorporation :

08.10.1994

 

 

Com. Reg. No.:

199407307m

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

S$234,000

 

 

Status :

Satisfactory

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

SINOTRON UNITED PTE LTD

Registration No

:

199407307M

Date of Registration

:

08/10/1994

Former Name

:

1.BLUE WORLD HOLDINGS PTE LTD Eff. date : 08/10/1994 Eff. date : 08/10/1994

2.MANDALAY LAND PTE LTD Eff. date : 06/02/2002 Eff. date : 06/02/2002

Date of Change of Name

:

03/07/2002

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

46 PENJURU LANE C & P HUB 3 SINGAPORE 609206

Date of Change of Address

:

NA

Contact No.

:

6885 3337

Fax No.

:

6261 7986

Website

:

www.sinotron.biz

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$300,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 300,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$300,000.00 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

:

YAP BOH PIN & COMPANY

Bankers / Financiers

:

STANDARD CHARTERED BANK

Turnover

:

SINGAPORE, DOLLARS 21,229,019.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 2,336,082.00 (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

329 POSITION IN SME 1000 Companies Ranked by Sales/Turnover (2009/2010)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$234,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

LEE CHIN LEONG

SHAREHOLDER ID

:

S6908665I

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

10K BRADDELL HILL #03-40 BRADDELL VIEW SINGAPORE 579729

NO. OF ORD SHARES

:

153,000

% OF SHAREHOLDING

:

51%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

FIORA GRANDE LTD.

SHAREHOLDER ID

:

T03UF1398F

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

PASEA ESTATE, ROAD TOWN, TORTOLA BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

147,000

% OF SHAREHOLDING

:

49%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

WONG FUNG SIN

ADDRESS

:

7 BRISTOL ROAD BRISTOL COURT SINGAPORE 219844

POSITION

:

SECRETARY

DATE OF APPT

:

28/10/1994

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2012761I

 

NAME

:

LEE CHIN LEONG

ADDRESS

:

10K BRADDELL HILL #03-40 BRADDELL VIEW SINGAPORE 579729

POSITION

:

DIRECTOR

DATE OF APPT

:

21/08/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6908665I

 

NAME

:

ONG YAN WAH OLIVER

ADDRESS

:

129 CLARENCE LANE #20-48 SINGAPORE 140129

POSITION

:

DIRECTOR

DATE OF APPT

:

03/05/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6913731H

 

 

KEY PERSONNEL PROFILE

 

Name:

LEE CHIN LEONG

NRIC Number:

S6908665I

Available Address:

10K BRADDELL HILL #03-40 BRADDELL VIEW  SINGAPORE 579729

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

OFFICE BAGUS PTE. LTD.

DIRECTOR

01/06/2005

-

-

2

SINGAPORE COFFEE COMPANY PTE. LTD.

DIRECTOR

03/05/2007

-

-

3

SINOTRON UNITED PTE LTD

DIRECTOR

21/08/2007

153000

51.00

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

GEO INTEGRATED PTE LTD

LIVE COMPANY

DIRECTOR

02/01/2006

02/11/2011

2

LIGHT TRADING COMPANY (PRIVATE ) LIMITED

STRUCK OFF

SHAREHOLDER

-

06/03/2003

3

OIKOS MARKETING (SEA) PTE LTD

GAZETTED TO BE STRUCK OFF

DIRECTOR

02/01/2006

23/08/2011

4

PAINTS EXPRESS PTE LTD

LIVE COMPANY

DIRECTOR

02/01/2006

02/11/2011

5

SANYUAN TRADING PTE LTD

LIVE COMPANY

DIRECTOR/SHR

12/05/1990

01/11/2011

 

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.

:

C200803357

 

Date of Registration

:

10/04/2008

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

             

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

31/07/2011

Date of Last AR

:

23/08/2011

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

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

Turnover

29,164,304

-6.54

31,206,349

30,059,893

0

Profit/(Loss) Before Tax

513,370

138.85

214,932

961,976

0

Profit After Tax attributable to Shareholders

437,316

140.40

181,913

816,860

0

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

6,042,907

-16.42

7,229,975

12,559,691

0

Current Assets

5,806,658

-16.38

6,944,240

12,373,877

0

Non Current Assets

236,249

-17.32

285,735

185,814

0

 

 

 

 

 

 

Total Liabilities

3,454,297

-31.88

5,070,757

10,582,021

0

Current Liabilities

3,412,443

-30.72

4,925,277

10,436,594

0

Non Current Liabilities

41,854

-71.23

145,480

145,427

0

 

 

 

 

 

 

Shareholders' Funds

2,588,610

19.89

2,159,218

1,977,670

0

Share Capital

300,000

0.00

300,000

300,000

0

Total Reserves

2,288,610

23.10

1,859,218

1,677,670

0

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

Year-on-Year Growth

-6.54

3.81

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

1.50

0.58

2.72

NA

Return on Equity (%)

16.89

8.42

41.30

NA

Return on Assets (%)

7.24

2.52

6.50

NA

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

1.33

2.35

5.35

NA

Current Debt/Equity (Times)

1.32

2.28

5.28

NA

Long Term Debt To Equity (Times)

0.02

0.07

0.07

NA

Total Asset To Total Equity (Times)

2.33

3.35

6.35

NA

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

4.83

4.32

2.39

NA

Fixed Assets Turnover (Times)

123.45

109.21

161.77

NA

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.70

1.41

1.19

NA

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

21,229,019

-1.14

21,474,474

25,433,327

25,444,463

21,473,091

Profit/(Loss) Before Tax

(90,141)

NA

339,104

169,373

949,627

1,308,550

Profit After Tax attributable to Shareholders

(90,762)

NA

315,361

136,354

804,511

1,050,068

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

7,457,394

36.56

5,461,035

6,219,505

12,149,449

6,678,222

Current Assets

7,298,148

39.66

5,225,561

5,923,017

11,945,398

6,563,234

Non Current Assets

159,246

-32.37

235,474

296,488

204,051

114,988

 

 

 

 

 

 

 

Total Liabilities

5,121,312

68.79

3,034,191

4,108,022

10,174,320

5,507,604

Current Liabilities

4,930,375

64.77

2,992,337

3,962,542

10,028,893

5,492,615

Non Current Liabilities

190,937

356.20

41,854

145,480

145,427

14,989

 

 

 

 

 

 

 

Shareholders' Funds

2,336,082

-3.74

2,426,844

2,111,483

1,975,129

1,170,618

Share Capital

300,000

0.00

300,000

300,000

300,000

300,000

Total Reserves

2,036,082

-4.27

2,126,844

1,811,483

1,675,129

870,618

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-1.14

-15.57

-0.04

18.49

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-0.43

1.47

0.54

3.16

4.89

Return on Equity (%)

-3.89

12.99

6.46

40.73

89.70

Return on Assets (%)

-1.22

5.77

2.19

6.62

15.72

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.19

1.25

1.95

5.15

4.70

Current Debt/Equity (Times)

2.11

1.23

1.88

5.08

4.69

Long Term Debt To Equity (Times)

0.08

0.02

0.07

0.07

0.01

Total Asset To Total Equity (Times)

3.19

2.25

2.95

6.15

5.70

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.85

3.93

4.09

2.09

3.22

Fixed Assets Turnover (Times)

133.31

91.20

85.78

124.70

186.74

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.48

1.75

1.49

1.19

1.19

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

Current ratio stood at 1.48 times in FY10 (FY09: 1.75 times). This means that the company has SINGAPORE, DOLLARS 1.48 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 2.19 times in FY10, compared with 1.25 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 2.19 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.

 

Total assets turnover ratio logged at 2.85 times in FY10 (FY09: 3.93 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.50.90

UK Pound

1

Rs.80.30

Euro

1

Rs.68.48

 

 

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%)

 

 

 

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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.