MIRA INFORM REPORT

 

 

Report Date :           

11.10.2011

 

IDENTIFICATION DETAILS

 

Name :

HI-P INTERNATIONAL LIMITED

 

 

Formerly Known As :

HI-P INTERNATIONAL PTE LTD

 

 

Registered Office :

11 International Business Park Hi-P Building Singapore 609926

 

 

Country :

Singapore 

 

 

Financials (as on) :

31.12.2010 (Group)

31.12.2006 (Company)

 

 

Date of Incorporation :

26.12.1980

 

 

Com. Reg. No.:

198004817H

 

 

Legal Form :

Public Company Limited By Shares

 

 

Line of Business :

Other investment holding companies

 

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 :

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 – 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

:

HI-P INTERNATIONAL LIMITED

Registration No

:

198004817H

Date of Registration

:

26/12/1980

Former Name

:

1.HI-P TOOL & DIE PTE LTD Eff. date : 26/12/1980 Eff. date : 26/12/1980

2.HI-P SINGAPORE PTE LTD Eff. date : 05/02/1997 Eff. date : 05/02/1997

3.HI-P INTERNATIONAL PTE LTD Eff. date : 12/10/2000 Eff. date : 12/10/2000

Date of Change of Name

:

10/10/2003

Type of Company

:

PUBLIC COMPANY LIMITED BY SHARES

Registered Address

:

11 INTERNATIONAL BUSINESS PARK HI-P BUILDING SINGAPORE 609926

Date of Change of Address

:

03/11/1997

Contact No.

:

6268 5459

Fax No.

:

6564 1787

Website

:

www.hi-p.com

Registered Activities

:

OTHER INVESTMENT HOLDING COMPANIES

Issued Ordinary Capital*

:

$119,725,495.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 887,175,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$119,725,495.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

$7,914,358.93 SINGAPORE, DOLLARS NO. OF SHARE : 0

No. of Local Subsidiaries

:

3

No. of Local Associates

:

3

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 957,702,000.00 (FY2010)

Net Worth

:

SGD - SIN 571,591,000.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

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

425 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

52 POSITION IN Singapore 500 Public Listed Companies Ranked By Sales/Turnover (2009/2010)

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

188 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

3.36% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

As Subject is registered as a public company limited by shares, its shareholder details are not available. Please refer to documentary for information.

 

 

OFFICER DETAILS

 

NAME

:

YEO TIONG ENG

ADDRESS

:

44 PEMIMPIN PLACE CORAL PARK SINGAPORE 576041

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/1987

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0111311I

 

NAME

:

LIM THIEN SU GERALD

ADDRESS

:

12 JALAN KEMBANG MELATI CHIP HOCK GARDENS SINGAPORE 258773

POSITION

:

DIRECTOR

DATE OF APPT

:

01/11/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1245443J

 

NAME

:

LEONG LAI PENG

ADDRESS

:

10 SHENTON WAY MAS BUILDING SINGAPORE 079117

POSITION

:

DIRECTOR

DATE OF APPT

:

09/11/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1297526J

 

NAME

:

LIN CHIEN

ADDRESS

:

2 MAKEWAY AVENUE #02-01 MAKEWAY VIEW SINGAPORE 228599

POSITION

:

DIRECTOR

DATE OF APPT

:

04/08/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2196728I

 

NAME

:

YAO HSIAO TUNG

ADDRESS

:

193 ENG KONG GARDEN ENG KONG PARK SINGAPORE 599291

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

21/05/1983

01/10/1991

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2201741A

 

NAME

:

WONG HUEY FANG

ADDRESS

:

193 ENG KONG GARDEN ENG KONG PARK SINGAPORE 599291

POSITION

:

DIRECTOR

DATE OF APPT

:

21/01/1988

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2201742Z

 

NAME

:

TAN PING PING

ADDRESS

:

112 LENGKONG TIGA #11-219 SINGAPORE 410112

POSITION

:

 

SECRETARY

DATE OF APPT

:

 

07/12/2006

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7484709I

 

KEY PERSONNEL PROFILE

 

Name:

YAO HSIAO TUNG

NRIC Number:

S2201741A

Available Address:

193 ENG KONG GARDEN ENG KONG PARK  SINGAPORE 599291

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

BLC SOLUTIONS PTE. LTD.

SHAREHOLDER

-

400000

43.13

2

DESIGN EXCHANGE PTE. LTD.

DIRECTOR

31/05/2005

-

-

3

HI-P (SINGAPORE) TECHNOLOGY PTE. LTD.

DIRECTOR

22/11/2001

-

-

4

HI-P ELECTRONICS PTE. LTD.

DIRECTOR

19/09/2000

-

-

5

HI-P FLEX PTE. LTD.

DIRECTOR

28/07/2009

-

-

6

HI-P INTERNATIONAL LIMITED

DIRECTOR

21/05/1983

-

-

7

HI-P INTERNATIONAL LIMITED

MANAGING DIRECTOR

01/10/1991

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

EXPRESS TECH MFG PTE LTD

LIVE COMPANY

DIRECTOR

01/06/2001

24/06/2011

2

HI-P INTERNATIONAL LIMITED

LIVE COMPANY

SHAREHOLDER

-

31/08/2011

3

HI-P PRECISION MOLD MANUFACTURING PTE. LTD.

STRUCK OFF

DIRECTOR

02/05/2006

-

4

HI-P SAMKWANG TECHNOLOGY (SINGAPORE) PTE. LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

12/11/2004

-

5

HI-TEC PRECISION MOULD PTE. LTD.

LIVE COMPANY

DIRECTOR

25/06/2003

25/05/2011

 

 

 

 

 

 

 

 

 

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 (%)

HI-P ELECTRONICS PTE. LTD.

100

HI-P (SINGAPORE) TECHNOLOGY PTE. LTD.

100

HI-P FLEX PTE. LTD.

100

DESIGN EXCHANGE PTE. LTD.

40

HI-TEC PRECISION MOULD PTE. LTD.

40

EXPRESS TECH MFG PTE LTD

30

                                                                                                                       

 

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. 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 1 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

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.

:

31285

 

Date of Filing

:

10/12/1999

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Not Injuries / Death)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CHEONG CHING HING

 

Last Update Date

:

10/06/2004

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

25/04/2011

Date of Last AR

:

18/05/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

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

957,702,000

27.71

749,887,000

1,077,102,000

976,566,000

839,081,000

Profit/(Loss) Before Tax

88,267,000

37.55

64,171,000

112,384,000

59,168,000

61,677,000

Profit After Tax attributable to Shareholders

66,935,000

25.78

53,216,000

102,228,000

59,452,000

57,791,000

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

857,691,000

14.49

749,132,000

784,685,000

769,969,000

658,636,000

Current Assets

588,238,000

32.40

444,293,000

495,132,000

474,199,000

383,097,000

Non Current Assets

269,453,000

-11.61

304,839,000

289,553,000

295,770,000

275,539,000

 

 

 

 

 

 

 

Total Liabilities

286,100,000

70.61

167,693,000

226,035,000

312,924,000

259,896,000

Current Liabilities

281,195,000

72.94

162,593,000

220,848,000

306,031,000

257,208,000

Non Current Liabilities

4,905,000

-3.82

5,100,000

5,187,000

6,893,000

2,688,000

 

 

 

 

 

 

 

Shareholders' Funds

571,591,000

-1.69

581,439,000

558,650,000

457,045,000

398,740,000

Share Capital

119,725,000

0.00

119,725,000

119,725,000

119,725,000

119,725,000

Total Reserves

451,866,000

-2.13

461,714,000

438,925,000

337,320,000

279,015,000

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

27.71

-30.38

10.29

16.39

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

6.99

7.10

9.49

6.09

6.89

Return on Equity (%)

11.71

9.15

18.30

13.01

14.49

Return on Assets (%)

7.80

7.10

13.03

7.72

8.77

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.50

0.29

0.40

0.68

0.65

Current Debt/Equity (Times)

0.49

0.28

0.40

0.67

0.65

Long Term Debt To Equity (Times)

0.01

0.01

0.01

0.02

0.01

Total Asset To Total Equity (Times)

1.50

1.29

1.40

1.68

1.65

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.12

1.00

1.37

1.27

1.27

Fixed Assets Turnover (Times)

3.55

2.46

3.72

3.30

3.05

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.09

2.73

2.24

1.55

1.49

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2006

Currency

 

Profit and Loss Key Figures

 

Turnover

 

Profit/(Loss) Before Tax

 

Profit After Tax attributable to Shareholders

 

 

 

Balance Sheet Key Figures

 

Total Assets

 

Current Assets

 

Non Current Assets

 

 

 

Total Liabilities

 

Current Liabilities

 

Non Current Liabilities

 

 

 

Shareholders' Funds

 

Share Capital

 

Total Reserves

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

 

Growth %

 

Year-on-Year Growth

 

 

 

Profitability

 

Profit Margin (%)

 

Return on Equity (%)

 

Return on Assets (%)

 

 

 

Leverage

 

Total Debt/Equity (Times)

 

Current Debt/Equity (Times)

 

Long Term Debt To Equity (Times)

 

Total Asset To Total Equity (Times)

 

 

 

Asset Management

 

Total Assets Turnover (Times)

 

Fixed Assets Turnover (Times)

 

 

 

Liquidity

 

Current Ratio (Times)

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 3.36% (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 6.99 per cent in FY10. The group is now able to book in SGD - SIN 0.07 of profit for every SGD - SIN of sales.

 

Liquidity

 

Current ratio stood at 2.09 times in FY10. This means that the group has SGD - SIN 2.09 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.

 

Leverage

Total debt-to-equity ratio notched 0.50 times in FY10. This means that the group requires additional external financing of SGD - SIN 0.50 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 11.71 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 7.80 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 1.12 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.49.07

UK Pound

1

Rs.76.65

Euro

1

Rs.66.17

 

 

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.