MIRA INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
PANGAEA LEATHER SERVICES PTE. LTD. |
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Formerly Known As : |
Amerasia Pte. Ltd |
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Registered Office : |
101 Cecil Street #14-13 Tong Eng Building Singapore 069533 |
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Country : |
Singapore |
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Financials (as on) : |
30.06.2009 |
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Date of Incorporation : |
06.06.2005 |
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Com. Reg. No.: |
200507733d |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Wholesale of leather and pvc materials |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
Payment
Behaviour : |
Unknown |
|
Litigation : |
--- |
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 |
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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
|
: |
PANGAEA LEATHER SERVICES
PTE. LTD. |
|
|
Registration No |
: |
200507733D |
|
Date of Registration |
: |
06/06/2005 |
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Former Name |
: |
AMERASIA PTE. LTD. Eff.
date : 06/06/2005 Eff. date : 06/06/2005 |
|
Date of Change of Name |
: |
05/09/2005 |
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Type of Company |
: |
LIMITED PRIVATE COMPANY |
|
Registered Address |
: |
101 CECIL STREET #14-13
TONG ENG BUILDING SINGAPORE 069533 |
|
Date of Change of Address |
: |
01/07/2008 |
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Contact No. |
: |
NA |
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Fax No. |
: |
NA |
|
Website |
: |
NA |
|
Registered Activities |
: |
1. WHOLESALE OF LEATHER
AND PVC MATERIALS 2. RETAIL SALE OF
CLOTHING, FOOTWEAR AND LEATHER ARTICLES NEC |
|
Issued Ordinary Capital* |
: |
$100,000.00 SINGAPORE,
DOLLARS ,NO. OF SHARE : 100,000 |
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Issued Preference Capital |
: |
NA |
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Paid-Up Ordinary Capital |
: |
$100,000.00 SINGAPORE,
DOLLARS |
|
Paid-Up Preference
Capital |
: |
NA |
|
* 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 |
: |
NG, LEE & ASSOCIATES
- DFK |
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Bankers / Financiers |
: |
NA |
|
Turnover |
: |
SINGAPORE, DOLLARS
10,627,074.00 (FY2009) |
|
Net Worth |
: |
SINGAPORE, DOLLARS
(1,643,001.00) (FY2009) |
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No. of Bank Charges |
: |
NA |
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No. of Litigation Suits |
: |
NA |
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S1000 / SME 500 / FG50
Ranking |
: |
|
|
Compounded Annual Growth
Rate (CAGR) |
: |
NA |
Credit Recommendation
|
Recommended Credit Line |
: |
No Recommendation |
SHAREHOLDER DETAILS
|
: |
SOUTHERN CROSS & NORTHAMPTON INVESTMENT CO. LTD. |
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SHAREHOLDER ID |
: |
T05UF2477C |
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NATIONALITY |
: |
VIRGIN ISLANDS, BRITISH |
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ADDRESS |
: |
TRINITY CHAMBERS, P.O. BOX 4301, ROAD TOWN TORTOLA, BRITISH VIRGIN
ISLANDS |
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NO. OF ORD SHARES |
: |
100,000 |
|
% OF SHAREHOLDING |
: |
100% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
ROBERTO
ARMANDO QUIROGA |
|
|
ADDRESS |
: |
SUAREZ
445, TEMPERLEY (1834) PROVINCIA DE BUENOS AIRES, ARGENTINA |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
06/06/2005 |
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NATIONALITY |
: |
ARGENTINIAN |
|
I/C PASSPORT |
: |
16570965N |
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||
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NAME |
: |
GABRIEL
LEONARDO QUIROGA |
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ADDRESS |
: |
SUAREZ
445, TEMPERLEY (1834) PROVINCIA DE BUENOS AIRES, ARGENTINA |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
21/11/2005 |
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NATIONALITY |
: |
ARGENTINIAN |
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I/C PASSPORT |
: |
30625162N |
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||
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NAME |
: |
ALISON
SEE LAY ENG |
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ADDRESS |
: |
218
ANG MO KIO AVENUE 1 #08-909 SINGAPORE 560218 |
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POSITION |
: |
DIRECTOR SECRETARY |
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DATE OF APPT |
: |
06/06/2005 08/02/2008 |
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NATIONALITY |
: |
SINGAPORE
CITIZEN |
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I/C PASSPORT |
: |
S2092542F |
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||
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NAME |
: |
YEW
BEE TIN |
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ADDRESS |
: |
64
LORONG 5 TOA PAYOH #04-346 SINGAPORE 310064 |
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POSITION |
: |
SECRETARY |
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DATE OF APPT |
: |
06/06/2005 |
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NATIONALITY |
: |
SINGAPORE
CITIZEN |
|
I/C PASSPORT |
: |
S7134571H |
KEY PERSONNEL PROFILE
|
ROBERTO ARMANDO QUIROGA |
|
|
NRIC Number: |
16570965N |
|
Available Address: |
SUAREZ 445, TEMPERLEY (1834)
PROVINCIA DE BUENOS AIRES, ARGENTINA |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
PANGAEA LEATHER SERVICES PTE.
LTD. |
DIRECTOR |
06/06/2005 |
- |
- |
Previous Business
|
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
|
Company |
Shareholdings (%) |
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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
Clear
COMPLIANCE RECORDS
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
09/05/2011 |
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Date of A/C Laid At Last AGM |
: |
30/06/2009 |
FINANCIAL HIGHLIGHTS
|
Financial Figures |
|||||
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|
JUN 2009 |
% Change |
JUN 2008 |
JUN 2007 |
JUN 2006 |
|
Currency |
SINGAPORE,
DOLLARS |
|
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
|
Profit and Loss Key Figures |
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|
|
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|
10,627,074 |
-60.18 |
26,689,309 |
19,374,256 |
0 |
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Profit/(Loss) Before Tax |
(720,755) |
NA |
(695,286) |
(320,419) |
(6,541) |
|
Profit After Tax attributable to
Shareholders |
(720,755) |
NA |
(695,286) |
(320,419) |
(6,541) |
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Balance Sheet Key Figures |
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Total Assets |
165,416 |
-92.37 |
2,167,012 |
4,151,295 |
47,252 |
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Current Assets |
149,730 |
-93.03 |
2,149,092 |
4,116,835 |
47,252 |
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Non Current Assets |
15,686 |
-12.47 |
17,920 |
34,460 |
0 |
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Total Liabilities |
1,808,417 |
-41.46 |
3,089,258 |
4,378,255 |
53,791 |
|
Current Liabilities |
1,808,417 |
-41.46 |
3,089,258 |
4,264,058 |
53,791 |
|
Non Current Liabilities |
0 |
NA |
0 |
114,197 |
0 |
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|
|
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Shareholders' Funds |
(1,643,001) |
NA |
(922,246) |
(226,960) |
(6,539) |
|
Share Capital |
100,000 |
0.00 |
100,000 |
100,000 |
2 |
|
Total Reserves |
(1,743,001) |
NA |
(1,022,246) |
(326,960) |
(6,541) |
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FINANCIAL RATIOS
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JUN
2009 |
JUN
2008 |
JUN
2007 |
JUN
2006 |
|
Growth % |
|
|
|
|
|
-60.18 |
37.76 |
NA |
NA |
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Profitability |
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Profit Margin (%) |
-6.78 |
-2.61 |
-1.65 |
0.00 |
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Return on Equity (%) |
43.87 |
75.39 |
141.18 |
100.03 |
|
Return on Assets (%) |
-435.72 |
-32.09 |
-7.72 |
-13.84 |
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Leverage |
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Total Debt/Equity (Times) |
-1.10 |
-3.35 |
-19.29 |
-8.23 |
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Current Debt/Equity (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
|
Long Term Debt To Equity (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
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Total Asset To Total Equity (Times) |
-0.10 |
-2.35 |
-18.29 |
-7.23 |
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Asset Management |
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Total Assets Turnover (Times) |
64.24 |
12.32 |
4.67 |
0.00 |
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Fixed Assets Turnover (Times) |
677.49 |
1,489.36 |
562.22 |
0.00 |
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Liquidity |
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|
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Current Ratio (Times) |
0.08 |
0.70 |
0.97 |
0.88 |
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FINANCIAL COMMENTARY
Profitability
We are unable to comment on
Subject's profitability.
Liquidity
Current ratio stood at 0.08 times in FY09
(FY08: 0.70 times). This means that the company has SINGAPORE, DOLLARS 0.08 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
We are unable to comment on
Subject's leverage.
Efficiency Ratio
Return on equity was 43.87 per cent for Subject in the current financial
period, as compared to 75.39 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.
We are unable to comment on Subject's return on assets.
Total assets turnover ratio logged at 64.24 times in FY09 (FY08: 12.32
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.49.71 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
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.