MIRA INFORM REPORT

 

 

Report Date :

21.10.2011

 

IDENTIFICATION DETAILS

 

Name :

YOSUN SINGAPORE PTE LTD

 

 

Formerly Known As :

YIC SINGAPORE PTE LTD 

 

 

Registered Office :

16 Tai Seng Street #05-00 Singapore 534138

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.02.1991

 

 

Com. Reg. No.:

199100706N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale On A Fee Or Contract Basis (Eg Commission Agents)

 

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$1,000,000

Status :

Moderate

Payment Behaviour :

Unknown

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 30, 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

:

YOSUN SINGAPORE PTE LTD

Registration No

:

199100706N

Date of Registration

:

14/02/1991

Former Name

:

YIC SINGAPORE PTE LTD Eff. date : 14/02/1991 Eff. date : 14/02/1991

Date of Change of Name

:

22/09/1999

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

16 TAI SENG STREET #05-00 SINGAPORE 534138

Date of Change of Address

:

02/05/2011

Contact No.

:

6552 4811

Fax No.

:

6552 5811

Website

:

www.yosun.com.sg

Registered Activities

:

1. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)

2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$20,600,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 20,600,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$20,600,000.00 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

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

CHANG HWA COMMERCIAL BANK LTD

STANDARD CHARTERED BANK

LAND BANK OF TAIWAN

MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD.

Turnover

:

SGD - SIN 291,969,181.00 (FY2010)

Net Worth

:

SGD - SIN 12,426,892.00 (FY2010)

No. of Bank Charges

:

4

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

746 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

641 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

663 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

5.87% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

SUNTOP INVESTMENTS LIMITED

SHAREHOLDER ID

:

S91UF0417E

NATIONALITY

:

CAYMAN ISLANDS

ADDRESS

:

4TH FLOOR HARBOUR CENTRE,P.O BOX 613 GEORGE TOWN GRAND CAYMAN ISLANDS, BRITISH  WEST INDIES, CAYMAN

NO. OF ORD SHARES

:

20,600,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

TSUNG HUANG MAO-LI @ TSENG HUANG MAO-LI

ADDRESS

:

WANG CHOO BUILDING 7TH FLOOR 226 CHUNG SHAN NORTH ROAD SEC 7 TAIPEI TAIWAN

POSITION

:

DIRECTOR

DATE OF APPT

:

04/06/1999

NATIONALITY

:

TAIWANESE

I/C PASSPORT

:

130452797

 

NAME

:

TSUNG KUO-TUNG

ADDRESS

:

WANG CHOO BUILDING 7TH FLOOR, 226 CHUNG SHAN NORTH ROAD SEC 7 TAIPEI, TAIWAN

POSITION

:

DIRECTOR

DATE OF APPT

:

14/02/1991

NATIONALITY

:

TAIWANESE

I/C PASSPORT

:

210714144

 

NAME

:

ANG ENG MENG

ADDRESS

:

142 TAMPINES STREET 12 #05-308 SINGAPORE 521142

POSITION

:

 

DIRECTOR

MANAGER

DATE OF APPT

:

 

16/04/1992

16/04/1992

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1310969I

 

NAME

:

FOONG KIN KEONG

ADDRESS

:

58A MOONSTONE LANE SINGAPORE 328495

POSITION

:

DIRECTOR

DATE OF APPT

:

23/02/1993

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1381612C

 

NAME

:

TAY TUAN LENG

ADDRESS

:

635 PASIR RIS DRIVE 1 #11-600 SINGAPORE 510635

POSITION

:

SECRETARY

DATE OF APPT

:

10/05/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7432140B

 

NAME

:

LEE WEI HSIUNG

ADDRESS

:

633 JURONG WEST STREET 65 #10-310 SINGAPORE 640633

POSITION

:

SECRETARY

DATE OF APPT

:

25/11/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7927166G

 

KEY PERSONNEL PROFILE

 

Name:

TSUNG KUO-TUNG

NRIC Number:

210714144

Available Address:

WANG CHOO BUILDING 7TH FLOOR, 226 CHUNG SHAN NORTH ROAD SEC 7 TAIPEI, TAIWAN

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

YOSUN SINGAPORE PTE LTD

DIRECTOR

14/02/1991

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

YOSUN SINGAPORE PTE LTD

LIVE COMPANY

SHAREHOLDER

-

28/07/2011

 

 

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

 

1)

Charge No.

:

C201106312

 

Date of Registration

:

25/05/2011

 

Chargee

:

CHANG HWA COMMERCIAL BANK LTD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

1 FINLAYSON GREEN #08-00 SINGAPORE 049246

 

2)

Charge No.

:

C200703287

 

Date of Registration

:

03/05/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

3)

Charge No.

:

C200605442

 

Date of Registration

:

16/08/2006

 

Chargee

:

LAND BANK OF TAIWAN

 

Amount Secured  and Currency

:

All Monies

 

Address

:

UOB PLAZA 1 #34-01 80 RAFFLES PLACE SINGAPORE 048624

 

4)

Charge No.

:

C200304382

 

Date of Registration

:

11/09/2003

 

Chargee

:

MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

LITIGATION

 

Clear

 

COMPLIANCE

 

Date of Last AGM

:

31/03/2011

Date of Last AR

:

21/04/2011

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

291,969,181

12.40

259,750,021

236,411,003

221,531,830

232,434,679

Profit/(Loss) Before Tax

2,906,659

102.34

1,436,555

1,658,147

(2,358,052)

379,456

Profit After Tax attributable to Shareholders

2,845,536

101.79

1,410,161

1,659,010

(2,375,254)

362,097

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

82,418,930

17.59

70,092,774

69,156,008

60,748,488

64,386,334

Current Assets

81,030,989

18.07

68,631,980

67,665,621

59,058,389

62,535,830

Non Current Assets

1,387,941

-4.99

1,460,794

1,490,387

1,690,099

1,850,504

 

 

 

 

 

 

 

Total Liabilities

69,992,039

16.88

59,885,690

60,628,941

53,419,861

54,175,278

Current Liabilities

69,992,039

16.88

59,885,690

60,624,777

53,410,893

54,159,766

Non Current Liabilities

0

NA

0

4,164

8,968

15,512

 

 

 

 

 

 

 

Shareholders' Funds

12,426,892

21.75

10,207,083

8,527,069

7,328,627

10,211,058

Share Capital

16,975,914

-6.49

18,153,381

17,602,492

18,745,763

19,764,480

Total Reserves

(4,549,022)

NA

(7,946,298)

(9,075,423)

(11,417,136)

(9,553,422)

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

12.40

9.87

6.72

-4.69

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.97

0.54

0.70

NA

0.16

Return on Equity (%)

22.90

13.82

19.46

NA

3.55

Return on Assets (%)

3.45

2.01

2.40

NA

0.56

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

5.63

5.87

7.11

7.29

5.31

Current Debt/Equity (Times)

5.63

5.87

7.11

7.29

5.30

Long Term Debt To Equity (Times)

NA

NA

0.00

0.00

0.00

Total Asset To Total Equity (Times)

6.63

6.87

8.11

8.29

6.31

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.54

3.71

3.42

3.65

3.61

Fixed Assets Turnover (Times)

210.36

177.81

158.62

131.08

125.61

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.16

1.15

1.12

1.11

1.15

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

U.S. DOLLAR

U.S. DOLLAR

U.S. DOLLAR

 

Profit and Loss Key Figures

 

 

 

 

Turnover

*

0

0

0

Profit/(Loss) Before Tax

*

0

0

0

Profit After Tax attributable to Shareholders

*

0

0

0

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

48,109,668

49,011,926

40,350,189

40,609,609

Current Assets

47,026,238

47,912,716

39,190,843

39,400,563

Non Current Assets

1,083,430

1,099,210

1,159,346

1,209,046

 

 

 

 

 

Total Liabilities

41,139,029

42,974,524

35,497,198

34,181,834

Current Liabilities

41,139,029

42,971,573

35,491,230

34,172,043

Non Current Liabilities

0

2,951

5,968

9,791

 

 

 

 

 

Shareholders' Funds

6,970,639

6,037,402

4,852,991

6,427,775

Share Capital

12,475,410

12,475,410

12,475,410

12,475,410

Total Reserves

(5,504,771)

(6,438,008)

(7,622,419)

(6,047,635)

 

 

 

 

 

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

0.00

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

0.00

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

5.90

7.12

7.31

5.32

Current Debt/Equity (Times)

5.90

7.12

7.31

5.32

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

6.90

8.12

8.31

6.32

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.14

1.11

1.10

1.15

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 5.87% (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 0.97 per cent in FY10. The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

 

Liquidity

Current ratio stood at 1.16 times in FY10. This means that the group has SGD - SIN 1.16 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 5.63 times in FY10. This means that the group requires additional external financing of SGD - SIN 5.63 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 22.90 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 3.45 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 3.54 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.49.71

UK Pound

1

Rs.78.08

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%)

 

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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.