MIRA INFORM REPORT

 

 

Report Date :

03.09.2011

 

IDENTIFICATION DETAILS

 

Name :

EASTGEAR PTE. LTD.

 

 

Registered Office :

42 Horne Road Singapore 209066

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

09.01.2004

 

 

Com. Reg. No.:

200400362N

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

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 :

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 – 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

:

EASTGEAR PTE. LTD.

Registration No

:

200400362N

Date of Registration

:

09/01/2004

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

42 HORNE ROAD SINGAPORE 209066

Date of Change of Address

:

07/04/2007

Contact No.

:

6837 1582

Fax No.

:

68371582

Website

:

http://www.eastgear.com

Registered Activities

:

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

2. OTHER RETAIL SALE NOT IN STORES, STALLS OR MARKETS (EG SALE VIA DOOR-TO-DOOR CANVASSING AND VENDING MACHINES)

Issued Ordinary Capital*

:

$200,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 200,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$200,000.00 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

:

K E WEE & ASSOCIATES

Bankers / Financiers

:

STANDARD CHARTERED BANK

Turnover

:

SINGAPORE, DOLLARS 9,935,238.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS (29,428.00) (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

10.54% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

SIMON GOH KHOON SIONG

SHAREHOLDER ID

:

S6829019H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

133 BEDOK NORTH AVENUE 3 #12-132 SINGAPORE 460133

NO. OF ORD SHARES

:

100,000

% OF SHAREHOLDING

:

50%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

CHUA MATTHEW WEN CHIANG

SHAREHOLDER ID

:

S7703196J

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

57 TAMPINES AVENUE 1 #02-06 TROPICA, THE SINGAPORE 529774

NO. OF ORD SHARES

:

100,000

% OF SHAREHOLDING

:

50%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

SIMON GOH KHOON SIONG

ADDRESS

:

133 BEDOK NORTH AVENUE 3 #12-132 SINGAPORE 460133

POSITION

:

DIRECTOR

DATE OF APPT

:

20/02/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6829019H

 

NAME

:

CHUA MATTHEW WEN CHIANG

ADDRESS

:

57 TAMPINES AVENUE 1 #02-06 TROPICA, THE SINGAPORE 529774

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

09/01/2004

09/01/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7703196J

 

 

 

KEY PERSONNEL PROFILE

 

 

Name:

SIMON GOH KHOON SIONG

NRIC Number:

S6829019H

Available Address:

133 BEDOK NORTH AVENUE 3 #12-132  SINGAPORE 460133

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

EASTGEAR PTE. LTD.

DIRECTOR

20/02/2004

100000

50.00

2

PHOTO TOOLKIT PTE. LTD.

DIRECTOR

15/04/2003

1

25.00

3

PHOTO TOOLKIT PTE. LTD.

SHAREHOLDER

-

1

25.00

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

INTERNET READY CONNECTIONS

TERMINATION

OWNER

04/11/1997

05/11/1998

2

JOHN MASTERS TRADING ENTERPRISE

TERMINATION

OWNER

17/08/1989

30/12/1989

3

MAPKING (SINGAPORE) PTE. LTD.

LIVE COMPANY

DIRECTOR

01/11/2006

03/07/2008

4

MASTER'S TUITION AGENCY

TERMINATION

OWNER

07/08/1989

30/12/1989

5

SPACE NETWORK

CANCELLATION

MANAGER

10/03/1998

15/03/2000

6

SPACE NETWORK

CANCELLATION

OWNER

10/03/1998

15/03/2000

 

 

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.

:

C201107746

 

Date of Registration

:

28/06/2011

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

LITIGATION

 

Clear

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

21/07/2011

Date of A/C Laid At Last AGM

:

31/03/2010

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2010

% Change

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

9,935,238

28.95

7,704,444

3,652,652

5,506,992

6,653,974

Profit/(Loss) Before Tax

31,832

NA

(113,431)

(51,924)

(146,730)

91,815

Profit After Tax attributable to Shareholders

31,832

NA

(88,348)

(51,924)

(146,730)

89,481

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

2,456,859

76.02

1,395,813

1,300,140

678,147

893,049

Current Assets

2,344,678

84.79

1,268,829

1,156,807

564,636

839,827

Non Current Assets

112,181

-11.66

126,984

143,333

113,511

53,222

 

 

 

 

 

 

 

Total Liabilities

2,486,287

70.64

1,457,073

1,273,052

699,135

767,404

Current Liabilities

2,466,238

79.71

1,372,345

1,113,778

594,420

739,956

Non Current Liabilities

20,049

-76.34

84,728

159,274

104,715

27,448

 

 

 

 

 

 

 

Shareholders' Funds

(29,428)

NA

(61,260)

27,088

(20,988)

125,645

Share Capital

200,000

0.00

200,000

200,000

100,000

3

Total Reserves

(229,428)

NA

(261,260)

(172,912)

(120,988)

125,642

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

28.95

110.93

-33.67

-17.24

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.32

-1.15

-1.42

-2.66

1.34

Return on Equity (%)

-108.17

144.22

-191.69

699.11

71.22

Return on Assets (%)

1.30

-6.33

-3.99

-21.64

10.02

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

-84.49

-23.79

47.00

-33.31

6.11

Current Debt/Equity (Times)

0.00

0.00

41.12

0.00

5.89

Long Term Debt To Equity (Times)

0.00

0.00

5.88

0.00

0.22

Total Asset To Total Equity (Times)

-83.49

-22.79

48.00

-32.31

7.11

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.04

5.52

2.81

8.12

7.45

Fixed Assets Turnover (Times)

88.56

60.67

25.48

48.52

125.02

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.95

0.92

1.04

0.95

1.13

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 10.54% (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 0.32 per cent in FY10. The company is now able to book in SINGAPORE, DOLLARS 0.00 of profit for every SINGAPORE, DOLLARS of sales.

 

 

Liquidity

 

Current ratio stood at 0.95 times in FY10 (FY09: 0.92 times). This means that the company has SINGAPORE, DOLLARS 0.95 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

 

FINANCIAL COMMENTARY

 

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

 

We are unable to comment on Subject's return on equity.

 

Return on assets stood at 1.30 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 4.04 times in FY10 (FY09: 5.52 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.45.89

UK Pound

1

Rs.74.31

Euro

1

Rs.65.41

 

 

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.