MIRA INFORM REPORT

 

 

Report Date :

27.09.2011

 

IDENTIFICATION DETAILS

 

Name :

JAS FORWARDING (SINGAPORE) PTE. LTD.

 

 

Registered Office :

37 Tannery Lane #04-08 Tannery House Singapore 347790

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

31.03.1982

 

 

Com. Reg. No.:

198201291R

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Freight Forwarding, Packing And Crating Services

 

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$333,000

 

 

Status :

Moderate

 

 

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 – 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

:

JAS FORWARDING (SINGAPORE) PTE. LTD.

Registration No

:

198201291R

Date of Registration

:

31/03/1982

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

37 TANNERY LANE #04-08 TANNERY HOUSE SINGAPORE 347790

Date of Change of Address

:

23/09/2009

Contact No.

:

6545 1993

Fax No.

:

6542 3357

Website

:

www.jassingapore.com

Registered Activities

:

1. FREIGHT FORWARDING, PACKING AND CRATING SERVICES

2. STEVEDORING AND LIGHTERAGE SERVICES

Issued Ordinary Capital*

:

$1,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,000,000.00 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

:

ADEPT PUBLIC ACCOUNTING CORPORATION

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 29,639,566.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 3,327,903.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

3

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

14.5% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$333,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

JAS WORLDWIDE, S.A.R.L.

SHAREHOLDER ID

:

T09UF3303D

NATIONALITY

:

NA

ADDRESS

:

6C, PARC D'ACTIVITES SYRDALL, L-5365 MUNSBACH GRAND-DUCHY OF LUXEMBOURG

NO. OF ORD SHARES

:

1,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

TAHIRA H FUMO

ADDRESS

:

1235 DUNWOODY VILLAGE DRIVE DUNWOODY GA 30338 USA

POSITION

:

DIRECTOR

DATE OF APPT

:

18/06/2008

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

159372976

 

NAME

:

MARCO REBUFFI

ADDRESS

:

8641 ELLARD DRIVE ALPHARETTE, GA 30022 USA

POSITION

:

DIRECTOR

DATE OF APPT

:

18/06/2008

NATIONALITY

:

ITALIAN

I/C PASSPORT

:

B597824

 

NAME

:

WONG HONG JUAN

ADDRESS

:

18 THOMSON WALK HAPPY PARK SINGAPORE 574465

POSITION

:

SECRETARY

DATE OF APPT

:

24/09/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0007782H

 

NAME

:

EUNICE CHAN HEE NOI

ADDRESS

:

230E TAMPINES STREET 24 #07-49 SINGAPORE 528230

POSITION

:

SECRETARY

DATE OF APPT

:

24/09/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1791023Z

 

NAME

:

RALF NORBERT KERN

ADDRESS

:

8 JALAN AMPANG SINGAPORE 268649

POSITION

:

DIRECTOR

DATE OF APPT

:

31/10/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2760283E

 

NAME

:

ONG KIAN ANN

ADDRESS

:

9 RIVERVALE CRESCENT #06-24 RIVERVALE CREST SINGAPORE 545086

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/06/2011

01/06/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6826431F

 

 

 

KEY PERSONNEL PROFILE

 

Name:

ONG KIAN ANN

NRIC Number:

S6826431F

Available Address:

9 RIVERVALE CRESCENT #06-24 RIVERVALE CREST  SINGAPORE 545086

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

No Trace

 

 

 

 

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

EUROFRAGRANCE MARKETING PTE LTD

LIVE COMPANY

DIRECTOR/SHR

15/09/1998

02/06/2011

 

 

 

 

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 are no bank charges registered against Subject by its bankers.

 

             

LITIGATION

 

 

To date, there have been 3 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

Bef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

District ($80,000 - $250,000)

0

2

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

2177

 

Date of Filing

:

22/05/1997

 

Amount

:

0.00

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ABB DISTRIBUTION PTY LTD

ABB INDUSTRIAL & BUILDING SYSTEM SDN BHD

SARAWAK SHELL BERHAD

 

2)

Court

:

Supreme Court

 

Case No.

:

1190

 

Date of Filing

:

17/07/1998

 

Amount

:

0.00

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

I P I FAR EAST LTD

I P I SINGAPORE PTE LTD

 

3)

Court

:

District Court

 

Case No.

:

4505

 

Date of Filing

:

09/09/1999

 

Amount

:

0.00

 

Cause

:

Contracts - Credit Facilities / Overdraft / Guarantees

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

OVERSEA CHINESE BANKING CORPORATION LTD

 

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

01/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

 FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

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

29,639,566

84.25

16,087,031

18,324,481

20,227,183

17,246,854

Profit/(Loss) Before Tax

(235,872)

NA

578,850

1,157,787

550,991

234,739

Profit After Tax attributable to Shareholders

(226,752)

NA

501,466

963,844

463,066

190,739

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

7,202,777

15.09

6,258,358

4,991,031

4,879,985

5,464,878

Current Assets

7,121,448

16.24

6,126,691

4,877,291

4,759,658

5,327,681

Non Current Assets

81,329

-38.23

131,667

113,740

120,327

137,197

 

 

 

 

 

 

 

Total Liabilities

3,874,874

43.32

2,703,703

1,937,842

2,790,640

3,838,599

Current Liabilities

3,874,874

43.94

2,692,085

1,910,898

2,745,998

3,782,287

Non Current Liabilities

0

-100.00

11,618

26,944

44,642

56,312

 

 

 

 

 

 

 

Shareholders' Funds

3,327,903

-6.38

3,554,655

3,053,189

2,089,345

1,626,279

Share Capital

1,000,000

0.00

1,000,000

1,000,000

1,000,000

1,000,000

Total Reserves

2,327,903

-8.88

2,554,655

2,053,189

1,089,345

626,279

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

84.25

-12.21

-9.41

17.28

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-0.77

3.12

5.26

2.29

1.11

Return on Equity (%)

-6.81

14.11

31.57

22.16

11.73

Return on Assets (%)

-3.15

8.01

19.31

9.49

3.49

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.16

0.76

0.63

1.34

2.36

Current Debt/Equity (Times)

1.16

0.76

0.63

1.31

2.33

Long Term Debt To Equity (Times)

0.00

0.00

0.01

0.02

0.03

Total Asset To Total Equity (Times)

2.16

1.76

1.63

2.34

3.36

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.12

2.57

3.67

4.14

3.16

Fixed Assets Turnover (Times)

364.44

122.18

161.11

168.10

125.71

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.84

2.28

2.55

1.73

1.41

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 14.5% (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

We are unable to comment on Subject's profitability.

 

Liquidity

 

Current ratio stood at 1.84 times in FY10 (FY09: 2.28 times). This means that the company has SINGAPORE, DOLLARS 1.84 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


FINANCIAL COMMENTARY

 

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 1.16 times in FY10, as compared with 0.76 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 1.16 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 4.12 times in FY10 (FY09: 2.57 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.49.62

UK Pound

1

Rs.76.68

Euro

1

Rs.66.47

 

 

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.