MIRA INFORM REPORT

 

 

Report Date :

03.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MENTRADE MARINE ENGINEERING PTE LTD

 

 

Registered Office :

64 Penjuru Lane Singapore 609209

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

26.05.2000

 

 

Com. Reg. No.:

200004591C

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Building of Ships, Tankers and Other Ocean-Going Vessels (Including Conversion of Ships into Off-Shore Structures)

 

 

No. of Employees :

Not Available

 

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$553,000

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 – 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

:

MENTRADE MARINE ENGINEERING PTE LTD

Registration No

:

200004591C

Date of Registration

:

26/05/2000

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

64 PENJURU LANE SINGAPORE 609209

Date of Change of Address

:

08/01/2001

Contact No.

:

6264 8868

Fax No.

:

6382 2323

Website

:

NA

Registered Activities

:

1. BUILDING OF SHIPS, TANKERS AND OTHER OCEAN-GOING VESSELS (INCLUDING CONVERSION OF SHIPS INTO OFF-SHORE STRUCTURES)

BUILDING & REPAIRING OF SHIPS

2. MANUFACTURE AND REPAIR OF MARINE ENGINE AND SHIP PARTS

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

:

TEH KWI HUAT & CO

Bankers / Financiers

:

UNITED OVERSEAS BANK LIMITED

HELLER FINANCIAL (SINGAPORE) LTD

Turnover

:

SGD - SIN 41,689,682.00 (FY2008)

Net Worth

:

SGD - SIN 5,532,331.00 (FY2008)

No. of Bank Charges

:

7

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

42.06% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$553,000

 

SHAREHOLDER DETAILS

 

NAME

:

MENTRADE MARINE SDN BHD

SHAREHOLDER ID

:

126201H

NATIONALITY

:

MALAYSIAN

ADDRESS

:

PLO 110 KAWASAN PERINDUSTRIAN SENAI FASA 3,81400 SENAI,JOHOR,MALAYSIA

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

50%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LIM KUE LAY @ NEU KUE LAY

SHAREHOLDER ID

:

S0545012H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

206 BOON LAY DRIVE #05-43 SINGAPORE 640206

NO. OF ORD SHARES

:

260,000

% OF SHAREHOLDING

:

26%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LIM CHENG WEE (LIN QINGWEI)

SHAREHOLDER ID

:

S7400316H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

17 PAVILION PLACE SINGAPORE 658353

NO. OF ORD SHARES

:

110,000

% OF SHAREHOLDING

:

11%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LIM YEN GEOK

SHAREHOLDER ID

:

S1219096D

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

52 CORPORATION RISE SINGAPORE 618366

NO. OF ORD SHARES

:

100,000

% OF SHAREHOLDING

:

10%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

SIM AH MOI

SHAREHOLDER ID

:

670530015816

NATIONALITY

:

MALAYSIAN

ADDRESS

:

NO 26 JALAN BALAU 10 TAMAN RINTANG 81750 MASAI, JOHOR, MALAYSIA

NO. OF ORD SHARES

:

10,000

% OF SHAREHOLDING

:

1%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LIM YONG SAN

SHAREHOLDER ID

:

S1398099C

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

235 BUKIT PANJANG RING ROAD #09-23 SINGAPORE 670235

NO. OF ORD SHARES

:

10,000

% OF SHAREHOLDING

:

1%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

ONG CHUAN HOCK

SHAREHOLDER ID

:

S2547791Z

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

106 BUKIT BATOK CENTRAL #05-205 SINGAPORE 650106

NO. OF ORD SHARES

:

10,000

% OF SHAREHOLDING

:

1%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

NG CHEE SENG

ADDRESS

:

101 CARDIFF GROVE #03-04 CARDIFF RESIDENCE SINGAPORE 558961

POSITION

:

SECRETARY

DATE OF APPT

:

05/10/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0011124D

 

NAME

:

LIM KUE LAY @ NEU KUE LAY

ADDRESS

:

206 BOON LAY DRIVE #05-43 SINGAPORE 640206

POSITION

:

DIRECTOR

DATE OF APPT

:

26/05/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0545012H

 

NAME

:

LIM YONG SAN

ADDRESS

:

235 BUKIT PANJANG RING ROAD #09-23 SINGAPORE 670235

POSITION

:

DIRECTOR

DATE OF APPT

:

26/05/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1398099C

 

NAME

:

ONG CHUAN HOCK

ADDRESS

:

106 BUKIT BATOK CENTRAL #05-205 SINGAPORE 650106

POSITION

:

DIRECTOR

DATE OF APPT

:

26/05/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2547791Z

 

NAME

:

LIM CHENG WEE (LIN QINGWEI)

ADDRESS

:

17 PAVILION PLACE SINGAPORE 658353

POSITION

:

DIRECTOR

DATE OF APPT

:

20/07/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7400316H

 

 

KEY PERSONNEL PROFILE

 

Name:

LIM KUE LAY @ NEU KUE LAY

NRIC Number:

S0545012H

Available Address:

206 BOON LAY DRIVE #05-43  SINGAPORE 640206

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

HOKIEN KIU LEONG TONG

DIRECTOR

24/06/2006

-

-

2

MENTRADE MARINE ENGINEERING PTE LTD

DIRECTOR

26/05/2000

260000

26.00

3

MME TECH ENGINEERING PTE. LTD.

DIRECTOR

21/03/2007

50000

100.00

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

G & G (SELENIUM) ENTERPRISES PTE LTD

STRUCK OFF

DIRECTOR

04/08/2001

13/05/2004

2

G & G (SELENIUM) ENTERPRISES PTE LTD

STRUCK OFF

SECRETARY

28/10/2003

13/05/2004

3

G & G (SELENIUM) ENTERPRISES PTE LTD

STRUCK OFF

SHAREHOLDER

-

-

4

GALANT FASTECH PRIVATE LIMITED

LIVE COMPANY

DIRECTOR

15/06/2007

05/08/2007

5

HOKIEN KIU LEONG TONG

LIVE COMPANY

SHAREHOLDER

-

14/03/2012

6

INTEGRATED PETROLEUM SERVICES PTE. LTD.

LIVE COMPANY

DIRECTOR

11/01/2007

05/06/2008

7

MENCAST ENGINEERING COMPANY

TERMINATION

OWNER

15/03/1985

15/02/2000

8

MENCAST MARINE PTE LTD

LIVE COMPANY

DIRECTOR

08/08/1994

18/02/2000

9

MENTRADE ENGINEERING CO

TERMINATION

OWNER

01/03/1984

10/10/1997

10

MENTRADE INDUSTRIAL ENGINEERING PTE. LTD.

STRUCK OFF

DIRECTOR

11/09/2001

12/01/2011

11

MENTRADE INDUSTRIAL ENGINEERING PTE. LTD.

STRUCK OFF

SHAREHOLDER

-

-

12

UNITED RESOURCES MARKETING SERVICES PTE LTD

LIVE COMPANY

DIRECTOR/SHR

09/09/1989

24/10/2011

 

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

M

13255

2006

01/06/2006

SGD 2,147.25

Negligence Related

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 7 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200903957

 

Date of Registration

:

03/07/2009

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

2)

Charge No.

:

C200506727

 

Date of Registration

:

27/10/2005

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

3)

Charge No.

:

C200405706

 

Date of Registration

:

16/11/2004

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

4)

Charge No.

:

C200405704

 

Date of Registration

:

16/11/2004

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

5)

Charge No.

:

C200404431

 

Date of Registration

:

08/09/2004

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

6)

Charge No.

:

C200404225

 

Date of Registration

:

26/08/2004

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

7)

Charge No.

:

200201492

 

Date of Registration

:

01/04/2002

 

Chargee

:

HELLER FINANCIAL (SINGAPORE) LTD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

Clear


COMPLIANCE RECORDS

 

Date of Last AGM

:

03/11/2010

Date of Last AR

:

03/11/2010

Date of A/C Laid At Last AGM

:

31/12/2008

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2008

% Change

DEC 2007

DEC 2006

DEC 2005

DEC 2004

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

41,689,682

45.24

28,704,185

19,393,170

13,976,755

10,235,514

Profit/(Loss) Before Tax

2,184,845

25.73

1,737,667

1,213,948

155,262

388,573

Profit After Tax attributable to Shareholders

1,799,245

29.27

1,391,881

955,115

110,262

306,573

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

25,424,556

22.92

20,683,827

12,954,692

10,193,819

7,745,554

Current Assets

23,447,160

26.70

18,506,639

10,606,047

7,690,031

4,931,912

Non Current Assets

1,977,396

-9.18

2,177,188

2,348,645

2,503,788

2,813,642

 

 

 

 

 

 

 

Total Liabilities

19,892,225

17.35

16,950,741

10,613,487

8,807,729

6,469,726

Current Liabilities

19,211,999

19.14

16,125,272

9,656,896

7,754,398

5,244,074

Non Current Liabilities

680,226

-17.60

825,469

956,591

1,053,331

1,225,652

 

 

 

 

 

 

 

Shareholders' Funds

5,532,331

48.20

3,733,086

2,341,205

1,386,090

1,275,828

Share Capital

1,000,000

0.00

1,000,000

1,000,000

1,000,000

1,000,000

Total Reserves

4,532,331

65.83

2,733,086

1,341,205

386,090

275,828

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2008

DEC 2007

DEC 2006

DEC 2005

DEC 2004

Growth %

 

 

 

 

 

Year-on-Year Growth

45.24

48.01

38.75

36.55

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

4.32

4.85

4.93

0.79

3.00

Return on Equity (%)

32.52

37.28

40.80

7.95

24.03

Return on Assets (%)

7.08

6.73

7.37

1.08

3.96

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.60

4.54

4.53

6.35

5.07

Current Debt/Equity (Times)

3.47

4.32

4.12

5.59

4.11

Long Term Debt To Equity (Times)

0.12

0.22

0.41

0.76

0.96

Total Asset To Total Equity (Times)

4.60

5.54

5.53

7.35

6.07

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.64

1.39

1.50

1.37

1.32

Fixed Assets Turnover (Times)

21.08

13.18

8.26

5.58

3.64

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.22

1.15

1.10

0.99

0.94

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 42.06% (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 4.32 per cent in FY08 (FY07: 4.85 per cent). The company is now able to book in SGD - SIN 0.04 of profit for every SGD - SIN of sales in FY08, as compared with SGD - SIN 0.05 a year ago.

 

Liquidity

 

Current ratio stood at 1.22 times in FY08 (FY07: 1.15 times). This means that the company has SGD - SIN 1.22 of current assets for every SGD - SIN 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

Total debt-to-equity ratio notched 3.60 times in FY08, compared with 4.54 times in FY07. This means that the company requires additional external financing of SGD - SIN 3.60 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 32.52 per cent for Subject in the current financial period, as compared to 37.28 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.

 

 

FINANCIAL COMMENTARY

 

Return on assets stood at 7.08 per cent (FY07: 6.73 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 1.64 times in FY08 (FY07: 1.39 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.51.15

UK Pound

1

Rs.81.80

Euro

1

Rs.68.34

 

 

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.