MIRA INFORM REPORT

 

 

Report Date :

07.08.2012

 

IDENTIFICATION DETAILS

 

Name :

FTV PROCLAD (SINGAPORE) PTE. LTD.

 

 

Registered Office :

51 Benoi Road #01-16 Liang Huat Industrial Complex Singapore 629908

 

 

Country :

Singapore

 

 

Financials (as on) :

30.11.2011

 

 

Date of Incorporation :

05.11.2004

 

 

Com. Reg. No.:

200414420z

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and Repair of other Oilfield and Gasfield machinery and Equipment (Eg Derricks, Tool Joints)

Provide  Subcontract Machining

 

 

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

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


Company Name:

Registered Number:

FTV PROCLAD (SINGAPORE) PTE. LTD.

200414420Z

 

Date Incorporated:

Registered Office:

Telephone Number:

05/11/2004

51 BENOI ROAD #01-16 LIANG HUAT INDUSTRIAL COMPLEX SINGAPORE 629908

62659555

Age of Company:

Website:

Industry Type:

8

NA

MANUFACTURING

 

 

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

NA

 

NA

 

The entity is paying current to the creditors

No. of Charges(s):
0

 

Industry DTC

 

26

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

PROCLAD GROUP LIMITED

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

FTV PROCLAD (SINGAPORE) PTE. LTD.

Registration No

:

200414420Z

Date of Registration

:

05/11/2004

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

51 BENOI ROAD #01-16 LIANG HUAT INDUSTRIAL COMPLEX SINGAPORE 629908

Date of Change of Address

:

13/06/2005

Contact No.

:

62659555

Fax No.

:

62642366

Website

:

NA

Registered Activities

:

1. MANUFACTURE AND REPAIR OF OTHER OILFIELD AND GASFIELD MACHINERY AND EQUIPMENT (EG DERRICKS, TOOL JOINTS)

PROVIDE  SUBCONTRACT MACHINING

2. MANUFACTURE AND REPAIR OF WELDING AND SOLDERING EQUIPMENT (INCLUDING ARC WELDING ELECTRODES)

WELDING & INDUCTION BENDING SVS

Issued Ordinary Capital*

:

$6,910,280.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 6,910,280

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$6,910,280.00 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

:

CHONG, LIM & PARTNERS LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 8,117,944.00 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 2,149,141.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

PROCLAD GROUP LIMITED

SHAREHOLDER ID

:

T10UF1046D

NATIONALITY

:

UNITED ARAB EMIRATES

ADDRESS

:

PO BOX 123776, TECHNO PARK, DUBAI, UAE

NO. OF ORD SHARES

:

6,910,280

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

ALAN MCINTOSH RODGER

ADDRESS

:

5 METHVEN DRIVE, GLENROTHES KY7 6QW SCOTLAND, UNITED KINGDOM

POSITION

:

DIRECTOR

DATE OF APPT

:

05/11/2004

NATIONALITY

:

BRITISH

I/C PASSPORT

:

099058510

 

NAME

:

YASEEN MOHAMED JAAFAR MOHAMED MOHSEN

ADDRESS

:

375 AL BARSHA THIRD ROAD NO. 36B, VILLA 55 DUBAI, UAE

POSITION

:

DIRECTOR

DATE OF APPT

:

05/11/2004

NATIONALITY

:

BAHRAINI

I/C PASSPORT

:

1948174

 

NAME

:

RAYMOND THOMAS IRVING

ADDRESS

:

45 HINDHEDE WALK #07-03 SPRINGDALE CONDOMINIUM SINGAPORE 587978

POSITION

:

DIRECTOR

DATE OF APPT

:

09/12/2008

NATIONALITY

:

BRITISH

I/C PASSPORT

:

G5894012M

 

NAME

:

LOKE KUM HEE

ADDRESS

:

45 JURONG EAST AVENUE 1 #03-03 PARC OASIS SINGAPORE 609779

POSITION

:

SECRETARY

DATE OF APPT

:

28/06/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0159515F

 

 

KEY PERSONNEL PROFILE

 

Name:

ALAN MCINTOSH RODGER

NRIC Number:

099058510

Available Address:

5 METHVEN DRIVE, GLENROTHES KY7 6QW SCOTLAND, UNITED KINGDOM

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

FTV PROCLAD (SINGAPORE) PTE. LTD.

DIRECTOR

05/11/2004

-

-

2

PROCLAD INTERNATIONAL ASIA PACIFIC PTE. LTD.

DIRECTOR

16/07/2003

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

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

 

Clear

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

15/05/2012

Date of Last AR

:

25/05/2012

Date of A/C Laid At Last AGM

:

30/11/2011
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

NOV 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

8,117,944

14.62

7,082,287

6,532,345

9,624,707

9,294,461

Profit/(Loss) Before Tax

513,089

-5.16

540,989

(875,115)

3,343,954

1,831,549

Profit After Tax attributable

 to Shareholders

513,089

-5.16

540,989

(875,115)

3,343,954

1,831,549

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

10,821,127

5.99

10,209,496

10,237,545

12,199,290

11,100,410

Current Assets

3,772,520

45.88

2,586,010

2,002,000

3,983,822

3,651,759

Non Current Assets

7,048,607

-7.54

7,623,486

8,235,545

8,215,468

7,448,651

 

 

 

 

 

 

 

Total Liabilities

8,671,986

1.15

8,573,444

9,142,482

10,229,112

12,474,186

Current Liabilities

1,811,706

-78.87

8,573,444

9,142,482

10,229,112

12,474,186

Non Current Liabilities

6,860,280

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

2,149,141

31.36

1,636,052

1,095,063

1,970,178

(1,373,776)

Share Capital

50,000

0.00

50,000

50,000

1

1

Total Reserves

2,099,141

32.35

1,586,052

1,045,063

1,970,177

(1,373,777)

 

 

FINANCIAL RATIOS 

 

 

Company

 

NOV 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

14.62

8.42

-32.13

3.55

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

6.32

7.64

-13.40

34.74

19.71

Return on Equity (%)

23.87

33.07

-79.91

169.73

-133.32

Return on Assets (%)

4.74

5.30

-8.55

27.41

16.50

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.04

5.24

8.35

5.19

-9.08

Current Debt/Equity (Times)

0.84

5.24

8.35

5.19

0.00

Long Term Debt To Equity (Times)

3.19

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

5.04

6.24

9.35

6.19

-8.08

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.75

0.69

0.64

0.79

0.84

Fixed Assets Turnover (Times)

1.15

0.93

0.79

1.17

1.25

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.08

0.30

0.22

0.39

0.29

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 6.32 per cent in FY11 (FY10: 7.64 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.06 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.08 a year ago.

 

 

Liquidity

 

Current ratio stood at 2.08 times in FY11 (FY10: 0.30 times). This means that the company has SINGAPORE, DOLLARS 2.08 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

Total debt-to-equity ratio notched 4.04 times in FY11, as compared with 5.24 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 4.04 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

 

Return on equity was 23.87 per cent for Subject in the current financial period, as compared to 33.07 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.

 

Return on assets stood at 4.74 per cent (FY10: 5.30 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 0.75 times in FY11 (FY10: 0.69 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.55.47

UK Pound

1

Rs.86.60

Euro

1

Rs.68.66

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.