MIRA INFORM REPORT

 

 

Report Date :

22.12.2012

 

IDENTIFICATION DETAILS

 

Name :

MIDEA ELECTRIC TRADING (SINGAPORE) CO. PTE. LTD.

 

 

 

 

Registered Office :

10 Anson Road #21-16 International Plaza Singapore 079903

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

11.01.2008

 

 

Com. Reg. No.:

200800970G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Household Electrical Appliances and Equipment (Including Household Air-Conditioners)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Thailand

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

THAILAND - ECONOMIC OVERVIEW

 

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.

Source : CIA

 

Company Name:

Registered Number:

MIDEA ELECTRIC TRADING (SINGAPORE) CO. PTE. LTD.

200800970G

 

Date Incorporated:

Registered Office:

Telephone Number:

11/01/2008

10 ANSON ROAD #21-16 INTERNATIONAL PLAZA SINGAPORE 079903

6222 2536

Age of Company:

Website:

Industry Type:

4

NA

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

30

eq

Payment pattern as per previous month

No. of Charges(s):
0

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

MIDEA ELECTRIC INVESTMENT (BVI) LIMITED

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

MIDEA ELECTRIC TRADING (SINGAPORE) CO. PTE. LTD.

Registration No

:

200800970G

Date of Registration

:

11/01/2008

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

10 ANSON ROAD #21-16 INTERNATIONAL PLAZA SINGAPORE 079903

Date of Change of Address

:

15/04/2011

Contact No.

:

6222 2536

Fax No.

:

62206613

Website

:

NA

Registered Activities

:

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

2. WHOLESALE OF HOUSEHOLD ELECTRICAL APPLIANCES AND EQUIPMENT (INCLUDING HOUSEHOLD AIR-CONDITIONERS)

Issued Ordinary Capital*

:

$64,760,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 50,700,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$64,760,000.00 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

:

RSM CHIO LIM LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 3,139,118,392.00 (FY2011)

Net Worth

:

SGD - SIN 140,693,260.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

295 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

860 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011)

867 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

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

Compounded Annual Growth Rate (CAGR)

:

132.05% (3 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

MIDEA ELECTRIC INVESTMENT (BVI) LIMITED

SHAREHOLDER ID

:

T07UF3838K

NATIONALITY

:

NA

ADDRESS

:

P.O. BOX 3340, ROAD TOWN, TORTOLA BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

50,700,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

LIU PING

ADDRESS

:

18 HEGUI ROAD, BLOCK 3 YIN XING YA YUAN HUI HUA GE 303, DALIANG, SHUNDE, FOSHAN, GUANGDONG, CHINA

POSITION

:

DIRECTOR

DATE OF APPT

:

24/05/2012

NATIONALITY

:

CHINESE

I/C PASSPORT

:

G34938731

 

NAME

:

ZHAO JUN

ADDRESS

:

#17-02 YIWANGE, NEW CITY BAY VANKE, NO. 1 DE SHENG ROAD SHUNDE DISTRICT, FOSHAN CITY, GUANGDONG, CHINA 528300

POSITION

:

DIRECTOR

DATE OF APPT

:

11/01/2008

NATIONALITY

:

CHINESE

I/C PASSPORT

:

G34958458

 

NAME

:

GU YANMIN

ADDRESS

:

12-1-208 YIXIN YUAN, XING HE WAN, YING BIN ROAD, PANYU DISTRICT, GUANGZHOU, GUANGDONG PROVINCE, P.R.C., CHINA

POSITION

:

DIRECTOR

DATE OF APPT

:

22/02/2012

NATIONALITY

:

CHINESE

I/C PASSPORT

:

G39865353

 

NAME

:

BAEY CHENG SONG

ADDRESS

:

37 GROVE DRIVE HENRY PARK SINGAPORE 279077

POSITION

:

DIRECTOR

DATE OF APPT

:

11/01/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0247168Z

 

NAME

:

WONG YOEN HAR

ADDRESS

:

243 BISHAN STREET 22 #21-280 SINGAPORE 570243

POSITION

:

SECRETARY

DATE OF APPT

:

01/07/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1771279I

 

 

KEY PERSONNEL PROFILE

 

Name:

ZHAO JUN

NRIC Number:

G34958458

Available Address:

#17-02 YIWANGE, NEW CITY BAY VANKE, NO. 1 DE SHENG ROAD SHUNDE DISTRICT, FOSHAN CITY, GUANGDONG, CHINA 528300

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

MIDEA ELECTRIC TRADING (SINGAPORE) CO. PTE. LTD.

DIRECTOR

11/01/2008

-

NA

 

 

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

 

Date of Last AGM

:

31/08/2012

Date of Last AR

:

15/10/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

COMPLIANCE RATING FOR ANNUAL FILING

 

wImage225

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

 

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

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

3,139,118,392

186.69

1,094,937,013

746,337,764

251,230,318

Profit/(Loss) Before Tax

55,922,765

90.41

29,370,428

22,519,715

6,934,197

Profit After Tax attributable

 to Shareholders

52,207,888

86.54

27,987,906

21,469,058

6,510,905

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

989,790,504

134.21

422,609,490

224,454,797

117,162,593

Current Assets

874,171,091

153.81

344,422,155

224,450,388

117,156,005

Non Current Assets

115,619,413

47.87

78,187,335

4,409

6,588

 

 

 

 

 

 

Total Liabilities

849,097,244

131.00

367,568,512

195,526,487

109,929,703

Current Liabilities

849,097,244

139.88

353,961,012

195,526,487

109,929,703

Non Current Liabilities

0

-100.00

13,607,500

0

0

 

 

 

 

 

 

Shareholders' Funds

140,693,260

155.62

55,040,977

28,928,310

7,232,891

Share Capital

63,415,290

9,002.19

696,704

744,581

721,986

Total Reserves

77,277,970

42.20

54,344,273

28,183,729

6,510,905

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

Growth %

 

 

 

 

Year-on-Year Growth

186.69

46.71

197.07

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

1.66

2.56

2.88

2.59

Return on Equity (%)

37.11

50.85

74.21

90.02

Return on Assets (%)

5.27

6.62

9.56

5.56

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

6.04

6.68

6.76

15.20

Current Debt/Equity (Times)

6.04

6.43

6.76

15.20

Long Term Debt To Equity (Times)

0.00

0.25

0.00

0.00

Total Asset To Total Equity (Times)

7.04

7.68

7.76

16.20

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

3.17

2.59

3.33

2.14

Fixed Assets Turnover (Times)

27.15

14.00

169,275.97

38,134.54

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.03

0.97

1.15

1.07

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 132.05% (3 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 1.66 per cent in FY11 (FY10: 2.56 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.03 a year ago.

 

Liquidity

 

Current ratio stood at 1.03 times in FY11 (FY10: 0.97 times). This means that the company has SGD - SIN 1.03 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 6.04 times in FY11, as compared with 6.68 times in FY10. This means that the company requires additional external financing of SGD - SIN 6.04 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 37.11 per cent for Subject in the current financial period, as compared to 50.85 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 5.27 per cent (FY10: 6.62 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 3.17 times in FY11 (FY10: 2.59 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.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.