MIRA INFORM REPORT

 

 

Report Date :           

03.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MHI ENGINE SYSTEM ASIA PTE. LTD.

 

 

Formerly Known As :

MHI SOUTH EAST ASIA PTE LTD

 

 

Registered Office :

2 Tuas Avenue 20 Singapore 638818

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.06.1981

 

 

Com. Reg. No.:

198102850N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and repair of electric generators

 

 

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

 

Maximum Credit Limit :

S$1,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Exists

 

 

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 30th, 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

:

MHI ENGINE SYSTEM ASIA PTE. LTD.

Registration No

:

198102850N

Date of Registration

:

20/06/1981

Former Name

:

MHI SOUTH EAST ASIA PTE LTD Eff. date : 20/06/1981 Eff. date : 20/06/1981

Date of Change of Name

:

03/04/2007

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

2 TUAS AVENUE 20 SINGAPORE 638818

Date of Change of Address

:

20/07/1992

Contact No.

:

6862 2202

Fax No.

:

6862 5728

Website

:

www.mhiesa.com.sg

Registered Activities

:

MANUFACTURE AND REPAIR OF ELECTRIC GENERATORS

TRADING AND SERVICING OF MACHINERY,SPARE PARTS AND ASSEMBLY OF GENERATOR SETS

Issued Ordinary Capital*

:

$12,235,282.00 SINGAPORE, DOLLARS, NO. OF SHARE : 12,235,282

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$12,235,282.00 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

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 427,239,116.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 46,422,159.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

4

S1000 / SME 500 / FG50 Ranking

:

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

579 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

919 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

33.26% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

MITSUBISHI HEAVY INDUSTRIES, LTD

SHAREHOLDER ID

:

T03UF1477B

NATIONALITY

:

JAPAN

ADDRESS

:

16-5 KONAN 2-CHOME, MINATO-KU TOKYO 108-8215, JAPAN

NO. OF ORD SHARES

:

12,235,282

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

MAKOTO HOSONO

ADDRESS

:

150 BEACH ROAD #28-01 GATEWAY WEST SINGAPORE 189720

POSITION

:

DIRECTOR

DATE OF APPT

:

27/03/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F5590983X

 

NAME

:

SHUJIRO SHIOHARA

ADDRESS

:

7 JALAN RUMBIA #11-11 IMPERIAL, THE SINGAPORE 239619

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/01/2011

01/01/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5045980U

 

NAME

:

JOANNA LIM LAN SIM

ADDRESS

:

165 TAMPINES STREET 12 #09-305 SINGAPORE 521165

POSITION

:

SECRETARY

DATE OF APPT

:

20/04/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1572261D

 

NAME

:

TAY TUAN LENG

ADDRESS

:

635 PASIR RIS DRIVE 1 #11-600 SINGAPORE 510635

POSITION

:

SECRETARY

DATE OF APPT

:

25/11/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7432140B

 

NAME

:

MASUDA SHUICHI

ADDRESS

:

1-19-8 UTSUKUSIGAOKA,  AOBA-KU, YOKOHAMA-SHI KANAGAWA 225-0002, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

02/04/2007

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG4163342

 

NAME

:

TAKASHI MIKOGAMI

ADDRESS

:

2-6-1-104 TACHIBANADAI, AOBA-KU, YOKOHAMA-SHI KANAGAWA-KEN, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/09/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK1912729

 

NAME

:

JUNRO NITTA

ADDRESS

:

39 NUU NGHI, VIETNAM-SINGAPORE INDUSTRIAL PARK 1, THUAN AN, BINH DUONG, VIETNAM

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0147165

 

 

KEY PERSONNEL PROFILE

 

Name:

SHUJIRO SHIOHARA

NRIC Number:

G5045980U

Available Address:

7 JALAN RUMBIA #11-11 IMPERIAL, THE  SINGAPORE 239619

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

MHI ENGINE SYSTEM ASIA PTE. LTD.

DIRECTOR

01/01/2011

-

-

2

MHI ENGINE SYSTEM ASIA PTE. LTD.

MANAGING DIRECTOR

01/01/2011

-

-

 

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.

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

 

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 4 litigation suits filed against Subject.


 

Current Year

On/After 01 Jan 2012

Past Years

W.e.f 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

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

:

Magistrate Court

 

Case No.

:

28287

 

Date of Filing

:

25/11/2004

 

Amount

:

SGD 6,962.93

SGD 82.40

SGD 3.09

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

CHEW CHEE TEE

 

Last Update Date

:

26/11/2004

 

2)

Court

:

District Court

 

Case No.

:

3122

 

Date of Filing

:

17/09/2010

 

Amount

:

250,000.00

 

Cause

:

Tort - Negligence (Motor Accidents With Death)

 

Case Status

:

PENDING

 

Plaintiff

:

DING YUT KIOW THE ADMINISTRATRIX AND CO- ADMINISTRATRIX RESPECTIVELY OF THE ESTATE OF TING EE BOEY (DECEASED)

THENG NGUIK ING

 

Last Update Date

:

17/09/2010

 

 

 

 

3)

Court

:

District Court

 

Case No.

:

722

 

Date of Filing

:

11/02/1998

 

Amount

:

82,889.01

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

NAMIREI ENGINEERING S PTE LTD (RECEIVER & MANAGER) APPOINTED

 

Last Update Date

:

03/02/2009

 

4)

Court

:

Supreme Court

 

Case No.

:

1713

 

Date of Filing

:

08/12/1999

 

Amount

:

968,000.00

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

PACIFIC OCEAN ENGINEERING & TRADING PTE LTD

 

Last Update Date

:

03/02/2009

 

 

COMPLIANCE

 

Date of Last AGM

:

31/08/2011

Date of Last AR

:

13/09/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

427,239,116

18.23

361,364,943

351,383,650

179,106,319

135,474,734

Profit/(Loss) Before Tax

13,220,721

18.28

11,177,437

7,151,253

2,443,072

1,771,213

Profit After Tax attributable to Shareholders

9,734,642

5.60

9,218,282

5,598,580

1,786,885

1,262,895

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

237,866,980

3.02

230,899,107

255,334,697

122,791,743

98,607,111

Current Assets

225,289,928

3.12

218,475,080

242,073,715

110,745,043

94,905,233

Non Current Assets

12,577,052

1.23

12,424,027

13,260,982

12,046,700

3,701,878

 

 

 

 

 

 

 

Total Liabilities

191,444,821

-0.13

191,685,925

224,408,720

96,263,984

83,752,031

Current Liabilities

190,639,300

-0.55

191,685,925

224,322,845

96,206,384

83,752,031

Non Current Liabilities

805,521

NA

0

85,875

57,600

0

 

 

 

 

 

 

 

Shareholders' Funds

46,422,159

18.38

39,213,182

30,925,977

26,527,759

14,855,080

Share Capital

12,235,282

0.00

12,235,282

12,235,282

12,235,282

1,400,000

Total Reserves

34,186,877

26.72

26,977,900

18,690,695

14,292,477

13,455,080

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

18.23

2.84

96.19

32.21

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.28

2.55

1.59

1.00

0.93

Return on Equity (%)

20.97

23.51

18.10

6.74

8.50

Return on Assets (%)

4.09

3.99

2.19

1.46

1.28

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.12

4.89

7.26

3.63

5.64

Current Debt/Equity (Times)

4.11

4.89

7.25

3.63

5.64

Long Term Debt To Equity (Times)

0.02

NA

0.00

0.00

NA

Total Asset To Total Equity (Times)

5.12

5.89

8.26

4.63

6.64

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.80

1.57

1.38

1.46

1.37

Fixed Assets Turnover (Times)

33.97

29.09

26.50

14.87

36.60

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.18

1.14

1.08

1.15

1.13

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

*

NA

0

0

0

0

Profit/(Loss) Before Tax

*

NA

0

0

0

0

Profit After Tax attributable to Shareholders

*

NA

0

0

0

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

234,614,395

-1.54

238,285,073

270,738,813

114,373,628

97,073,143

Current Assets

215,698,274

-1.97

220,025,954

252,964,429

96,573,308

93,003,804

Non Current Assets

18,916,121

3.60

18,259,119

17,774,384

17,800,320

4,069,339

 

 

 

 

 

 

 

Total Liabilities

198,694,994

-3.05

204,951,624

240,919,729

88,335,068

83,679,397

Current Liabilities

198,694,994

-3.05

204,951,624

240,883,826

88,335,068

83,679,397

Non Current Liabilities

0

NA

0

35,903

0

0

 

 

 

 

 

 

 

Shareholders' Funds

35,919,401

7.76

33,333,449

29,819,084

26,038,560

13,393,746

Share Capital

12,235,282

0.00

12,235,282

12,235,282

12,235,282

1,400,000

Total Reserves

23,684,119

12.26

21,098,167

17,583,802

13,803,278

11,993,746

 

 

 

 

 

 

 

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.00

0.00

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

5.53

6.15

8.08

3.39

6.25

Current Debt/Equity (Times)

5.53

6.15

8.08

3.39

6.25

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

6.53

7.15

9.08

4.39

7.25

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.09

1.07

1.05

1.09

1.11

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 33.26% (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 group yielded a rate of net profit on sales of 2.28 per cent in FY10 (FY09: 2.55 per cent). The group is now able to book in SINGAPORE, DOLLARS 0.02 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.03 a year ago.

 

Liquidity

Current ratio stood at 1.18 times in FY10 (FY09: 1.14 times). This means that the group has SINGAPORE, DOLLARS 1.18 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 4.12 times in FY10, compared with 4.89 times in FY09. This means that the group requires additional external financing of SINGAPORE, DOLLARS 4.12 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 20.97 per cent for Subject in the current financial period, as compared to 23.51 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 4.09 per cent (FY09: 3.99 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 1.80 times in FY10 (FY09: 1.57 times). This ratio measures the group'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.49.13

UK Pound

1

Rs.77.85

Euro

1

Rs.64.78

 

 

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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