MIRA INFORM REPORT

 

 

Report Date :

11.02.2012

 

IDENTIFICATION DETAILS

 

Name :

PROFAB ENGINEERING PTE LTD

 

 

Registered Office :

390 Havelock Road #06-02 King's Centre Singapore 169662

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.10.1999

 

 

Com. Reg. No.:

199906514D

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Personal Service Activities. Sales, Marketing, Engrg Relating To Heavy Steel Fabrication For Oil & Gas Ind

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

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

:

PROFAB ENGINEERING PTE LTD

Registration No

:

199906514D

Date of Registration

:

22/10/1999

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

390 HAVELOCK ROAD #06-02 KING'S CENTRE SINGAPORE 169662

Date of Change of Address

:

22/09/2009

Contact No.

:

6774 7997

Fax No.

:

6256 5497

Website

:

NA

Registered Activities

:

1. OTHER PERSONAL SERVICE ACTIVITIES NEC

SALES, MARKETING, ENGRG RELATING TO HEAVY STEEL FABRICATION FOR OIL & GAS IND

2. VALUE ADDED LOGISTICS PROVIDERS

SUPPLIER RESEARCH AND SELECTION, PROCUREMENT ACTIVITIES: PURCHASE PLANNING.

Issued Ordinary Capital*

:

$1,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,500,000.00 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

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

DBS BANK LTD.

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

Turnover

:

SGD - SIN 57,750,088.00 (FY2010)

Net Worth

:

SGD - SIN 16,213,263.00 (FY2010)

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

25.94% (3 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

PROFAB INTERNATIONAL LTD

SHAREHOLDER ID

:

T07UF2884E

NATIONALITY

:

NA

ADDRESS

:

608 ST. JAMES COURT, ST. DENIS STREET, PORT LOUIS MAURITIUS

NO. OF ORD SHARES

:

1,500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

WONG YEW MUN

ADDRESS

:

B-16-20 CENGAZ CONDOMINIUM, BANDAR SRI PERMAISURI, 56000 KUALA LUMPUR, MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

22/07/2011

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A19879849

 

NAME

:

JEREMY JOHN SAMMY

ADDRESS

:

44-51 JALAN SUNGAI RINCING 32/63, BUKIT RIMAU 4-460 SHAH ALAM, SELANGOR, MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

22/07/2011

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A20097446

 

NAME

:

PAUL ANTHONY MONTAGUE

ADDRESS

:

24 PERINA WAY, CITY BEACH PERTH AUSTRALIA 6015

POSITION

:

DIRECTOR

DATE OF APPT

:

22/10/1999

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

E3073791

 

NAME

:

ANTHONY ANNE CATHARINE

ADDRESS

:

8 LORONG 29 GEYLANG #07-06 SINGAPORE 388064

POSITION

:

SECRETARY

DATE OF APPT

:

09/02/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1347717E

 

NAME

:

JOHN WILLIAM GRONO

ADDRESS

:

8D BARKER ROAD SINGAPORE 309872

POSITION

:

DIRECTOR

DATE OF APPT

:

22/10/1999

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2750805G

 

NAME

:

CHIU YOONG CHIAN  GERALD

ADDRESS

:

53 GRANGE ROAD #16-07 SPRING GROVE SINGAPORE 249565

POSITION

:

DIRECTOR

DATE OF APPT

:

16/05/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7410527J

 

 

KEY PERSONNEL PROFILE

 

Name:

PAUL ANTHONY MONTAGUE

NRIC Number:

E3073791

Available Address:

24 PERINA WAY, CITY BEACH PERTH AUSTRALIA 6015

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

PROFAB ENGINEERING PTE LTD

DIRECTOR

22/10/1999

-

-

2

PROFAB SERVICES PTE. LTD.

DIRECTOR

28/08/2007

-

-

 

 

 

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

PFP SINGAPORE PTE LTD

LIVE COMPANY

DIRECTOR

01/06/1994

15/11/2011

 

 

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 have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201200841

 

Date of Registration

:

18/01/2012

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

2)

Charge No.

:

C200905545

 

Date of Registration

:

02/09/2009

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

1,100,000.00 U.S. DOLLAR

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

LITIGATION

 

Clear

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

06/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

JUN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

57,750,088

-19.60

71,830,055

59,811,812

28,907,739

Profit/(Loss) Before Tax

3,482,083

-46.48

6,506,196

4,795,626

4,457,207

Profit After Tax attributable to Shareholders

2,955,201

-44.77

5,350,326

3,924,067

3,632,638

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

30,191,277

5.26

28,683,596

31,282,097

11,173,548

Current Assets

28,532,806

7.04

26,656,440

31,103,960

10,406,993

Non Current Assets

1,658,471

-18.19

2,027,156

178,137

766,555

 

 

 

 

 

 

Total Liabilities

13,978,014

-3.64

14,505,940

22,722,645

6,600,940

Current Liabilities

12,974,988

-1.72

13,202,268

22,696,126

6,306,629

Non Current Liabilities

1,003,026

-23.06

1,303,672

26,519

294,311

 

 

 

 

 

 

Shareholders' Funds

16,213,263

14.36

14,177,655

8,559,451

4,572,608

Share Capital

1,483,159

-6.49

1,586,032

1,537,902

45,900

Total Reserves

14,730,104

16.98

12,591,623

7,021,549

4,526,708

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

JUN 2007

Growth %

 

 

 

 

Year-on-Year Growth

-19.60

20.09

106.91

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

5.12

7.45

6.56

12.57

Return on Equity (%)

18.23

37.74

45.84

79.44

Return on Assets (%)

9.79

18.65

12.54

32.51

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

0.86

1.02

2.65

1.44

Current Debt/Equity (Times)

0.80

0.93

2.65

1.38

Long Term Debt To Equity (Times)

0.06

0.09

0.00

0.06

Total Asset To Total Equity (Times)

1.86

2.02

3.65

2.44

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

1.91

2.50

1.91

2.59

Fixed Assets Turnover (Times)

34.82

35.43

335.76

37.71

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

2.20

2.02

1.37

1.65

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 25.94% (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 5.12 per cent in FY10 (FY09: 7.45 per cent). The company is now able to book in SGD - SIN 0.05 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.07 a year ago.

 

Liquidity

Current ratio stood at 2.20 times in FY10 (FY09: 2.02 times). This means that the company has SGD - SIN 2.20 of current assets for every SGD - SIN 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 0.86 times in FY10, compared with 1.02 times in FY09. This means that the company requires additional external financing of SGD - SIN 0.86 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 18.23 per cent for Subject in the current financial period, as compared to 37.74 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 9.79 per cent (FY09: 18.65 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 1.91 times in FY10 (FY09: 2.50 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.49.64

UK Pound

1

Rs.78.35

Euro

1

Rs.65.79

 

 

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.