MIRA INFORM REPORT

 

 

Report Date :

21.02.2012

 

IDENTIFICATION DETAILS

 

Name :

EXCELPOINT SYSTEMS (PTE) LTD

 

 

Registered Office :

15 Changi Business Park Central 1 #06-00 Singapore 486057

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

19.11.1987

 

 

Com. Reg. No.:

198703628M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Development of Other Software and Programming Activities

 

 

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$467,000

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

:

EXCELPOINT SYSTEMS (PTE) LTD

Registration No

:

198703628M

Date of Registration

:

19/11/1987

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

15 CHANGI BUSINESS PARK CENTRAL 1 #06-00 SINGAPORE 486057

Date of Change of Address

:

26/09/2005

Contact No.

:

6741 8966

Fax No.

:

6741 8980

Website

:

www.excelpoint.com

Registered Activities

:

1. DEVELOPMENT OF OTHER SOFTWARE AND PROGRAMMING ACTIVITIES NEC

2. ELECTRONICS-RELATED INDUSTRIAL DESIGN SERVICES

Issued Ordinary Capital*

:

$6,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 6,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$6,000,000.00 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

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 295,956,668.00 (FY2010)

Net Worth

:

SGD - SIN 4,674,612.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

3

S1000 / SME 500 / FG50 Ranking

:

1089 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

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

694 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

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

507 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

3.57% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$467,000

 

SHAREHOLDER DETAILS

 

NAME

:

EXCELPOINT TECHNOLOGY LTD.

SHAREHOLDER ID

:

200103280C

NATIONALITY

:

SINGAPORE

ADDRESS

:

15 CHANGI BUSINESS PARK CENTRAL 1 #06-00 SINGAPORE 486057

NO. OF ORD SHARES

:

6,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

WONG LAI LENG

ADDRESS

:

241 BUKIT BATOK EAST AVENUE 5 #02-277 SINGAPORE 650241

POSITION

:

SECRETARY

DATE OF APPT

:

18/11/1993

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1176982I

 

NAME

:

HAN JIAK SIEW MDM

ADDRESS

:

22B KING ALBERT PARK SINGAPORE 598325

POSITION

:

DIRECTOR

DATE OF APPT

:

21/10/1992

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1248308B

 

NAME

:

PHUAY YONG HEN

ADDRESS

:

22B KING ALBERT PARK SINGAPORE 598325

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

19/11/1987

01/03/1989

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1258804F

 

NAME

:

WILLIAM LOW MONG CHAI

ADDRESS

:

28 LIMAU TERRACE LIMAU VILLAS SINGAPORE 465821

POSITION

:

DIRECTOR

DATE OF APPT

:

21/05/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1365131J

 

 

KEY PERSONNEL PROFILE

 

Name:

PHUAY YONG HEN

NRIC Number:

S1258804F

Available Address:

22B KING ALBERT PARK  SINGAPORE 598325

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

AP21 HOLDINGS PTE. LTD.

DIRECTOR

12/06/1993

1919999

73.84

2

AP21 INVESTMENTS PTE. LTD.

DIRECTOR

13/06/1995

1

50.00

3

AVIA GROWTH OPPORTUNITIES II PTE. LTD.

SHAREHOLDER

-

100

1.60

4

CHANG ENTERTAINMENT PTE. LTD.

SHAREHOLDER

-

119996

36.36

5

EXCELPOINT SOLUTIONS PTE. LTD.

DIRECTOR

21/09/2004

-

-

6

EXCELPOINT SYSTEMS (PTE) LTD

DIRECTOR

19/11/1987

-

-

7

EXCELPOINT SYSTEMS (PTE) LTD

MANAGING DIRECTOR

01/03/1989

-

-

8

EXCELPOINT TECHNOLOGY LTD.

DIRECTOR

18/05/2001

-

-

9

EXCELPOINT TECHNOLOGY LTD.

MANAGING DIRECTOR

05/07/2001

-

-

10

IFOCUS PTE LTD

SHAREHOLDER

-

18930

10.00

11

LIGHTS ELECTRONICS PTE LTD

DIRECTOR

11/02/1992

-

-

12

PC58 HOLDINGS PTE. LTD.

DIRECTOR

18/06/2004

-

-

13

PLANETSPARK PTE. LTD.

DIRECTOR

03/09/2009

-

-

14

TEAM TECHNOLOGY PTE LTD

DIRECTOR

28/07/1995

1

50.00

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

DDC SINGAPORE PTE LTD

STRUCK OFF

DIRECTOR

11/01/1989

-

2

EXCELPOINT MANUFACTURING PTE. LTD.

STRUCK OFF

DIRECTOR/SHR

23/09/2004

-

3

EXCELPOINT SYSTEMS (PTE) LTD

LIVE COMPANY

SHAREHOLDER

-

01/02/2012

4

EXCELPOINT TECHNOLOGY LTD.

LIVE COMPANY

SHAREHOLDER

-

12/01/2012

5

EXCELPOINT TRADING

TERMINATION

MANAGER

09/05/1987

-

 

6

HENSE TECHNOLOGY PTE. LTD.

LIVE COMPANY

DIRECTOR

20/09/1994

10/01/2012

7

IMOT PACIFIC PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

09/07/1990

-

8

LIGHTS ELECTRONICS PTE LTD

LIVE COMPANY

SHAREHOLDER

-

05/04/2011

9

MATRIX PRINTING

TERMINATION

OWNER

23/04/1991

-

10

NETBUILDERS PTE LTD

LIVE COMPANY

DIRECTOR

08/09/1994

-

11

PC58 HOLDINGS PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

05/04/2011

12

PHUAY & SEE ELECTRICAL ENTERPRISE

TERMINATION

MANAGER

21/06/1982

-

13

PHUAY & SEE ELECTRICAL ENTERPRISE

TERMINATION

OWNER

21/06/1982

-

14

POLYVENTURE PTE LTD

LIVE COMPANY

DIRECTOR

12/12/1992

-

15

SANDWORTH ENTERPRISE

CEASED

OWNER

08/08/1990

-

16

SHINTA SYSTEMS

CANCELLATION

MANAGER

01/04/1987

-

17

TIANYONG INDUSTRIES SINGAPORE PTE LTD

LIVE COMPANY

DIRECTOR

12/07/1991

-

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

26750

2008

15/10/2008

SGD 30,000.00

Negligence Related

D

4024

1997

16/09/1997

SGD 30,616.60

SGD 11,555.00

Contracts Related

M

18528

1997

16/09/1997

SGD 23,777.60

Contracts Related

 

 

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

 

To date, there have been 3 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

274

 

Date of Filing

:

07/04/2004

 

Amount

:

0.00

 

Cause

:

Intellectual Property - Trade Marks/Service Marks and Passing Off

 

Case Status

:

CONCLUDED

 

Plaintiff

:

B.B.S. ELECTRONICS PTE LTD

 

Last Update Date

:

15/02/2005

 

2)

Court

:

Magistrate Court

 

Case No.

:

2715

 

Date of Filing

:

02/02/2009

 

Amount

:

6,621.70

 

Cause

:

Tort - Negligence (Motor Accidents With Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

DAVID KOI GEK YEOW

 

Last Update Date

:

05/04/2011

 

3)

Court

:

District Court

 

Case No.

:

4074

 

Date of Filing

:

18/09/1997

 

Amount

:

51,462.60

 

Cause

:

CONTRACTS-WORK DONE & SERVICES RENDERED

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ZABRISKY FURNISHING PTE LTD

 

Last Update Date

:

17/03/2003

 

 

COMPLIANCE

 

Date of Last AGM

:

28/03/2011

Date of Last AR

:

29/04/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

295,956,668

58.36

186,887,746

240,706,233

245,392,336

257,248,892

Profit/(Loss) Before Tax

1,936,716

NA

(2,959,244)

1,448,182

1,023,529

(36,351)

Profit After Tax attributable to Shareholders

1,912,832

NA

(3,243,839)

719,338

620,307

(36,351)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

83,210,641

28.63

64,689,422

59,923,516

80,432,800

70,244,709

Current Assets

79,252,418

31.96

60,058,354

55,132,343

75,139,421

66,600,094

Non Current Assets

3,958,223

-14.53

4,631,068

4,791,173

5,293,379

3,644,615

 

 

 

 

 

 

 

Total Liabilities

78,536,030

27.21

61,736,085

53,914,402

74,799,454

64,959,241

Current Liabilities

78,536,030

27.27

61,706,713

53,670,364

74,506,639

64,644,417

Non Current Liabilities

0

-100.00

29,372

244,038

292,815

314,824

 

 

 

 

 

 

 

Shareholders' Funds

4,674,612

58.28

2,953,339

6,009,117

5,633,347

5,285,468

Share Capital

4,396,351

-6.49

4,701,286

4,558,619

4,854,699

5,118,522

Total Reserves

278,261

NA

(1,747,947)

1,450,498

778,648

166,946

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

58.36

-22.36

-1.91

-4.61

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.65

-1.74

0.30

0.25

-0.01

Return on Equity (%)

40.92

-109.84

11.97

11.01

-0.69

Return on Assets (%)

2.30

-5.01

1.20

0.77

-0.05

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

16.80

20.90

8.97

13.28

12.29

Current Debt/Equity (Times)

16.80

20.89

8.93

13.23

12.23

Long Term Debt To Equity (Times)

0.00

0.01

0.04

0.05

0.06

Total Asset To Total Equity (Times)

17.80

21.90

9.97

14.28

13.29

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.56

2.89

4.02

3.05

3.66

Fixed Assets Turnover (Times)

74.77

40.36

50.24

46.36

70.58

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.01

0.97

1.03

1.01

1.03

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 3.57% (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 0.65 per cent in FY10. The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 1.01 times in FY10 (FY09: 0.97 times). This means that the company has SGD - SIN 1.01 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

 

FINANCIAL COMMENTARY

 

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 16.80 times in FY10, compared with 20.90 times in FY09. This means that the company requires additional external financing of SGD - SIN 16.80 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 40.92 per cent for Subject in the current financial period. 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 2.30 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

 

FINANCIAL COMMENTARY

 

Total assets turnover ratio logged at 3.56 times in FY10 (FY09: 2.89 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.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

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.