MIRA INFORM REPORT

 

 

Report Date :

22.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MECC ALTE (FE) PTE LTD

 

 

Registered Office :

19 Kian Teck Drive Singapore 628836

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.07.1990

 

 

Com. Reg. No.:

199003500E

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Dealers of Alternators, Generators and Related Equipment and Hardware

 

 

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 :

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

:

MECC ALTE (FE) PTE LTD

Registration No

:

199003500E

Date of Registration

:

18/07/1990

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

19 KIAN TECK DRIVE SINGAPORE 628836

Date of Change of Address

:

22/03/1995

Contact No.

:

6265 7122

Fax No.

:

6265 3991

Website

:

NA

Registered Activities

:

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

DEALERS OF ALTERNATORS, GENERATORS AND RELATED EQUIPMENT AND HARDWARE

2. ENGINEERING ACTIVITIES NEC

GENERAL ENGINEERING SERVICES

Issued Ordinary Capital*

:

$125,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 125,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$125,000.00 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

:

K Y CHIANG & CO

Bankers / Financiers

:

THE DEVELOPMENT BANK OF SINGAPORE LIMITED

Turnover

:

SINGAPORE, DOLLARS 18,825,332.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 6,785,400.00 (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

729 POSITION IN SME 1000 Companies Ranked by Sales/Turnover (2009/2010)

803 POSITION IN SME 1000 Companies Ranked by Net Profit (2009/2010)

343 POSITION IN SME 500 Companies Ranked by Return on Equities (2008/2009)

395 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2008/2009)

236 POSITION IN SME 500 Companies Ranked by Net Profit (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

12.79% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

MECC ALTE (UK) LIMITED

SHAREHOLDER ID

:

T07UF2507B

NATIONALITY

:

UNITED KINGDOM

ADDRESS

:

6 LANDS END WAY, OAKHAM, RUTLAND LE 15 6RF, ENGLAND

NO. OF ORD SHARES

:

75,000

% OF SHAREHOLDING

:

60%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LEONG KWOK SING

SHAREHOLDER ID

:

S0522659G

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

10 SPRINGWOOD AVENUE SINGAPORE 118111

NO. OF ORD SHARES

:

49,999

% OF SHAREHOLDING

:

40%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

PANG LAY HUA (Deceased)

SHAREHOLDER ID

:

S0133783A

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

85 TELOK BLANGAH HEIGHTS #17-381 SINGAPORE 100085

NO. OF ORD SHARES

:

1

% OF SHAREHOLDING

:

0%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

LEONG KWOK SING

ADDRESS

:

10 SPRINGWOOD AVENUE SINGAPORE 118111

POSITION

:

DIRECTOR

MANAGER

DATE OF APPT

:

23/08/1990

23/08/1990

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0522659G

 

NAME

:

DOROTHY CHIANG KAR FONG

ADDRESS

:

14B HARLYN ROAD SINGAPORE 299456

POSITION

:

SECRETARY

DATE OF APPT

:

10/03/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1459902I

 

NAME

:

MEYER YANG RUI-XIANG

ADDRESS

:

7 BALMEG HILL #01-08 PEAK@BALMEG, THE SINGAPORE 119914

POSITION

:

DIRECTOR

DATE OF APPT

:

18/01/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S8112149D

 

 

KEY PERSONNEL PROFILE

 

Name:

LEONG KWOK SING

NRIC Number:

S0522659G

Available Address:

85 TELOK BLANGAH HEIGHTS #17-381  SINGAPORE 100085

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

JAF TECH PTE. LTD.

DIRECTOR

15/06/2011

33

33.00

2

JP 3 PTE. LTD.

DIRECTOR

19/05/2011

1000

50.00

3

JP1 PTE. LTD.

DIRECTOR

04/03/2011

25000

50.00

4

JPF 1 PTE. LTD.

DIRECTOR

14/12/2010

20000

33.33

5

JPF 2 PTE. LTD.

DIRECTOR

26/04/2011

4

40.00

6

MECC ALTE (FE) PTE LTD

DIRECTOR

23/08/1990

49999

39.99

7

MECC ALTE (FE) PTE LTD

MANAGER

23/08/1990

49999

39.99

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MAIDO PTE LTD

DISSOLVED - CREDITORS' VOLUNTARY WINDING UP

-

-

-

 

 

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 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

199905395

 

Date of Registration

:

07/12/1999

 

Chargee

:

THE DEVELOPMENT BANK OF SINGAPORE LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

05/06/2011

Date of Last AR

:

04/08/2011

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

18,825,332

33.84

14,065,877

17,739,884

12,181,071

11,631,419

Profit/(Loss) Before Tax

1,843,022

56.08

1,180,842

1,743,499

1,019,076

922,839

Profit After Tax attributable to Shareholders

1,524,953

49.47

1,020,259

1,434,595

848,314

721,639

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

12,145,389

21.72

9,978,151

11,933,856

9,202,331

7,643,928

Current Assets

11,360,963

24.65

9,114,562

10,960,202

8,332,386

6,684,686

Non Current Assets

784,426

-9.17

863,589

973,654

869,945

959,242

 

 

 

 

 

 

 

Total Liabilities

5,359,989

27.08

4,217,704

6,693,668

5,046,738

4,049,649

Current Liabilities

5,310,148

27.79

4,155,228

6,603,710

4,985,818

3,972,147

Non Current Liabilities

49,841

-20.22

62,476

89,958

60,920

77,502

 

 

 

 

 

 

 

Shareholders' Funds

6,785,400

17.79

5,760,447

5,240,188

4,155,593

3,594,279

Share Capital

125,000

0.00

125,000

125,000

125,000

125,000

Total Reserves

6,660,400

18.19

5,635,447

5,115,188

4,030,593

3,469,279

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

33.84

-20.71

45.63

4.73

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

8.10

7.25

8.09

6.96

6.20

Return on Equity (%)

22.47

17.71

27.38

20.41

20.08

Return on Assets (%)

12.56

10.22

12.02

9.22

9.44

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.79

0.73

1.28

1.21

1.13

Current Debt/Equity (Times)

0.78

0.72

1.26

1.20

1.11

Long Term Debt To Equity (Times)

0.01

0.01

0.02

0.01

0.02

Total Asset To Total Equity (Times)

1.79

1.73

2.28

2.21

2.13

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.55

1.41

1.49

1.32

1.52

Fixed Assets Turnover (Times)

24.00

16.29

18.22

14.00

12.13

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.14

2.19

1.66

1.67

1.68

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 12.79% (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 8.10 per cent in FY10 (FY09: 7.25 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.08 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.07 a year ago.

 

Liquidity

 

Current ratio stood at 2.14 times in FY10 (FY09: 2.19 times). This means that the company has SINGAPORE, DOLLARS 2.14 of current assets for every SINGAPORE, DOLLARS 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 0.79 times in FY10, as compared with 0.73 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.79 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 22.47 per cent for Subject in the current financial period, as compared to 17.71 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.

 

FINANCIAL COMMENTARY

 

Return on assets stood at 12.56 per cent (FY09: 10.22 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 1.55 times in FY10 (FY09: 1.41 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.49.08

UK Pound

1

Rs.77.80

Euro

1

Rs.65.17

 

 

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.