MIRA INFORM REPORT

Report Date :

28.02.2012

IDENTIFICATION DETAILS

Name :	JVD TECHNOLOGIES (ASIA) PTE LTD
Registered Office :	12 Loyang Walk Singapore 508795
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	14.10.1999
Com. Reg. No.:	199906280E
Legal Form :	Limited Private Company
Line of Business :	General Wholesale Trade (Including General Importers And Exporters)
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$195,000
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	:	JVD TECHNOLOGIES (ASIA) PTE LTD
Registration No	:	199906280E
Date of Registration	:	14/10/1999
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	12 LOYANG WALK SINGAPORE 508795
Date of Change of Address	:	01/02/2010
Contact No.	:	6846 2500
Fax No.	:	63520995
Website	:	http://www.jvd.com.sg
Registered Activities	:	1. OTHER PERSONAL SERVICE ACTIVITIES NEC 2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$800,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 800,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$800,000.00 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	:	ONG TONG WANG & CO
Bankers / Financiers	:	MALAYAN BANKING BERHAD STANDARD CHARTERED BANK
Turnover	:	SINGAPORE, DOLLARS 7,185,157.00 (FY2009)
Net Worth	:	SINGAPORE, DOLLARS 1,946,322.00 (FY2009)
No. of Bank Charges	:	3
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	No records found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Rating & Recommendation

Recommended Credit Line

:

S$195,000

SHAREHOLDER DETAILS

NAME	:	J.V.D. S.A.
SHAREHOLDER ID	:	T03UF1704G
NATIONALITY	:	FRANCE
ADDRESS	:	3 RUE DES BRECHES 44400 REZE FRANCE
NO. OF ORD SHARES	:	280,000
% OF SHAREHOLDING	:	35%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	DE VASSELOT DE REGNE JACQUES MARIE BERNARD
SHAREHOLDER ID	:	99CH32449
NATIONALITY	:	FRENCH
ADDRESS	:	5 BD ALLARD 44100 NANTES FRANCE
NO. OF ORD SHARES	:	240,000
% OF SHAREHOLDING	:	30%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	FOO SEI FOOK DOUGLAS
SHAREHOLDER ID	:	S1462521F
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	9 AROOZOO LANE SINGAPORE 539802
NO. OF ORD SHARES	:	200,000
% OF SHAREHOLDING	:	25%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	LIM PUAY YUEN
SHAREHOLDER ID	:	S6920248I
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	845 WOODLANDS STREET 82 #02-151 SINGAPORE 730845
NO. OF ORD SHARES	:	80,000
% OF SHAREHOLDING	:	10%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	DE VASSELOT DE REGNE JACQUES MARIE BERNARD
ADDRESS	:	5 BD ALLARD 44100 NANTES FRANCE
POSITION	:	DIRECTOR
DATE OF APPT	:	26/02/2001
NATIONALITY	:	FRENCH
I/C PASSPORT	:	99CH32449
NAME	:	FOO SEI FOOK DOUGLAS
ADDRESS	:	9 AROOZOO LANE SINGAPORE 539802
POSITION	:	DIRECTOR
DATE OF APPT	:	06/02/2003
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1462521F
NAME	:	LIM PUAY YUEN
ADDRESS	:	845 WOODLANDS STREET 82 #02-151 SINGAPORE 730845
POSITION	:	DIRECTOR SECRETARY
DATE OF APPT	:	26/02/2001 30/08/2005
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6920248I

KEY PERSONNEL PROFILE

Name:	DE VASSELOT DE REGNE JACQUES MARIE BERNARD
NRIC Number:	99CH32449
Available Address:	5 BD ALLARD 44100 NANTES FRANCE

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	JVD TECHNOLOGIES (ASIA) PTE LTD	DIRECTOR	26/02/2001	240000	30.00

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 have been 3 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201001044
	Date of Registration	:	02/02/2010
	Chargee	:	MALAYAN BANKING BERHAD
	Amount Secured and Currency	:	All Monies
	Address	:	2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907
2)	Charge No.	:	C200808032
	Date of Registration	:	27/08/2008
	Chargee	:	MALAYAN BANKING BERHAD
	Amount Secured and Currency	:	All Monies
	Address	:	2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907
3)	Charge No.	:	C200303934
	Date of Registration	:	15/08/2003
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	50,000.00 SINGAPORE, DOLLARS
	Address	:	6 BATTERY ROAD SINGAPORE 049909

LITIGATION

To date, there have been 1 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	0
High (>$250,000)	0	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	12903
	Date of Filing	:	20/05/2010
	Amount	:	2,720.45
	Cause	:	Tort - Negligence (Motor Accidents)
	Case Status	:	PENDING
	Plaintiff	:	SMRT TAXIS PTE LTD PEH EG SAW

COMPLIANCE RECORDS

Date of Last AGM	:	31/12/2009
Date of Last AR	:	29/03/2011
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2009	% Change	DEC 2008	DEC 2007
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	7,185,157	6.92	6,720,436	5,147,715
Profit/(Loss) Before Tax	798,201	119.48	363,672	373,460
Profit After Tax attributable to Shareholders	678,832	109.08	324,672	279,673
Balance Sheet Key Figures
Total Assets	4,942,308	60.67	3,076,007	2,443,327
Current Assets	4,832,983	65.31	2,923,527	2,196,654
Non Current Assets	109,325	-28.30	152,480	246,673
Total Liabilities	2,995,986	65.82	1,806,719	1,507,462
Current Liabilities	2,542,164	47.69	1,721,268	1,390,105
Non Current Liabilities	453,822	431.09	85,451	117,357
Shareholders' Funds	1,946,322	53.34	1,269,288	935,865
Share Capital	800,000	60.00	500,000	500,000
Total Reserves	1,146,322	49.01	769,288	435,865

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	DEC 2007
Growth %
Year-on-Year Growth	6.92	30.55	NA
Profitability
Profit Margin (%)	9.45	4.83	5.43
Return on Equity (%)	34.88	25.58	29.88
Return on Assets (%)	13.74	10.55	11.45
Leverage
Total Debt/Equity (Times)	1.54	1.42	1.61
Current Debt/Equity (Times)	1.31	1.36	1.49
Long Term Debt To Equity (Times)	0.23	0.07	0.13
Total Asset To Total Equity (Times)	2.54	2.42	2.61
Asset Management
Total Assets Turnover (Times)	1.45	2.18	2.11
Fixed Assets Turnover (Times)	65.72	44.07	20.87
Liquidity
Current Ratio (Times)	1.90	1.70	1.58

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	% Change	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	*	NA	0	0	3,144,648	2,505,857
Profit/(Loss) Before Tax	*	NA	0	0	110,448	102,629
Profit After Tax attributable to Shareholders	*	NA	0	0	80,048	79,629
Balance Sheet Key Figures
Total Assets	4,753,776	63.59	2,905,952	2,252,665	1,765,884	1,477,169
Current Assets	4,505,503	74.02	2,589,006	1,883,246	1,525,476	1,143,869
Non Current Assets	248,273	-21.67	316,946	369,419	240,408	333,300
Total Liabilities	2,840,474	70.56	1,665,410	1,316,800	1,101,337	892,670
Current Liabilities	2,386,652	51.06	1,579,959	1,199,443	1,101,337	892,670
Non Current Liabilities	453,822	431.09	85,451	117,357	0	0
Shareholders' Funds	1,913,302	54.23	1,240,542	935,865	664,547	584,499
Share Capital	800,000	60.00	500,000	500,000	300,000	300,000
Total Reserves	1,113,302	50.34	740,542	435,865	364,547	284,499

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

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	NA	NA	-100.00	25.49	NA
Profitability
Profit Margin (%)	0.00	0.00	0.00	2.55	3.18
Return on Equity (%)	0.00	0.00	0.00	12.05	13.62
Return on Assets (%)	0.00	0.00	0.00	4.53	5.39
Leverage
Total Debt/Equity (Times)	1.48	1.34	1.41	1.66	1.53
Current Debt/Equity (Times)	1.25	1.27	1.28	1.66	1.53
Long Term Debt To Equity (Times)	0.24	0.07	0.13	0.00	0.00
Total Asset To Total Equity (Times)	2.48	2.34	2.41	2.66	2.53
Asset Management
Total Assets Turnover (Times)	0.00	0.00	0.00	1.78	1.70
Fixed Assets Turnover (Times)	0.00	0.00	0.00	13.08	7.52
Liquidity
Current Ratio (Times)	1.89	1.64	1.57	1.39	1.28

FINANCIAL COMMENTARY

Profitability

The group yielded a rate of net profit on sales of 9.45 per cent in FY09 (FY08: 4.83 per cent). The group is now able to book in SINGAPORE, DOLLARS 0.09 of profit for every SINGAPORE, DOLLARS of sales in FY09, as compared with SINGAPORE, DOLLARS 0.05 a year ago.

Liquidity

Current ratio stood at 1.90 times in FY09 (FY08: 1.70 times). This means that the group has SINGAPORE, DOLLARS 1.90 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.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 1.54 times in FY09, compared with 1.42 times in FY08. This means that the group requires additional external financing of SINGAPORE, DOLLARS 1.54 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 34.88 per cent for Subject in the current financial period, as compared to 25.58 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 13.74 per cent (FY08: 10.55 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 1.45 times in FY09 (FY08: 2.18 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.49.05
UK Pound	1	Rs.77.78
Euro	1	Rs.65.89

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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