MIRA INFORM REPORT

 

 

Report Date :           

29.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MANITOWOC CRANE GROUP ASIA PTE. LTD.

 

 

Formerly Known As :

MANITOWOC EQUIPMENT WORKS, PTE. LTD.

 

 

Registered Office :

4 Kwong Min Road Singapore 628707

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.02.1994

 

 

Com. Reg. No.:

199401055M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Investment Holding Companies

 

 

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

:

MANITOWOC CRANE GROUP ASIA PTE. LTD.

Registration No

:

199401055M

Date of Registration

:

14/02/1994

Former Name

:

1.MANITOWOC-PACIFIC PTE. LTD. Eff. date : 14/02/1994 Eff. date : 14/02/1994

2.MANITOWOC EQUIPMENT WORKS, PTE. LTD. Eff. date : 14/10/1994 Eff. date : 14/10/1994

Date of Change of Name

:

03/01/2003

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

4 KWONG MIN ROAD SINGAPORE 628707

Date of Change of Address

:

01/10/2011

Contact No.

:

6264 1188

Fax No.

:

6862 4040

Website

:

www.manitowoccranes.com

Registered Activities

:

1. OTHER INVESTMENT HOLDING COMPANIES

HOLDING COMPANIES

2. CRANE SERVICES (LOADING AND UNLOADING OF CARGO)

TRADING IN AND SERVICING OF INDUSTRIAL CRANES AND PARTS

Issued Ordinary Capital*

:

$215,406,360.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 21,540,636

Issued Preference Capital

:

$4,380,600.00 SINGAPORE, DOLLARS NO. OF SHARE : 43,806

Paid-Up Ordinary Capital

:

$215,406,360.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

$4,380,600.00 SINGAPORE, DOLLARS

* 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

:

BDO LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 217,480,947.70 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 268,544,554.36 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

5

S1000 / SME 500 / FG50 Ranking

:

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

487 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

579 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

2.36% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

MANITOWOC HOLDING ASIA SAS

SHAREHOLDER ID

:

T07UF2669D

NATIONALITY

:

FRANCE

ADDRESS

:

18 RUE DE CHARBONNIERES 69130 ECULLY FRANCE

NO. OF ORD SHARES

:

21,540,636

43,806

% OF SHAREHOLDING

:

99.8%

0.2%

CURRENCY

:

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JEAN-NOEL, BENOIT, DENIS DAGUIN

ADDRESS

:

APARTMENT 1801, BUILDING 23 388 FURONGJIANG ROAD, SHANGHAI, CHINA

POSITION

:

DIRECTOR

DATE OF APPT

:

15/06/2009

NATIONALITY

:

FRENCH

I/C PASSPORT

:

07AD60027

 

NAME

:

JOHN WAYNE STEWART

ADDRESS

:

33 ROCHESTER DRIVE #18-02 ROCHESTER, THE SINGAPORE 138638

POSITION

:

DIRECTOR

DATE OF APPT

:

01/12/2003

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

F2202200T

 

NAME

:

GILLES, CHRISTOPHE, RENE MARTIN

ADDRESS

:

1 DRAYCOTT PARK #06-00 SINGAPORE 259385

POSITION

:

DIRECTOR

DATE OF APPT

:

15/06/2009

NATIONALITY

:

FRENCH

I/C PASSPORT

:

G5034259Q

 

NAME

:

YIP MING FAI

ADDRESS

:

29 TOH TUCK DRIVE SINGAPORE 596888

POSITION

:

SECRETARY

DATE OF APPT

:

01/09/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2567316F

 

 

KEY PERSONNEL PROFILE

 

Name:

JOHN WAYNE STEWART

NRIC Number:

F2202200T

Available Address:

33 ROCHESTER DRIVE #18-02 ROCHESTER, THE  SINGAPORE 138638

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

MANITOWOC CRANE GROUP ASIA PTE. LTD.

DIRECTOR

01/12/2003

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

POTAIN PTE LTD

STRUCK OFF

DIRECTOR

06/08/2003

-

 

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).

 

To date, there have been 5 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

2

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.

:

12499

 

Date of Filing

:

21/05/2004

 

Amount

:

7,176.00

 

Cause

:

Others / Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

TAT HONG HEAVYEQUIPMENT (PTE.) LTD.

 

Last Update Date

:

03/03/2008

 

2)

Court

:

District Court

 

Case No.

:

632

 

Date of Filing

:

25/02/2008

 

Amount

:

0.00

 

Cause

:

Tort - Negligence (Industrial Accident)

 

Case Status

:

PENDING

 

Plaintiff

:

SUNDARESAN KRISHNAMURTHI

 

Last Update Date

:

03/03/2008

 

3)

Court

:

District Court

 

Case No.

:

2207

 

Date of Filing

:

18/06/2009

 

Amount

:

200,000.00

 

Cause

:

Employment

 

Case Status

:

PENDING

 

Plaintiff

:

NOEL GERARD BRENNAN

 

Last Update Date

:

25/10/2010

 

4)

Court

:

Supreme Court

 

Case No.

:

345

 

Date of Filing

:

22/04/2009

 

Amount

:

0.00

 

Cause

:

Tort - Negligence (Industrial Accident)

 

Case Status

:

PENDING

 

Plaintiff

:

SUNDARESAN KRISHNAMURTHI

 

Last Update Date

:

04/06/2010

 

5)

Court

:

Magistrate Court

 

Case No.

:

15704

 

Date of Filing

:

26/06/1998

 

Amount

:

0.00

 

Cause

:

Contracts - Employment

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

NG HUI MENG

 

Last Update Date

:

03/03/2008

 

 

COMPLIANCE

 

Date of Last AGM

:

25/11/2011

Date of Last AR

:

16/12/2011

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

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

217,480,948

7.25

202,770,547

319,431,475

293,815,471

198,139,807

Profit/(Loss) Before Tax

22,164,422

-8.10

24,119,185

43,645,543

36,532,095

17,376,385

Profit After Tax attributable to Shareholders

19,296,356

-11.95

21,916,331

38,039,271

31,308,998

13,825,272

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

350,689,585

3.28

339,565,478

327,055,304

311,574,549

164,545,883

Current Assets

96,101,363

16.47

82,508,348

99,259,919

125,054,022

69,740,585

Non Current Assets

254,588,222

-0.96

257,057,131

227,795,385

186,520,527

94,805,298

 

 

 

 

 

 

 

Total Liabilities

82,145,030

12.49

73,025,423

89,849,643

202,983,551

55,497,695

Current Liabilities

64,743,793

15.88

55,872,517

89,849,643

202,983,551

55,497,695

Non Current Liabilities

17,401,237

1.45

17,152,907

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

268,544,554

0.75

266,540,055

237,205,663

108,590,999

109,048,188

Share Capital

191,699,109

-6.49

204,998,437

198,781,987

72,118,820

76,038,034

Total Reserves

76,845,445

24.87

61,541,618

38,423,676

36,472,179

33,010,154

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

7.25

-36.52

8.72

48.29

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

8.87

10.81

11.91

10.66

6.98

Return on Equity (%)

7.19

8.22

16.04

28.83

12.68

Return on Assets (%)

5.50

6.45

11.63

10.05

8.40

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.31

0.27

0.38

1.87

0.51

Current Debt/Equity (Times)

0.24

0.21

0.38

1.87

0.51

Long Term Debt To Equity (Times)

0.06

0.06

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.31

1.27

1.38

2.87

1.51

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.62

0.60

0.98

0.94

1.20

Fixed Assets Turnover (Times)

0.85

0.79

1.40

1.58

2.09

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.48

1.48

1.10

0.62

1.26

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 2.36% (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 8.87 per cent in FY10 (FY09: 10.81 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.09 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.11 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.48 times in FY10 (FY09: 1.48 times). This means that the company has SINGAPORE, DOLLARS 1.48 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 0.31 times in FY10, compared with 0.27 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.31 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 7.19 per cent for Subject in the current financial period, as compared to 8.22 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 5.50 per cent (FY09: 6.45 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 0.62 times in FY10 (FY09: 0.60 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.49.14

UK Pound

1

Rs.77.86

Euro

1

Rs.66.06

 

 

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.