MIRA INFORM REPORT

 

 

Report Date :

14.01.2012

 

IDENTIFICATION DETAILS

 

Name :

MFS TECHNOLOGY (S) PTE LTD

 

 

Formerly Known As :

M-FLEX SINGAPORE PTE LTD Eff

 

 

Registered Office :

801 Lorong 7 Toa Payoh #02-01 Wearnes Building Singapore 319319

 

 

Country :

Singapore

 

 

Financials (as on) :

September, 2010

 

 

Date of Incorporation :

11.10.1988

 

 

Com. Reg. No.:

198803689D

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale Of Computer Accessories

 

 

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$1,000,000

 

 

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

:

MFS TECHNOLOGY (S) PTE LTD

Registration No

:

198803689D

Date of Registration

:

11/10/1988

Former Name

:

1.IIFRACOM PTE LTD Eff. date : 11/10/1988 Eff. date : 11/10/1988

2.M-FLEX SINGAPORE PTE LTD Eff. date : 27/04/1989 Eff. date : 27/04/1989

Date of Change of Name

:

19/07/2002

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

801 LORONG 7 TOA PAYOH #02-01 WEARNES BUILDING SINGAPORE 319319

Date of Change of Address

:

28/11/2011

Contact No.

:

6861 3168

Fax No.

:

6862 2052

Website

:

www.mfstech.com.sg

Registered Activities

:

WHOLESALE OF COMPUTER ACCESSORIES (EG MEMORY CARDS, COMPUTER CABLES)

MANUF & MARKETING OF FLEXIBLE PRINTED CIRCUIT BOARDS & ASSOCIATED ASSEMBLY

Issued Ordinary Capital*

:

$19,079,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 11,750,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$19,079,000.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 130,909,215.00 (FY2010)

Net Worth

:

SGD - SIN 32,221,093.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

1741 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1096 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

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

1086 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

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

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

credit recommendation to a maximum of S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

MFS TECHNOLOGY LTD

SHAREHOLDER ID

:

200009562R

NATIONALITY

:

SINGAPORE

ADDRESS

:

801 LORONG 7 TOA PAYOH #02-01 WEARNES BUILDING SINGAPORE 319319

NO. OF ORD SHARES

:

11,750,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CHIA SEE YAN

ADDRESS

:

118 JURONG EAST STREET 13 #03-117 IVORY HEIGHTS SINGAPORE 600118

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

05/02/2010

05/02/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0150197F

 

NAME

:

CHNG SAY TIONG

ADDRESS

:

136B HILLVIEW AVENUE #09-02 MERAWOODS SINGAPORE 669607

POSITION

:

DIRECTOR

DATE OF APPT

:

20/09/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1479495F

 

 

KEY PERSONNEL PROFILE

 

Name:

CHIA SEE YAN

NRIC Number:

S0150197F

Available Address:

118 JURONG EAST STREET 13 #03-117 IVORY HEIGHTS  SINGAPORE 600118

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

FLEX SOLUTIONS (SINGAPORE) PTE LTD

DIRECTOR

05/02/2010

-

-

2

FLEX SOLUTIONS (SINGAPORE) PTE LTD

SECRETARY

05/02/2010

-

-

3

MFS TECHNOLOGY (S) PTE LTD

DIRECTOR

05/02/2010

-

-

4

MFS TECHNOLOGY (S) PTE LTD

SECRETARY

05/02/2010

-

-

5

MFS TECHNOLOGY LTD

SECRETARY

05/02/2010

-

-

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

RAPID CONN (S) PTE. LTD.

LIVE COMPANY

DIRECTOR

30/11/2004

09/11/2011

2

TRAVELMORE (PTE) LTD

LIVE COMPANY

SECRETARY

14/08/1982

30/12/2011

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Note: Please purchase case details to know the latest status.

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

FLEX SOLUTIONS (SINGAPORE) PTE LTD

100

 

                                                                                                                       

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 in DP Information Network Pte Ltd database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered by DP Information Network Pte Ltd.

 

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.

:

26647

 

Date of Filing

:

15/11/2005

 

Amount

:

17,559.24

 

Cause

:

Others / Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

KWE-KINTETSU WORLD EXPRESS (S) PTE LTD

 

Last Update Date in DP Info Database

:

03/06/2008

 

 

COMPLIANCE

 

Date of Last AGM

:

15/03/2011

Date of Last AR

:

29/03/2011

Date of A/C Laid At Last AGM

:

30/09/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

SEP 2010

% Change

SEP 2009

SEP 2008

SEP 2007

SEP 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

130,909,215

33.69

97,918,590

149,787,817

258,304,629

335,042,603

Profit/(Loss) Before Tax

3,968,771

NA

(3,354,531)

(5,530,698)

8,095,412

25,125,740

Profit After Tax attributable to Shareholders

3,275,326

NA

(2,366,713)

(5,539,906)

7,623,098

21,828,257

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

116,207,398

0.32

115,835,835

128,423,725

154,321,851

204,492,921

Current Assets

79,085,467

2.96

76,809,891

86,345,870

111,804,516

153,567,824

Non Current Assets

37,121,931

-4.88

39,025,944

42,077,855

42,517,335

50,925,097

 

 

 

 

 

 

 

Total Liabilities

83,986,305

-3.36

86,904,043

93,365,220

106,673,440

147,839,261

Current Liabilities

83,429,701

-4.00

86,904,043

92,390,327

105,641,795

146,136,220

Non Current Liabilities

556,604

NA

0

974,893

1,031,645

1,703,041

 

 

 

 

 

 

 

Shareholders' Funds

32,221,093

11.37

28,931,792

35,058,505

47,648,411

56,653,660

Share Capital

19,079,000

0.00

19,079,000

19,079,000

19,079,000

19,079,000

Total Reserves

13,142,093

33.38

9,852,792

15,979,505

28,569,411

37,574,660

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

SEP 2010

SEP 2009

SEP 2008

SEP 2007

SEP 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

33.69

-34.63

-42.01

-22.90

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.50

-2.42

-3.70

2.95

6.52

Return on Equity (%)

10.17

-8.18

-15.80

16.00

38.53

Return on Assets (%)

2.82

-2.04

-4.31

4.94

10.67

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.61

3.00

2.66

2.24

2.61

Current Debt/Equity (Times)

2.59

3.00

2.64

2.22

2.58

Long Term Debt To Equity (Times)

0.02

0.00

0.03

0.02

0.03

Total Asset To Total Equity (Times)

3.61

4.00

3.66

3.24

3.61

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.13

0.85

1.17

1.67

1.64

Fixed Assets Turnover (Times)

3.53

2.51

3.56

6.08

6.58

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.95

0.88

0.93

1.06

1.05

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 2.50 per cent in FY10. The company is now able to book in SGD - SIN 0.03 of profit for every SGD - SIN of sales.

 

Liquidity

 

Current ratio stood at 0.95 times in FY10 (FY09: 0.88 times). This means that the company has SGD - SIN 0.95 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 2.61 times in FY10, compared with 3.00 times in FY09. This means that the company requires additional external financing of SGD - SIN 2.61 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 10.17 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 2.82 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 1.13 times in FY10 (FY09: 0.85 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.51.43

UK Pound

1

Rs.79.10

Euro

1

Rs.66.17

 

 

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.