MIRA INFORM REPORT

 

 

Report Date :           

28.07.2012

 

IDENTIFICATION DETAILS

 

Name :

UNITED TEXMAC PTE LTD

 

 

Registered Office :

7 Tuas Basin Link Singapore 638761

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

07.06.1996

 

 

Com. Reg. No.:

199604132E

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and repair of machinery for textile, apparel and leather production

 

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

UNITED TEXMAC PTE LTD

Registration No

:

199604132E

Date of Registration

:

07/06/1996

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

7 TUAS BASIN LINK SINGAPORE 638761

Date of Change of Address

:

01/07/1998

Contact No.

:

6897 8123

Fax No.

:

6897 8133

Website

:

www.unitex.com.sg

Registered Activities

:

MANUFACTURE AND REPAIR OF MACHINERY FOR TEXTILE, APPAREL AND LEATHER PRODUCTION

MANUF/REPAIR OTHER SPECIALISED MACHINERY NEC

Issued Ordinary Capital*

:

$1,175,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,150,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,175,000.00 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

:

SAW MENG TEE & PARTNERS PAC

Bankers / Financiers

:

DBS BANK LTD.

STANDARD CHARTERED BANK

THE DEVELOPMENT BANK OF SINGAPORE LIMITED

Turnover

:

SINGAPORE, DOLLARS 23,107,402.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 5,126,608.00 (FY2010)

No. of Bank Charges

:

3

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

157 POSITION IN SME 500 Companies Ranked by Return on Equities (2005/2006)

140 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2005/2006)

98 POSITION IN SME 500 Companies Ranked by Net Profit (2005/2006)

183 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2001/2002)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

PUA YEOW CHUAH

SHAREHOLDER ID

:

S1638617J

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

17 JALAN CHELAGI BUKIT LOYANG ESTATE SINGAPORE 509578

NO. OF ORD SHARES

:

382,766

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

ITOCHU SYSTECH CORPORATION

SHAREHOLDER ID

:

S96UF0570B

NATIONALITY

:

NA

ADDRESS

:

3-6-14, MINAMI-HONMACHI CHUO-KU, OSAKA 541-0054 JAPAN

NO. OF ORD SHARES

:

299,408

% OF SHAREHOLDING

:

26%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

NG SOCK CHEW

SHAREHOLDER ID

:

S0076099D

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

49 PARK VILLAS TERRACE SINGAPORE 545276

NO. OF ORD SHARES

:

212,648

% OF SHAREHOLDING

:

18.5%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

TSENG HONG KEE

SHAREHOLDER ID

:

S2554218E

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

988B JURONG WEST STREET 93 #13-641 SINGAPORE 642988

NO. OF ORD SHARES

:

127,589

% OF SHAREHOLDING

:

11.1%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

TEOH BOON CHEOW

SHAREHOLDER ID

:

S2590864C

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

52 BUKIT BATOK STREET 31 #06-08 MADEIRA, THE SINGAPORE 659443

NO. OF ORD SHARES

:

85,059

% OF SHAREHOLDING

:

7.4%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

POR KHAY TI

SHAREHOLDER ID

:

S2538817H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

66 BAYSHORE ROAD #23-05 BAYSHORE PARK SINGAPORE 469985

NO. OF ORD SHARES

:

42,530

% OF SHAREHOLDING

:

3.7%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

NG SOCK CHEW

ADDRESS

:

49 PARK VILLAS TERRACE SINGAPORE 545276

POSITION

:

DIRECTOR

DATE OF APPT

:

08/11/1996

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0076099D

 

NAME

:

PUA YEOW CHUAH

ADDRESS

:

17 JALAN CHELAGI BUKIT LOYANG ESTATE SINGAPORE 509578

POSITION

:

DIRECTOR

MANAGING DIRECTOR

SECRETARY

DATE OF APPT

:

08/11/1996

09/09/1998

15/01/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1638617J

 

NAME

:

POR KHAY TI

ADDRESS

:

66 BAYSHORE ROAD #23-05 BAYSHORE PARK SINGAPORE 469985

POSITION

:

DIRECTOR

DATE OF APPT

:

08/11/1996

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2538817H

 

 

KEY PERSONNEL PROFILE

 

Name:

PUA YEOW CHUAH

NRIC Number:

S1638617J

Available Address:

17 JALAN CHELAGI BUKIT LOYANG ESTATE  SINGAPORE 509578

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

ASEAN FEDERATION OF TEXTILE INDUSTRIES LTD.

DIRECTOR

30/12/2010

-

-

2

BLUEPRINT GROUP PTE. LTD.

DIRECTOR

08/12/2010

25501

25.50

3

BLUEPRINT GROUP PTE. LTD.

SHAREHOLDER

-

25501

25.50

4

ECOTEX PTE. LTD.

DIRECTOR

18/01/2006

-

-

5

ECOTEX PTE. LTD.

MANAGING DIRECTOR

21/08/2006

-

-

6

UNIFAB ASIA PTE. LTD.

DIRECTOR

19/04/2011

1

100.00

7

UNIFAB ASIA PTE. LTD.

MANAGING DIRECTOR

19/04/2011

1

100.00

8

UNIFAB ASIA PTE. LTD.

SHAREHOLDER

-

1

100.00

9

UNITED TEXMAC PTE LTD

DIRECTOR

08/11/1996

382766

33.28

10

UNITED TEXMAC PTE LTD

MANAGING DIRECTOR

09/09/1998

382766

33.28

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

FALTEX PTE LTD

STRUCK OFF

DIRECTOR

18/12/1991

05/09/1996

2

OPAC TRADING & MARKETING SERVICES

TERMINATION

OWNER

07/11/1989

08/11/1990

3

RENEWABLE ENERGY DEVELOPMENT PTE. LTD.

STRUCK OFF

DIRECTOR

04/07/2007

05/06/2008

4

T&S NETWORK TECHNOLOGY PTE LTD

STRUCK OFF

DIRECTOR

01/07/2002

29/07/2002

 

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 (%)

ECOTEX PTE. LTD.

100

                                                                                                                       

 

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.

:

C201004956

 

Date of Registration

:

15/06/2010

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

2)

Charge No.

:

C200300277

 

Date of Registration

:

30/01/2003

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

3)

Charge No.

:

200202540

 

Date of Registration

:

07/06/2002

 

Chargee

:

THE DEVELOPMENT BANK OF SINGAPORE LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

28/06/2011

Date of Last AR

:

05/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2010

% Change

DEC 2009

DEC 2008

JUN 2007

JUN 2006

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

23,107,402

38.24

16,715,621

30,821,256

29,068,098

27,711,886

Profit/(Loss) Before Tax

739,808

88.16

393,181

(2,076,468)

2,100,966

78,049

Profit After Tax attributable to Shareholders

661,963

38.86

476,712

(1,768,163)

1,293,008

213,984

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

19,133,626

-4.18

19,968,648

23,698,547

24,710,643

23,105,018

Current Assets

15,048,838

-3.59

15,608,913

19,117,778

19,266,249

16,680,597

Non Current Assets

4,084,788

-6.31

4,359,735

4,580,769

5,444,394

6,424,421

 

 

 

 

 

 

 

Total Liabilities

14,007,018

-8.99

15,390,471

19,541,683

18,894,371

18,439,732

Current Liabilities

12,453,609

-5.34

13,156,669

18,313,870

18,027,517

17,015,606

Non Current Liabilities

1,553,409

-30.46

2,233,802

1,227,813

866,854

1,424,126

 

 

 

 

 

 

 

Shareholders' Funds

5,126,608

11.98

4,578,177

4,156,864

5,816,272

4,665,286

Share Capital

1,175,000

0.00

1,175,000

1,175,000

1,175,000

1,175,000

Total Reserves

3,945,976

15.95

3,403,177

2,981,864

4,641,272

3,490,286

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

JUN 2007

JUN 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

38.24

-45.77

6.03

4.89

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.86

2.85

NA

4.45

0.77

Return on Equity (%)

12.91

10.41

NA

22.23

4.59

Return on Assets (%)

3.46

2.39

NA

5.23

0.93

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.73

3.36

4.70

3.25

3.95

Current Debt/Equity (Times)

2.43

2.87

4.41

3.10

3.65

Long Term Debt To Equity (Times)

0.30

0.49

0.30

0.15

0.31

Total Asset To Total Equity (Times)

3.73

4.36

5.70

4.25

4.95

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.21

0.84

1.30

1.18

1.20

Fixed Assets Turnover (Times)

5.66

3.83

6.73

5.34

4.31

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.21

1.19

1.04

1.07

0.98

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

JUN 2007

JUN 2006

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

*

NA

0

0

0

0

Profit/(Loss) Before Tax

*

NA

0

0

0

0

Profit After Tax attributable to Shareholders

*

NA

0

0

0

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

14,437,465

-4.50

15,117,190

16,133,813

16,486,454

18,821,192

Current Assets

8,855,191

-9.89

9,827,563

10,894,941

10,638,359

12,431,941

Non Current Assets

5,582,274

5.53

5,289,627

5,238,872

5,848,095

6,389,251

 

 

 

 

 

 

 

Total Liabilities

9,891,403

-10.43

11,043,338

12,242,796

11,885,357

12,558,178

Current Liabilities

8,972,471

-4.62

9,407,408

11,716,116

11,018,503

11,134,052

Non Current Liabilities

918,932

-43.83

1,635,930

526,680

866,854

1,424,126

 

 

 

 

 

 

 

Shareholders' Funds

4,546,062

11.59

4,073,852

3,891,017

4,601,097

6,263,014

Share Capital

1,175,000

0.00

1,175,000

1,175,000

1,175,000

1,175,000

Total Reserves

3,371,062

16.29

2,898,852

2,716,017

3,426,097

5,088,014

 

 

 

 

 

 

 

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

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

JUN 2007

JUN 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.00

0.00

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.18

2.71

3.15

2.58

2.01

Current Debt/Equity (Times)

1.97

2.31

3.01

2.39

1.78

Long Term Debt To Equity (Times)

0.20

0.40

0.14

0.19

0.23

Total Asset To Total Equity (Times)

3.18

3.71

4.15

3.58

3.01

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.99

1.04

0.93

0.97

1.12

 

FINANCIAL COMMENTARY

 

Profitability

The group yielded a rate of net profit on sales of 2.86 per cent in FY10 (FY09: 2.85 per cent). The group is now able to book in SINGAPORE, DOLLARS 0.03 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.03 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.21 times in FY10 (FY09: 1.19 times). This means that the group has SINGAPORE, DOLLARS 1.21 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 2.73 times in FY10, compared with 3.36 times in FY09. This means that the group requires additional external financing of SINGAPORE, DOLLARS 2.73 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 12.91 per cent for Subject in the current financial period, as compared to 10.41 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 3.46 per cent (FY09: 2.39 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 1.21 times in FY10 (FY09: 0.84 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.55.41

UK Pound

1

Rs.86.93

Euro

1

Rs.68.10

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

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.