MIRA INFORM REPORT

 

 

Report Date :

13.06.2012

 

IDENTIFICATION DETAILS

 

Name :

SPECTRA INNOVATIONS PTE LTD

 

 

Registered Office :

18 Kaki Bukit Place Eunos Techpark Singapore 416196

 

 

Country :

Singapore

 

 

Financials (as on) :

Mar 2011

 

 

Date of Incorporation :

14.07.1999

 

 

Com. Reg. No.:

199904042N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale Of Computer Hardware And Peripheral Equipment

 

 

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

 

Company Name:

Registered Number:

SPECTRA INNOVATIONS PTE LTD

199904042N

 

Date Incorporated:

Registered Office:

Telephone Number:

14/07/1999

18 KAKI BUKIT PLACE EUNOS TECHPARK SINGAPORE 416196

6226 2914

Age of Company:

Website:

Industry Type:

13

NA

COMMERCE-WHOLESALE

 

Credit Assessment

 

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

NA

 

NA

 

The entity is paying current to the creditors

No. of Charges(s):
11

 

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

SPECVISION HOLDINGS PTE. LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

1

 

Risk Assessment Grid

Section

Assessment

Profitability

STRONG

GOOD

FAIR

MARGINAL

WEAK

Capital Structure

STRONG

GOOD

FAIR

MARGINAL

WEAK

Liquidity

STRONG

GOOD

FAIR

MARGINAL

WEAK

Activity

STRONG

GOOD

FAIR

MARGINAL

WEAK

Growth

STRONG

GOOD

FAIR

MARGINAL

WEAK

Size

STRONG

GOOD

FAIR

MARGINAL

WEAK

EXECUTIVE SUMMARY

 

Company Name

:

SPECTRA INNOVATIONS PTE LTD

Registration No

:

199904042N

Date of Registration

:

14/07/1999

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

18 KAKI BUKIT PLACE EUNOS TECHPARK SINGAPORE 416196

Date of Change of Address

:

30/06/2007

Contact No.

:

6226 2914

Fax No.

:

6848 8216

Website

:

NA

Registered Activities

:

1. WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT

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

Issued Ordinary Capital*

:

$2,250,000.00 U.S. DOLLAR ,NO. OF SHARE : 2,250,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,250,000.00 U.S. DOLLAR

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

:

1

Auditor

:

STAMFORD ASSOCIATES LLP

Bankers / Financiers

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

STANDARD CHARTERED BANK

UNITED OVERSEAS BANK LIMITED

THE BANK OF EAST ASIA LIMITED

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

CITIBANK N.A.

MALAYAN BANKING BERHAD

Turnover

:

SINGAPORE, DOLLARS 110,108,985.90 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 4,316,082.34 (FY2011)

No. of Bank Charges

:

11

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

460 POSITION IN SME 500 Companies Ranked by Return on Equities (2006/2007)

287 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2006/2007)

427 POSITION IN SME 500 Companies Ranked by Net Profit (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

52.61% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

SPECVISION HOLDINGS PTE. LTD.

SHAREHOLDER ID

:

200403417H

NATIONALITY

:

SINGAPORE

ADDRESS

:

18 KAKI BUKIT PLACE EUNOS TECHPARK SINGAPORE 416196

NO. OF ORD SHARES

:

2,250,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

U.S. DOLLAR

 

 

 

OFFICER DETAILS

 

NAME

:

MAMIDANNA SURYKALI PRASAD

ADDRESS

:

18 KAKI BUKIT PLACE EUNOS TECHPARK SINGAPORE 416196

POSITION

:

DIRECTOR

DATE OF APPT

:

10/05/2003

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

701659550

 

NAME

:

KANWAL NAIN SAHNEY

ADDRESS

:

70A BOURNEMOUTH ROAD BOURNEMOUTH EIGHT SINGAPORE 439720

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2616608Z

 

NAME

:

ANNU SAHNEY

ADDRESS

:

70A BOURNEMOUTH ROAD BOURNEMOUTH EIGHT SINGAPORE 439720

POSITION

:

DIRECTOR

DATE OF APPT

:

10/10/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2616610A

 

NAME

:

KALYANASUNDARAM MARAN

ADDRESS

:

30 JALAN BAHAGIA #02-380 SINGAPORE 320030

POSITION

:

SECRETARY

 

DATE OF APPT

:

15/11/2005

 

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2662120H

 

 

 

KEY PERSONNEL PROFILE

 

Name:

ANNU SAHNEY

NRIC Number:

S2616610A

Available Address:

70A BOURNEMOUTH ROAD BOURNEMOUTH EIGHT  SINGAPORE 439720

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

SMARTBRIDGES PTE LTD

SHAREHOLDER

-

15000

4.28

2

SPECTRA INNOVATIONS PTE LTD

DIRECTOR

10/10/2000

-

-

3

SPECTRUM GLOBAL PTE. LTD.

DIRECTOR

05/03/2010

-

-

4

UNISPEC TECHNOLOGIES PTE. LTD.

DIRECTOR

30/03/2006

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ONSPEC TECHNOLOGIES PTE. LTD.

STRUCK OFF

DIRECTOR

28/07/2004

15/04/2009

2

UNISPEC TECHNOLOGIES PTE. LTD.

LIVE COMPANY

DIRECTOR

26/07/2004

02/05/2012

 

 

Bankruptcy Record

 

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

 

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.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

UNISPEC TECHNOLOGIES PTE. LTD.

50

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 11 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201104893

 

Date of Registration

:

20/04/2011

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

2)

Charge No.

:

C201102612

 

Date of Registration

:

01/03/2011

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

3)

Charge No.

:

C201001341

 

Date of Registration

:

10/02/2010

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

4)

Charge No.

:

C201001055

 

Date of Registration

:

03/02/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

5)

Charge No.

:

C200908177

 

Date of Registration

:

11/12/2009

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

6)

Charge No.

:

C200908078

 

Date of Registration

:

09/12/2009

 

Chargee

:

THE BANK OF EAST ASIA LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

60 ROBINSON ROAD BEA BUILDING SINGAPORE 068892

 

7)

Charge No.

:

C200907610

 

Date of Registration

:

20/11/2009

 

Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

 

BANKERS/ FINANCIERS

 

8)

Charge No.

:

C200608616

 

Date of Registration

:

21/12/2006

 

Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

9)

Charge No.

:

C200605214

 

Date of Registration

:

08/08/2006

 

Chargee

:

CITIBANK N.A.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 TEMASEK AVENUE #12-00 CENTENNIAL TOWER SINGAPORE 039190

 

10)

Charge No.

:

C200604054

 

Date of Registration

:

22/06/2006

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

11)

Charge No.

:

C200508077

 

Date of Registration

:

27/12/2005

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

 

 

 

COMPLIANCE

 

Date of Last AGM

:

31/03/2012

Date of Last AR

:

14/04/2012

Date of A/C Laid At Last AGM

:

31/03/2011
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

 

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

110,108,986

35.36

81,342,404

29,554,057

25,637,635

20,298,472

Profit/(Loss) Before Tax

518,791

370.82

110,188

56,084

289,463

320,521

Profit After Tax attributable

 to Shareholders

469,745

360.75

101,952

41,333

257,524

280,996

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

24,694,823

28.11

19,275,692

8,292,249

11,222,443

9,047,169

Current Assets

24,081,588

28.21

18,783,421

7,793,326

10,673,982

7,360,941

Non Current Assets

613,235

24.57

492,271

498,923

548,461

1,686,228

 

 

 

 

 

 

 

Total Liabilities

20,378,740

34.53

15,148,000

5,371,780

8,948,878

6,604,079

Current Liabilities

20,378,740

34.53

15,148,000

5,371,005

8,955,317

5,960,006

Non Current Liabilities

0

NA

0

775

(6,439)

644,073

 

 

 

 

 

 

 

Shareholders' Funds

4,316,082

4.56

4,127,693

2,920,470

2,273,565

2,443,092

Share Capital

2,988,000

-6.82

3,206,570

1,802,938

1,470,475

1,560,083

Total Reserves

1,328,082

44.18

921,123

1,117,532

803,090

883,009

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

35.36

175.23

15.28

26.30

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.43

0.13

0.14

1.00

1.38

Return on Equity (%)

10.88

2.47

1.42

11.33

11.50

Return on Assets (%)

1.90

0.53

0.50

2.29

3.11

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.72

3.67

1.84

3.94

2.70

Current Debt/Equity (Times)

4.72

3.67

1.84

3.94

2.44

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.26

Total Asset To Total Equity (Times)

5.72

4.67

2.84

4.94

3.70

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.46

4.22

3.56

2.28

2.24

Fixed Assets Turnover (Times)

179.55

165.24

59.24

46.74

12.04

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.18

1.24

1.45

1.19

1.24

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 52.61% (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 0.43 per cent in FY11 (FY10: 0.13 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.00 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.00 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.18 times in FY11 (FY10: 1.24 times). This means that the company has SINGAPORE, DOLLARS 1.18 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 4.72 times in FY11, compared with 3.67 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 4.72 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 10.88 per cent for Subject in the current financial period, as compared to 2.47 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 1.90 per cent (FY10: 0.53 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

 

FINANCIAL COMMENTARY

 

Total assets turnover ratio logged at 4.46 times in FY11 (FY10: 4.22 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.56.05

UK Pound

1

Rs.86.69

Euro

1

Rs.69.98

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.