MIRA INFORM REPORT

 

 

Report Date :

16.06.2012

 

IDENTIFICATION DETAILS

 

Name :

FUTURE ELECTRONICS INC. (DISTRIBUTION) PTE LTD

 

 

Formerly Known As :

LYNSTEDT TRADING PTE LTD

 

 

Registered Office :

8 Marina Boulevard #05-02 Marina Bay Financial Centre Singapore 018981

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.10.1995

 

 

Com. Reg. No.:

199507398C

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (including general importers and exporters)

Investment Companies

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

---

 

 

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:

FUTURE ELECTRONICS INC. (DISTRIBUTION) PTE LTD

199507398C

 

Date Incorporated:

Registered Office:

Telephone Number:

18/10/1995

8 MARINA BOULEVARD #05-02 MARINA BAY FINANCIAL CENTRE SINGAPORE 018981

6270 7264

Age of Company:

Website:

Industry Type:

17

NA

COMMERCE-WHOLESALE

 

 

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

4

 

27

 

Worse off than last month; last month the entity took 34 days to pay

No. of Charges(s):
4

 

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

2

Holding Company:

FUTURE ELECTRONICS INC.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

2

 

 

EXECUTIVE SUMMARY

 

Company Name

:

FUTURE ELECTRONICS INC. (DISTRIBUTION) PTE LTD

Registration No

:

199507398C

Date of Registration

:

18/10/1995

Former Name

:

LYNSTEDT TRADING PTE LTD Eff. date : 18/10/1995 Eff. date : 18/10/1995

Date of Change of Name

:

29/07/1996

Type of Company

:

LIMITED PRIVATE COMPANY

The human resource department

:

11 Tampines Concourse #03-01, Singapore 528729, Singapore

Registered Address

:

8 MARINA BOULEVARD #05-02 MARINA BAY FINANCIAL CENTRE SINGAPORE 018981

Date of Change of Address

:

01/10/2010

Contact No.

:

6270 7264

Fax No.

:

6276 6013

Website

:

NA

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

INVESTMENT COMPANIES

2. WHOLESALE OF ELECTRONIC COMPONENTS

DISTRIBUTION OF ELECTRONIC COMPONENTS

Issued Ordinary Capital*

:

$53,686,370.00 SINGAPORE, DOLLARS, NO. OF SHARE : 51,950,002

Issued Preference Capital

:

$13,673,123.50 SINGAPORE, DOLLARS NO. OF SHARE : 1,000

Paid-Up Ordinary Capital

:

$53,686,370.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

$13,673,123.50 SINGAPORE, DOLLARS

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

2

No. of Local Associates

:

NA

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

BANK OF MONTREAL AS ADMINISTRATIVE AGENT

Turnover

:

SGD - SIN 1,161,745,033.00 (FY2010)

Net Worth

:

SGD - SIN 381,128,384.00 (FY2010)

No. of Bank Charges

:

4

No. of Litigation Suits

:

4

S1000 / SME 1000 / FG50 Ranking

:

287 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

314 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011)

817 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

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

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

Compounded Annual Growth Rate (CAGR)

:

12.35% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

FUTURE ELECTRONICS INC.

SHAREHOLDER ID

:

T07UF0267L

NATIONALITY

:

CANADA

ADDRESS

:

237 HYMUS BLVD POINTE CLAIRE QUEBEC H9R 5C7 CANADA

NO. OF ORD SHARES

:

51,950,002

1,000

% OF SHAREHOLDING

:

100%

0%

CURRENCY

:

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

ANTHONY ANNE CATHARINE

ADDRESS

:

8 LORONG 29 GEYLANG #07-06 SINGAPORE 388064

POSITION

:

SECRETARY

DATE OF APPT

:

20/11/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1347717E

 

NAME

:

HOO CHEE KHUEN

ADDRESS

:

117 LORONG 1 TOA PAYOH #04-387 SINGAPORE 310117

POSITION

:

DIRECTOR

DATE OF APPT

:

30/07/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1557094F

 

NAME

:

CHIN YEOW HON

ADDRESS

:

41 JALAN SEAVIEW SEA VIEW PARK SINGAPORE 438355

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1828522C

 

 

KEY PERSONNEL PROFILE

 

Name:

HOO CHEE KHUEN

NRIC Number:

S1557094F

Available Address:

117 LORONG 1 TOA PAYOH #04-387  SINGAPORE 310117

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

FAI ELECTRONICS (SINGAPORE) PTE. LTD.

DIRECTOR

06/07/2010

-

-

2

FUTURE ELECTRONICS INC. (DISTRIBUTION) PTE LTD

DIRECTOR

30/07/2007

-

-

3

FUTURE ELECTRONICS INC. (WAREHOUSE) PTE LTD

DIRECTOR

30/07/2007

-

-

 

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.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

FUTURE ELECTRONICS INC. (WAREHOUSE) PTE LTD

100

FAI ELECTRONICS (SINGAPORE) PTE. LTD.

100

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 4 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201101635

 

Date of Registration

:

08/02/2011

 

Chargee

:

BANK OF MONTREAL AS ADMINISTRATIVE AGENT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201101634

 

Date of Registration

:

08/02/2011

 

Chargee

:

BANK OF MONTREAL AS ADMINISTRATIVE AGENT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C200801779

 

Date of Registration

:

18/02/2008

 

Chargee

:

BANK OF MONTREAL AS ADMINISTRATIVE AGENT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C200801778

 

Date of Registration

:

18/02/2008

 

Chargee

:

BANK OF MONTREAL AS ADMINISTRATIVE AGENT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

             

LITIGATION

 

there have been 4 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

3

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

1

 

Transfer

:

-

 

Date of Filing

:

02/01/2003

 

Amount

:

75,327.52

 

Cause

:

Good Sold And Delivered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

HYNIX SEMICONDUCTOR ASIA PTE LTD

 

Last Update Date

:

11/06/2009

 

2)

Court

:

Magistrate Court

 

Case No.

:

22959

 

Transfer

:

-

 

Date of Filing

:

29/09/2005

 

Amount

:

6,156.69

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

FCI SINGAPORE PTE LTD (FORMERLY KNOWN AS BERG ELECTRONICS SINGAPORE PTE LTD)

 

Last Update Date

:

11/06/2009

 

3)

Court

:

Magistrate Court

 

Case No.

:

8071

 

Transfer

:

-

 

Date of Filing

:

09/04/1998

 

Amount

:

15,968.09

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

MOORE IYER & CO

 

Last Update Date

:

11/06/2009

 

4)

Court

:

Magistrate Court

 

Case No.

:

8073

 

Transfer

:

-

 

Date of Filing

:

09/04/1998

 

Amount

:

5,914.00

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

MOORES ROWLAND CONSULTANTS PTE LTD

 

Last Update Date

:

11/06/2009

 

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

14/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

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

Group

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

1,161,745,033

69.40

685,807,277

721,491,897

760,399,136

729,244,891

Profit/(Loss) Before Tax

115,776,498

309.71

28,258,357

34,541,503

51,138,949

56,891,388

Profit After Tax attributable to Shareholders

100,123,443

322.17

23,716,622

29,447,164

45,046,582

47,472,007

 

 

 

 

 

 

 

Balance Sheet Key Figures

510,778,525

32.18

386,415,650

309,512,347

322,875,831

292,357,383

Total Assets

495,530,049

33.47

371,268,446

305,558,302

318,036,675

287,250,306

Current Assets

15,248,476

0.67

15,147,204

3,954,045

4,839,156

5,107,077

Non Current Assets

 

 

 

 

 

 

 

129,650,141

49.52

86,712,036

42,213,209

69,109,816

71,246,881

Total Liabilities

128,121,567

49.00

85,988,192

42,213,209

69,109,816

71,246,881

Current Liabilities

1,528,574

111.17

723,844

0

0

0

Non Current Liabilities

 

 

 

 

 

 

 

381,128,384

27.17

299,703,613

267,299,138

253,766,015

221,110,502

Shareholders' Funds

55,784,959

-6.49

59,654,260

57,843,970

61,600,902

64,631,677

Share Capital

325,343,425

35.53

240,049,353

209,455,168

192,165,113

156,478,825

Total Reserves

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

69.40

-4.95

-5.12

4.27

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

8.62

3.46

4.08

5.92

6.51

Return on Equity (%)

26.27

7.91

11.02

17.75

21.47

Return on Assets (%)

19.60

6.14

9.51

13.95

16.24

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.34

0.29

0.16

0.27

0.32

Current Debt/Equity (Times)

0.34

0.29

0.16

0.27

0.32

Long Term Debt To Equity (Times)

0.00

0.00

NA

NA

NA

Total Asset To Total Equity (Times)

1.34

1.29

1.16

1.27

1.32

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.27

1.77

2.33

2.36

2.49

Fixed Assets Turnover (Times)

76.19

45.28

182.47

157.13

142.79

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

3.87

4.32

7.24

4.60

4.03

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 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

501,081,570

31.86

380,019,282

302,974,589

318,688,743

288,040,561

Current Assets

484,273,902

33.91

361,634,047

298,814,552

314,863,214

284,009,033

Non Current Assets

16,807,668

-8.58

18,385,235

4,160,037

3,825,529

4,031,529

 

 

 

 

 

 

 

Total Liabilities

129,416,301

46.94

88,074,767

41,826,246

69,215,742

70,598,605

Current Liabilities

127,895,423

46.35

87,391,934

41,826,246

69,215,742

70,598,605

Non Current Liabilities

1,520,878

122.73

682,833

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

371,665,269

27.31

291,944,515

261,148,343

249,473,001

217,441,956

Share Capital

55,782,909

-6.49

59,652,907

57,844,995

61,600,205

64,632,697

Total Reserves

315,882,360

35.99

232,291,608

203,303,348

187,872,796

152,809,258

 

 

 

 

 

 

 

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

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 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)

0.35

0.30

0.16

0.28

0.32

Current Debt/Equity (Times)

0.34

0.30

0.16

0.28

0.32

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.35

1.30

1.16

1.28

1.32

 

 

 

 

 

 

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)

3.79

4.14

7.14

4.55

4.02

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 12.35% (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 group yielded a rate of net profit on sales of 8.62 per cent in FY10 (FY09: 3.46 per cent). The group is now able to book in SGD - SIN 0.09 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.03 a year ago.

 

Liquidity

Current ratio stood at 3.87 times in FY10 (FY09: 4.32 times). This means that the group has SGD - SIN 3.87 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 0.34 times in FY10, compared with 0.29 times in FY09. This means that the group requires additional external financing of SGD - SIN 0.34 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 26.27 per cent for Subject in the current financial period, as compared to 7.91 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 19.60 per cent (FY09: 6.14 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 2.27 times in FY10 (FY09: 1.77 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.55.76

UK Pound

1

Rs.86.69

Euro

1

Rs.70.44

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.