MIRA INFORM REPORT

 

Report Date :

01.03.2012

 

IDENTIFICATION DETAILS

 

Name :

MEMC SINGAPORE PTE. LTD.

 

 

Registered Office :

80 Robinson Road #02-00 Singapore 068898

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.10.2006

 

 

Com. Reg. No.:

200614794D

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of semiconductor devices

 

 

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

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

:

MEMC SINGAPORE PTE. LTD.

Registration No

:

200614794D

Date of Registration

:

05/10/2006

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

80 ROBINSON ROAD #02-00 SINGAPORE 068898

Date of Change of Address

:

01/11/2011

Contact No.

:

6479 4052

Fax No.

:

6479 4052

Website

:

NA

Registered Activities

:

1. MANUFACTURE OF SEMICONDUCTOR DEVICES NEC

PROCESSING AND MANUFACTURE OF GOODS FOR SALE

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

PURCHASE OF GOODS FOR RESALE

Issued Ordinary Capital*

:

$100.00 SINGAPORE, DOLLARS, NO. OF SHARE : 100

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$100.00 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

:

NA

No. of Local Associates

:

NA

Auditor

:

KPMG LLP

Bankers / Financiers

:

KASIKORNBANK PUBLIC COMPANY LIMITED

Turnover

:

SGD - SIN 1,194,403,756.00 (FY2010)

Net Worth

:

SGD - SIN 644,301,518.00 (FY2010)

No. of Bank Charges

:

4

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

Compounded Annual Growth Rate (CAGR)

:

16.41% (3 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

MEMC INTERNATIONAL, INC.

SHAREHOLDER ID

:

T06UF2816A

NATIONALITY

:

UNITED STATES

ADDRESS

:

501 PEARL DRIVE (CITY OF O'FALLON), P.O.BOX 8 ST. PETERS, MISSOURI, UNITED STATES OF AMERICA

NO. OF ORD SHARES

:

100

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

KENNETH HERBERT HANNAH JR

ADDRESS

:

115 HUNTERS GROVE DRIVE, ST. LOUIS MO 63141, UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

05/10/2006

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

016055045

 

NAME

:

BRADLEY DAVID KOHN

ADDRESS

:

4020 PRINCETON RIDGE DRIVE, EUREKA MO 63025, UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

05/11/2006

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

058015944

 

NAME

:

KOH BOON HOCK

ADDRESS

:

1B PINE GROVE #06-08 PINE GROVE SINGAPORE 591001

POSITION

:

DIRECTOR

DATE OF APPT

:

03/03/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0124541D

 

NAME

:

JOANNA LIM LAN SIM

ADDRESS

:

165 TAMPINES STREET 12 #09-305 SINGAPORE 521165

POSITION

:

SECRETARY

DATE OF APPT

:

15/12/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1572261D

 

NAME

:

TEH LIN UN

ADDRESS

:

212 YISHUN STREET 21 #09-151 SINGAPORE 760212

POSITION

:

DIRECTOR

DATE OF APPT

:

03/03/2009

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2511482E

 

NAME

:

WOO MAY POH

ADDRESS

:

2 ROCHOR ROAD #05-590 ROCHOR CENTRE SINGAPORE 180002

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

05/10/2006

05/10/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7128630D

 

 

KEY PERSONNEL PROFILE

 

Name:

KENNETH HERBERT HANNAH JR

NRIC Number:

016055045

Available Address:

115 HUNTERS GROVE DRIVE, ST. LOUIS MO 63141, UNITED STATES OF AMERICA

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

MEMC SINGAPORE PTE. LTD.

DIRECTOR

05/10/2006

-

-

 

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.

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 have been 4 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201201000

 

Date of Registration

:

26/01/2012

 

Chargee

:

KASIKORNBANK PUBLIC COMPANY LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201200998

 

Date of Registration

:

26/01/2012

 

Chargee

:

KASIKORNBANK PUBLIC COMPANY LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C201112701

 

Date of Registration

:

10/10/2011

 

Chargee

:

KASIKORNBANK PUBLIC COMPANY LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C201112694

 

Date of Registration

:

10/10/2011

 

Chargee

:

KASIKORNBANK PUBLIC COMPANY LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

31/08/2011

Date of Last AR

:

30/09/2011

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

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

1,194,403,756

35.43

881,929,919

1,074,673,342

757,174,221

Profit/(Loss) Before Tax

68,875,722

-56.73

159,190,095

116,051,283

538,283,579

Profit After Tax attributable to Shareholders

59,078,322

-61.14

152,046,847

73,929,446

509,549,203

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

1,274,791,423

6.01

1,202,530,642

1,194,953,317

1,334,345,188

Current Assets

695,185,403

3.68

670,542,748

825,521,965

789,424,438

Non Current Assets

579,606,020

8.95

531,987,894

369,431,352

544,920,750

 

 

 

 

 

 

Total Liabilities

630,489,906

11.68

564,531,944

703,198,898

764,526,351

Current Liabilities

317,913,384

32.80

239,394,116

430,609,816

526,132,308

Non Current Liabilities

312,576,522

-3.86

325,137,828

272,589,082

238,394,043

 

 

 

 

 

 

Shareholders' Funds

644,301,518

0.99

637,998,698

491,754,418

569,818,838

Share Capital

3,401,875

-6.49

3,637,833

3,527,438

3,778,850

Total Reserves

640,899,643

1.03

634,360,865

488,226,980

566,039,988

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

Year-on-Year Growth

35.43

-17.94

41.93

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

4.95

17.24

6.88

67.30

Return on Equity (%)

9.17

23.83

15.03

89.42

Return on Assets (%)

4.63

12.64

6.19

38.19

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

0.98

0.88

1.43

1.34

Current Debt/Equity (Times)

0.49

0.38

0.88

0.92

Long Term Debt To Equity (Times)

0.49

0.51

0.55

0.42

Total Asset To Total Equity (Times)

1.98

1.88

2.43

2.34

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

0.94

0.73

0.90

0.57

Fixed Assets Turnover (Times)

2.06

1.66

2.91

1.39

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

2.19

2.80

1.92

1.50

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 16.41% (3 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 4.95 per cent in FY10 (FY09: 17.24 per cent). The company is now able to book in SGD - SIN 0.05 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.17 a year ago.

 

Liquidity

Current ratio stood at 2.19 times in FY10 (FY09: 2.80 times). This means that the company has SGD - SIN 2.19 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.

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 0.98 times in FY10, compared with 0.88 times in FY09. This means that the company requires additional external financing of SGD - SIN 0.98 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 9.17 per cent for Subject in the current financial period, as compared to 23.83 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 4.63 per cent (FY09: 12.64 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 0.94 times in FY10 (FY09: 0.73 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.48.94

UK Pound

1

Rs.77.95

Euro

1

Rs.65.94

 

 

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.