MIRA INFORM REPORT

 

 

Report Date :

20.03.2012

 

IDENTIFICATION DETAILS

 

Name :

CARGOTEC CHS ASIA PACIFIC PTE. LTD.

 

 

Formerly Known As :

HIAB PTE. LTD

 

 

Registered Office :

15 Tukang Innovation Drive Singapore 618299

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.06.1994

 

 

Com. Reg. No.:

199404157W

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and Repair of Lifting and Handling Equipment (Including Conveying Systems, Robots, Industrial Automated Systems And Automated Guided Vehicles)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

Payment Behaviour :

Unknown

Litigation :

Exists

 

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

:

CARGOTEC CHS ASIA PACIFIC PTE. LTD.

Registration No

:

199404157W

Date of Registration

:

11/06/1994

Former Name

:

1.PARTEK ASIA-PACIFIC PTE LTD Eff. date : 11/06/1994 Eff. date : 11/06/1994

2.PARTEK CARGOTEC PTE LTD Eff. date : 20/04/1995 Eff. date : 20/04/1995

3. HIAB PTE. LTD. Eff. date : 02/03/2004 Eff. date : 02/03/2004

Date of Change of Name

:

01/09/2008

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

15 TUKANG INNOVATION DRIVE SINGAPORE 618299

Date of Change of Address

:

22/12/2009

Contact No.

:

6861 8600

Fax No.

:

6861 8601

Website

:

www.partek.fi

Registered Activities

:

1. OTHER PERSONAL SERVICE ACTIVITIES NEC

SUPPLY OF PARTS & SERVICE OF CARGO, WASTE HANDLING & SHIPBOARD EQUP

2. MANUFACTURE AND REPAIR OF LIFTING AND HANDLING EQUIPMENT NEC (INCLUDING CONVEYING SYSTEMS, ROBOTS, INDUSTRIAL AUTOMATED SYSTEMS AND AUTOMATED GUIDED VEHICLES)

MFG, ASSEMBLY, REPAIR & SALE OF CARGO, WASTE HANDLING & SHIPBOARD EQUP

Issued Ordinary Capital*

:

$100,000,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 100,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$100,000,000.00 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

:

NA

No. of Local Associates

:

NA

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 83,706,960.00 (FY2010)

Net Worth

:

SGD - SIN 29,440,556.00 (FY2010)

No. of Litigation Suits

:

4

S1000 / SME 500 / FG50 Ranking

:

1947 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

Compounded Annual Growth Rate (CAGR)

:

53.47% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

CARGOTEC FINLAND OY

SHAREHOLDER ID

:

S94UF0171B

NATIONALITY

:

FINLAND

ADDRESS

:

VALMETINKATU 5, 33900 TAMPERE, FINLAND

NO. OF ORD SHARES

:

100,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

OLLI PEKKA ISOTALO

ADDRESS

:

PAPINKATU 16 A 17, 33200 TAMPERE, FINLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

24/11/2009

NATIONALITY

:

FINNISH

I/C PASSPORT

:

16713127

 

NAME

:

LOH SWEE PENG

ADDRESS

:

HSE 8 PETRUS AVENUE, THE VINEYARD, NGAU TAM MEI ROAD, YUEN LONG, N.T. HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

24/11/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

E0527297N

 

NAME

:

JONNE RAIMO HANKIMAA

ADDRESS

:

RANTANIITYNTIE 25, 04300 TUUSULA, FINLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

24/11/2009

NATIONALITY

:

FINNISH

I/C PASSPORT

:

PX1462113

 

NAME

:

HOUNG SOON JAN EDWARD

ADDRESS

:

21 WORTHING ROAD SERANGOON GARDEN ESTATE SINGAPORE 554955

POSITION

:

DIRECTOR

DATE OF APPT

:

29/12/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1572886H

 

NAME

:

SIN CHEE MEI

ADDRESS

:

31 HOUGANG AVENUE 7 #02-06 SINGAPORE 538800

POSITION

:

SECRETARY

DATE OF APPT

:

28/05/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7185966E

 

 

KEY PERSONNEL PROFILE

 

Name:

OLLI PEKKA ISOTALO

NRIC Number:

16713127

Available Address:

PAPINKATU 16 A 17, 33200 TAMPERE, FINLAND

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

CARGOTEC CHS ASIA PACIFIC PTE. LTD.

DIRECTOR

24/11/2009

-

-

 

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 are no bank charges registered against Subject by its bankers.

 

 

LITIGATION

 

To date, 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

2

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

0

2

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.

:

5405

 

Date of Filing

:

02/03/2004

 

Amount

:

10,557.37

 

Cause

:

Negligence - Motor Accidents (Injuries)

 

Case Status

:

PENDING

 

Plaintiff

:

MOO YEE CHENG

 

2)

Court

:

District Court

 

Case No.

:

808

 

Date of Filing

:

02/03/2006

 

Amount

:

100,000.00

 

Cause

:

Tort - Negligence (Motor Accidents With Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

YONG CHIN LIM

 

3)

Court

:

Magistrate Court

 

Case No.

:

565

 

Date of Filing

:

07/01/2009

 

Amount

:

9,800.00

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

TAN KAH TIONG

 

 

4)

Court

:

District Court

 

Case No.

:

90

 

Date of Filing

:

12/01/2010

 

Amount

:

250,000.00

 

Cause

:

Tort - Negligence (Industrial Accidents With Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

SOH PENG FOO

 

 

COMPLIANCE

 

Date of Last AGM

:

14/10/2011

Date of Last AR

:

19/10/2011

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

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

83,706,960

1.09

82,801,016

71,831,708

19,066,293

15,088,550

Profit/(Loss) Before Tax

(1,407,022)

NA

(60,161,580)

2,304,807

(465,716)

(506,742)

Profit After Tax attributable to Shareholders

(643,892)

NA

(58,056,602)

3,702,283

(465,716)

(506,742)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

158,071,960

56.21

101,190,694

151,416,592

18,270,205

8,495,508

Current Assets

125,002,482

93.31

64,664,583

68,979,313

17,273,801

7,433,905

Non Current Assets

33,069,478

-9.46

36,526,111

82,437,279

996,404

1,061,603

 

 

 

 

 

 

 

Total Liabilities

128,631,404

-17.84

156,563,466

153,665,892

24,115,121

13,874,708

Current Liabilities

128,252,582

-17.32

155,123,466

149,797,892

24,115,121

13,874,708

Non Current Liabilities

378,822

-73.69

1,440,000

3,868,000

0

0

 

 

 

 

 

 

 

Shareholders' Funds

29,440,556

NA

(55,372,772)

(2,249,300)

(5,844,916)

(5,379,200)

Share Capital

100,000,000

614.29

14,000,000

9,200,000

9,200,000

9,200,000

Total Reserves

(70,559,444)

NA

(69,372,772)

(11,449,300)

(15,044,916)

(14,579,200)

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

1.09

15.27

276.75

26.36

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-0.77

-70.12

5.15

-2.44

-3.36

Return on Equity (%)

-2.19

104.85

-164.60

7.97

9.42

Return on Assets (%)

-0.41

-57.37

2.45

-2.55

-5.96

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.37

-2.83

-68.32

-4.13

-2.58

Current Debt/Equity (Times)

4.36

0.00

0.00

0.00

0.00

Long Term Debt To Equity (Times)

0.01

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

5.37

-1.83

-67.32

-3.13

-1.58

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.53

0.82

0.47

1.04

1.78

Fixed Assets Turnover (Times)

2.53

2.27

0.87

19.14

14.21

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.97

0.42

0.46

0.72

0.54

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 53.47% (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

We are unable to comment on Subject's profitability.

 

Liquidity

Current ratio stood at 0.97 times in FY10 (FY09: 0.42 times). This means that the company has SGD - SIN 0.97 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 4.37 times in FY10. This means that the company requires additional external financing of SGD - SIN 4.37 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

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 0.53 times in FY10 (FY09: 0.82 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.50.12

UK Pound

1

Rs.79.37

Euro

1

Rs.66.00

 

 

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.