MIRA INFORM REPORT

 

 

Report Date :

16.05.2012

 

IDENTIFICATION DETAILS

 

Name :

AEG POWER SOLUTIONS PTE. LTD.

 

 

Formerly Known As :

SAFT POWER SYSTEMS PTE. LTD.

 

 

Registered Office :

54 Genting Lane #03-01 Ruby Land Complex Singapore 349562

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.11.2004

 

 

Com. Reg. No.:

200414280G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of Secondary Batteries

 

 

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:

AEG POWER SOLUTIONS PTE. LTD.

200414280G

                            

Date Incorporated:

Registered Office:

Telephone Number:

03/11/2004

54 GENTING LANE #03-01 RUBY LAND COMPLEX SINGAPORE 349562

6846 5700

Age of Company:

Website:

Industry Type:

8

www.aegps.com

ELECTRICITY/GAS/WATER

 

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

AEG POWER SOLUTIONS B.V.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

 EXECUTIVE SUMMARY

 

Company Name

:

AEG POWER SOLUTIONS PTE. LTD.

Registration No

:

200414280G

Date of Registration

:

03/11/2004

Former Name

:

SAFT POWER SYSTEMS PTE. LTD. Eff. date : 03/11/2004 Eff. date : 03/11/2004

Date of Change of Name

:

08/10/2008

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

54 GENTING LANE #03-01 RUBY LAND COMPLEX SINGAPORE 349562

Date of Change of Address

:

03/11/2004

Contact No.

:

6846 5700

Fax No.

:

6743 1037

Website

:

www.aegps.com

Registered Activities

:

1. MANUFACTURE OF SECONDARY BATTERIES

MANUFACTURE, SALE OF POWER SYSTEMS AND RELATED PRODUCTS

2. MANUFACTURE AND REPAIR OF ELECTRIC GENERATORS

MANUF, DISTRIBUTION & MAINTENANCE OF POWER CONVERSION PRODUCTS & RELATED SVCS.

Issued Ordinary Capital*

:

$1,200,000.00 EUROS ,NO. OF SHARE : 1,200,000

$1,300,002.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,300,002

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,300,002.00 SINGAPORE, DOLLARS

$1,200,000.00 EUROS

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

:

NA

Turnover

:

SGD - SIN 29,175,000.00 (FY2010)

Net Worth

:

SGD - SIN 7,084,000.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

1.53% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

AEG POWER SOLUTIONS B.V.

SHAREHOLDER ID

:

T08UF1962H

NATIONALITY

:

NETHERLANDS

ADDRESS

:

WEERENWEG 29, 1161 AG ZWANENBURG THE NETHERLANDS

NO. OF ORD SHARES

:

1,200,000

1,300,002

% OF SHAREHOLDING

:

48%

52%

CURRENCY

:

EUROS

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

TAN KEE GUAN

ADDRESS

:

59 WOO MON CHEW ROAD SIGLAP PARK SINGAPORE 455135

POSITION

:

DIRECTOR

DATE OF APPT

:

03/11/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1469269Z

 

NAME

:

ESTHER AU SIEW PENG

ADDRESS

:

398 YISHUN RING ROAD #10-1739 SINGAPORE 760398

POSITION

:

SECRETARY

DATE OF APPT

:

03/11/2004

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2595617F

 

NAME

:

JOHN CHARLES TAYLOR

ADDRESS

:

126 NAMLY AVENUE SHAMROCK PARK SINGAPORE 267695

POSITION

:

DIRECTOR

DATE OF APPT

:

06/12/2004

NATIONALITY

:

BRITISH

I/C PASSPORT

:

S2728778F

 

 

 

KEY PERSONNEL PROFILE

 

Name:

TAN KEE GUAN

NRIC Number:

S1469269Z

Available Address:

59 WOO MON CHEW ROAD SIGLAP PARK  SINGAPORE 455135

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

AEG POWER SOLUTIONS PTE. LTD.

DIRECTOR

03/11/2004

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ASIALEC SINGAPORE PTE. LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

28/04/2004

23/03/2011

2

HONG ASIA PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

SECRETARY

01/07/1994

28/08/2008

3

TAN TOCK SENG HOSPITAL PTE LTD

LIVE COMPANY

SECRETARY

01/06/1992

04/04/2012

 

 

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

M

21079

1999

27/08/1999

 -

Negligence Related

 

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

 

Clear

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

25/07/2011

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

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

29,175,000

-26.73

39,818,000

40,491,000

38,298,000

27,456,000

Profit/(Loss) Before Tax

(111,000)

NA

5,231,000

10,446,000

15,000

(1,511,000)

Profit After Tax attributable

 to Shareholders

(154,000)

NA

4,396,000

8,493,000

(179,000)

(1,502,000)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

18,676,000

-18.43

22,897,000

27,427,000

19,162,000

17,243,000

Current Assets

17,637,000

-19.31

21,859,000

26,947,000

18,680,000

15,330,000

Non Current Assets

1,039,000

0.10

1,038,000

480,000

482,000

1,913,000

 

 

 

 

 

 

 

Total Liabilities

11,592,000

-3.46

12,007,000

15,908,000

16,136,000

16,580,000

Current Liabilities

11,502,000

-3.43

11,911,000

15,829,000

16,055,000

16,447,000

Non Current Liabilities

90,000

-6.25

96,000

79,000

81,000

133,000

 

 

 

 

 

 

 

Shareholders' Funds

7,084,000

-34.95

10,890,000

11,519,000

3,026,000

663,000

Share Capital

3,842,000

0.00

3,842,000

3,842,000

3,842,000

1,300,000

Total Reserves

3,242,000

-54.00

7,048,000

7,677,000

(816,000)

(637,000)

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-26.73

-1.66

5.73

39.49

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-0.53

11.04

20.98

-0.47

-5.47

Return on Equity (%)

-2.17

40.37

73.73

-5.92

-226.55

Return on Assets (%)

-0.82

19.20

30.97

-0.93

-8.71

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.64

1.10

1.38

5.33

25.01

Current Debt/Equity (Times)

1.62

1.09

1.37

5.31

24.81

Long Term Debt To Equity (Times)

0.01

0.01

0.01

0.03

0.20

Total Asset To Total Equity (Times)

2.64

2.10

2.38

6.33

26.01

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.56

1.74

1.48

2.00

1.59

Fixed Assets Turnover (Times)

28.08

38.36

84.36

79.46

14.35

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.53

1.84

1.70

1.16

0.93

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 1.53% (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 1.53 times in FY10 (FY09: 1.84 times). This means that the company has SGD - SIN 1.53 of current assets for every SGD - SIN 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 1.64 times in FY10, compared with 1.10 times in FY09. This means that the company requires additional external financing of SGD - SIN 1.64 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 1.56 times in FY10 (FY09: 1.74 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.53.84

UK Pound

1

Rs.86.72

Euro

1

Rs.69.13

 

 

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.