MIRA INFORM REPORT

 

 

Report Date :

05.11.2012

 

IDENTIFICATION DETAILS

 

Name :

ATLANTIC INDUSTRIAL & TRADING PTE. LTD.

 

 

Registered Office :

8 Eu Tong Sen Street #22-82 Central, The Singapore 059818

 

 

Country :

Singapore

 

 

Financials (as on) :

20.06.2011

 

 

Date of Incorporation :

10.03.2011

 

 

Com. Reg. No.:

201105859G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

 

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 :

Small Company

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

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

Executive Summary

 

Company Name

:

Atlantic Industrial & Trading Pte. Ltd.

Registration No

:

201105859G

Date of Registration

:

10/03/2011

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

Limited Private Company

Registered Address

:

8 EU TONG SEN STREET #22-82 CENTRAL, THE SINGAPORE 059818

Date of Change of Address

:

01/11/2011

Contact No.

:

NA

Fax No.

:

NA

Website

:

NA

Registered Activities

:

General Wholesale Trade (Including General Importers And Exporters)

Business Activities

:

NA

Issued Ordinary Capital*

:

$50,000.00 SINGAPORE, DOLLARS NO. OF SHARE : 50,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$50,000.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

Tknp International

Bankers / Financiers

:

NA

Turnover

:

$85,555,640.00 (FY2011)

Net Worth

:

$1,249,672.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

 

SHAREHOLDER DETAILS

 

NAME

:

AMARILLA ALBERTO DANIEL

SHAREHOLDER ID

:

G5694187N

NATIONALITY

:

ITALIAN

ADDRESS

:

63 PATERSON ROAD #16-05 PATERSON, THE SINGAPORE 238539

NO. OF ORD SHARES

:

45,000

% OF SHAREHOLDING

:

90%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

VEDCO RESOURCES LTD.

SHAREHOLDER ID

:

T12UF0051D

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

PO BOX 957, OFFSHORE INCORPORATIONS CENTRE ROAD TOWN, TORTOLA

NO. OF ORD SHARES

:

5,000

% OF SHAREHOLDING

:

10%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

AMARILLA ALBERTO DANIEL

ADDRESS

:

63 PATERSON ROAD #16-05 PATERSON, THE SINGAPORE 238539

POSITION

:

DIRECTOR

DATE OF APPT

:

01/11/2011

NATIONALITY

:

ITALIAN

I/C PASSPORT

:

G5694187N

 

NAME

:

VAISHALI CHANDRAKANT SARWANKAR

ADDRESS

:

237 TAMPINES STREET 21 #02-551 SINGAPORE 520237

POSITION

:

DIRECTOR

DATE OF APPT

:

27/03/2012

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G6055667P

 

NAME

:

TEO SOO NA

ADDRESS

:

620 BUKIT BATOK CENTRAL #19-524 SINGAPORE 650620

POSITION

:

SECRETARY

DATE OF APPT

:

01/01/2012

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7271966B

 

NAME

:

LIM CHIEW YEN

ADDRESS

:

450 BUKIT PANJANG RING ROAD #12-585 SINGAPORE 670450

POSITION

:

SECRETARY

DIRECTOR

DATE OF APPT

:

14/02/2012

27/03/2012

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7602240B

 

 

KEY PERSONNEL PROFILE

 

Name:

AMARILLA ALBERTO DANIEL

NRIC Number:

G5694187N

Available Address:

63 PATERSON ROAD #16-05 PATERSON, THE  SINGAPORE 238539

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ATLANTIC INDUSTRIAL & TRADING PTE. LTD.

DIRECTOR

01/11/2011

45000

90.00

2

NOVA ALPHA PTE. LTD.

DIRECTOR

20/10/2011

-

NA

 

 

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

 

 

 

 

 

 

 

Negative List (if any)

 

Traces

Status

Last Updated Date

No Trace

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES IN S’PORE

 

Company

Shareholdings (%)

 

NOVA ALPHA PTE. LTD.

100

 

                                                                                                                       

BANKERS/ FINANCIERS

 

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

Payment Profiling (The payment pattern of Subject for the past 12 months)

 

 Description

Percentage

Improve

0%

Consistent

0%

Deteriorate

0%

Alert

0%

No Trend

100%

 

Description

Improve:            Current month’s performance better than previous month

Consistent:        Trend found in the way debtors (based on at least 6 consecutive)

Deteriorate:       Current month’s performance worse than previous month

Alert:                Negative List; Absolute refusal to make payment

No Trend:          Inconsistent; not able to categorize

 

 

Negative List (if any)

 

Traces

Status

Last Updated Date

No Trace

 

 

 

LITIGATION

 

Clear

 

COMPLIANCE RECORDS

 

Date of Last AGM

 :

30/03/2012

Date of Last AR

 :

04/04/2012

Date of A/C Laid at Last AGM

 :

30/06/2011

 

 

FINANCIAL HIGHLIGHTS

 

Auditor’s Comments – True and Fair? Yes

 

 

Company

FINANCIAL YEAR

10/03/2011 to

20/06/2011

$

Turnover

85,555,640

Profit Before Tax and Minority Interest

1,394,667

Profit After Tax and Minority Interest

1,199,341

ASSETS

 

Current Assets

61,498,626

Non-current Assets

48,207

- Fixed Assets

48,207

- Intangible Assets

0

- Long-term Investments

0

Total Assets

61,546,833

LIABILITIES

 

Current Liabilities

60,297,161

Long-Term Liabilities

0

Total Liabilities

60,297,161

SHAREHOLDERS’ FUNDS

 

Share Capital

50,331

Share Premium

0

Retained Earnings

1,199,341

Minority Interest

0

Other Reserves

0

Shareholders Funds

1,249,672

 

Financial figures are presented in USD - USA as reflected in Subject's financial statements and are converted to S$ at the rate of S$1.239825 per USD - USA in FYE11 as presented in this report.

 

FINANCIAL RATIOS

 

 

Company

FINANCIAL YEAR END

10/03/2011 to

20/06/2011

PROFITABILITY

 

  Rate of Net Profit (%)

1.40

  Return on Equity (%)

95.97

  Return on Assets (%)

1.95

  Return on Capital Employed

1.12

DEBT MANAGEMENT

 

  Total Liabilities/Equity (times)

48.25

  Current Liabilities/Equity (times)

48.25

  Long Term Liabilities/Equity (times)

0.00

  Debt Service Cover Ratio

13,283.54

  Short-term Borrowings-to-cash Ratio

NA

EFFICIENCY MANAGEMENT

 

  Total Assets Turnover (times)

1.39

  Fixed Assets Turnover (times)

1,774.76

LIQUIDITY MANAGEMENT

 

  Current Ratio (times)

1.02

FINANCIAL COMMENTARY

 

Profitability

 

The company yielded a rate of net profit on sales of 1.40 per cent in FY11. The company is now able to book in $0.01 of profit for every dollar of sales.

 

Liquidity

 

Current ratio stood at 1.02 times in FY11. This means that the company has $1.02 of current assets for every dollar of current liability incurred. Subject's current ratio is noted to be within the industry norm for the sector in which the company is operating.

 

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 liabilities-to-equity ratio notched 48.25 times in FY11. This means that the company requires additional external financing of $48.25 for every dollar injected into its operations. Subject's total liability-to-equity is noted to be higher than the industry norm for the sector in which the company is operating.

 

Generally, a total liability-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 95.97 per cent for Subject in the current financial period. 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 1.95 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 1.39 times in FY11. 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.53.66

UK Pound

1

Rs.86.36

Euro

1

Rs.69.24

 

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.