MIRA INFORM REPORT

 

 

Report Date :

12.11.2012

 

IDENTIFICATION DETAILS

 

Name :

WARNER ELECTRIC (SINGAPORE) PTE LTD

 

 

Formerly Known As :

VILLARICA PTE LTD

 

 

Registered Office :

39 BENOI ROAD SINGAPORE 627725

 

 

Country :

Singapore

 

 

Financials (as on) :

December  2011

 

 

Date of Incorporation :

17.12.1999

 

 

Com. Reg. No.:

199907984G

 

 

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 :

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 :

Regular

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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

Company Name:

Registered Number:

WARNER ELECTRIC (SINGAPORE) PTE LTD

199907984G

 

Date Incorporated:

Registered Office:

Telephone Number:

17/12/1999

39 BENOI ROAD SINGAPORE 627725

6487 4464

Age of Company:

Website:

Industry Type:

13

NA

NA

 

 

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

NA

 

NA

 

The entity is paying current to the creditors

No. of Charges(s):
0

 

Industry DTC

 

26

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

WARNER ELECTRIC (NETH) HOLDINGS B V

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

EXECUTIVE SUMMARY

 

Company Name

:

WARNER ELECTRIC (SINGAPORE) PTE LTD

Registration No

:

199907984G

Date of Registration

:

17/12/1999

Former Name

:

VILLARICA PTE LTD Eff. date : 17/12/1999 Eff. date : 17/12/1999

Date of Change of Name

:

28/03/2000

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

39 BENOI ROAD SINGAPORE 627725

Date of Change of Address

:

02/07/2007

Contact No.

:

64874464

Fax No.

:

6487 6674

Website

:

NA

Registered Activities

:

1. OTHER INVESTMENT HOLDING COMPANIES

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

Issued Ordinary Capital*

:

$2.00 SINGAPORE, DOLLARS, NO. OF SHARE : 2

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2.00 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

:

SMALLEY & CO

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 5,322,774.00 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 4,167,227.00 (FY2011)

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)

:

0.97% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

WARNER ELECTRIC (NETH) HOLDINGS B V

SHAREHOLDER ID

:

S99UF0136J

NATIONALITY

:

NETHERLANDS

ADDRESS

:

"DE GELDER" 7TH FLOOR ERNSTRAA T 535 H 1082 LD AMSTERDAM

NO. OF ORD SHARES

:

2

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CARL RICHARD CHRISTENSON

ADDRESS

:

46 ARROWOOD DRIVE SCITUATE MA 02066 USA

POSITION

:

DIRECTOR

DATE OF APPT

:

26/10/2006

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

158411093

 

NAME

:

CHRISTIAN STORCH

ADDRESS

:

12 PRESTON SQUARE, QUINCY MA 02171, UNITED STATES

POSITION

:

DIRECTOR

DATE OF APPT

:

23/05/2012

NATIONALITY

:

GERMAN

I/C PASSPORT

:

C4FY3G4K6

 

NAME

:

LIM PIEW KIONG

ADDRESS

:

340 JURONG EAST AVENUE 1 #12-1664 SINGAPORE 600340

POSITION

:

DIRECTOR

DATE OF APPT

:

20/03/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1387106Z

 

NAME

:

CHIN KOOI YIN

ADDRESS

:

700 LORONG 1 TOA PAYOH #10-10 TRELLIS TOWERS SINGAPORE 319773

POSITION

:

SECRETARY

DATE OF APPT

:

16/06/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1801949C

 

 

 

 

KEY PERSONNEL PROFILE

 

Name:

LIM PIEW KIONG

NRIC Number:

S1387106Z

Available Address:

340 JURONG EAST AVENUE 1 #12-1664  SINGAPORE 600340

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

WARNER ELECTRIC (SINGAPORE) PTE LTD

DIRECTOR

20/03/2000

-

-

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

 

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Note: Please purchase case details to know the latest status.

 

Litigation Search – Writ of Summons

 

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

M

22616

-

2001

02/08/2001

 -

Negligence Related

M

27411

-

1999

01/11/1999

 -

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.

             

 

COMPLIANCE

 

Date of Last AGM

:

28/06/2012

Date of Last AR

:

25/07/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

 

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 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

5,322,774

-16.75

6,393,445

6,159,921

8,380,745

5,120,772

Profit/(Loss) Before Tax

1,095,895

-12.88

1,257,894

1,099,471

1,764,835

1,017,586

Profit After Tax attributable

 to Shareholders

946,872

-11.07

1,064,690

935,129

1,471,602

851,065

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

5,057,332

15.21

4,389,578

3,055,223

4,793,900

2,979,444

Current Assets

5,054,566

15.20

4,387,736

3,049,504

4,784,784

2,964,860

Non Current Assets

2,766

50.16

1,842

5,719

9,116

14,584

 

 

 

 

 

 

 

Total Liabilities

890,105

-23.87

1,169,223

899,558

2,874,744

1,030,872

Current Liabilities

890,105

-23.87

1,169,223

899,083

2,874,744

1,030,872

Non Current Liabilities

0

NA

0

475

0

0

 

 

 

 

 

 

 

Shareholders' Funds

4,167,227

29.40

3,220,355

2,155,665

1,919,156

1,948,572

Share Capital

2

0.00

2

2

2

2

Total Reserves

4,167,225

29.40

3,220,353

2,155,663

1,919,154

1,948,570

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

-16.75

3.79

-26.50

63.66

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

17.79

16.65

15.18

17.56

16.62

Return on Equity (%)

22.72

33.06

43.38

76.68

43.68

Return on Assets (%)

18.72

24.25

30.61

30.70

28.56

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.21

0.36

0.42

1.50

0.53

Current Debt/Equity (Times)

0.21

0.36

0.42

1.50

0.53

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.21

1.36

1.42

2.50

1.53

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.05

1.46

2.02

1.75

1.72

Fixed Assets Turnover (Times)

1,924.36

3,470.93

1,077.10

919.34

351.12

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

5.68

3.75

3.39

1.66

2.88

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 0.97% (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 company yielded a rate of net profit on sales of 17.79 per cent in FY11 (FY10: 16.65 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.18 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.17 a year ago.

 

Liquidity

Current ratio stood at 5.68 times in FY11 (FY10: 3.75 times). This means that the company has SINGAPORE, DOLLARS 5.68 of current assets for every SINGAPORE, DOLLARS 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 0.21 times in FY11, compared with 0.36 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.21 for every SINGAPORE, DOLLARS 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 22.72 per cent for Subject in the current financial period, as compared to 33.06 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 18.72 per cent (FY10: 24.25 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 1.05 times in FY11 (FY10: 1.46 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.54.34

UK Pound

1

Rs.86.96

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.