MIRA INFORM REPORT

 

 

Report Date :

17.11.2012

 

IDENTIFICATION DETAILS

 

Name :

CELLINI DESIGN CENTER PTE LTD

 

 

Registered Office :

53 Loyang Drive Singapore 508957

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

31.12.1993

 

 

Com. Reg. No.:

199308689m

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacturer of furniture and fixtures of wood (including upholstery)

Repair and restoration of cabinets, furniture, upholstery, window shades and other fixtures

 

 

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 :

Moderate

Payment Behaviour :

Slow

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:

CELLINI DESIGN CENTER PTE LTD

199308689M

 

Date Incorporated:

Registered Office:

Telephone Number:

31/12/1993

53 LOYANG DRIVE SINGAPORE 508957

6545 8182

Age of Company:

Website:

Industry Type:

19

www.cellini.com.sg

COMMERCE-RETAIL

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

1

20

Worse off than last month;last month the entity took 39 days to pay

No. of Charges(s):
1

Industry DTC

 

33

 

Directors

 

Corporate Structure

Number of Current Directors

5

Holding Company:

CELLINI HOLDINGS PTE LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

CELLINI DESIGN CENTER PTE LTD

Registration No

:

199308689M

Date of Registration

:

31/12/1993

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

53 LOYANG DRIVE SINGAPORE 508957

Date of Change of Address

:

NA

Contact No.

:

6545 8182

Fax No.

:

6545 0065

Website

:

www.cellini.com.sg

Registered Activities

:

1. MANUFACTURE OF FURNITURE AND FIXTURES OF WOOD (INCLUDING UPHOLSTERY)

2. REPAIR AND RESTORATION OF CABINETS, FURNITURE, UPHOLSTERY, WINDOW SHADES AND OTHER FIXTURES

Issued Ordinary Capital*

:

$2,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,500,000.00 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

:

KPMG LLP

Bankers / Financiers

:

THE DEVELOPMENT BANK OF SINGAPORE LIMITED

Turnover

:

SGD - SIN 28,536,227.00 (FY2010)

Net Worth

:

SGD - SIN 250,464.00 (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

1

S1000 / SME 1000 / FG50 Ranking

:

279 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2001/2002)

Compounded Annual Growth Rate (CAGR)

:

17.83% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

CELLINI HOLDINGS PTE LTD

SHAREHOLDER ID

:

199905148K

NATIONALITY

:

SINGAPORE

ADDRESS

:

53 LOYANG DRIVE SINGAPORE 508957

NO. OF ORD SHARES

:

2,500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

NG THIAM LONG

ADDRESS

:

9 AMBER ROAD #09-01 PARKWAY MANSION SINGAPORE 439854

POSITION

:

SECRETARY

DATE OF APPT

:

31/12/1993

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0039865I

 

NAME

:

TAN CHENG KEE

ADDRESS

:

41 LENGKOK MARIAM CHANGI GROVE SINGAPORE 509139

POSITION

:

DIRECTOR

DATE OF APPT

:

31/12/1993

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0084442Z

 

NAME

:

TAN CHENG LIAN

ADDRESS

:

45 LENGKOK MARIAM CHANGI GROVE SINGAPORE 509141

POSITION

:

DIRECTOR

DATE OF APPT

:

31/12/1993

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1250940E

 

NAME

:

TAN CHENG WHATT

ADDRESS

:

2 LENGKOK MARIAM CHANGI GROVE SINGAPORE 509106

POSITION

:

DIRECTOR

DATE OF APPT

:

31/12/1993

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2007631C

 

NAME

:

JANSSEN AARON TAN WEI TSCHUN

ADDRESS

:

4 JALAN CHELAGI BUKIT LOYANG ESTATE SINGAPORE 509566

POSITION

:

DIRECTOR

DATE OF APPT

:

11/10/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7433471G

 

NAME

:

TAN YUAN PENG JANICE

ADDRESS

:

210 PASIR RIS STREET 21 #11-322 SINGAPORE 510210

POSITION

:

DIRECTOR

DATE OF APPT

:

11/10/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7533530Z

 

 

KEY PERSONNEL PROFILE

 

Name:

TAN CHENG KEE

NRIC Number:

S0084442Z

Available Address:

41 LENGKOK MARIAM CHANGI GROVE  SINGAPORE 509139

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

BRUNO MENZI PTE LTD

DIRECTOR

17/02/2001

-

-

2

CELLINI DESIGN CENTER PTE LTD

DIRECTOR

31/12/1993

-

-

3

CELLINI HOLDINGS PTE LTD

DIRECTOR

12/07/2000

688004

20.00

4

NIGHTINGALE MATTRESS PTE. LTD.

DIRECTOR

12/09/2007

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ALLIED METALLURGICAL PRODUCTS PTE LTD

LIVE COMPANY

DIRECTOR

01/03/1984

23/02/2012

2

ALLIED METALLURGICAL PRODUCTS PTE LTD

LIVE COMPANY

SHAREHOLDER

-

23/02/2012

3

BRUNO MENZI PTE LTD

LIVE COMPANY

SHAREHOLDER

-

23/10/2012

4

CELLINI DESIGN CENTER

TERMINATION

OWNER

01/04/1988

-

5

CELLINI DESIGN CENTER PTE LTD

LIVE COMPANY

SHAREHOLDER

-

25/10/2012

6

CREATIVE BRASS PTE LTD

LIVE COMPANY

DIRECTOR

31/12/1993

21/04/2010

7

CREATIVE BRASS PTE LTD

LIVE COMPANY

SHAREHOLDER

-

21/04/2010

8

KITCHEN CONCEPTS PTE LTD

STRUCK OFF

DIRECTOR

05/03/1993

10/05/2011

9

KITCHEN CONCEPTS PTE LTD

STRUCK OFF

SHAREHOLDER

-

-

10

VOXZ INTERIORS PTE LTD

STRUCK OFF

DIRECTOR

25/08/1993

08/06/2011

11

VOXZ INTERIORS PTE LTD

STRUCK OFF

SHAREHOLDER

-

-

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

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 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

199705087

 

Date of Registration

:

21/08/1997

 

Chargee

:

THE DEVELOPMENT BANK OF SINGAPORE LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

there have been 1  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

0

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

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

2375

 

Transfer

:

-

 

Date of Filing

:

19/06/2001

 

Amount

:

0.00

 

Cause

:

Landlord / Tenant (Non-Rent Controlled)

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

PLAZA SINGAPURA PRIVATE LIMITED

 

Last Update Date

:

06/03/2008

 

 

COMPLIANCE

 

Date of Last AGM

:

01/02/2012

Date of Last AR

:

23/02/2012

Date of A/C Laid At Last AGM

:

31/12/2010
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

 

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

28,536,227

25.71

22,699,716

26,114,375

21,885,446

14,804,486

Profit/(Loss) Before Tax

(997,950)

NA

317,094

165,738

194,766

(730,273)

Profit After Tax attributable

 to Shareholders

(873,283)

NA

327,343

83,424

298,558

(836,442)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

57,027,203

33.67

42,664,236

34,855,028

28,889,402

20,274,403

Current Assets

50,357,213

32.34

38,051,761

30,354,669

24,408,541

15,719,841

Non Current Assets

6,669,990

44.61

4,612,475

4,500,359

4,480,861

4,554,562

 

 

 

 

 

 

 

Total Liabilities

56,776,739

36.70

41,532,389

34,110,374

28,228,172

19,911,731

Current Liabilities

56,046,232

38.22

40,550,017

32,585,398

25,917,478

19,051,009

Non Current Liabilities

730,507

-25.64

982,372

1,524,976

2,310,694

860,722

 

 

 

 

 

 

 

Shareholders' Funds

250,464

-77.87

1,131,847

744,654

661,230

362,672

Share Capital

2,500,000

0.00

2,500,000

2,500,000

2,500,000

2,500,000

Total Reserves

(2,249,536)

NA

(1,368,153)

(1,755,346)

(1,838,770)

(2,137,328)

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

25.71

-13.08

19.32

47.83

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-3.06

1.44

0.32

1.36

-5.65

Return on Equity (%)

-348.67

28.92

11.20

45.15

-230.63

Return on Assets (%)

-1.53

0.77

0.24

1.03

-4.13

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

226.69

36.69

45.81

42.69

54.90

Current Debt/Equity (Times)

223.77

35.83

43.76

39.20

52.53

Long Term Debt To Equity (Times)

2.92

0.87

2.05

3.49

2.37

Total Asset To Total Equity (Times)

227.69

37.69

46.81

43.69

55.90

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.50

0.53

0.75

0.76

0.73

Fixed Assets Turnover (Times)

4.28

4.92

5.80

4.88

3.25

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.90

0.94

0.93

0.94

0.83

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 17.83% (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 0.90 times in FY10 (FY09: 0.94 times). This means that the company has SGD - SIN 0.90 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.

 

Leverage

Total debt-to-equity ratio notched 226.69 times in FY10, as compared with 36.69 times in FY09. This means that the company requires additional external financing of SGD - SIN 226.69 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 0.50 times in FY10 (FY09: 0.53 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.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.