MIRA INFORM REPORT

 

 

Report Date :           

07.09.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

HWACHEON ASIA PACIFIC PTE. LTD.

 

 

Registered Office :

10 Bukit Batok Crescent #06-08 Spire, The Singapore 658079

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

24.04.2006

 

 

Com. Reg. No.:

200605892n     

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Industrial Machinery and Equipment

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

Payment Behaviour :

Unknown

Litigation :

----

 

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

:

HWACHEON ASIA PACIFIC PTE. LTD.

Registration No

:

200605892N

Date of Registration

:

24/04/2006

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

10 BUKIT BATOK CRESCENT #06-08 SPIRE, THE SINGAPORE 658079

Date of Change of Address

:

01/05/2006

Contact No.

:

NA

Fax No.

:

NA

Website

:

NA

Registered Activities

:

1. WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT

SALES, MARKETING, TRAINING, SERVICING AND RESEARCH OF MACHINE TOOLS

2. WHOLESALE OF INDUSTRIAL, CONSTRUCTION AND RELATED MACHINERY AND EQUIPMENT NEC

Issued Ordinary Capital*

:

$1,600,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,600,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,600,000.00 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

:

CHEAM H T & CO

Bankers / Financiers

:

DBS BANK LTD.

Turnover

:

SINGAPORE, DOLLARS 7,753,060.00 (FY2009)

Net Worth

:

SINGAPORE, DOLLARS (395,603.00) (FY2009)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

149.12% (3 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

HWACHEON MACHINE TOOL CO., LTD.

SHAREHOLDER ID

:

T06UF1742F

NATIONALITY

:

KOREA, REPUBLIC OF

ADDRESS

:

976-1 JANGDEOK-DONG, GWANGSAN-GU GWANGJU, KOREA

NO. OF ORD SHARES

:

1,600,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

YOUNG DOO KWON

ADDRESS

:

154-3, DONGMYEONG-DONG, DONG-GU GWANGJU, KOREA

POSITION

:

DIRECTOR

DATE OF APPT

:

24/04/2006

NATIONALITY

:

KOREAN, SOUTH

I/C PASSPORT

:

GJ0498911

 

 

NAME

:

YOUNG RYUAL KWON

ADDRESS

:

512-21, PYEONG CHONG-DONG, JONGNO-GU SEOUL, KOREA

POSITION

:

DIRECTOR

DATE OF APPT

:

24/04/2006

NATIONALITY

:

KOREAN, SOUTH

I/C PASSPORT

:

NW1045095

 

 

NAME

:

THAM CHEE KUAN JASMINE

ADDRESS

:

29 WEST COAST CRESCENT #15-30 BLUE HORIZON SINGAPORE 128049

POSITION

:

SECRETARY

DATE OF APPT

:

24/04/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1705105I

 

 

NAME

:

KLAUS HERMANN EWALD LUDWIG

ADDRESS

:

47 CASUARINA WALK SINGAPORE 574097

POSITION

:

DIRECTOR

DATE OF APPT

:

24/04/2006

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2729355G

 

 

KEY PERSONNEL PROFILE

 

Name:

YOUNG DOO KWON

NRIC Number:

GJ0498911

Available Address:

154-3, DONGMYEONG-DONG, DONG-GU GWANGJU, KOREA

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

HWACHEON ASIA PACIFIC PTE. LTD.

DIRECTOR

24/04/2006

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

HWACHEON ASIA PACIFIC PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

14/03/2011

 

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

 

1)

Charge No.

:

C200704515

 

Date of Registration

:

15/06/2007

 

Chargee

:

DBS BANK LTD.

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2010

Date of Last AR

:

15/07/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

Turnover

7,753,060

-51.00

15,822,012

6,859,138

501,452

Profit/(Loss) Before Tax

(477,396)

NA

(314,552)

(666,908)

(536,747)

Profit After Tax attributable to Shareholders

(477,396)

NA

(314,552)

(666,908)

(536,747)

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

2,534,356

-25.56

3,404,703

2,303,715

913,864

Current Assets

2,476,215

-25.13

3,307,477

2,163,067

738,765

Non Current Assets

58,141

-40.20

97,226

140,648

175,099

 

 

 

 

 

 

Total Liabilities

2,929,959

-11.83

3,322,910

1,907,370

650,611

Current Liabilities

2,876,852

-11.39

3,246,480

1,807,927

529,985

Non Current Liabilities

53,107

-30.52

76,430

99,443

120,626

 

 

 

 

 

 

Shareholders' Funds

(395,603)

NA

81,793

396,345

263,253

Share Capital

1,600,000

0.00

1,600,000

1,600,000

800,000

Total Reserves

(1,995,603)

NA

(1,518,207)

(1,203,655)

(536,747)

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

Year-on-Year Growth

-51.00

130.67

1,267.86

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

-6.16

-1.99

-9.72

-107.04

Return on Equity (%)

-120.68

-384.57

-168.26

-203.89

Return on Assets (%)

-18.84

-9.24

-28.95

-58.73

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

-7.41

40.63

4.81

2.47

Current Debt/Equity (Times)

0.00

39.69

4.56

2.01

Long Term Debt To Equity (Times)

0.00

0.93

0.25

0.46

Total Asset To Total Equity (Times)

-6.41

41.63

5.81

3.47

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

3.06

4.65

2.98

0.55

Fixed Assets Turnover (Times)

133.35

162.73

48.77

2.86

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

0.86

1.02

1.20

1.39

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 149.12% (3 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 as Subject posted losses for the financial year end under review.

 

Liquidity

 

Current ratio stood at 0.86 times in FY09 (FY08: 1.02 times). This means that the company has SINGAPORE, DOLLARS 0.86 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.

 

Leverage

We are unable to comment on Subject's leverage. Subject is in net deficit position for the financial year under review,

 

 

Efficiency Ratio

 

 

We are unable to comment on Subject's return on equity as Subject posted losses for the financial year end under review.

 

We are unable to comment on Subject's return on assets as Subject posted losses for the financial year end under review

 

Total assets turnover ratio logged at 3.06 times in FY09 (FY08: 4.65 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.55.97

UK Pound

1

Rs.89.02

Euro

1

Rs.70.61

 

 

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.