MIRA INFORM REPORT

 

 

Report Date :

12.09.2012

 

IDENTIFICATION DETAILS

 

Name :

HWACHEON ASIA PACIFIC PTE. LTD.

 

 

Registered Office :

21 Bukit Batok Crescent #08-79 Wcega Tower Singapore 658065

 

 

Country :

Singapore

 

 

Financials (as on) :

Dec 2010

 

 

Date of Incorporation :

24.04.2006

 

 

Com. Reg. No.:

200605892N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Industrial, Construction and Related Machinery and Equipment Nec

 

 

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 – 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

Company Name:

Registered Number:

HWACHEON ASIA PACIFIC PTE. LTD.

200605892N

 

Date Incorporated:

Registered Office:

Telephone Number:

24/04/2006

21 BUKIT BATOK CRESCENT #08-79 WCEGA TOWER SINGAPORE 658065

65154357

Age of Company:

Website:

Industry Type:

6

NA

COMMERCE-WHOLESALE

 

 

 

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):
1

 

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

HWACHEON MACHINE TOOL CO., LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

Risk Assessment Grid

Section

Assessment

Profitability

STRONG

GOOD

FAIR

MARGINAL

WEAK

Capital Structure

STRONG

GOOD

FAIR

MARGINAL

WEAK

Liquidity

STRONG

GOOD

FAIR

MARGINAL

WEAK

Activity

STRONG

GOOD

FAIR

MARGINAL

WEAK

Growth

STRONG

GOOD

FAIR

MARGINAL

WEAK

Size

STRONG

GOOD

FAIR

MARGINAL

WEAK

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

:

21 BUKIT BATOK CRESCENT #08-79 WCEGA TOWER SINGAPORE 658065

Date of Change of Address

:

13/06/2011

Contact No.

:

65154357

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

:

SGD - SIN 16,776,684.00 (FY2010)

Net Worth

:

SGD - SIN (335,983.00) (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

140.5% (4 years)

 

 

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

-

01/03/2012

 

 

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

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.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

             

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

28/07/2011

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

16,776,684

116.39

7,753,060

15,822,012

6,859,138

501,452

Profit/(Loss) Before Tax

59,620

NA

(477,396)

(314,552)

(666,908)

(536,747)

Profit After Tax attributable

 to Shareholders

59,620

NA

(477,396)

(314,552)

(666,908)

(536,747)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

4,065,999

60.44

2,534,356

3,404,703

2,303,715

913,864

Current Assets

4,046,943

63.43

2,476,215

3,307,477

2,163,067

738,765

Non Current Assets

19,056

-67.22

58,141

97,226

140,648

175,099

 

 

 

 

 

 

 

Total Liabilities

4,401,982

50.24

2,929,959

3,322,910

1,907,370

650,611

Current Liabilities

4,373,148

52.01

2,876,852

3,246,480

1,807,927

529,985

Non Current Liabilities

28,834

-45.71

53,107

76,430

99,443

120,626

 

 

 

 

 

 

 

Shareholders' Funds

(335,983)

NA

(395,603)

81,793

396,345

263,253

Share Capital

1,600,000

0.00

1,600,000

1,600,000

1,600,000

800,000

Total Reserves

(1,935,983)

NA

(1,995,603)

(1,518,207)

(1,203,655)

(536,747)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

116.39

-51.00

130.67

1,267.86

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.36

-6.16

-1.99

-9.72

-107.04

Return on Equity (%)

-17.74

120.68

-384.57

-168.26

-203.89

Return on Assets (%)

1.47

-18.84

-9.24

-28.95

-58.73

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

-13.10

-7.41

40.63

4.81

2.47

Current Debt/Equity (Times)

0.00

0.00

39.69

4.56

2.01

Long Term Debt To Equity (Times)

0.00

0.00

0.93

0.25

0.46

Total Asset To Total Equity (Times)

-12.10

-6.41

41.63

5.81

3.47

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.13

3.06

4.65

2.98

0.55

Fixed Assets Turnover (Times)

880.39

133.35

162.73

48.77

2.86

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.93

0.86

1.02

1.20

1.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 140.5% (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 0.36 per cent in FY10. The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 0.93 times in FY10 (FY09: 0.86 times). This means that the company has SGD - SIN 0.93 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.

 

 

FINANCIAL COMMENTARY

 

Leverage

We are unable to comment on Subject's leverage.

 

 

Efficiency Ratio

 

 

We are unable to comment on Subject's return on equity.

 

Return on assets stood at 1.47 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 4.13 times in FY10 (FY09: 3.06 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.55.52

UK Pound

1

Rs.88.84

Euro

1

Rs.70.85

 

 

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.