MIRA INFORM REPORT

Report Date :

12.09.2012

IDENTIFICATION DETAILS

Name :	MERCURY MARINE SINGAPORE PTE LTD
Registered Office :	29 LOYANG DRIVE SINGAPORE 508944
Country :	Singapore
Financials (as on) :	DEC 2011
Date of Incorporation :	07.03.2000
Com. Reg. No.:	200001903W
Legal Form :	Limited Private Company
Line of Business :	Manufacture and Repair of Marine Engine and Ship Parts
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 31^st, 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:
MERCURY MARINE SINGAPORE PTE LTD	200001903W

Date Incorporated:	Registered Office:	Telephone Number:
07/03/2000	29 LOYANG DRIVE SINGAPORE 508944	6546 6160
Age of Company:	Website:	Industry Type:
12	NA	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
45
Better than last month; last month the entity took 0 days to pay		No. of Charges(s): 2
Industry DTC
24

Directors		Corporate Structure
Number of Current Directors	4	Holding Company:	MARINE POWER INTERNATIONAL 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	:	MERCURY MARINE SINGAPORE PTE LTD
Registration No	:	200001903W
Date of Registration	:	07/03/2000
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	29 LOYANG DRIVE SINGAPORE 508944
Date of Change of Address	:	25/03/2003
Contact No.	:	6546 6160
Fax No.	:	6546 7789
Website	:	NA
Registered Activities	:	1. WHOLESALE OF MARINE EQUIPMENT AND ACCESSORIES (INCLUDING MARINE NAVIGATIONAL EQUIPMENT AND RADAR) 2. MANUFACTURE AND REPAIR OF MARINE ENGINE AND SHIP PARTS TO DISTRIBUTE MARINE ENGINES & PARTS, COMPONENTS AND ACCESSORIES THEREOF
Issued Ordinary Capital*	:	$150,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 150,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$150,000.00 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	:	ERNST & YOUNG LLP
Bankers / Financiers	:	JPMORGAN CHASE BANK, N.A. DBS BANK LTD.
Turnover	:	SINGAPORE, DOLLARS 47,309,302.79 (FY2011)
Net Worth	:	SINGAPORE, DOLLARS 3,025,773.83 (FY2011)
No. of Bank Charges	:	2
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	0.48% (4 years)

SHAREHOLDER DETAILS

NAME	:	MARINE POWER INTERNATIONAL LTD
SHAREHOLDER ID	:	T00UF0708G
NATIONALITY	:	UNITED STATES
ADDRESS	:	1 N.FIELD CT.LAKE FOREST,IL 60045-4511
NO. OF ORD SHARES	:	150,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	JUDITH PISTAKI ZELISKO
ADDRESS	:	710 SOUTH RIDE ROAD, LAKE FOREST ILLINOIS 60045, UNITED STATES OF AMERICA
POSITION	:	DIRECTOR
DATE OF APPT	:	18/09/2000
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	027747455
NAME	:	LIU JIANHUA
ADDRESS	:	NO. 200 SUHONG MID ROAD, SUZHOU INDUSTRIAL PARK, JIANGSU PROVINCE 210513
POSITION	:	DIRECTOR
DATE OF APPT	:	25/01/2012
NATIONALITY	:	CHINESE
I/C PASSPORT	:	G33782723
NAME	:	LAM TSZE YEE ELSA
ADDRESS	:	5 FLORA DRIVE #08-21 DAHLIA PARK CONDOMINIUM SINGAPORE 507011
POSITION	:	DIRECTOR
DATE OF APPT	:	01/01/2012
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	G6250917T
NAME	:	TAN BENG KENG
ADDRESS	:	406 BEDOK NORTH AVENUE 3 #13-187 SINGAPORE 460406
POSITION	:	DIRECTOR
DATE OF APPT	:	28/11/2003
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0205714Z
NAME	:	GOH CHENG GUAN
ADDRESS	:	401 PANDAN GARDENS #04-01 SINGAPORE 600401
POSITION	:	SECRETARY
DATE OF APPT	:	03/11/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1476288D

KEY PERSONNEL PROFILE

Name:	JUDITH PISTAKI ZELISKO
NRIC Number:	027747455
Available Address:	710 SOUTH RIDE ROAD, LAKE FOREST ILLINOIS 60045, UNITED STATES OF AMERICA

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	BRUNSWICK SINGAPORE HOLDINGS PTE. LTD.	DIRECTOR	03/12/2003	-	-
2	BRUNSWICK SINGAPORE INTERNATIONAL PTE. LTD.	DIRECTOR	01/06/2006	-	-
3	MERCURY MARINE SINGAPORE PTE LTD	DIRECTOR	18/09/2000	-	-
4	NT ASIA HOLDINGS PTE. LTD.	DIRECTOR	23/09/2002	-	-

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

1)	Charge No.	:	C201114980
	Date of Registration	:	29/11/2011
	Chargee	:	JPMORGAN CHASE BANK, N.A.
	Amount Secured and Currency	:	All Monies
	Address	:	168 ROBINSON ROAD #17-01 CAPITAL TOWER SINGAPORE 068912
2)	Charge No.	:	C200903337
	Date of Registration	:	08/06/2009
	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	:	31/07/2012
Date of Last AR	:	02/08/2012
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	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	47,309,303	-5.82	50,233,741	51,270,460	42,279,002	46,420,813
Profit/(Loss) Before Tax	2,386,275	-22.69	3,086,781	3,498,282	3,362,047	2,085,194
Profit After Tax attributable to Shareholders	2,032,375	-22.05	2,607,178	3,006,145	3,300,934	1,794,577
Balance Sheet Key Figures
Total Assets	11,944,806	-11.73	13,532,128	19,200,906	19,044,280	16,227,072
Current Assets	11,889,953	-11.48	13,431,322	19,089,007	18,999,218	16,101,610
Non Current Assets	54,853	-45.59	100,806	111,899	45,062	125,462
Total Liabilities	8,919,032	1.57	8,781,425	8,177,907	11,270,709	5,757,021
Current Liabilities	8,908,532	1.45	8,781,425	8,177,907	11,270,709	5,757,021
Non Current Liabilities	10,500	NA	0	0	0	0
Shareholders' Funds	3,025,774	-36.31	4,750,702	11,022,999	7,773,572	10,470,051
Share Capital	110,279	-7.73	119,524	127,815	123,936	150,000
Total Reserves	2,915,494	-37.05	4,631,178	10,895,184	7,649,636	10,320,051

FINANCIAL RATIOS

	Company
	DEC 2011	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Growth %
Year-on-Year Growth	-5.82	-2.02	21.27	-8.92	NA
Profitability
Profit Margin (%)	4.30	5.19	5.86	7.81	3.87
Return on Equity (%)	67.17	54.88	27.27	42.46	17.14
Return on Assets (%)	17.01	19.27	15.66	17.33	11.06
Leverage
Total Debt/Equity (Times)	2.95	1.85	0.74	1.45	0.55
Current Debt/Equity (Times)	2.94	1.85	0.74	1.45	0.55
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	3.95	2.85	1.74	2.45	1.55
Asset Management
Total Assets Turnover (Times)	3.96	3.71	2.67	2.22	2.86
Fixed Assets Turnover (Times)	862.48	498.32	458.19	938.24	370.00
Liquidity
Current Ratio (Times)	1.33	1.53	2.33	1.69	2.80

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 0.48% (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 4.30 per cent in FY11 (FY10: 5.19 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.04 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.05 a year ago.

Liquidity

Current ratio stood at 1.33 times in FY11 (FY10: 1.53 times). This means that the company has SINGAPORE, DOLLARS 1.33 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

FINANCIAL COMMENTARY

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 2.95 times in FY11, compared with 1.85 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 2.95 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 67.17 per cent for Subject in the current financial period, as compared to 54.88 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.

FINANCIAL COMMENTARY

Return on assets stood at 17.01 per cent (FY10: 19.27 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 3.96 times in FY11 (FY10: 3.71 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%)

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