MIRA INFORM REPORT
|
Report Date : |
24.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
BRIGHTSTAR LOGISTICS PTE. LTD. |
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Registered Office : |
8 Marina Boulevard #05-02 Marina Bay Financial Centre Singapore 018981 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.02.2005 |
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Com. Reg. No.: |
200502127E |
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Legal Form : |
Limited Private Company |
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line of business
: |
Other Investment Holding Companies Investment Holding Company |
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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 |
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Status : |
Moderate |
|
Payment Behaviour : |
Slow |
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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 |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
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Company Name: |
Registered
Number: |
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BRIGHTSTAR LOGISTICS PTE. LTD. |
200502127E |
|
Date Incorporated: |
Registered Office: |
Telephone Number: |
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17/02/2005 |
|
6223 9171 |
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Age of Company: |
Website: |
Industry Type: |
|
7 |
NA |
COMMERCE-WHOLESALE |
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Credit Assessment |
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Risk Dashboard |
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Risk & Rating |
Days Beyond Terms |
Trend: |
No. of Litigation Counts: |
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Credit Limit: |
Company DTC: |
NA |
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No Recommendation |
NA |
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The entity is paying current to the creditors |
No. of Charges(s): |
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Industry DTC |
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24 |
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Directors |
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Corporate Structure |
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Number of Current Directors |
5 |
Holding Company: |
WDC LIMITED PARTNERSHIP |
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Number that are shareholders |
2 |
No. of Subsidiaries & Associated Companies: |
4 |
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EXECUTIVE SUMMARY
|
: |
BRIGHTSTAR LOGISTICS PTE. LTD. |
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Registration No |
: |
200502127E |
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Date of Registration |
: |
17/02/2005 |
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Former Name |
: |
NA |
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Date of Change of Name |
: |
NA |
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Type of Company |
: |
LIMITED PRIVATE COMPANY |
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Registered Address |
: |
8 MARINA BOULEVARD #05-02 MARINA BAY FINANCIAL CENTRE SINGAPORE 018981 |
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Date of Change of Address |
: |
01/10/2010 |
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Contact No. |
: |
6223 9171 |
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Fax No. |
: |
6273 3650 |
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Website |
: |
NA |
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Registered Activities |
: |
1. OTHER INVESTMENT HOLDING COMPANIES INVESTMENT HOLDING COMPANY 2. VALUE ADDED LOGISTICS PROVIDERS THIRD PARTY LOGISTICS AND FULFILLMENT SERVICES |
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Issued Ordinary Capital* |
: |
$46,340,047.94 SINGAPORE, DOLLARS ,NO. OF SHARE : 457,143 |
|
Issued Preference Capital |
: |
NA |
|
Paid-Up Ordinary Capital |
: |
$46,340,047.94 SINGAPORE, DOLLARS |
|
Paid-Up Preference Capital |
: |
NA |
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* Number of Shares includes number of Issued Treasury Shares |
||
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Issued Treasury Capital |
: |
NA |
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Paid-Up Treasury Capital |
: |
NA |
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No. of Local Subsidiaries |
: |
4 |
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No. of Local Associates |
: |
NA |
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Auditor |
: |
KPMG LLP |
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Bankers / Financiers |
: |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED HSBC BANK PLC |
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Turnover |
: |
SGD - SIN 106,078,627.00 (FY2010) |
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Net Worth |
: |
SGD - SIN 13,618,386.00 (FY2010) |
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No. of Bank Charges |
: |
2 |
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No. of Litigation Suits |
: |
NA |
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S1000 / SME 1000 / FG50 Ranking |
: |
|
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Compounded Annual Growth Rate (CAGR) |
: |
NA |
SHAREHOLDER DETAILS
|
: |
WDC LIMITED PARTNERSHIP |
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SHAREHOLDER ID |
: |
T07UF1307G |
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NATIONALITY |
: |
BERMUDA |
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ADDRESS |
: |
MILNER HOUSE 18 PARLIAMENT STREET HAMILTON HM 11 BERMUDA |
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NO. OF ORD SHARES |
: |
320,000 |
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% OF SHAREHOLDING |
: |
70% |
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CURRENCY |
: |
SINGAPORE, DOLLARS |
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||
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NAME |
: |
BRIGHTSTAR CORP. |
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SHAREHOLDER ID |
: |
T08UF7843D |
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NATIONALITY |
: |
UNITED STATES |
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ADDRESS |
: |
2010 NW 84TH AVENUE MIAMI FL 33122 USA, UNITED STATES |
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NO. OF ORD SHARES |
: |
137,143 |
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% OF SHAREHOLDING |
: |
30% |
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CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
OSCAR JUAN FUMAGALI |
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ADDRESS |
: |
955 SW 21ST WAY, BOCA RATON, FLORIDA 33486, UNITED STATES OF AMERICA |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
06/06/2012 |
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NATIONALITY |
: |
AMERICAN |
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I/C PASSPORT |
: |
209608825 |
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NAME |
: |
NORMAN ALAN BEAN |
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ADDRESS |
: |
139 TAYLORS ROAD, SKYE, VIC, 3977, AUSTRALIA |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
19/05/2011 |
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NATIONALITY |
: |
BRITISH |
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I/C PASSPORT |
: |
706874716 |
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NAME |
: |
RUSSELL HOWARD COHEN |
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ADDRESS |
: |
5B RIDLEY PARK #02-06 TANGLIN PARK SINGAPORE 248478 |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
06/06/2012 |
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NATIONALITY |
: |
AUSTRALIAN |
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I/C PASSPORT |
: |
G5262668X |
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NAME |
: |
ANTHONY ANNE CATHARINE |
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ADDRESS |
: |
8 LORONG 29 GEYLANG #07-06 SINGAPORE 388064 |
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POSITION |
: |
SECRETARY |
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DATE OF APPT |
: |
03/05/2010 |
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NATIONALITY |
: |
SINGAPORE CITIZEN |
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I/C PASSPORT |
: |
S1347717E |
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NAME |
: |
KOH MAY EE, CINDY (XU MEIYI) |
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ADDRESS |
: |
232 WESTWOOD AVENUE #07-31 FLORAVALE, THE SINGAPORE 648360 |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
03/05/2010 |
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NATIONALITY |
: |
SINGAPORE CITIZEN |
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I/C PASSPORT |
: |
S7710011C |
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||
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NAME |
: |
ARTURO ALEJANDRO OSORIO RODRIGUEZ |
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ADDRESS |
: |
46 BRIDGE STREET HAMPTON VICTORIA 3188 AUSTRALIA |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
04/12/2009 |
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NATIONALITY |
: |
SPANISH |
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I/C PASSPORT |
: |
XD200078 |
KEY PERSONNEL PROFILE
|
ARTURO ALEJANDRO OSORIO
RODRIGUEZ |
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NRIC Number: |
XD200078 |
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Available Address: |
46 BRIDGE STREET HAMPTON
VICTORIA 3188 AUSTRALIA |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
BRIGHTSTAR LOGISTICS PTE. LTD. |
DIRECTOR |
04/12/2009 |
- |
- |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known Inactive Date |
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Bankruptcy Record
(Status include petition filed, order made, discharge, annulment, set
aside, rescinded and withdrawn)
|
Case No. |
Year |
Date of Filing |
Petitioner Name |
Amount |
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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 |
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SUBSIDIARIES AND ASSOCIATE COMPANIES
|
Company |
Shareholdings (%) |
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|
100 |
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BRIGHTSTAR LOGISTICS PHILIPPINES PTE. LTD. |
100 |
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BRIGHTSTAR LOGISTICS PHILIPPINES PTE. LTD. |
100BRIGHTSTAR LOGISTICS PHILIPPINES PTE. LTD. |
|
100 |
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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:
|
Charge No. |
: |
C201202493 |
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Date of Registration |
: |
06/03/2012 |
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Chargee |
: |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
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Amount Secured and Currency |
: |
All Monies |
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Address |
: |
--- |
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2) |
Charge No. |
: |
C200904533 |
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Date of Registration |
: |
22/07/2009 |
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Chargee |
: |
HSBC BANK PLC |
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Amount Secured and Currency |
: |
All Monies |
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Address |
: |
--- |
LITIGATION
Clear
COMPLIANCE
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Date of Last AGM |
: |
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Date of Last AR |
: |
21/11/2011 |
|
Date of A/C Laid At Last AGM |
: |
31/12/2010 |
COMPLIANCE RATING FOR ANNUAL FILING
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 |
||||||
|
|
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 |
|
|
|
|
|
|
|
106,078,627 |
288.28 |
27,320,122 |
84,341,031 |
176,918,126 |
168,615,973 |
|
|
Profit/(Loss) Before Tax |
(5,689,296) |
NA |
(4,120,937) |
(13,542,538) |
(6,040,520) |
(131,495) |
|
Profit After Tax attributable to Shareholders |
(5,693,378) |
NA |
(4,119,482) |
(13,542,538) |
(6,054,044) |
(131,495) |
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Balance Sheet Key Figures |
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Total Assets |
63,366,046 |
124.87 |
28,178,651 |
35,153,032 |
47,855,347 |
104,386,295 |
|
Current Assets |
53,318,268 |
169.09 |
19,814,546 |
27,872,401 |
46,222,002 |
103,134,717 |
|
Non Current Assets |
10,047,778 |
20.13 |
8,364,105 |
7,280,631 |
1,633,345 |
1,251,578 |
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|
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Total Liabilities |
49,747,659 |
560.89 |
7,527,403 |
11,134,004 |
7,854,179 |
104,200,936 |
|
Current Liabilities |
49,747,659 |
560.89 |
7,527,403 |
11,134,004 |
7,854,179 |
104,200,936 |
|
Non Current Liabilities |
0 |
NA |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
13,618,386 |
-34.06 |
20,651,248 |
24,019,027 |
40,001,167 |
185,360 |
|
Share Capital |
40,493,199 |
-6.49 |
43,301,848 |
41,987,794 |
44,714,877 |
316,855 |
|
Total Reserves |
(26,874,813) |
NA |
(22,650,600) |
(17,968,767) |
(4,713,710) |
(131,495) |
|
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|
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FINANCIAL RATIOS
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|
DEC 2010 |
DEC 2009 |
DEC 2008 |
DEC 2007 |
DEC 2006 |
|
Growth % |
|
|
|
|
|
|
288.28 |
-67.61 |
-52.33 |
4.92 |
NA |
|
|
|
|
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Profitability |
|
|
|
|
|
|
Profit Margin (%) |
-5.37 |
-15.08 |
-16.06 |
-3.42 |
-0.08 |
|
Return on Equity (%) |
-41.81 |
-19.95 |
-56.38 |
-15.13 |
-70.94 |
|
Return on Assets (%) |
-8.98 |
-14.62 |
-38.52 |
-12.65 |
-0.13 |
|
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|
|
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Leverage |
|
|
|
|
|
|
Total Debt/Equity (Times) |
3.65 |
0.36 |
0.46 |
0.20 |
562.15 |
|
Current Debt/Equity (Times) |
3.65 |
0.36 |
0.46 |
0.20 |
562.15 |
|
Long Term Debt To Equity (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Asset To Total Equity (Times) |
4.65 |
1.36 |
1.46 |
1.20 |
563.15 |
|
|
|
|
|
|
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|
Asset Management |
|
|
|
|
|
|
Total Assets Turnover (Times) |
1.67 |
0.97 |
2.40 |
3.70 |
1.62 |
|
Fixed Assets Turnover (Times) |
10.56 |
3.27 |
11.58 |
108.32 |
134.72 |
|
|
|
|
|
|
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Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
1.07 |
2.63 |
2.50 |
5.89 |
0.99 |
|
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FINANCIAL COMMENTARY
Profitability
We are unable to comment on Subject's
profitability.
Liquidity
Current ratio stood at 1.07 times in FY10
(FY09: 2.63 times). This means that the company has SGD - SIN 1.07 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 3.65
times in FY10, compared with 0.36 times in FY09. This means that the company
requires additional external financing of SGD - SIN 3.65 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 1.67 times in FY10 (FY09: 0.97
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.53.91 |
|
UK Pound |
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.