MIRA INFORM REPORT

 

 

Report Date :

07.01.2013

 

IDENTIFICATION DETAILS

 

Name :

ANEWTECH SYSTEMS PTE LTD

 

 

Registered Office :

1026 Tai Seng Avenue #03-3544 Singapore 534413

 

 

Country :

Singapore

 

 

Financials (as on) :

December 2010

 

 

Date of Incorporation :

08.06.1999

 

 

Com. Reg. No.:

199903145E

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of Computers and Peripheral Equipment Nec

 

 

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 :

Slow but correct

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:

ANEWTECH SYSTEMS PTE LTD

199903145E

 

Date Incorporated:

Registered Office:

Telephone Number:

08/06/1999

1026 TAI SENG AVENUE #03-3544 SINGAPORE 534413

6292 0801

Age of Company:

Website:

Industry Type:

14

www.anewtech.net

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

0

2

Payment pattern as per previous month

No. of Charges(s):
2

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

NA

Number that are shareholders

4

No. of Subsidiaries & Associated Companies:

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXECUTIVE SUMMARY

 

Company Name

:

ANEWTECH SYSTEMS PTE LTD

Registration No

:

199903145E

Date of Registration

:

08/06/1999

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1026 TAI SENG AVENUE #03-3544 SINGAPORE 534413

Date of Change of Address

:

20/08/2007

Contact No.

:

6292 0801

Fax No.

:

6292 0831

Website

:

www.anewtech.net

Registered Activities

:

1. MANUFACTURE OF COMPUTERS AND PERIPHERAL EQUIPMENT NEC

2. OTHER INVESTMENT HOLDING COMPANIES

Issued Ordinary Capital*

:

$1,262,500.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,262,500

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,262,500.00 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

:

WU CHIAW CHING & COMPANY

Bankers / Financiers

:

MALAYAN BANKING BERHAD

Turnover

:

SGD - SIN 10,540,312.00 (FY2010)

Net Worth

:

SGD - SIN 2,026,820.00 (FY2010)

No. of Bank Charges

:

2

No. of Litigation Suits

:

0

S1000 / SME 1000 / FG50 Ranking

:

855 POSITION IN SME 1000 Companies Ranked by Sales/Turnover (2010/2011)

1303 POSITION IN SME 1000 Companies Ranked by Sales/Turnover (2009/2010)

698 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2008/2009)

484 POSITION IN SME 500 Companies Ranked by Net Profit (2007/2008)

694 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

10.92% (3 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

TEO CHEE SIONG

SHAREHOLDER ID

:

S1762812G

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

70 HOUGANG AVENUE 7 #06-02 FLORIDA, THE SINGAPORE 538804

NO. OF ORD SHARES

:

420,000

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

POTENCY INC,

SHAREHOLDER ID

:

T07UF1965B

NATIONALITY

:

NA

ADDRESS

:

OFFSHORE CHAMBES, P.O. BOX 217 APIA, SAMOA

NO. OF ORD SHARES

:

400,000

% OF SHAREHOLDING

:

31.7%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LIM LAI KIANG

SHAREHOLDER ID

:

S1674529D

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

31 HOUGANG AVENUE 7 #13-09 SINGAPORE 538800

NO. OF ORD SHARES

:

262,500

% OF SHAREHOLDING

:

20.8%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

CHRISTOPHER GOH WEE MIN

SHAREHOLDER ID

:

S1713397G

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

140 LORONG AH SOO #09-201 SINGAPORE 530140

NO. OF ORD SHARES

:

180,000

% OF SHAREHOLDING

:

14.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

LIM LAI KIANG

ADDRESS

:

31 HOUGANG AVENUE 7 #13-09 SINGAPORE 538800

POSITION

:

DIRECTOR

DATE OF APPT

:

26/10/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1674529D

 

NAME

:

CHRISTOPHER GOH WEE MIN

ADDRESS

:

140 LORONG AH SOO #09-201 SINGAPORE 530140

POSITION

:

DIRECTOR

DATE OF APPT

:

15/03/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1713397G

 

NAME

:

TEO CHEE SIONG

ADDRESS

:

70 HOUGANG AVENUE 7 #06-02 FLORIDA, THE SINGAPORE 538804

POSITION

:

DIRECTOR

DATE OF APPT

:

15/03/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1762812G

 

NAME

:

LING PUI-MIN SUSAN

ADDRESS

:

233 COMPASSVALE WALK #07-474 SINGAPORE 540233

POSITION

:

SECRETARY

DATE OF APPT

:

28/08/2001

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6918356E

 

 

KEY PERSONNEL PROFILE

 

Name:

TEO CHEE SIONG

NRIC Number:

S1762812G

Available Address:

70 HOUGANG AVENUE 7 #06-02 FLORIDA, THE  SINGAPORE 538804

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ANEWTECH SYSTEMS PTE LTD

DIRECTOR

15/03/2000

420000

33.26

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

 

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

H

752

-

2007

30/11/2007

SGD 216,000.00

Negligence Related

M

24074

-

2005

13/10/2005

SGD 3,061.60

Negligence Related

M

19009

-

2005

15/08/2005

SGD 1,373.40

Negligence Related

 

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.

:

C201203100

 

Date of Registration

:

21/03/2012

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

2)

Charge No.

:

C201110886

 

Date of Registration

:

31/08/2011

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

             

 

 

 

 

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available in DP Information Network Pte Ltd database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered by DP Information Network Pte Ltd.

 

To date, there have been 1  litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2013

Past Years

Bef 01 Jan 2013

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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

0

0

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

752

 

Transfer

:

-

 

Date of Filing

:

30/11/2007

 

Amount

:

216,000.00

 

Cause

:

Companies

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LING MANG KHONG STANLEY

 

Last Update Date

:

29/03/2011

 

 

 

COMPLIANCE

 

Date of Last AGM

:

23/05/2012

Date of Last AR

:

18/06/2012

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).

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2010

% Change

DEC 2009

DEC 2008

JUN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

10,540,312

45.14

7,261,988

9,718,084

7,724,363

Profit/(Loss) Before Tax

371,147

NA

(426,211)

67,781

390,853

Profit After Tax attributable to Shareholders

376,177

NA

(434,439)

20,756

364,275

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

3,198,366

-1.39

3,243,441

3,444,766

2,883,295

Current Assets

3,022,774

0.43

3,009,935

3,156,800

2,820,610

Non Current Assets

175,592

-24.80

233,506

287,966

62,685

 

 

 

 

 

 

Total Liabilities

1,171,546

-34.37

1,784,944

1,547,139

1,861,992

Current Liabilities

1,044,730

-34.11

1,585,683

1,490,973

1,801,300

Non Current Liabilities

126,816

-36.36

199,261

56,166

60,692

 

 

 

 

 

 

Shareholders' Funds

2,026,820

38.97

1,458,497

1,897,627

1,021,303

Share Capital

1,175,000

17.50

1,000,000

1,000,000

400,000

Total Reserves

851,820

85.79

458,497

897,627

621,303

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

JUN 2007

Growth %

 

 

 

 

Year-on-Year Growth

45.14

-25.27

25.81

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

3.57

NA

0.21

4.72

Return on Equity (%)

18.56

NA

1.09

35.67

Return on Assets (%)

11.76

NA

0.60

12.63

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

0.58

1.22

0.82

1.82

Current Debt/Equity (Times)

0.52

1.09

0.79

1.76

Long Term Debt To Equity (Times)

0.06

0.14

0.03

0.06

Total Asset To Total Equity (Times)

1.58

2.22

1.82

2.82

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

3.30

2.24

2.82

2.68

Fixed Assets Turnover (Times)

60.03

31.10

33.75

123.23

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

2.89

1.90

2.12

1.57

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

JUN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

9,272,585

47.08

6,304,441

8,792,748

8,013,095

Profit/(Loss) Before Tax

353,270

NA

(382,816)

105,959

300,959

Profit After Tax attributable

 to Shareholders

380,636

NA

(382,816)

71,903

274,381

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

3,096,054

1.68

3,044,764

3,243,493

2,761,697

Current Assets

2,836,366

3.65

2,736,532

2,880,558

2,619,399

Non Current Assets

259,688

-15.75

308,232

362,935

142,298

 

 

 

 

 

 

Total Liabilities

1,082,257

-31.79

1,586,603

1,402,516

1,832,387

Current Liabilities

978,332

-30.89

1,415,684

1,379,996

1,771,695

Non Current Liabilities

103,925

-39.20

170,919

22,520

60,692

 

 

 

 

 

 

Shareholders' Funds

2,013,797

38.11

1,458,161

1,840,977

929,310

Share Capital

1,175,000

17.50

1,000,000

1,000,000

400,000

Total Reserves

838,797

83.08

458,161

840,977

529,310

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

JUN 2007

Growth %

 

 

 

 

Year-on-Year Growth

47.08

-28.30

9.73

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

4.10

-6.07

0.82

3.42

Return on Equity (%)

18.90

-26.25

3.91

29.53

Return on Assets (%)

12.29

-12.57

2.22

9.94

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

0.54

1.09

0.76

1.97

Current Debt/Equity (Times)

0.49

0.97

0.75

1.91

Long Term Debt To Equity (Times)

0.05

0.12

0.01

0.07

Total Asset To Total Equity (Times)

1.54

2.09

1.76

2.97

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

2.99

2.07

2.71

2.90

Fixed Assets Turnover (Times)

35.71

20.45

24.23

56.31

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

2.90

1.93

2.09

1.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 10.92% (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

The group yielded a rate of net profit on sales of 3.57 per cent in FY10. The group is now able to book in SGD - SIN 0.04 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 2.89 times in FY10 (FY09: 1.90 times). This means that the group has SGD - SIN 2.89 of current assets for every SGD - SIN 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 0.58 times in FY10, as compared with 1.22 times in FY09. This means that the group requires additional external financing of SGD - SIN 0.58 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

 

Return on equity was 18.56 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 11.76 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 3.30 times in FY10 (FY09: 2.24 times). This ratio measures the group'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.54.84

UK Pound

1

Rs.88.16

Euro

1

Rs.71.54

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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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