MIRA INFORM REPORT

 

 

Report Date :

12.07.2013

 

IDENTIFICATION DETAILS

 

Name :

ASEC ASIA PTE LTD

 

 

Registered Office :

80 Genting Lane #08-10 Ruby Industrial Complex Singapore 349565

 

 

Country :

Singapore

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

30.06.1981

 

 

Com. Reg. No.:

198103033C

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

·         Business and management consultancy services

Importers, exporters, maintenance chemicals and electrical component

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

           

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate  

 

 

Payment Behaviour :

Slow but Correct 

 

 

Litigation :

Exists

 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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:

ASEC ASIA PTE LTD

198103033C

 

Date Incorporated:

Registered Office:

Telephone Number:

30/06/1981

80 GENTING LANE #08-10 RUBY INDUSTRIAL COMPLEX SINGAPORE 349565

6383 4368

Age of Company:

Website:

Industry Type:

32

www.asec.com.sg

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

1

NA

The entity is paying current to the creditors

No. of Charges(s):
4

Industry DTC

 

23

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

NA

Number that are shareholders

5

No. of Subsidiaries & Associated Companies:

2

 

 

EXECUTIVE SUMMARY

 

Company Name

:

ASEC ASIA PTE LTD

Registration No

:

198103033C

Date of Registration

:

30/06/1981

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Operating Address

:

No. 1, Upper Aljunied Link No. 08-02 Joo Seng Warehouse Block A, Singapore 367901

Registered Address

:

80 GENTING LANE #08-10 RUBY INDUSTRIAL COMPLEX SINGAPORE 349565

Date of Change of Address

:

01/02/2013

Contact No.

:

6383 4368

Fax No.

:

6383 4369

Website

:

www.asec.com.sg

Registered Activities

:

1. BUSINESS AND MANAGEMENT CONSULTANCY SERVICES

IMPORTERS,EXPORTERS,MAINTENANCE CHEMICALS AND ELECTRICAL COMPONENT

2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$1,035,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,020,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,035,000.00 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

:

2

Auditor

:

NSC & ASSOCIATES PAC

Bankers / Financiers

:

DBS BANK LTD.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

STANDARD CHARTERED BANK

OVERSEA-CHINESE BANKING CORPORATION LIMITED

Turnover

:

SINGAPORE, DOLLARS 6,290,170.00 (FY2012)

Net Worth

:

SINGAPORE, DOLLARS 2,916,995.00 (FY2012)

No. of Bank Charges

:

4

No. of Litigation Suits

:

1

S1000 / SME 1000 / FG50 Ranking

:

1286 POSITION IN SME 1000 Companies Ranked by Sales/Turnover (2011/2012)

1189 POSITION IN SME 1000 Companies Ranked by Sales/Turnover (2010/2011)

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

Compounded Annual Growth Rate (CAGR)

:

1.02% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

METTO INVESTMENT PTE. LTD.

SHAREHOLDER ID

:

199704271D

NATIONALITY

:

SINGAPORE

ADDRESS

:

185 KAKI BUKIT AVENUE 1 SHUN LI INDUSTRIAL PARK SINGAPORE 416027

NO. OF ORD SHARES

:

320,000

% OF SHAREHOLDING

:

31.4%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

CHONG YEE SHEN

SHAREHOLDER ID

:

S1355423D

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

146 BEDOK RESERVOIR ROAD #07-1641 SINGAPORE 470146

NO. OF ORD SHARES

:

320,000

% OF SHAREHOLDING

:

31.4%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LEONG TAR BOON (LIANG DAWEN)

SHAREHOLDER ID

:

S7401326J

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

263 SERANGOON CENTRAL DRIVE #02-43 SINGAPORE 550263

NO. OF ORD SHARES

:

220,000

% OF SHAREHOLDING

:

21.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

CHIA GUEK LUAN

SHAREHOLDER ID

:

S1427119H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

494C TAMPINES STREET 43 #06-342 SINGAPORE 522494

NO. OF ORD SHARES

:

140,000

% OF SHAREHOLDING

:

13.7%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

TAN YUET CHOON SHIRLEY

SHAREHOLDER ID

:

S7122729D

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

510 EAST COAST ROAD #04-01 COASTARINA SINGAPORE 459135

NO. OF ORD SHARES

:

20,000

% OF SHAREHOLDING

:

2%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CHEW HOCK SOON

ADDRESS

:

406 BEDOK NORTH AVENUE 3 #02-189 SINGAPORE 460406

POSITION

:

DIRECTOR

DATE OF APPT

:

15/12/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1353699F

 

NAME

:

CHONG YEE SHEN

ADDRESS

:

146 BEDOK RESERVOIR ROAD #07-1641 SINGAPORE 470146

POSITION

:

DIRECTOR

DATE OF APPT

:

31/12/1990

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1355423D

 

NAME

:

CHIA GUEK LUAN

ADDRESS

:

494C TAMPINES STREET 43 #06-342 SINGAPORE 522494

POSITION

:

DIRECTOR

DATE OF APPT

:

13/06/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1427119H

 

NAME

:

LEONG TAR BOON (LIANG DAWEN)

ADDRESS

:

263 SERANGOON CENTRAL DRIVE #02-43 SINGAPORE 550263

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7401326J

 

NAME

:

LIN QIN

ADDRESS

:

506 CHOA CHU KANG STREET 51 #06-201 SINGAPORE 680506

POSITION

:

SECRETARY

DATE OF APPT

:

01/06/2012

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S8379436D

 

 

KEY PERSONNEL PROFILE

 

Name:

CHONG YEE SHEN

NRIC Number:

S1355423D

Available Address:

146 BEDOK RESERVOIR ROAD #07-1641  SINGAPORE 470146

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

ABO SINGAPORE PTE. LTD.

DIRECTOR

26/06/2013

-

NA

2

ASEC ASIA PTE LTD

DIRECTOR

31/12/1990

320000

31.37

3

ASEC INDUSTRIES PTE. LTD.

DIRECTOR

16/10/2008

-

NA

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

BJ LOGISTICS (S) PTE LTD

STRUCK OFF

DIRECTOR

28/04/1999

15/07/1999

2

BJ LOGISTICS (S) PTE LTD

STRUCK OFF

SHAREHOLDER

-

24/03/2003

3

ENVO FILTERS

TERMINATION

MANAGER

21/07/1997

30/12/1999

4

ENVO FILTERS

TERMINATION

OWNER

21/07/1997

30/12/1999

5

ESSENTIAL IT CONSULTANCY SERVICES PTE. LTD.

STRUCK OFF

DIRECTOR

15/03/1989

13/04/2012

6

JAYWELL ENTERPRISES

TERMINATION

MANAGER

05/11/1988

23/10/1989

7

JAYWELL ENTERPRISES

TERMINATION

OWNER

25/01/1988

23/10/1989

8

JOO HONG TRADING & SERVICES

TERMINATION

MANAGER

16/11/1987

15/11/1988

9

JOO HONG TRADING & SERVICES

TERMINATION

OWNER

16/11/1987

15/11/1988

10

L X TRADING COMPANY

LIVE

OWNER

08/08/1989

24/10/1989

11

ROY ENGINEERING WORKS

TERMINATION

MANAGER

03/12/1986

24/10/1987

12

ROY ENGINEERING WORKS

TERMINATION

OWNER

03/12/1986

24/10/1987

 

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

No Trace

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

ASEC INDUSTRIES PTE. LTD.

40

ABO SINGAPORE PTE. LTD.

25

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 4 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201106240

 

Date of Registration

:

24/05/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

2)

Charge No.

:

C200605663

 

Date of Registration

:

24/08/2006

 

Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C200601814

 

Date of Registration

:

21/03/2006

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

4)

Charge No.

:

C200507370

 

Date of Registration

:

28/11/2005

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

LITIGATION

 

there has been 1 litigation suit 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

1

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

0

0

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

396

 

Transfer

:

-

 

Date of Filing

:

07/01/2008

 

Amount

:

6,834.60

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

TMS ALLIANCES PTE LTD

 

Last Update Date

:

23/06/2008

 

 

COMPLIANCE

 

Date of Last AGM

:

31/05/2013

Date of Last AR

:

18/06/2013

Date of A/C Laid At Last AGM

:

31/12/2012
 

 

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 2012

% Change

DEC 2011

DEC 2010

DEC 2009

DEC 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

6,290,170

-17.97

7,668,484

6,933,974

5,773,861

6,038,759

Profit/(Loss) Before Tax

380,726

12.79

337,544

289,196

213,437

105,193

Profit After Tax attributable

 to Shareholders

365,411

17.41

311,230

272,996

199,837

89,918

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

6,041,822

6.29

5,684,326

5,502,160

5,226,858

3,932,011

Current Assets

5,773,053

4.65

5,516,780

5,401,441

5,130,745

3,894,274

Non Current Assets

268,769

60.42

167,546

100,719

96,113

37,737

 

 

 

 

 

 

 

Total Liabilities

3,124,827

-0.25

3,132,742

3,261,806

3,259,500

2,164,490

Current Liabilities

3,115,774

4.20

2,990,198

2,991,578

2,829,565

2,161,690

Non Current Liabilities

9,053

-93.65

142,544

270,228

429,935

2,800

 

 

 

 

 

 

 

Shareholders' Funds

2,916,995

14.32

2,551,584

2,240,354

1,967,358

1,767,521

Share Capital

1,023,800

0.00

1,023,800

1,023,800

1,023,800

1,023,800

Total Reserves

1,893,195

23.92

1,527,784

1,216,554

943,558

743,721

 

 

 

 

 

 

 

 

* Subject appears to have increased its share capital to $1,035,000.00 as at report date.

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2012

DEC 2011

DEC 2010

DEC 2009

DEC 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

-17.97

10.59

20.09

-4.39

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

5.81

4.06

3.94

3.46

1.49

Return on Equity (%)

12.53

12.20

12.19

10.16

5.09

Return on Assets (%)

6.05

5.48

4.96

3.82

2.29

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.07

1.23

1.46

1.66

1.22

Current Debt/Equity (Times)

1.07

1.17

1.34

1.44

1.22

Long Term Debt To Equity (Times)

0.00

0.06

0.12

0.22

0.00

Total Asset To Total Equity (Times)

2.07

2.23

2.46

2.66

2.22

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.04

1.35

1.26

1.10

1.54

Fixed Assets Turnover (Times)

23.40

45.77

68.84

60.07

160.02

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.85

1.84

1.81

1.81

1.80

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 1.02% (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 5.81 per cent in FY12 (FY11: 4.06 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.06 of profit for every SINGAPORE, DOLLARS of sales in FY12, as compared with SINGAPORE, DOLLARS 0.04 a year ago.

 

Liquidity

 

Current ratio stood at 1.85 times in FY12 (FY11: 1.84 times). This means that the company has SINGAPORE, DOLLARS 1.85 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

Total debt-to-equity ratio notched 1.07 times in FY12, compared with 1.23 times in FY11. This means that the company requires additional external financing of SINGAPORE, DOLLARS 1.07 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 12.53 per cent for Subject in the current financial period, as compared to 12.20 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.

 

Return on assets stood at 6.05 per cent (FY11: 5.48 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 1.04 times in FY12 (FY11: 1.35 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.59.64

UK Pound

1

Rs.90.14

Euro

1

Rs.77.99

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.