MIRA INFORM REPORT
|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
HERMAN MILLER ASIA (PTE) LTD |
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Registered Office : |
3 Anson Road #10-01 Springleaf Tower Singapore 079909 |
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Country : |
Singapore |
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Financials (as on) : |
May 2011 |
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Date of Incorporation : |
17.02.1982 |
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Com. Reg. No.: |
198200617C |
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Legal Form : |
Limited Private Company |
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Line of Business : |
General wholesale trade (including general importers and exporters) |
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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 : |
Good |
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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 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 |
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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 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.
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Source : CIA |
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Company Name: |
Registered Number: |
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HERMAN MILLER ASIA (PTE) LTD |
198200617C |
|
Date Incorporated: |
Registered Office: |
Telephone Number: |
|
17/02/1982 |
3 ANSON ROAD #10-01 SPRINGLEAF TOWER SINGAPORE 079909 |
6327 5488 |
|
Age of Company: |
Website: |
Industry Type: |
|
31 |
NA |
COMMERCE-WHOLESALE |
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Risk Dashboard |
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Days Beyond
Terms |
Trend: |
No. of
Litigation Counts: |
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Company DTC: |
NA |
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|
NA |
||
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The entity is
paying current to the creditors |
No. of
Charges(s): |
|
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Industry DTC |
|
|
|
37 |
||
%20LTD%20-%20224893%2011-Jun-2013_files/image001.jpg)
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Directors |
|
Corporate Structure |
||
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Number of
Current Directors |
2 |
Holding Company: |
HERMAN MILLER INC |
|
|
Number that are
shareholders |
1 |
No. of
Subsidiaries & Associated Companies: |
NA |
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EXECUTIVE SUMMARY
|
: |
HERMAN MILLER ASIA (PTE)
LTD |
|
|
Registration No` |
: |
198200617C |
|
Date of Registration |
: |
17/02/1982 |
|
Former Name |
: |
NA |
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Date of Change of Name |
: |
NA |
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Type of Company |
: |
LIMITED PRIVATE COMPANY |
|
Registered Address |
: |
3 ANSON ROAD #10-01
SPRINGLEAF TOWER SINGAPORE 079909 |
|
Date of Change of Address |
: |
18/10/2004 |
|
Contact No. |
: |
6327 5488 |
|
Fax No. |
: |
6223 1120 |
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Website |
: |
NA |
|
Registered Activities |
: |
GENERAL WHOLESALE TRADE
(INCLUDING GENERAL IMPORTERS AND EXPORTERS) |
|
Issued Ordinary Capital* |
: |
$250,000.00 SINGAPORE, DOLLARS
,NO. OF SHARE : 250,000 |
|
Issued Preference Capital |
: |
NA |
|
Paid-Up Ordinary Capital |
: |
$250,000.00 SINGAPORE,
DOLLARS |
|
Paid-Up Preference
Capital |
: |
NA |
|
* Number of Shares
includes number of Issued Treasury Shares |
||
|
Issued Treasury Capital |
: |
NA |
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Paid-Up Treasury Capital |
: |
NA |
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No. of Local Subsidiaries |
: |
NA |
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No. of Local Associates |
: |
NA |
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Auditor |
: |
PKF-CAP LLP |
|
Bankers / Financiers |
: |
NA |
|
Turnover |
: |
SGD - SIN 49,207,608.00
(FY2011) |
|
Net Worth |
: |
SGD - SIN 5,599,554.00
(FY2011) |
|
No. of Bank Charges |
: |
NA |
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No. of Litigation Suits |
: |
NA |
|
S1000 / SME 1000 / FG50
Ranking |
: |
|
|
Compounded Annual Growth
Rate (CAGR) |
: |
98.55% (4
years) |
SHAREHOLDER DETAILS
|
: |
HERMAN MILLER INC |
|
|
SHAREHOLDER ID |
: |
S82UF0250G |
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NATIONALITY |
: |
UNITED STATES |
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ADDRESS |
: |
8500 BRYON ROAD ZEELAND MICHIGAN 49464 U.S.A. |
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NO. OF ORD SHARES |
: |
250,000 |
|
% OF SHAREHOLDING |
: |
100% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
JAMES
EDWARD CHRISTENSON |
|
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ADDRESS |
: |
915
SAN JOSE DRIVE SE GRAND RAPIDS MI 49506 USA |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
15/05/1992 |
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NATIONALITY |
: |
AMERICAN |
|
I/C PASSPORT |
: |
157478540 |
|
|
||
|
NAME |
: |
YAN
FOONG YEE |
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ADDRESS |
: |
120A
KIM TIAN PLACE #23-50 SINGAPORE 161120 |
|
POSITION |
: |
DIRECTOR SECRETARY |
|
DATE OF APPT |
: |
11/06/2002 18/10/2004 |
|
NATIONALITY |
: |
SINGAPORE
CITIZEN |
|
I/C PASSPORT |
: |
S1565804E |
KEY PERSONNEL PROFILE
|
JAMES EDWARD CHRISTENSON |
|
|
NRIC Number: |
157478540 |
|
Available Address: |
915 SAN JOSE DRIVE SE GRAND
RAPIDS MI 49506 USA |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
HERMAN MILLER ASIA (PTE) LTD |
DIRECTOR |
15/05/1992 |
- |
NA |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known Inactive Date |
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Bankruptcy Record
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Case
No. |
Year |
Date
of Filing |
Petitioner
Name |
Amount |
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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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BANKERS/ FINANCIERS
Subject enjoys a normal banking routine with its bankers. To
date, there are no bank charges registered against Subject by its bankers.
LITIGATION
Clear
COMPLIANCE
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
19/04/2013 |
|
Date of A/C Laid At Last AGM |
: |
31/05/2012 |
COMPLIANCE RATING FOR ANNUAL FILING
%20LTD%20-%20224893%2011-Jun-2013_files/image008.gif){kind=small}
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 |
||||||
|
|
MAY 2011 |
% Change |
MAY 2010 |
MAY 2009 |
MAY 2008 |
MAY 2007 |
|
Currency |
SGD - SIN |
|
SGD - SIN |
SGD - SIN |
SGD - SIN |
SGD - SIN |
|
Profit and Loss Key Figures |
|
|
|
|
|
|
|
49,207,608 |
54.49 |
31,851,801 |
19,482,860 |
2,951,643 |
3,166,412 |
|
|
Profit/(Loss) Before Tax |
4,942,776 |
NA |
(2,213,295) |
2,235,441 |
(76,856) |
409,710 |
|
Profit After Tax attributable to
Shareholders |
4,433,358 |
NA |
(2,169,595) |
1,852,975 |
(76,748) |
328,818 |
|
|
|
|
|
|
|
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Balance Sheet Key Figures |
|
|
|
|
|
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Total Assets |
12,251,284 |
7.91 |
11,352,880 |
11,928,560 |
2,388,907 |
2,042,520 |
|
Current Assets |
12,116,269 |
8.70 |
11,146,288 |
11,633,917 |
2,366,647 |
1,998,811 |
|
Non Current Assets |
135,015 |
-34.65 |
206,592 |
294,643 |
22,260 |
43,709 |
|
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|
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Total Liabilities |
6,651,730 |
-34.06 |
10,087,598 |
8,377,630 |
632,918 |
306,075 |
|
Current Liabilities |
6,651,730 |
-34.06 |
10,087,598 |
8,365,952 |
632,918 |
306,075 |
|
Non Current Liabilities |
0 |
NA |
0 |
11,678 |
0 |
0 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
5,599,554 |
342.55 |
1,265,283 |
3,550,929 |
1,755,989 |
1,736,445 |
|
Share Capital |
195,225 |
-7.83 |
211,812 |
218,969 |
216,573 |
250,000 |
|
Total Reserves |
5,404,329 |
413.00 |
1,053,471 |
3,331,960 |
1,539,416 |
1,486,445 |
FINANCIAL RATIOS
|
|
|||||
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|
MAY
2011 |
MAY
2010 |
MAY
2009 |
MAY
2008 |
MAY
2007 |
|
Growth % |
|
|
|
|
|
|
54.49 |
63.49 |
560.07 |
-6.78 |
NA |
|
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Profitability |
|
|
|
|
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|
Profit Margin (%) |
9.01 |
-6.81 |
9.51 |
-2.60 |
10.38 |
|
Return on Equity (%) |
79.17 |
-171.47 |
52.18 |
-4.37 |
18.94 |
|
Return on Assets (%) |
36.19 |
-19.11 |
15.53 |
-3.21 |
16.10 |
|
|
|
|
|
|
|
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Leverage |
|
|
|
|
|
|
Total Debt/Equity (Times) |
1.19 |
7.97 |
2.36 |
0.36 |
0.18 |
|
Current Debt/Equity (Times) |
1.19 |
7.97 |
2.36 |
0.36 |
0.18 |
|
Long Term Debt To Equity (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Asset To Total Equity (Times) |
2.19 |
8.97 |
3.36 |
1.36 |
1.18 |
|
|
|
|
|
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Asset Management |
|
|
|
|
|
|
Total Assets Turnover (Times) |
4.02 |
2.81 |
1.63 |
1.24 |
1.55 |
|
Fixed Assets Turnover (Times) |
364.46 |
154.18 |
66.12 |
132.60 |
72.44 |
|
|
|
|
|
|
|
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Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
1.82 |
1.10 |
1.39 |
3.74 |
6.53 |
FINANCIAL COMMENTARY
Compound
Annual Growth Rate
The company's CAGR is 98.55% (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
%20LTD%20-%20224893%2011-Jun-2013_files/image009.gif)
The company yielded a rate of
net profit on sales of 9.01 per cent in FY11. The company is now able to book
in SGD - SIN 0.09 of profit for every SGD - SIN of sales.
Liquidity
%20LTD%20-%20224893%2011-Jun-2013_files/image010.gif)
Current ratio stood at 1.82 times in FY11
(FY10: 1.10 times). This means that the company has SGD - SIN 1.82 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
%20LTD%20-%20224893%2011-Jun-2013_files/image011.gif)
Total debt-to-equity ratio notched
1.19 times in FY11, as compared with 7.97 times in FY10. This means that the
company requires additional external financing of SGD - SIN 1.19 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
%20LTD%20-%20224893%2011-Jun-2013_files/image012.gif)
Return on equity was 79.17 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 36.19 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 4.02 times in FY11 (FY10: 2.81
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.57.78 |
|
UK Pound |
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.