MIRA INFORM REPORT

 

 

Report Date :

12.06.2013

 

IDENTIFICATION DETAILS

 

Name :

SERRANO HOLDINGS PTE LTD

 

 

Registered Office :

49 Sungei Kadut Loop Singapore 729492

 

 

Country :

Singapore

 

 

Financials (as on) :

December 2011

 

 

Date of Incorporation :

09.02.1993

 

 

Com. Reg. No.:

199300724E

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

·         Manufacture of furniture and fixtures of wood (including upholstery)

·         Investment holding, non-bldg constrn  wholesales & manufacturing of furniture.

·         Bank/financial holding companies

·         Investment companies

 

 

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

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

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:

SERRANO HOLDINGS PTE LTD

199300724E

 

Date Incorporated:

Registered Office:

Telephone Number:

09/02/1993

49 SUNGEI KADUT LOOP SINGAPORE 729492

6269 2780

Age of Company:

Website:

Industry Type:

20

NA

MANUFACTURING

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

3

22

up

Worse off than last month;last month the entity took 7 days to pay

No. of Charges(s):
16

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

5

Holding Company:

NA

Number that are shareholders

7

No. of Subsidiaries & Associated Companies:

4

 

 

EXECUTIVE SUMMARY

 

Company Name

:

SERRANO HOLDINGS PTE LTD

Registration No

:

199300724E

Date of Registration

:

09/02/1993

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

49 SUNGEI KADUT LOOP SINGAPORE 729492

Date of Change of Address

:

28/12/2007

Contact No.

:

6269 2780

Fax No.

:

6269 2782

Website

:

NA

Registered Activities

:

1. MANUFACTURE OF FURNITURE AND FIXTURES OF WOOD (INCLUDING UPHOLSTERY)

INVESTMENT HOLDING, NON-BLDG CONSTRN  WHOLESALES & MANUFACTURING OF FURNITURE.

2. BANK/FINANCIAL HOLDING COMPANIES

INVESTMENT COMPANIES

Issued Ordinary Capital*

:

$7,550,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 7,550,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$7,550,000.00 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

:

3

No. of Local Associates

:

1

Auditor

:

BDO LLP

Bankers / Financiers

:

UNITED OVERSEAS BANK LIMITED

THE BANK OF EAST ASIA LIMITED

MALAYAN BANKING BERHAD

Turnover

:

SGD - SIN 63,492,963.00 (FY2011)

Net Worth

:

SGD - SIN 10,267,592.00 (FY2011)

No. of Bank Charges

:

16

No. of Litigation Suits

:

3

S1000 / SME 1000 / FG50 Ranking

:

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

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

695 POSITION IN SME 1000 Companies Ranked by Net Profit (2010/2011)

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

Compounded Annual Growth Rate (CAGR)

:

21.1% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

WAH HENG DESIGN CORPORATION PTE LTD

SHAREHOLDER ID

:

198404046N

NATIONALITY

:

SINGAPORE

ADDRESS

:

49 SUNGEI KADUT LOOP SINGAPORE 729492

NO. OF ORD SHARES

:

3,090,000

% OF SHAREHOLDING

:

40.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

SI IMPORT & EXPORT PTE. LTD.

SHAREHOLDER ID

:

200705072R

NATIONALITY

:

SINGAPORE

ADDRESS

:

31 BUKIT BATOK CRESCENT #01-48 SPLENDOUR, THE SINGAPORE 658070

NO. OF ORD SHARES

:

1,480,000

% OF SHAREHOLDING

:

19.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

CHEN QINGLIAO

SHAREHOLDER ID

:

G00803120

NATIONALITY

:

CHINESE

ADDRESS

:

SHENZHEN ARCOBALENO METAL FACTORY NEW INDUSTRIAL ZONE, DANZHUTOU BUJI, SHENZHEN

NO. OF ORD SHARES

:

971,000

% OF SHAREHOLDING

:

12.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LUONG RONNY

SHAREHOLDER ID

:

205752991

NATIONALITY

:

AMERICAN

ADDRESS

:

1720 ARLAND AVE, SOUTH SAN GABRIEL, CA 91770 UNITED STATES OF AMERICA

NO. OF ORD SHARES

:

620,000

% OF SHAREHOLDING

:

8.2%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

ALLEN WEILONG LOU

SHAREHOLDER ID

:

Z7997025

NATIONALITY

:

AMERICAN

ADDRESS

:

1720 ARLAND AVENUE, SOUTH SAN GABRIEL, CA 91770, U.S.A.

NO. OF ORD SHARES

:

620,000

% OF SHAREHOLDING

:

8.2%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

CHIA WING KEONG

SHAREHOLDER ID

:

S1828350F

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

78 WESTWOOD CRESCENT SINGAPORE 648780

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

6.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

CHAN CHING HUNG

SHAREHOLDER ID

:

620414290

NATIONALITY

:

BRITISH

ADDRESS

:

RM 11 14/F BLOCK 2, GOLDEN IND. BLDG., 16-26 KWAI TAK ST., KWAI CHUNG, HONG KONG

NO. OF ORD SHARES

:

269,000

% OF SHAREHOLDING

:

3.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CHAN CHING HUNG

ADDRESS

:

RM 11 14/F BLOCK 2, GOLDEN IND. BLDG., 16-26 KWAI TAK ST., KWAI CHUNG, HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

26/11/2003

NATIONALITY

:

BRITISH

I/C PASSPORT

:

620414290

 

NAME

:

LEE LIAN CHEONG @ LEE LIAN CHONG

ADDRESS

:

11 HIGHGATE CRESCENT SINGAPORE 598792

POSITION

:

SECRETARY

DATE OF APPT

:

03/05/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1094821E

 

NAME

:

CHIA WING KEONG

ADDRESS

:

78 WESTWOOD CRESCENT SINGAPORE 648780

POSITION

:

DIRECTOR

DATE OF APPT

:

09/03/1993

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1828350F

 

NAME

:

CHIA AH KAU

ADDRESS

:

78 WESTWOOD CRESCENT SINGAPORE 648780

POSITION

:

DIRECTOR

DATE OF APPT

:

10/05/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2104387G

 

NAME

:

CHIA WING HOCK

ADDRESS

:

520 JELAPANG ROAD #15-291 SINGAPORE 670520

POSITION

:

DIRECTOR

DATE OF APPT

:

16/02/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7142678E

 

NAME

:

ALLEN WEILONG LOU

ADDRESS

:

1720 ARLAND AVENUE, SOUTH SAN GABRIEL, CA 91770, U.S.A.

POSITION

:

DIRECTOR

DATE OF APPT

:

26/11/2003

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

Z7997025

 

 

KEY PERSONNEL PROFILE

 

Name:

ALLEN WEILONG LOU

NRIC Number:

Z7997025

Available Address:

1720 ARLAND AVENUE, SOUTH SAN GABRIEL, CA 91770, U.S.A.

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SERRANO HOLDINGS PTE LTD

DIRECTOR

26/11/2003

620000

8.21

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ESYS VIETNAM HOLDINGS PTE. LTD.

STRUCK OFF

DIRECTOR

20/09/2005

-

2

ESYS VIETNAM HOLDINGS PTE. LTD.

STRUCK OFF

SHAREHOLDER

-

30/03/2010

 

 

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 (%)

 

ARTIWOOD SUPERVINA PTE LTD

100

SERRANO (SINGAPORE) PTE. LTD.

100

SANZIO SPACE PLANNER PTE. LTD.

100

J-PLAN ASSOCIATES PTE LTD

30

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 16 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201307634

 

Date of Registration

:

06/06/2013

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201305609

 

Date of Registration

:

25/04/2013

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C201305588

 

Date of Registration

:

24/04/2013

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C201212807

 

Date of Registration

:

06/11/2012

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C201212806

 

Date of Registration

:

06/11/2012

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

6)

Charge No.

:

C201205893

 

Date of Registration

:

30/05/2012

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

7)

Charge No.

:

C201205725

 

Date of Registration

:

25/05/2012

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

8)

Charge No.

:

C201115225

 

Date of Registration

:

02/12/2011

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

9)

Charge No.

:

C201001060

 

Date of Registration

:

03/02/2010

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

10)

Charge No.

:

C200902215

 

Date of Registration

:

16/04/2009

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

11)

Charge No.

:

C200805601

 

Date of Registration

:

25/06/2008

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

12)

Charge No.

:

C200703881

 

Date of Registration

:

23/05/2007

 

Chargee

:

THE BANK OF EAST ASIA LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

13)

Charge No.

:

C200700485

 

Date of Registration

:

17/01/2007

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

14)

Charge No.

:

C200504400

 

Date of Registration

:

26/07/2005

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

15)

Charge No.

:

C200401758

 

Date of Registration

:

07/04/2004

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

16)

Charge No.

:

200101124

 

Date of Registration

:

10/03/2001

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

             

 

LITIGATION

 

there have been 3 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

3

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.

:

13019

 

Transfer

:

-

 

Date of Filing

:

16/05/2012

 

Amount

:

4,559.00

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

EXCEL EVERLITE PTE LTD

 

Last Update Date

:

23/08/2012

 

2)

Court

:

Magistrate Court

 

Case No.

:

20804

 

Transfer

:

-

 

Date of Filing

:

18/08/2008

 

Amount

:

60,000.00

 

Cause

:

Tort - Negligence (Motor Accidents With Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CHONG WEI HOE

 

Last Update Date

:

29/07/2010

 

3)

Court

:

Magistrate Court

 

Case No.

:

18007

 

Transfer

:

-

 

Date of Filing

:

21/07/2008

 

Amount

:

2,866.00

 

Cause

:

Tort - Negligence (Motor Accidents)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

TAN SIN CHAI

 

Last Update Date

:

05/02/2009

 

 

COMPLIANCE

 

Date of Last AGM

:

29/08/2012

Date of Last AR

:

06/09/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

wImage224

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

 

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

Group

 

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

63,492,963

65.48

38,367,975

33,977,858

23,842,857

29,524,339

Profit/(Loss) Before Tax

716,345

-48.49

1,390,587

813,438

93,952

1,107,106

Profit After Tax attributable to Shareholders

543,794

-56.29

1,244,087

638,963

281,283

953,467

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

60,731,164

57.72

38,504,946

29,621,924

23,620,750

24,679,454

Current Assets

52,677,267

83.61

28,689,186

21,087,063

13,824,841

14,762,174

Non Current Assets

8,053,897

-17.95

9,815,760

8,534,861

9,795,909

9,917,280

 

 

 

 

 

 

 

Total Liabilities

50,463,572

67.48

30,131,408

22,424,413

17,998,510

19,338,496

Current Liabilities

47,385,042

81.35

26,129,695

18,347,828

15,857,605

16,925,255

Non Current Liabilities

3,078,530

-23.07

4,001,713

4,076,585

2,140,905

2,413,241

 

 

 

 

 

 

 

Shareholders' Funds

10,267,592

22.62

8,373,538

7,197,511

5,622,240

5,340,958

Share Capital

5,550,000

21.98

4,550,000

4,550,000

4,550,000

4,550,000

Total Reserves

4,717,592

23.38

3,823,538

2,647,511

1,072,240

790,958

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

65.48

12.92

42.51

-19.24

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.86

3.24

1.88

1.18

3.23

Return on Equity (%)

5.30

14.86

8.88

5.00

17.85

Return on Assets (%)

0.90

3.23

2.16

1.19

3.86

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.91

3.60

3.12

3.20

3.62

Current Debt/Equity (Times)

4.62

3.12

2.55

2.82

3.17

Long Term Debt To Equity (Times)

0.30

0.48

0.57

0.38

0.45

Total Asset To Total Equity (Times)

5.91

4.60

4.12

4.20

4.62

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.05

1.00

1.15

1.01

1.20

Fixed Assets Turnover (Times)

7.88

3.91

3.98

2.43

2.98

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.11

1.10

1.15

0.87

0.87

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

*

NA

0

0

0

0

Profit/(Loss) Before Tax

*

NA

0

0

0

0

Profit After Tax attributable

 to Shareholders

*

NA

0

0

0

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

60,144,444

NA

0

29,257,961

22,847,041

20,005,725

Current Assets

51,717,169

NA

0

17,647,835

13,176,234

12,728,485

Non Current Assets

8,427,275

NA

0

11,610,126

9,670,807

7,277,240

 

 

 

 

 

 

 

Total Liabilities

50,049,147

NA

0

22,300,521

17,612,641

14,998,092

Current Liabilities

47,022,687

NA

0

18,224,886

15,472,686

14,127,880

Non Current Liabilities

3,026,460

NA

0

4,075,635

2,139,955

870,212

 

 

 

 

 

 

 

Shareholders' Funds

10,095,297

NA

0

6,957,440

5,234,400

5,007,633

Share Capital

5,550,000

NA

0

4,550,000

4,550,000

4,550,000

Total Reserves

4,545,297

NA

0

2,407,440

684,400

457,633

 

 

 

 

 

 

 

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.00

0.00

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.96

0.00

3.21

3.36

3.00

Current Debt/Equity (Times)

4.66

0.00

2.62

2.96

2.82

Long Term Debt To Equity (Times)

0.30

0.00

0.59

0.41

0.17

Total Asset To Total Equity (Times)

5.96

0.00

4.21

4.36

4.00

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.10

0.00

0.97

0.85

0.90

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 21.1% (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 group yielded a rate of net profit on sales of 0.86 per cent in FY11 (FY10: 3.24 per cent). The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.03 a year ago.

 

 

Liquidity

Current ratio stood at 1.11 times in FY11 (FY10: 1.10 times). This means that the group has SGD - SIN 1.11 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 4.91 times in FY11, as compared with 3.60 times in FY10. This means that the group requires additional external financing of SGD - SIN 4.91 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 5.30 per cent for Subject in the current financial period, as compared to 14.86 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 0.90 per cent (FY10: 3.23 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 1.05 times in FY11 (FY10: 1.00 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.58.93

UK Pound

1

Rs.91.81

Euro

1

Rs.78.18

 

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

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NB

New Business

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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%)                    s          Operational size (10%)

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