MIRA INFORM REPORT

 

 

Report Date :

06.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SMITHS DETECTION (ASIA PACIFIC) PTE. LTD.

 

 

Formerly Known As :

HEIMANN SYSTEMS (ASIA PACIFIC) PTE. LTD

 

 

Registered Office :

100 Beach Road #20-06 Shaw Towers Singapore 189702

 

 

Country :

Singapore

 

 

Financials (as on) :

31.07.2012

 

 

Date of Incorporation :

12.01.1995

 

 

Com. Reg. No.:

199500253G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Retail sale of security and fire-fighting equipment

Sale, installation and commissioning of security equipment

 

 

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

 

Status :

Moderate  

 

 

Payment Behaviour :

Slow

 

 

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 – 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:

SMITHS DETECTION (ASIA PACIFIC) PTE. LTD.

199500253G

 

Date Incorporated:

Registered Office:

Telephone Number:

12/01/1995

100 BEACH ROAD #20-06 SHAW TOWERS SINGAPORE 189702

6466 1700

Age of Company:

Website:

Industry Type:

18

www.smithsdetection.com

SERVICES

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

1

44

Worse off than last month; last month the entity took 5 days to pay

No. of Charges(s):
0

Industry DTC

 

29

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

SMITHS DETECTION GROUP LIMITED

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

EXECUTIVE SUMMARY

 

Company Name

:

SMITHS DETECTION (ASIA PACIFIC) PTE. LTD.

Registration No

:

199500253G

Date of Registration

:

12/01/1995

Former Name

:

1.ASIA-PACIFIC SCAN PTE. LTD. Eff. date : 12/01/1995 Eff. date : 12/01/1995

2.HEIMANN SYSTEMS (ASIA PACIFIC) PTE. LTD. Eff. date : 09/07/1997 Eff. date : 09/07/1997

Date of Change of Name

:

03/09/2003

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

100 BEACH ROAD #20-06 SHAW TOWERS SINGAPORE 189702

Date of Change of Address

:

19/06/2008

Contact No.

:

6466 1700

Fax No.

:

6469 2506

Website

:

www.smithsdetection.com

Registered Activities

:

1. RETAIL SALE OF SECURITY AND FIRE-FIGHTING EQUIPMENT

SALE,INSTALLATION AND COMMISSIONING OF SECURITY EQUIPMENT

2. OTHER CONSTRUCTION INSTALLATION NEC

CONSTRUCTION,INSTALLATION,TRAINING AND SERVICE MAINTENANCE OF SECURITY SYSTEM

Issued Ordinary Capital*

:

$74,192,500.00 SINGAPORE, DOLLARS, NO. OF SHARE : 74,192,500

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$74,192,500.00 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

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 74,819,501.00 (FY2012)

Net Worth

:

SGD - SIN 39,915,265.00 (FY2012)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 1000 / FG50 Ranking

:

1987 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1102 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

924 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

1108 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

524 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

SMITHS DETECTION GROUP LIMITED

SHAREHOLDER ID

:

T05UF1746G

NATIONALITY

:

UNITED KINGDOM

ADDRESS

:

64 CLARENDON ROAD, WATFORD, HERTS, WD17 1DA, UNITED KINGDOM

NO. OF ORD SHARES

:

74,192,500

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

SHAUN DOHERTY

 

ADDRESS

:

WELLSIDE, GODSTONE ROAD, LINGFIELD, SURREY, RH7 6BT, UNITED KINGDOM

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

26/07/2012

 

NATIONALITY

:

BRITISH

 

I/C PASSPORT

:

800744991

 

 

 

NAME

:

MALCOLM PETER MAGINNIS

ADDRESS

:

FLAT 865 2 ST GEORGE WHARF LONDON SW8 2JF

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2011

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

E3032043

 

 

NAME

:

M SIVAANANTHAN

ADDRESS

:

101B LORONG 2 TOA PAYOH #06-09 SINGAPORE 311101

POSITION

:

SECRETARY

DATE OF APPT

:

10/08/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0181790F

 

 

NAME

:

NATHAN DAVID MANZI

ADDRESS

:

60 DUCHESS AVENUE #01-03 DUCHESS CREST SINGAPORE 269201

POSITION

:

DIRECTOR

DATE OF APPT

:

20/09/2011

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

S7269808H

 

 

KEY PERSONNEL PROFILE

 

Name:

MALCOLM PETER MAGINNIS

NRIC Number:

E3032043

Available Address:

FLAT 865 2 ST GEORGE WHARF LONDON SW8 2JF

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SMITHS DETECTION (ASIA PACIFIC) PTE. LTD.

DIRECTOR

01/03/2011

-

-

 

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

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

                                                                                                                       

 

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

 

there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2013

Past Years

W.e.f 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.

:

36719

 

Transfer

:

-

 

Date of Filing

:

07/12/2009

 

Amount

:

8,075.20

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

ABDUL HALIM BIN ALIMAN

 

Last Update Date

:

08/12/2009

COMPLIANCE

 

Date of Last AGM

:

31/10/2012

Date of Last AR

:

11/12/2012

Date of A/C Laid At Last AGM

:

31/07/2012
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

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

Company

 

JUL 2012

% Change

JUL 2011

JUL 2010

JUL 2009

JUL 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

74,819,501

-3.23

77,317,585

82,753,672

79,931,463

153,535,707

Profit/(Loss) Before Tax

(11,514,383)

NA

(8,323,822)

(11,888,777)

(16,197,624)

(7,080,702)

Profit After Tax attributable

 to Shareholders

(11,525,746)

NA

(8,068,842)

(12,041,430)

(15,566,873)

(8,406,119)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

79,329,302

-7.50

85,765,072

74,817,083

67,580,242

85,056,315

Current Assets

66,361,733

-8.59

72,601,730

74,459,958

67,079,178

83,477,156

Non Current Assets

12,967,569

-1.49

13,163,342

357,125

501,064

1,579,159

 

 

 

 

 

 

 

Total Liabilities

39,414,036

0.82

39,094,809

55,229,803

56,670,314

59,742,982

Current Liabilities

39,414,036

0.82

39,094,809

40,524,637

41,933,144

59,742,982

Non Current Liabilities

0

NA

0

14,705,166

14,737,170

0

 

 

 

 

 

 

 

Shareholders' Funds

39,915,265

-14.47

46,670,264

19,587,281

10,909,927

25,313,333

Share Capital

66,756,908

11.35

59,952,173

25,103,819

4,310,622

4,146,357

Total Reserves

(26,841,643)

NA

(13,281,909)

(5,516,538)

6,599,305

21,166,976

 

 

FINANCIAL RATIOS 

 

 

Company

 

JUL 2012

JUL 2011

JUL 2010

JUL 2009

JUL 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

-3.23

-6.57

3.53

-47.94

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-15.40

-10.44

-14.55

-19.48

-5.48

Return on Equity (%)

-28.88

-17.29

-61.48

-142.69

-33.21

Return on Assets (%)

-14.53

-9.41

-16.09

-23.03

-9.88

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.99

0.84

2.82

5.19

2.36

Current Debt/Equity (Times)

0.99

0.84

2.07

3.84

2.36

Long Term Debt To Equity (Times)

0.00

0.00

0.75

1.35

0.00

Total Asset To Total Equity (Times)

1.99

1.84

3.82

6.19

3.36

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.94

0.90

1.11

1.18

1.81

Fixed Assets Turnover (Times)

5.77

5.87

231.72

159.52

97.23

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.68

1.86

1.84

1.60

1.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

Current ratio stood at 1.68 times in FY12 (FY11: 1.86 times). This means that the company has SGD - SIN 1.68 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 0.99 times in FY12, compared with 0.84 times in FY11. This means that the company requires additional external financing of SGD - SIN 0.99 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 0.94 times in FY12 (FY11: 0.90 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.54.65

UK Pound

1

Rs.82.66

Euro

1

Rs.71.21

 

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.