MIRA INFORM REPORT

 

 

Report Date :

08.03.2013

 

IDENTIFICATION DETAILS

 

Name :

MANITOWOC CRANE GROUP ASIA PTE. LTD.

 

 

Formerly Known As :

MANITOWOC EQUIPMENT WORKS, PTE. LTD

 

 

Registered Office :

4 Kwong Min Road Singapore 628707

 

 

Country :

Singapore

 

 

Financials (as on) :

December 2011

 

 

Date of Incorporation :

14.02.1994

 

 

Com. Reg. No.:

199401055M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Crane Services (Loading and Unloading of Cargo) and Trading in and Servicing of Industrial Cranes and Parts

 

 

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 :

No Complaints

Litigation :

Exist

 

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:

MANITOWOC CRANE GROUP ASIA PTE. LTD.

199401055M

 

Date Incorporated:

Registered Office:

Telephone Number:

14/02/1994

4 KWONG MIN ROAD SINGAPORE 628707

6264 1188

Age of Company:

Website:

Industry Type:

19

www.manitowoccranes.com

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

5

18

Payment pattern as per previous month

No. of Charges(s):
2

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

MANITOWOC HOLDING ASIA SAS

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXECUTIVE SUMMARY

 

Company Name

:

MANITOWOC CRANE GROUP ASIA PTE. LTD.

Registration No

:

199401055M

Date of Registration

:

14/02/1994

Former Name

:

1.MANITOWOC-PACIFIC PTE. LTD. Eff. date : 14/02/1994 Eff. date : 14/02/1994

2.MANITOWOC EQUIPMENT WORKS, PTE. LTD. Eff. date : 14/10/1994 Eff. date : 14/10/1994

Date of Change of Name

:

03/01/2003

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

4 KWONG MIN ROAD SINGAPORE 628707

Date of Change of Address

:

01/10/2011

Contact No.

:

6264 1188

Fax No.

:

6862 4040

Website

:

www.manitowoccranes.com

Registered Activities

:

1. OTHER INVESTMENT HOLDING COMPANIES

HOLDING COMPANIES

2. CRANE SERVICES (LOADING AND UNLOADING OF CARGO)

TRADING IN AND SERVICING OF INDUSTRIAL CRANES AND PARTS

Issued Ordinary Capital*

:

$215,406,360.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 21,540,636

Issued Preference Capital

:

$4,380,600.00 SINGAPORE, DOLLARS NO. OF SHARE : 43,806

Paid-Up Ordinary Capital

:

$215,406,360.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

$4,380,600.00 SINGAPORE, DOLLARS

* 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

:

BDO LLP

Bankers / Financiers

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

STANDARD CHARTERED BANK

Turnover

:

SGD - SIN 262,326,257.00 (FY2011)

Net Worth

:

SGD - SIN 279,102,124.00 (FY2011)

No. of Bank Charges

:

2

No. of Litigation Suits

:

5

S1000 / SME 1000 / FG50 Ranking

:

812 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2011/2012)

1007 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

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

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

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

Compounded Annual Growth Rate (CAGR)

:

NA

 

SHAREHOLDER DETAILS

 

NAME

:

MANITOWOC HOLDING ASIA SAS

SHAREHOLDER ID

:

T07UF2669D

NATIONALITY

:

FRANCE

ADDRESS

:

18 RUE DE CHARBONNIERES 69130 ECULLY FRANCE

NO. OF ORD SHARES

:

21,540,636

43,806

% OF SHAREHOLDING

:

99.8%

0.2%

CURRENCY

:

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

JEAN-NOEL, BENOIT, DENIS DAGUIN

ADDRESS

:

NO. 2-105, FOREST MANOR, LANE 588 JIN FENG ROAD, SHANGHAI, CHINA

POSITION

:

DIRECTOR

DATE OF APPT

:

15/06/2009

NATIONALITY

:

FRENCH

I/C PASSPORT

:

07AD60027

 

NAME

:

JOHN WAYNE STEWART

ADDRESS

:

33 ROCHESTER DRIVE #18-02 ROCHESTER, THE SINGAPORE 138638

POSITION

:

DIRECTOR

DATE OF APPT

:

01/12/2003

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

F2202200T

 

NAME

:

YIP MING FAI

ADDRESS

:

29 TOH TUCK DRIVE SINGAPORE 596888

POSITION

:

SECRETARY

DATE OF APPT

:

01/09/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2567316F

 

NAME

:

GILLES, CHRISTOPHE, RENE MARTIN

ADDRESS

:

1 DRAYCOTT PARK #06-00 SINGAPORE 259385

POSITION

:

DIRECTOR

DATE OF APPT

:

15/06/2009

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2769151Z

 

KEY PERSONNEL PROFILE

 

Name:

JOHN WAYNE STEWART

NRIC Number:

F2202200T

Available Address:

33 ROCHESTER DRIVE #18-02 ROCHESTER, THE  SINGAPORE 138638

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

MANITOWOC CRANE GROUP ASIA PTE. LTD.

DIRECTOR

01/12/2003

-

NA

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

POTAIN PTE LTD

STRUCK OFF

DIRECTOR

06/08/2003

-

 

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 have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201303134

 

Date of Registration

:

26/02/2013

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

2)

Charge No.

:

C201207501

 

Date of Registration

:

05/07/2012

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

           

LITIGATION

 

To date, there have been 5 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

2

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

0

2

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

2207

 

Transfer

:

-

 

Date of Filing

:

18/06/2009

 

Amount

:

200,000.00

 

Cause

:

Employment

 

Case Status

:

CONCLUDED

 

Plaintiff

:

NOEL GERARD BRENNAN

 

Last Update Date in DP Info Database

:

21/12/2012

 

2)

Court

:

Supreme Court

 

Case No.

:

345

 

Transfer

:

Transferred from DC 632/2008

 

Date of Filing

:

22/04/2009

 

Amount

:

0.00

 

Cause

:

Tort - Negligence (Industrial Accident)

 

Case Status

:

PENDING

 

Plaintiff

:

SUNDARESAN KRISHNAMURTHI

 

Last Update Date in DP Info Database

:

04/06/2010

 

 

LITIGATION

 

3)

Court

:

District Court

 

Case No.

:

632

 

Transfer

:

-

 

Date of Filing

:

25/02/2008

 

Amount

:

0.00

 

Cause

:

Tort - Negligence (Industrial Accident)

 

Case Status

:

PENDING

 

Plaintiff

:

SUNDARESAN KRISHNAMURTHI

 

Last Update Date in DP Info Database

:

03/03/2008

 

4)

Court

:

Magistrate Court

 

Case No.

:

12499

 

Transfer

:

-

 

Date of Filing

:

21/05/2004

 

Amount

:

7,176.00

 

Cause

:

Others / Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

TAT HONG HEAVYEQUIPMENT (PTE.) LTD.

 

Last Update Date in DP Info Database

:

03/03/2008

 

5)

Court

:

Magistrate Court

 

Case No.

:

15704

 

Transfer

:

-

 

Date of Filing

:

26/06/1998

 

Amount

:

0.00

 

Cause

:

Contracts - Employment

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

NG HUI MENG

 

Last Update Date in DP Info Database

:

03/03/2008

 

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2012

Date of Last AR

:

31/07/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

COMPLIANCE RATING FOR ANNUAL FILING

 

http://www.bizfile.gov.sg/mybizfile/prod/pop_up/Tick.png

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 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

262,326,257

20.62

217,488,939

202,775,145

319,431,475

293,815,471

Profit/(Loss) Before Tax

34,938,457

57.63

22,165,236

24,119,732

43,645,543

36,532,095

Profit After Tax attributable

 to Shareholders

31,329,462

62.35

19,297,065

21,916,828

38,039,271

31,308,998

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

357,791,850

2.02

350,702,472

339,573,179

327,055,304

311,574,549

Current Assets

109,388,544

13.82

96,104,894

82,510,219

99,259,919

125,054,022

Non Current Assets

248,403,306

-2.43

254,597,578

257,062,960

227,795,385

186,520,527

 

 

 

 

 

 

 

Total Liabilities

78,689,726

-4.21

82,148,049

73,027,080

89,849,643

202,983,551

Current Liabilities

62,607,399

-3.30

64,746,172

55,813,479

89,849,643

202,983,551

Non Current Liabilities

16,082,327

-7.58

17,401,877

17,213,601

0

0

 

 

 

 

 

 

 

Shareholders' Funds

279,102,124

3.93

268,554,422

266,546,100

237,205,663

108,590,999

Share Capital

176,871,203

-7.74

191,706,153

205,003,086

198,781,987

72,118,820

Total Reserves

102,230,921

33.03

76,848,269

61,543,014

38,423,676

36,472,179

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

20.62

7.26

-36.52

8.72

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

11.94

8.87

10.81

11.91

10.66

Return on Equity (%)

11.23

7.19

8.22

16.04

28.83

Return on Assets (%)

8.76

5.50

6.45

11.63

10.05

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.28

0.31

0.27

0.38

1.87

Current Debt/Equity (Times)

0.22

0.24

0.21

0.38

1.87

Long Term Debt To Equity (Times)

0.06

0.06

0.06

0.00

0.00

Total Asset To Total Equity (Times)

1.28

1.31

1.27

1.38

2.87

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.73

0.62

0.60

0.98

0.94

Fixed Assets Turnover (Times)

1.06

0.85

0.79

1.40

1.58

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.75

1.48

1.48

1.10

0.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

 

Profitability

The company yielded a rate of net profit on sales of 11.94 per cent in FY11 (FY10: 8.87 per cent). The company is now able to book in SGD - SIN 0.12 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.09 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.75 times in FY11 (FY10: 1.48 times). This means that the company has SGD - SIN 1.75 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.

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 0.28 times in FY11, as compared with 0.31 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.28 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 11.23 per cent for Subject in the current financial period, as compared to 7.19 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 8.76 per cent (FY10: 5.50 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 0.73 times in FY11 (FY10: 0.62 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.54.73

UK Pound

1

Rs.82.14

Euro

1

Rs.71.12

 

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%)

 

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.