MIRA INFORM REPORT

 

 

Report Date :

11.03.2013

 

IDENTIFICATION DETAILS

 

Name :

BRIDON SINGAPORE (PTE.) LTD.

 

 

Registered Office :

 

25 Loyang Crescent #Box-5064 Loyang Offshore Supply Base Singapore 508988

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

19.04.1979

 

 

Com. Reg. No.:

197901111Z

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of structural metal products nec (eg metal sections, corrugated sheets)

Marketing and sale of steel ropes and fittings

 

 

No. of Employees :

Not available 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit : 

S$1,215,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

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:

BRIDON SINGAPORE (PTE.) LTD.

197901111Z

 

Date Incorporated:

Registered Office:

Telephone Number:

19/04/1979

25 LOYANG CRESCENT #BOX-5064 LOYANG OFFSHORE SUPPLY BASE SINGAPORE 508988

6546 4611

Age of Company:

Website:

Industry Type:

34

www.bridonltd.com/cranerope

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

2

71

Payment pattern as per previous month

No. of Charges(s):
0

Industry DTC

 

23

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

BRIDON HOLDINGS LIMITED

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

EXECUTIVE SUMMARY

 

Company Name

:

BRIDON SINGAPORE (PTE.) LTD.

Registration No

:

197901111Z

Date of Registration

:

19/04/1979

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

25 LOYANG CRESCENT #BOX-5064 LOYANG OFFSHORE SUPPLY BASE SINGAPORE 508988

Date of Change of Address

:

16/08/2003

Contact No.

:

6546 4611

Fax No.

:

6546 4622

Website

:

www.bridonltd.com/cranerope

Registered Activities

:

MANUFACTURE OF STRUCTURAL METAL PRODUCTS NEC (EG METAL SECTIONS, CORRUGATED SHEETS)

MARKETING AND SALE OF STEEL ROPES AND FITTINGS

Issued Ordinary Capital*

:

$430,082.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 430,082

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$430,082.00 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

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 17,501,159.00 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 6,075,414.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

2

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

7.45% (3 years)

 

 

CREDIT RECOMENDATION

 

Recommended Credit Line

:

S$1,215,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

BRIDON HOLDINGS LIMITED

SHAREHOLDER ID

:

T12UF0283D

NATIONALITY

:

UNITED KINGDOM

ADDRESS

:

PRECISION HOUSE, ARDEN ROAD, ALCESTER WARWICKSHIRE B49 6HN, UNITED KINGDOM

NO. OF ORD SHARES

:

430,082

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

GRAHAM STUART HARDCASTLE

ADDRESS

:

22 JEROME DRIVE ST ALBANS HERTS AL3 4LX UNITED KINGDOM

POSITION

:

DIRECTOR

DATE OF APPT

:

16/04/2012

NATIONALITY

:

BRITISH

I/C PASSPORT

:

099010825

 

NAME

:

CHAN CHOW PHENG

ADDRESS

:

59 TELOK BLANGAH HEIGHTS #04-11 SINGAPORE 100059

POSITION

:

SECRETARY

DATE OF APPT

:

01/12/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1298885J

 

NAME

:

NG FOOK YONG

ADDRESS

:

28 FERNWOOD TERRACE #07-03 SINGAPORE 458556

POSITION

:

DIRECTOR

DATE OF APPT

:

16/04/2012

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1617483A

 

NAME

:

LOH LEAN SAN

ADDRESS

:

526 BEDOK NORTH STREET 3 #11-466 SINGAPORE 460526

POSITION

:

DIRECTOR

DATE OF APPT

:

16/01/2012

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2604787J

 

NAME

:

TEO CHIN KEE

ADDRESS

:

244 LORONG CHUAN #07-06 CHUAN PARK SINGAPORE 556745

POSITION

:

SECRETARY

DATE OF APPT

:

01/12/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2622115C

 

NAME

:

CHUA MENG TECK

ADDRESS

:

532 UPPER CROSS STREET #20-224 SINGAPORE 050532

POSITION

:

DIRECTOR

DATE OF APPT

:

31/12/2012

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6847515E

 

 

KEY PERSONNEL PROFILE

 

Name:

LOH LEAN SAN

NRIC Number:

S2604787J

Available Address:

526 BEDOK NORTH STREET 3 #11-466  SINGAPORE 460526

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

BRIDON SINGAPORE (PTE.) LTD.

DIRECTOR

16/01/2012

-

NA

 

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 2 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

0

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

0

1

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.

:

50535

 

Transfer

:

-

 

Date of Filing

:

20/05/1998

 

Amount

:

144,802.19

 

Cause

:

CONTRACTS-GENERAL

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ANG CHIEW CHOON WILLIAM

 

Last Update Date

:

23/03/2001

 

2)

Court

:

Supreme Court

 

Case No.

:

2219

 

Transfer

:

Transferred to DC50535/1998

 

Date of Filing

:

19/11/1996

 

Amount

:

144,802.19

 

Cause

:

Contracts - General

 

Case Status

:

TRANSFERRED

 

Plaintiff

:

ANG CHIEW CHOON WILLIAM

 

Last Update Date

:

18/09/2007

 

 

COMPLIANCE

 

Date of Last AGM

:

31/08/2012

Date of Last AR

:

03/10/2012

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/Cross.png

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

 

DEC 2011

% Change

DEC 2010

DEC 2009

MAR 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

17,501,159

6.17

16,484,112

17,344,095

14,105,982

Profit/(Loss) Before Tax

2,856,981

-16.81

3,434,323

5,122,602

4,104,234

Profit After Tax attributable

 to Shareholders

2,375,962

-16.64

2,850,147

4,302,801

3,439,874

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

10,613,116

-19.85

13,241,982

13,670,212

11,953,014

Current Assets

10,167,634

-21.57

12,963,899

13,210,029

11,517,132

Non Current Assets

445,482

60.20

278,083

460,183

435,882

 

 

 

 

 

 

Total Liabilities

4,537,702

49.14

3,042,530

3,920,907

3,552,166

Current Liabilities

4,537,702

50.88

3,007,530

3,880,907

3,497,166

Non Current Liabilities

0

-100.00

35,000

40,000

55,000

 

 

 

 

 

 

Shareholders' Funds

6,075,414

-40.43

10,199,452

9,749,305

8,400,848

Share Capital

430,082

0.00

430,082

430,082

430,082

Total Reserves

5,645,332

-42.21

9,769,370

9,319,223

7,970,766

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

MAR 2008

Growth %

 

 

 

 

Year-on-Year Growth

6.17

-4.96

22.96

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

13.58

17.29

24.81

24.39

Return on Equity (%)

39.11

27.94

44.13

40.95

Return on Assets (%)

22.39

21.52

31.48

28.78

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

0.75

0.30

0.40

0.42

Current Debt/Equity (Times)

0.75

0.29

0.40

0.42

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.01

Total Asset To Total Equity (Times)

1.75

1.30

1.40

1.42

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

1.65

1.24

1.27

1.18

Fixed Assets Turnover (Times)

39.29

59.28

37.69

32.36

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

2.24

4.31

3.40

3.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 7.45% (3 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 13.58 per cent in FY11 (FY10: 17.29 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.14 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.17 a year ago.

 

 

Liquidity

Current ratio stood at 2.24 times in FY11 (FY10: 4.31 times). This means that the company has SINGAPORE, DOLLARS 2.24 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 0.75 times in FY11, as compared with 0.30 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.75 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 39.11 per cent for Subject in the current financial period, as compared to 27.94 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 22.39 per cent (FY10: 21.52 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 1.65 times in FY11 (FY10: 1.24 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.54.40

UK Pound

1

Rs.81.57

Euro

1

Rs.71.24

 

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%)

 

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.