MIRA INFORM REPORT

 

 

Report Date :

15.05.2013

 

IDENTIFICATION DETAILS

 

Name :

MHI ENGINE SYSTEM ASIA PTE. LTD.

 

 

Formerly Known As :

MHI SOUTH EAST ASIA PTE LTD Eff. date : 20/06/1981 Eff. date : 20/06/1981

 

 

Registered Office :

3 Tuas Avenue 12 Singapore 639024

 

 

Country :

Singapore

 

 

Financials (as on) :

December, 2011

 

 

Date of Incorporation :

20.06.1981

 

 

Com. Reg. No.:

198102850N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and Repair of Electric Generators

 

 

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 :

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:

MHI ENGINE SYSTEM ASIA PTE. LTD.

198102850N

 

Date Incorporated:

Registered Office:

Telephone Number:

20/06/1981

3 TUAS AVENUE 12 SINGAPORE 639024

6862 2202

Age of Company:

Website:

Industry Type:

32

www.mhiesa.com.sg

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

5

Better than last month;last month the entity took 68 days to pay

No. of Charges(s):
0

Industry DTC

 

36

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

MITSUBISHI HEAVY INDUSTRIES, LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

Company name

 

MHI ENGINE SYSTEM ASIA PTE. LTD.

 

 

EXECUTIVE SUMMARY

 

Company Name

:

MHI ENGINE SYSTEM ASIA PTE. LTD.

Registration No

:

198102850N

Date of Registration

:

20/06/1981

Former Name

:

MHI SOUTH EAST ASIA PTE LTD Eff. date : 20/06/1981 Eff. date : 20/06/1981

Date of Change of Name

:

03/04/2007

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

3 TUAS AVENUE 12 SINGAPORE 639024

Date of Change of Address

:

25/02/2013

Contact No.

:

6862 2202

Fax No.

:

6862 5728

Website

:

www.mhiesa.com.sg

Registered Activities

:

MANUFACTURE AND REPAIR OF ELECTRIC GENERATORS

TRADING AND SERVICING OF MACHINERY,SPARE PARTS AND ASSEMBLY OF GENERATOR SETS

Issued Ordinary Capital*

:

$12,235,282.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 12,235,282

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$12,235,282.00 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 460,507,884.00 (FY2011)

Net Worth

:

SGD - SIN 60,227,149.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

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

627 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

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

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

919 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

26.63% (4 years)

SHAREHOLDER DETAILS

 

NAME

:

MITSUBISHI HEAVY INDUSTRIES, LTD

SHAREHOLDER ID

:

T03UF1477B

NATIONALITY

:

NA

ADDRESS

:

16-5 KONAN 2-CHOME, MINATO-KU TOKYO 108-8215, JAPAN

NO. OF ORD SHARES

:

12,235,282

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

SHUJIRO SHIOHARA

ADDRESS

:

7 JALAN RUMBIA #11-11 IMPERIAL, THE SINGAPORE 239619

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/01/2011

01/01/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5045980U

 

NAME

:

HIDEAKI SHIMA

ADDRESS

:

6 MARINA BOULEVARD #45-21 THE SAIL @ MARINA BAY SINGAPORE 018985

POSITION

:

DIRECTOR

DATE OF APPT

:

31/03/2013

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5403936R

 

NAME

:

JOANNA LIM LAN SIM

ADDRESS

:

165 TAMPINES STREET 12 #09-305 SINGAPORE 521165

POSITION

:

SECRETARY

DATE OF APPT

:

20/04/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1572261D

 

NAME

:

TAY TUAN LENG

ADDRESS

:

635 PASIR RIS DRIVE 1 #11-600 SINGAPORE 510635

POSITION

:

SECRETARY

DATE OF APPT

:

25/11/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7432140B

 

NAME

:

MITSUHIKO KAWAI

ADDRESS

:

1497-22 SHIMOTSURUMA, YAMATO KANAGAWA 242-0001, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

02/04/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG2494204

 

NAME

:

MASUDA SHUICHI

ADDRESS

:

1-19-8 UTSUKUSIGAOKA,  AOBA-KU, YOKOHAMA-SHI KANAGAWA 225-0002, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

02/04/2007

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG4163342

 

 

KEY PERSONNEL PROFILE

 

Name:

SHUJIRO SHIOHARA

NRIC Number:

G5045980U

Available Address:

7 JALAN RUMBIA #11-11 IMPERIAL, THE  SINGAPORE 239619

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

MHI ENGINE SYSTEM ASIA PTE. LTD.

DIRECTOR

01/01/2011

-

NA

2

MHI ENGINE SYSTEM ASIA PTE. LTD.

MANAGING DIRECTOR

01/01/2011

-

NA

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

 

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Note: Please purchase case details to know the latest status.

 

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

 

To date, there have been 4  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

1

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.

:

3122

 

Transfer

:

-

 

Date of Filing

:

17/09/2010

 

Amount

:

250,000.00

 

Cause

:

Tort - Negligence (Motor Accidents With Death)

 

Case Status

:

PENDING

 

Plaintiff

:

DING YUT KIOW THE ADMINISTRATRIX AND CO- ADMINISTRATRIX RESPECTIVELY OF THE ESTATE OF TING EE BOEY (DECEASED)

THENG NGUIK ING

 

Last Update Date

:

17/09/2010

 

2)

Court

:

Magistrate Court

 

Case No.

:

28287

 

Transfer

:

-

 

Date of Filing

:

25/11/2004

 

Amount

:

SGD 6,962.93

SGD 82.40

SGD 3.09

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

CHEW CHEE TEE

 

Last Update Date

:

26/11/2004

 

3)

Court

:

Supreme Court

 

Case No.

:

1713

 

Transfer

:

-

 

Date of Filing

:

08/12/1999

 

Amount

:

968,000.00

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

PACIFIC OCEAN ENGINEERING & TRADING PTE LTD

 

Last Update Date

:

03/02/2009

 

4)

Court

:

District Court

 

Case No.

:

722

 

Transfer

:

-

 

Date of Filing

:

11/02/1998

 

Amount

:

82,889.01

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

NAMIREI ENGINEERING S PTE LTD (RECEIVER & MANAGER) APPOINTED

 

Last Update Date

:

03/02/2009

 

 

COMPLIANCE

 

Date of Last AGM

:

31/08/2012

Date of Last AR

:

14/09/2012

Date of A/C Laid At Last AGM

:

31/12/2011

 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

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

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

460,507,884

7.79

427,239,116

361,364,943

351,383,650

179,106,319

Profit/(Loss) Before Tax

19,171,331

45.01

13,220,721

11,177,437

7,151,253

2,443,072

Profit After Tax attributable to Shareholders

14,456,225

48.50

9,734,642

9,218,282

5,598,580

1,786,885

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

274,050,128

15.21

237,866,980

230,899,107

255,334,697

122,791,743

Current Assets

259,184,780

15.04

225,289,928

218,475,080

242,073,715

110,745,043

Non Current Assets

14,865,348

18.19

12,577,052

12,424,027

13,260,982

12,046,700

 

 

 

 

 

 

 

Total Liabilities

213,822,979

11.69

191,444,821

191,685,925

224,408,720

96,263,984

Current Liabilities

212,377,578

11.40

190,639,300

191,685,925

224,322,845

96,206,384

Non Current Liabilities

1,445,401

79.44

805,521

0

85,875

57,600

 

 

 

 

 

 

 

Shareholders' Funds

60,227,149

29.74

46,422,159

39,213,182

30,925,977

26,527,759

Share Capital

12,235,282

0.00

12,235,282

12,235,282

12,235,282

12,235,282

Total Reserves

47,991,867

40.38

34,186,877

26,977,900

18,690,695

14,292,477

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

7.79

18.23

2.84

96.19

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

3.14

2.28

2.55

1.59

1.00

Return on Equity (%)

24.00

20.97

23.51

18.10

6.74

Return on Assets (%)

5.28

4.09

3.99

2.19

1.46

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.55

4.12

4.89

7.26

3.63

Current Debt/Equity (Times)

3.53

4.11

4.89

7.25

3.63

Long Term Debt To Equity (Times)

0.02

0.02

NA

0.00

0.00

Total Asset To Total Equity (Times)

4.55

5.12

5.89

8.26

4.63

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.68

1.80

1.57

1.38

1.46

Fixed Assets Turnover (Times)

30.98

33.97

29.09

26.50

14.87

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.22

1.18

1.14

1.08

1.15

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 26.63% (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 3.14 per cent in FY11. The group is now able to book in SGD - SIN 0.03 of profit for every SGD - SIN of sales.

 

Liquidity

 

Current ratio stood at 1.22 times in FY11. This means that the group has SGD - SIN 1.22 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 3.55 times in FY11. This means that the group requires additional external financing of SGD - SIN 3.55 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 24.00 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 5.28 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 1.68 times in FY11. 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.54.63

UK Pound

1

Rs.83.67

Euro

1

Rs.71.02

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.