MIRA
INFORM REPORT
|
Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
GREIF SINGAPORE PTE. LTD. |
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Formerly Known As : |
VAN LEER SINGAPORE PTE. LTD |
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Registered Office : |
5 Pioneer Sector 3 Singapore 628344 |
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Country : |
Singapore |
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Financials (as on) : |
31.10.2010 |
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Date of Incorporation : |
13.11.1961 |
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Com. Reg. No.: |
196100171E |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Manufacture of Metal Cans, Containers And Related Products (Eg Barrels, Steel Drums, Kegs) |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Singapore |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Executive
Summary
SHAREHOLDER DETAILS
|
: |
GREIF INTERNATIONAL HOLDING BV |
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SHAREHOLDER ID |
: |
T09UF1880G |
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NATIONALITY |
: |
NETHERLANDS |
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ADDRESS |
: |
BERGSEWEG 6, 3633 AK VREELAND THE NETHERLANDS |
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NO. OF ORD SHARES |
: |
5,000,000 |
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% OF SHAREHOLDING |
: |
100% |
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CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
DAVID PETER
GREEN |
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|
ADDRESS |
: |
737 WESTON PARK
DRIVE, POWELL OHIO 43065, UNITED STATES OF AMERICA |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
01/12/2007 |
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NATIONALITY |
: |
BRITISH |
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I/C PASSPORT |
: |
706256664 |
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||
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NAME |
: |
CHONG CHIN FEE |
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ADDRESS |
: |
111 POTONG PASIR
AVENUE 1 #12-638 POTONG PASIR HUDC SINGAPORE 350111 |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
02/05/2003 |
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NATIONALITY |
: |
SINGAPORE
CITIZEN |
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I/C PASSPORT |
: |
S2511923A |
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||
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NAME |
: |
CHEAH PAK HING |
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ADDRESS |
: |
1 HUME AVENUE #05-01
HUME PARK I SINGAPORE 598718 |
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POSITION |
: |
SECRETARY DIRECTOR |
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DATE OF APPT |
: |
01/09/2004 30/04/2005 |
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NATIONALITY |
: |
SINGAPORE
CITIZEN |
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I/C PASSPORT |
: |
S2621868C |
KEY PERSONNEL PROFILE
|
CHONG CHIN FEE |
|
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NRIC Number: |
S2511923A |
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Available Address: |
111 POTONG PASIR AVENUE 1
#12-638 POTONG PASIR HUDC SINGAPORE
350111 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
BLAGDEN PACKAGING SINGAPORE
PTE. LTD. |
DIRECTOR |
30/11/2006 |
- |
- |
|
|
2 |
GREIF EASTERN PACKAGING PTE.
LTD. |
ALTERNATE DIRECTOR |
30/11/2010 |
- |
- |
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3 |
GREIF SINGAPORE PTE. LTD. |
DIRECTOR |
02/05/2003 |
- |
- |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known
Inactive Date |
|
GREIF INVESTMENT HOLDINGS (S)
PTE. LTD. |
DISSOLVED - MEMBERS' VOLUNTARY
WINDING UP |
DIRECTOR |
10/07/2009 |
- |
|
|
2 |
SUNSHIELD FURNISHING PTE. LTD. |
LIVE COMPANY |
DIRECTOR/SHR |
17/05/2006 |
06/09/2011 |
Bankruptcy Record
|
Case No. |
Year |
Date of Filing |
Petitioner Name |
Amount |
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Litigation Search Writ of Summons
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Court |
Case No. |
Year |
Date of Filing |
Amount |
Cause Category |
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SUBSIDIARIES AND ASSOCIATE
COMPANIES
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Company |
Shareholdings (%) |
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BANKERS/
FINANCIERS
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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.
The details are as follows:
|
Court |
: |
Supreme Court |
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Case No. |
: |
264 |
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Date of Filing |
: |
01/04/2004 |
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Amount |
: |
350,000.00 |
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Cause |
: |
Tort -
Negligence (Industrial accidents) |
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Case Status |
: |
CONCLUDED |
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Plaintiff |
: |
MOK CHEE LEONG |
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|||
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2) |
Court |
: |
Magistrate Court |
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Case No. |
: |
20287 |
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Date of Filing |
: |
29/08/2005 |
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Amount |
: |
1,940.40 |
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Cause |
: |
Contract -
Others |
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Case Status |
: |
CONCLUDED |
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Plaintiff |
: |
EXKLUSIV RESORTS
PTE LTD |
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|||
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3) |
Court |
: |
Supreme Court |
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Case No. |
: |
1839 |
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Date of Filing |
: |
02/09/1991 |
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Amount |
: |
0.00 |
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Cause |
: |
Contracts -
General |
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Case Status |
: |
CONCLUDED |
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Plaintiff |
: |
METASCRAP
COMPANY PTE LTD |
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4) |
Court |
: |
Magistrate Court |
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Case No. |
: |
21397 |
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Date of Filing |
: |
31/08/1999 |
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Amount |
: |
0.00 |
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Cause |
: |
Negligence -
Others (Not Injuries / Death) |
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Case Status |
: |
DEEMED
DISCONTINUED |
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Plaintiff |
: |
UMW EQUIPMENT SYSTEMS
PTE LTD |
COMPLIANCE
|
Date of Last AGM |
: |
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Date of Last AR |
: |
12/03/2011 |
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Date of A/C Laid At Last AGM |
: |
31/10/2010 |
FINANCIAL HIGHLIGHTS
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Financial
Figures |
||||||
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|
OCT 2010 |
% Change |
OCT 2009 |
OCT 2008 |
OCT 2007 |
OCT 2006 |
|
Currency |
SGD - SIN |
|
SGD - SIN |
SGD - SIN |
SGD - SIN |
SGD - SIN |
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Profit and Loss
Key Figures |
|
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138,326,351 |
0.37 |
137,821,290 |
134,324,597 |
104,891,166 |
71,524,593 |
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Profit/(Loss)
Before Tax |
17,728,910 |
NA |
(1,612,196) |
14,803,630 |
13,752,033 |
10,042,034 |
|
Profit After Tax
attributable to Shareholders |
15,155,139 |
NA |
(1,275,196) |
11,533,630 |
11,210,833 |
8,216,634 |
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Balance Sheet
Key Figures |
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Total Assets |
115,999,954 |
24.77 |
92,970,363 |
111,830,304 |
79,922,662 |
36,634,537 |
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Current Assets |
79,482,392 |
43.04 |
55,566,096 |
60,128,560 |
68,315,144 |
27,528,878 |
|
Non Current
Assets |
36,517,562 |
-2.37 |
37,404,267 |
51,701,744 |
11,607,518 |
9,105,659 |
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Total
Liabilities |
66,060,085 |
13.53 |
58,185,633 |
75,770,378 |
55,396,366 |
23,319,074 |
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Current
Liabilities |
63,067,085 |
10.78 |
56,928,633 |
74,176,378 |
54,924,366 |
22,971,274 |
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Non Current
Liabilities |
2,993,000 |
138.11 |
1,257,000 |
1,594,000 |
472,000 |
347,800 |
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Shareholders'
Funds |
49,939,869 |
43.57 |
34,784,730 |
36,059,926 |
24,526,296 |
13,315,463 |
|
Share Capital |
5,000,000 |
0.00 |
5,000,000 |
5,000,000 |
5,000,000 |
5,000,000 |
|
Total Reserves |
44,939,869 |
50.88 |
29,784,730 |
31,059,926 |
19,526,296 |
8,315,463 |
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FINANCIAL RATIOS
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OCT 2010 |
OCT 2009 |
OCT 2008 |
OCT 2007 |
OCT 2006 |
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Growth % |
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|
|
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|
0.37 |
2.60 |
28.06 |
46.65 |
NA |
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Profitability |
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Profit Margin (%) |
10.96 |
-0.93 |
8.59 |
10.69 |
11.49 |
|
Return on Equity (%) |
30.35 |
-3.67 |
31.98 |
45.71 |
61.71 |
|
Return on Assets (%) |
13.06 |
-1.37 |
10.31 |
14.03 |
22.43 |
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Leverage |
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Total Debt/Equity (Times) |
1.32 |
1.67 |
2.10 |
2.26 |
1.75 |
|
Current Debt/Equity (Times) |
1.26 |
1.64 |
2.06 |
2.24 |
1.73 |
|
Long Term Debt To Equity (Times) |
0.06 |
0.04 |
0.04 |
0.02 |
0.03 |
|
Total Asset To Total Equity (Times) |
2.32 |
2.67 |
3.10 |
3.26 |
2.75 |
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Asset Management |
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Total Assets Turnover (Times) |
1.19 |
1.48 |
1.20 |
1.31 |
1.95 |
|
Fixed Assets Turnover (Times) |
3.79 |
3.68 |
2.60 |
9.04 |
7.85 |
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Liquidity |
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Current Ratio (Times) |
1.26 |
0.98 |
0.81 |
1.24 |
1.20 |
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FINANCIAL
COMMENTARY
Compound Annual Growth Rate
The company's CAGR is 17.93% (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 companys performance over a given period.
Profitability
The company yielded a rate of net profit on
sales of 10.96 per cent in FY10. The company is now able to book in SGD - SIN
0.11 of profit for every SGD - SIN of sales.
Liquidity
Current ratio stood at 1.26 times in FY10
(FY09: 0.98 times). This means that the company has SGD - SIN 1.26 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 1.32
times in FY10, compared with 1.67 times in FY09. This means that the company
requires additional external financing of SGD - SIN 1.32 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 30.35 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 13.06 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 1.19 times in FY10 (FY09: 1.48
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.52.67 |
|
|
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
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 SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.