MIRA INFORM REPORT

 

 

Report Date :

26.02.2011

 

IDENTIFICATION DETAILS

 

Name :

VAN LEEUWEN PIPE AND TUBE (SINGAPORE) PTE LTD

 

 

Formerly Known As :

VAN LEEUWEN PIPE AND TUBE (FAR EAST) PTE. LTD

 

 

Registered Office :

1 Marina Boulevard #28-00 One Marina Boulevard Singapore 018989

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

23.02.1979

 

 

Com. Reg. No.:

197900507N

 

 

Legal Form :

LIMITED PRIVATE COMPANY

 

 

Line of Business :

Manufacture of Pipe Fittings

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

Payment Behaviour :

No complaints

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 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Executive Summary

 

Company Name

:

VAN LEEUWEN PIPE AND TUBE (SINGAPORE) PTE LTD

Registration No

:

197900507N

Date of Registration

:

23/02/1979

Former Name

:

VAN LEEUWEN PIPE AND TUBE (FAR EAST) PTE. LTD. Eff. date : 23/02/1979 Eff. date : 23/02/1979

Date of Change of Name

:

26/06/1998

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 MARINA BOULEVARD #28-00 ONE MARINA BOULEVARD SINGAPORE 018989

Operating Address

 

No. 4 Pioneer Place, Singapore 627893, Singapore

Date of Change of Address

:

19/04/2004

Contact No.

:

6897 9301

Fax No.

:

6897 9318

Website

:

NA

Registered Activities

:

MANUFACTURE OF PIPE FITTINGS

STOCKIST AND TRADING OF PIPES TUBES FITTINGS & FLANGES AND VALVES

Issued Ordinary Capital*

:

$13,575,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 13,575,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$13,575,000.00 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

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 69,336,459.00 (FY2009)

Net Worth

:

SGD - SIN 21,758,304.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

1033 POSITION IN SINGAPORE 1000 (2007/2008)

1021 POSITION IN SINGAPORE 1000 (2006/2007)

1134 POSITION IN SINGAPORE 1000 (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

VAN LEEUWEN PIPE AND TUBE ASIA PACIFIC B.V.

SHAREHOLDER ID

:

S79UF0299A

NATIONALITY

:

NETHERLANDS

ADDRESS

:

LINDTSEDIJK 20 ZWIJNDRECHT,  THE NETHERLANDS

NO. OF ORD SHARES

:

13,575,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JOHANNES MARIA SASSEN

ADDRESS

:

RIDDERLAAN 10, 2242 GS WASSENAAR THE NETHERLANDS

POSITION

:

DIRECTOR

DATE OF APPT

:

01/09/2007

NATIONALITY

:

DUTCH

I/C PASSPORT

:

BM2774203

 

NAME

:

JOHAN FREDERIK WEERSTRA

ADDRESS

:

10 SWISS CLUB LANE SWISS CLUB PARK SINGAPORE 288188

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/08/2005

01/08/2005

NATIONALITY

:

DUTCH

I/C PASSPORT

:

G5586719X

 

NAME

:

SEET GEOK NEO PATRICIA

ADDRESS

:

33 GARLICK AVENUE SINGAPORE 275826

POSITION

:

SECRETARY

DATE OF APPT

:

01/07/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1465985D

 

NAME

:

DESMOND LEE HENG CHOONG

ADDRESS

:

5 ST. GEORGE'S LANE #12-189 SINGAPORE 320005

POSITION

:

SECRETARY

DATE OF APPT

:

01/11/2004

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2588967C

 

 

KEY PERSONNEL PROFILE

 

Name:

JOHAN FREDERIK WEERSTRA

NRIC Number:

G5586719X

Available Address:

10 SWISS CLUB LANE SWISS CLUB PARK  SINGAPORE 288188

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

VAN LEEUWEN PIPE AND TUBE (SINGAPORE) PTE LTD

DIRECTOR

01/08/2005

-

-

2

VAN LEEUWEN PIPE AND TUBE (SINGAPORE) PTE LTD

MANAGING DIRECTOR

01/08/2005

-

-

 

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.

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

 

The following litigation suits were traced against Subject. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT).

 

To date, there have been 2 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

W.e.f 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

2

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.

:

24235

 

Date of Filing

:

17/08/2001

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SAMWOH ASPHALT PREMIX PTE LTD

 

Last Update Date

:

25/01/2002

 

2)

Court

:

Magistrate Court

 

Case No.

:

2328

 

Date of Filing

:

28/01/2002

 

Amount

:

1,340.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

PENDING

 

Plaintiff

:

CHUA BENG TAT

 

Last Update Date

:

30/01/2002

 

 

COMPLIANCE

 

Date of Last AGM

:

18/06/2010

Date of Last AR

:

23/06/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

 FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

69,336,459

-57.00

161,258,363

135,269,743

114,354,324

87,105,840

Profit/(Loss) Before Tax

4,843,949

-69.65

15,960,553

19,181,611

16,951,033

14,807,867

Profit After Tax attributable to Shareholders

3,861,734

-70.31

13,007,640

16,347,822

13,800,268

11,626,405

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

33,587,591

-54.20

73,333,295

53,850,439

52,267,788

55,010,099

Current Assets

28,778,064

-57.76

68,136,635

47,877,945

45,912,371

48,026,059

Non Current Assets

4,809,527

-7.45

5,196,660

5,972,494

6,355,417

6,984,040

 

 

 

 

 

 

 

Total Liabilities

11,829,288

-63.24

32,184,159

23,881,170

24,642,403

29,141,609

Current Liabilities

11,829,288

-63.24

32,184,159

23,881,170

24,642,403

29,141,609

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

21,758,304

-47.12

41,149,136

29,969,269

27,625,385

25,868,490

Share Capital

10,718,112

3.13

10,392,857

11,067,867

11,669,337

12,274,800

Total Reserves

11,040,192

-64.10

30,756,279

18,901,402

15,956,048

13,593,690

 

 

 

FINANCIAL RATIOS

 

 

Company

 

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-57.00

19.21

18.29

31.28

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

5.57

8.07

12.09

12.07

13.35

Return on Equity (%)

17.75

31.61

54.55

49.96

44.94

Return on Assets (%)

11.50

17.74

30.36

26.40

21.14

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.54

0.78

0.80

0.89

1.13

Current Debt/Equity (Times)

0.54

0.78

0.80

0.89

1.13

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.54

1.78

1.80

1.89

2.13

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.06

2.20

2.51

2.19

1.58

Fixed Assets Turnover (Times)

14.42

31.03

22.65

17.99

12.47

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.43

2.12

2.00

1.86

1.65

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 5.57 per cent in FY09 (FY08: 8.07 per cent). The company is now able to book in SGD - SIN 0.06 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.08 a year ago.

 

 

Liquidity

 

Current ratio stood at 2.43 times in FY09 (FY08: 2.12 times). This means that the company has SGD - SIN 2.43 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 0.54 times in FY09, compared with 0.78 times in FY08. This means that the company requires additional external financing of SGD - SIN 0.54 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 17.75 per cent for Subject in the current financial period, as compared to 31.61 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 11.50 per cent (FY08: 17.74 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 2.06 times in FY09 (FY08: 2.20 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.45.37

UK Pound

1

Rs.73.24

Euro

1

Rs.62.68

 

 

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 Company

----

 

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.