MIRA INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
DANFOSS INDUSTRIES PTE LTD |
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|
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Registered Office : |
25 International Business Park #02-128 German Centre Singapore 609916 |
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Country : |
Singapore |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
05.12.1983 |
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Com. Reg. No.: |
198305749c |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Wholesale of lifts, escalators and industrial and office air-conditioning equipment |
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 |
|
Maximum Credit Limit : |
S$1,000,000 |
|
Status : |
Satisfactory |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Singapore |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Executive
Summary
Credit Recommendation
|
Recommended Credit Line |
: |
S$1,000,000 |
SHAREHOLDER DETAILS
|
: |
DANFOSS A/S |
|
|
SHAREHOLDER ID |
: |
T04UF0365F |
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NATIONALITY |
: |
DENMARK |
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ADDRESS |
: |
DK 6430 NORDBORG DENMARK |
|
NO. OF ORD SHARES |
: |
14,000,000 |
|
% OF SHAREHOLDING |
: |
100% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
ANDERS
STAHLSCHMIDT |
|
|
ADDRESS |
: |
LILLEHAVSTIEN
2, 6440 AUGUSTENBORG DENMARK |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
07/01/2008 |
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NATIONALITY |
: |
DANISH |
|
I/C PASSPORT |
: |
101248324 |
|
|
||
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NAME |
: |
KJELD
STARK |
|
ADDRESS |
: |
KONGEVEJ
74, DK-6400 SONDERBORG, DENMARK |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
01/10/2010 |
|
NATIONALITY |
: |
DANISH |
|
I/C PASSPORT |
: |
203501741 |
|
|
||
|
NAME |
: |
NOR
HAFIZA ALWI |
|
ADDRESS |
: |
2
GHIM MOH ROAD #07-318 SINGAPORE 270002 |
|
POSITION |
: |
SECRETARY |
|
DATE OF APPT |
: |
15/12/2004 |
|
NATIONALITY |
: |
SINGAPORE
CITIZEN |
|
I/C PASSPORT |
: |
S1788410G |
|
|
||
|
NAME |
: |
WOO
MAY POH |
|
ADDRESS |
: |
2
ROCHOR ROAD #05-590 ROCHOR CENTRE SINGAPORE 180002 |
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POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
01/09/2010 |
|
NATIONALITY |
: |
SINGAPORE
CITIZEN |
|
I/C PASSPORT |
: |
S7128630D |
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|
||
|
NAME |
: |
LEE
BEE FONG |
|
ADDRESS |
: |
118D
JALAN MEMBINA #07-103 SINGAPORE 164118 |
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POSITION |
: |
SECRETARY |
|
DATE OF APPT |
: |
20/04/2007 |
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NATIONALITY |
: |
SINGAPORE
P.R. |
|
I/C PASSPORT |
: |
S7376654J |
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||
KEY PERSONNEL PROFILE
|
ANDERS STAHLSCHMIDT |
|
|
NRIC Number: |
101248324 |
|
Available Address: |
LILLEHAVSTIEN 2, 6440
AUGUSTENBORG DENMARK |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
DANFOSS INDUSTRIES PTE LTD |
DIRECTOR |
07/01/2008 |
- |
- |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known
Inactive Date |
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Bankruptcy Record
|
Case
No. |
Year |
Date
of Filing |
Petitioner
Name |
Amount |
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Litigation Search – Writ of Summons
|
Court |
Case No. |
Year |
Date
of Filing |
Amount |
Cause
Category |
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SUBSIDIARIES AND ASSOCIATE
COMPANIES
|
Company |
Shareholdings (%) |
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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. Case status is as per
available database. For the latest status of the suit, please obtain the full
details of the suit through Litigation Detail Search (DLIT) offered.
To date, there have been 1 litigation
suits filed against Subject.
The details are as follows:
|
Court |
: |
Magistrate
Court |
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|
|
Case
No. |
: |
29364 |
|
|
Date
of Filing |
: |
04/10/2002 |
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Amount
|
: |
SGD
16,362.57 SGD
2,267.03 SGD
2,500.00 |
|
|
Cause |
: |
Miscellaneous |
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|
Case
Status |
: |
DEEMED
DISCONTINUED |
|
|
Plaintiff |
: |
TAC
DISTRIBUTION PTE LTD |
|
|
Last
Update Date |
: |
27/12/2010 |
COMPLIANCE
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
09/09/2010 |
|
Date of A/C Laid At Last AGM |
: |
31/12/2009 |
FINANCIAL HIGHLIGHTS
|
Financial Figures |
||||||
|
|
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 |
|
|
|
|
|
|
|
159,587,239 |
-15.88 |
189,710,801 |
186,700,826 |
134,071,892 |
93,750,369 |
|
|
Profit/(Loss) Before Tax |
9,508,693 |
-14.90 |
11,173,305 |
12,721,142 |
2,534,368 |
4,599,256 |
|
Profit After Tax attributable to
Shareholders |
7,428,869 |
-18.11 |
9,071,851 |
10,360,098 |
2,000,168 |
3,612,703 |
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Balance Sheet Key Figures |
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Total Assets |
74,379,823 |
12.58 |
66,070,984 |
68,539,254 |
56,471,364 |
37,199,094 |
|
Current Assets |
74,203,663 |
12.79 |
65,788,558 |
67,901,686 |
55,596,225 |
36,193,550 |
|
Non Current Assets |
176,160 |
-37.63 |
282,426 |
637,568 |
875,139 |
1,005,544 |
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Total Liabilities |
50,572,112 |
24.64 |
40,576,021 |
43,662,142 |
41,594,590 |
22,796,570 |
|
Current Liabilities |
50,572,112 |
26.48 |
39,985,221 |
42,163,690 |
40,020,868 |
22,453,969 |
|
Non Current Liabilities |
0 |
-100.00 |
590,800 |
1,498,452 |
1,573,722 |
342,601 |
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Shareholders' Funds |
23,807,710 |
-6.62 |
25,494,964 |
24,877,112 |
14,876,775 |
14,402,522 |
|
Share Capital |
15,873,286 |
3.13 |
15,391,590 |
16,391,264 |
17,282,029 |
18,178,706 |
|
Total Reserves |
7,934,424 |
-21.47 |
10,103,374 |
8,485,848 |
(2,405,254) |
(3,776,184) |
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FINANCIAL RATIOS
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DEC
2009 |
DEC
2008 |
DEC
2007 |
DEC
2006 |
DEC
2005 |
|
Growth % |
|
|
|
|
|
|
-15.88 |
1.61 |
39.25 |
43.01 |
NA |
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Profitability |
|
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|
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Profit Margin (%) |
4.66 |
4.78 |
5.55 |
1.49 |
3.85 |
|
Return on Equity (%) |
31.20 |
35.58 |
41.65 |
13.44 |
25.08 |
|
Return on Assets (%) |
9.99 |
13.73 |
15.12 |
3.54 |
9.71 |
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Leverage |
|
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Total Debt/Equity (Times) |
2.12 |
1.59 |
1.76 |
2.80 |
1.58 |
|
Current Debt/Equity (Times) |
2.12 |
1.57 |
1.69 |
2.69 |
1.56 |
|
Long Term Debt To Equity (Times) |
0.00 |
0.02 |
0.06 |
0.11 |
0.02 |
|
Total Asset To Total Equity (Times) |
3.12 |
2.59 |
2.76 |
3.80 |
2.58 |
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Asset Management |
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Total Assets Turnover (Times) |
2.15 |
2.87 |
2.72 |
2.37 |
2.52 |
|
Fixed Assets Turnover (Times) |
905.92 |
671.72 |
292.83 |
153.20 |
93.23 |
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Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
1.47 |
1.65 |
1.61 |
1.39 |
1.61 |
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FINANCIAL
COMMENTARY
Compound Annual Growth Rate
The company's CAGR is 14.22% (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 company yielded a rate of
net profit on sales of 4.66 per cent in FY09 (FY08: 4.78 per cent). The company
is now able to book in SGD - SIN 0.05 of profit for every SGD - SIN of sales in
FY09, as compared with SGD - SIN 0.05 a year ago.
Liquidity
Current ratio stood at 1.47 times in FY09 (FY08:
1.65 times). This means that the company has SGD - SIN 1.47 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 2.12 times in FY09, as compared with 1.59 times in FY08. This means
that the company requires additional external financing of SGD - SIN 2.12 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 31.20 per cent for Subject in the current financial
period, as compared to 35.58 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 9.99 per cent (FY08: 13.73 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 2.15 times in FY09 (FY08: 2.87
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.44.33 |
|
UK Pound |
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.