MIRA INFORM REPORT

 

 

Report Date :           

09.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ADISSEO ASIA PACIFIC PTE LTD

 

 

Registered Office :

1 Coleman Street #07-01 Adelphi, The Singapore 179803

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.12.2001

 

 

Com. Reg. No.:

200108221w

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of animal feed

 

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 :

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 – 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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

ADISSEO ASIA PACIFIC PTE LTD

Registration No

:

200108221W

Date of Registration

:

27/12/2001

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 COLEMAN STREET #07-01 ADELPHI, THE SINGAPORE 179803

Date of Change of Address

:

27/03/2006

Contact No.

:

6543 1121

Fax No.

:

6545 3547

Website

:

NA

Registered Activities

:

WHOLESALE OF ANIMAL FEED

TRADE NUTRITIONAL FEED ADDITIVES

Issued Ordinary Capital*

:

$418,002.00 EUROS ,NO. OF SHARE : 418,002

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$418,002.00 EUROS

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

:

SINGAPORE, DOLLARS 284,277,454.89 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 25,907,398.71 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

579 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

415 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

794 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

16.34% (4 years)

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

DRAKKAR GROUP S.A.

SHAREHOLDER ID

:

T03UF0579E

NATIONALITY

:

BELGIUM

ADDRESS

:

166 CHAUSSEE DE LA HULPE 1170 BRUSSELS BELGIUM

NO. OF ORD SHARES

:

418,002

% OF SHAREHOLDING

:

100%

CURRENCY

:

EUROS

 

 

OFFICER DETAILS

 

NAME

:

GERARD RENE CAMILLE DEMAN

ADDRESS

:

1255 CHEMIN DES PLATRIERES 13090 AIX-EN PROVENCE (FRANCE)

POSITION

:

DIRECTOR

DATE OF APPT

:

28/01/2002

NATIONALITY

:

FRENCH

I/C PASSPORT

:

02XE04426

 

NAME

:

FREDERIC PIERRE JACQUES PUISTIENNE

ADDRESS

:

84 BIS BOULEVARD DE LA REINE 78000 VERSAILLES, FRANCE

POSITION

:

DIRECTOR

DATE OF APPT

:

01/02/2007

NATIONALITY

:

FRENCH

I/C PASSPORT

:

08CR89624

 

NAME

:

RUDOLPH ANDREW MULLER

ADDRESS

:

48 CORONATION ROAD WEST #03-01 ASTRID MEADOWS SINGAPORE 269263

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

27/12/2001

28/01/2002

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2740268B

 

NAME

:

LOW SIEW TIAN

ADDRESS

:

453 TAMPINES STREET 42 #11-204 SINGAPORE 520453

POSITION

:

SECRETARY

DATE OF APPT

:

13/04/2009

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S6963151G

 

NAME

:

TAN PING PING

ADDRESS

:

112 LENGKONG TIGA #11-219 SINGAPORE 410112

POSITION

:

SECRETARY

DATE OF APPT

:

24/07/2007

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7484709I

 

 

KEY PERSONNEL PROFILE

 

Name:

RUDOLPH ANDREW MULLER

NRIC Number:

S2740268B

Available Address:

48 CORONATION ROAD WEST #03-01 ASTRID MEADOWS  SINGAPORE 269263

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ADISSEO ASIA PACIFIC PTE LTD

DIRECTOR

27/12/2001

-

-

2

ADISSEO ASIA PACIFIC PTE LTD

MANAGING DIRECTOR

28/01/2002

-

-

3

MULAN CAPITAL PTE. LTD.

DIRECTOR

09/06/2009

300000

100.00

4

MULAN CAPITAL PTE. LTD.

SHAREHOLDER

-

300000

100.00

5

SAS FOUNDATION LIMITED

DIRECTOR

04/07/2008

-

-

6

THE AMERICAN SCHOOL TRUST LIMITED

DIRECTOR

01/05/2008

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

AVENTIS ANIMAL NUTRITION ASIA PACIFIC PTE LTD

LIVE COMPANY

DIRECTOR

31/08/2000

01/04/2003

2

AVENTIS ANIMAL NUTRITION ASIA PACIFIC PTE LTD

LIVE COMPANY

MANAGING DIRECTOR

05/10/2000

01/04/2003

3

THE AMERICAN SCHOOL TRUST LIMITED

LIVE COMPANY

SHAREHOLDER

-

04/05/2011

 

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

 

Clear

COMPLIANCE

 

 

Date of Last AGM

:

01/04/2011

Date of Last AR

:

20/04/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

284,277,455

-4.17

296,649,951

302,173,331

198,712,602

155,180,552

Profit/(Loss) Before Tax

9,833,969

-10.77

11,020,748

4,646,043

2,804,812

2,690,413

Profit After Tax attributable to Shareholders

8,180,620

-10.62

9,152,954

3,790,800

2,305,342

2,065,157

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

65,209,904

-24.86

86,781,870

78,466,813

64,659,473

48,555,423

Current Assets

64,575,254

-25.36

86,510,242

78,017,815

64,064,277

47,759,768

Non Current Assets

634,650

133.65

271,628

448,998

595,196

795,655

 

 

 

 

 

 

 

Total Liabilities

39,302,505

-42.05

67,824,847

68,960,262

58,572,488

44,568,270

Current Liabilities

39,215,359

-42.16

67,797,240

68,910,339

58,498,490

44,462,368

Non Current Liabilities

87,146

215.67

27,607

49,923

73,998

105,902

 

 

 

 

 

 

 

Shareholders' Funds

25,907,399

36.66

18,957,023

9,506,551

6,086,986

3,987,153

Share Capital

501,543

-6.49

536,350

520,074

553,853

583,951

Total Reserves

25,405,856

37.92

18,420,673

8,986,477

5,533,133

3,403,202

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-4.17

-1.83

52.07

28.05

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.88

3.09

1.25

1.16

1.33

Return on Equity (%)

31.58

48.28

39.88

37.87

51.80

Return on Assets (%)

12.55

10.55

4.83

3.57

4.25

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.52

3.58

7.25

9.62

11.18

Current Debt/Equity (Times)

1.51

3.58

7.25

9.61

11.15

Long Term Debt To Equity (Times)

0.00

0.00

0.01

0.01

0.03

Total Asset To Total Equity (Times)

2.52

4.58

8.25

10.62

12.18

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.36

3.42

3.85

3.07

3.20

Fixed Assets Turnover (Times)

447.93

1,092.12

672.99

333.86

195.03

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.65

1.28

1.13

1.10

1.07

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 16.34% (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 2.88 per cent in FY10 (FY09: 3.09 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.03 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.03 a year ago.

 

Liquidity

Current ratio stood at 1.65 times in FY10 (FY09: 1.28 times). This means that the company has SINGAPORE, DOLLARS 1.65 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 1.52 times in FY10, as compared with 3.58 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 1.52 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 31.58 per cent for Subject in the current financial period, as compared to 48.28 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 12.55 per cent (FY09: 10.55 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 4.36 times in FY10 (FY09: 3.42 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.44.78

UK Pound

1

Rs.73.43

Euro

1

Rs.65.27

 

 

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%)

 

 

 

 

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