MIRA INFORM REPORT

 

 

Report Date :           

24.11.2011

 

IDENTIFICATION DETAILS

 

Name :

MAREL SINGAPORE PTE. LTD.

 

 

Formerly Known As :

Marel Food Systems Pte. Ltd

 

 

Registered Office :

13 Pioneer Sector 1 Singapore 628424

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.06.1997

 

 

Com. Reg. No.:

199704069h

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and Repair of Machinery for Food Products Processing

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Maximum Credit Limit :

 

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

MAREL SINGAPORE PTE. LTD.

Registration No

:

199704069H

Date of Registration

:

13/06/1997

Former Name

:

1.DANTHAI INTERNATIONAL PTE LTD Eff. date : 13/06/1997 Eff. date : 13/06/1997

2.DANTECH FOOD SYSTEMS PTE LTD Eff. date : 02/07/1999 Eff. date : 02/07/1999

3.MAREL FOOD SYSTEMS PTE. LTD. Eff. date : 08/08/2008 Eff. date : 08/08/2008

Date of Change of Name

:

29/04/2010

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

13 PIONEER SECTOR 1 SINGAPORE 628424

Date of Change of Address

:

06/04/2009

Contact No.

:

6281 2878

Fax No.

:

6281 2908

Website

:

www.dantech.com.sg

Registered Activities

:

1. MANUFACTURE AND REPAIR OF MACHINERY FOR FOOD PRODUCTS PROCESSING

2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$3,600,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 3,597,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$3,600,000.00 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

:

MGI MENON & ASSOCIATES

Bankers / Financiers

:

SVENSKA HANDELSBANKEN AB.

Turnover

:

SINGAPORE, DOLLARS 13,526,167.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS (1,501,723.00) (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

593 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2003/2004)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

MAREL SALMON A/S

SHAREHOLDER ID

:

T05UF0301H

NATIONALITY

:

NA

ADDRESS

:

JUELSTRUPPARKEN 14 DK-9530 STOVRING

NO. OF ORD SHARES

:

3,597,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

SNORRI HAFSTEINN PORKELSSON

ADDRESS

:

JOKLAFOLD 17 112 REYKJAVIK, ICELAND

POSITION

:

DIRECTOR

DATE OF APPT

:

21/09/2009

NATIONALITY

:

ICELAND

I/C PASSPORT

:

A1258610

 

NAME

:

SIGSTEIN PALL GRETARSSON

ADDRESS

:

HAEDARBYGGD 26, 210 GARDABAER ICELAND

POSITION

:

DIRECTOR

DATE OF APPT

:

02/09/2009

NATIONALITY

:

ICELAND

I/C PASSPORT

:

A2088245

 

NAME

:

ARUMUGAM CHETTIAR MANICKAM

ADDRESS

:

184 STIRLING ROAD #07-242 SINGAPORE 140184

POSITION

:

SECRETARY

DATE OF APPT

:

16/01/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0537812E

 

NAME

:

BENT CHRISTIANSEN

ADDRESS

:

51 HALTON ROAD #06-00 SINGAPORE 509684

POSITION

:

DIRECTOR

DATE OF APPT

:

23/07/2002

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2711809G

 

NAME

:

HENRIK ZIEGLER

ADDRESS

:

31 JALAN LIM TAI SEE SINGAPORE 268361

POSITION

:

DIRECTOR

DATE OF APPT

:

13/06/1997

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2735775Z

 

 

KEY PERSONNEL PROFILE

 

Name:

HENRIK ZIEGLER

NRIC Number:

S2735775Z

Available Address:

31 JALAN LIM TAI SEE  SINGAPORE 268361

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

BOUTIQUE NICOLE PTE. LTD.

DIRECTOR

24/10/2008

50000

50.00

2

BOUTIQUE NICOLE PTE. LTD.

SECRETARY

24/10/2008

50000

50.00

3

INSIDE LIVING BY ZIEGLER PTE. LTD.

DIRECTOR

24/10/2008

50

50.00

4

INSIDE LIVING BY ZIEGLER PTE. LTD.

SECRETARY

24/10/2008

50

50.00

5

MAREL SINGAPORE PTE. LTD.

DIRECTOR

13/06/1997

-

-

6

Z2K MARKETING PRIVATE LIMITED

DIRECTOR

24/06/2011

1000

50.00

7

ZIEGLER SHOES PTE. LTD.

DIRECTOR

23/10/2008

50000

50.00

8

ZIEGLER SHOES PTE. LTD.

SECRETARY

23/10/2008

50000

50.00

9

ZIEGLER TRADING PTE. LTD.

DIRECTOR

23/10/2008

50

50.00

10

ZIEGLER TRADING PTE. LTD.

SECRETARY

23/10/2008

50

50.00

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

BOUTIQUE NICOLE

TERMINATION

OWNER

30/11/1996

-

2

INSIDE LIVING BY ZIEGLER

TERMINATION

OWNER

01/05/2007

-

3

ZIEGLER SHOES

TERMINATION

OWNER

07/08/2001

-

4

ZIEGLER TRADING

CANCELLATION

OWNER

24/06/1996

-

5

ZIEGLER TRADING

TERMINATION

OWNER

06/06/2006

-

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

KEY PERSONNEL PROFILE

 

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 have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

200102766

 

Date of Registration

:

21/06/2001

 

Chargee

:

SVENSKA HANDELSBANKEN AB.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

             

 

 

 

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

29/07/2011

Date of Last AR

:

17/08/2011

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

13,526,167

-26.62

18,432,477

19,125,684

19,226,380

23,066,007

Profit/(Loss) Before Tax

(3,831,935)

NA

(118,630)

(725,965)

(76,789)

(1,723,704)

Profit After Tax attributable to Shareholders

(3,202,018)

NA

(152,469)

(592,965)

(116,589)

(1,444,054)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

9,421,057

0.10

9,411,248

8,156,455

10,648,811

8,701,143

Current Assets

7,394,129

-7.67

8,008,566

7,366,658

9,834,696

7,774,292

Non Current Assets

2,026,928

44.50

1,402,682

789,797

814,115

926,851

 

 

 

 

 

 

 

Total Liabilities

10,922,780

41.65

7,710,953

9,300,691

11,200,082

9,135,825

Current Liabilities

10,788,292

40.92

7,655,652

9,205,026

11,054,723

8,926,006

Non Current Liabilities

134,488

143.19

55,301

95,665

145,359

209,819

 

 

 

 

 

 

 

Shareholders' Funds

(1,501,723)

NA

1,700,295

(1,144,236)

(551,271)

(434,682)

Share Capital

3,600,000

0.00

3,600,000

603,000

603,000

603,000

Total Reserves

(5,101,723)

NA

(1,899,705)

(1,747,236)

(1,154,271)

(1,037,682)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-26.62

-3.62

-0.52

-16.65

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-23.67

-0.83

-3.10

-0.61

-6.26

Return on Equity (%)

213.22

-8.97

51.82

21.15

332.21

Return on Assets (%)

-33.99

-1.62

-7.27

-1.09

-16.60

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

-7.27

4.54

-8.13

-20.32

-21.02

Current Debt/Equity (Times)

0.00

4.50

0.00

0.00

0.00

Long Term Debt To Equity (Times)

0.00

0.03

0.00

0.00

0.00

Total Asset To Total Equity (Times)

-6.27

5.54

-7.13

-19.32

-20.02

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.44

1.96

2.34

1.81

2.65

Fixed Assets Turnover (Times)

6.67

13.14

24.22

23.62

24.89

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.69

1.05

0.80

0.89

0.87

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

Current ratio stood at 0.69 times in FY10 (FY09: 1.05 times). This means that the company has SINGAPORE, DOLLARS 0.69 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

We are unable to comment on Subject's leverage.

 

 

Efficiency Ratio

 

Return on equity was 213.22 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.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 1.44 times in FY10 (FY09: 1.96 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.52.10

UK Pound

1

Rs.81.30

Euro

1

Rs.70.07

 

 

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.