MIRA INFORM REPORT

 

 

Report Date :           

20.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ECOGREEN OLEOCHEMICALS (SINGAPORE) PTE LTD

 

 

Formerly Known As :

Salim Oleochemicals (Singapore) Pte Ltd

 

 

Registered Office :

99 Bukit Timah Road #03-01 Alfa Centre Singapore 229835

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

06.03.1997

 

 

Com. Reg. No.:

199701440n

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of petrochemical products

 

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 :

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

:

ECOGREEN OLEOCHEMICALS (SINGAPORE) PTE LTD

Registration No

:

199701440N

Date of Registration

:

06/03/1997

Former Name

:

SALIM OLEOCHEMICALS (SINGAPORE) PTE LTD Eff. date : 06/03/1997 Eff. date : 06/03/1997

Date of Change of Name

:

05/03/2001

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

99 BUKIT TIMAH ROAD #03-01 ALFA CENTRE SINGAPORE 229835

Date of Change of Address

:

15/03/2000

Contact No.

:

6337 7726

Fax No.

:

6337 2110

Website

:

www.ecogreenoleo.com

Registered Activities

:

MANUFACTURE OF PETROCHEMICAL PRODUCTS NEC

MANUF BASIC INDUSTRIAL CHEMICALS

Issued Ordinary Capital*

:

$6,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 6,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$6,000,000.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

FORTIS BANK (NEDERLAND) N.V. SINGAPORE BRANCH

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

Turnover

:

SINGAPORE, DOLLARS 393,114,394.20 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 39,575,959.50 (FY2010)

No. of Bank Charges

:

5

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

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

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

723 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

13.02% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

WORLDWIDE LINK (B.V.I.) LTD

SHAREHOLDER ID

:

S97UF0221E

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

WICKHAMS CAY RD TOWN TORTOLA BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

6,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

CHAN KWANG CHENG

ADDRESS

:

28 MAR THOMA ROAD #10-01 SINGAPORE 328708

POSITION

:

SECRETARY

DATE OF APPT

:

20/07/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0011395F

 

NAME

:

KHAW YIO LOK

ADDRESS

:

1E CANTONMENT ROAD #39-57 PINNACLE@DUXTON, THE SINGAPORE 085501

POSITION

:

SECRETARY

DATE OF APPT

:

24/05/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1311899Z

 

NAME

:

WILLY SUTANTO @ CHEN GUO WEI

ADDRESS

:

20 WILBY ROAD #03-01 TESSARINA, THE SINGAPORE 276305

POSITION

:

DIRECTOR

DATE OF APPT

:

10/02/1998

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2619579I

 

NAME

:

TEDDY TANZIL

ADDRESS

:

1 JALAN KUALA #08-03 MORNINGSIDE, THE SINGAPORE 239639

POSITION

:

DIRECTOR

DATE OF APPT

:

06/03/1997

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2668092A

 

NAME

:

DR. ERWIN SUTANTO

ADDRESS

:

JL.MANGGA  BESAR III/29.E. RT 005/005 KEL MANGGA BESAR, JAKARTA BARAT, INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

02/05/2003

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

T 078373

 

NAME

:

EDDY WILLIAM KATUARI

ADDRESS

:

JL. MANYAR KERTOARJO 7 NO. 31, SURABAYA 60285, INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

19/03/2001

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

V 486381

 

NAME

:

JIMMY MASRIN

ADDRESS

:

JALAN SIMPRUK GOLF X KAV. 143 RT.001/008 GROGOL SELATAN, JAKARTA SELATAN, INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

19/03/2001

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

W 490219

 

 

KEY PERSONNEL PROFILE

 

Name:

TEDDY TANZIL

NRIC Number:

S2668092A

Available Address:

1 JALAN KUALA #08-03 MORNINGSIDE, THE  SINGAPORE 239639

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

ECOGREEN OLEOCHEMICALS (SINGAPORE) PTE LTD

DIRECTOR

06/03/1997

-

-

2

ETHOXYLATES MANUFACTURING PTE LTD

DIRECTOR

01/01/1994

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

APP PROPERTIES PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

01/01/1995

12/05/2010

2

ASIA PACIFIC POLYOL PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

01/01/1995

12/05/2010

3

CHEMPROX ENTERPRISE PTE LTD

LIVE COMPANY

DIRECTOR/SHR

10/11/1998

15/11/2010

4

INDO COASTAL PTE LTD

LIVE COMPANY

DIRECTOR

23/01/1995

29/04/2010

5

LUB PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

30/06/1999

-

6

UNIVERSAL INTERCHEMICALS CORP. PTE LTD

LIVE COMPANY

DIRECTOR

23/01/1995

27/09/2011

 

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 (%)

ETHOXYLATES MANUFACTURING PTE LTD

100

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 5 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201004571

 

Date of Registration

:

03/06/2010

 

Chargee

:

FORTIS BANK (NEDERLAND) N.V. SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C200709496

 

Date of Registration

:

05/11/2007

 

Chargee

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C200705980

 

Date of Registration

:

26/07/2007

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

NA

 

Address

:

1 RAFFLES QUAY #38-01 ONE RAFFLES QUAY, NORTH TOWER SINGAPORE 048583

 

4)

Charge No.

:

C200705889

 

Date of Registration

:

25/07/2007

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

NA

 

Address

:

1 RAFFLES QUAY #38-01 ONE RAFFLES QUAY, NORTH TOWER SINGAPORE 048583

 

5)

Charge No.

:

200104886

 

Date of Registration

:

05/10/2001

 

Chargee

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

             

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

20/07/2011

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

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

393,114,394

51.24

259,928,878

391,400,112

316,661,507

240,965,059

Profit/(Loss) Before Tax

6,124,511

-12.35

6,987,390

3,473,882

16,745,164

1,424,263

Profit After Tax attributable to Shareholders

5,419,668

-13.74

6,283,122

3,004,019

15,813,541

1,078,891

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

137,728,693

34.49

102,411,393

108,940,488

119,928,372

73,185,583

Current Assets

128,477,294

38.76

92,590,923

99,427,526

109,770,680

68,203,038

Non Current Assets

9,251,399

-5.79

9,820,470

9,512,962

10,157,692

4,982,545

 

 

 

 

 

 

 

Total Liabilities

98,152,734

48.97

65,885,473

79,614,264

91,897,051

60,303,843

Current Liabilities

98,150,012

48.97

65,884,018

79,612,853

91,894,046

60,291,169

Non Current Liabilities

2,721

87.02

1,455

1,411

3,005

12,674

 

 

 

 

 

 

 

Shareholders' Funds

39,575,960

8.35

36,525,920

29,326,224

28,031,320

12,881,740

Share Capital

5,645,544

-6.49

6,037,210

5,854,239

6,234,358

6,573,157

Total Reserves

33,930,415

11.29

30,488,710

23,471,985

21,796,962

6,308,583

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

51.24

-33.59

23.60

31.41

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.38

2.42

0.77

4.99

0.45

Return on Equity (%)

13.69

17.20

10.24

56.41

8.38

Return on Assets (%)

3.94

6.14

2.76

13.19

1.47

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.48

1.80

2.71

3.28

4.68

Current Debt/Equity (Times)

2.48

1.80

2.71

3.28

4.68

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

3.48

2.80

3.71

4.28

5.68

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.85

2.54

3.59

2.64

3.29

Fixed Assets Turnover (Times)

42.49

26.47

41.14

31.17

48.36

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.31

1.41

1.25

1.19

1.13

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 13.02% (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 1.38 per cent in FY10 (FY09: 2.42 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.02 a year ago.

 

Liquidity

Current ratio stood at 1.31 times in FY10 (FY09: 1.41 times). This means that the company has SINGAPORE, DOLLARS 1.31 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 2.48 times in FY10, as compared with 1.80 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 2.48 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 13.69 per cent for Subject in the current financial period, as compared to 17.20 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 3.94 per cent (FY09: 6.14 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 2.85 times in FY10 (FY09: 2.54 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.49.18

UK Pound

1

Rs.77.49

Euro

1

Rs.67.96

 

 

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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