MIRA INFORM REPORT

 

 

Report Date :           

03.04.2012

 

IDENTIFICATION DETAILS

 

Name :

GRUNDFOS (SINGAPORE) PTE LTD

 

 

Registered Office :

25 Jalan Tukang Singapore 619264

 

 

Country :

Singapore  

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

31.03.1994

 

 

Com. Reg. No.:

199402276N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and repair of pumps (eg hydraulic pumps, drainage pumps)

Sale and marketing of pumps.

 

 

No. of Employees :

Not Available

 

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

:

GRUNDFOS (SINGAPORE) PTE LTD

Registration No

:

199402276N

Date of Registration

:

31/03/1994

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

25 JALAN TUKANG SINGAPORE 619264

Date of Change of Address

:

06/01/2012

Contact No.

:

6865 1222

Fax No.

:

6861 8402

Website

:

www.grundfos.com

Registered Activities

:

MANUFACTURE AND REPAIR OF PUMPS (EG HYDRAULIC PUMPS, DRAINAGE PUMPS)

SALE AND MARKETING OF PUMPS.

Issued Ordinary Capital*

:

$18,800,002.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 18,800,002

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$18,800,002.00 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

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 111,657,651.00 (FY2010)

Net Worth

:

SGD - SIN 33,558,711.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1657 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

1619 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1317 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

1088 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

992 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

1.91% (4 years)

 

 

Credit Recommendation

           

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

GRUNDFOS HOLDING AG

SHAREHOLDER ID

:

T03UF0380J

NATIONALITY

:

SWITZERLAND

ADDRESS

:

CH-6300 ZUG SCHWEIZ/SUISSE SWITZERLAND

NO. OF ORD SHARES

:

18,800,002

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

HENNING SANDAGER ANDERSEN

ADDRESS

:

HOEJBJERG BYVEJ 29 DK-8840 ROEDKAERSBRO, DENMARK

POSITION

:

DIRECTOR

DATE OF APPT

:

12/07/2008

NATIONALITY

:

DANISH

I/C PASSPORT

:

101695578

 

NAME

:

SOREN OSTERGAARD SORENSEN

ADDRESS

:

MULTEBAERVEJ 45, SEJS, DK-8600 SILKEBORG, DENMARK

POSITION

:

DIRECTOR

DATE OF APPT

:

01/12/2006

NATIONALITY

:

DANISH

I/C PASSPORT

:

200913117

 

NAME

:

KNUD VALDEMAR MOERK KRAEGPOETH

ADDRESS

:

CHRISTIANSFELDVEJ 123 8600 SILKEBORG, DENMARK

POSITION

:

DIRECTOR

DATE OF APPT

:

01/05/2009

NATIONALITY

:

DANISH

I/C PASSPORT

:

201026529

 

NAME

:

ANDERS AAKAER JENSEN

ADDRESS

:

LYOVEJ 24, 8370 HADSTEN DENMARK

POSITION

:

DIRECTOR

DATE OF APPT

:

01/05/2009

NATIONALITY

:

DANISH

I/C PASSPORT

:

202335921

 

NAME

:

POUL DUE JENSEN

ADDRESS

:

14 JALAN SIANTAN SINGAPORE 268254

POSITION

:

DIRECTOR

DATE OF APPT

:

01/05/2009

NATIONALITY

:

DANISH

I/C PASSPORT

:

G5982916K

 

NAME

:

TAN CHENG SIEW @ NUR FARAH TAN

ADDRESS

:

97 BEDOK NORTH AVENUE 4 #20-1513 SINGAPORE 460097

POSITION

:

SECRETARY

DATE OF APPT

:

29/06/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6920790A

 

 

KEY PERSONNEL PROFILE

 

Name:

SOREN OSTERGAARD SORENSEN

NRIC Number:

200913117

Available Address:

MULTEBAERVEJ 45, SEJS, DK-8600 SILKEBORG, DENMARK

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

GRUNDFOS (SINGAPORE) PTE LTD

DIRECTOR

01/12/2006

-

-

 

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

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

27/07/2011

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

111,657,651

4.68

106,662,761

116,530,230

115,264,043

103,515,061

Profit/(Loss) Before Tax

7,046,796

16.29

6,059,652

6,579,082

5,364,039

244,449

Profit After Tax attributable to Shareholders

5,244,850

-0.28

5,259,652

5,363,082

4,269,995

(81,535)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

64,566,098

-8.16

70,305,459

88,536,140

65,801,944

61,400,215

Current Assets

43,176,698

-12.74

49,481,777

67,518,220

55,437,418

50,504,286

Non Current Assets

21,389,400

2.72

20,823,682

21,017,920

10,364,526

10,895,929

 

 

 

 

 

 

 

Total Liabilities

31,007,387

-26.16

41,991,598

56,481,931

46,110,817

45,979,083

Current Liabilities

28,682,579

-27.28

39,440,365

53,718,199

43,409,994

43,680,068

Non Current Liabilities

2,324,808

-8.88

2,551,233

2,763,732

2,700,823

2,299,015

 

 

 

 

 

 

 

Shareholders' Funds

33,558,711

18.52

28,313,861

32,054,209

19,691,127

15,421,132

Share Capital

18,800,002

0.00

18,800,002

18,800,002

11,800,002

11,800,002

Total Reserves

14,758,709

55.13

9,513,859

13,254,207

7,891,125

3,621,130

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

4.68

-8.47

1.10

11.35

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

4.70

4.93

4.60

3.70

-0.08

Return on Equity (%)

15.63

18.58

16.73

21.68

-0.53

Return on Assets (%)

8.12

7.48

6.06

6.49

-0.13

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.92

1.48

1.76

2.34

2.98

Current Debt/Equity (Times)

0.85

1.39

1.68

2.20

2.83

Long Term Debt To Equity (Times)

0.07

0.09

0.09

0.14

0.15

Total Asset To Total Equity (Times)

1.92

2.48

2.76

3.34

3.98

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.73

1.52

1.32

1.75

1.69

Fixed Assets Turnover (Times)

5.22

5.12

5.54

11.12

9.50

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.51

1.25

1.26

1.28

1.16

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 1.91% (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 4.70 per cent in FY10 (FY09: 4.93 per cent). The company is now able to book in SGD - SIN 0.05 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.05 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.51 times in FY10 (FY09: 1.25 times). This means that the company has SGD - SIN 1.51 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 0.92 times in FY10, compared with 1.48 times in FY09. This means that the company requires additional external financing of SGD - SIN 0.92 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 15.63 per cent for Subject in the current financial period, as compared to 18.58 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 8.12 per cent (FY09: 7.48 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 1.73 times in FY10 (FY09: 1.52 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.51.16

UK Pound

1

Rs.81.79

Euro

1

Rs.68.34

 

 

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.