MIRA INFORM REPORT

 

 

Report Date :

14.04.2012

 

IDENTIFICATION DETAILS

 

Name :

DETPAK PACKAGING PTE LTD

 

 

Registered Office :

36 Robinson Road #13-01 City House Singapore 068877

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

23.11.1983

 

 

Com. Reg. No.:

198305565N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacturer & Marketing of Wrappers & Packages For Food Industry

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

S$754,000

Status :

Moderate

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

DETPAK PACKAGING PTE LTD

Registration No

:

198305565N

Date of Registration

:

23/11/1983

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

36 ROBINSON ROAD #13-01 CITY HOUSE SINGAPORE 068877

Trading Address

:

19 Neythal Road, Singapore 628584, Singapore

Date of Change of Address

:

14/05/2008

Contact No.

:

6261 6040

Fax No.

:

6266 0162

Website

:

http://www.detpak.com

Registered Activities

:

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

MANUF & MARKETING OF WRAPPERS & PACKAGES FOR FOOD INDUSTRY

2. RETAIL SALE OF CROCKERY, CUTLERY AND KITCHEN UTENSILS

MARKETING OF CATERING PRODUCTS

Issued Ordinary Capital*

:

$1,400,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,400,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,400,000.00 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

:

ERNST & YOUNG LLP

Bankers / Financiers

:

OVERSEAS UNION BANK LIMITED

Turnover

:

SGD - SIN 24,924,464.00 (FY2011)

Net Worth

:

SGD - SIN 7,544,018.00 (FY2011)

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

0.41% (5 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$754,000

 

SHAREHOLDER DETAILS

 

NAME

:

DETPAK HOLDINGS PTE LTD

SHAREHOLDER ID

:

199608769M

NATIONALITY

:

SINGAPORE

ADDRESS

:

36 ROBINSON ROAD #13-01 CITY HOUSE SINGAPORE 068877

NO. OF ORD SHARES

:

1,400,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

RODNEY FRANK DETMOLD

ADDRESS

:

1 THE AVENUE MEDINDIE 5081 S.AUSTRALIA, AUSTRALIA

POSITION

:

DIRECTOR

DATE OF APPT

:

25/11/1983

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

E3059423

 

NAME

:

LAU YIM CHU NANCY

ADDRESS

:

200 KIM SENG ROAD #17-03 COSMOPOLITAN, THE SINGAPORE 239471

POSITION

:

SECRETARY

DATE OF APPT

:

02/04/2012

NATIONALITY

:

BRITISH

I/C PASSPORT

:

F5647557P

 

NAME

:

PIPPA JANE DETMOLD

ADDRESS

:

4 MACKINNON PARADE NORTH ADELAIDE SOUTH AUSTRALIA 5007

POSITION

:

DIRECTOR

DATE OF APPT

:

01/01/2009

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

N1831290

 

NAME

:

LEONG CHOY KIT

ADDRESS

:

43 HINDHEDE WALK #05-09 SOUTHAVEN I SINGAPORE 587973

POSITION

:

DIRECTOR

DATE OF APPT

:

01/09/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1791261E

 

NAME

:

CHU YUEN KAI

ADDRESS

:

163 BEDOK SOUTH ROAD #13-426 SINGAPORE 460163

POSITION

:

SECRETARY

DATE OF APPT

:

18/05/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7075419C

 

 

KEY PERSONNEL PROFILE

 

Name:

RODNEY FRANK DETMOLD

NRIC Number:

E3059423

Available Address:

1 THE AVENUE MEDINDIE 5081 S.AUSTRALIA, AUSTRALIA

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

D & D CHINA CARTONS PTE. LTD.

DIRECTOR

11/09/2000

-

-

2

D & D PACKAGING PTE LTD

DIRECTOR

14/03/1997

-

-

3

DETPAK ASIA PTE LTD

DIRECTOR

10/11/1998

-

-

4

DETPAK CHINA HOLDINGS PTE LTD

DIRECTOR

14/02/2000

-

-

5

DETPAK HOLDINGS PTE LTD

DIRECTOR

26/12/1996

-

-

6

DETPAK INDONESIA HOLDINGS PTE LTD

DIRECTOR

20/04/1999

-

-

7

DETPAK PACKAGING PTE LTD

DIRECTOR

25/11/1983

-

-

 

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 (%)

 

PAPER-PAK

NA (SOLE-PROPRIETOR)

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

200103105

 

Date of Registration

:

09/07/2001

 

Chargee

:

OVERSEAS UNION BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

2)

Charge No.

:

200101448

 

Date of Registration

:

29/03/2001

 

Chargee

:

OVERSEAS UNION BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

 

 

             

LITIGATION

 

 

Clear                                           

           

                                             

COMPLIANCE RECORDS

 

Date of Last AGM

:

22/12/2011

Date of Last AR

:

27/12/2011

Date of A/C Laid At Last AGM

:

30/06/2011

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2011

% Change

JUN 2010

JUN 2009

JUN 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

24,924,464

-34.26

37,911,996

33,166,046

46,163,907

Profit/(Loss) Before Tax

3,293,543

115.61

1,527,532

1,829,709

4,577,360

Profit After Tax attributable to Shareholders

3,047,724

125.75

1,350,060

1,864,981

3,585,225

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

22,508,028

-15.94

26,776,505

26,776,971

25,309,705

Current Assets

22,042,188

-2.42

22,588,395

21,000,646

21,781,615

Non Current Assets

465,840

-88.88

4,188,110

5,776,325

3,528,090

 

 

 

 

 

 

Total Liabilities

14,964,009

-21.44

19,048,196

17,192,515

14,280,511

Current Liabilities

14,287,662

-17.06

17,226,587

15,153,371

13,478,132

Non Current Liabilities

676,347

-62.87

1,821,609

2,039,144

802,379

 

 

 

 

 

 

Shareholders' Funds

7,544,018

-2.38

7,728,309

9,584,455

11,029,195

Share Capital

1,081,676

-8.49

1,182,022

1,232,334

1,227,955

Total Reserves

6,462,342

-1.28

6,546,287

8,352,121

9,801,240

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

JUN 2011

JUN 2010

JUN 2009

JUN 2008

Growth %

 

 

 

 

Year-on-Year Growth

-34.26

14.31

-28.16

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

12.23

3.56

5.62

7.77

Return on Equity (%)

40.40

17.47

19.46

32.51

Return on Assets (%)

13.54

5.04

6.96

14.17

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

1.98

2.46

1.79

1.29

Current Debt/Equity (Times)

1.89

2.23

1.58

1.22

Long Term Debt To Equity (Times)

0.09

0.24

0.21

0.07

Total Asset To Total Equity (Times)

2.98

3.46

2.79

2.29

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

1.11

1.42

1.24

1.82

Fixed Assets Turnover (Times)

53.50

9.05

5.74

13.08

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.54

1.31

1.39

1.62

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 0.41% (5 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 12.23 per cent in FY11 (FY10: 3.56 per cent). The company is now able to book in SGD - SIN 0.12 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.04 a year ago.

 

Liquidity

Current ratio stood at 1.54 times in FY11 (FY10: 1.31 times). This means that the company has SGD - SIN 1.54 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.

 

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 1.98 times in FY11, compared with 2.46 times in FY10. This means that the company requires additional external financing of SGD - SIN 1.98 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 40.40 per cent for Subject in the current financial period, as compared to 17.47 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 13.54 per cent (FY10: 5.04 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 1.11 times in FY11 (FY10: 1.42 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.51.42

UK Pound

1

Rs.81.93

Euro

1

Rs.67.67

 

 

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.