MIRA INFORM REPORT

 

 

Report Date :           

09.01.2012

 

IDENTIFICATION DETAILS

 

Name :

GOODRICH GLOBAL PTE. LTD.

 

 

Formerly Known As :

Goodrich Wallcoverings Pte Ltd

 

 

Registered Office :

8 Changi South Lane #05-01 Goodrich Building Singapore 486113

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010 (Company)

31.12.2007 (Group)

 

 

Date of Incorporation :

27.01.1983

 

 

Com. Reg. No.:

198300402h

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Furnishings (Including Curtains, Carpets, Wallpaper)

 

 

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

:

GOODRICH GLOBAL PTE. LTD.

Registration No

:

198300402H

Date of Registration

:

27/01/1983

Former Name

:

1.GOODRICH WALLCOVERINGS PTE LTD Eff. date : 27/01/1983 Eff. date : 27/01/1983

2.GOODRICH WALLCOVERINGS & CARPETS PTE LTD Eff. date : 23/09/1991 Eff. date : 23/09/1991

Date of Change of Name

:

02/04/2004

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

8 CHANGI SOUTH LANE #05-01 GOODRICH BUILDING SINGAPORE 486113

Date of Change of Address

:

28/05/2002

Contact No.

:

6787 8787

Fax No.

:

6586 8786

Website

:

www.goodrichglobal.com

Registered Activities

:

1. WHOLESALE OF FURNISHINGS (INCLUDING CURTAINS, CARPETS, WALLPAPER)

TRADING & CONTRACTING IN HOUSE FURNISHINGS INCL CARPETS CONTRACTING WORKS

2. MANUFACTURE OF MADE-UP TEXTILE ARTICLES EXCEPT APPAREL NEC (EG SCROLLS, FLAGS AND SAILS, BANNERS, CANVAS PRODUCTS, CUSHIONS, PILLOWS)

MANUFACTURING OF MADE-UP TEXTILE GOODS AND RELATED SERVICES OF ALL KINDS

Issued Ordinary Capital*

:

$2,100,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 2,100,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,100,000.00 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

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 38,398,224.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 11,575,164.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

297 POSITION IN SME 1000 Companies Ranked by Sales/Turnover (2009/2010)

988 POSITION IN SME 1000 Companies Ranked by Net Profit (2009/2010)

148 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2008/2009)

294 POSITION IN SME 500 Companies Ranked by Return on Equities (2008/2009)

99 POSITION IN SME 500 Companies Ranked by Net Profit (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

10.33% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

GOODRICH GLOBAL HOLDINGS PTE. LTD.

SHAREHOLDER ID

:

200405568K

NATIONALITY

:

SINGAPORE

ADDRESS

:

8 CHANGI SOUTH LANE #05-01 SINGAPORE 486113

NO. OF ORD SHARES

:

2,100,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

CHEAH SIN HEAN

ADDRESS

:

7 BLANDFORD DRIVE SERANGOON GARDEN ESTATE SINGAPORE 559801

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/1992

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0007080G

 

NAME

:

GAY SOON WATT

ADDRESS

:

8 SIGLAP PLAIN SINGAPORE 455997

POSITION

:

DIRECTOR

DATE OF APPT

:

31/03/1983

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0028244H

 

NAME

:

CHAN CHONG BENG

ADDRESS

:

40 DAKOTA CRESCENT #19-13 DAKOTA RESIDENCES SINGAPORE 399939

POSITION

:

DIRECTOR

DATE OF APPT

:

27/01/1983

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0157726C

 

NAME

:

GOH BOON SEE JUDY

ADDRESS

:

105 SENNETT AVENUE SINGAPORE 467104

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

06/10/1995

23/04/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1361127J

 

NAME

:

CHEE YUEN LI, ANDREA

ADDRESS

:

79 CHAY YAN STREET #01-20 TIONG BAHRU ESTATE SINGAPORE 160079

POSITION

:

SECRETARY

DATE OF APPT

:

07/05/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7929525F

 

 

KEY PERSONNEL PROFILE

 

Name:

CHEAH SIN HEAN

NRIC Number:

S0007080G

Available Address:

7 BLANDFORD DRIVE SERANGOON GARDEN ESTATE  SINGAPORE 559801

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

GOODRICH GLOBAL HOLDINGS PTE. LTD.

DIRECTOR

23/04/2009

307148

2.79

2

GOODRICH GLOBAL PTE. LTD.

DIRECTOR

01/04/1992

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

BAY CITY PTE LTD

STRUCK OFF

DIRECTOR

27/11/1986

10/05/1988

2

CATHAY LAND & DEVELOPMENT PTE. LTD.

STRUCK OFF

DIRECTOR

26/10/1983

29/09/1987

3

GOODRICH GLOBAL PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

06/12/2011

4

HARLEQUIN FABRICS & WALLCOVERINGS PTE LTD

STRUCK OFF

DIRECTOR

12/07/2000

27/11/2004

5

HOTEL LANDMARK PTE LTD

DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)

DIRECTOR

19/08/1985

09/01/1995

6

OCEAN FRONT PTE LTD

LIVE COMPANY

DIRECTOR

23/09/1985

05/06/1987

7

PREMIER REALTY PTE. LTD.

DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)

DIRECTOR

17/09/1985

11/01/1988

8

RIVER-FRONT PTE LTD

DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)

DIRECTOR

24/09/1985

21/02/1994

9

RIVER-FRONT PTE LTD

DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)

SECRETARY

24/09/1985

21/02/1994

 

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

 

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 2 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

W.e.f 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

2

District ($80,000 - $250,000)

0

0

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

20335

 

Date of Filing

:

13/07/2001

 

Amount

:

27,027.88

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

B. VAN ZUIDEN BROS. (SINGAPORE) PTE LTD

 

Last Update Date

:

29/05/2008

 

2)

Court

:

Magistrate Court

 

Case No.

:

25643

 

Date of Filing

:

03/10/2008

 

Amount

:

0.00

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SUSAN MOK MAY KWAI

 

Last Update Date

:

06/01/2010

 

 

COMPLIANCE

 

Date of Last AGM

:

08/12/2011

Date of Last AR

:

14/12/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2007

% Change

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

Profit and Loss Key Figures

 

 

 

Turnover

40,892,733

18.02

34,649,582

Profit/(Loss) Before Tax

3,853,851

-58.13

9,204,129

Profit After Tax attributable to Shareholders

3,046,462

-63.60

8,370,531

 

 

 

 

Balance Sheet Key Figures

 

 

 

Total Assets

22,117,052

22.26

18,090,505

Current Assets

19,736,256

20.86

16,329,692

Non Current Assets

2,380,796

35.21

1,760,813

 

 

 

 

Total Liabilities

11,721,540

37.49

8,525,184

Current Liabilities

11,419,190

36.05

8,393,411

Non Current Liabilities

302,350

129.45

131,773

 

 

 

 

Shareholders' Funds

10,395,512

8.68

9,565,321

Share Capital

2,100,000

0.00

2,100,000

Total Reserves

8,295,512

11.12

7,465,321

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2007

DEC 2006

Growth %

 

 

Year-on-Year Growth

18.02

NA

 

 

 

Profitability

 

 

Profit Margin (%)

7.45

24.16

Return on Equity (%)

29.31

87.51

Return on Assets (%)

13.77

46.27

 

 

 

Leverage

 

 

Total Debt/Equity (Times)

1.13

0.89

Current Debt/Equity (Times)

1.10

0.88

Long Term Debt To Equity (Times)

0.03

0.01

Total Asset To Total Equity (Times)

2.13

1.89

 

 

 

Asset Management

 

 

Total Assets Turnover (Times)

1.85

1.92

Fixed Assets Turnover (Times)

17.18

19.68

 

 

 

Liquidity

 

 

Current Ratio (Times)

1.73

1.95

 

 

 

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

38,398,224

23.29

31,143,709

37,252,079

30,580,309

25,918,004

Profit/(Loss) Before Tax

2,121,225

97.94

1,071,646

3,390,661

2,917,577

8,827,714

Profit After Tax attributable to Shareholders

1,771,225

128.44

775,356

2,996,791

2,307,577

8,099,714

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

22,133,086

12.34

19,701,362

18,774,115

18,402,808

15,946,189

Current Assets

20,859,661

17.27

17,787,845

16,889,495

16,164,236

14,164,361

Non Current Assets

1,273,425

-33.45

1,913,517

1,884,620

2,238,572

1,781,828

 

 

 

 

 

 

 

Total Liabilities

10,557,922

6.67

9,897,423

8,995,532

9,371,488

7,090,856

Current Liabilities

10,423,409

7.97

9,653,854

8,837,744

9,122,053

6,959,083

Non Current Liabilities

134,513

-44.77

243,569

157,788

249,435

131,773

 

 

 

 

 

 

 

Shareholders' Funds

11,575,164

18.07

9,803,939

9,778,583

9,031,320

8,855,333

Share Capital

2,100,000

0.00

2,100,000

2,100,000

2,100,000

2,100,000

Total Reserves

9,475,164

22.99

7,703,939

7,678,583

6,931,320

6,755,333

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

23.29

-16.40

21.82

17.99

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

4.61

2.49

8.04

7.55

31.25

Return on Equity (%)

15.30

7.91

30.65

25.55

91.47

Return on Assets (%)

8.00

3.94

15.96

12.54

50.79

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.91

1.01

0.92

1.04

0.80

Current Debt/Equity (Times)

0.90

0.98

0.90

1.01

0.79

Long Term Debt To Equity (Times)

0.01

0.02

0.02

0.03

0.01

Total Asset To Total Equity (Times)

1.91

2.01

1.92

2.04

1.80

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.73

1.58

1.98

1.66

1.63

Fixed Assets Turnover (Times)

30.15

16.28

19.77

13.66

14.55

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.00

1.84

1.91

1.77

2.04

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 10.33% (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 4.61 per cent in FY10 (FY09: 2.49 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.05 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 2.00 times in FY10 (FY09: 1.84 times). This means that the company has SINGAPORE, DOLLARS 2.00 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 0.91 times in FY10, compared with 1.01 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.91 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 15.30 per cent for Subject in the current financial period, as compared to 7.91 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 8.00 per cent (FY09: 3.94 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: 1.58 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.52.78

UK Pound

1

Rs.81.79

Euro

1

Rs.67.46

 

 

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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