MIRA INFORM REPORT

 

 

Report Date :

28.11.2012

 

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) :

31.12.2011

 

 

Date of Incorporation :

06.03.1997

 

 

Com. Reg. No.:

199701440N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacturer of petrochemical products

Manufacturer basic industrial chemicals

 

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Singapore - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

Company Name:

Registered Number:

ECOGREEN OLEOCHEMICALS (SINGAPORE) PTE LTD

199701440N

 

Date Incorporated:

Registered Office:

Telephone Number:

06/03/1997

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

6337 7726

Age of Company:

Website:

Industry Type:

15

www.ecogreenoleo.com

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

58

Better than last month;last month the entity took 14 days to pay

No. of Charges(s):
5

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

5

Holding Company:

WORLDWIDE LINK (B.V.I.) LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

1

 

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

:

SGD - SIN 577,784,454.00 (FY2011)

Net Worth

:

SGD - SIN 47,503,717.00 (FY2011)

No. of Bank Charges

:

5

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

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

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

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

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)

:

16.22% (4 years)

 

 

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

:

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

:

A 3647758

 

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

:

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

10/11/1998

01/02/2012

4

CHEMPROX ENTERPRISE PTE LTD

LIVE COMPANY

SHAREHOLDER

-

01/02/2012

5

INDO COASTAL PTE LTD

LIVE COMPANY

DIRECTOR

23/01/1995

29/04/2010

6

LUB PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

30/06/1999

-

7

UNIVERSAL INTERCHEMICALS CORP. PTE LTD

LIVE COMPANY

DIRECTOR

23/01/1995

12/09/2012

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

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

:

---

 

4)

Charge No.

:

C200705889

 

Date of Registration

:

25/07/2007

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

NA

 

Address

:

---

 

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

:

29/06/2012

Date of Last AR

:

13/07/2012

Date of A/C Laid At Last AGM

:

31/12/2011

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

577,784,454

46.97

393,128,840

259,934,773

391,400,112

316,661,507

Profit/(Loss) Before Tax

12,525,625

104.51

6,124,736

6,987,549

3,473,882

16,745,164

Profit After Tax attributable

 to Shareholders

10,988,954

102.75

5,419,867

6,283,264

3,004,019

15,813,541

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

175,493,079

27.41

137,733,755

102,413,715

108,940,488

119,928,372

Current Assets

167,579,977

30.43

128,482,015

92,593,023

99,427,526

109,770,680

Non Current Assets

7,913,102

-14.47

9,251,740

9,820,692

9,512,962

10,157,692

 

 

 

 

 

 

 

Total Liabilities

127,989,361

30.39

98,156,342

65,886,968

79,614,264

91,897,051

Current Liabilities

127,981,828

30.39

98,153,620

65,885,513

79,612,853

91,894,046

Non Current Liabilities

7,533

176.75

2,722

1,455

1,411

3,005

 

 

 

 

 

 

 

Shareholders' Funds

47,503,717

20.03

39,577,414

36,526,749

29,326,224

28,031,320

Share Capital

5,208,862

-7.74

5,645,752

6,037,347

5,854,239

6,234,358

Total Reserves

42,294,855

24.65

33,931,662

30,489,402

23,471,985

21,796,962

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

46.97

51.24

-33.59

23.60

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.90

1.38

2.42

0.77

4.99

Return on Equity (%)

23.13

13.69

17.20

10.24

56.41

Return on Assets (%)

6.26

3.94

6.14

2.76

13.19

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.69

2.48

1.80

2.71

3.28

Current Debt/Equity (Times)

2.69

2.48

1.80

2.71

3.28

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

3.69

3.48

2.80

3.71

4.28

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.29

2.85

2.54

3.59

2.64

Fixed Assets Turnover (Times)

73.02

42.49

26.47

41.14

31.17

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.31

1.31

1.41

1.25

1.19

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 16.22% (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 1.90 per cent in FY11 (FY10: 1.38 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.01 a year ago.

 

Liquidity

 

Current ratio stood at 1.31 times in FY11 (FY10: 1.31 times). This means that the company has SGD - SIN 1.31 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 2.69 times in FY11, as compared with 2.48 times in FY10. This means that the company requires additional external financing of SGD - SIN 2.69 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 23.13 per cent for Subject in the current financial period, as compared to 13.69 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 6.26 per cent (FY10: 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 3.29 times in FY11 (FY10: 2.85 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.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.