MIRA INFORM REPORT

 

 

Report Date :

11.06.2013

 

IDENTIFICATION DETAILS

 

Name :

MAREL SINGAPORE PTE. LTD.

 

 

Formerly Known As :

MAREL FOOD SYSTEMS PTE. LTD.

 

 

Registered Office :

13 Pioneer Sector 1 Singapore 628424

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.06.1997

 

 

Com. Reg. No.:

199704069H

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and Repair of Machinery For Food Products Processing

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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

(31.03.2011)

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:

MAREL SINGAPORE PTE. LTD.

199704069H

 

Date Incorporated:

Registered Office:

Telephone Number:

13/06/1997

13 PIONEER SECTOR 1 SINGAPORE 628424

6281 2878

Age of Company:

Website:

Industry Type:

16

www.dantech.com.sg

MANUFACTURING

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

17

up

Worse off than last month;last month the entity took 7 days to pay

No. of Charges(s):
1

Industry DTC

 

42

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

MAREL SALMON A/S

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 EXECUTIVE SUMMARY

 

Company Name

:

MAREL SINGAPORE PTE. LTD.

Registration No

:

199704069H

Date of Registration

:

13/06/1997

Former Name

:

1.DANTHAI INTERNATIONAL PTE LTD Eff. date : 13/06/1997 Eff. date : 13/06/1997

2.DANTECH FOOD SYSTEMS PTE LTD Eff. date : 02/07/1999 Eff. date : 02/07/1999

3.MAREL FOOD SYSTEMS PTE. LTD. Eff. date : 08/08/2008 Eff. date : 08/08/2008

Date of Change of Name

:

29/04/2010

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

13 PIONEER SECTOR 1 SINGAPORE 628424

Date of Change of Address

:

06/04/2009

Contact No.

:

6281 2878

Fax No.

:

6281 2908

Website

:

www.dantech.com.sg

Registered Activities

:

1. MANUFACTURE AND REPAIR OF MACHINERY FOR FOOD PRODUCTS PROCESSING

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

Issued Ordinary Capital*

:

$6,213,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 6,210,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$6,213,000.00 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

:

MGI MENON & ASSOCIATES

Bankers / Financiers

:

SVENSKA HANDELSBANKEN AB.

Turnover

:

SINGAPORE, DOLLARS 27,284,252.00 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 1,996,272.00 (FY2011)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

593 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2003/2004)

Compounded Annual Growth Rate (CAGR)

:

9.14% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

MAREL SALMON A/S

SHAREHOLDER ID

:

T05UF0301H

NATIONALITY

:

NA

ADDRESS

:

BOGILDSMINDEVEJ 3 9400 NORRESUNDBY, DENMARK

NO. OF ORD SHARES

:

6,210,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

SNORRI HAFSTEINN PORKELSSON

ADDRESS

:

JOKLAFOLD 17 112 REYKJAVIK, ICELAND

POSITION

:

DIRECTOR

DATE OF APPT

:

21/09/2009

NATIONALITY

:

ICELAND

I/C PASSPORT

:

A1258610

 

NAME

:

SIGSTEIN PALL GRETARSSON

ADDRESS

:

HAEDARBYGGD 26, 210 GARDABAER ICELAND

POSITION

:

DIRECTOR

DATE OF APPT

:

02/09/2009

NATIONALITY

:

ICELAND

I/C PASSPORT

:

A2088245

 

NAME

:

ARUMUGAM CHETTIAR MANICKAM

ADDRESS

:

184 STIRLING ROAD #07-242 SINGAPORE 140184

POSITION

:

SECRETARY

DATE OF APPT

:

16/01/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0537812E

 

NAME

:

BENT CHRISTIANSEN

ADDRESS

:

51 HALTON ROAD #06-00 SINGAPORE 509684

POSITION

:

DIRECTOR

DATE OF APPT

:

23/07/2002

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2711809G

 

NAME

:

HENRIK ZIEGLER

ADDRESS

:

97C UPPER THOMSON ROAD #21-09 LAKEVIEW ESTATE SINGAPORE 574329

POSITION

:

DIRECTOR

DATE OF APPT

:

13/06/1997

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2735775Z

 

 

KEY PERSONNEL PROFILE

 

Name:

HENRIK ZIEGLER

NRIC Number:

S2735775Z

Available Address:

97C UPPER THOMSON ROAD #21-09 LAKEVIEW ESTATE  SINGAPORE 574329

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

BOUTIQUE NICOLE PTE. LTD.

DIRECTOR

24/10/2008

50000

50.00

2

BOUTIQUE NICOLE PTE. LTD.

SECRETARY

24/10/2008

50000

50.00

3

BOUTIQUE NICOLE PTE. LTD.

SHAREHOLDER

-

50000

50.00

4

DOVER COURT PREPARATORY SCHOOL (PTE.) LTD.

DIRECTOR

22/11/2011

-

NA

5

INSIDE LIVING BY ZIEGLER PTE. LTD.

DIRECTOR

24/10/2008

50

50.00

6

INSIDE LIVING BY ZIEGLER PTE. LTD.

SECRETARY

24/10/2008

50

50.00

7

INSIDE LIVING BY ZIEGLER PTE. LTD.

SHAREHOLDER

-

50

50.00

8

MAREL SINGAPORE PTE. LTD.

DIRECTOR

13/06/1997

-

NA

9

Z2K MARKETING PRIVATE LIMITED

DIRECTOR

24/06/2011

1000

50.00

10

Z2K MARKETING PRIVATE LIMITED

SHAREHOLDER

-

1000

50.00

11

ZIEGLER SHOES PTE. LTD.

DIRECTOR

23/10/2008

50000

50.00

12

ZIEGLER SHOES PTE. LTD.

SECRETARY

23/10/2008

50000

50.00

13

ZIEGLER SHOES PTE. LTD.

SHAREHOLDER

-

50000

50.00

14

ZIEGLER TRADING PTE. LTD.

DIRECTOR

23/10/2008

50

50.00

15

ZIEGLER TRADING PTE. LTD.

SECRETARY

23/10/2008

50

50.00

16

ZIEGLER TRADING PTE. LTD.

SHAREHOLDER

-

50

50.00

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

BOUTIQUE NICOLE

TERMINATION

MANAGER

30/11/1996

22/01/2009

2

BOUTIQUE NICOLE

TERMINATION

OWNER

30/11/1996

22/01/2009

3

DANTHAI INTERNATIONAL

TERMINATION

MANAGER

20/06/1995

03/09/1997

4

DANTHAI INTERNATIONAL

TERMINATION

OWNER

20/06/1995

03/09/1997

5

INSIDE LIVING BY ZIEGLER

TERMINATION

OWNER

01/05/2007

22/01/2009

6

ZIEGLER SHOES

TERMINATION

MANAGER

07/08/2001

22/01/2009

7

ZIEGLER SHOES

TERMINATION

OWNER

07/08/2001

-

8

ZIEGLER TRADING

CANCELLATION

MANAGER

24/06/1996

04/06/2005

9

ZIEGLER TRADING

CANCELLATION

OWNER

24/06/1996

04/06/2005

10

ZIEGLER TRADING

TERMINATION

OWNER

06/06/2006

22/01/2009

 

 

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 (%)

 

NA

 

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

200102766

 

Date of Registration

:

21/06/2001

 

Chargee

:

SVENSKA HANDELSBANKEN AB.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

Clear

 

COMPLIANCE

 

Date of Last AGM

:

29/06/2012

Date of Last AR

:

06/08/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

COMPLIANCE RATING FOR ANNUAL FILING

 

wImage224

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

 

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

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

27,284,252

101.71

13,526,167

18,432,477

19,125,684

19,226,380

Profit/(Loss) Before Tax

1,064,596

NA

(3,831,935)

(118,630)

(725,965)

(76,789)

Profit After Tax attributable

 to Shareholders

884,995

NA

(3,202,018)

(152,469)

(592,965)

(116,589)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

13,082,559

38.87

9,421,057

9,411,248

8,156,455

10,648,811

Current Assets

10,780,220

45.79

7,394,129

8,008,566

7,366,658

9,834,696

Non Current Assets

2,302,339

13.59

2,026,928

1,402,682

789,797

814,115

 

 

 

 

 

 

 

Total Liabilities

11,086,287

1.50

10,922,780

7,710,953

9,300,691

11,200,082

Current Liabilities

11,002,755

1.99

10,788,292

7,655,652

9,205,026

11,054,723

Non Current Liabilities

83,532

-37.89

134,488

55,301

95,665

145,359

 

 

 

 

 

 

 

Shareholders' Funds

1,996,272

NA

(1,501,723)

1,700,295

(1,144,236)

(551,271)

Share Capital

6,213,000

72.58

3,600,000

3,600,000

603,000

603,000

Total Reserves

(4,216,728)

NA

(5,101,723)

(1,899,705)

(1,747,236)

(1,154,271)

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

101.71

-26.62

-3.62

-0.52

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

3.24

-23.67

-0.83

-3.10

-0.61

Return on Equity (%)

44.33

213.22

-8.97

51.82

21.15

Return on Assets (%)

6.76

-33.99

-1.62

-7.27

-1.09

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

5.55

-7.27

4.54

-8.13

-20.32

Current Debt/Equity (Times)

5.51

0.00

4.50

0.00

0.00

Long Term Debt To Equity (Times)

0.04

0.00

0.03

0.00

0.00

Total Asset To Total Equity (Times)

6.55

-6.27

5.54

-7.13

-19.32

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.09

1.44

1.96

2.34

1.81

Fixed Assets Turnover (Times)

11.85

6.67

13.14

24.22

23.62

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.98

0.69

1.05

0.80

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 9.14% (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 3.24 per cent in FY11. The company is now able to book in SINGAPORE, DOLLARS 0.03 of profit for every SINGAPORE, DOLLARS of sales.

 

Liquidity

Current ratio stood at 0.98 times in FY11 (FY10: 0.69 times). This means that the company has SINGAPORE, DOLLARS 0.98 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.

 

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 5.55 times in FY11. This means that the company requires additional external financing of SINGAPORE, DOLLARS 5.55 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 44.33 per cent for Subject in the current financial period, as compared to 213.22 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 6.76 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 2.09 times in FY11 (FY10: 1.44 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.57.78

UK Pound

1

Rs.89.71

Euro

1

Rs.76.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

S

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.