MIRA INFORM REPORT

 

 

Report Date :

25.06.2013

 

IDENTIFICATION DETAILS

 

Name :

GROHE PACIFIC PTE LTD

 

 

Registered Office :

180 Clemenceau Avenue #01-01/02 Haw Par Centre Singapore 239922

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

25.06.1994

 

 

Com. Reg. No.:

199404485W

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Other Specific Commodities.

Distribution of Faucets, Showers, Overflow and Other Sanitary Fittings.

 

 

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

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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:

GROHE PACIFIC PTE LTD

199404485W

 

Date Incorporated:

Registered Office:

Telephone Number:

25/06/1994

180 CLEMENCEAU AVENUE #01-01/02 HAW PAR CENTRE SINGAPORE 239922

6376 4500

Age of Company:

Website:

Industry Type:

19

www.grohe.sg

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

16

Worse off than last month;last month the entity took -2 days to pay

No. of Charges(s):
1

Industry DTC

 

23

 

Directors

 

Corporate Structure

Number of Current Directors

5

Holding Company:

GROHE INTERNATIONAL GMBH

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

GROHE PACIFIC PTE LTD

Registration No

:

199404485W

Date of Registration

:

25/06/1994

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

180 CLEMENCEAU AVENUE #01-01/02 HAW PAR CENTRE SINGAPORE 239922

Date of Change of Address

:

26/07/2010

Contact No.

:

6376 4500

Fax No.

:

6738 0855

Website

:

www.grohe.sg

Registered Activities

:

WHOLESALE OF OTHER SPECIFIC COMMODITIES NEC

DISTRIBUTION OF FAUCETS, SHOWERS, OVERFLOW AND OTHER SANITARY FITTINGS

Issued Ordinary Capital*

:

$6,100,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 700,000

Issued Preference Capital

:

$2,000,000.00 SINGAPORE, DOLLARS NO. OF SHARE : 200,000

Paid-Up Ordinary Capital

:

$6,100,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

$2,000,000.00 SINGAPORE, DOLLARS

* 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

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

Turnover

:

UNITED STATES OF AMERICA, DOLLARS 80,159,419.00 (FY2011)

Net Worth

:

UNITED STATES OF AMERICA, DOLLARS 6,819,941.00 (FY2011)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

 

S1000 / SME 1000 / FG50 Ranking

:

1951 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

1986 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

1100 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

1626 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

425 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

1.92% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

GROHE INTERNATIONAL GMBH

SHAREHOLDER ID

:

S94UF0379G

NATIONALITY

:

GERMANY

ADDRESS

:

AKTIENGESELLSCHAFT POSTFACH 1361 58653 HEMER /GERMANY

NO. OF ORD SHARES

:

700,000

200,000

% OF SHAREHOLDING

:

77.8%

22.2%

CURRENCY

:

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

DETLEF SCHMITZ

ADDRESS

:

SCHUTZENSTRASSE 116 I GERMANY 46242 BOTTROP

POSITION

:

DIRECTOR

DATE OF APPT

:

31/01/2008

NATIONALITY

:

GERMAN

I/C PASSPORT

:

5377681106D

 

NAME

:

RAINER MUES

ADDRESS

:

41468 NEUSS, DECHANT-HESS-STRABE 8 GERMANY

POSITION

:

DIRECTOR

DATE OF APPT

:

05/09/2007

NATIONALITY

:

GERMAN

I/C PASSPORT

:

568026165

 

NAME

:

MICHAEL SALZIG

ADDRESS

:

HEINZ-TROEKES STR.111, 47259 DUISBURG GERMANY

POSITION

:

DIRECTOR

DATE OF APPT

:

30/03/2011

NATIONALITY

:

GERMAN

I/C PASSPORT

:

C6XHCFMYM

 

NAME

:

BIJOY MADASSERY

ADDRESS

:

8 CUSCADEN WALK #04-01 FOUR SEASONS PARK SINGAPORE 249692

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2010

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G0480070U

 

NAME

:

M SIVAANANTHAN

ADDRESS

:

101B LORONG 2 TOA PAYOH #06-09 SINGAPORE 311101

POSITION

:

SECRETARY

DATE OF APPT

:

01/10/1998

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0181790F

 

NAME

:

LOK SHEAN YANG PETER (LUO XIANYANG PETER)

ADDRESS

:

45 MANDALAY ROAD #11-06 MANDALE HEIGHTS SINGAPORE 308225

POSITION

:

DIRECTOR

DATE OF APPT

:

30/03/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7625981Z

 

 

KEY PERSONNEL PROFILE

 

Name:

RAINER MUES

NRIC Number:

568026165

Available Address:

41468 NEUSS, DECHANT-HESS-STRABE 8 GERMANY

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

GROHE PACIFIC PTE LTD

DIRECTOR

05/09/2007

-

NA

 

 

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.

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.

:

C201212010

 

Date of Registration

:

08/10/2012

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

15/06/2012

Date of Last AR

:

11/07/2012

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

UNITED STATES OF AMERICA, DOLLARS

 

UNITED STATES OF AMERICA, DOLLARS

UNITED STATES OF AMERICA, DOLLARS

UNITED STATES OF AMERICA, DOLLARS

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

80,159,419

28.25

62,502,279

39,148,422

58,318,902

74,285,004

Profit/(Loss) Before Tax

2,302,319

-33.20

3,446,339

807,205

9,677,632

10,512,593

Profit After Tax attributable

 to Shareholders

1,755,897

-38.62

2,860,497

565,214

7,958,574

8,521,762

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

29,470,405

79.41

16,426,654

13,864,642

25,147,655

32,194,681

Current Assets

28,330,066

87.64

15,098,449

13,285,988

24,355,808

31,353,549

Non Current Assets

1,140,339

-14.14

1,328,205

578,654

791,847

841,132

 

 

 

 

 

 

 

Total Liabilities

22,650,464

164.53

8,562,610

6,861,095

9,709,322

15,696,309

Current Liabilities

22,556,437

165.29

8,502,538

6,830,534

9,630,460

15,696,309

Non Current Liabilities

94,027

56.52

60,072

30,561

78,862

0

 

 

 

 

 

 

 

Shareholders' Funds

6,819,941

-13.28

7,864,044

7,003,547

15,438,333

16,498,373

Share Capital

4,981,761

0.00

4,981,761

4,981,761

4,981,761

7,485,679

Total Reserves

1,838,180

-36.22

2,882,283

2,021,786

10,456,572

9,012,694

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

28.25

59.65

-32.87

-21.49

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.19

4.58

1.44

13.65

11.47

Return on Equity (%)

25.75

36.37

8.07

51.55

51.65

Return on Assets (%)

5.96

17.41

4.08

31.65

26.47

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.32

1.09

0.98

0.63

0.95

Current Debt/Equity (Times)

3.31

1.08

0.98

0.62

0.95

Long Term Debt To Equity (Times)

0.01

0.01

0.00

0.01

0.00

Total Asset To Total Equity (Times)

4.32

2.09

1.98

1.63

1.95

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.72

3.80

2.82

2.32

2.31

Fixed Assets Turnover (Times)

70.29

47.06

67.65

73.65

88.32

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.26

1.78

1.95

2.53

2.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 1.92% (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 2.19 per cent in FY11 (FY10: 4.58 per cent). The company is now able to book in UNITED STATES OF AMERICA, DOLLARS 0.02 of profit for every UNITED STATES OF AMERICA, DOLLARS of sales in FY11, as compared with UNITED STATES OF AMERICA, DOLLARS 0.05 a year ago.

 

FINANCIAL COMMENTARY

 

Liquidity

 

Current ratio stood at 1.26 times in FY11 (FY10: 1.78 times). This means that the company has UNITED STATES OF AMERICA, DOLLARS 1.26 of current assets for every UNITED STATES OF AMERICA, 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 3.32 times in FY11, compared with 1.09 times in FY10. This means that the company requires additional external financing of UNITED STATES OF AMERICA, DOLLARS 3.32 for every UNITED STATES OF AMERICA, 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.

 

 

FINANCIAL COMMENTARY

 

Efficiency Ratio

 

Return on equity was 25.75 per cent for Subject in the current financial period, as compared to 36.37 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 5.96 per cent (FY10: 17.41 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 2.72 times in FY11 (FY10: 3.80 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.59.73

UK Pound

1

Rs.91.82

Euro

1

Rs.78.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.