MIRA INFORM REPORT

 

 

Report Date :            

09.04.2011

 

IDENTIFICATION DETAILS

 

Name :

DAXIN PETROLEUM PTE LTD

 

 

Registered Office :

65 Chulia Street #41-08 Ocbc Centre Singapore 049513

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

12.05.1990

 

 

Com. Reg. No.:

199002246c

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Solid, Liquid And Gaseous Fuels And Related Products

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

Payment Behaviour :

Regular

Litigation :

Exists

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

:

DAXIN PETROLEUM PTE LTD

Registration No

:

199002246C

Date of Registration

:

12/05/1990

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

65 CHULIA STREET #41-08 OCBC CENTRE SINGAPORE 049513

Date of Change of Address

:

18/10/2004

Contact No.

:

6535 9933

Fax No.

:

6535 6969

Website

:

NA

Registered Activities

:

1. WHOLESALE OF SOLID, LIQUID AND GASEOUS FUELS AND RELATED PRODUCTS NEC (EG BITUMEN)

2. WHOLESALE OF CRUDE PETROLEUM

Issued Ordinary Capital*

:

$33,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 33,500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$33,500,000.00 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

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 3,706,456,572.00 (FY2009)

Net Worth

:

SGD - SIN 126,187,679.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

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

485 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

57 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2002/2003)

127 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2002/2003)

58 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2002/2003)

Compounded Annual Growth Rate (CAGR)

:

13.73% (9 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

CHAN SHING SAU

SHAREHOLDER ID

:

D154062A

NATIONALITY

:

HONG KONG

ADDRESS

:

THE MAY FAIR,  40F/B 1 MAY ROAD, HONG KONG

NO. OF ORD SHARES

:

23,450,000

% OF SHAREHOLDING

:

70%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

IPACA LTD

SHAREHOLDER ID

:

T10UF0267A

NATIONALITY

:

OTHERS

ADDRESS

:

P.O. BOX 853, UNIT 10-11 SPRINGATE EAST, GOVERNMENT ROAD, CHARLESTOWN, NEVIS

NO. OF ORD SHARES

:

6,700,000

% OF SHAREHOLDING

:

20%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

NGIAM TEE CHIANG

SHAREHOLDER ID

:

S0089387J

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

114 MIMOSA CRESCENT SELETAR HILLS ESTATE SINGAPORE 808062

NO. OF ORD SHARES

:

2,010,000

% OF SHAREHOLDING

:

6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

ZHOU BIN

SHAREHOLDER ID

:

CHN G20222012

NATIONALITY

:

CHINESE

ADDRESS

:

3A TANGLIN RISE TANGLIN HILL CONDOMINIUM SINGAPORE 247985

NO. OF ORD SHARES

:

1,340,000

% OF SHAREHOLDING

:

4%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JULIAN JONATHAN ARTHUR TAYLOR

ADDRESS

:

CHALET LA PLEYEUSE, BRUSON 1934, VALAIS, SWITZERLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

12/05/1990

NATIONALITY

:

BRITISH

I/C PASSPORT

:

761256865

 

NAME

:

ZHOU BIN

ADDRESS

:

3A TANGLIN RISE TANGLIN HILL CONDOMINIUM SINGAPORE 247985

POSITION

:

DIRECTOR

MANAGER

DATE OF APPT

:

01/09/2001

01/09/2001

NATIONALITY

:

CHINESE

I/C PASSPORT

:

CHN G20222012

 

NAME

:

CHAN SHING SAU

ADDRESS

:

THE MAY FAIR,  40F/B 1 MAY ROAD, HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2000

NATIONALITY

:

HONG KONG

I/C PASSPORT

:

D154062A

 

NAME

:

NGIAM TEE CHIANG

ADDRESS

:

114 MIMOSA CRESCENT SELETAR HILLS ESTATE SINGAPORE 808062

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

12/05/1990

25/05/1990

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0089387J

 

 

KEY PERSONNEL PROFILE

 

Name:

JULIAN JONATHAN ARTHUR TAYLOR

NRIC Number:

761256865

Available Address:

CHALET LA PLEYEUSE, BRUSON 1934, VALAIS, SWITZERLAND

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

DAXIN PETROLEUM PTE LTD

DIRECTOR

12/05/1990

-

-

 

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 (%)

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. 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 2011

Past Years

W.e.f 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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

0

0

High (>$250,000)

0

2

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

196

 

Date of Filing

:

27/02/2003

 

Amount

:

137,361.65

 

Cause

:

Charter Party Claims

 

Case Status

:

CONCLUDED

 

Plaintiff

:

PRELUDE MARITIME PTE LTD

 

Last Update Date

:

13/11/2004

 

2)

Court

:

Supreme Court

 

Case No.

:

528

 

Date of Filing

:

20/07/2010

 

Amount

:

0.00

 

Cause

:

Contract - Others

 

Case Status

:

PENDING

 

Plaintiff

:

FSL TRUST MANAGEMENT PTE LTD

FSL-18 PTE LTD

FSL-19 PTE LTD

 

Last Update Date

:

04/04/2011

 

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2010

Date of Last AR

:

29/07/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2002

DEC 2001

DEC 2000

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

3,706,456,572

-39.05

6,081,015,822

2,775,786,292

1,040,551,060

1,164,235,593

Profit/(Loss) Before Tax

48,946,309

-42.95

85,802,801

56,694,635

22,679,890

33,371,987

Profit After Tax attributable to Shareholders

45,919,632

-43.22

80,865,799

50,418,067

25,116,933

29,733,737

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

539,980,939

13.44

476,000,882

258,785,907

78,712,567

113,687,869

Current Assets

539,593,874

13.46

475,574,768

258,535,968

78,600,761

113,566,876

Non Current Assets

387,065

-9.16

426,114

249,939

111,806

120,993

 

 

 

 

 

 

 

Total Liabilities

413,793,261

49.22

277,301,739

166,423,730

32,513,186

75,314,558

Current Liabilities

413,793,261

49.22

277,301,739

166,423,730

32,513,186

75,314,558

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

126,187,679

-36.49

198,699,143

92,362,177

46,199,381

38,373,311

Share Capital

29,102,660

3.13

28,219,500

2,130,999

1,210,795

1,210,795

Total Reserves

97,085,019

-43.05

170,479,643

90,231,178

44,988,586

37,162,516

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2002

DEC 2001

DEC 2000

Growth %

 

 

 

 

 

Year-on-Year Growth

-39.05

NA

166.76

-10.62

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.24

1.33

1.82

2.41

2.55

Return on Equity (%)

36.39

40.70

54.59

54.37

77.49

Return on Assets (%)

8.50

16.99

19.48

31.91

26.15

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.28

1.40

1.80

0.70

1.96

Current Debt/Equity (Times)

3.28

1.40

1.80

0.70

1.96

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

4.28

2.40

2.80

1.70

2.96

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.86

12.78

10.73

13.22

10.24

Fixed Assets Turnover (Times)

9,575.80

14,270.87

11,105.85

9,306.76

9,622.34

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.30

1.72

1.55

2.42

1.51

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 13.73% (9 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 1.24 per cent in FY09 (FY08: 1.33 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.01 a year ago.

 

Liquidity

Current ratio stood at 1.30 times in FY09 (FY08: 1.72 times). This means that the company has SGD - SIN 1.30 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 3.28 times in FY09, as compared with 1.40 times in FY08. This means that the company requires additional external financing of SGD - SIN 3.28 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 36.39 per cent for Subject in the current financial period, as compared to 40.70 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 8.50 per cent (FY08: 16.99 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 6.86 times in FY09 (FY08: 12.78 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.44.04

UK Pound

1

Rs.72.20

Euro

1

Rs.63.40

 

 

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

 

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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