MIRA INFORM REPORT

 

 

Report Date :           

21.12.2011

 

IDENTIFICATION DETAILS

 

Name :

JOSOVINA COMMODITIES PTE LTD

 

 

Formerly Known As :

GRANDESCO PTE LTD

 

 

Registered Office :

1 North Bridge Road #22-05 High Street Centre Singapore 179094

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2011 (Group)

30.06.2011 (Company)

 

 

Date of Incorporation :

27.02.2001       

 

 

Com. Reg. No.:

200101294e

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade

 

 

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

:

JOSOVINA COMMODITIES PTE LTD

Registration No

:

200101294E

Date of Registration

:

27/02/2001

Former Name

:

GRANDESCO PTE LTD Eff. date : 27/02/2001 Eff. date : 27/02/2001

Date of Change of Name

:

16/04/2002

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 NORTH BRIDGE ROAD #22-05 HIGH STREET CENTRE SINGAPORE 179094

Date of Change of Address

:

22/01/2003

Contact No.

:

6336 5966

Fax No.

:

6336 7780

Website

:

NA

Registered Activities

:

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

2. OTHER INVESTMENT HOLDING COMPANIES

Issued Ordinary Capital*

:

$2,500,000.00 U.S. DOLLAR, NO. OF SHARE : 2,500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,500,000.00 U.S. DOLLAR

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

:

WINSTON LOONG & CO.

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 939,634,324.44 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 44,951,747.40 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

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

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

654 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

WILMAR INTERNATIONAL LIMITED

SHAREHOLDER ID

:

199904785Z

NATIONALITY

:

SINGAPORE

ADDRESS

:

56 NEIL ROAD SINGAPORE 088830

NO. OF ORD SHARES

:

1,250,000

% OF SHAREHOLDING

:

50%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

VICTOR NGO SWEE CHIANG

SHAREHOLDER ID

:

451208715025

NATIONALITY

:

MALAYSIAN

ADDRESS

:

NO. A-11, BINTANG PANTAI, 88 JALAN BUKIT PANTAI, 59100 KUALA LUMPUR, MALAYSIA

NO. OF ORD SHARES

:

1,250,000

% OF SHAREHOLDING

:

50%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

VICTOR NGO SWEE CHIANG

ADDRESS

:

NO. A-11, BINTANG PANTAI, 88 JALAN BUKIT PANTAI, 59100 KUALA LUMPUR, MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

15/04/2002

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

451208715025

 

NAME

:

JOHAN TAZRIN BIN HAMID NGO

ADDRESS

:

APT. 9-5, NO. 3 KIA PENG, JALAN KIA PENG, 50450 KUALA LUMPUR, MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

15/04/2002

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

720702105209

 

NAME

:

LOONG SIE HOCK ANTHONY

ADDRESS

:

48 MEYER ROAD #08-50 EQUATORIAL APARTMENTS SINGAPORE 437872

POSITION

:

SECRETARY

DATE OF APPT

:

21/05/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0295575Z

 

NAME

:

KUOK KHONG HONG @KUOK KHOON HONG

ADDRESS

:

6 QUEEN ASTRID GARDENS QUEENS ASTRID GARDENS SINGAPORE 266865

POSITION

:

DIRECTOR

DATE OF APPT

:

04/04/2001

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2507689C

 

NAME

:

RAJ KUMAR SHAH

ADDRESS

:

3C TANGLIN HILL SINGAPORE 248034

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

15/04/2002

01/08/2002

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2640042B

 

NAME

:

MARTUA SITORUS

ADDRESS

:

11 FORD AVENUE SINGAPORE 268691

POSITION

:

DIRECTOR

DATE OF APPT

:

18/09/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2692232A

 

 

 

KEY PERSONNEL PROFILE

 

Name:

RAJ KUMAR SHAH

NRIC Number:

S2640042B

Available Address:

3C TANGLIN HILL  SINGAPORE 248034

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

JOSOVINA COMMODITIES PTE LTD

DIRECTOR

15/04/2002

-

-

2

JOSOVINA COMMODITIES PTE LTD

MANAGING DIRECTOR

01/08/2002

-

-

3

TRANSOIL TRADING PTE LTD

DIRECTOR

18/08/1994

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

OILPRO ASIA PRIVATE LIMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

09/01/1992

-

2

PAN ASIATIC COMMODITIES PTE. LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

19/02/1990

24/10/2007

3

TRANSOIL TRADING PTE LTD

LIVE COMPANY

SHAREHOLDER

-

13/07/2010

 

 

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

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

10/10/2011

Date of Last AR

:

03/11/2011

Date of A/C Laid At Last AGM

:

30/06/2011

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

JUN 2011

% Change

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

939,634,324

33.27

705,052,223

655,654,249

0

0

Profit/(Loss) Before Tax

18,603,581

307.12

4,569,533

12,137,171

0

0

Profit After Tax attributable to Shareholders

16,775,909

298.78

4,206,836

11,009,198

0

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

345,087,413

24.72

276,689,163

244,619,629

0

0

Current Assets

314,720,457

26.56

248,667,765

217,499,287

0

0

Non Current Assets

30,366,956

8.37

28,021,398

27,120,342

0

0

 

 

 

 

 

 

 

Total Liabilities

300,135,665

23.47

243,085,380

196,363,105

0

0

Current Liabilities

300,135,665

28.96

232,742,583

186,145,294

0

0

Non Current Liabilities

0

-100.00

10,342,797

10,217,811

0

0

 

 

 

 

 

 

 

Shareholders' Funds

44,951,747

33.77

33,603,785

48,256,524

0

0

Share Capital

3,220,000

-8.49

3,518,625

3,668,395

0

0

Total Reserves

41,682,364

38.55

30,085,160

44,588,129

0

0

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

JUN 2011

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

33.27

7.53

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.79

0.60

1.68

NA

NA

Return on Equity (%)

37.32

12.52

22.81

NA

NA

Return on Assets (%)

4.86

1.52

4.50

NA

NA

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

6.68

7.23

4.07

NA

NA

Current Debt/Equity (Times)

6.68

6.93

3.86

NA

NA

Long Term Debt To Equity (Times)

NA

0.31

0.21

NA

NA

Total Asset To Total Equity (Times)

7.68

8.23

5.07

NA

NA

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.72

2.55

2.68

NA

NA

Fixed Assets Turnover (Times)

30.94

25.16

24.18

NA

NA

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.05

1.07

1.17

NA

NA

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2011

% Change

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

939,634,324

33.27

705,052,223

655,654,249

803,596,738

494,618,509

Profit/(Loss) Before Tax

18,431,489

303.23

4,570,981

12,139,837

19,643,339

8,141,588

Profit After Tax attributable to Shareholders

16,603,817

294.55

4,208,284

11,011,864

17,720,708

7,559,260

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

337,170,454

24.74

270,289,989

238,511,789

258,288,329

156,796,211

Current Assets

314,715,628

26.56

248,667,654

217,497,661

243,040,948

146,470,277

Non Current Assets

22,454,826

3.85

21,622,335

21,014,128

15,247,381

10,325,934

 

 

 

 

 

 

 

Total Liabilities

292,388,272

23.54

236,683,443

190,253,896

213,417,874

127,455,141

Current Liabilities

292,388,272

25.63

232,742,583

186,145,294

209,414,526

123,128,673

Non Current Liabilities

0

-100.00

3,940,860

4,108,602

4,003,348

4,326,468

 

 

 

 

 

 

 

Shareholders' Funds

44,782,182

33.25

33,606,546

48,257,893

44,870,456

29,341,071

Share Capital

3,220,000

-8.49

3,518,625

3,668,395

3,574,418

3,862,918

Total Reserves

41,562,182

38.14

30,087,921

44,589,498

41,296,038

25,478,153

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

JUN 2011

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

33.27

7.53

-18.41

62.47

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.77

0.60

1.68

2.21

1.53

Return on Equity (%)

37.08

12.52

22.82

39.49

25.76

Return on Assets (%)

4.92

1.56

4.62

6.86

4.82

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

6.53

7.04

3.94

4.76

4.34

Current Debt/Equity (Times)

6.53

6.93

3.86

4.67

4.20

Long Term Debt To Equity (Times)

0.00

0.12

0.09

0.09

0.15

Total Asset To Total Equity (Times)

7.53

8.04

4.94

5.76

5.34

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.79

2.61

2.75

3.11

3.15

Fixed Assets Turnover (Times)

41.85

32.61

31.20

52.70

47.90

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.08

1.07

1.17

1.16

1.19

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The group yielded a rate of net profit on sales of 1.79 per cent in FY11 (FY10: 0.60 per cent). The group is now able to book in SINGAPORE, DOLLARS 0.02 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.01 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.05 times in FY11 (FY10: 1.07 times). This means that the group has SINGAPORE, DOLLARS 1.05 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 6.68 times in FY11, as  compared with 7.23 times in FY10. This means that the group requires additional external financing of SINGAPORE, DOLLARS 6.68 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 37.32 per cent for Subject in the current financial period, as compared to 12.52 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 4.86 per cent (FY10: 1.52 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: 2.55 times). This ratio measures the group'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.53.03

UK Pound

1

Rs.82.34

Euro

1

Rs.68.99

 

 

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.