MIRA INFORM REPORT

 

 

 

Report Date :           

27.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SHELL EASTERN TRADING (PTE) LTD

 

 

Registered Office :

83 Clemenceau Avenue #04-00 Singapore 239920

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.05.1989

 

 

Com. Reg. No.:

198902087c

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Business Support Services Activities

 

 

No. of Employees :

Not Available

 

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 :

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

:

SHELL EASTERN TRADING (PTE) LTD

Registration No

:

198902087C

Date of Registration

:

24/05/1989

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

83 CLEMENCEAU AVENUE #04-00 SINGAPORE 239920

Date of Change of Address

:

11/03/1998

Contact No.

:

6384 8000

Fax No.

:

6384 8382

Website

:

www.shell.com.sg

Registered Activities

:

1. OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES)

TO BE A TRADER AND BROKER IN OIL AND ALLIED PRODUCTS

2. OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES)

TO TRADE IN OIL FUTURES ON SIMEX FOR ITSELF AND FOR ASSOCIATES

Issued Ordinary Capital*

:

$497,954,260.00 U.S. DOLLAR ,NO. OF SHARE : 49,795,426

Issued Preference Capital

:

$216,500,000.00 U.S. DOLLAR NO. OF SHARE : 21,650,000

Paid-Up Ordinary Capital

:

$497,954,260.00 U.S. DOLLAR

Paid-Up Preference Capital

:

$216,500,000.00 U.S. DOLLAR

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

4

No. of Local Associates

:

NA

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 108,836,054,882.00 (FY2010)

Net Worth

:

SGD - SIN 3,739,452,582.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

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

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

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

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

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

Compounded Annual Growth Rate (CAGR)

:

7.01% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SHELL EASTERN PETROLEUM (PTE) LTD

SHAREHOLDER ID

:

196000089G

NATIONALITY

:

SINGAPORE

ADDRESS

:

83 CLEMENCEAU AVENUE #04-00 SHELL HOUSE SINGAPORE 239920

NO. OF ORD SHARES

:

46,195,426

% OF SHAREHOLDING

:

64.7%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

SHELL PETROLEUM N.V.

SHAREHOLDER ID

:

T04UF0258J

NATIONALITY

:

NETHERLANDS

ADDRESS

:

P.O. BOX 162 2501 AN THE HAGUE NEDERLANDS

NO. OF ORD SHARES

:

3,600,000

21,650,000

% OF SHAREHOLDING

:

5%

30.3%

CURRENCY

:

U.S. DOLLAR

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

DAVID WILLIAM WELLS

ADDRESS

:

PRINS MAURITSLAAN 39, 2582 LL DEN HAAG THE NETHERLANDS

POSITION

:

DIRECTOR

DATE OF APPT

:

15/08/2006

NATIONALITY

:

BRITISH

I/C PASSPORT

:

740202323

 

NAME

:

CHRISTINE LIM WEE KIEN

ADDRESS

:

2 RIVER VALLEY CLOSE #06-05 THE REGALIA SINGAPORE 238428

POSITION

:

SECRETARY

DATE OF APPT

:

04/03/2011

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

G6410879X

 

NAME

:

LEE TZU YANG

ADDRESS

:

1 ASCOT RISE SINGAPORE 289813

POSITION

:

DIRECTOR

DATE OF APPT

:

27/07/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0163771A

 

NAME

:

PHILIP CHOI

ADDRESS

:

17 LILAC DRIVE LILAC PARK SINGAPORE 808207

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0194171B

 

NAME

:

LIM KWEE HUAT ANDREW

ADDRESS

:

64B CHUN TIN ROAD SINGAPORE 599716

POSITION

:

SECRETARY

DATE OF APPT

:

01/06/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1753920E

 

NAME

:

FANG YEA YEE

ADDRESS

:

17C JANSEN ROAD SINGAPORE 548407

POSITION

:

 

DIRECTOR

DATE OF APPT

:

 

15/10/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2175207Z

 

NAME

:

LEE KEAN GUAN

ADDRESS

:

1 YOUNGBERG TERRACE #06-03 AVON PARK SINGAPORE 357741

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2586289I

 

NAME

:

GOH SWEE CHEN

ADDRESS

:

3 NASSIM ROAD #01-05 NASSIM JADE SINGAPORE 258371

POSITION

:

DIRECTOR

DATE OF APPT

:

15/10/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2681851F

 

NAME

:

CHAN SUIT FONG

ADDRESS

:

29 BARKER ROAD SINGAPORE 309905

POSITION

:

DIRECTOR

DATE OF APPT

:

15/10/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2736701A

 

NAME

:

CHIA SONG YEOW

ADDRESS

:

32 BUKIT BATOK STREET 21 #13-12 DEW, THE SINGAPORE 659637

POSITION

:

SECRETARY

DATE OF APPT

:

07/08/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7226909H

 

 

KEY PERSONNEL PROFILE

 

Name:

LEE TZU YANG

NRIC Number:

S0163771A

Available Address:

1 ASCOT RISE  SINGAPORE 289813

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SHELL EASTERN PETROLEUM (PTE) LTD

DIRECTOR

27/07/2000

-

-

2

SHELL EASTERN TRADING (PTE) LTD

DIRECTOR

27/07/2000

-

-

3

SHELL INDIA VENTURES PTE. LTD.

DIRECTOR

24/06/2003

-

-

4

SHELL SINGAPORE TRUSTEES PTE LTD

DIRECTOR

27/07/2000

-

-

5

SINGAPORE ARTS SCHOOL LTD.

DIRECTOR

17/01/2005

-

-

6

SINGAPORE INTERNATIONAL CHAMBER OF COMMERCE

DIRECTOR

15/06/2000

-

-

7

THE ESPLANADE CO LTD

DIRECTOR

24/11/2003

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MAJULAH CONNECTION LIMITED

LIVE COMPANY

SHAREHOLDER

-

14/07/2009

2

NATIONAL UNIVERSITY OF SINGAPORE

LIVE COMPANY

DIRECTOR

01/04/2006

14/09/2011

3

PSA CORPORATION LIMITED

LIVE COMPANY

DIRECTOR

05/04/2002

31/12/2003

4

PSA INTERNATIONAL PTE LTD

LIVE COMPANY

DIRECTOR

01/01/2004

04/04/2005

5

SHELL GLOBAL SOLUTIONS (SINGAPORE) (PTE) LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

02/03/2002

-

6

SHELL OIL PRODUCTS -EAST

CEASED

MANAGER

18/06/1999

04/04/2001

7

SINGAPORE ARTS SCHOOL LTD.

LIVE COMPANY

SHAREHOLDER

-

10/11/2011

8

SOLARWORLD ASIA PACIFIC PTE. LTD.

LIVE COMPANY

DIRECTOR

25/02/2002

01/07/2006

9

THE INSTITUTE OF POLICY STUDIES

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

13/03/2002

11/12/2007

10

THE OLD PARLIAMENT HOUSE LIMITED

LIVE COMPANY

DIRECTOR

01/04/2005

31/03/2007

 

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 (%)

SHELL INTERNATIONAL EASTERN TRADING COMPANY

NA (SOLE-PROPRIETOR)

SHELL EASTERN CHEMICALS (S)

NA (SOLE-PROPRIETOR)

SHELL EASTERN LNG

NA (SOLE-PROPRIETOR)

SHELL MARINE PRODUCTS SINGAPORE

NA (SOLE-PROPRIETOR)

 

                                                                                                                       

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 database. 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

1

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

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

29591

 

Date of Filing

:

01/10/2001

 

Amount

:

18,434.37

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SLCO PTE LTD FORMERLY KNOWN AS FUKAGYO PETROLEUM (SINGAPORE) PTE

 

Last Update Date

:

20/02/2008

 

2)

Court

:

District Court

 

Case No.

:

148

 

Date of Filing

:

11/01/1999

 

Amount

:

30,965.44

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SWISS SINGAPORE ENTERPRISES OVERSEAS PTE LTD

 

Last Update Date

:

20/02/2008

 

 

COMPLIANCE

 

Date of Last AGM

:

24/06/2011

Date of Last AR

:

15/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

108,836,054,882

38.59

78,529,574,414

124,726,607,534

97,933,890,917

83,013,006,215

Profit/(Loss) Before Tax

987,851,431

-45.97

1,828,345,512

1,130,724,324

829,449,092

876,919,977

Profit After Tax attributable to Shareholders

994,874,262

-42.17

1,720,265,508

1,067,117,571

775,721,518

810,960,272

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

19,961,318,014

35.56

14,724,700,366

12,996,868,867

15,515,647,488

10,647,886,928

Current Assets

19,483,845,807

37.60

14,160,255,730

12,443,611,460

14,201,155,130

10,643,951,589

Non Current Assets

477,472,207

-15.41

564,444,636

553,257,407

1,314,492,358

3,935,339

 

 

 

 

 

 

 

Total Liabilities

16,221,865,432

37.59

11,789,928,471

10,410,895,968

13,757,940,215

8,378,999,171

Current Liabilities

15,696,860,867

39.48

11,253,914,224

9,866,321,701

12,449,534,960

8,377,890,178

Non Current Liabilities

525,004,565

-2.05

536,014,247

544,574,267

1,308,405,255

1,108,993

 

 

 

 

 

 

 

Shareholders' Funds

3,739,452,582

27.42

2,934,771,895

2,585,972,897

1,757,707,272

2,268,887,757

Share Capital

1,133,936,108

-6.49

1,212,587,066

1,175,789,454

1,252,156,291

1,320,203,290

Total Reserves

2,605,516,474

51.29

1,722,184,829

1,410,183,443

505,550,981

948,684,467

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

38.59

-37.04

27.36

17.97

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.91

2.19

0.86

0.79

0.98

Return on Equity (%)

26.60

58.62

41.27

44.13

35.74

Return on Assets (%)

4.98

11.68

8.21

5.00

7.62

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.34

4.02

4.03

7.83

3.69

Current Debt/Equity (Times)

4.20

3.83

3.82

7.08

3.69

Long Term Debt To Equity (Times)

0.14

0.18

0.21

0.74

0.00

Total Asset To Total Equity (Times)

5.34

5.02

5.03

8.83

4.69

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

5.45

5.33

9.60

6.31

7.80

Fixed Assets Turnover (Times)

227.94

139.13

225.44

74.50

21,094.25

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.24

1.26

1.26

1.14

1.27

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 7.01% (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 0.91 per cent in FY10 (FY09: 2.19 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.02 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.24 times in FY10 (FY09: 1.26 times). This means that the company has SGD - SIN 1.24 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 4.34 times in FY10, compared with 4.02 times in FY09. This means that the company requires additional external financing of SGD - SIN 4.34 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 26.60 per cent for Subject in the current financial period, as compared to 58.62 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 4.98 per cent (FY09: 11.68 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 5.45 times in FY10 (FY09: 5.33 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.52.82

UK Pound

1

Rs.82.07

Euro

1

Rs.68.93

 

 

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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