MIRA INFORM REPORT

 

 

Report Date :           

27.12.2011

 

IDENTIFICATION DETAILS

 

Name :

TIGER ENERGY TRADING PTE. LTD.

 

 

Formerly Known As :

STRAITS GLOBAL TRADING PTE. LTD.

 

 

Registered Office :

391b Orchard Road #17-01 Ngee Ann City Tower B Singapore 238874

 

 

Country :

Singapore  

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.05.2004

 

 

Com. Reg. No.:

200405335K

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other business support services activities

 

 

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

 

Maximum Credit Limit :

S$305,000

 

 

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 – 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

:

TIGER ENERGY TRADING PTE. LTD.

Registration No

:

200405335K

Date of Registration

:

03/05/2004

Former Name

:

1. STRAITS ENERGY TRADING PTE. LTD. Eff. date : 03/05/2004 Eff. date : 03/05/2004

2. STRAITS GLOBAL TRADING PTE. LTD. Eff. date : 13/12/2004 Eff. date : 13/12/2004

Date of Change of Name

:

31/03/2010

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

391B ORCHARD ROAD #17-01 NGEE ANN CITY TOWER B SINGAPORE 238874

Date of Change of Address

:

13/06/2011

Contact No.

:

6603 6555

Fax No.

:

6884 6364

Website

:

www.sakariresources.com

Registered Activities

:

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

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

Issued Ordinary Capital*

:

$10,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 10,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$10,000.00 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

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED, SINGAPORE BRANCH

Turnover

:

SGD - SIN 864,612,386.00 (FY2010)

Net Worth

:

SGD - SIN 6,104,325.00 (FY2010)

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

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

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

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

Compounded Annual Growth Rate (CAGR)

:

17.24% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$305,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SAKARI RESOURCES LIMITED

SHAREHOLDER ID

:

199504024R

NATIONALITY

:

SINGAPORE

ADDRESS

:

391B ORCHARD ROAD #17-01 NGEE ANN CITY TOWER B SINGAPORE 238874

NO. OF ORD SHARES

:

10,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

NICHOLAS JOHN STEPHENS

ADDRESS

:

10 LOMA STREET, COTTESLOE, WA 6011, AUSTRALIA

POSITION

:

DIRECTOR

DATE OF APPT

:

29/03/2010

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

E4024616

 

NAME

:

FELIPE III SANTOS ENRIQUEZ

ADDRESS

:

26 JALAN LEMPENG #04-08 SINGAPORE 128805

POSITION

:

DIRECTOR

DATE OF APPT

:

25/09/2008

NATIONALITY

:

FILIPINO

I/C PASSPORT

:

F0997448L

 

NAME

:

GRAEME BRUCE TIVEY

ADDRESS

:

100 CLEMENCEAU AVENUE NORTH #11-105 CAVENAGH HOUSE SINGAPORE 229491

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

01/05/2009

01/05/2009

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

G6069255L

 

NAME

:

WONG MUN KIT

ADDRESS

:

6 ALEXANDRA VIEW #26-03 METROPOLITAN CONDOMINIUM SINGAPORE 158746

POSITION

:

SECRETARY

DATE OF APPT

:

22/05/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0510280D

 

NAME

:

LIM LIANG MENG

ADDRESS

:

20 SUNRISE LANE FLORIDA PARK SINGAPORE 806481

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1497335D

 

NAME

:

CHU YUEN KAI

ADDRESS

:

163 BEDOK SOUTH ROAD #13-426 SINGAPORE 460163

POSITION

:

SECRETARY

DATE OF APPT

:

10/02/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7075419C

 

 

 

KEY PERSONNEL PROFILE

 

Name:

FELIPE III SANTOS ENRIQUEZ

NRIC Number:

F0997448L

Available Address:

26 JALAN LEMPENG #04-08  SINGAPORE 128805

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

TIGER ENERGY TRADING PTE. LTD.

DIRECTOR

25/09/2008

-

-

 

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 have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201001468

 

Date of Registration

:

13/02/2010

 

Chargee

:

THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED, SINGAPORE BRANCH

 

Amount Secured  and Currency

:

380,000,000.00 U.S. DOLLAR

 

Address

:

---

 

2)

Charge No.

:

C201001467

 

Date of Registration

:

13/02/2010

 

Chargee

:

THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED, SINGAPORE BRANCH

 

Amount Secured  and Currency

:

380,000,000.00 U.S. DOLLAR

 

Address

:

---

             

 

LITIGATION

 

Clear

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

18/07/2011

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

864,612,386

-4.60

906,316,493

686,883,795

378,105,018

457,561,652

Profit/(Loss) Before Tax

27,014,970

-13.70

31,302,821

30,316,209

26,189,112

70,418,619

Profit After Tax attributable to Shareholders

23,723,316

-21.03

30,039,766

27,942,949

22,318,370

63,368,210

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

555,817,389

-7.28

599,462,411

597,981,082

604,125,662

78,246,232

Current Assets

128,567,743

0.35

128,118,640

119,791,777

76,366,001

67,915,856

Non Current Assets

427,249,646

-9.35

471,343,771

478,189,305

527,759,661

10,330,376

 

 

 

 

 

 

 

Total Liabilities

549,713,064

-7.61

595,021,345

597,264,307

577,598,461

58,850,256

Current Liabilities

511,622,950

-7.50

553,119,335

554,820,768

531,017,334

57,001,935

Non Current Liabilities

38,090,114

-9.10

41,902,010

42,443,539

46,581,127

1,848,321

 

 

 

 

 

 

 

Shareholders' Funds

6,104,325

37.45

4,441,066

716,775

26,527,201

19,395,975

Share Capital

8,165

-6.48

8,731

8,466

9,016

9,363

Total Reserves

6,096,160

37.54

4,432,335

708,309

26,518,185

19,386,612

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-4.60

31.95

81.66

-17.37

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.74

3.31

4.07

5.90

13.85

Return on Equity (%)

388.63

676.41

3,898.43

84.13

326.71

Return on Assets (%)

4.27

5.01

4.67

3.69

80.99

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

90.05

133.98

833.27

21.77

3.03

Current Debt/Equity (Times)

83.81

124.55

774.05

20.02

2.94

Long Term Debt To Equity (Times)

6.24

9.44

59.21

1.76

0.10

Total Asset To Total Equity (Times)

91.05

134.98

834.27

22.77

4.03

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.56

1.51

1.15

0.63

5.85

Fixed Assets Turnover (Times)

2.02

1.92

1.44

0.72

44.29

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.25

0.23

0.22

0.14

1.19

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 17.24% (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 2.74 per cent in FY10 (FY09: 3.31 per cent). The company is now able to book in SGD - SIN 0.03 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.03 a year ago.

 

Liquidity

Current ratio stood at 0.25 times in FY10 (FY09: 0.23 times). This means that the company has SGD - SIN 0.25 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 90.05 times in FY10, compared with 133.98 times in FY09. This means that the company requires additional external financing of SGD - SIN 90.05 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 388.63 per cent for Subject in the current financial period, as compared to 676.41 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 4.27 per cent (FY09: 5.01 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 1.56 times in FY10 (FY09: 1.51 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%)

 

 

 

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.