MIRA INFORM REPORT

 

 

Report Date :

24.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SAWINDO AGRI PTE. LTD.

 

 

Formerly Known As :

BASIC CENTURY PTE. LTD.

 

 

Registered Office :

36 Armenian Street #03-02 Singapore 179934

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.12.2006

 

 

Com. Reg. No.:

200619555R

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

 

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$881,000

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 30, 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

:

SAWINDO AGRI PTE. LTD.

Registration No

:

200619555R

Date of Registration

:

29/12/2006

Former Name

:

BASIC CENTURY PTE. LTD. Eff. date : 29/12/2006 Eff. date : 29/12/2006

Date of Change of Name

:

25/09/2007

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

36 ARMENIAN STREET #03-02 SINGAPORE 179934

Date of Change of Address

:

28/06/2011

Contact No.

:

6227 9122

Fax No.

:

6227 9121

Website

:

NA

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$16,296,337.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 16,296,337

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$16,296,337.00 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

:

RSM CHIO LIM LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 147,317,869.00 (FY2010)

Net Worth

:

SGD - SIN 17,616,025.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1488 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1068 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

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

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$881,000

 

SHAREHOLDER DETAILS

 

NAME

:

KENCANA AGRI LIMITED

SHAREHOLDER ID

:

200717793E

NATIONALITY

:

SINGAPORE

ADDRESS

:

36 ARMENIAN STREET #03-02 SINGAPORE 179934

NO. OF ORD SHARES

:

16,296,337

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CHUA VOON HAI

ADDRESS

:

11 ANG MO KIO AVENUE 9 #01-06 FAR HORIZON GARDEN SINGAPORE 569763

POSITION

:

SECRETARY

DATE OF APPT

:

15/09/2009

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2673725G

 

NAME

:

AUGYAWATI JOE

ADDRESS

:

2 JALAN MUTIARA #16-02 MUTIARA CREST SINGAPORE 249183

POSITION

:

DIRECTOR

DATE OF APPT

:

27/06/2008

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7981621C

 

NAME

:

ALBERT MAKNAWI

ADDRESS

:

BUKIT GOLF BLOK K/3 SEKT VII BSD RT 06/01 LENGKONG WETAN TANGERANG BANTEN

POSITION

:

DIRECTOR

DATE OF APPT

:

03/08/2007

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

W792545

 

 

KEY PERSONNEL PROFILE

 

Name:

ALBERT MAKNAWI

NRIC Number:

W792545

Available Address:

BUKIT GOLF BLOK K/3 SEKT VII BSD RT 06/01 LENGKONG WETAN TANGERANG BANTEN

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

KENCANA HOLDINGS PTE. LTD.

SHAREHOLDER

-

507025

2.94

2

KENCANA LDC PTE. LTD.

DIRECTOR

08/01/2010

-

-

3

LDC KENCANA TRADING PTE. LTD.

DIRECTOR

08/01/2010

-

-

4

SAWINDO AGRI PTE. LTD.

DIRECTOR

03/08/2007

-

-

 

 

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

 

Clear                                           

 

                                                  

COMPLIANCE

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

22/07/2011

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

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

147,317,869

19.81

122,963,386

75,774,464

0

Profit/(Loss) Before Tax

5,981,125

93.60

3,089,373

13,034,325

(8,168)

Profit After Tax attributable to Shareholders

5,047,067

83.36

2,752,546

11,637,912

(8,168)

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

107,989,304

51.50

71,278,661

72,689,237

2

Current Assets

62,838,544

181.10

22,354,256

26,695,403

2

Non Current Assets

45,150,760

-7.71

48,924,405

45,993,834

0

 

 

 

 

 

 

Total Liabilities

90,373,279

76.20

51,289,808

46,099,163

8,490

Current Liabilities

58,903,705

208.37

19,101,707

2,160,029

8,490

Non Current Liabilities

31,469,574

-2.23

32,188,101

43,939,134

0

 

 

 

 

 

 

Shareholders' Funds

17,616,025

-11.87

19,988,852

26,590,072

(8,488)

Share Capital

14,427,612

-6.49

15,428,326

14,960,132

2

Total Reserves

3,188,413

-30.09

4,560,526

11,629,940

(8,490)

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

Year-on-Year Growth

19.81

62.28

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

3.43

2.24

15.36

0.00

Return on Equity (%)

28.65

13.77

43.77

96.23

Return on Assets (%)

4.67

3.86

16.01

-408,400.00

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

5.13

2.57

1.73

-1.00

Current Debt/Equity (Times)

3.34

0.96

0.08

0.00

Long Term Debt To Equity (Times)

1.79

1.61

1.65

0.00

Total Asset To Total Equity (Times)

6.13

3.57

2.73

0.00

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

1.36

1.73

1.04

0.00

Fixed Assets Turnover (Times)

3.26

2.51

1.65

0.00

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.07

1.17

12.36

0.00

 

 

 

 

 

 

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 3.43 per cent in FY10 (FY09: 2.24 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 0.02 a year ago.

 

Liquidity

 

Current ratio stood at 1.07 times in FY10 (FY09: 1.17 times). This means that the company has SGD - SIN 1.07 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.

 

 

 

 

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 5.13 times in FY10, compared with 2.57 times in FY09. This means that the company requires additional external financing of SGD - SIN 5.13 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 28.65 per cent for Subject in the current financial period, as compared to 13.77 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 4.67 per cent (FY09: 3.86 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 1.36 times in FY10 (FY09: 1.73 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.52.10

UK Pound

1

Rs.81.30

Euro

1

Rs.70.07

 

 

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.