MIRA INFORM REPORT

 

 

Report Date :

24.04.2012

 

IDENTIFICATION DETAILS

 

Name :

TONG TEIK PTE LTD

 

 

Formerly Known As :

DIANY INVESTMENTS PTE LTD Eff

 

 

Registered Office :

7 Temasek Boulevard #20-02 Suntec Tower One Singapore 038987

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.04.1998

 

 

Com. Reg. No.:

199802094D

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale Of Other Specific Commodities Nec

Trading In Commodities- Agricultural (Rubber/Coffee) & Non-Agricultural (Coal)

 

 

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 30, 2011

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

TONG TEIK PTE LTD

Registration No

:

199802094D

Date of Registration

:

29/04/1998

Former Name

:

DIANY INVESTMENTS PTE LTD Eff. date : 29/04/1998 Eff. date : 29/04/1998

Date of Change of Name

:

18/06/1998

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

7 TEMASEK BOULEVARD #20-02 SUNTEC TOWER ONE SINGAPORE 038987

Date of Change of Address

:

01/10/2002

Contact No.

:

6332 2282

Fax No.

:

6332 3788

Website

:

www.rcma-rubber.com

Registered Activities

:

1. WHOLESALE OF OTHER SPECIFIC COMMODITIES NEC

TRADING IN COMMODITIES- AGRICULTURAL (RUBBER/COFFEE) & NON-AGRICULTURAL (COAL)

2. COMMODITY AND FUTURES BROKERS AND DEALERS

COMMODITY BROKERS

Issued Ordinary Capital*

:

$8,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 8,500,000

$20,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 20,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$20,000,000.00 U.S. DOLLAR

$8,500,000.00 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

:

BDO LLP

Bankers / Financiers

:

ING BANK N.V.

BNP PARIBAS

FORTIS BANK S.A./N.V.

FORTIS BANK (NEDERLAND) N.V., SINGAPORE BRANCH

Turnover

:

SGD - SIN 1,616,740,343.00 (FY2010)

Net Worth

:

SGD - SIN 36,395,501.00 (FY2010)

No. of Bank Charges

:

10

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

225 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

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

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

1140 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

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

Compounded Annual Growth Rate (CAGR)

:

15.25% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

RCMA COMMODITIES ASIA PTE LTD

SHAREHOLDER ID

:

199801641W

NATIONALITY

:

SINGAPORE

ADDRESS

:

7 TEMASEK BOULEVARD #20-02 SUNTEC CITY TOWER 1 SINGAPORE 038987

NO. OF ORD SHARES (USD)

NO. OF ORD SHARES (SGD)

:

20,000,000

8,500,000

% OF SHAREHOLDING

:

100.0%

CURRENCY

:

U.S. DOLLAR

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

CORNELIS JOHANNES KEMPENAAR

ADDRESS

:

7 ONE-NORTH GATEWAY #09-09 ONE-NORTH RESIDENCES SINGAPORE 138642

POSITION

:

DIRECTOR

DATE OF APPT

:

24/05/2011

NATIONALITY

:

NETHERLANDS

I/C PASSPORT

:

F0966782L

 

NAME

:

CHANDRAKANT BHIMA

ADDRESS

:

28 BAYSHORE ROAD #06-08 THE BAYSHORE SINGAPORE 469973

POSITION

:

DIRECTOR

DATE OF APPT

:

02/06/2011

NATIONALITY

:

BRITISH

I/C PASSPORT

:

G5145282N

 

NAME

:

WEE ENG HWA

ADDRESS

:

25 SIGLAP PLAIN SINGAPORE 456014

POSITION

:

SECRETARY

DATE OF APPT

:

01/05/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0004624H

 

NAME

:

SOON BEE SUAN @ LOH BEE SUAN

ADDRESS

:

422 PASIR RIS DRIVE 6 #08-145 SINGAPORE 510422

POSITION

:

DIRECTOR

DATE OF APPT

:

31/10/1998

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1620182J

 

NAME

:

OEI HONG BIE @ NG KIM TJING @ HADI WIDJAJA

ADDRESS

:

27 CLAYMORE ROAD #19-02 CLAYMORE, THE SINGAPORE 229544

POSITION

:

DIRECTOR

DATE OF APPT

:

06/07/1998

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2160222A

 

NAME

:

LINDA OEI SWAN CHU

ADDRESS

:

18 JALAN TANAH PUTEH SINGAPORE 457341

POSITION

:

DIRECTOR

DATE OF APPT

:

01/02/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2165246F

 

NAME

:

CHRISTOPHER MICHAEL PARDEY

ADDRESS

:

44 TOSCA STREET SINGAPORE 455474

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

27/08/2010

27/08/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2741934H

 

 

NAME

:

CHRISTIAN TOLLKUEHN

ADDRESS

:

87 HILLVIEW AVENUE #10-09 PETALS, THE SINGAPORE 669623

POSITION

:

DIRECTOR

DATE OF APPT

:

13/01/2003

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S6961341A

 

 

 

KEY PERSONNEL PROFILE

 

Name:

OEI HONG BIE @ NG KIM TJING @ HADI WIDJAJA

NRIC Number:

S2160222A

Available Address:

27 CLAYMORE ROAD #19-02 CLAYMORE, THE  SINGAPORE 229544

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

KIAN ING INVESTMENTS PRIVATE LIMITED

DIRECTOR

21/03/2011

-

-

2

NEW CONTINENT ENTERPRISES (PRIVATE) LIMITED

DIRECTOR

03/07/1979

-

-

3

RCMA COMMODITIES ASIA PTE LTD

DIRECTOR

06/07/1998

-

-

4

SINGAPORE TONG TEIK (PRIVATE) LIMITED

DIRECTOR

04/07/1969

-

-

5

TONG TEIK PTE LTD

DIRECTOR

06/07/1998

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

BRILLIANCE INDUSTRIAL & INVESTMENT CO (PTE) LTD

STRUCK OFF

DIRECTOR

16/03/1973

31/12/1987

2

BRILLIANT HORSE INVESTMENT PTE LTD

STRUCK OFF

DIRECTOR

05/07/1990

12/04/2001

3

CHROME WHEELS PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

19/04/1999

12/01/2005

4

EE HOE HEAN CLUB

LIVE COMPANY

DIRECTOR/SHR

05/06/1999

06/09/2011

5

NEW CONTINENT ENTERPRISES (PRIVATE) LIMITED

LIVE COMPANY

MANAGING DIRECTOR

11/07/1989

01/07/1997

6

PULAU TRADING & INVESTMENT PTE LTD

STRUCK OFF

DIRECTOR

19/06/1998

20/03/2007

7

SIN HUAT HOLDINGS (S) PTE LTD

STRUCK OFF

DIRECTOR

25/06/1980

01/02/1985

8

SINGAPORE COMMODITY EXCHANGE LIMITED

LIVE COMPANY

DIRECTOR

28/07/1992

24/02/2012

9

SINGAPORE TONG TEIK (PRIVATE) LIMITED

LIVE COMPANY

SHAREHOLDER

-

19/04/2012

 

 

Bankruptcy Record

 

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Note: Please purchase case details to know the latest status.

 

 

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 10 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201203621

 

Date of Registration

:

04/04/2012

 

Chargee

:

ING BANK N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619

 

2)

Charge No.

:

C201109356

 

Date of Registration

:

28/07/2011

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

3)

Charge No.

:

C201012588

 

Date of Registration

:

27/12/2010

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

4)

Charge No.

:

C201012584

 

Date of Registration

:

27/12/2010

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

5)

Charge No.

:

200005487

 

Date of Registration

:

14/11/2000

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

6)

Charge No.

:

200005486

 

Date of Registration

:

14/11/2000

 

Chargee

:

FORTIS BANK (NEDERLAND) N.V., SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

7)

Charge No.

:

200005485

 

Date of Registration

:

14/11/2000

 

Chargee

:

FORTIS BANK (NEDERLAND) N.V., SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

8)

Charge No.

:

200005484

 

Date of Registration

:

14/11/2000

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

9)

Charge No.

:

199805322

 

Date of Registration

:

16/10/1998

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

10)

Charge No.

:

199804592

 

Date of Registration

:

03/09/1998

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

 

 

 

COMPLIANCE

 

Date of Last AGM

:

02/06/2011

Date of Last AR

:

21/06/2011

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

1,616,740,343

101.04

804,199,926

1,290,631,956

858,606,177

916,295,395

Profit/(Loss) Before Tax

16,178,928

1,054.21

1,401,737

12,244,915

4,030,725

8,788,164

Profit After Tax attributable to Shareholders

15,451,247

2,274.35

650,756

10,684,514

3,469,749

8,355,495

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

183,513,021

42.19

129,061,414

111,927,293

104,001,965

60,008,394

Current Assets

182,793,065

42.62

128,163,530

110,897,447

103,397,489

59,584,198

Non Current Assets

719,956

-19.82

897,884

1,029,846

604,476

424,196

 

 

 

 

 

 

 

Total Liabilities

147,117,519

37.93

106,664,445

85,902,586

86,012,556

42,481,694

Current Liabilities

147,117,519

37.94

106,654,915

85,885,749

85,980,971

42,415,685

Non Current Liabilities

0

-100.00

9,530

16,837

31,585

66,009

 

 

 

 

 

 

 

Shareholders' Funds

36,395,501

62.50

22,396,969

26,024,707

17,989,409

17,526,700

Share Capital

6,803,750

-6.49

7,275,665

7,054,875

7,513,085

7,921,375

Total Reserves

29,591,751

95.70

15,121,304

18,969,832

10,476,324

9,605,325

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

101.04

-37.69

50.32

-6.30

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.96

0.08

0.83

0.40

0.91

Return on Equity (%)

42.45

2.91

41.06

19.29

47.67

Return on Assets (%)

8.42

0.50

9.55

3.34

13.92

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.04

4.76

3.30

4.78

2.42

Current Debt/Equity (Times)

4.04

4.76

3.30

4.78

2.42

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

5.04

5.76

4.30

5.78

3.42

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

8.81

6.23

11.53

8.26

15.27

Fixed Assets Turnover (Times)

2,245.61

895.66

1,253.23

1,420.41

2,160.08

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.24

1.20

1.29

1.20

1.40

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 15.25% (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 0.96 per cent in FY10 (FY09: 0.08 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 0.00 a year ago.

 

Liquidity

Current ratio stood at 1.24 times in FY10 (FY09: 1.20 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 4.04 times in FY10, compared with 4.76 times in FY09. This means that the company requires additional external financing of SGD - SIN 4.04 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 42.45 per cent for Subject in the current financial period, as compared to 2.91 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 8.42 per cent (FY09: 0.50 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 8.81 times in FY10 (FY09: 6.23 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.52.23

UK Pound

1

Rs.84.16

Euro

1

Rs.68.84

 

 

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.