MIRA INFORM REPORT

 

 

Report Date :           

02.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MERCURIA ENERGY TRADING PTE. LTD.

 

 

Registered Office :

9 Raffles Place #59-00 Republic Plaza Singapore 048619

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.06.2004

 

 

Com. Reg. No.:

200406884m

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

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 :

Good

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Executive Summary

 

Company Name

:

MERCURIA ENERGY TRADING PTE. LTD.

Registration No

:

200406884M

Date of Registration

:

03/06/2004

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

9 RAFFLES PLACE #59-00 REPUBLIC PLAZA SINGAPORE 048619

Date of Change of Address

:

16/11/2009

Contact No.

:

6416 2080

Fax No.

:

6883 0560

Website

:

NA

Registered Activities

:

GENERAL WHOLESALE TRADE

(INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$18,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 18,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$18,000,000.00 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

:

1

No. of Local Associates

:

NA

No. of Employees

:

50

Auditor

:

KPMG LLP

Bankers / Financiers

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

DBS BANK LTD.

SOCIETE GENERALE

UNION DE BANQUES ARABES ET FRANCAISES-UBAF

CHINATRUST COMMERCIAL BANK CO., LTD.

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

NATIXIS

STANDARD CHARTERED BANK

COOPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A. (TRADING AS RABOBANK INTERNATIONAL)

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

HSH NORDBANK AG

UNITED OVERSEAS BANK LIMITED

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")

ING BANK N.V.

FORTIS BANK S.A./N.V.

BNP PARIBAS

Turnover

:

SGD - SIN 15,621,785,567.00 (FY2010)

Net Worth

:

SGD - SIN 29,982,766.00 (FY2010)

No. of Bank Charges

:

27

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

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

84 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007)

460 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

107.59% (4 years)

 

Credit Rating

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

MERCURIA ENERGY TRADING B.V.

SHAREHOLDER ID

:

T09UF0938E

NATIONALITY

:

NA

ADDRESS

:

HERCULESPLEIN 108, 3584 AA UTRECHT, NETHERLANDS

NO. OF ORD SHARES

:

18,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

PAUL CLIFFORD CHIVERS

ADDRESS

:

CHEMIN DE LA BANDEROLLE 2, 1260 NYON, SWITZERLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

15/04/2011

NATIONALITY

:

BRITISH

I/C PASSPORT

:

099142758

 

NAME

:

HONG ZHU

ADDRESS

:

CHEMIN DE CLAIRJOIE, 11 1225 CHENE-BOURG, SWITZERLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

23/06/2009

NATIONALITY

:

BRITISH

I/C PASSPORT

:

761242997

 

NAME

:

HAN JIN

ADDRESS

:

9 RAFFLES PLACE #59-00 REPUBLIC PLAZA SINGAPORE 048619

POSITION

:

DIRECTOR

DATE OF APPT

:

27/09/2007

NATIONALITY

:

BRITISH

I/C PASSPORT

:

F2102500M

 

NAME

:

SIM SIEW KIANG

ADDRESS

:

613A UPPER CHANGI ROAD APOLLO GARDENS SINGAPORE 487026

POSITION

:

SECRETARY

DATE OF APPT

:

22/10/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0015157B

 

NAME

:

CHAN KOK CHYE

ADDRESS

:

35 GOODMAN ROAD SINGAPORE 438998

POSITION

:

SECRETARY

DATE OF APPT

:

02/11/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0165806I

 

NAME

:

HO WEI CHANG

ADDRESS

:

44 KING'S DRIVE KINGSVILLE SINGAPORE 266411

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

13/07/2004

19/09/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1655617C

 

NAME

:

CHAN SHEUE LING

ADDRESS

:

7 JALAN RUKAM SEMBAWANG HILLS ESTATE SINGAPORE 576944

POSITION

:

DIRECTOR

DATE OF APPT

:

19/10/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7329719B

 

 

KEY PERSONNEL PROFILE

 

Name:

HO WEI CHANG

NRIC Number:

S1655617C

Available Address:

44 KING'S DRIVE KINGSVILLE  SINGAPORE 266411

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

MERCURIA ENERGY TRADING PTE. LTD.

DIRECTOR

13/07/2004

-

-

2

MERCURIA ENERGY TRADING PTE. LTD.

MANAGING DIRECTOR

19/09/2006

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MERCURIA PTE. LTD.

LIVE COMPANY

DIRECTOR

15/01/2010

20/06/2011

 

 

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 (%)

MERCURIA PTE. LTD.

100

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 27 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201105451

 

Date of Registration

:

04/05/2011

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

2)

Charge No.

:

C201103736

 

Date of Registration

:

25/03/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

3)

Charge No.

:

C201100706

 

Date of Registration

:

14/01/2011

 

Chargee

:

SOCIETE GENERALE

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 ROBINSON ROAD #26-00 SINGAPORE 068898

 

4)

Charge No.

:

C201011370

 

Date of Registration

:

25/11/2010

 

Chargee

:

UNION DE BANQUES ARABES ET FRANCAISES-UBAF

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C201010383

 

Date of Registration

:

02/11/2010

 

Chargee

:

CHINATRUST COMMERCIAL BANK CO., LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

6)

Charge No.

:

C201010343

 

Date of Registration

:

02/11/2010

 

Chargee

:

CHINATRUST COMMERCIAL BANK CO., LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

7)

Charge No.

:

C201007342

 

Date of Registration

:

20/08/2010

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

1 RAFFLES QUAY #38-01 ONE RAFFLES QUAY, NORTH TOWER SINGAPORE 048583

 

8)

Charge No.

:

C201006480

 

Date of Registration

:

28/07/2010

 

Chargee

:

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 RAFFLES QUAY #12-01 SINGAPORE 048580

 

9)

Charge No.

:

C201006097

 

Date of Registration

:

16/07/2010

 

Chargee

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

10)

Charge No.

:

C201006096

 

Date of Registration

:

16/07/2010

 

Chargee

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

11)

Charge No.

:

C201002491

 

Date of Registration

:

24/03/2010

 

Chargee

:

NATIXIS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

50 RAFFLES PLACE #41-01 SINGAPORE LAND TOWER SINGAPORE 048623

 

12)

Charge No.

:

C200900876

 

Date of Registration

:

04/02/2009

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

13)

Charge No.

:

C200900873

 

Date of Registration

:

04/02/2009

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

14)

Charge No.

:

C200710458

 

Date of Registration

:

28/11/2007

 

Chargee

:

COOPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A. (TRADING AS RABOBANK INTERNATIONAL)

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

15)

Charge No.

:

C200707962

 

Date of Registration

:

24/09/2007

 

Chargee

:

SOCIETE GENERALE

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 ROBINSON ROAD #26-00 SINGAPORE 068898

 

16)

Charge No.

:

C200707902

 

Date of Registration

:

21/09/2007

 

Chargee

:

SOCIETE GENERALE

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 ROBINSON ROAD #26-00 SINGAPORE 068898

 

17)

Charge No.

:

C200702274

 

Date of Registration

:

26/03/2007

 

Chargee

:

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

18)

Charge No.

:

C200700052

 

Date of Registration

:

04/01/2007

 

Chargee

:

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

19)

Charge No.

:

C200700051

 

Date of Registration

:

04/01/2007

 

Chargee

:

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

20)

Charge No.

:

C200608086

 

Date of Registration

:

29/11/2006

 

Chargee

:

HSH NORDBANK AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 TEMASEK AVENUE #33-00 CENTENNIAL TOWER SINGAPORE 039190

 

21)

Charge No.

:

C200605837

 

Date of Registration

:

30/08/2006

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

22)

Charge No.

:

C200605836

 

Date of Registration

:

30/08/2006

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

23)

Charge No.

:

C200605257

 

Date of Registration

:

10/08/2006

 

Chargee

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

24)

Charge No.

:

C200601983

 

Date of Registration

:

27/03/2006

 

Chargee

:

ING BANK N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619

 

25)

Charge No.

:

C200601759

 

Date of Registration

:

17/03/2006

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

26)

Charge No.

:

C200601758

 

Date of Registration

:

17/03/2006

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

27)

Charge No.

:

C200600632

 

Date of Registration

:

25/01/2006

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

01/06/2011

Date of Last AR

:

20/06/2011

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

15,621,785,567

82.37

8,565,913,970

3,716,862,305

2,460,911,989

841,176,697

Profit/(Loss) Before Tax

4,411,552

35.28

3,260,953

2,731,648

1,748,394

26,753,048

Profit After Tax attributable to Shareholders

3,408,679

28.22

2,658,528

2,237,806

1,232,974

23,939,916

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

3,004,636,694

105.17

1,464,448,762

2,079,056,143

872,938,977

191,142,912

Current Assets

2,903,673,127

99.21

1,457,597,995

2,073,866,577

870,393,843

190,894,127

Non Current Assets

100,963,567

1,373.76

6,850,767

5,189,566

2,545,134

248,785

 

 

 

 

 

 

 

Total Liabilities

2,974,653,930

105.48

1,447,672,533

2,073,781,917

868,202,768

163,685,173

Current Liabilities

2,823,066,380

95.01

1,447,672,533

2,073,781,917

868,202,768

163,685,173

Non Current Liabilities

151,587,550

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

29,982,766

78.72

16,776,228

5,274,225

4,736,208

27,457,739

Share Capital

24,493,500

68.32

14,551,330

2,906,609

3,095,466

3,263,686

Total Reserves

5,489,266

146.72

2,224,898

2,367,616

1,640,742

24,194,053

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

82.37

130.46

51.04

192.56

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.02

0.03

0.06

0.05

2.85

Return on Equity (%)

11.37

15.85

42.43

26.03

87.19

Return on Assets (%)

0.11

0.18

0.11

0.14

12.52

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

99.21

86.29

393.19

183.31

5.96

Current Debt/Equity (Times)

94.16

86.29

393.19

183.31

5.96

Long Term Debt To Equity (Times)

5.06

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

100.21

87.29

394.19

184.31

6.96

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

5.20

5.85

1.79

2.82

4.40

Fixed Assets Turnover (Times)

154.73

1,250.36

716.22

966.91

3,381.14

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.03

1.01

1.00

1.00

1.17

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 107.59% (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 0.02 per cent in FY10 (FY09: 0.03 per cent). The company is now able to book in SGD - SIN 0.00 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 1.03 times in FY10 (FY09: 1.01 times). This means that the company has SGD - SIN 1.03 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 99.21 times in FY10, as compared with 86.29 times in FY09. This means that the company requires additional external financing of SGD - SIN 99.21 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 11.37 per cent for Subject in the current financial period, as compared to 15.85 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 0.11 per cent (FY09: 0.18 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 5.20 times in FY10 (FY09: 5.85 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.49.53

UK Pound

1

Rs.77.94

Euro

1

Rs.64.65

 

 

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.