MIRA INFORM REPORT

 

 

Report Date :           

07.02.2012

 

IDENTIFICATION DETAILS

 

Name :

CHIA TAI FEEDMILL PTE. LTD.

 

 

Registered Office :

38 Penjuru Lane Singapore 609204

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

17.05.1974

 

 

Com. Reg. No.:

197400885z

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of prepared animal feeds

 

 

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 :

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 – 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

:

CHIA TAI FEEDMILL PTE. LTD.

Registration No

:

197400885Z

Date of Registration

:

17/05/1974

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

38 PENJURU LANE SINGAPORE 609204

Date of Change of Address

:

NA

Contact No.

:

6261 2255

Fax No.

:

6265 8690

Website

:

NA

Registered Activities

:

MANUFACTURE OF PREPARED ANIMAL FEEDS

Issued Ordinary Capital*

:

$5,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 5,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$5,000,000.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

TAN, TEO & PARTNERS PAC

Bankers / Financiers

:

STANDARD CHARTERED BANK

Turnover

:

SGD - SIN 96,256,253.00 (FY2010)

Net Worth

:

SGD - SIN 21,274,078.00 (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

1880 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1641 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

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

1622 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

18.68% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

CHAROEN POKPHAND GROUP COMPANY LIMITED

SHAREHOLDER ID

:

S74UF0114J

NATIONALITY

:

THAILAND

ADDRESS

:

C P TOWER 313 SILOM ROAD BANGRAK BANGKOK 10500

NO. OF ORD SHARES

:

5,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JARAN CHIARAVANONT

ADDRESS

:

3 GRANGE GARDEN GRANGE, THE SINGAPORE 249633

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/1976

NATIONALITY

:

THAI

I/C PASSPORT

:

A67009

 

NAME

:

URAI RAKPHONGPHAIROJ

ADDRESS

:

36 SOI YENCHIT CHAND RD BANGKOK THAILAND

POSITION

:

DIRECTOR

DATE OF APPT

:

15/11/1977

NATIONALITY

:

THAI

I/C PASSPORT

:

A80139

 

NAME

:

MIN TIEANWORN

ADDRESS

:

633/2 SUKSAWAD 9 BANGPAKOK BANGKOK

POSITION

:

DIRECTOR

DATE OF APPT

:

12/12/1998

NATIONALITY

:

THAI

I/C PASSPORT

:

N283785

 

NAME

:

THIRAYUT PHITYA-ISARAKUL

ADDRESS

:

38 PENJURU LANE SINGAPORE 609204

POSITION

:

DIRECTOR

DATE OF APPT

:

11/10/1982

NATIONALITY

:

THAI

I/C PASSPORT

:

R399290

 

NAME

:

ONG CHON TUI

ADDRESS

:

123 MEYER ROAD #09-02 SINGAPORE 437934

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

11/11/1992

11/11/1992

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0538504J

 

NAME

:

EDDY SUSANTO ZAOPUTRA

ADDRESS

:

121 MEYER ROAD #10-07 MAKENA, THE SINGAPORE 437932

POSITION

:

DIRECTOR

DATE OF APPT

:

21/09/1998

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2707552E

 

NAME

:

SUMET JIARAVANON

ADDRESS

:

61 GRANGE ROAD #21-03 BEVERLY HILL APARTMENTS SINGAPORE 249570

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/1976

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2760886H

 

 

OFFICER DETAILS

 

NAME

:

PRASERT POONGKUMARN

ADDRESS

:

64 NAVATHANEE VILLA SUKHAPIBAN BUENGKUM KLONGKUM BANGKOK

POSITION

:

DIRECTOR

DATE OF APPT

:

12/12/1998

NATIONALITY

:

THAI

I/C PASSPORT

:

W297445

 

KEY PERSONNEL PROFILE

 

Name:

JARAN CHIARAVANONT

NRIC Number:

A67009

Available Address:

3 GRANGE GARDEN GRANGE, THE  SINGAPORE 249633

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

CHIA TAI FEEDMILL PTE. LTD.

DIRECTOR

01/10/1976

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

CHIA TAI FEEDMILL PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

20/12/2011

 

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 (%)

CHIA TAI CONSUMER PRODUCTS PTE LTD

100

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200811295

 

Date of Registration

:

22/12/2008

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

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 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

W.e.f 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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

0

0

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

371

 

Date of Filing

:

04/04/2002

 

Amount

:

1,739,264.00

 

Cause

:

Tort

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SENG CHOON FARM PTE LTD

 

Last Update Date

:

14/05/2009

 

 

COMPLIANCE

 

Date of Last AGM

:

28/06/2011

Date of Last AR

:

11/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

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

96,256,253

9.18

88,160,539

81,242,258

60,442,184

48,518,822

Profit/(Loss) Before Tax

4,600,282

-3.74

4,779,223

4,743,847

2,539,376

1,588,860

Profit After Tax attributable to Shareholders

3,937,973

0.38

3,923,179

4,011,410

3,074,293

1,456,420

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

35,020,590

-2.98

36,097,777

36,434,983

31,368,635

25,936,264

Current Assets

28,412,728

-0.75

28,628,498

28,091,495

22,294,036

15,915,999

Non Current Assets

6,607,862

-11.53

7,469,279

8,343,488

9,074,599

10,020,265

 

 

 

 

 

 

 

Total Liabilities

13,746,512

-25.34

18,411,672

22,322,057

20,917,119

18,204,041

Current Liabilities

13,400,940

-25.16

17,905,283

21,805,516

20,390,426

16,388,877

Non Current Liabilities

345,572

-31.76

506,389

516,541

526,693

1,815,164

 

 

 

 

 

 

 

Shareholders' Funds

21,274,078

20.29

17,686,105

14,112,926

10,451,516

7,732,223

Share Capital

5,000,000

0.00

5,000,000

5,000,000

5,000,000

5,000,000

Total Reserves

16,274,078

28.28

12,686,105

9,112,926

5,451,516

2,732,223

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

9.18

8.52

34.41

24.57

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

4.09

4.45

4.94

5.09

3.00

Return on Equity (%)

18.51

22.18

28.42

29.41

18.84

Return on Assets (%)

11.24

10.87

11.01

9.80

5.62

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.65

1.04

1.58

2.00

2.35

Current Debt/Equity (Times)

0.63

1.01

1.55

1.95

2.12

Long Term Debt To Equity (Times)

0.02

0.03

0.04

0.05

0.23

Total Asset To Total Equity (Times)

1.65

2.04

2.58

3.00

3.35

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.75

2.44

2.23

1.93

1.87

Fixed Assets Turnover (Times)

14.57

11.80

9.74

6.66

4.84

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.12

1.60

1.29

1.09

0.97

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

SGD - SIN

SGD - SIN

 

Profit and Loss Key Figures

 

 

 

 

Turnover

59,537,326

56,259,232

40,720,134

33,045,293

Profit/(Loss) Before Tax

1,666,879

1,163,775

825,789

1,094,970

Profit After Tax attributable to Shareholders

1,306,879

1,043,775

1,640,651

1,114,184

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

27,942,937

29,669,283

25,748,292

21,608,288

Current Assets

20,300,759

21,169,028

16,488,312

11,493,526

Non Current Assets

7,642,178

8,500,255

9,259,980

10,114,762

 

 

 

 

 

Total Liabilities

19,118,476

21,801,701

18,574,485

15,720,132

Current Liabilities

18,621,097

21,294,170

18,056,802

13,940,020

Non Current Liabilities

497,379

507,531

517,683

1,780,112

 

 

 

 

 

Shareholders' Funds

8,824,461

7,867,582

7,173,807

5,888,156

Share Capital

5,000,000

5,000,000

5,000,000

5,000,000

Total Reserves

3,824,461

2,867,582

2,173,807

888,156

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

2.20

1.86

4.03

3.37

Return on Equity (%)

14.81

13.27

22.87

18.92

Return on Assets (%)

4.68

3.52

6.37

5.16

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

2.17

2.77

2.59

2.67

Current Debt/Equity (Times)

2.11

2.71

2.52

2.37

Long Term Debt To Equity (Times)

0.06

0.06

0.07

0.30

Total Asset To Total Equity (Times)

3.17

3.77

3.59

3.67

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

2.13

1.90

1.58

1.53

Fixed Assets Turnover (Times)

7.79

6.62

4.40

3.27

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.09

0.99

0.91

0.82

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 18.68% (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 group yielded a rate of net profit on sales of 4.09 per cent in FY10. The group is now able to book in SGD - SIN 0.04 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 2.12 times in FY10. This means that the group has SGD - SIN 2.12 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 0.65 times in FY10. This means that the group requires additional external financing of SGD - SIN 0.65 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 18.51 per cent for Subject in the current financial period. 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 11.24 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 2.75 times in FY10. This ratio measures the group'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.48.68

UK Pound

1

Rs.76.75

Euro

1

Rs.63.57

 

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.