MIRA INFORM REPORT

 

 

Report Date :           

30.01.2012

 

IDENTIFICATION DETAILS

 

Name :

COECLERICI ASIA (PTE.) LTD.

 

 

Formerly Known As :

RAG TRADING ASIA-PACIFIC PTE LTD.

 

 

Registered Office :

350 Orchard Road #16-01 Shaw House Singapore 238868

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.10.1999

 

 

Com. Reg. No.:

199906348R

 

 

Legal Form :

Limited Private Company              

 

 

Line of Business :

Wholesale of solid, liquid and gaseous fuels and related products

 

 

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 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

:

COECLERICI ASIA (PTE.) LTD.

Registration No

:

199906348R

Date of Registration

:

16/10/1999

Former Name

:

1.RAG TRADING ASIA-PACIFIC PTE LTD. Eff. date : 16/10/1999 Eff. date : 16/10/1999

2.CC CARBON (PTE.) LTD. Eff. date : 18/07/2007 Eff. date : 18/07/2007

Date of Change of Name

:

26/06/2009

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

350 ORCHARD ROAD #16-01 SHAW HOUSE SINGAPORE 238868

Date of Change of Address

:

25/11/1999

Contact No.

:

6737 0750

Fax No.

:

6733 0558

Website

:

www.coeclerici.com

Registered Activities

:

WHOLESALE OF SOLID, LIQUID AND GASEOUS FUELS AND RELATED PRODUCTS NEC (EG BITUMEN)

TRADING OF SOLID FUELS AND WHOLESALE OF METALLURGICAL RAW MATERIALS

Issued Ordinary Capital*

:

$3,000,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 3,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$3,000,000.00 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

:

NA

No. of Local Associates

:

NA

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

STANDARD CHARTERED BANK

Turnover

:

SGD - SIN 413,589,411.00 (FY2010)

Net Worth

:

SGD - SIN 21,291,067.00 (FY2010)

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

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

862 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

695 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

42.97% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

COECLERICI COAL AND FUELS SPA

SHAREHOLDER ID

:

T10UF4092G

NATIONALITY

:

ITALY

ADDRESS

:

PIAZZA ARMANDO DIAZ 7-20123 MILAN

NO. OF ORD SHARES

:

3,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

GIACOMO CLERICI

ADDRESS

:

PIAZZA MONDADORI N. 3 20121 - MILANO, ITALY

POSITION

:

DIRECTOR

DATE OF APPT

:

22/06/2007

NATIONALITY

:

ITALIAN

I/C PASSPORT

:

AA0437217

 

NAME

:

MARTIN JOHN DEVERELL MANLEY

ADDRESS

:

9 ARDMORE PARK #21-02 ARDMORE PARK SINGAPORE 259955

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

22/03/2011

22/03/2011

NATIONALITY

:

BRITISH SUBJECT

I/C PASSPORT

:

G5077582N

 

NAME

:

CHAN CHOW PHENG

ADDRESS

:

59 TELOK BLANGAH HEIGHTS #04-11 SINGAPORE 100059

POSITION

:

SECRETARY

DATE OF APPT

:

22/03/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1298885J

 

NAME

:

TEO CHIN KEE

ADDRESS

:

21 ELIAS ROAD #02-01 RIS GRANDEUR SINGAPORE 519929

POSITION

:

SECRETARY

DATE OF APPT

:

01/04/2006

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2622115C

 

NAME

:

GIOVANNI MARCHELLI

ADDRESS

:

SPIANATA DI CASTELLETTO 22/011 16124 GENOVA ITALY

POSITION

:

DIRECTOR

DATE OF APPT

:

22/06/2007

NATIONALITY

:

ITALIAN

I/C PASSPORT

:

YA0142826

 

NAME

:

PAOLO CLERICI

ADDRESS

:

VIA SALVINI TOMMASO 5 MILANO ITALY

POSITION

:

DIRECTOR

DATE OF APPT

:

22/06/2007

NATIONALITY

:

ITALIAN

I/C PASSPORT

:

YA0200179

 

NAME

:

URBANO CLERICI

ADDRESS

:

PIAZZA MONDADORI N.3 20121 - MILANO, ITALY

POSITION

:

DIRECTOR

DATE OF APPT

:

13/06/2011

NATIONALITY

:

ITALIAN

I/C PASSPORT

:

YA2201847

 

 

KEY PERSONNEL PROFILE

 

Name:

MARTIN JOHN DEVERELL MANLEY

NRIC Number:

G5077582N

Available Address:

9 ARDMORE PARK #21-02 ARDMORE PARK  SINGAPORE 259955

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

COECLERICI ASIA (PTE.) LTD.

DIRECTOR

22/03/2011

-

-

2

COECLERICI ASIA (PTE.) LTD.

MANAGING DIRECTOR

22/03/2011

-

-

 

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.

:

C201009747

 

Date of Registration

:

19/10/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

2)

Charge No.

:

C201009744

 

Date of Registration

:

19/10/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

             

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

18/04/2011

Date of Last AR

:

13/05/2011

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

413,589,411

4.56

395,558,711

310,895,197

172,212,617

98,995,006

Profit/(Loss) Before Tax

12,575,261

29.30

9,725,930

9,550,942

4,148,460

3,498,713

Profit After Tax attributable to Shareholders

11,122,538

35.33

8,218,831

7,741,635

3,060,293

2,725,026

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

91,745,308

40.86

65,130,335

55,411,415

51,359,135

15,871,145

Current Assets

90,692,071

39.64

64,949,217

51,864,949

47,564,058

15,841,559

Non Current Assets

1,053,237

481.52

181,118

3,546,466

3,795,077

29,586

 

 

 

 

 

 

 

Total Liabilities

70,454,241

54.76

45,525,707

35,905,287

38,830,545

1,045,654

Current Liabilities

70,454,241

54.76

45,525,707

35,905,287

38,830,545

1,045,654

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

21,291,067

8.60

19,604,627

19,506,128

12,528,591

14,825,491

Share Capital

2,714,470

-6.49

2,902,749

2,814,661

452,596

477,192

Total Reserves

18,576,597

11.22

16,701,878

16,691,467

12,075,995

14,348,299

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

4.56

27.23

80.53

73.96

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.69

2.08

2.49

1.78

2.75

Return on Equity (%)

52.24

41.92

39.69

24.43

18.38

Return on Assets (%)

12.12

12.62

13.97

5.96

17.17

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.31

2.32

1.84

3.10

0.07

Current Debt/Equity (Times)

3.31

2.32

1.84

3.10

0.07

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

4.31

3.32

2.84

4.10

1.07

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.51

6.07

5.61

3.35

6.24

Fixed Assets Turnover (Times)

392.68

2,183.98

87.66

45.38

3,346.01

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.29

1.43

1.44

1.22

15.15

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 42.97% (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 2.69 per cent in FY10 (FY09: 2.08 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 1.29 times in FY10 (FY09: 1.43 times). This means that the company has SGD - SIN 1.29 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 3.31 times in FY10, compared with 2.32 times in FY09. This means that the company requires additional external financing of SGD - SIN 3.31 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 52.24 per cent for Subject in the current financial period, as compared to 41.92 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 12.12 per cent (FY09: 12.62 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 4.51 times in FY10 (FY09: 6.07 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.49.65

UK Pound

1

Rs.77.80

Euro

1

Rs.65.05

 

 

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.