MIRA INFORM REPORT

 

 

Report Date :           

18.07.2012

 

IDENTIFICATION DETAILS

 

Name :

SIME DARBY EDIBLE PRODUCTS LIMITED

 

 

Registered Office :

255 Jalan Boon Lay Singapore 619524

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

28.05.1938       

 

 

Com. Reg. No.:

193800021R

 

 

Legal Form :

Public Company Limited By Shares

 

 

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

 

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, 2012

 

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

:

SIME DARBY EDIBLE PRODUCTS LIMITED

Registration No

:

193800021R

Date of Registration

:

28/05/1938

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

PUBLIC COMPANY LIMITED BY SHARES

Registered Address

:

255 JALAN BOON LAY SINGAPORE 619524

Date of Change of Address

:

NA

Contact No.

:

6264 3733

Fax No.

:

6265 5129

Website

:

www.simedarbyepl.com.sg

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

REFINE,MANUFACTURE,MARKET EDIBLE OILS,PALM OIL RELATED PRODUCTS,SURFACTANT

Issued Ordinary Capital*

:

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

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$8,000,000.00 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

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 140,467,033.00 (FY2011)

Net Worth

:

SGD - SIN 22,503,491.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

1445 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1146 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

1182 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

1114 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

874 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

8.06% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

SIME DARBY PLANTATION EUROPE LTD.

SHAREHOLDER ID

:

196900399R

NATIONALITY

:

SINGAPORE

ADDRESS

:

255 JALAN BOON LAY SINGAPORE 619524

NO. OF ORD SHARES

:

8,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

HARIS FADZILAH BIN HASSAN

ADDRESS

:

10 JALAN U 5/91B, SUBANG BESTARI,SEKSYEN U5, 40150 SHAH ALAM SELANGOR DARUL EHSAN, MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

08/10/2008

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A13855891

 

NAME

:

RENAKA RAMACHANDRAN

ADDRESS

:

19 JALAN ENDAH 6/7, 46000 PETALING JAYA, SELANGOR DARUL EHSAN, MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

24/08/2011

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A19296169

 

NAME

:

TAN SOO MENG

ADDRESS

:

74 TELOK BLANGAH HEIGHTS #11-305 SINGAPORE 100074

POSITION

:

SECRETARY

DATE OF APPT

:

01/12/1998

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0106148H

 

NAME

:

WONG YOKE FOONG MICHELE

ADDRESS

:

29 TRANSIT ROAD #02-22 FOREST HILLS CONDOMINIUM SINGAPORE 778905

POSITION

:

DIRECTOR

DATE OF APPT

:

09/01/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1607985E

 

 

KEY PERSONNEL PROFILE

 

Name:

HARIS FADZILAH BIN HASSAN

NRIC Number:

A13855891

Available Address:

10 JALAN U 5/91B, SUBANG BESTARI,SEKSYEN U5, 40150 SHAH ALAM SELANGOR DARUL EHSAN, MALAYSIA

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SIME DARBY EDIBLE PRODUCTS LIMITED

DIRECTOR

08/10/2008

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

LEVERIAN HOLDINGS PTE LTD

LIVE COMPANY

DIRECTOR

28/09/2008

19/10/2010

 

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

 

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.

:

1495

 

Date of Filing

:

13/12/2002

 

Amount

:

0.00

 

Cause

:

IP-PASSING OFF

 

Case Status

:

CONCLUDED

 

Plaintiff

:

BUTTER PRODUCERS' CO-OPERATIVE FEDERATION LTD

 

Last Update Date

:

10/09/2003

 

COMPLIANCE

 

Date of Last AGM

:

20/10/2011

Date of Last AR

:

21/11/2011

Date of A/C Laid At Last AGM

:

30/06/2011
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2011

% Change

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

140,467,033

13.82

123,411,412

127,567,486

140,478,725

103,003,398

Profit/(Loss) Before Tax

1,655,250

-36.80

2,619,028

1,438,144

1,924,293

2,578,680

Profit After Tax attributable to Shareholders

1,874,186

-20.43

2,355,329

1,189,672

1,556,293

2,180,680

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

37,657,650

-6.78

40,397,623

40,248,201

40,493,102

29,565,009

Current Assets

34,079,683

-6.16

36,318,424

37,020,858

37,774,612

26,583,921

Non Current Assets

3,577,967

-12.29

4,079,199

3,227,343

2,718,490

2,981,088

 

 

 

 

 

 

 

Total Liabilities

15,154,159

-23.34

19,768,318

21,974,225

23,408,798

14,036,998

Current Liabilities

14,870,159

-23.87

19,531,318

21,797,225

23,231,798

13,569,214

Non Current Liabilities

284,000

19.83

237,000

177,000

177,000

467,784

 

 

 

 

 

 

 

Shareholders' Funds

22,503,491

9.09

20,629,305

18,273,976

17,084,304

15,528,011

Share Capital

8,000,000

0.00

8,000,000

8,000,000

8,000,000

8,000,000

Total Reserves

14,503,491

14.84

12,629,305

10,273,976

9,084,304

7,528,011

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

JUN 2011

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

13.82

-3.26

-9.19

36.38

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.33

1.91

0.93

1.11

2.12

Return on Equity (%)

8.33

11.42

6.51

9.11

14.04

Return on Assets (%)

4.98

5.83

2.96

3.84

7.38

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.67

0.96

1.20

1.37

0.90

Current Debt/Equity (Times)

0.66

0.95

1.19

1.36

0.87

Long Term Debt To Equity (Times)

0.01

0.01

0.01

0.01

0.03

Total Asset To Total Equity (Times)

1.67

1.96

2.20

2.37

1.90

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.73

3.05

3.17

3.47

3.48

Fixed Assets Turnover (Times)

39.26

30.25

39.53

51.68

34.55

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.29

1.86

1.70

1.63

1.96

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 8.06% (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 1.33 per cent in FY11 (FY10: 1.91 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.02 a year ago.

 

 

Liquidity

Current ratio stood at 2.29 times in FY11 (FY10: 1.86 times). This means that the company has SGD - SIN 2.29 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 0.67 times in FY11, compared with 0.96 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.67 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 8.33 per cent for Subject in the current financial period, as compared to 11.42 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 4.98 per cent (FY10: 5.83 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 3.73 times in FY11 (FY10: 3.05 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.55.15

UK Pound

1

Rs.86.30

Euro

1

Rs.67.73

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

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.