MIRA INFORM REPORT

 

 

Report Date :           

15.06.2012

 

IDENTIFICATION DETAILS

 

Name :

CARGILL INTERNATIONAL TRADING PTE LTD

 

 

Formerly Known As :

CARGILL COMMODITY TRADING PTE. LTD

 

 

Registered Office :

300 Beach Road #23-01 The Concourse Singapore 199555

 

 

Country :

Singapore

 

 

Financials (as on) :

31.05.2011

 

 

Date of Incorporation :

05.12.1967

 

 

Com. Reg. No.:

196700442d

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Commodity and futures brokers and dealers

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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

:

CARGILL INTERNATIONAL TRADING PTE LTD

Registration No

:

196700442D

Date of Registration

:

05/12/1967

Former Name

:

CARGILL COMMODITY TRADING PTE. LTD. Eff. date : 05/12/1967 Eff. date : 05/12/1967

Date of Change of Name

:

29/07/1993

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

300 BEACH ROAD #23-01 THE CONCOURSE SINGAPORE 199555

Date of Change of Address

:

16/08/1993

Contact No.

:

6295 1112

Fax No.

:

6393 8898

Website

:

www.cargill.com

Registered Activities

:

COMMODITY AND FUTURES BROKERS AND DEALERS

Issued Ordinary Capital*

:

$1,650,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 1,650,000

Issued Preference Capital

:

$14,556,500.00 SINGAPORE, DOLLARS NO. OF SHARE : 145,565

Paid-Up Ordinary Capital

:

$1,650,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

$14,556,500.00 SINGAPORE, DOLLARS

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

2

No. of Local Associates

:

1

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 15,641,796,626.00 (FY2011)

Net Worth

:

SGD - SIN 641,101,981.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

206 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

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

170 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

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

Compounded Annual Growth Rate (CAGR)

:

14.36% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

CARGILL ASIA PACIFIC HOLDINGS PTE. LTD.

SHAREHOLDER ID

:

200401312G

NATIONALITY

:

SINGAPORE

ADDRESS

:

300 BEACH ROAD #23-01 CONCOURSE, THE SINGAPORE 199555

NO. OF ORD SHARES

:

1,650,000

145,565

% OF SHAREHOLDING

:

91.9%

8.1%

CURRENCY

:

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

MARC WILLEM DE HAAS

ADDRESS

:

38 PRINCE OF WALES ROAD SINGAPORE 266990

POSITION

:

DIRECTOR

DATE OF APPT

:

24/02/2011

NATIONALITY

:

DUTCH

I/C PASSPORT

:

G5029868Q

 

NAME

:

SCOTT ALEXANDER BARNETT

ADDRESS

:

3 TAMAN NAKHODA #04-04 HOLLAND GEMS SINGAPORE 257744

POSITION

:

DIRECTOR

DATE OF APPT

:

24/02/2011

NATIONALITY

:

AUSTRALIAN

I/C PASSPORT

:

G6005703L

 

NAME

:

MARIAN VERONICA PESTANA

ADDRESS

:

149 TAMPINES STREET 12 #09-104 SINGAPORE 521149

POSITION

:

SECRETARY

DATE OF APPT

:

24/06/1985

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1419613G

 

NAME

:

SYED MUNIR-UL HASAN

ADDRESS

:

30 HOLLAND GREEN HOLLAND GREEN SINGAPORE 276153

POSITION

:

DIRECTOR

DATE OF APPT

:

21/04/1994

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2715581B

 

NAME

:

PAUL JOHN HICKMAN

ADDRESS

:

12 QUEEN ASTRID GARDENS QUEENS ASTRID GARDENS SINGAPORE 266880

POSITION

:

DIRECTOR

DATE OF APPT

:

23/01/2006

NATIONALITY

:

BRITISH

I/C PASSPORT

:

S2731685I

 

NAME

:

JERAL SYLVESTER D'SOUZA

ADDRESS

:

58 BELMONT ROAD SINGAPORE 269890

POSITION

:

DIRECTOR

DATE OF APPT

:

06/08/1997

NATIONALITY

:

BRITISH

I/C PASSPORT

:

S2749969D

 

 

KEY PERSONNEL PROFILE

 

Name:

SYED MUNIR-UL HASAN

NRIC Number:

S2715581B

Available Address:

30 HOLLAND GREEN HOLLAND GREEN  SINGAPORE 276153

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

CARGILL ASIA PACIFIC HOLDINGS PTE. LTD.

DIRECTOR

04/03/2004

-

-

2

CARGILL INTERNATIONAL TRADING PTE LTD

DIRECTOR

21/04/1994

-

-

3

CIHC SINGAPORE PTE. LTD.

DIRECTOR

18/10/2010

-

-

4

R1 INTERNATIONAL PTE LTD

DIRECTOR

10/05/2008

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

CARGILL OCEAN TRANSPORTATION (SINGAPORE) PTE. LTD.

LIVE COMPANY

DIRECTOR

01/09/2005

25/11/2011

2

CARGILL TEXTURIZING SOLUTIONS (S) PTE. LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

04/04/2006

-

3

R1 INTERNATIONAL PTE LTD

LIVE COMPANY

ALTERNATE DIRECTOR

17/12/2001

10/05/2008

4

SEARA FOOD ASIA PTE LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

ALTERNATE DIRECTOR

01/06/2005

01/09/2005

5

SEARA FOOD ASIA PTE LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

30/08/2005

-

 

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 (%)

CARGILL OCEAN TRANSPORTATION (SINGAPORE) PTE. LTD.

100

AWB SINGAPORE PTE. LTD.

100

CARGILL PRESIDENT HOLDINGS PTE LTD

50

 

                                                                                                                       

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

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

25/10/2011

Date of Last AR

:

01/11/2011

Date of A/C Laid At Last AGM

:

31/05/2011

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAY 2011

% Change

MAY 2010

MAY 2009

MAY 2008

MAY 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

15,641,796,626

33.49

11,717,854,469

12,606,820,644

12,364,567,750

9,144,939,965

Profit/(Loss) Before Tax

116,787,500

1.46

115,107,358

230,501,157

150,779,536

98,113,274

Profit After Tax attributable to Shareholders

114,460,418

2.69

111,462,772

220,643,181

141,723,074

95,958,775

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

2,327,714,531

43.97

1,616,792,672

1,934,052,145

2,353,874,743

1,728,016,987

Current Assets

2,294,238,649

45.12

1,580,880,578

1,898,909,112

2,319,448,015

1,690,436,075

Non Current Assets

33,475,882

-6.78

35,912,094

35,143,033

34,426,728

37,580,912

 

 

 

 

 

 

 

Total Liabilities

1,686,612,550

62.71

1,036,557,883

1,318,895,796

1,963,245,441

1,458,244,458

Current Liabilities

1,644,264,343

60.47

1,024,645,551

1,309,875,741

1,951,487,275

1,450,814,950

Non Current Liabilities

42,348,207

255.50

11,912,332

9,020,055

11,758,166

7,429,508

 

 

 

 

 

 

 

Shareholders' Funds

641,101,981

10.49

580,234,789

615,156,349

390,629,301

269,772,529

Share Capital

9,990,314

-7.83

10,839,149

11,205,363

11,083,090

11,902,974

Total Reserves

631,111,667

10.84

569,395,640

603,950,986

379,546,211

257,869,555

 

 

 

 

 

 

 
 

FINANCIAL RATIOS

 

 

Company

 

MAY 2011

MAY 2010

MAY 2009

MAY 2008

MAY 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

33.49

-7.05

1.96

35.21

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.73

0.95

1.75

1.15

1.05

Return on Equity (%)

17.85

19.21

35.87

36.28

35.57

Return on Assets (%)

4.92

6.89

11.41

6.02

5.55

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.63

1.79

2.14

5.03

5.41

Current Debt/Equity (Times)

2.56

1.77

2.13

5.00

5.38

Long Term Debt To Equity (Times)

0.07

0.02

0.01

0.03

0.03

Total Asset To Total Equity (Times)

3.63

2.79

3.14

6.03

6.41

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.72

7.25

6.52

5.25

5.29

Fixed Assets Turnover (Times)

467.26

326.29

358.73

359.16

243.34

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.40

1.54

1.45

1.19

1.17

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 14.36% (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 0.73 per cent in FY11 (FY10: 0.95 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 0.01 a year ago.

 

Liquidity

Current ratio stood at 1.40 times in FY11 (FY10: 1.54 times). This means that the company has SGD - SIN 1.40 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 2.63 times in FY11, compared with 1.79 times in FY10. This means that the company requires additional external financing of SGD - SIN 2.63 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 17.85 per cent for Subject in the current financial period, as compared to 19.21 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 4.92 per cent (FY10: 6.89 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 6.72 times in FY11 (FY10: 7.25 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.55.79

UK Pound

1

Rs.86.37

Euro

1

Rs.70.07

 

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

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