MIRA INFORM REPORT

 

 

Report Date :

11.05.2012

 

IDENTIFICATION DETAILS

 

Name :

GOLDEN AGRI INTERNATIONAL PTE LTD

 

 

Formerly Known As :

AFP AGRI-RESOURCES PTE LTD

 

 

Registered Office :

108 Pasir Panjang Road #06-00 Golden Agri Plaza Singapore 118535

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

17.02.1998

 

 

Com. Reg. No.:

199800781G

 

 

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

 

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 – 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

 

Executive Summary

 

Company Name

:

GOLDEN AGRI INTERNATIONAL PTE LTD

Registration No

:

199800781G

Date of Registration

:

17/02/1998

Former Name

:

1.ALDEBURGH PTE LTD Eff. date : 17/02/1998 Eff. date : 17/02/1998

2.AFP AGRI-RESOURCES PTE LTD Eff. date : 27/06/1998 Eff. date : 27/06/1998

Date of Change of Name

:

22/07/1999

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

108 PASIR PANJANG ROAD #06-00 GOLDEN AGRI PLAZA SINGAPORE 118535

Date of Change of Address

:

24/09/2009

Contact No.

:

6325 5090

Fax No.

:

6220 7020

Website

:

NA

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

TRADING IN CRUDE PALM OIL AND ITS RELATED PRODUCTS.

2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$20,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,450,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$20,000,000.00 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

:

MOORE STEPHENS LLP

Bankers / Financiers

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH

WESTLB AG, SINGAPORE BRANCH

COMMERZBANK AKTIENGESELLSCHAFT

FORTIS BANK S.A./N.V.

PT BANK MANDIRI (PERSERO) TBK

Turnover

:

SINGAPORE, DOLLARS 3,522,006,691.62 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 68,585,615.42 (FY2010)

No. of Bank Charges

:

15

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

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

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

930 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

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

1179 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2003/2004)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

GOLDEN AGRI-RESOURCES LTD

SHAREHOLDER ID

:

T03UF0450G

NATIONALITY

:

MAURITIUS

ADDRESS

:

MULTICONSULT LIMITED, ROGERS HOUSE, 5 PRESIDENT JOHN KENNEDY ST., PORT-LOUIS, MAURITIUS

NO. OF ORD SHARES

:

2,450,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

OEI JONG NIAN @ FRANKY OESMAN WIDJAJA

ADDRESS

:

9 RHU CROSS #03-10 COSTA RHU SINGAPORE 437436

POSITION

:

DIRECTOR

DATE OF APPT

:

06/04/1999

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2173296F

 

NAME

:

DJAFAR WIDJAJA

ADDRESS

:

38 STEVENS ROAD #02-02 SINGAPORE 257845

POSITION

:

DIRECTOR

DATE OF APPT

:

06/04/1999

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2173297D

 

NAME

:

MILTON SUBIANTO NG

ADDRESS

:

9 RHU CROSS #12-08 SINGAPORE 437436

POSITION

:

DIRECTOR

DATE OF APPT

:

06/04/1999

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2567370J

 

NAME

:

LYE CHOR MEI

ADDRESS

:

34 DAKOTA CRESCENT #06-04 DAKOTA RESIDENCES SINGAPORE 399936

POSITION

:

SECRETARY

DATE OF APPT

:

15/01/2003

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2590497D

 

NAME

:

CHEN SAU HUA

ADDRESS

:

148 MEI LING STREET #15-107 SINGAPORE 140148

POSITION

:

 

DIRECTOR

DATE OF APPT

:

 

02/08/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6972966E

 

NAME

:

SIMON LIM

ADDRESS

:

JL. SUKARELA NO. 1 RT 009/RW 009 PENJARINGAN, JAKARTA UTARA, INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

02/08/2002

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

T789264

 

NAME

:

RAFAEL BUHAY CONCEPCION JR.

ADDRESS

:

JL. PRAPANCA IV NO. 64, KEBAYORAN BARU JAKARTA SELATAN, INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

02/08/2002

NATIONALITY

:

FILIPINO

I/C PASSPORT

:

XX2250628

 

KEY PERSONNEL PROFILE

 

Name:

CHEN SAU HUA

NRIC Number:

S6972966E

Available Address:

148 MEI LING STREET #15-107  SINGAPORE 140148

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

AEROLINK INVESTMENT LTD

DIRECTOR

02/08/2002

-

-

2

AFP LAND LIMITED

DIRECTOR

02/08/2002

-

-

3

ASIA PALM OIL INVESTMENT PTE. LTD.

DIRECTOR

26/08/2008

-

-

4

GOLDEN AGRI CAPITAL PTE. LTD.

DIRECTOR

11/08/2009

-

-

5

GOLDEN AGRI INTERNATIONAL PTE LTD

DIRECTOR

02/08/2002

-

-

6

GOLDEN AGRI PLAZA PTE. LTD.

DIRECTOR

28/11/2007

-

-

7

GOLDEN MK HOLDING PTE. LTD.

DIRECTOR

28/04/2010

4

100.00

8

JURONG GOLF & SPORTS COMPLEX PTE LTD

DIRECTOR

31/10/2002

-

-

9

MADASCAR CAPITAL PTE. LTD.

DIRECTOR

13/06/2007

-

-

10

PALM RESORT MANAGEMENT PTE LTD

DIRECTOR

31/10/2002

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

AFP MARKETING PTE LTD

STRUCK OFF

DIRECTOR

02/08/2002

19/04/2005

2

ASIA FOOD & PROPERTY ALLIANCE (S) PTE LTD

STRUCK OFF

DIRECTOR

06/10/2000

02/01/2001

3

GOLDEN AGRI INVESTMENT (S) PTE. LTD.

LIVE COMPANY

DIRECTOR

06/07/2006

28/12/2010

4

GOLDEN AGRI SHIPPING PTE LTD

STRUCK OFF

DIRECTOR

02/08/2002

25/09/2004

5

OILGRAINS VENTURE ASIA PACIFIC PTE LTD

STRUCK OFF

DIRECTOR

06/10/2000

30/06/2001

6

TAL (SINGAPORE) PTE LTD

DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)

DIRECTOR

06/10/2000

26/09/2001

 

 

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 (%)

 

GOLDEN AGRI PLAZA PTE. LTD.

100

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 15 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201104069

 

Date of Registration

:

01/04/2011

 

Chargee

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C200904852

 

Date of Registration

:

06/08/2009

 

Chargee

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C200901616

 

Date of Registration

:

16/03/2009

 

Chargee

:

WESTLB AG, SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C200901615

 

Date of Registration

:

16/03/2009

 

Chargee

:

WESTLB AG, SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C200901614

 

Date of Registration

:

16/03/2009

 

Chargee

:

WESTLB AG, SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

6)

Charge No.

:

C200901613

 

Date of Registration

:

16/03/2009

 

Chargee

:

WESTLB AG, SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

7)

Charge No.

:

C200808613

 

Date of Registration

:

16/09/2008

 

Chargee

:

COMMERZBANK AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

8 SHENTON WAY #42-01 SINGAPORE 068811

 

8)

Charge No.

:

C200808610

 

Date of Registration

:

16/09/2008

 

Chargee

:

COMMERZBANK AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

8 SHENTON WAY #42-01 SINGAPORE 068811

 

9)

Charge No.

:

C200710394

 

Date of Registration

:

27/11/2007

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

10)

Charge No.

:

C200710393

 

Date of Registration

:

27/11/2007

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

11)

Charge No.

:

C200708066

 

Date of Registration

:

27/09/2007

 

Chargee

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

12)

Charge No.

:

C200707121

 

Date of Registration

:

30/08/2007

 

Chargee

:

PT BANK MANDIRI (PERSERO) TBK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 ANSON ROAD, #12-01/02 SPRINGLEAF TOWER SINGAPORE 079909

 

13)

Charge No.

:

C200707120

 

Date of Registration

:

30/08/2007

 

Chargee

:

PT BANK MANDIRI (PERSERO) TBK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 ANSON ROAD, #12-01/02 SPRINGLEAF TOWER SINGAPORE 079909

 

14)

Charge No.

:

C200707118

 

Date of Registration

:

30/08/2007

 

Chargee

:

PT BANK MANDIRI (PERSERO) TBK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 ANSON ROAD, #12-01/02 SPRINGLEAF TOWER SINGAPORE 079909

 

15)

Charge No.

:

C200706143

 

Date of Registration

:

31/07/2007

 

Chargee

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

 

LITIGATION

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

w.e.f 01 Jan 2011

 

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.

:

738

 

Date of Filing

:

15/07/2003

 

Amount

:

32,795,120.31

 

Cause

:

Credit Facilities

 

Case Status

:

CONCLUDED

 

Plaintiff

:

FLEET NATIONAL BANK

 

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

11/07/2011

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

3,522,006,692

56.38

2,252,258,484

2,594,278,772

1,127,293,765

0

Profit/(Loss) Before Tax

24,025,457

104.60

11,742,874

14,936,241

9,247,732

(3,734,019)

Profit After Tax attributable to Shareholders

22,375,543

91.68

11,673,091

14,275,524

9,247,732

(3,734,019)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

586,024,308

22.34

479,012,250

308,479,641

516,518,667

41,747,467

Current Assets

539,627,330

25.48

430,055,336

265,085,143

515,798,826

41,002,919

Non Current Assets

46,396,979

-5.23

48,956,914

43,394,498

719,842

744,548

 

 

 

 

 

 

 

Total Liabilities

517,438,693

20.45

429,595,182

271,881,059

514,259,003

27,727,664

Current Liabilities

480,697,776

42.83

336,560,793

257,736,806

470,225,516

18,914,244

Non Current Liabilities

36,740,917

-60.51

93,034,389

14,144,253

44,033,487

8,813,420

 

 

 

 

 

 

 

Shareholders' Funds

68,585,615

38.79

49,417,066

36,598,582

2,259,664

14,019,802

Share Capital

19,879,952

-6.49

21,259,627

20,614,475

440,130

464,053

Total Reserves

48,705,663

72.98

28,157,439

15,984,107

1,819,534

13,555,749

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

56.38

-13.18

130.13

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.64

0.52

0.55

0.82

0.00

Return on Equity (%)

32.62

23.62

39.01

409.25

-26.63

Return on Assets (%)

3.82

2.44

4.63

1.79

-8.94

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

7.54

8.69

7.43

227.58

1.98

Current Debt/Equity (Times)

7.01

6.81

7.04

208.10

1.35

Long Term Debt To Equity (Times)

0.54

1.88

0.39

19.49

0.63

Total Asset To Total Equity (Times)

8.54

9.69

8.43

228.58

2.98

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.01

4.70

8.41

2.18

0.00

Fixed Assets Turnover (Times)

75.91

46.00

59.78

1,566.03

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.12

1.28

1.03

1.10

2.17

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 0.64 per cent in FY10 (FY09: 0.52 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.01 a year ago.

 

Liquidity

 

Current ratio stood at 1.12 times in FY10 (FY09: 1.28 times). This means that the company has SINGAPORE, DOLLARS 1.12 of current assets for every SINGAPORE, DOLLARS 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 7.54 times in FY10, as compared with 8.69 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 7.54 for every SINGAPORE, DOLLARS 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 32.62 per cent for Subject in the current financial period, as compared to 23.62 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 3.82 per cent (FY09: 2.44 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 6.01 times in FY10 (FY09: 4.70 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.53.33

UK Pound

1

Rs.86.10

Euro

1

Rs.69.06

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

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.