MIRA INFORM REPORT

 

 

Report Date :

22.11.2012

 

IDENTIFICATION DETAILS

 

Name :

SUNLIGHT MERCANTILE PTE. LTD.

 

 

Registered Office :

300 Beach Road #13-01 Concourse, The Singapore 199555

 

 

Country :

Singapore

 

 

Financials (as on) :

June 2011

 

 

Date of Incorporation :

26.12.1984

 

 

Com. Reg. No.:

198404381N

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Import/Export, Wholesale Of Logs, Sawn Timber, Plywood And Related Products

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Singapore - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

Company Name:

Registered Number:

SUNLIGHT MERCANTILE PTE. LTD.

198404381N

 

Date Incorporated:

Registered Office:

Telephone Number:

26/12/1984

300 BEACH ROAD #13-01 CONCOURSE, THE SINGAPORE 199555

6722 6666

Age of Company:

Website:

Industry Type:

28

www.sunlight.com.sg/

COMMERCE-WHOLESALE

 

Credit Assessment

 

 

Risk Dashboard

Risk & Rating

Days Beyond Terms

Trend:

No. of Litigation Counts:

Credit Limit:

Company DTC:

2

Limited with Full Security

NA

Credit Rating:

The entity is paying current to the creditors

No. of Charges(s):
10

 

Industry DTC

 

28

 

Directors

 

Corporate Structure

Number of Current Directors

6

Holding Company:

NA

Number that are shareholders

2

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

SUNLIGHT MERCANTILE PTE. LTD.

Registration No

:

198404381N

Date of Registration

:

26/12/1984

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

300 BEACH ROAD #13-01 CONCOURSE, THE SINGAPORE 199555

Date of Change of Address

:

01/12/2010

Contact No.

:

6722 6666

Fax No.

:

6225 4019

Website

:

www.sunlight.com.sg/

Registered Activities

:

1. WHOLESALE OF LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS

IMPORT/EXPORT/ WHOLESALE OF LOGS,SAWN TIMBER,PLYWOOD AND RELATED WOOD PRODUCTS

2. WHOLESALE OF CRUDE PETROLEUM

IMPORT / EXPORT / WHOLESALE OF PETROLEUM PRODUCTS AND COAL

Issued Ordinary Capital*

:

$3,300,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 3,300,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$3,300,000.00 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

:

PRUDENTIAL PUBLIC ACCOUNTING CORPORATION

Bankers / Financiers

:

INDIAN BANK

OVERSEA-CHINESE BANKING CORPORATION LIMITED

DBS BANK LTD.

INDIAN

Turnover

:

SINGAPORE, DOLLARS 89,790,599.00 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 9,312,409.00 (FY2011)

No. of Bank Charges

:

10

No. of Litigation Suits

:

2

S1000 / SME 1000 / FG50 Ranking

:

1678 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

FAZAL CURRIM BIN MANSOOR SHERIFF

SHAREHOLDER ID

:

S2170011H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920

NO. OF ORD SHARES

:

2,329,797

% OF SHAREHOLDING

:

70.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

ZULAIHAMA BINTE MEERAMOHIADEEN SYED THAMBY JAFFAR

SHAREHOLDER ID

:

S1564167C

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920

NO. OF ORD SHARES

:

970,203

% OF SHAREHOLDING

:

29.4%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

ABDUL RAB BIN ABDUL AZIZ

ADDRESS

:

104 WHAMPOA DRIVE #06-56 SINGAPORE 323104

POSITION

:

DIRECTOR

DATE OF APPT

:

15/10/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1288096J

 

NAME

:

ZULAIHAMA BINTE MEERAMOHIADEEN SYED THAMBY JAFFAR

ADDRESS

:

99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920

POSITION

:

SECRETARY

DATE OF APPT

:

17/01/1985

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1564167C

 

NAME

:

FAZAL CURRIM BIN MANSOOR SHERIFF

ADDRESS

:

99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

26/12/1984

17/01/1985

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2170011H

 

NAME

:

OMAR CURRIM S/O FAZAL CURRIM

ADDRESS

:

99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920

POSITION

:

DIRECTOR

DATE OF APPT

:

31/01/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S8121193J

 

 

 

KEY PERSONNEL PROFILE

 

Name:

FAZAL CURRIM BIN MANSOOR SHERIFF

NRIC Number:

S2170011H

Available Address:

99 MEYER ROAD #15-03 SOVEREIGN, THE  SINGAPORE 437920

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

FLEET AUTOMATION SERVICES PTE. LTD.

DIRECTOR

05/03/2005

13600

26.66

2

INTERNATIONAL BULK SHIPPING PTE. LTD.

DIRECTOR

23/08/2005

150000

20.00

3

INTERNATIONAL BULK TRADE PTE. LTD.

DIRECTOR

26/10/2002

150000

20.00

4

SMC BARGES PTE LTD

DIRECTOR

28/01/2000

599999

59.99

5

SMC MARINE MANAGEMENT PTE. LTD.

DIRECTOR

15/08/2008

10251

51.00

6

SMC MARINE SERVICES (PTE) LTD

DIRECTOR

19/03/1999

599999

59.99

7

SMC OFFSHORE SERVICES PTE LTD

DIRECTOR

05/07/1999

599999

59.99

8

SMC TOWAGE PTE LTD

DIRECTOR

28/01/2000

599999

59.99

9

SUNLIGHT MERCANTILE PTE. LTD.

DIRECTOR

26/12/1984

2329797

70.59

10

SUNLIGHT MERCANTILE PTE. LTD.

MANAGING DIRECTOR

17/01/1985

2329797

70.59

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

DOWLET TRADING ENTERPRISES PTE LTD

LIVE COMPANY

DIRECTOR/SHR

27/10/1984

18/01/2012

2

SINGAPORE INDIAN CHAMBER OF COMMERCE & INDUSTRY

LIVE COMPANY

DIRECTOR

29/04/2000

26/05/2011

3

SUNLIGHT MERCANTILE COMPANY

TERMINATION

OWNER

15/05/1979

31/12/1984

 

 

Bankruptcy Record

 

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Note: Please purchase case details to know the latest status.

 

 

KEY PERSONNEL PROFILE

 

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 10 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201203236

 

Date of Registration

:

23/03/2012

 

Chargee

:

INDIAN BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

2)

Charge No.

:

C201114661

 

Date of Registration

:

21/11/2011

 

Chargee

:

INDIAN BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

3)

Charge No.

:

C200708311

 

Date of Registration

:

03/10/2007

 

Chargee

:

INDIAN BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

4)

Charge No.

:

C200705458

 

Date of Registration

:

12/07/2007

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

5)

Charge No.

:

C200705457

 

Date of Registration

:

12/07/2007

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

6)

Charge No.

:

C200501750

 

Date of Registration

:

28/03/2005

 

Chargee

:

INDIAN BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

7)

Charge No.

:

C200401023

 

Date of Registration

:

04/03/2004

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

8)

Charge No.

:

C200204009

 

Date of Registration

:

01/07/2002

 

Chargee

:

INDIAN BANK

 

Amount Secured  and Currency

 

560,135.00 SINGAPORE, DOLLARS

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

9)

Charge No.

:

C199805176

 

Date of Registration

:

09/10/1998

 

Chargee

:

INDIAN BANK

 

Amount Secured  and Currency

:

60,000.00 U.S. DOLLAR

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

10)

Charge No.

:

C199805176

 

Date of Registration

:

09/10/1998

 

Chargee

:

INDIAN BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

 

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available in DP Information Network Pte Ltd database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered by DP Information Network Pte Ltd.

 

To date, there have been 2 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

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.

:

1266

 

Date of Filing

:

04/10/2001

 

Amount

:

746,967.18

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

EVER LUCKY SHIPPING COMPANY LIMITED

 

Last Update Date in DP Info Database

:

24/06/2010

 

2)

Court

:

Magistrate Court

 

Case No.

:

1974

 

Date of Filing

:

25/01/2006

 

Amount

:

SGD 1,313.84

SGD 160.00

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

COMFORT TRANSPORTATION PTE LTD

ONG YONG BENG

 

Last Update Date in DP Info Database

:

24/06/2010

 

 

 

COMPLIANCE

 

Date of Last AGM

:

03/01/2012

Date of Last AR

:

30/03/2012

Date of A/C Laid At Last AGM

:

30/06/2011
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2011

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

 

Profit and Loss Key Figures

 

 

 

 

 

Turnover

89,790,599

103,592,950

150,656,183

144,065,735

93,468,301

Profit/(Loss) Before Tax

328,685

1,035,429

314,443

1,346,234

394,031

Profit After Tax attributable

 to Shareholders

279,463

865,204

206,971

1,195,076

302,216

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

47,405,397

29,647,634

30,400,949

30,532,531

20,282,881

Current Assets

47,108,109

29,516,828

30,233,745

30,339,981

20,061,727

Non Current Assets

297,288

130,806

167,204

192,550

221,154

 

 

 

 

 

 

Total Liabilities

38,092,988

20,947,966

22,066,485

22,405,038

12,940,464

Current Liabilities

38,092,988

20,947,966

22,066,485

22,405,038

12,940,464

Non Current Liabilities

0

0

0

0

0

 

 

 

 

 

 

Shareholders' Funds

9,312,409

8,699,668

8,334,464

8,127,493

7,342,417

Share Capital

3,300,000

3,300,000

2,130,000

2,130,000

2,130,000

Total Reserves

6,012,409

5,399,668

6,204,464

5,997,493

5,212,417

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

JUN 2011

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

-31.24

4.57

54.13

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.31

0.84

0.14

0.83

0.32

Return on Equity (%)

3.00

9.95

2.48

14.70

4.12

Return on Assets (%)

0.59

2.92

0.68

3.91

1.49

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.09

2.41

2.65

2.76

1.76

Current Debt/Equity (Times)

4.09

2.41

2.65

2.76

1.76

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

5.09

3.41

3.65

3.76

2.76

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.89

3.49

4.96

4.72

4.61

Fixed Assets Turnover (Times)

302.03

791.96

901.03

748.20

422.64

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.24

1.41

1.37

1.35

1.55

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 0.31 per cent in FY11. The company is now able to book in SINGAPORE, DOLLARS 0.00 of profit for every SINGAPORE, DOLLARS of sales.

 

 

Liquidity

 

Current ratio stood at 1.24 times in FY11. This means that the company has SINGAPORE, DOLLARS 1.24 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 4.09 times in FY11. This means that the company requires additional external financing of SINGAPORE, DOLLARS 4.09 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 3.00 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 0.59 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 1.89 times in FY11. 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.55.20

UK Pound

1

Rs.87.79

Euro

1

Rs.70.43

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.