MIRA INFORM REPORT

 

 

Report Date :           

07.09.2012

 

IDENTIFICATION DETAILS

 

Name :

AAA OILS & FATS PTE. LTD.

 

 

Formerly Known As :

Asiamas Trading & Marketing Pte. Ltd.

 

 

Registered Office :

80 Raffles Place #50-01 Uob Plaza Singapore 048624

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

04.03.2002

 

 

Com. Reg. No.:

200201667c

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Commodity And Futures Brokers and Dealers

Trading In Edible Oils & Soft Commodities

 

 

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

 

 

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

 

 

 

 Bottom of Form

Executive Summary

 

Company Name

:

AAA OILS & FATS PTE. LTD.

Registration No

:

200201667C

Date of Registration

:

04/03/2002

Former Name

:

ASIAMAS TRADING & MARKETING PTE. LTD. Eff. date : 04/03/2002 Eff. date : 04/03/2002

Date of Change of Name

:

08/07/2003

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

80 RAFFLES PLACE #50-01 UOB PLAZA SINGAPORE 048624

Date of Change of Address

:

01/06/2003

Contact No.

:

6222 7006

Fax No.

:

6222 7006

Website

:

NA

Registered Activities

:

1. COMMODITY AND FUTURES BROKERS AND DEALERS

TRADING IN EDIBLE OILS & SOFT COMMODITIES

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

Issued Ordinary Capital*

:

$3,034,300.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 3,034,300

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$3,034,300.00 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

:

FOO KON TAN GRANT THORNTON LLP

Bankers / Financiers

:

BANCO SANTANDER, S.A., HONG KONG BRANCH

ABN AMRO BANK N.V.

DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (FORMERLY GZ-BANK AG)

RAIFFEISEN BANK INTERNATIONAL AG

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

WESTLB AG

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

Turnover

:

SGD - SIN 2,643,083,427.00 (FY2010)

Net Worth

:

SGD - SIN 26,153,744.00 (FY2010)

No. of Bank Charges

:

9

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

Compounded Annual Growth Rate (CAGR)

:

192.45% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

TALENT INVESTMENTS LIMITED

SHAREHOLDER ID

:

T03UF2074H

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

PO BOX 3444 ROAD TOWN TORTOLA BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

3,034,300

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

KWAN KIM KONG

ADDRESS

:

22 JALAN MEMBINA #05-60 SINGAPORE 166022

POSITION

:

DIRECTOR

DATE OF APPT

:

25/08/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2759729G

 

NAME

:

PUA EE HUANG

ADDRESS

:

226 WESTWOOD AVENUE #08-20 FLORAVALE, THE SINGAPORE 648357

POSITION

:

SECRETARY

DATE OF APPT

:

01/12/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7046110B

 

NAME

:

CHEW CHONG PAN

ADDRESS

:

440 HOUGANG AVENUE 8 #04-1573 SINGAPORE 530440

POSITION

:

DIRECTOR

DATE OF APPT

:

01/12/2008

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7067332J

 

 

KEY PERSONNEL PROFILE

 

Name:

CHEW CHONG PAN

NRIC Number:

S7067332J

Available Address:

440 HOUGANG AVENUE 8 #04-1573  SINGAPORE 530440

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

AAA OILS & FATS PTE. LTD.

DIRECTOR

01/12/2008

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ASIAN AGRI MANAGEMENT PTE. LTD.

STRUCK OFF

DIRECTOR

01/12/2008

-

 

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

 

1)

Charge No.

:

C201109920

 

Date of Registration

:

11/08/2011

 

Chargee

:

BANCO SANTANDER, S.A., HONG KONG BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201108121

 

Date of Registration

:

05/07/2011

 

Chargee

:

ABN AMRO BANK N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

LEVEL 26 ONE RAFFLES QUAY SOUTH TOWER SINGAPORE 048583

 

3)

Charge No.

:

C201100810

 

Date of Registration

:

18/01/2011

 

Chargee

:

DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (FORMERLY GZ-BANK AG)

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C201011640

 

Date of Registration

:

01/12/2010

 

Chargee

:

RAIFFEISEN BANK INTERNATIONAL AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C201011637

 

Date of Registration

:

01/12/2010

 

Chargee

:

RAIFFEISEN BANK INTERNATIONAL AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

6)

Charge No.

:

C201001677

 

Date of Registration

:

24/02/2010

 

Chargee

:

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

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

7)

Charge No.

:

C200904861

 

Date of Registration

:

06/08/2009

 

Chargee

:

WESTLB AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 TEMASEK AVENUE #23-02A CENTENNIAL TOWER SINGAPORE 039190

 

8)

Charge No.

:

C200904859

 

Date of Registration

:

06/08/2009

 

Chargee

:

WESTLB AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 TEMASEK AVENUE #23-02A CENTENNIAL TOWER SINGAPORE 039190

 

9)

Charge No.

:

C200902213

 

Date of Registration

:

16/04/2009

 

Chargee

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

1 RAFFLES QUAY #38-01 ONE RAFFLES QUAY, NORTH TOWER SINGAPORE 048583

             

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

24/06/2011

Date of Last AR

:

24/06/2011

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

2,643,083,427

100.02

1,321,386,909

79,520,099

50,915,490

36,133,262

Profit/(Loss) Before Tax

109,913,723

42.58

77,090,957

2,763,015

170,932

802,293

Profit After Tax attributable to Shareholders

104,293,701

41.81

73,544,149

2,704,886

170,932

802,293

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

317,232,771

41.85

223,642,155

12,881,010

7,986,247

7,956,448

Current Assets

316,765,649

41.66

223,608,910

12,851,153

7,980,938

7,952,245

Non Current Assets

467,122

1,305.09

33,245

29,857

5,309

4,203

 

 

 

 

 

 

 

Total Liabilities

291,079,026

65.16

176,240,009

12,752,024

10,729,450

10,932,023

Current Liabilities

230,838,623

30.98

176,240,009

12,752,024

7,531,986

7,667,034

Non Current Liabilities

60,240,403

NA

0

0

3,197,464

3,264,989

 

 

 

 

 

 

 

Shareholders' Funds

26,153,744

-44.83

47,402,146

128,986

(2,743,203)

(2,975,575)

Share Capital

2,721,500

-6.49

2,910,266

80,124

85,328

100,000

Total Reserves

23,432,244

-47.33

44,491,880

48,862

(2,828,531)

(3,075,575)

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

100.02

1,561.70

56.18

40.91

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

3.95

5.57

3.40

0.34

2.22

Return on Equity (%)

398.77

155.15

2,097.04

-6.23

-26.96

Return on Assets (%)

32.88

32.88

21.00

2.14

10.08

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

11.13

3.72

98.86

-3.91

-3.67

Current Debt/Equity (Times)

8.83

3.72

98.86

0.00

0.00

Long Term Debt To Equity (Times)

2.30

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

12.13

4.72

99.86

-2.91

-2.67

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

8.33

5.91

6.17

6.38

4.54

Fixed Assets Turnover (Times)

5,658.23

39,746.94

2,663.37

9,590.41

8,597.02

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.37

1.27

1.01

1.06

1.04

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 192.45% (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 3.95 per cent in FY10 (FY09: 5.57 per cent). The company is now able to book in SGD - SIN 0.04 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.06 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.37 times in FY10 (FY09: 1.27 times). This means that the company has SGD - SIN 1.37 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 11.13 times in FY10, as compared with 3.72 times in FY09. This means that the company requires additional external financing of SGD - SIN 11.13 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 398.77 per cent for Subject in the current financial period, as compared to 155.15 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 32.88 per cent (FY09: 32.88 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 8.33 times in FY10 (FY09: 5.91 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.55.97

UK Pound

1

Rs.89.02

Euro

1

Rs.70.61

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.