MIRA INFORM REPORT

 

 

Report Date :

12.02.2013

 

IDENTIFICATION DETAILS

 

Name :

STARCOM RESOURCES PTE LTD

 

 

Registered Office :

2 Shenton Way #16-02 Sgx Centre I Singapore 068804

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.10.2000

 

 

Com. Reg. No.:

200009210G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

 

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

(31.03.2011)

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:

STARCOM RESOURCES PTE LTD

200009210G

                                               

Date Incorporated:

Registered Office:

Telephone Number:

28/10/2000

2 SHENTON WAY #16-02 SGX CENTRE I SINGAPORE 068804

6336 7288

Age of Company:

Website:

Industry Type:

12

www.starcomresources.net

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

NA

The entity is paying current to the creditors

No. of Charges(s):
10

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

NA

Number that are shareholders

3

No. of Subsidiaries & Associated Companies:

2

EXECUTIVE SUMMARY

 

Company Name

:

STARCOM RESOURCES PTE LTD

Registration No

:

200009210G

Date of Registration

:

28/10/2000

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

2 SHENTON WAY #16-02 SGX CENTRE I SINGAPORE 068804

Date of Change of Address

:

30/05/2011

Contact No.

:

6336 7288

Fax No.

:

6336 3118

Website

:

www.starcomresources.net

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$3,443,851.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 3,443,851

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$3,443,851.00 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

:

2

No. of Local Associates

:

NA

Auditor

:

RSM CHIO LIM LLP

Bankers / Financiers

:

LH ASIAN TFF PTE. LTD.

SOCIETE GENERALE

STANDARD CHARTERED BANK

DBS BANK LTD.

Turnover

:

SGD - SIN 309,517,478.00 (FY2010)

Net Worth

:

SGD - SIN 6,053,507.00 (FY2010)

No. of Bank Charges

:

10

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

808 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

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

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

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

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

Compounded Annual Growth Rate (CAGR)

:

28.26% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

AJAY KUMAR AGGARWAL

SHAREHOLDER ID

:

S6864098I

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

26 SHELFORD ROAD #01-01 SHELFORD VIEW SINGAPORE 288420

NO. OF ORD SHARES

:

3,326,531

% OF SHAREHOLDING

:

96.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

GOH YOUNG LIN

SHAREHOLDER ID

:

S0002699I

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

151 CAVENAGH ROAD #07-157 CAVENAGH COURT SINGAPORE 229628

NO. OF ORD SHARES

:

99,583

% OF SHAREHOLDING

:

2.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

WAYPORT DEVELOPMENTS LIMITED

SHAREHOLDER ID

:

T08UF0030C

NATIONALITY

:

NA

ADDRESS

:

AKARA BUILDING, 24 DE CASTRO STREET WICKHAMS CAY 1, TORTOLA, BRITISH VIRGIN ISLAND

NO. OF ORD SHARES

:

17,737

% OF SHAREHOLDING

:

0.5%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

BRUNO WALTER FURRER

ADDRESS

:

UNTERE ALLMENDSTRASSE 11 2ND FLOOR, CH-6312, STEINHAUSEN, SWITZERLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2001

NATIONALITY

:

SWISS

I/C PASSPORT

:

F0772970

 

NAME

:

GOH YOUNG LIN

ADDRESS

:

151 CAVENAGH ROAD #07-157 CAVENAGH COURT SINGAPORE 229628

POSITION

:

DIRECTOR

DATE OF APPT

:

28/10/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0002699I

 

NAME

:

AJAY KUMAR AGGARWAL

ADDRESS

:

26 SHELFORD ROAD #01-01 SHELFORD VIEW SINGAPORE 288420

POSITION

:

DIRECTOR

DATE OF APPT

:

28/10/2000

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S6864098I

 

 

KEY PERSONNEL PROFILE

 

Name:

AJAY KUMAR AGGARWAL

NRIC Number:

S6864098I

Available Address:

26 SHELFORD ROAD #01-01 SHELFORD VIEW  SINGAPORE 288420

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

AMBER FARMS PTE. LTD.

DIRECTOR

15/04/2008

81562

4.99

2

GWA SINGAPORE PTE. LTD.

DIRECTOR

09/06/2008

-

-

3

INDIGO BLUE PTE. LTD.

DIRECTOR

14/05/2004

1

50.00

4

LEMPRIERE (SINGAPORE) PTE. LTD.

DIRECTOR

30/04/2008

2

100.00

5

MERIT CHARTERING (ASIA) PTE LTD

DIRECTOR

24/06/2011

300000

60.00

6

STARCOM GRAIN PTE. LTD.

DIRECTOR

09/06/2010

-

-

7

STARCOM RESOURCES (CHINA) PTE. LTD.

DIRECTOR

12/07/2011

1

50.00

8

STARCOM RESOURCES PTE LTD

DIRECTOR

28/10/2000

3326531

96.59

9

STARCOM RESOURCES PTE LTD

MANAGING DIRECTOR

01/01/2001

3326531

96.59

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MERIT CHARTERING (ASIA) PTE LTD

LIVE COMPANY

DIRECTOR

11/09/2001

15/08/2012

2

MERIT COMMODITIES PTE LTD

STRUCK OFF

DIRECTOR

13/11/2001

-

3

MERIT COMMODITIES PTE LTD

STRUCK OFF

MANAGING DIRECTOR

21/12/2001

-

4

MONSOON IMPRESSIONS PTE. LTD.

STRUCK OFF

DIRECTOR

12/04/2005

-

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

STARCOM GRAIN PTE. LTD.

100

AMBER FARMS PTE. LTD.

75

 

                                                                                                                       

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.

:

C201206214

 

Date of Registration

:

07/06/2012

 

Chargee

:

LH ASIAN TFF PTE. LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201114858

 

Date of Registration

:

25/11/2011

 

Chargee

:

SOCIETE GENERALE

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 ROBINSON ROAD #26-00 SINGAPORE 068898

 

3)

Charge No.

:

C201006826

 

Date of Registration

:

04/08/2010

 

Chargee

:

LH ASIAN TFF PTE. LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C200902762

 

Date of Registration

:

13/05/2009

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

5)

Charge No.

:

C200902761

 

Date of Registration

:

13/05/2009

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

6)

Charge No.

:

C200503582

 

Date of Registration

:

23/06/2005

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

7)

Charge No.

:

C200503578

 

Date of Registration

:

23/06/2005

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 ROBINSON ROAD #26-00 SINGAPORE 068898

 

8)

Charge No.

:

200204841

 

Date of Registration

:

31/10/2002

 

Chargee

 

SOCIETE GENERALE

 

Amount Secured  and Currency

:

All Monies

 

Address31/10/2002

:

80 ROBINSON ROAD #26-00 SINGAPORE 068898

 

9)

Charge No.

:

200204840

 

Date of Registration

:

31/10/2002

 

Chargee

:

SOCIETE GENERALE

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 ROBINSON ROAD #26-00 SINGAPORE 068898

 

10)

Charge No.

:

200204839

 

Date of Registration

:

31/10/2002

 

Chargee

:

SOCIETE GENERALE

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 ROBINSON ROAD #26-00 SINGAPORE 068898

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

31/07/2011

Date of Last AR

:

15/08/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

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

Group

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

MAY 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

309,517,478

6.18

291,509,182

435,982,314

476,846,716

114,371,540

Profit/(Loss) Before Tax

775,389

183.41

273,588

3,291,077

3,000,941

295,266

Profit After Tax attributable to Shareholders

775,389

NA

(1,364,637)

3,855,467

2,390,212

294,523

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

32,218,386

-30.25

46,191,482

30,054,995

38,957,190

7,073,153

Current Assets

27,559,774

-33.27

41,297,894

29,274,519

38,161,319

6,723,728

Non Current Assets

4,658,612

-4.80

4,893,588

780,476

795,871

349,425

 

 

 

 

 

 

 

Total Liabilities

26,164,878

-36.03

40,900,179

23,601,040

36,145,356

6,617,256

Current Liabilities

21,473,327

-39.54

35,518,633

20,276,193

32,565,953

2,723,386

Non Current Liabilities

4,691,551

-12.82

5,381,546

3,324,847

3,579,403

3,893,870

 

 

 

 

 

 

 

Shareholders' Funds

6,053,507

14.40

5,291,303

6,453,956

2,811,835

455,898

Share Capital

658,023

-6.49

703,664

682,311

738,331

798,353

Total Reserves

5,395,484

17.61

4,587,639

5,771,645

2,073,504

(342,455)

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

MAY 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

6.18

-33.14

-8.57

316.93

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.25

NA

0.88

0.50

0.26

Return on Equity (%)

12.81

NA

59.74

85.01

64.60

Return on Assets (%)

2.41

NA

12.83

6.14

4.16

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

4.32

7.73

3.66

12.85

14.51

Current Debt/Equity (Times)

3.55

6.71

3.14

11.58

5.97

Long Term Debt To Equity (Times)

0.78

1.02

0.52

1.27

8.54

Total Asset To Total Equity (Times)

5.32

8.73

4.66

13.85

15.51

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

9.61

6.31

14.51

12.24

16.17

Fixed Assets Turnover (Times)

66.44

59.57

558.61

599.15

327.31

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.28

1.16

1.44

1.17

2.47

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

Compound Annual Growth Rate

 

The company's CAGR is 28.26% (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 group yielded a rate of net profit on sales of 0.25 per cent in FY10. The group is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales.

 

Liquidity

Current ratio stood at 1.28 times in FY10. This means that the group has SGD - SIN 1.28 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.

 

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 4.32 times in FY10. This means that the group requires additional external financing of SGD - SIN 4.32 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 12.81 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 2.41 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 9.61 times in FY10. This ratio measures the group'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.53.68

UK Pound

1

Rs.84.84

Euro

1

Rs.71.87

 

 

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.