MIRA INFORM REPORT

 

 

Report Date :

01.06.2013

 

IDENTIFICATION DETAILS

 

Name :

VIRGOZ OILS AND FATS PTE. LTD.

 

 

Registered Office :

10 Marina Boulevard, 34-01, Marina Bay Financial Centre, 018983

 

 

Country :

Singapore.

 

 

Date of Incorporation :

14.09.2004

 

 

Com. Reg. No.:

200411727-K

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Trading of Palm Oil

 

 

No. of Employees :

12 [2013]

 

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 Complains

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

 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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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

 

 

 

 

 

 

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200411727-K

COMPANY NAME

:

VIRGOZ OILS AND FATS PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

14/09/2004

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

10 MARINA BOULEVARD, 34-01, MARINA BAY FINANCIAL CENTRE, 018983, SINGAPORE.

BUSINESS ADDRESS

:

MARINA BAY FINANCIAL CENTRE TOWER 2, 10 MARINA BOULEVARD #34-01, 018983, SINGAPORE.

TEL.NO.

:

65-65327777

FAX.NO.

:

65-65320787

CONTACT PERSON

:

KELVIN ( STAFF )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF PALM OIL

 

 

 

ISSUED AND PAID UP CAPITAL

:

50,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 50,000,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

12 [2013]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) trading of palm oil.

 

The major shareholder(s) of the SC are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

ROBERT +

9 ARDMORE PARK, 13-02, ARDMORE PARK, 259955, SINGAPORE.

S2765408H

2,000,000.00

4.00

MARIA WIJAYA +

9 ARDMORE PARK, 13-02, ARDMORE PARK, 259955, SINGAPORE.

S2765409F

2,000,000.00

4.00

JHONNY VIRGO +

9 ARDMORE PARK, 13-02, ARDMORE PARK, 259955, SINGAPORE.

S8066578B

500,000.00

1.00

DIANA VIRGO +

JALAN ISKANDAR MUDA 107, MEDAN, 20154, INDONESIA.

N145095

500,000.00

1.00

NORTHEN RED TRADING LIMITED

PORTCULLIS TRUSTNET CHAMBERS, P.O. BOX 3444, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.

T13UF0928

45,000,000.00

90.00

 

 

 

---------------

------

 

 

 

50,000,000.00

100.00

 

 

 

============

=====

+ Also Director

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

TEE KOK HENG

Address

:

177 BISHAN STREET 13, 02-181, 570177, SINGAPORE.

IC / PP No

:

S1312329B

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

17/09/2010

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

DIANA VIRGO

Address

:

JALAN ISKANDAR MUDA 107, MEDAN, 20154, INDONESIA.

IC / PP No

:

N145095

 

 

 

 

 

 

 

 

 

Nationality

:

INDONESIAN

Date of Appointment

:

14/09/2004

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

JHONNY VIRGO

Address

:

9 ARDMORE PARK, 13-02, ARDMORE PARK, 259955, SINGAPORE.

IC / PP No

:

S8066578B

 

 

 

 

 

 

 

 

 

Nationality

:

INDONESIAN

Date of Appointment

:

25/10/2004

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

ROBERT

Address

:

9 ARDMORE PARK, 13-02, ARDMORE PARK, 259955, SINGAPORE.

IC / PP No

:

S2765408H

 

 

 

 

 

 

 

 

 

Nationality

:

INDONESIAN

Date of Appointment

:

14/09/2004

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

MARIA WIJAYA

Address

:

9 ARDMORE PARK, 13-02, ARDMORE PARK, 259955, SINGAPORE.

IC / PP No

:

S2765409F

 

 

 

 

 

 

 

 

 

Nationality

:

INDONESIAN

Date of Appointment

:

16/11/2009

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

KELVIN

 

Position

:

STAFF

 

 

 

 

 

 

AUDITOR

 

Auditor

:

FOO KON TAN GRANT THORNTON LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TEO MENG KEONG

 

IC / PP No

:

S6968331B

 

 

 

 

 

Address

:

269 BUKIT BATOK EAST AVENUE 4, 08-168, 650269, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

CHAN LAI YIN

 

IC / PP No

:

S7480587H

 

 

 

 

 

Address

:

26 SIMEI STREET 1, 11-08, MELVILLE PARK, 529947, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers.

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

PALM OIL

 

 

 

 

 

Total Number of Employees:

YEAR

2013

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

12

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of palm oil.

The SC sells Inedible And Fats, Palm Oil Commodities & Related Goods.

The SC however refused to disclose further information on its operation.


CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65327777

Match

:

N/A

 

 

 

Address Provided by Client

:

10, MARINA BOULEVARD # 34-01 HARINA BAY FINANCIAL CENTRE TOWER 2, SINGAPORE 018983

Current Address

:

MARINA BAY FINANCIAL CENTRE TOWER 2, 10 MARINA BOULEVARD #34-01, 018983, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


On 29th May 2013 we contacted one of the staff from the SC and she provided some information on the SC.

The SC refused to disclose its banker.

The address provided is incorrect.

FINANCIAL ANALYSIS

 

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2008

2009

2010

2011

2012

 

 

 

 

 

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

<0.8>

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

 

 

 

 

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

 

 

 

 

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

<2.2>

4.3

12.8

8.5

<1.3>

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

<32.5>

25.6

9.4

 

 

 

 

 

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

<10.78>

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

<0.8>

11.4

2.8

<5>

<2.2>

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

<15.9>

<11.5>

<25.3>

<0.7>

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

<7.7>

103.7

<26.3>

<38.2>

35.2

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

<0.32>

3.25

<0.48>

4.25

3.64

Fish Supply & Wholesale

<6.31>

<1.93>

<10.5>

12.10

<0.5>

 

 

 

 

 

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

 

 

 

 

 

Construction

45.90

<36.9>

14.20

20.50

28.70

Real Estate

<11.2>

1.4

21.3

25.4

31.9

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<1.3>

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

<5.9>

<16.4>

<0.4>

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

<0.9>

<1.4>

0.30

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 


INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

 

 

 

The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

 

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

 

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.

 

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.

 

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2004, the SC is a Private Limited company, focusing on trading of palm oil. Having been in the industry for almost a decade, the SC should have built up its reputation and image in the market. Having strong support from its shareholder has enabled the SC to remain competitive despite the challenging business environment. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. To date, the SC's business operation is supported by 12 employees. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

No financial accounts are available for analysis. As such, we are not able to comment on the SC's current financial standing.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC normally.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.49

UK Pound

1

Rs.86.00

Euro

1

Rs.73.68

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.