MIRA INFORM REPORT

 

 

Report Date :

20.06.2013

 

IDENTIFICATION DETAILS

 

Name :

SIME DARBY EDIBLE PRODUCTS LIMITED

 

 

Registered Office :

255 Jalan Boon Lay Singapore 619524

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

28.05.1938

 

 

Com. Reg. No.:

193800021R

 

 

Legal Form :

Public Company Limited By Shares

 

 

Line of Business :

Refine, Manufacture, Market Edible Oils, Palm Oil Related Products, Surfactant

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Exists

 

 

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

 

Company Name:

Registered Number:

SIME DARBY EDIBLE PRODUCTS LIMITED

193800021R

 

Date Incorporated:

Registered Office:

Telephone Number:

28/05/1938

255 JALAN BOON LAY SINGAPORE 619524

6264 3733

Age of Company:

Website:

Industry Type:

75

www.simedarbyepl.com.sg

MANUFACTURING

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

1

40

Worse off than last month;last month the entity took 7 days to pay

No. of Charges(s):
0

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

SIME DARBY PLANTATION EUROPE LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

SIME DARBY EDIBLE PRODUCTS LIMITED

Registration No

:

193800021R

Date of Registration

:

28/05/1938

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

PUBLIC COMPANY LIMITED BY SHARES

Registered Address

:

255 JALAN BOON LAY SINGAPORE 619524

Date of Change of Address

:

NA

Contact No.

:

6264 3733

Fax No.

:

6265 5129

Website

:

www.simedarbyepl.com.sg

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

REFINE,MANUFACTURE,MARKET EDIBLE OILS,PALM OIL RELATED PRODUCTS,SURFACTANT

Issued Ordinary Capital*

:

$8,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 8,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$8,000,000.00 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

:

NA

No. of Local Associates

:

NA

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 141,559,438.00 (FY2012)

Net Worth

:

SGD - SIN 24,257,783.00 (FY2012)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

 

S1000 / SME 1000 / FG50 Ranking

:

1555 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

1558 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

1445 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1146 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

1182 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

0.19% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

SIME DARBY PLANTATION EUROPE LTD.

SHAREHOLDER ID

:

196900399R

NATIONALITY

:

SINGAPORE

ADDRESS

:

255 JALAN BOON LAY SINGAPORE 619524

NO. OF ORD SHARES

:

8,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

RENAKA RAMACHANDRAN

ADDRESS

:

19 JALAN ENDAH 6/7, 46000 PETALING JAYA, SELANGOR DARUL EHSAN, MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

24/08/2011

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A19296169

 

NAME

:

ZULKIFLEE BIN ABDUL RAHMAN

ADDRESS

:

30 JALAN SUNGAI BERANANG 32/57, BUKIT RIMAU, SECTION 32,40460 SHAH ALAM, SELANGOR DARUL EHSAN,MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

07/05/2012

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A23237776

 

NAME

:

TAN SOO MENG

ADDRESS

:

74 TELOK BLANGAH HEIGHTS #11-305 SINGAPORE 100074

POSITION

:

SECRETARY

DATE OF APPT

:

01/12/1998

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0106148H

 

NAME

:

WONG YOKE FOONG MICHELE

ADDRESS

:

29 TRANSIT ROAD #02-22 FOREST HILLS CONDOMINIUM SINGAPORE 778905

POSITION

:

DIRECTOR

DATE OF APPT

:

09/01/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1607985E

 

 

KEY PERSONNEL PROFILE

 

Name:

WONG YOKE FOONG MICHELE

NRIC Number:

S1607985E

Available Address:

29 TRANSIT ROAD #02-22 FOREST HILLS CONDOMINIUM  SINGAPORE 778905

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

KWANG JOO SENG (MALAYSIA) PRIVATE, LIMITED

DIRECTOR

09/01/2009

-

NA

2

SIME DARBY EDIBLE PRODUCTS LIMITED

DIRECTOR

09/01/2009

-

NA

3

SIME DARBY PLANTATION EUROPE LTD.

DIRECTOR

09/01/2009

-

NA

4

SIME DARBY PLANTATION INVESTMENT (LIBERIA) PRIVATE LIMITED

DIRECTOR

25/03/2009

-

NA

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

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 (%)

 

NA

 

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

LITIGATION

 

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

 

 

Current Year

On/After 01 Jan 2013

Past Years

Bef 01 Jan 2013

 

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.

:

1495

 

Transfer

:

-

 

Date of Filing

:

13/12/2002

 

Amount

:

0.00

 

Cause

:

IP-PASSING OFF

 

Case Status

:

CONCLUDED

 

Plaintiff

:

BUTTER PRODUCERS' CO-OPERATIVE FEDERATION LTD

 

COMPLIANCE

 

Date of Last AGM

:

25/10/2012

Date of Last AR

:

15/11/2012

Date of A/C Laid At Last AGM

:

30/06/2012
 

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

Company

 

JUN 2012

% Change

JUN 2011

JUN 2010

JUN 2009

JUN 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

141,559,438

15.77

122,271,794

123,411,412

127,567,486

140,478,725

Profit/(Loss) Before Tax

1,903,823

15.02

1,655,250

2,619,028

1,438,144

1,924,293

Profit After Tax attributable

 to Shareholders

1,754,292

-6.40

1,874,186

2,355,329

1,189,672

1,556,293

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

38,775,305

2.97

37,657,650

40,397,623

40,248,201

40,493,102

Current Assets

35,780,165

4.99

34,079,683

36,318,424

37,020,858

37,774,612

Non Current Assets

2,995,140

-16.29

3,577,967

4,079,199

3,227,343

2,718,490

 

 

 

 

 

 

 

Total Liabilities

14,517,522

-4.20

15,154,159

19,768,318

21,974,225

23,408,798

Current Liabilities

13,914,084

-6.43

14,870,159

19,531,318

21,797,225

23,231,798

Non Current Liabilities

603,438

112.48

284,000

237,000

177,000

177,000

 

 

 

 

 

 

 

Shareholders' Funds

24,257,783

7.80

22,503,491

20,629,305

18,273,976

17,084,304

Share Capital

8,000,000

0.00

8,000,000

8,000,000

8,000,000

8,000,000

Total Reserves

16,257,783

12.10

14,503,491

12,629,305

10,273,976

9,084,304

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

JUN 2012

JUN 2011

JUN 2010

JUN 2009

JUN 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

15.77

-0.92

-3.26

-9.19

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.24

1.53

1.91

0.93

1.11

Return on Equity (%)

7.23

8.33

11.42

6.51

9.11

Return on Assets (%)

4.52

4.98

5.83

2.96

3.84

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.60

0.67

0.96

1.20

1.37

Current Debt/Equity (Times)

0.57

0.66

0.95

1.19

1.36

Long Term Debt To Equity (Times)

0.02

0.01

0.01

0.01

0.01

Total Asset To Total Equity (Times)

1.60

1.67

1.96

2.20

2.37

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.65

3.25

3.05

3.17

3.47

Fixed Assets Turnover (Times)

47.26

34.17

30.25

39.53

51.68

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.57

2.29

1.86

1.70

1.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

Compound Annual Growth Rate

 

The company's CAGR is 0.19% (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 1.24 per cent in FY12 (FY11: 1.53 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.02 a year ago.

 

 

FINANCIAL COMMENTARY

 

Liquidity

 

Current ratio stood at 2.57 times in FY12 (FY11: 2.29 times). This means that the company has SGD - SIN 2.57 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 0.60 times in FY12, compared with 0.67 times in FY11. This means that the company requires additional external financing of SGD - SIN 0.60 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.

 

 

FINANCIAL COMMENTARY

 

 

Efficiency Ratio

 

Return on equity was 7.23 per cent for Subject in the current financial period, as compared to 8.33 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 4.52 per cent (FY11: 4.98 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 3.65 times in FY12 (FY11: 3.25 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.58.74

UK Pound

1

Rs.91.99

Euro

1

Rs.78.70

 

 

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.