MIRA INFORM REPORT

 

 

Report Date :

16.03.2013

 

IDENTIFICATION DETAILS

 

Name :

GOLDEN AGRI INTERNATIONAL PTE LTD

 

 

Formerly Known as:

AFP AGRI-RESOURCES PTE LTD

 

 

Registered Office :

108 Pasir Panjang Road #06-00 Golden Agri Plaza Singapore 118535

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

17.02.1998

 

 

Com. Reg. No.:

199800781G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General wholesale trade (including general importers and exporters)

Trading in crude palm oil and its related products.

 

 

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 :

Satisfactory 

 

 

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:

GOLDEN AGRI INTERNATIONAL PTE LTD

199800781G

 

Date Incorporated:

Registered Office:

Telephone Number:

17/02/1998

108 PASIR PANJANG ROAD #06-00 GOLDEN AGRI PLAZA SINGAPORE 118535

6220 7720

Age of Company:

Website:

Industry Type:

15

NA

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

1

NA

The entity is paying current to the creditors

No. of Charges(s):
18

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

6

Holding Company:

GOLDEN AGRI-RESOURCES LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

2

 

 

 

EXECUTIVE SUMMARY

 

Company Name

:

GOLDEN AGRI INTERNATIONAL PTE LTD

Registration No

:

199800781G

Date of Registration

:

17/02/1998

Former Name

:

1.ALDEBURGH PTE LTD Eff. date : 17/02/1998 Eff. date : 17/02/1998

2.AFP AGRI-RESOURCES PTE LTD Eff. date : 27/06/1998 Eff. date : 27/06/1998

Date of Change of Name

:

22/07/1999

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

108 PASIR PANJANG ROAD #06-00 GOLDEN AGRI PLAZA SINGAPORE 118535

Date of Change of Address

:

24/09/2009

Contact No.

:

6220 7720

Fax No.

:

6220 7020

Website

:

NA

Registered Activities

:

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

TRADING IN CRUDE PALM OIL AND ITS RELATED PRODUCTS.

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

Issued Ordinary Capital*

:

$20,000,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 2,450,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$20,000,000.00 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

:

2

No. of Local Associates

:

NA

Auditor

:

MOORE STEPHENS LLP

Bankers / Financiers

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK INTERNATIONAL'')

WESTLB AG

RAIFFEISEN BANK INTERNATIONAL AG

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

COMMERZBANK AKTIENGESELLSCHAFT

FORTIS BANK S.A./N.V.

PT BANK MANDIRI (PERSERO) TBK

Turnover

:

SGD - SIN 5,661,635,071.00 (FY2011)

Net Worth

:

SGD - SIN 80,294,816.00 (FY2011)

No. of Bank Charges

:

18

No. of Litigation Suits

:

1

S1000 / SME 1000 / FG50 Ranking

:

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

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

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

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

930 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

49.7% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

GOLDEN AGRI-RESOURCES LTD

SHAREHOLDER ID

:

T03UF0450G

NATIONALITY

:

NA

ADDRESS

:

C/O MULTICONSULT LIMITED, LES CASCADES BUILDING, EDITH CAVELL STREET, PORT LOUIS, MAURITIUS

NO. OF ORD SHARES

:

2,450,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

RAFAEL BUHAY CONCEPCION JR.

ADDRESS

:

JL. PRAPANCA IV NO. 64, KEBAYORAN BARU JAKARTA SELATAN, INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

02/08/2002

NATIONALITY

:

FILIPINO

I/C PASSPORT

:

EB5738159

 

NAME

:

OEI JONG NIAN @ FRANKY OESMAN WIDJAJA

ADDRESS

:

7A BISHOPSGATE SINGAPORE 249973

POSITION

:

DIRECTOR

DATE OF APPT

:

06/04/1999

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2173296F

 

NAME

:

DJAFAR WIDJAJA

ADDRESS

:

38 STEVENS ROAD #02-02 SINGAPORE 257845

POSITION

:

DIRECTOR

DATE OF APPT

:

06/04/1999

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2173297D

 

NAME

:

MILTON SUBIANTO NG

ADDRESS

:

9 RHU CROSS #12-08 COSTA RHU SINGAPORE 437436

POSITION

:

DIRECTOR

DATE OF APPT

:

06/04/1999

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2567370J

 

NAME

:

LYE CHOR MEI

ADDRESS

:

34 DAKOTA CRESCENT #06-04 DAKOTA RESIDENCES SINGAPORE 399936

POSITION

:

SECRETARY

DATE OF APPT

:

15/01/2003

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2590497D

 

NAME

:

CHEN SAU HUA

ADDRESS

:

148 MEI LING STREET #15-107 SINGAPORE 140148

POSITION

:

DIRECTOR

DATE OF APPT

:

02/08/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6972966E

 

NAME

:

SIMON LIM

ADDRESS

:

JL. SUKARELA NO. 1 RT 009/RW 009 PENJARINGAN, JAKARTA UTARA, INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

02/08/2002

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

T789264

 

 

KEY PERSONNEL PROFILE

 

Name:

CHEN SAU HUA

NRIC Number:

S6972966E

Available Address:

148 MEI LING STREET #15-107  SINGAPORE 140148

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

AEROLINK INVESTMENT LTD

DIRECTOR

02/08/2002

-

NA

2

AFP HILLVIEW PTE LTD

DIRECTOR

19/10/2012

-

NA

3

AFP LAND LIMITED

DIRECTOR

02/08/2002

-

NA

4

AMCOL (CHINA) INVESTMENTS PTE LTD

DIRECTOR

19/10/2012

-

NA

5

ASIA PALM OIL INVESTMENT PTE. LTD.

DIRECTOR

26/08/2008

-

NA

6

GOLDEN AGRI CAPITAL PTE. LTD.

DIRECTOR

11/08/2009

-

NA

7

GOLDEN AGRI INTERNATIONAL PTE LTD

DIRECTOR

02/08/2002

-

NA

8

GOLDEN AGRI PLAZA PTE. LTD.

DIRECTOR

28/11/2007

-

NA

9

GOLDEN MARITIME PTE. LTD.

DIRECTOR

28/04/2010

-

NA

10

GOLDMOUNT HOLDINGS PTE LTD

DIRECTOR

19/10/2012

-

NA

11

JURONG GOLF & SPORTS COMPLEX PTE LTD

DIRECTOR

31/10/2002

-

NA

12

MADASCAR CAPITAL PTE. LTD.

DIRECTOR

13/06/2007

-

NA

13

PALM RESORT MANAGEMENT PTE LTD

DIRECTOR

31/10/2002

-

NA

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

AFP MARKETING PTE LTD

STRUCK OFF

DIRECTOR

23/11/1999

20/04/2010

2

AFP MARKETING PTE LTD

STRUCK OFF

DIRECTOR

02/08/2002

-

3

ASIA FOOD & PROPERTY ALLIANCE (S) PTE LTD

STRUCK OFF

DIRECTOR

06/10/2000

02/01/2001

4

GOLDEN AGRI INTERNATIONAL PTE LTD

LIVE COMPANY

DIRECTOR

30/06/1998

28/01/2013

5

GOLDEN AGRI INVESTMENT (S) PTE. LTD.

LIVE COMPANY

DIRECTOR

06/07/2006

21/11/2012

6

GOLDEN AGRI SHIPPING PTE LTD

STRUCK OFF

DIRECTOR

15/09/1999

20/04/2010

7

GOLDEN AGRI SHIPPING PTE LTD

STRUCK OFF

DIRECTOR

02/08/2002

-

8

GOLDEN MARITIME PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

06/03/2013

9

GOLDEN STENA WECO PTE. LTD.

LIVE COMPANY

DIRECTOR

03/09/2012

06/03/2013

10

OILGRAINS VENTURE ASIA PACIFIC PTE LTD

STRUCK OFF

DIRECTOR

06/10/2000

30/06/2001

11

TAL (SINGAPORE) PTE LTD

DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)

DIRECTOR

06/10/2000

26/09/2001

 

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 (%)

 

GOLDEN AGRI PLAZA PTE. LTD.

100

GOLDEN AGRI INTERNATIONAL INDIA HOLDING PTE. LTD.

100

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 18 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201206355

 

Date of Registration

:

12/06/2012

 

Chargee

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK INTERNATIONAL'')

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201110417

 

Date of Registration

:

21/08/2011

 

Chargee

:

WESTLB AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

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

 

3)

Charge No.

:

C201110416

 

Date of Registration

:

21/08/2011

 

Chargee

:

WESTLB AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

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

 

4)

Charge No.

:

C201110415

 

Date of Registration

:

21/08/2011

 

Chargee

:

WESTLB AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

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

 

5)

Charge No.

:

C201110414

 

Date of Registration

:

21/08/2011

 

Chargee

:

WESTLB AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

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

 

6)

Charge No.

:

C201110413

 

Date of Registration

:

21/08/2011

 

Chargee

:

WESTLB AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

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

 

 

 

 

7)

Charge No.

:

C201109859

 

Date of Registration

:

08/08/2011

 

Chargee

:

RAIFFEISEN BANK INTERNATIONAL AG

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

8)

Charge No.

:

C201104069

 

Date of Registration

:

01/04/2011

 

Chargee

:

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

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

9)

Charge No.

:

C200904852

 

Date of Registration

:

06/08/2009

 

Chargee

:

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

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

10)

Charge No.

:

C200808613

 

Date of Registration

:

16/09/2008

 

Chargee

:

COMMERZBANK AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

8 SHENTON WAY #42-01 SINGAPORE 068811

 

11)

Charge No.

:

C200808610

 

Date of Registration

:

16/09/2008

 

Chargee

:

COMMERZBANK AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

8 SHENTON WAY #42-01 SINGAPORE 068811

 

12)

Charge No.

:

C200710394

 

Date of Registration

:

27/11/2007

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

 

13)

Charge No.

:

C200710393

 

Date of Registration

:

27/11/2007

 

Chargee

:

FORTIS BANK S.A./N.V.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

63 MARKET STREET #21-00 SINGAPORE 048942

14)

Charge No.

:

C200708066

 

Date of Registration

:

27/09/2007

 

Chargee

:

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

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

15)

Charge No.

:

C200707121

 

Date of Registration

:

30/08/2007

 

Chargee

:

PT BANK MANDIRI (PERSERO) TBK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 ANSON ROAD, #12-01/02 SPRINGLEAF TOWER SINGAPORE 079909

 

16)

Charge No.

:

C200707120

 

Date of Registration

:

30/08/2007

 

Chargee

:

PT BANK MANDIRI (PERSERO) TBK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 ANSON ROAD, #12-01/02 SPRINGLEAF TOWER SINGAPORE 079909

 

17)

Charge No.

:

C200707118

 

Date of Registration

:

30/08/2007

 

Chargee

:

PT BANK MANDIRI (PERSERO) TBK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 ANSON ROAD, #12-01/02 SPRINGLEAF TOWER SINGAPORE 079909

 

18)

Charge No.

:

C200706143

 

Date of Registration

:

31/07/2007

 

Chargee

:

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

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

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.

:

738

 

Transfer

:

-

 

Date of Filing

:

15/07/2003

 

Amount

:

32,795,120.31

 

Cause

:

Credit Facilities

 

Case Status

:

CONCLUDED

 

Plaintiff

:

FLEET NATIONAL BANK

 

Last Update Date

:

20/02/2009

 

 

COMPLIANCE

 

Date of Last AGM

:

25/06/2012

Date of Last AR

:

25/06/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

COMPLIANCE RATING FOR ANNUAL FILING

 

http://www.bizfile.gov.sg/mybizfile/prod/pop_up/Tick.png

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

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

5,661,635,071

60.74

3,522,136,724

2,252,258,484

2,594,278,772

1,127,306,519

Profit/(Loss) Before Tax

17,482,141

-27.24

24,026,763

11,742,874

14,936,241

9,247,837

Profit After Tax attributable

 to Shareholders

17,015,114

-23.96

22,376,173

11,673,091

14,275,524

9,247,837

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

883,411,203

50.74

586,045,090

479,012,250

308,479,641

516,524,512

Current Assets

835,087,677

54.75

539,647,597

430,055,336

265,085,143

515,804,662

Non Current Assets

48,323,526

4.15

46,397,493

48,956,914

43,394,498

719,850

 

 

 

 

 

 

 

Total Liabilities

803,116,388

55.20

517,457,846

429,595,183

271,881,059

514,264,821

Current Liabilities

628,055,184

30.65

480,716,235

336,560,794

257,736,806

470,230,836

Non Current Liabilities

175,061,204

376.47

36,741,611

93,034,389

14,144,253

44,033,985

 

 

 

 

 

 

 

Shareholders' Funds

80,294,816

17.07

68,587,243

49,417,066

36,598,582

2,259,690

Share Capital

18,342,125

-7.74

19,880,558

21,259,627

20,614,475

440,135

Total Reserves

61,952,691

27.20

48,706,685

28,157,439

15,984,107

1,819,555

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

60.74

56.38

-13.18

130.13

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.30

0.64

0.52

0.55

0.82

Return on Equity (%)

21.19

32.62

23.62

39.01

409.25

Return on Assets (%)

1.93

3.82

2.44

4.63

1.79

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

10.00

7.54

8.69

7.43

227.58

Current Debt/Equity (Times)

7.82

7.01

6.81

7.04

208.10

Long Term Debt To Equity (Times)

2.18

0.54

1.88

0.39

19.49

Total Asset To Total Equity (Times)

11.00

8.54

9.69

8.43

228.58

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.41

6.01

4.70

8.41

2.18

Fixed Assets Turnover (Times)

117.16

75.91

46.00

59.78

1,566.03

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.33

1.12

1.28

1.03

1.10

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 49.7% (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 0.30 per cent in FY11 (FY10: 0.64 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.01 a year ago.

 

Liquidity

Current ratio stood at 1.33 times in FY11 (FY10: 1.12 times). This means that the company has SGD - SIN 1.33 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 10.00 times in FY11, compared with 7.54 times in FY10. This means that the company requires additional external financing of SGD - SIN 10.00 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 21.19 per cent for Subject in the current financial period, as compared to 32.62 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 1.93 per cent (FY10: 3.82 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 6.41 times in FY11 (FY10: 6.01 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.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50

 

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

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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%)