MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	ASTRA-KLK PTE. LTD.
Registered Office :	220, Orchard Road, 05-01, Midpoint Orchard, 238852
Country :	Singapore
Financials (as on) :	30.09.2013
Date of Incorporation :	04.07.2013
Com. Reg. No.:	201318086-K
Legal Form :	Private Limited Company
Line of Business :	engaged in trading of Refined Palm Oil Products & Provides Logistic Services related its products.
No of Employees :	13 [2014]

RATING & COMMENTS

MIRA’s Rating :

Nb

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Company
Payment Behaviour :	Unknown
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

201318086-K

COMPANY NAME

:

ASTRA-KLK PTE. LTD.

FORMER NAME

:

KLK-ASTRA TRADING PTE. LTD. (07/08/2013)

INCORPORATION DATE

:

04/07/2013

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

220, ORCHARD ROAD, 05-01, MIDPOINT ORCHARD, 238852, SINGAPORE.

BUSINESS ADDRESS

:

47 SCOTTS ROAD NO 02-03/04 GOLDBELL TOWERS, 228233, SINGAPORE.

TEL.NO.

:

65-65134550

FAX.NO.

:

65-68360425

EMAIL

:

COMMERCIAL@ASTRA-KLK.COM

WEB SITE

:

WWW.ASTRA-KLK.COM

CONTACT PERSON

:

LIM KIAM CHYE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

engaged in trading of Refined Palm Oil Products & Provides Logistic Services related its products. 

ISSUED AND PAID UP CAPITAL

:

2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00 

SALES

:

N/A

NET WORTH

:

SGD 1,863,716 [2013]

STAFF STRENGTH

:

13 [2014]

BANKER (S)

:

OCBC BANK LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

NOT YET DETERMINED

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading of refined palm oil products.

The immediate holding company of the Subject is KL-KEPONG PLANTATION HOLDINGS SDN BHD, a company incorporated in MALAYSIA.

Share Capital History

Date	Issue & Paid Up Capital
04/11/2014	SGD 2,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
KL-KEPONG PLANTATION HOLDINGS SDN BHD	WISMA TAIKO, 1, JALAN S.P. SEENIVASAGAM, 30000 IPOH, PERAK, MALAYSIA.	T13UF2693D	1,020,000.00	51.00
PT ASTRA AGRO LESTARI TBK	JALAN PULOAYANG RAYA, BLOK OR-1, KAWASAN INDUSTRI PULOGADUNG, 13930, JAKARTA, INDONESIA.	T13UF3617E	980,000.00	49.00
			---------------	------
			2,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	RUDY
Address	:	JALAN PANGERAN JAYAKARTA 121, 54, RT/RW 006/007, MANGGA DUA SELATAN, SAWAH BESAR, JAKARTA PUSAT, INDONESIA.
IC / PP No	:	A0340182
Nationality	:	INDONESIAN
Date of Appointment	:	02/09/2013

DIRECTOR 2

Name Of Subject	:	HANDOKO PRANOTO
Address	:	TAMAN PENGANGSAAN INDAH, BLOK O, 10, KELAPA GADING, 14250, JAKARTA, INDONESIA.
IC / PP No	:	A5113391
Nationality	:	INDONESIAN
Date of Appointment	:	02/09/2013

DIRECTOR 3

Name Of Subject	:	MR. LIM KIAM CHYE
Address	:	3, PERSIARAN GOPENG 9, TAMAN GOLF, 31350 IPOH, PERAK, MALAYSIA.
IC / PP No	:	A27640758
Nationality	:	MALAYSIAN
Date of Appointment	:	04/07/2013

DIRECTOR 4

Name Of Subject	:	KWOK KIAN HAI
Address	:	9,CALDECOTT CLOSE, SINGAPORE 299117, SINGAPORE.
IC / PP No	:	S0350058F
Nationality	:	SINGAPOREAN
Date of Appointment	:	04/07/2013

MANAGEMENT

1)	Name of Subject	:	LIM KIAM CHYE
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAN CHING CHEK
	IC / PP No	:	S1397070Z
	Address	:	286, YISHUN AVENUE, 6, 12-100, 760286, SINGAPORE.

2)	Company Secretary	:	TEO AH HIONG
	IC / PP No	:	S6976687J
	Address	:	861A, TAMPINES AVENUE, 5, 13-563, 521861, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

OCBC BANK LTD

ENCUMBRANCE (S)

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

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank against the Subject 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 Subject refused to disclose it's suppliers. 

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	INDONESIA
Credit Term	:	N/A
Payment Mode	:	N/A

OPERATIONS

Goods Traded

:

REFINED PALM OIL PRODUCTS

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	13	10

Branch

:

NO

Other Information:

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

The Subject sells palm oil products.

The Subject provides logistic services related its products. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65134550
Match	:	N/A
Address Provided by Client	:	47 SCOTTS ROAD # 02-03/04, GCLDBELL TOWERS SINGAPORE 228233
Current Address	:	47 SCOTTS ROAD NO 02-03/04 GOLDBELL TOWERS, 228233, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and he provided some information on the Subject. 

The Subject refused to disclose when it commence its business operation.

FINANCIAL ANALYSIS

The Subject's turnover was nil during the year indicate that it was inactive. As a result, we are unable to comment on its financial performance.

Overall financial condition of the Subject : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	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 sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2013, the Subject is a Private Limited company, focusing on trading of refined palm oil products. The Subject was newly established and it has yet to build up a stable clientele base in the market. It is likely to incur start-up costs during the initial years of its operations. A paid up capital of SGD 2,000,000 allows the Subject to expand its business more comfortably. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 13 employees. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business. 

The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 1,863,716, the Subject should be able to maintain its business in the near terms. 

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . 

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

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

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

ASTRA-KLK PTE. LTD.

Financial Year End	2013-09-30
Months	3
Consolidated Account	Company
Audited Account	YES
Unqualified Auditor's Report (Clean Opinion)	YES
Financial Type	FULL
Currency	SGD
PROFIT/(LOSS) FROM OPERATIONS	(136,284)
	----------------
PROFIT/(LOSS) BEFORE TAXATION	(136,284)
	----------------
PROFIT/(LOSS) AFTER TAXATION	(136,284)
	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(136,284)
	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(136,284)
	=============

BALANCE SHEET

ASTRA-KLK PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	106,155
	----------------
TOTAL LONG TERM ASSETS	106,155
Other debtors, deposits & prepayments	89,076
Short term deposits	1,700,000
Cash & bank balances	15,514
	----------------
TOTAL CURRENT ASSETS	1,804,590
	----------------
TOTAL ASSET	1,910,745
	=============
Other creditors & accruals	16,304
Amounts owing to related companies	30,725
	----------------
TOTAL CURRENT LIABILITIES	47,029
	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,757,561
	----------------
TOTAL NET ASSETS	1,863,716
	=============
SHARE CAPITAL
Ordinary share capital	2,000,000
	----------------
TOTAL SHARE CAPITAL	2,000,000
Retained profit/(loss) carried forward	(136,284)
	----------------
TOTAL RESERVES	(136,284)
	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,863,716
	----------------
	1,863,716
	=============

FINANCIAL RATIO

ASTRA-KLK PTE. LTD.

TYPES OF FUNDS
Cash	1,715,514
Net Liquid Funds	1,715,514
Net Liquid Assets	1,757,561
Net Current Assets/(Liabilities)	1,757,561
Net Tangible Assets	1,863,716
Net Monetary Assets	1,757,561
BALANCE SHEET ITEMS
Total Borrowings	0
Total Liabilities	47,029
Total Assets	1,910,745
Net Assets	1,863,716
Net Assets Backing	1,863,716
Shareholders' Funds	1,863,716
Total Share Capital	2,000,000
Total Reserves	(136,284)
LIQUIDITY (Times)
Cash Ratio	36.48
Liquid Ratio	38.37
Current Ratio	38.37
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0
Debtors Ratio	0
Creditors Ratio	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00
Liabilities Ratio	0.03
Times Interest Earned Ratio	0.00
Assets Backing Ratio	0.93
PERFORMANCE RATIO (%)
Operating Profit Margin	0.00
Net Profit Margin	0.00
Return On Net Assets	(7.31)
Return On Capital Employed	(7.31)
Return On Shareholders' Funds/Equity	(7.31)
Dividend Pay Out Ratio (Times)	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.41
UK Pound	1	Rs.99.30
Euro	1	Rs.79.00

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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.