MIRA INFORM REPORT

 

 

 

 

Report Date :

17.02.2014

 

IDENTIFICATION DETAILS

 

Name :

WELCOME TRADING CO. PTE LTD

 

 

Registered Office :

1 North Bridge Road #12-04/05 High St Ctr Bldg Singapore 179094

 

 

Country :

Singapore

 

 

Financials (as on) :

December 2011

 

 

Date of Incorporation :

31.03.1971

 

 

Com. Reg. No.:

197100306E

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General wholesale trade (including general importers and exporters)

Wholesale on a fee or contract basis (eg. commission agents)

 

 

No. of Employees :

Not available 

 

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:

WELCOME TRADING CO. PTE LTD

197100306E

 

Date Incorporated:

Registered Office:

Telephone Number:

31/03/1971

1 NORTH BRIDGE ROAD #12-04/05 HIGH ST CTR BLDG SINGAPORE 179094

6338 5001

Age of Company:

Website:

Industry Type:

42

www.welcome.com.sg

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

1

20

Payment pattern as per previous month

No. of Charges(s):
7

Industry DTC

 

27

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

WELCOME HOLDING PRIVATE LIMITE D

Number that are shareholders

5

No. of Subsidiaries & Associated Companies:

1

 

 

EXECUTIVE SUMMARY

 

Company Name

:

WELCOME TRADING CO. PTE LTD

Registration No

:

197100306E

Date of Registration

:

31/03/1971

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 NORTH BRIDGE ROAD #12-04/05 HIGH ST CTR BLDG SINGAPORE 179094

Date of Change of Address

:

19/06/1999

Contact No.

:

6338 5001

Fax No.

:

6336 8821

Website

:

www.welcome.com.sg

Registered Activities

:

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

2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)

Issued Ordinary Capital*

:

$4,250,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 3,800,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$4,250,000.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

TAN KIAN TIN & CO.

Bankers / Financiers

:

MALAYAN BANKING BERHAD

DBS BANK LTD.

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

UNITED OVERSEAS BANK LIMITED

Turnover

:

SGD - SIN 187,716,643.00 (FY2011)

Net Worth

:

SGD - SIN 4,569,866.00 (FY2011)

No. of Bank Charges

:

7

No. of Litigation Suits

:

---

S1000 / SME 1000 / FG50 Ranking

:

1258 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

1262 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

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

1033 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

473 POSITION IN SME 500 Companies Ranked by Return on Equities (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

5.48% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

WELCOME HOLDING PRIVATE LIMITE D

SHAREHOLDER ID

:

198102806R

NATIONALITY

:

SINGAPORE

ADDRESS

:

1 NORTH BRIDGE ROAD #12-04/05 HIGH STREEET CTR BLDG SINGAPORE 179094

NO. OF ORD SHARES

:

2,840,000

% OF SHAREHOLDING

:

74.7%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LIM KUEH CHONG

SHAREHOLDER ID

:

S0549384F

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

38 LUCKY VIEW SINGAPORE 467470

NO. OF ORD SHARES

:

532,500

% OF SHAREHOLDING

:

14%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

STONE HARBOUR WORLDWIDE CORP

SHAREHOLDER ID

:

T12UF3266K

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

NERING CHAMBERS, P O BOX 905, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

270,000

% OF SHAREHOLDING

:

7.1%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LIM QUIK SHEN

SHAREHOLDER ID

:

S2052493F

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

104 BOON KENG ROAD #06-03 SINGAPORE 339775

NO. OF ORD SHARES

:

97,500

% OF SHAREHOLDING

:

2.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

EST OF YONGKIART KIARTARITARA

SHAREHOLDER ID

:

H010783

NATIONALITY

:

THAI

ADDRESS

:

461 YAMARAJ SUKUM LANE SUAPA RD BANGKOK THAILAND

NO. OF ORD SHARES

:

60,000

% OF SHAREHOLDING

:

1.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

LIM KUEH CHONG

ADDRESS

:

38 LUCKY VIEW SINGAPORE 467470

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

31/03/1971

31/03/1971

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0549384F

 

NAME

:

LIM CHIEW LIN

ADDRESS

:

367 YISHUN RING ROAD #12-1538 SINGAPORE 760367

POSITION

:

DIRECTOR

DATE OF APPT

:

22/06/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1675762D

 

NAME

:

LIM QUIK SHEN

ADDRESS

:

104 BOON KENG ROAD #06-03 SINGAPORE 339775

POSITION

:

DIRECTOR

DATE OF APPT

:

15/05/1974

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2052493F

 

NAME

:

LIM CHIEW WAH

ADDRESS

:

38 LUCKY VIEW SINGAPORE 467470

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

03/07/1997

12/05/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7527546C

 

 

KEY PERSONNEL PROFILE

 

Name:

LIM KUEH CHONG

NRIC Number:

S0549384F

Available Address:

38 LUCKY VIEW  SINGAPORE 467470

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

COMFORT LEATHER SHOE MANUFACTORY PRIVATE LIMITED

DIRECTOR

16/07/1979

-

NA

2

GRAND TRUST PETROCHEMICAL PTE. LTD.

DIRECTOR

12/07/2012

-

NA

3

WALLSUN INTERNATIONAL CO PRIVATE LTD.

DIRECTOR

26/03/2012

-

NA

4

WELCOME HOLDING PRIVATE LIMITE D

DIRECTOR

18/06/1981

1018060

97.88

5

WELCOME TRADING CO. PTE LTD

DIRECTOR

31/03/1971

532500

14.01

6

WELCOME TRADING CO. PTE LTD

MANAGING DIRECTOR

31/03/1971

532500

14.01

7

ZOSING INTERNATIONAL PTE LTD

DIRECTOR

08/11/1975

-

NA

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

CHANCERLODGE DEVELOPMENT PTE. LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

MANAGING DIRECTOR

12/08/1981

25/01/2002

2

COMFORT LEATHER SHOE MANUFACTORY PRIVATE LIMITED

LIVE COMPANY

MANAGER

16/07/1979

02/04/2013

3

COMSTEEL INTERNATIONAL PTE LTD

STRUCK OFF

DIRECTOR

20/01/2000

04/09/2007

4

COMSTEEL INTERNATIONAL PTE LTD

STRUCK OFF

SHAREHOLDER

-

-

5

EVERICH INTERNATIONAL COMPANY (PRIVATE) LIMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

15/10/1975

25/01/2002

6

EVERICH INTERNATIONAL COMPANY (PRIVATE) LIMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

MANAGER

15/10/1975

25/01/2002

7

FAITHFUL RESOURCE DEVELOPMENT PTE. LTD.

STRUCK OFF

DIRECTOR

14/06/1979

-

8

FINANCIAL BOARD OF THE SINGAPORE CHINESE CHAMBER OF COMMERCE, THE

LIVE COMPANY

DIRECTOR

29/03/1985

15/02/2013

9

FOOTWEAR ASSOCIATED (SINGAPORE) LIMITED

IN LIQUIDATION - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

04/09/1982

-

10

GRAND TRUST PETROCHEMICAL PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

20/02/2013

11

HERO INTERNATIONAL PTE. LTD.

STRUCK OFF

DIRECTOR

22/09/1977

-

12

HERO INTERNATIONAL PTE. LTD.

STRUCK OFF

SHAREHOLDER

-

-

13

KINGWELL ENTERPRISES PRIVATE L IMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

MANAGING DIRECTOR

30/11/1979

-

14

KINGWELL ENTERPRISES PRIVATE L IMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

SHAREHOLDER

-

-

15

LARINCO TRADING PTE LTD

STRUCK OFF

DIRECTOR

12/11/1988

30/06/2003

16

LARINCO TRADING PTE LTD

STRUCK OFF

SHAREHOLDER

-

30/06/2003

17

MOSHEN ENTERPRISES PTE LTD

IN LIQUIDATION - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

31/10/1980

25/01/2002

18

NEW PEARL INTERNATIONAL PTE LTD

LIVE COMPANY

DIRECTOR

26/08/1988

18/04/2011

19

NEW PEARL INTERNATIONAL PTE LTD

LIVE COMPANY

SHAREHOLDER

-

18/04/2011

20

PAX REALTY & DEVELOPMENT PTE LTD

LIVE COMPANY

DIRECTOR

15/05/1981

07/11/2012

21

SINGAPORE CHINESE CHAMBER OF COMMERCE FOUNDATION

LIVE COMPANY

DIRECTOR

30/06/1987

09/04/2013

22

SOUTHERN DRAGON INVESTMENT DEVELOPMENT PTE. LTD.

STRUCK OFF

DIRECTOR

04/03/1987

-

23

SOUTHERN DRAGON INVESTMENT DEVELOPMENT PTE. LTD.

STRUCK OFF

SECRETARY

09/03/1987

-

24

TECK HENG SHOES FACTORY (PRIVATE) LIMITED

STRUCK OFF

SHAREHOLDER

-

-

25

WELCOME REALTY CO. PRIVATE LIMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

28/11/1979

-

26

WELCOME REALTY CO. PRIVATE LIMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

27/12/1979

-

27

WELCOME REALTY CO. PRIVATE LIMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

SHAREHOLDER

-

-

28

WELCOME TRADING COMPANY

TERMINATION

OWNER

16/10/1964

-

 

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 (%)

 

COMFORT LEATHER SHOE MANUFACTORY PRIVATE LIMITED

62.48

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 7 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201304657

 

Date of Registration

:

03/04/2013

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907

 

2)

Charge No.

:

C201302388

 

Date of Registration

:

08/02/2013

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

3)

Charge No.

:

C201302173

 

Date of Registration

:

06/02/2013

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

4)

Charge No.

:

C201208007

 

Date of Registration

:

18/07/2012

 

Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C200600473

 

Date of Registration

:

19/01/2006

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

6)

Charge No.

:

C200503681

 

Date of Registration

:

29/06/2005

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

7)

Charge No.

:

8103882

 

Date of Registration

:

17/09/1981

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

3,400,000.00 SINGAPORE, DOLLARS

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

 

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.

:

2514

 

Transfer

:

-

 

Date of Filing

:

30/12/1996

 

Amount

:

0.00

 

Cause

:

NA

 

Case Status

:

NA

 

Plaintiff

:

INDO ENERGY (HK) LTD

 

Last Update Date

:

24/11/1997

 

COMPLIANCE

 

Date of Last AGM

:

25/06/2012

Date of Last AR

:

25/07/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

 

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

 

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

187,716,643

13.45

165,467,691

143,531,553

159,701,051

151,650,586

Profit/(Loss) Before Tax

(1,174,895)

NA

926,710

2,042,055

(1,344,666)

841,125

Profit After Tax attributable

 to Shareholders

(1,195,077)

NA

926,710

2,042,055

(1,344,666)

841,125

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

18,287,958

29.85

14,083,879

16,908,786

13,429,308

18,260,769

Current Assets

13,598,948

45.89

9,321,600

11,906,435

8,614,800

13,375,803

Non Current Assets

4,689,010

-1.54

4,762,279

5,002,351

4,814,508

4,884,966

 

 

 

 

 

 

 

Total Liabilities

13,718,092

63.75

8,377,496

12,127,313

10,905,252

14,306,721

Current Liabilities

13,718,092

63.75

8,377,496

12,127,313

10,905,252

14,306,721

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

4,569,866

-19.92

5,706,383

4,781,473

2,524,056

3,954,048

Share Capital

4,250,000

0.00

4,250,000

4,250,000

4,250,000

4,250,000

Total Reserves

319,866

-78.04

1,456,383

531,473

(1,725,944)

(295,952)

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

13.45

15.28

-10.12

5.31

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-0.64

0.56

1.42

-0.84

0.55

Return on Equity (%)

-26.15

16.24

42.71

-53.27

21.27

Return on Assets (%)

-6.53

6.58

12.08

-10.01

4.61

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.00

1.47

2.54

4.32

3.62

Current Debt/Equity (Times)

3.00

1.47

2.54

4.32

3.62

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

4.00

2.47

3.54

5.32

4.62

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

10.26

11.75

8.49

11.89

8.30

Fixed Assets Turnover (Times)

40.03

34.75

28.69

33.17

31.04

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.99

1.11

0.98

0.79

0.93

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 5.48% (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

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

Current ratio stood at 0.99 times in FY11 (FY10: 1.11 times). This means that the company has SGD - SIN 0.99 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 3.00 times in FY11, compared with 1.47 times in FY10. This means that the company requires additional external financing of SGD - SIN 3.00 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

 

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 10.26 times in FY11 (FY10: 11.75 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.62.27

UK Pound

1

Rs.103.66

Euro

1

Rs.85.17

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

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