|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
CARGILL INTERNATIONAL TRADING PTE LTD |
|
|
|
|
Formerly known as : |
CARGILL COMMODITY TRADING PTE. LTD. |
|
|
|
|
Registered Office : |
300, Beach Road, 23-01, The Concourse, 199555 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.05.2013 |
|
|
|
|
Date of Incorporation : |
05.12.1967 |
|
|
|
|
Com. Reg. No.: |
196700442-D |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· engaged as a commodity and Futures Brokers as well as Dealers. · engaged in trading of Commodity Product including Food Product & Household Product · Engaged as producers and users of Grain, Oilseeds and Other Agricultural Commodities through Origination, Processing, Marketing and Distribution Capabilities and Services. |
|
|
|
|
No. of Employees |
400 [2014] |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 |
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
196700442-D |
|
COMPANY NAME |
: |
CARGILL
INTERNATIONAL TRADING PTE LTD |
|
FORMER NAME |
: |
CARGILL COMMODITY TRADING PTE. LTD. (29/07/1993) |
|
INCORPORATION DATE |
: |
05/12/1967 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
300, BEACH ROAD, 23-01, THE CONCOURSE,
199555, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
300 BEACH ROAD #23-01 THE CONCOURSE,
199555, SINGAPORE. |
|
TEL.NO. |
: |
65-62951112 |
|
FAX.NO. |
: |
65-63938898 |
|
WEB SITE |
: |
|
|
CONTACT PERSON |
: |
SYED MUNIRUL HASAN ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
·
engaged
as a commodity and Futures Brokers as well as Dealers. ·
engaged
in trading of Commodity Product including Food Product & Household
Product ·
Engaged
as producers and users of Grain, Oilseeds and Other Agricultural Commodities
through Origination, Processing, Marketing and Distribution Capabilities and
Services. |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
1,650,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 1,650,000.00 |
|
|
|
|
|
SALES |
: |
USD 12,527,999,000 [2013] |
|
NET WORTH |
: |
USD 80,691,000 [2013] |
|
|
|
|
|
STAFF STRENGTH |
: |
400 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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) commodity and futures brokers and dealers.
The immediate holding company of the Subject is CARGILL ASIA PACIFIC HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the Subject is CARGILL, INCORPORATED, a company incorporated in UNITED
STATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
14/07/2014 |
SGD 1,650,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
CARGILL ASIA PACIFIC HOLDINGS PTE. LTD. |
300, BEACH ROAD, 23-01, THE CONCURSE, 199555, SINGAPORE. |
200401312G |
1,650,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,650,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
SG1000 |
SINGAPORE |
CARGILL METALS SINGAPORE |
100.00 |
31/05/2013 |
|
|
|
|
|
|
|
200106030W |
SINGAPORE |
CARGILL DONGGUAN HOLDINGS PTE. LTD. |
100.00 |
31/05/2013 |
|
|
|
|
|
|
|
200506905Z |
SINGAPORE |
CARGILL OCEAN TRANSPORTATION (SINGAPORE) PTE. LTD. |
100.00 |
31/05/2013 |
|
|
|
|
|
|
|
|
INDIA |
CARGILL GLOBAL TRADING INDIA PVT LTD |
100.00 |
31/05/2013 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
SYED MUNIR-UL HASAN |
|
Address |
: |
30, HOLLAND GREEN, HOLLAND GREEN, 276153, SINGAPORE. |
|
IC / PP No |
: |
S2715581B |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
21/04/1994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
TA YOKE PENG |
|
Address |
: |
22, EWE BOON ROAD, 03-08, PALM SPRING, 259328, SINGAPORE. |
|
IC / PP No |
: |
S2557457E |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
22/10/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
RICHARD IAN NIELD |
|
Address |
: |
1, LEYDEN HILL, DUNEARN ROAD HOSTELS, 298749, SINGAPORE. |
|
IC / PP No |
: |
F2571191L |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
17/06/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
SYED MUNIRUL HASAN |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
KAREN LING GEOK BEE |
|
|
IC / PP No |
: |
S7123372C |
|
|
|
|
|
|
|
Address |
: |
263, BISHAN STREET 22, 22-265, 570263, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* 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.
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
|
|
|
|
|
|
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
70% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
30% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
15 - 30 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
COMMODITY PRODUCT & OTHER RELATED
PRODUCT
|
|
|
|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
|
|||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
400 |
400 |
115 |
120 |
116 |
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) commodity and futures
brokers and dealers.
The Subject is under the
Cargill Group of Companies.
The Subject engaged in trading of commodity product including food product
& household product
Subject is producers and users of Grain, Oilseeds and Other Agricultural Commodities through Origination, Processing, Marketing and Distribution Capabilities and Services.
The Group is producers and marketers of food, agricultural, financial and
industrial products and services.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62951112 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
300 BEACH ROAD #23-01, THE CONCOURSE
SINGAPORE 199555 |
|
Current Address |
: |
300 BEACH ROAD #23-01 THE CONCOURSE,
199555, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
108.11% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
110.10% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The higher profit could be attributed to the
increase in turnover. Generally the Subject was profitable. The favourable
return on shareholders' funds and return on net assets indicate that the
Subject's management was efficient in utilising the assets to generate
returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
8 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
12 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
6 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The favourable debtors' days
could be due to the good credit control measures implemented by the Subject.
The Subject had a favourable creditors' ratio where the Subject could be
taking advantage of the cash discounts and also wanting to maintain goodwill
with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
0.80 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.02 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate that
the Subject's working capital was slightly deficient. The Subject will have
to improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
28.59 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. The Subject had no
gearing and hence it had virtually no financial risk. The Subject was
financed by its shareholders' funds and internally generated fund. During the
economic downturn, the Subject, having a zero gearing, will be able to compete
better than those which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in controlling
its costs and profitability. The Subject's liquidity was at an acceptable
range. If the Subject is able to obtain further short term financing, it
should be able to meet all its short term obligations. With the favourable
interest cover, the Subject could be able to service all the accrued interest
without facing any difficulties. The Subject was a zero gearing company, it
was solely dependant on its shareholders to provide funds to finance its
business. The Subject has good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : STABLE |
||||||
|
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 : |
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 |
|
|
Incorporated in 1967, the Subject is a
Private Limited company, focusing on commodity and futures brokers and
dealers. Its long establishment in the market has allowed the Subject to
build up a good reputation and gain higher market share against its rivals.
Having strong support from its holding company has enabled the Subject to
remain competitive despite the challenging business environment. The capital
standing of the Subject is fair. With an adequate share capital, the Subject
has the potential of expanding its business in future. Over the years, the Subject has
established an extensive clientele base in the market. Besides catering to
the local market, the Subject has penetrated into other countries. With the
contribution of both local and overseas customers, the Subject is likely to
be exposed to lower commercial risk. Hence, we believe that the Subject has
better business expansion opportunities in the future. The Subject is a
fairly large and rapidly growing company with over 400 staff in its
operations. The Subject has a good management capability. Its capable
management team has enabled the Subject to keep its business on going. Hence,
the future prospect of the Subject is bright. Having a strong assets backing, the
Subject possesses latent assets as collateral for further financial
extension. Hence, it has good chance of getting loans if the needs arises.
The Subject's supplier are from both the local and overseas countries. This
will eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the
Subject has a good control over its resources. Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. 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 promptly. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
CARGILL
INTERNATIONAL TRADING PTE LTD |
|
Financial Year End |
2013-05-31 |
2012-05-31 |
2011-05-31 |
2010-05-31 |
2009-05-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
|
TURNOVER |
12,527,999,000 |
14,085,379,000 |
12,018,284,000 |
8,298,276,000 |
8,636,039,000 |
|
Other Income |
20,024,000 |
12,848,000 |
21,339,000 |
47,162,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
12,548,023,000 |
14,098,227,000 |
12,039,623,000 |
8,345,438,000 |
8,636,039,000 |
|
Costs of Goods Sold |
(12,372,728,000) |
(14,036,402,000) |
(11,877,447,000) |
(8,209,180,000) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
175,295,000 |
61,825,000 |
162,176,000 |
136,258,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
92,977,000 |
12,274,000 |
89,733,000 |
81,516,000 |
157,900,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
92,977,000 |
12,274,000 |
89,733,000 |
81,516,000 |
157,900,000 |
|
Taxation |
(5,744,000) |
(3,913,000) |
(1,788,000) |
(2,581,000) |
(6,753,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
87,233,000 |
8,361,000 |
87,945,000 |
78,935,000 |
151,147,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
55,093,000 |
479,732,000 |
403,287,000 |
414,352,000 |
263,205,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
55,093,000 |
479,732,000 |
403,287,000 |
414,352,000 |
263,205,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
142,326,000 |
488,093,000 |
491,232,000 |
493,287,000 |
414,352,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(58,201,000) |
(433,000,000) |
(11,500,000) |
(90,000,000) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
84,125,000 |
55,093,000 |
479,732,000 |
403,287,000 |
414,352,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Others |
3,370,000 |
3,369,000 |
1,895,000 |
1,178,000 |
5,917,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,370,000 |
3,369,000 |
1,895,000 |
1,178,000 |
5,917,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
CARGILL
INTERNATIONAL TRADING PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
1,342,000 |
1,653,000 |
2,059,000 |
2,024,000 |
2,822,000 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
61,244,000 |
1,352,000 |
1,272,000 |
1,244,000 |
1,252,000 |
|
Loans & advances - non-current |
- |
- |
- |
1,954,000 |
- |
|
Deferred assets |
233,000 |
- |
- |
210,000 |
- |
|
Others |
459,000 |
21,165,000 |
22,390,000 |
20,000,000 |
20,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
61,936,000 |
22,517,000 |
23,662,000 |
23,408,000 |
21,252,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
63,278,000 |
24,170,000 |
25,721,000 |
25,432,000 |
24,074,000 |
|
|
|
|
|
|
|
|
Short term quoted/unquoted investments |
97,000 |
97,000 |
2,579,000 |
3,749,000 |
4,509,000 |
|
Stocks |
277,729,000 |
373,016,000 |
260,364,000 |
184,649,000 |
106,077,000 |
|
Trade debtors |
404,437,000 |
351,641,000 |
499,065,000 |
219,445,000 |
212,387,000 |
|
Other debtors, deposits & prepayments |
331,086,000 |
780,022,000 |
58,379,000 |
671,581,000 |
839,256,000 |
|
Amount due from holding company |
29,998,000 |
10,846,000 |
13,876,000 |
- |
- |
|
Amount due from subsidiary companies |
414,000 |
414,000 |
573,000 |
- |
- |
|
Amount due from related companies |
280,030,000 |
134,907,000 |
270,256,000 |
- |
- |
|
Cash & bank balances |
99,000 |
127,000 |
197,000 |
1,286,000 |
245,000 |
|
Others |
- |
- |
657,476,000 |
38,828,000 |
138,334,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
1,323,890,000 |
1,651,070,000 |
1,762,765,000 |
1,119,538,000 |
1,300,808,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
1,387,168,000 |
1,675,240,000 |
1,788,486,000 |
1,144,970,000 |
1,324,882,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
192,473,000 |
231,450,000 |
287,773,000 |
117,357,000 |
149,450,000 |
|
Other creditors & accruals |
407,460,000 |
722,583,000 |
500,773,000 |
602,256,000 |
739,733,000 |
|
Other liabilities & accruals |
526,705,000 |
328,658,000 |
- |
- |
- |
|
Amounts owing to holding company |
1,406,000 |
5,123,000 |
2,796,000 |
- |
- |
|
Amounts owing to subsidiary companies |
2,353,000 |
2,273,000 |
765,000 |
- |
- |
|
Amounts owing to related companies |
131,053,000 |
243,722,000 |
140,404,000 |
- |
- |
|
Provision for taxation |
3,754,000 |
2,384,000 |
3,258,000 |
2,325,000 |
8,120,000 |
|
Other liabilities |
34,457,000 |
62,449,000 |
327,592,000 |
3,689,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
1,299,661,000 |
1,598,642,000 |
1,263,361,000 |
725,627,000 |
897,303,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
24,229,000 |
52,428,000 |
499,404,000 |
393,911,000 |
403,505,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
87,507,000 |
76,598,000 |
525,125,000 |
419,343,000 |
427,579,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
767,000 |
767,000 |
767,000 |
767,000 |
767,000 |
|
Preference share capital |
- |
6,909,000 |
6,909,000 |
6,909,000 |
6,909,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
767,000 |
7,676,000 |
7,676,000 |
7,676,000 |
7,676,000 |
|
|
|
|
|
|
|
|
Capital reserve |
(4,890,000) |
- |
- |
- |
- |
|
Retained profit/(loss) carried forward |
84,125,000 |
55,093,000 |
479,732,000 |
403,287,000 |
414,352,000 |
|
Others |
689,000 |
2,091,000 |
5,179,000 |
(56,000) |
(628,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
79,924,000 |
57,184,000 |
484,911,000 |
403,231,000 |
413,724,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
80,691,000 |
64,860,000 |
492,587,000 |
410,907,000 |
421,400,000 |
|
|
|
|
|
|
|
|
Deferred taxation |
- |
260,000 |
10,000 |
- |
4,000 |
|
Others |
6,816,000 |
11,478,000 |
32,528,000 |
8,436,000 |
6,175,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
6,816,000 |
11,738,000 |
32,538,000 |
8,436,000 |
6,179,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
87,507,000 |
76,598,000 |
525,125,000 |
419,343,000 |
427,579,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CARGILL
INTERNATIONAL TRADING PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
99,000 |
127,000 |
197,000 |
1,286,000 |
245,000 |
|
Net Liquid Funds |
99,000 |
127,000 |
197,000 |
1,286,000 |
245,000 |
|
Net Liquid Assets |
(253,500,000) |
(320,588,000) |
239,040,000 |
209,262,000 |
297,428,000 |
|
Net Current Assets/(Liabilities) |
24,229,000 |
52,428,000 |
499,404,000 |
393,911,000 |
403,505,000 |
|
Net Tangible Assets |
87,507,000 |
76,598,000 |
525,125,000 |
419,343,000 |
427,579,000 |
|
Net Monetary Assets |
(260,316,000) |
(332,326,000) |
206,502,000 |
200,826,000 |
291,249,000 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
1,306,477,000 |
1,610,380,000 |
1,295,899,000 |
734,063,000 |
903,482,000 |
|
Total Assets |
1,387,168,000 |
1,675,240,000 |
1,788,486,000 |
1,144,970,000 |
1,324,882,000 |
|
Net Assets |
87,507,000 |
76,598,000 |
525,125,000 |
419,343,000 |
427,579,000 |
|
Net Assets Backing |
80,691,000 |
64,860,000 |
492,587,000 |
410,907,000 |
421,400,000 |
|
Shareholders' Funds |
80,691,000 |
64,860,000 |
492,587,000 |
410,907,000 |
421,400,000 |
|
Total Share Capital |
767,000 |
7,676,000 |
7,676,000 |
7,676,000 |
7,676,000 |
|
Total Reserves |
79,924,000 |
57,184,000 |
484,911,000 |
403,231,000 |
413,724,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liquid Ratio |
0.80 |
0.80 |
1.19 |
1.29 |
1.33 |
|
Current Ratio |
1.02 |
1.03 |
1.40 |
1.54 |
1.45 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
8 |
10 |
8 |
8 |
4 |
|
Debtors Ratio |
12 |
9 |
15 |
10 |
9 |
|
Creditors Ratio |
6 |
6 |
9 |
5 |
6 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
16.19 |
24.83 |
2.63 |
1.79 |
2.14 |
|
Times Interest Earned Ratio |
28.59 |
4.64 |
48.35 |
70.20 |
27.69 |
|
Assets Backing Ratio |
114.09 |
9.98 |
68.41 |
54.63 |
55.70 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
0.74 |
0.09 |
0.75 |
0.98 |
1.83 |
|
Net Profit Margin |
0.70 |
0.06 |
0.73 |
0.95 |
1.75 |
|
Return On Net Assets |
110.10 |
20.42 |
17.45 |
19.72 |
38.31 |
|
Return On Capital Employed |
110.10 |
20.42 |
17.45 |
19.72 |
38.31 |
|
Return On Shareholders' Funds/Equity |
108.11 |
12.89 |
17.85 |
19.21 |
35.87 |
|
Dividend Pay Out Ratio (Times) |
0.67 |
51.79 |
0.13 |
1.14 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
UK Pound |
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.