|
|
REGISTRATION
NO.
|
:
|
200201667-C
|
|
COMPANY NAME
|
:
|
AAA OILS &
FATS PTE. LTD.
|
|
FORMER NAME
|
:
|
ASIAMAS
TRADING & MARKETING PTE LTD (08/07/2003)
|
|
INCORPORATION
DATE
|
:
|
04/03/2002
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
80, RAFFLES
PLACE, 50-01, UOB PLAZA, 048624, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
80, RAFFLES
PLACE, #50-01, UOB PLAZA 1, 048624, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62169338
|
|
FAX.NO.
|
:
|
65-62277006
|
|
CONTACT PERSON
|
:
|
KWAN KIM KONG
( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF
EDIBLE OILS AND SOFT COMMODITIES
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
3,034,300.00
ORDINARY SHARE, OF A VALUE OF SGD 3,034,300.00
|
|
|
|
|
SALES
|
:
|
USD
3,736,074,941 [2013]
|
|
NET WORTH
|
:
|
USD
135,081,031 [2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
60 [2015]
|
|
BANKER (S)
|
:
|
|
ABN AMRO
BANK N.V.
BANCO SANTANDER, S.A. HONG KONG BRANCH
DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK
HSH NORDBANK AG
RAIFFEISEN BANK INTERNATIONAL AG
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)
WESTLB AG
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
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) trading of edible oils and soft
commodities.
The immediate
holding company of the Subject is TALENT INVESTMENTS LIMITED, a company
incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital History
|
Date
|
Issue &
Paid Up Capital
|
|
19/01/2015
|
SGD
3,034,300.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
TALENT
INVESTMENTS LIMITED
|
P.O BOX 3444, ROAD
TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.
|
T03UF2074
|
3,034,300.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
3,034,300.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
201219281W
|
SINGAPORE
|
APICAL
LOGISTIC MANAGEMENT PTE. LTD.
|
100.00
|
26/02/2015
|
|
|
|
|
|
|
201219285C
|
SINGAPORE
|
APICAL SK
MANAGEMENT PTE. LTD.
|
100.00
|
26/02/2015
|
|
|
|
|
|
|
201219278
|
SINGAPORE
|
APICAL CHINA
MANAGEMENT PTE LTD
|
100.00
|
26/02/2015
|
|
|
|
|
|
|
201219277
|
SINGAPORE
|
APICAL
SUMATERA MANAGEMENT PTE LTD
|
100.00
|
26/02/2015
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of
Subject
|
:
|
YEO HOW KIEW
|
|
Address
|
:
|
6, SUFFOLK
WALK, 22-07, VIVA, 307464, SINGAPORE.
|
|
IC / PP No
|
:
|
G6085989U
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
16/12/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
SUWANDI LIM
|
|
Address
|
:
|
170 STIRLING
ROAD, 16 - 1125, 140170, SINGAPORE.
|
|
IC / PP No
|
:
|
S7066110A
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
19/01/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
LIM WI LIN
|
|
Address
|
:
|
290C, BUKIT
BATOK EAST AVENUE, 3, 06-350, 650290, SINGAPORE.
|
|
IC / PP No
|
:
|
G5483973T
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDONESIAN
|
|
Date of
Appointment
|
:
|
04/07/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of
Subject
|
:
|
JOSEPH OETOMO
@ OE SIANG KIE
|
|
Address
|
:
|
477 RIVER
VALLEY ROAD, 11 - 04 , VALLEY PARK, 248362, SINGAPORE.
|
|
IC / PP No
|
:
|
S2757387H
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
19/01/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
KWAN KIM KONG
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
Auditor
|
:
|
KPMG LLP
|
|
Auditor'
Address
|
:
|
16, RAFFLES
QUAY, 22-00, HONG LEONG BUILDING, 048581, SINGAPORE
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
PUA EE HUANG
|
|
IC / PP No
|
:
|
S7046110B
|
|
|
|
|
|
Address
|
:
|
226, WESTWOOD AVENUE,
08-20, THE FLORAVALE, 648357, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
ABN AMRO BANK
N.V.
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
BANCO SANTANDER,
S.A. HONG KONG BRANCH
|
|
|
|
|
|
|
|
|
|
3)
|
Name
|
:
|
DZ BANK AG
DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK
|
|
|
|
|
|
|
|
|
|
4)
|
Name
|
:
|
HSH NORDBANK
AG
|
|
|
|
|
|
|
|
|
|
5)
|
Name
|
:
|
RAIFFEISEN
BANK INTERNATIONAL AG
|
|
|
|
|
|
|
|
|
|
6)
|
Name
|
:
|
RAIFFEISEN
ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
|
|
|
|
|
|
|
|
|
|
7)
|
Name
|
:
|
THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)
|
|
|
|
|
|
|
|
|
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C200902213
|
16/04/2009
|
N/A
|
RAIFFEISEN
ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
|
-
|
Unsatisfied
|
|
C201001677
|
24/02/2010
|
N/A
|
THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH
|
-
|
Unsatisfied
|
|
C201100810
|
18/01/2011
|
N/A
|
DZ BANK AG
DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURF AM MAIN
|
-
|
Unsatisfied
|
|
C201108121
|
05/07/2011
|
N/A
|
ABN AMRO BANK
BHD
|
-
|
Unsatisfied
|
|
C201109920
|
11/08/2011
|
N/A
|
BANCO
SANTANDER, S.A. HONG KONG BRANCH
|
-
|
Unsatisfied
|
|
C201113972
|
03/11/2011
|
N/A
|
INDUSTRIAL
& COMMERCIAL BANK OF CHINA LIMITED
|
-
|
Unsatisfied
|
|
C201116080
|
21/12/2011
|
N/A
|
INDUSTRIAL
& COMMERCIAL BANK OF CHINA LIMITED
|
-
|
Unsatisfied
|
|
C201300531
|
11/01/2013
|
N/A
|
BANCO
SANTANDER, S.A.
|
-
|
Unsatisfied
|
|
C201317512
|
27/12/2013
|
N/A
|
RAIFFEISEN
BANK INTERNATIONAL AG
|
-
|
Unsatisfied
|
|
C201400010
|
27/12/2013
|
N/A
|
RAIFFEISEN
BANK INTERNATIONAL AG
|
-
|
Unsatisfied
|
|
C201401124
|
28/01/2014
|
N/A
|
BANCO
SANTANDER, S.A.
|
-
|
Unsatisfied
|
|
C201409170
|
27/08/2014
|
N/A
|
ABN AMRO BANK
N.V.
|
USD
725,000,000.00
|
Unsatisfied
|
|
C201409173
|
27/08/2014
|
N/A
|
ABN AMRO BANK
N.V.
|
USD
725,000,000.00
|
Unsatisfied
|
LITIGATION CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt 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
|
|
Overseas
|
:
|
YES
|
|
|
|
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
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
EDIBLE OILS
AND SOFT COMMODITIES
|
|
|
|
|
Total Number
of Employees:
|
|
|
YEAR
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
60
|
60
|
60
|
100
|
100
|
|
|
|
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of edible
oils and soft commodities.
Products and services:
* crude palm oil & crude palm kernel oil
* processed palm oil products
* packed cooking oil
* shortening
* margarine
* rubber
* cocoa beans
The Subject became member of the Roundtable on Sustainable Palm Oil (RSPO) in
2011.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
65-62169338
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address
Provided by Client
|
:
|
80 RAFFLES
PLACE HEX 50-01 UCB PLAZA 1 SINGAPORE 048624
|
|
Current
Address
|
:
|
80, RAFFLES
PLACE, #50-01, UOB PLAZA 1, 048624, SINGAPORE.
|
|
Match
|
:
|
NO
|
|
|
|
Other
Investigations
On 25th February 2015 we contacted one of the staff from the Subject;s
registered office and she provided some information on the Subject.
The address provided is as per stated in the report.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Favourable
|
[
|
45.48%
|
]
|
|
|
Return on Net
Assets
|
:
|
Favourable
|
[
|
44.64%
|
]
|
|
|
|
|
|
|
|
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The Subject's profit fell sharply because of the high
operating costs incurred. 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
|
[
|
1 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
27 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
5 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
|
:
|
Favourable
|
[
|
1.11 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.13 Times
|
]
|
|
|
|
|
|
|
|
|
|
A minimum liquid
ratio of 1 should be maintained by the Subject in order to assure its
creditors of its ability to meet short term obligations and the Subject was
in a good liquidity position. Thus, we believe the Subject is able to meet
all its short term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Acceptable
|
[
|
5.93 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
3.15 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's interest
cover was slightly low. If there is no sharp fall in its profit or sudden
increase in the interest rates, we believe the Subject is able to generate
sufficient income to service its interest and repay the loans. The Subject
was highly geared, thus it had a high financial risk. The Subject was
dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the Subject will become less
profitable and competitive than other firms in the same industry, which are
lowly geared. This is because the Subject has to service the interest and
to repay the loan, which will erode part of its profits. The profits will
fluctuate depending on the Subject's turnover and the interest it needs to
pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
The Subject
recorded lower profits as its turnover showed a erratic trend. The
Subject's management was unable to control its costs efficiently as its profit
showed a downward trend. The Subject was in good liquidity position with
its total current liabilities well covered by its total current assets.
With its current net assets, the Subject should be able to repay its short
term obligations. The Subject had an acceptable interest cover. If there is
no sudden sharp increase in interest rate or fall in the Subject's profit,
we do believe the Subject is able to generate sufficient cash flow to
service its interest payment. The Subject's gearing level was high and its
going concern will be in doubt if there is no injection of additional
shareholders' funds in times of economic downturn and / or high interest
rates.
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : FAIR
|
|
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)
|
|
|
|
|
|
|
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 2002, the Subject is a Private Limited company, focusing on
trading of edible oils and soft commodities. Having been in the industry
for over a decade, the Subject has achieved a certain market share and has
built up a satisfactory reputation in the market. It should have received
supports from its regular customers. A paid up capital of SGD 3,034,300
allows the Subject to expand its business more comfortably. With a strong
backing from its holding company, the Subject enjoys timely financial
assistance should the needs arise.
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 moderate
size company, the Subject has a total workforce of 60 employees in its
business operations. Overall, we regard that the Subject's management
capability is average. This indicates that the Subject has greater
potential to improve its business performance and raising income for the
Subject.
Financially, the Subject registered a higher turnover compared to previous
year. However, its profits showed a reverse trend. The lower profit
achieved was a result of higher operating cost and increased competition.
Based on the higher profitability, the Subject has generated a favourable
return based on its existing shareholders' funds which indicated that the
management was efficient in utilising its funds to generate income. 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. The high gearing ratio clearly
implied that the Subject was supported by more debt than equity. Thus, the
Subject is exposed to high financial risk. Given a positive net worth
standing at USD 135,081,031, the Subject should be able to maintain its
business in the near terms.
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.
|
|
Financial Year
End
|
2013-12-31
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
|
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
|
SUMMARY
|
|
Currency
|
USD
|
USD
|
USD
|
USD
|
SGD
|
|
|
|
|
|
|
|
TURNOVER
|
3,736,074,941
|
2,816,515,951
|
3,037,319,216
|
1,942,372,535
|
1,149,183,706
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
3,736,074,941
|
2,816,515,951
|
3,037,319,216
|
1,942,372,535
|
1,149,183,706
|
|
Costs of Goods
Sold
|
(3,526,399,244)
|
(2,587,755,434)
|
(2,818,781,247)
|
(1,822,695,639)
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
209,675,697
|
228,760,517
|
218,537,969
|
119,676,896
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
64,817,643
|
151,390,430
|
150,470,527
|
80,774,369
|
67,044,460
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
64,817,643
|
151,390,430
|
150,470,527
|
80,774,369
|
67,044,460
|
|
Taxation
|
(3,377,531)
|
(9,637,951)
|
(7,757,325)
|
(4,130,091)
|
(3,084,588)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
61,440,112
|
141,752,479
|
142,713,202
|
76,644,278
|
63,959,872
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD
|
|
|
|
|
|
|
As previously
reported
|
99,640,919
|
57,888,440
|
17,220,095
|
30,575,817
|
(25,769,476)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
99,640,919
|
57,888,440
|
17,220,095
|
30,575,817
|
(25,769,476)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
161,081,031
|
199,640,919
|
159,933,297
|
107,220,095
|
38,190,396
|
|
DIVIDENDS -
Ordinary (paid & proposed)
|
(28,000,000)
|
(100,000,000)
|
(102,044,857)
|
(90,000,000)
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD
|
133,081,031
|
99,640,919
|
57,888,440
|
17,220,095
|
38,190,396
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Term loan /
Borrowing
|
1,227,444
|
1,675,359
|
1,933,456
|
132,626
|
-
|
|
Trust receipts
|
11,932,919
|
9,196,112
|
26,910
|
10,453
|
-
|
|
Others
|
-
|
-
|
8,342,995
|
3,561,479
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
13,160,363
|
10,871,471
|
10,303,361
|
3,704,558
|
-
|
|
=============
|
=============
|
=============
|
=============
|
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
336,794
|
490,042
|
633,384
|
73,754
|
28,913
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary
companies
|
575,836
|
415,836
|
265,834
|
265,834
|
-
|
|
Deferred
assets
|
-
|
-
|
-
|
3,694
|
-
|
|
Others
|
106,441,754
|
78,000,000
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS
|
107,017,590
|
78,415,836
|
265,834
|
269,528
|
-
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
107,354,384
|
78,905,878
|
899,218
|
343,282
|
28,913
|
|
|
|
|
|
|
|
Stocks
|
6,975,598
|
7,920,803
|
-
|
5,473,463
|
-
|
|
Trade debtors
|
279,404,389
|
164,204,283
|
161,118,417
|
148,660,102
|
-
|
|
Other debtors,
deposits & prepayments
|
27,922,073
|
34,860,652
|
21,688,255
|
36,958,355
|
-
|
|
Short term
deposits
|
-
|
-
|
4,064,000
|
64,000
|
-
|
|
Amount due
from holding company
|
56,523,716
|
130,068,125
|
188,144,534
|
8,877,187
|
-
|
|
Amount due
from subsidiary companies
|
199,541,547
|
6,140,048
|
258,911
|
19,483,460
|
-
|
|
Amount due
from related companies
|
5,233,222
|
9,361,784
|
4,196
|
319
|
-
|
|
Cash &
bank balances
|
12,695,195
|
9,046,405
|
35,318,843
|
11,197,894
|
-
|
|
Others
|
5,642,729
|
-
|
-
|
2,072,763
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
593,938,469
|
361,602,100
|
410,597,156
|
232,787,543
|
194,468,187
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
701,292,853
|
440,507,978
|
411,496,374
|
233,130,825
|
194,497,100
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
creditors
|
47,178,717
|
51,771,554
|
83,446,691
|
30,067,683
|
-
|
|
Other
creditors & accruals
|
18,819,353
|
5,517,194
|
8,291,256
|
1,808,331
|
-
|
|
Hire purchase
& lease creditors
|
-
|
-
|
160,000,000
|
124,100,000
|
-
|
|
Bank overdraft
|
3,572,737
|
3,471,401
|
-
|
-
|
-
|
|
Short term
borrowings/Term loans
|
18,400,000
|
14,000,000
|
15,500,000
|
3,730,000
|
-
|
|
Other
borrowings
|
364,397,846
|
235,394,818
|
-
|
-
|
-
|
|
Other
liabilities & accruals
|
8,891,053
|
1,540,059
|
-
|
-
|
-
|
|
Amounts owing
to subsidiary companies
|
56,659,833
|
-
|
-
|
-
|
-
|
|
Amounts owing
to related companies
|
5,658,173
|
49,292
|
9,311,462
|
-
|
-
|
|
Provision for
taxation
|
3,030,417
|
9,622,741
|
7,759,528
|
4,130,091
|
-
|
|
Other
liabilities
|
-
|
-
|
32,298,997
|
5,804,625
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
526,608,129
|
321,367,059
|
316,607,934
|
169,640,730
|
153,272,403
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
67,330,340
|
40,235,041
|
93,989,222
|
63,146,813
|
41,195,784
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
174,684,724
|
119,140,919
|
94,888,440
|
63,490,095
|
41,224,697
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share
capital
|
2,000,000
|
2,000,000
|
2,000,000
|
2,000,000
|
3,034,300
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
2,000,000
|
2,000,000
|
2,000,000
|
2,000,000
|
3,034,300
|
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
133,081,031
|
99,640,919
|
57,888,440
|
17,220,095
|
38,190,396
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
133,081,031
|
99,640,919
|
57,888,440
|
17,220,095
|
38,190,396
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
135,081,031
|
101,640,919
|
59,888,440
|
19,220,095
|
41,224,696
|
|
|
|
|
|
|
|
Long term
loans
|
39,603,693
|
17,500,000
|
35,000,000
|
44,270,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
39,603,693
|
17,500,000
|
35,000,000
|
44,270,000
|
0
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
174,684,724
|
119,140,919
|
94,888,440
|
63,490,095
|
41,224,697
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
12,695,195
|
9,046,405
|
39,382,843
|
11,261,894
|
-
|
|
Net Liquid Funds
|
9,122,458
|
5,575,004
|
39,382,843
|
11,261,894
|
-
|
|
Net Liquid
Assets
|
60,354,742
|
32,314,238
|
93,989,222
|
57,673,350
|
41,195,784
|
|
Net Current
Assets/(Liabilities)
|
67,330,340
|
40,235,041
|
93,989,222
|
63,146,813
|
41,195,784
|
|
Net Tangible
Assets
|
174,684,724
|
119,140,919
|
94,888,440
|
63,490,095
|
41,224,697
|
|
Net Monetary
Assets
|
20,751,049
|
14,814,238
|
58,989,222
|
13,403,350
|
41,195,784
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
|
Total
Borrowings
|
425,974,276
|
270,366,219
|
210,500,000
|
172,100,000
|
-
|
|
Total
Liabilities
|
566,211,822
|
338,867,059
|
351,607,934
|
213,910,730
|
153,272,403
|
|
Total Assets
|
701,292,853
|
440,507,978
|
411,496,374
|
233,130,825
|
194,497,100
|
|
Net Assets
|
174,684,724
|
119,140,919
|
94,888,440
|
63,490,095
|
41,224,697
|
|
Net Assets
Backing
|
135,081,031
|
101,640,919
|
59,888,440
|
19,220,095
|
41,224,697
|
|
Shareholders'
Funds
|
135,081,031
|
101,640,919
|
59,888,440
|
19,220,095
|
41,224,696
|
|
Total Share
Capital
|
2,000,000
|
2,000,000
|
2,000,000
|
2,000,000
|
3,034,300
|
|
Total Reserves
|
133,081,031
|
99,640,919
|
57,888,440
|
17,220,095
|
38,190,396
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.02
|
0.03
|
0.12
|
0.07
|
-
|
|
Liquid Ratio
|
1.11
|
1.10
|
1.30
|
1.34
|
-
|
|
Current Ratio
|
1.13
|
1.13
|
1.30
|
1.37
|
1.27
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
1
|
1
|
0
|
1
|
-
|
|
Debtors Ratio
|
27
|
21
|
19
|
28
|
-
|
|
Creditors
Ratio
|
5
|
7
|
11
|
6
|
-
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
3.15
|
2.66
|
3.51
|
8.95
|
-
|
|
Liabilities
Ratio
|
4.19
|
3.33
|
5.87
|
11.13
|
3.72
|
|
Times Interest
Earned Ratio
|
5.93
|
14.93
|
15.60
|
22.80
|
-
|
|
Assets Backing
Ratio
|
87.34
|
59.57
|
47.44
|
31.75
|
13.59
|
|
PERFORMANCE RATIO
(%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
1.73
|
5.38
|
4.95
|
4.16
|
5.83
|
|
Net Profit
Margin
|
1.64
|
5.03
|
4.70
|
3.95
|
5.57
|
|
Return On Net
Assets
|
44.64
|
136.19
|
169.43
|
133.06
|
162.63
|
|
Return On
Capital Employed
|
43.74
|
132.34
|
63.08
|
45.03
|
162.63
|
|
Return On
Shareholders' Funds/Equity
|
45.48
|
139.46
|
238.30
|
398.77
|
155.15
|
|
Dividend Pay
Out Ratio (Times)
|
0.46
|
0.71
|
0.72
|
1.17
|
-
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
|
|