MIRA INFORM REPORT

 

 

Report No. :

337797

Report Date :

22.08.2015

 

IDENTIFICATION DETAILS

 

Name :

MEWAH OILS & FATS PTE LTD

 

 

Formerly Known As :

·         NGO CHEW HONG COMMODITIES PTE LTD

·         AL AFDAL OILS & FATS PTE LTD

 

 

Registered Office :

5, International Business Park, 05-00, Mewah Building, 609914

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

30.12.1983

 

 

Com. Reg. No.:

198306094-E

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Oil and Fats

 

 

No. of Employees :

200 [2015]

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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.

:

198306094-E

COMPANY NAME

:

MEWAH OILS & FATS PTE LTD

FORMER NAME

:

NGO CHEW HONG COMMODITIES PTE LTD (06/04/1999)
AL AFDAL OILS & FATS PTE LTD (19/11/1996)

INCORPORATION DATE

:

30/12/1983

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.

BUSINESS ADDRESS

:

5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.

TEL.NO.

:

65-68295200

FAX.NO.

:

65-63410963

EMAIL

:

MEWAHGROUP@NCHEO.COM

WEB SITE

:

WWW.MEWAHGROUP.COM

CONTACT PERSON

:

LEONG CHOI FOONG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF OIL AND FATS

ISSUED AND PAID UP CAPITAL

:

3,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,000,000.00

SALES

:

USD 1,553,922,346 [2013]

NET WORTH

:

USD 90,333,794 [2013]

STAFF STRENGTH

:

200 [2015]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
SOCIETE GENERALE
STANDARD CHARTERED BANK
PT BANK MANDIRI (PERSERO) TBK
UNITED OVERSEAS BANK LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

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 oil and fats.

 

The immediate holding company of the Subject is NGO CHEW HONG CORPORATION PTE. LTD., a company incorporated in SINGAPORE.

 

Share Capital History

Date

Issue & Paid Up Capital

02/04/2015

SGD 3,000,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

NGO CHEW HONG CORPORATION PTE. LTD.

5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.

199303486H

3,000,000.00

100.00

---------------

------

3,000,000.00

100.00

============

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. LEONG CHOI FOONG

Address

:

B-5-7, ENDAH REGAL CONDOMINIUM, 7, JALAN 3/149E, TAMAN SRI ENDAH, 57000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

5044690

New IC No

:

560924-10-5466

Date of Birth

:

24/09/1956

Nationality

:

MALAYSIAN

Date of Appointment

:

13/01/2011

 

DIRECTOR 2

 

Name Of Subject

:

MS. LEONG QUEE ME

Address

:

18, JALAN PULAI 66, TAMAN PULAI UTAMA, 81300 SKUDAI, JOHOR, MALAYSIA.

IC / PP No

:

A1956793

New IC No

:

710727-05-5210

Date of Birth

:

27/07/1971

Nationality

:

MALAYSIAN

Date of Appointment

:

01/07/2008

 

DIRECTOR 3

 

Name Of Subject

:

NGIAM SHEAU HUEY

Address

:

120, TAMPINES STREET, 11, 10-306, TAMPINES COURT, 521120, SINGAPORE.

IC / PP No

:

S7668392A

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/11/2012


MANAGEMENT

 

1)

Name of Subject

:

LEONG CHOI FOONG

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

 

 

 

 

1)

Company Secretary

:

LAURA NG KWEE HONG

IC / PP No

:

S1193635J

Address

:

10, BROOKE ROAD, 08-02, EAST VIEW, 429986, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

2)

Name

:

SOCIETE GENERALE

 

3)

Name

:

STANDARD CHARTERED BANK

 

4)

Name

:

PT BANK MANDIRI (PERSERO) TBK

 

5)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200905903

17/09/2009

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C200905908

18/09/2009

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C200905909

18/09/2009

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201009610

18/10/2010

N/A

SOCIETE GENERALE

-

Unsatisfied

C201009611

18/10/2010

N/A

SOCIETE GENERALE

-

Unsatisfied

C201101171

26/01/2011

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK

-

Unsatisfied

C201111259

09/09/2011

N/A

DBS BANK LTD.

-

Unsatisfied

C201112571

07/10/2011

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

-

Unsatisfied

C201202935

16/03/2012

N/A

PT BANK MANDIRI (PERSERO) TBK

-

Unsatisfied

C201210669

19/09/2012

N/A

CTBC BANK CO., LTD

-

Unsatisfied

C201210673

19/09/2012

N/A

CTBC BANK CO., LTD.

-

Unsatisfied

C201212298

25/10/2012

N/A

ICICI BANK LIMITED

-

Unsatisfied

C201306511

13/05/2013

N/A

PT BANK MANDIRI (PERSERO) TBK

-

Unsatisfied

C201307240

30/05/2013

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201307285

30/05/2013

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201406446

30/06/2014

N/A

CTBC BANK CO., LTD.

-

Unsatisfied

C201406452

30/06/2014

N/A

CTBC BANK CO., LTD.

-

Unsatisfied

C201407639

23/07/2014

N/A

CIMB BANK BERHAD

USD 10,000,000.00

Unsatisfied

C201407640

23/07/2014

N/A

CIMB BANK BERHAD

USD 10,000,000.00

Unsatisfied

C201407641

23/07/2014

N/A

CIMB BANK BERHAD

USD 10,000,000.00

Unsatisfied

C201410350

23/09/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

 

 

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

LEGAL ACTION

 

 

Code No

:

99

Case No

:

295

Year

:

2013

Place

:

SINGAPORE

Court

:

SESSIONS COURT

Date Filed

:

09/04/2013

Solicitor Ref

:

GJC/S1138/2012

Solicitor Firm

:

GLORIA JAMES-CIVETTA & CO.

Plaintiff

:

GOSTARESH KHADAMAT BAZARGANI BEHSAZ CO

Defendants

:

MEWAH OILS & FATS PTE LTD (198306094)

Amount Claimed

:

1102002

Nature of Claim

:

AED

Remark

:

SALE OF GOODS & SERVICES

Code No

:

99

Case No

:

15505

Year

:

2014

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

18/08/2014

Solicitor

:

ANJALLI D/O MUNIANDY

Solicitor Ref

:

AM1-INS-H5-90568-14- YLV(PMV)

Solicitor Firm

:

VISION LAW LLC

Plaintiff

:

LIM KIAN HWEE
PRIME CAR RENTAL & TAXI SERVICES PTE LTD

Defendants

:

MEWAH OILS & FATS PTE LTD (198306094)

Amount Claimed

:

10347.70

Nature of Claim

:

SGD

Remark

:

NEGLIGENCE

 

No winding up petition was found in our databank

 

 

 

PAYMENT RECORD

 

 

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

[

X

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

N/A

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

OILS AND FATS

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

200

200

200

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of oil and fats.

The Group is a global agri-business focused on edible oils and fats with refineries and processing facilities in Malaysia and Singapore and a worldwide marketing network.

The Group is one of the largest palm oil processor in the world by capacity and produce a wide range of refined and fractionated vegetable oils and fats principally from palm and lauric oil, and from soft oils, such as soybean oil, canola oil, sunflower seed oil and corn oil.

Group's business consists of:

1) bulk segment, which sources, manufactures and sells edible oils and fats (including specialty fats) in bulk to wholesalers and processors for a variety of end uses including applications in the food, pharmaceutical and oleochemical industries; and

2) consumer pack segment, which manufactures, packs and sells a wide range of edible oils and fats and specialised bakery and confectionery oils and fats which are sold to end customers in consumer packs under our own brands or to customers who then sell our products under their own brands.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68295200

Match

:

N/A

Address Provided by Client

:

5 INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING SINGAPORE 609914

Current Address

:

5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.

Match

:

YES

 

Other Investigations

 

We contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2013

]

Return on Shareholder Funds

:

Acceptable

[

17.69%

]

Return on Net Assets

:

Acceptable

[

22.16%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

1 Days

]

Debtor Ratio

:

Favourable

[

46 Days

]

Creditors Ratio

:

Favourable

[

2 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

[

1.54 Times

]

Current Ratio

:

Unfavourable

[

1.57 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

:

Favourable

[

10.86 Times

]

Gearing Ratio

:

Favourable

[

0.07 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 was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

Although the Subject's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : STRONG

 

 

 

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 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 1983, the Subject is a Private Limited company, focusing on trading of oil and fats. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. With an issued and paid up capital of SGD 3,000,000 and strong backing from its holding company, the Subject has the ability to further expand its business in the future compared to other corporation.

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. The Subject is a fairly large and rapidly growing company with over 200 staff in its 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.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. Return on shareholders' funds of the Subject was at an acceptable range 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. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 90,333,794, 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.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

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.

 



PROFIT AND LOSS ACCOUNT

 

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

MEWAH OILS & FATS PTE LTD

 

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

SUMMARY

SUMMARY

Currency

USD

USD

USD

SGD

SGD

TURNOVER

1,553,922,346

2,076,783,774

2,420,119,880

1,746,611,957

371,427,394

Other Income

5,267,939

9,490,714

5,110,293

-

-

----------------

----------------

----------------

----------------

----------------

Total Turnover

1,559,190,285

2,086,274,488

2,425,230,173

1,746,611,957

371,427,394

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

18,215,083

(20,646,734)

17,039,276

89,586,693

17,319,280

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

18,215,083

(20,646,734)

17,039,276

89,586,693

17,319,280

Taxation

(2,230,962)

2,020,383

1,847,957

(9,741,403)

(1,838,907)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

15,984,121

(18,626,351)

18,887,233

79,845,290

15,480,373

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

72,126,099

90,752,450

86,865,217

27,468,523

11,988,150

----------------

----------------

----------------

----------------

----------------

As restated

72,126,099

90,752,450

86,865,217

27,468,523

11,988,150

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

88,110,220

72,126,099

105,752,450

107,313,813

27,468,523

DIVIDENDS - Ordinary (paid & proposed)

-

-

(15,000,000)

-

-

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

88,110,220

72,126,099

90,752,450

107,313,813

27,468,523

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

-

2,034,173

2,039,297

-

-

Others

1,847,460

-

-

-

-

----------------

----------------

----------------

----------------

----------------

1,847,460

2,034,173

2,039,297

-

-

=============

=============

=============

-

-

DEPRECIATION (as per notes to P&L)

1,103,807

1,019,634

919,607

-

-

----------------

----------------

----------------

----------------

----------------

1,103,807

1,019,634

919,607

-

-

=============

=============

=============

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

MEWAH OILS & FATS PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

6,643,104

6,852,900

6,653,093

10,875,822

5,776,205

Deferred assets

-

618,965

-

-

-

Others

-

796,498

171,673

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

1,415,463

171,673

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

6,643,104

8,268,363

6,824,766

10,875,822

5,776,205

Stocks

4,120,000

9,560,894

32,957,845

-

-

Trade debtors

195,470,326

374,325,403

326,927,423

-

-

Other debtors, deposits & prepayments

635,258

5,888,041

924,222

-

-

Short term deposits

11,709,947

-

28,319,200

-

-

Amount due from holding company

-

-

60,000

-

-

Amount due from related companies

142,290

25,771

213,068

-

-

Cash & bank balances

7,840,626

17,447,306

11,783,261

-

-

Others

11,632,367

79,423,361

42,272,789

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

231,550,814

486,670,776

443,457,808

833,245,588

143,670,338

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

238,193,918

494,939,139

450,282,574

844,121,410

149,446,543

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

7,931,625

77,265,737

58,562,760

-

-

Other creditors & accruals

5,580,453

7,788,368

7,672,673

-

-

Short term borrowings/Term loans

6,694,925

7,036,624

85,612,063

-

-

Deposits from customers

51,177

3,262,760

633,487

-

-

Amounts owing to holding company

167,880

36,480,774

19,820,106

-

-

Amounts owing to related companies

104,927,130

242,683,785

142,957,868

-

-

Provision for taxation

1,572,280

-

-

-

-

Dividends payable/proposed

-

-

15,000,000

-

-

Other liabilities

20,740,725

45,622,491

26,688,779

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

147,666,195

420,140,539

356,947,736

730,794,135

118,826,638

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

83,884,619

66,530,237

86,510,072

102,451,453

24,843,700

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

90,527,723

74,798,600

93,334,838

113,327,275

30,619,905

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

2,223,574

2,223,574

2,223,574

3,000,000

3,000,000

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

2,223,574

2,223,574

2,223,574

3,000,000

3,000,000

Retained profit/(loss) carried forward

88,110,220

72,126,099

90,752,450

107,313,813

27,468,523

Others

-

-

-

2,428,052

-

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

88,110,220

72,126,099

90,752,450

109,741,865

27,468,523

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

90,333,794

74,349,673

92,976,024

112,741,865

30,468,523

Deferred taxation

60,764

-

107,255

-

-

Others

133,165

448,927

251,559

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

193,929

448,927

358,814

585,410

151,382

----------------

----------------

----------------

----------------

----------------

90,527,723

74,798,600

93,334,838

113,327,275

30,619,905

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

MEWAH OILS & FATS PTE LTD

 

TYPES OF FUNDS

Cash

19,550,573

17,447,306

40,102,461

-

-

Net Liquid Funds

19,550,573

17,447,306

40,102,461

-

-

Net Liquid Assets

79,764,619

56,969,343

53,552,227

102,451,453

24,843,700

Net Current Assets/(Liabilities)

83,884,619

66,530,237

86,510,072

102,451,453

24,843,700

Net Tangible Assets

90,527,723

74,798,600

93,334,838

113,327,275

30,619,905

Net Monetary Assets

79,570,690

56,520,416

53,193,413

101,866,043

24,692,318

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

20,062,543

(18,612,561)

19,078,573

-

-

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

21,166,350

(17,592,927)

19,998,180

-

-

BALANCE SHEET ITEMS

Total Borrowings

6,694,925

7,036,624

85,612,063

-

-

Total Liabilities

147,860,124

420,589,466

357,306,550

731,379,545

118,978,020

Total Assets

238,193,918

494,939,139

450,282,574

844,121,410

149,446,543

Net Assets

90,527,723

74,798,600

93,334,838

113,327,275

30,619,905

Net Assets Backing

90,333,794

74,349,673

92,976,024

112,741,865

30,468,523

Shareholders' Funds

90,333,794

74,349,673

92,976,024

112,741,865

30,468,523

Total Share Capital

2,223,574

2,223,574

2,223,574

3,000,000

3,000,000

Total Reserves

88,110,220

72,126,099

90,752,450

109,741,865

27,468,523

LIQUIDITY (Times)

Cash Ratio

0.13

0.04

0.11

-

-

Liquid Ratio

1.54

1.14

1.15

-

-

Current Ratio

1.57

1.16

1.24

1.14

1.21

WORKING CAPITAL CONTROL (Days)

Stock Ratio

1

2

5

-

-

Debtors Ratio

46

66

49

-

-

Creditors Ratio

2

14

9

-

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.07

0.09

0.92

-

-

Liabilities Ratio

1.64

5.66

3.84

6.49

3.90

Times Interest Earned Ratio

10.86

(9.15)

9.36

-

-

Assets Backing Ratio

40.71

33.64

41.98

37.78

10.21

PERFORMANCE RATIO (%)

Operating Profit Margin

1.17

(0.99)

0.70

5.13

4.66

Net Profit Margin

1.03

(0.90)

0.78

4.57

4.17

Return On Net Assets

22.16

(24.88)

20.44

79.05

56.56

Return On Capital Employed

22.16

(24.88)

20.44

79.05

56.56

Return On Shareholders' Funds/Equity

17.69

(25.05)

20.31

70.82

50.81

Dividend Pay Out Ratio (Times)

0.00

0.00

0.79

-

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.83

UK Pound

1

Rs.103.39

Euro

1

Rs.74.27

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

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.