|
Report No. : |
338427 |
|
Report Date : |
27.08.2015 |
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 |
|
REGISTRATION
NO. |
: |
198306094-E |
||||
|
COMPANY
NAME |
: |
MEWAH
OILS & FATS PTE LTD |
||||
|
FORMER
NAME |
: |
NGO
CHEW HONG COMMODITIES PTE LTD (06/04/1999) |
||||
|
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] |
||||
|
||||||
|
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 |
|
1)
|
Name
of Subject |
: |
LEONG
CHOI FOONG |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS
LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
LAURA
NG KWEE HONG |
|
IC
/ PP No |
: |
S1193635J |
|
|
Address |
: |
10,
BROOKE ROAD, 08-02, EAST VIEW, 429986, SINGAPORE. |
|
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 |
: |
|
|||||||||||
|
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 |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount
Claimed |
: |
10347.70 |
|||||||||||
|
Nature
of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
NEGLIGENCE |
|||||||||||
|
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 |
[ |
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 |
||||||
|
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 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. |
|
|
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.66.16 |
|
|
1 |
Rs.103.88 |
|
Euro |
1 |
Rs.75.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.