|
Report No. : |
306890 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GOLDEN AGRI
INTERNATIONAL PTE LTD |
|
|
|
|
Formerly Known As : |
AFP AGRI-RESURCES PTE LTD ALDEBURGH PTE LTD |
|
|
|
|
Registered Office : |
108, Pasir Panjang Road, 06-00, Golden Agri Plaza, 118535 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.02.1998 |
|
|
|
|
Com. Reg. No.: |
199800781-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Crude Palm Oil. |
|
|
|
|
No. of Employees : |
250 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly
developed and successful free-market economy. It enjoys a remarkably open and
corruption-free environment, stable prices, and a per capita GDP higher than
that of most developed countries. The economy depends heavily on exports, particularly
in consumer electronics, information technology products, pharmaceuticals, and
on a growing financial services sector. The economy contracted 0.6% in 2009 as
a result of the global financial crisis, but rebounded 15.1% in 2010, on the
strength of renewed exports, before slowing to in 2011-13, largely a result of
soft demand for exports during the second European recession. Over the longer
term, the government hopes to establish a new growth path that focuses on
raising productivity. Singapore has attracted major investments in
pharmaceuticals and medical technology production and will continue efforts to
establish Singapore as Southeast Asia's financial and high-tech hub.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
199800781-G |
||||
|
COMPANY NAME |
: |
GOLDEN AGRI
INTERNATIONAL PTE LTD |
||||
|
FORMER NAME |
: |
AFP AGRI-RESURCES PTE LTD (22/07/1999) |
||||
|
INCORPORATION DATE |
: |
17/02/1998 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
108, PASIR PANJANG ROAD, 06-00, GOLDEN
AGRI PLAZA, 118535, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
108, PASIR PANJANG ROAD, 06-00, GOLDEN
AGRI PLAZA, 118535, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65900800 |
||||
|
FAX.NO. |
: |
65-62247756 |
||||
|
WEB SITE |
: |
WWW.GOLDENAGRI.COM.SG |
||||
|
CONTACT PERSON |
: |
SIMON LIM ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CRUDE PALM OIL |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
2,450,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 20,000,000.00 |
||||
|
SALES |
: |
USD 4,521,695,000 [2013] |
||||
|
NET WORTH |
: |
USD 96,789,000 [2013] |
||||
|
STAFF STRENGTH |
: |
250 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is a private limited company and is allowed to have a
minimum of one and a maximum of forty-nine shareholders. As a private limited
company, the Subject must have at least two directors. A private limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the Subject is capable of owning assets, entering into contracts, sue
or be sued by other companies. The liabilities of the shareholders are to the
extent of the equity they have taken up and the creditors cannot claim on
shareholders' personal assets even if the Subject is insolvent. The Subject is
governed by the Companies Act and the company must file its annual returns,
together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) trading of
crude palm oil.
The immediate holding company of the Subject is GOLDEN AGRI-RESOURCES
LTD, a company incorporated in MAURITIUS.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
10/02/2015 |
SGD 20,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
GOLDEN AGRI-RESOURCES LTD |
C/O MULTICONSULT LIMITED, LES CASCADES BUILDING, EDITH CAVELL STREET,
PORT LOUIS, MAURITIUS. |
T03UF0450G |
2,450,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,450,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
965815H |
MALAYSIA |
GOLDEN AGRI INTERNATIONAL (M) TRADING SDN. BHD. |
100.00 |
31/12/2013 |
|
INDIA |
GOLDEN AGRI RESOURCES (INDIA) PRIVATE LIMITED |
100.00 |
31/12/2012 |
|
|
CAYMAN ISLANDS |
GOLDEN AGRI INTERNATIONAL TRADING (CAYMAN) LTD |
100.00 |
31/12/2013 |
|
|
MAURITIUS |
GOLDEN AGRI INTERNATIONAL TRADING (MAURITIUS) LTD |
100.00 |
31/12/2013 |
|
|
201131260D |
SINGAPORE |
GOLDEN AGRI INTERNATIONAL INDIA HOLDING PTE. LTD. |
100.00 |
31/12/2012 |
|
198803778N |
SINGAPORE |
GOLDEN AGRI PLAZA PTE. LTD. |
100.00 |
31/12/2012 |
|
CAYMAN ISLANDS |
GOLDEN AGRI INTERNATIONAL (CAYMAN) LTD |
100.00 |
31/12/2013 |
|
DIRECTOR 1
|
Name Of Subject |
: |
CHEN SAU HUA |
|
Address |
: |
1, STIRLING ROAD, SHEPHERD'S HILL ESTATE, 148942, SINGAPORE. |
|
IC / PP No |
: |
S6972966E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
02/08/2002 |
DIRECTOR 2
|
Name Of Subject |
: |
SIMON LIM |
|
Address |
: |
JL. SUKARELA NO.1, RT 009/RW 009, PENJARINGAN, JAKARTA UTARA,
INDONESIA. |
|
IC / PP No |
: |
X068935 |
|
Nationality |
: |
INDONESIAN |
|
Date of Appointment |
: |
02/08/2002 |
DIRECTOR 3
|
Name Of Subject |
: |
MILTON SUBIANTO NG |
|
Address |
: |
9, RHU CROSS, 12-08, COSTA RHU, 437436, SINGAPORE. |
|
IC / PP No |
: |
S2567370J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
06/04/1999 |
DIRECTOR 4
|
Name Of Subject |
: |
DJAFAR WIDJAJA |
|
Address |
: |
38, STEVENS ROAD, 02-02, SINGAPORE, 257845, SINGAPORE. |
|
IC / PP No |
: |
S2173297D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
06/04/1999 |
DIRECTOR 5
|
Name Of Subject |
: |
RAFAEL BUHAY CONCEPCION JR. |
|
Address |
: |
JL. PRAPANCA IV, NO 64, KEBAYORAN BARU, JAKARTA SELATAN, INDONESIA. |
|
IC / PP No |
: |
EB9992413 |
|
Nationality |
: |
FILIPINO |
|
Date of Appointment |
: |
02/08/2002 |
DIRECTOR 6
|
Name Of Subject |
: |
OEI JONG NIAN @ FRANKY OESMAN WIDJAJA |
|
Address |
: |
7A, BISHOPSGATE, 249973, SINGAPORE. |
|
IC / PP No |
: |
S2173296F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
06/04/1999 |
|
1) |
Name of Subject |
: |
SIMON LIM |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
MOORE STEPHENS LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
LYE CHOR MEI |
|
IC / PP No |
: |
S2590497D |
|
|
Address |
: |
34, DAKOTA CRESCENT, 06-04, DAKOTA RESIDENCES, 399936, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
COMMERZBANK AKTIENGESELLSCHAFT |
|
2) |
Name |
: |
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. |
|
3) |
Name |
: |
FORTIS BANK (NETHERLAND) N.V SINGAPORE BRANCH |
|
4) |
Name |
: |
PT BANK MANDIRI (PERSERO) TBK |
|
5) |
Name |
: |
RAIFFEISEN BANK INTERNATIONAL AG |
|
6) |
Name |
: |
THE BANK OF TOKYO LTD |
|
7) |
Name |
: |
WESTLB AG |
|
8) |
Name |
: |
FORTIS BANK S.A./N.V. |
|
9) |
Name |
: |
ABN AMRO BANK N.V. |
|
10) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200706143 |
31/07/2007 |
N/A |
THE BANK OF TOKYO LTD |
- |
Unsatisfied |
|
C200707118 |
30/08/2007 |
N/A |
PT BANK MANDIRI (PERSERO) TBK |
- |
Unsatisfied |
|
C200707120 |
30/08/2007 |
N/A |
PT BANK MANDIRI (PERSERO) TBK |
- |
Unsatisfied |
|
C200707121 |
30/08/2007 |
N/A |
PT BANK MANDIRI (PERSERO) TBK |
- |
Unsatisfied |
|
C200708066 |
27/09/2007 |
N/A |
THE BANK OF TOKYO LTD |
- |
Unsatisfied |
|
C200710393 |
27/11/2007 |
N/A |
FORTIS BANK (NETHERLAND) N.V SINGAPORE BRANCH |
- |
Unsatisfied |
|
C200710394 |
27/11/2007 |
N/A |
FORTIS BANK S.A./N.V. |
- |
Unsatisfied |
|
C200808610 |
16/09/2008 |
N/A |
COMMERZBANK AKTIENGESELLSCHAFT |
- |
Unsatisfied |
|
C200808613 |
16/09/2008 |
N/A |
COMMERZBANK AKTIENGESELLSCHAFT |
- |
Unsatisfied |
|
C201109859 |
08/08/2011 |
N/A |
RAIFFEISEN BANK INTERNATIONAL AG |
- |
Unsatisfied |
|
C201110413 |
21/08/2011 |
N/A |
PORTIGON AG SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201110414 |
21/08/2011 |
N/A |
PORTIGON AG SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201110415 |
21/08/2011 |
N/A |
PORTIGON AG SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201110416 |
21/08/2011 |
N/A |
PORTIGON AG SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201110417 |
21/08/2011 |
N/A |
PORTIGON AG SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201206355 |
12/06/2012 |
N/A |
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. |
- |
Unsatisfied |
|
C201304474 |
28/03/2013 |
N/A |
THE BANK OF TOKYO LTD |
- |
Unsatisfied |
|
C201306840 |
21/05/2013 |
N/A |
PORTIGON AG SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201307672 |
06/06/2013 |
N/A |
RAIFFEISEN BANK INTERNATIONAL AG |
USD 50,000,000.00 |
Unsatisfied |
|
C201307870 |
11/06/2013 |
N/A |
ABN AMRO BANK N.V. |
- |
Unsatisfied |
|
C201308165 |
18/06/2013 |
N/A |
BANCO SANTANDER, S.A. |
- |
Unsatisfied |
|
C201308930 |
02/07/2013 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201409016 |
22/08/2014 |
N/A |
RAIFFEISEN BANK INTERNATIONAL AG |
50,000,000.00 |
Unsatisfied |
|
C201409527 |
04/09/2014 |
N/A |
RAIFFEISEN BANK INTERNATIONAL AG |
- |
Unsatisfied |
|
C201410390 |
24/09/2014 |
N/A |
THE BANK OF TOKYOMITSUBISHI UFJ, LTD. |
- |
Unsatisfied |
* 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
CRUDE PALM OIL |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
250 |
150 |
150 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of crude palm
oil.
The Subject is the related company of Golden Agri-Resources Ltd
("GAR") is the world's second largest palm oil plantation company
with a total planted area of 459,500 hectares (including smallholders) as at 30
September 2012, located in Indonesia. It has integrated operations focused on
the production of palm-based edible oil and fat.
The Subject is engaged in the distribution of palm oil and its related
products.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65900800 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
108 PASIR PANJANG ROAD 06-00 GOLDEN AGRI PLAZA SINGAPORE 118535 |
|
Current Address |
: |
108, PASIR PANJANG ROAD, 06-00, GOLDEN AGRI PLAZA, 118535, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
18.47% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
19.84% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The higher profit could be attributed to the
increase in turnover. The Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
3 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
31 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
35 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 |
[ |
1.08 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.11 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 |
: |
Unfavourable |
[ |
2.54 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
3.39 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest payment.
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 : |
||||||
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in controlling
its costs and profitability. The Subject 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. If there is a fall in the Subject's profit or any increase in
interest rate, the Subject may not be able to generate sufficient cash-flow
to service its interest. 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 : LIMITED |
||||||
|
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 |
|
|
Incorporated in 1998, the Subject is a Private Limited company,
focusing on trading of crude palm oil. With its long establishment in the
market, the Subject has received strong support from its stable customers base.
Its business position in the market is quite stable and it is expected to
enjoy better market shares over its rivals. The Subject is a large entity
with strong capital position of SGD 20,000,000. We are confident with the
Subject's business and its future growth prospect. Having strong support from
its holding company has enabled the Subject to remain competitive despite the
challenging business environment.
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
GOLDEN AGRI INTERNATIONAL 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 |
FULL |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
SGD |
|
TURNOVER |
4,521,695,000 |
4,568,025,000 |
4,509,646,000 |
2,588,379,000 |
1,958,744,054 |
|
Other Income |
- |
- |
- |
5,981,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
4,521,695,000 |
4,568,025,000 |
4,509,646,000 |
2,594,360,000 |
1,958,744,054 |
|
Costs of Goods Sold |
(4,294,672,000) |
(4,422,949,000) |
(4,396,303,000) |
(2,517,449,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
227,023,000 |
145,076,000 |
113,343,000 |
76,911,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
20,612,000 |
15,244,000 |
13,925,000 |
17,657,000 |
10,212,542 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
20,612,000 |
15,244,000 |
13,925,000 |
17,657,000 |
10,212,542 |
|
Taxation |
(2,731,000) |
(293,000) |
(372,000) |
(1,213,000) |
(60,688) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
17,881,000 |
14,951,000 |
13,553,000 |
16,444,000 |
10,151,854 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
64,298,000 |
49,347,000 |
35,794,000 |
19,350,000 |
9,198,146 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
64,298,000 |
49,347,000 |
35,794,000 |
19,350,000 |
9,198,146 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
82,179,000 |
64,298,000 |
49,347,000 |
35,794,000 |
19,350,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
82,179,000 |
64,298,000 |
49,347,000 |
35,794,000 |
19,350,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Lease interest |
4,000 |
4,000 |
3,000 |
3,000 |
- |
|
Term loan / Borrowing |
9,860,000 |
6,543,000 |
5,645,000 |
3,319,000 |
- |
|
Trust receipts |
3,489,000 |
5,971,000 |
7,594,000 |
2,072,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
13,353,000 |
12,518,000 |
13,242,000 |
5,394,000 |
- |
|
|
============= |
============= |
============= |
============= |
|
GOLDEN AGRI INTERNATIONAL PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
6,293,000 |
7,492,000 |
7,808,000 |
3,414,000 |
42,576,846 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
30,717,000 |
30,717,000 |
30,683,000 |
30,683,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
30,717,000 |
30,717,000 |
30,683,000 |
30,683,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
37,010,000 |
38,209,000 |
38,491,000 |
34,097,000 |
42,576,846 |
|
Stocks |
33,280,000 |
2,479,000 |
97,517,000 |
48,673,000 |
- |
|
Trade debtors |
381,402,000 |
408,417,000 |
211,160,000 |
117,151,000 |
- |
|
Other debtors, deposits & prepayments |
4,987,000 |
52,888,000 |
28,399,000 |
36,072,000 |
- |
|
Short term deposits |
- |
10,361,000 |
13,693,000 |
13,930,000 |
- |
|
Amount due from holding company |
117,000 |
422,000 |
1,127,000 |
396,000 |
- |
|
Amount due from subsidiary companies |
27,262,000 |
19,233,000 |
17,273,000 |
15,674,000 |
- |
|
Amount due from related companies |
- |
192,105,000 |
280,626,000 |
155,054,000 |
- |
|
Cash & bank balances |
82,086,000 |
8,650,000 |
15,375,000 |
9,631,000 |
- |
|
Others |
818,286,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
1,347,420,000 |
694,555,000 |
665,170,000 |
396,581,000 |
374,010,504 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,384,430,000 |
732,764,000 |
703,661,000 |
430,678,000 |
416,587,351 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
407,610,000 |
479,619,000 |
431,021,000 |
97,048,000 |
- |
|
Other creditors & accruals |
101,665,000 |
8,041,000 |
24,306,000 |
5,377,000 |
- |
|
Hire purchase & lease creditors |
15,000 |
22,000 |
21,000 |
21,000 |
- |
|
Short term borrowings/Term loans |
151,360,000 |
7,500,000 |
7,500,000 |
7,500,000 |
- |
|
Other borrowings |
102,182,000 |
86,434,000 |
34,988,000 |
40,315,000 |
- |
|
Deposits from customers |
- |
- |
- |
24,789,000 |
- |
|
Amounts owing to related companies |
- |
19,236,000 |
2,103,000 |
177,009,000 |
- |
|
Provision for taxation |
1,243,000 |
270,000 |
324,000 |
1,214,000 |
- |
|
Other liabilities |
449,150,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,213,225,000 |
601,122,000 |
500,263,000 |
353,273,000 |
292,700,175 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
134,195,000 |
93,433,000 |
164,907,000 |
43,308,000 |
81,310,329 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
171,205,000 |
131,642,000 |
203,398,000 |
77,405,000 |
123,887,175 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
14,610,000 |
14,610,000 |
14,610,000 |
14,610,000 |
20,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
14,610,000 |
14,610,000 |
14,610,000 |
14,610,000 |
20,000,000 |
|
Retained profit/(loss) carried forward |
82,179,000 |
64,298,000 |
49,347,000 |
35,794,000 |
19,350,000 |
|
Others |
- |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
82,179,000 |
64,298,000 |
49,347,000 |
35,794,000 |
22,977,032 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
96,789,000 |
78,908,000 |
63,957,000 |
50,404,000 |
42,977,032 |
|
Long term loans |
74,389,000 |
52,691,000 |
139,379,000 |
26,918,000 |
- |
|
Lease obligations |
27,000 |
43,000 |
62,000 |
83,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
74,416,000 |
52,734,000 |
139,441,000 |
27,001,000 |
80,910,144 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
171,205,000 |
131,642,000 |
203,398,000 |
77,405,000 |
123,887,175 |
|
|
============= |
============= |
============= |
============= |
============= |
|
GOLDEN AGRI INTERNATIONAL PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
82,086,000 |
19,011,000 |
29,068,000 |
23,561,000 |
- |
|
Net Liquid Funds |
82,086,000 |
19,011,000 |
29,068,000 |
23,561,000 |
- |
|
Net Liquid Assets |
100,915,000 |
90,954,000 |
67,390,000 |
(5,365,000) |
81,310,329 |
|
Net Current Assets/(Liabilities) |
134,195,000 |
93,433,000 |
164,907,000 |
43,308,000 |
81,310,329 |
|
Net Tangible Assets |
171,205,000 |
131,642,000 |
203,398,000 |
77,405,000 |
123,887,175 |
|
Net Monetary Assets |
26,499,000 |
38,220,000 |
(72,051,000) |
(32,366,000) |
400,185 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
327,973,000 |
146,690,000 |
181,950,000 |
74,837,000 |
- |
|
Total Liabilities |
1,287,641,000 |
653,856,000 |
639,704,000 |
380,274,000 |
373,610,319 |
|
Total Assets |
1,384,430,000 |
732,764,000 |
703,661,000 |
430,678,000 |
416,587,350 |
|
Net Assets |
171,205,000 |
131,642,000 |
203,398,000 |
77,405,000 |
123,887,175 |
|
Net Assets Backing |
96,789,000 |
78,908,000 |
63,957,000 |
50,404,000 |
42,977,031 |
|
Shareholders' Funds |
96,789,000 |
78,908,000 |
63,957,000 |
50,404,000 |
42,977,032 |
|
Total Share Capital |
14,610,000 |
14,610,000 |
14,610,000 |
14,610,000 |
20,000,000 |
|
Total Reserves |
82,179,000 |
64,298,000 |
49,347,000 |
35,794,000 |
22,977,032 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.07 |
0.03 |
0.06 |
0.07 |
- |
|
Liquid Ratio |
1.08 |
1.15 |
1.13 |
0.98 |
- |
|
Current Ratio |
1.11 |
1.16 |
1.33 |
1.12 |
1.28 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
3 |
0 |
8 |
7 |
- |
|
Debtors Ratio |
31 |
33 |
17 |
17 |
- |
|
Creditors Ratio |
35 |
40 |
36 |
14 |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
3.39 |
1.86 |
2.84 |
1.48 |
- |
|
Liabilities Ratio |
13.30 |
8.29 |
10.00 |
7.54 |
8.69 |
|
Times Interest Earned Ratio |
2.54 |
2.22 |
2.05 |
4.27 |
- |
|
Assets Backing Ratio |
11.72 |
9.01 |
13.92 |
5.30 |
6.19 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.46 |
0.33 |
0.31 |
0.68 |
0.52 |
|
Net Profit Margin |
0.40 |
0.33 |
0.30 |
0.64 |
0.52 |
|
Return On Net Assets |
19.84 |
21.09 |
13.36 |
29.78 |
8.24 |
|
Return On Capital Employed |
19.84 |
21.09 |
13.36 |
29.77 |
8.24 |
|
Return On Shareholders' Funds/Equity |
18.47 |
18.95 |
21.19 |
32.62 |
23.62 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.