MIRA INFORM REPORT

 

 

Report No. :

308825

Report Date :

19.02.2015

 

IDENTIFICATION DETAILS

 

Name :

AGRITRADE INTERNATIONAL (PTE) LTD

 

 

Registered Office :

80, Raffles Place, 45-01/02, Uob Plaza, 048624

 

 

Country :

Singapore

 

 

Date of Incorporation :

22.11.1979

 

 

Com. Reg. No.:

197903533-W

 

 

Legal Form :

Exempt Private Company

 

 

Line of Business :

trader of agricultural product such as cocoa beans, cocoa products mainly cocoa butter and cocoa powder, palm oil, palm olein, stearin and related palm products

 

 

No. of Employees :

30 [2013]

 

 

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 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, 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, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

N/A - Not Applicable

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

197903533-W

COMPANY NAME

:

AGRITRADE INTERNATIONAL (PTE) LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

22/11/1979

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, RAFFLES PLACE, 45-01/02, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

80 RAFFLES PLACE, #45-01/02/03, UOB PLAZA 1, 048624, SINGAPORE.

TEL.NO.

:

65-62259618

FAX.NO.

:

65-62257916

EMAIL

:

AGRIT@PACIFIC.NET.SG

WEB SITE

:

WWW.AGRITRADE.COM.SG 

CONTACT PERSON

:

NG SAY PEK ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

DEALER IN AGRICULTURAL PRODUCTS, PALM OIL, COAL AND OTHERS

ISSUED AND PAID UP CAPITAL

:

38,309,184.00 ORDINARY SHARE, OF A VALUE OF SGD 38,309,184.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

30 [2013]

BANKER (S)

:

ING BANK N. V.

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The SC is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the SC has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the SC is able to meet all its obligations as and when they fall due. The SC is not required to have their accounts audited. However, the SC will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

 

The SC is principally engaged in the (as a / as an) dealer in agricultural products, palm oil, coal and others.

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

NG SAY PEK +

23, JALAN TANAH PUTEH, 457346, SINGAPORE.

S0028042I

30,647,347.00

80.00

LIM CHEK HWEE +

23, JALAN TANAH PUTEH, 457346, SINGAPORE.

S1237912I

7,661,837.00

20.00

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

------

38,309,184.00

100.00

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

=====

+ Also Director

 

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No

Country

Company

(%)

As At

200723645

SINGAPORE

AGRI PLANTATIONS PTE. LTD.

100.00

30/06/2012

201301662

SINGAPORE

AGRITRADE OILS & FATS PTE. LTD.

50.00

30/06/2012

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

LIM CHEK HWEE

Address

:

23, JALAN TANAH PUTEH, 457346, SINGAPORE.

IC / PP No

:

S1237912I

Nationality

:

SINGAPOREAN

Date of Appointment

:

22/11/1979

 

DIRECTOR 2

 

Name Of Subject

:

NG SAY PEK

Address

:

23, JALAN TANAH PUTEH, 457346, SINGAPORE.

IC / PP No

:

S0028042I

Nationality

:

SINGAPOREAN

Date of Appointment

:

22/11/1979

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

NG SAY PEK

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

JAMES RAJ & CO.

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

LIM CHEK HWEE

IC / PP No

:

S1237912I

Address

:

23, JALAN TANAH PUTEH, 457346, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ING BANK N. V.

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

LEGAL CHECK AGAINST SC


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

LEGAL ACTION

 

 

Code No

:

99

Case No

:

4583

Year

:

2012

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

21/02/2012

Solicitor Firm

:

ARIDAS & ASSOCIATES

Plaintiff

:

DEANNA POH EE WEI(DEANNA FU YIWEI)

Defendants

:

AGRITRADE INTERNATIONAL (PTE) LTD (197903533)

32 HONG KONG STREET, 059671, SINGAPORE.

Remark

:

TORT-NEGLIGENCE(MOTOR ACCIDENTS WITHOUT DEATH)

 

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

 

No winding up petition was found in our databank

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

CHINA

PAKISTAN

BANGLADESH

INDIA

INDONESIA

MALAYSIA

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

AGRICULTURAL PRODUCTS, PALM OIL, COAL AND OTHERS

 

Total Number of Employees:

YEAR

2013

2012

GROUP

N/A

N/A

COMPANY

30

40

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) dealer in agricultural products, palm oil, coal and others. 

Background of the SC:
The SC is involved in the trading of agricultural product such as cocoa beans, cocoa products mainly cocoa butter and cocoa powder, palm oil, palm olein, stearin and related palm products. The SC also active in trading energy oils such as gas oil, diesel, slob oil, petroleum and petrochemical product.

The SC has a joint venture factory in wuxi, jiangsu province, china processing cocoa beans into cocoa butter for exports.

Products dealings:
* coal
- palm oils
* crude palm oil
* crude palm olein
* crude palm stearin
* rbd palm olein
* rbd palm oil
* rbd palm stearin
* palm fatty acid distillates (pfad)
- oleo chemical products
* fractionated/distillated fatty acid
* lauric acid
* mystric acid
* refined glycerin
* stearic acid
* soap chips
* soap noodles

Services:
- logistics
* ship building
* ship trading and supply
* shipping and chartering

The SC is a member of the following entities:
* Singapore chinese chambers of commerce & industry 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

6562259618

Current Telephone Number

:

65-62259618

Match

:

YES

Address Provided by Client

:

80, RAFFLES PLACE #45-01/02/03 UOB PLAZA 1 , SINGAPORE 048624

Current Address

:

80 RAFFLES PLACE, #45-01/02/03, UOB PLAZA 1, 048624, SINGAPORE.

Match

:

YES


We have contacted the SC's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

 

 

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.

Overall financial condition of the SC : N/A

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2008

2009

2010

2011

2012

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

<0.8>

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

<2.2>

4.3

12.8

8.5

<1.3>

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

<32.5>

25.6

9.4

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

<10.78>

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

<0.8>

11.4

2.8

<5>

<2.2>

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

<15.9>

<11.5>

<25.3>

<0.7>

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

<7.7>

103.7

<26.3>

<38.2>

35.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

<0.32>

3.25

<0.48>

4.25

3.64

Fish Supply & Wholesale

<6.31>

<1.93>

<10.5>

12.10

<0.5>

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

Construction

45.90

<36.9>

14.20

20.50

28.70

Real Estate

<11.2>

1.4

21.3

25.4

31.9

 

Services

Electricity, Gas & Water

<1.3>

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

<5.9>

<16.4>

<0.4>

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

<0.9>

<1.4>

0.30

 

* Based on Index of Industrial Production (2011 = 100)

(Source : Department of Statistics)

 

INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%. 

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

 

Incorporated in 1979, the SC is an Exempt Private company, focusing on dealer in agricultural products, palm oil, coal and others. The SC has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect. 

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. Being a small company, the SC's business operation is supported by 30 employees. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC. 

As the SC is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health. 

The SC'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 SC has a good control over its resources. 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. 

In view of the above, we recommend credit be granted to the SC with close monitoring.

 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office. 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.24

UK Pound

1

Rs.95.57

Euro

1

Rs.71.01

 

 

INFORMATION DETAILS

 

Report Prepared by :

ANK

 

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