|
|
REGISTRATION
NO.
|
:
|
199306551-Z
|
|
COMPANY NAME
|
:
|
LOUIS DREYFUS
COMMODITIES ASIA PTE. LTD.
|
|
FORMER NAME
|
:
|
LOUIS DREYFUS
ASIA PTE LTD (09/11/2006)
|
|
INCORPORATION
DATE
|
:
|
05/10/1993
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
12, MARINA
BOULEVARD, 33-03, MARINA BAY, FINANCIAL CENTRE, 018982, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
12, MARINA BOULEVARD,
33-03, MARINA BAY FINANCIAL CENTRE, TOWER 3, 018982, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-67359700
|
|
FAX.NO.
|
:
|
65-67359600
|
|
CONTACT PERSON
|
:
|
TIRUMALAI
ANANDAM PILLAI KISHEN ( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
WHOLESALE OF
AGRICULTURAL, MINERAL, METAL AND OTHERS
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
103,231,300.00
ORDINARY SHARE, OF A VALUE OF SGD 103,231,300.00
|
|
|
|
|
SALES
|
:
|
USD
9,401,647,000 [2013]
|
|
NET WORTH
|
:
|
USD
364,468,000 [2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
LITIGATION
|
:
|
TRACED
|
|
FINANCIAL
CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
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) wholesale of agricultural, mineral,
metal and others.
Share Capital
History
|
Date
|
Issue &
Paid Up Capital
|
|
19/01/2015
|
SGD
103,231,300.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
LOUIS DREYFUS
COMMODITIES INTERNATIONAL AG
|
HALDENSTRASSE
37, LUZERN, 6006, SWITZERLAND.
|
T14UF2119
|
103,231,300.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
103,231,300.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
CHINA
|
LOUIS DREYFUS
COMMODITIES INDIA PRIVATE LTD
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
CHINA
|
LOUIS DREYFUS
(SHANGHAI) CO LTD
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
CHINA
|
LOUIS DREYFUS
PHILIPPINES INC
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
AUSTRALIA
|
LOUIS DREYFUS
COMMODITIES MELBOURNE HOLDINGS PTY LTD
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
201212970C
|
MALAYSIA
|
LOUIS DREYFUS
COMMODITIES FREIGHT ASIA PTE. LTD.
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
BRITISH INDIAN
OCEAN TERRITORY
|
LOUIS DREYFUS COMMODITIES
INVESTMENT LIMITED
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
AUSTRALIA
|
LOUIS DREYFUS
COMMODITIES MELBOURNE JVP PTY LTD
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
CHINA
|
LOUIS DREYFUS
COMMODITIES (HK) ENTERPRISE LIMITED
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
CHINA
|
LOUIS DREYFUS
COMMODITIES VIETNAM CO LTD
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
CHINA
|
LOUIS DREYFUS
COMMODITIES BAZHOU FEEDSTUFF PROTEIN CO LTD
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
AUSTRALIA
|
LD COMMODITIES
AUSTRALIA HOLDINGS PTY LTD
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
201311474
|
SINGAPORE
|
ORIENTAL
COMMODITIES (SINGAPORE) PTE. LTD.
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
196654T
|
MALAYSIA
|
LDT SDN. BHD.
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
CHINA
|
LOUIS DREYFUS COMMODITIES
(HK) HOLDINGS LIMITED
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
CHINA
|
LOUIS DREYFUS
COMMODITIES (BEIJING) TRADING CO LTD
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
201224321
|
SINGAPORE
|
LDC ASIA
INVESTMENTS PTE. LTD.
|
100.00
|
31/12/2013
|
|
|
|
|
|
|
INDIA
|
SUNDER
AGRI-COMMODITIES INDIA PRIVATE LIMITED
|
99.98
|
31/12/2013
|
|
|
|
|
|
|
INDIA
|
FOCUS
AGRI-COMMODITIES INDIA PRIVATE LIMITED
|
99.98
|
31/12/2013
|
|
|
|
|
|
|
INDIA
|
PRUDENT
AGRI-COMMODITIES INDIA PRIVATE LIMITED
|
99.98
|
31/12/2013
|
|
|
|
|
|
|
INDIA
|
APEX
AGRI-COMMODITIES INDIA PRIVATE LIMITED
|
99.98
|
31/12/2013
|
|
|
|
|
|
|
INDIA
|
SUNNY
AGRI-COMMODITIES INDIA PRIVATE LIMITED
|
99.98
|
31/12/2013
|
|
|
|
|
|
|
INDIA
|
GROW MORE AGRI-COMMODITIES
INDIA PRIVATE LIMITED
|
99.98
|
31/12/2013
|
|
|
|
|
|
|
INDIA
|
APEX
AGRI-COMMODITIES INDIA PRIVATE LIMITED
|
99.98
|
31/12/2013
|
|
|
|
|
|
|
INDONESIA
|
PT LOUIS
DREYFUS COMMODITIES COFFEE INDONESIA
|
95.00
|
31/12/2013
|
|
|
|
|
|
|
INDONESIA
|
PT LDC
INDONESIA
|
95.00
|
31/12/2013
|
|
|
|
|
|
|
CHINA
|
JIN XING
MIANHUA LIMITED
|
95.00
|
31/12/2013
|
|
|
|
|
|
|
201212970C
|
MALAYSIA
|
LOUIS DREYFUS
COMMODITIES SDN BHD
|
95.00
|
31/12/2013
|
|
|
|
|
|
|
INDONESIA
|
PT LOUIS DREYFUS
COMMODITIES INDONESIA
|
74.00
|
31/12/2013
|
|
|
|
|
|
|
CHINA
|
LOUIS DREYFUS
COMMODITIES (FUJIAN) REFINED SUGAR CO., LTD
|
67.00
|
31/12/2013
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of
Subject
|
:
|
TIRUMALAI
ANANDAM PILLAI KISHEN
|
|
Address
|
:
|
63, PATERSON
ROAD, 09-03, THE PATERSON, 238539, SINGAPORE.
|
|
IC / PP No
|
:
|
G5314015M
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
16/10/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
JAMES FERNANDO
O'DONAHUE
|
|
Address
|
:
|
30, MOUNT
ELIZABETH, 14-32, HIGH POINT, 228519, SINGAPORE.
|
|
IC / PP No
|
:
|
G6421344Q
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
BRITISH
|
|
Date of
Appointment
|
:
|
05/10/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
CLAUDE PIERRE
EHLINGER
|
|
|
|
|
IC / PP No
|
:
|
GE4925F
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of
Appointment
|
:
|
19/11/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of
Subject
|
:
|
FRANCOIS-PHILIPPE,
ANDRE, JEAN, MARIE, PIC
|
|
Address
|
:
|
1A, CHEMIN DES
SEMAILLES, GRAND-LANCY, 1212, SWITZERLAND.
|
|
IC / PP No
|
:
|
11CV59524
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
FRENCH
|
|
Date of
Appointment
|
:
|
16/10/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
TIRUMALAI
ANANDAM PILLAI KISHEN
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
Auditor
|
:
|
DELOITTE &
TOUCHE LLP
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
LOH LI PING
|
|
IC / PP No
|
:
|
S7625605E
|
|
|
|
|
|
Address
|
:
|
911, LORONG,
1, TOA PAYOH, 03-03, OLEANDER TOWERS, 319771, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
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
|
:
|
1063
|
|
|
|
|
|
|
Year
|
:
|
2006
|
Place
|
:
|
SINGAPORE
|
|
|
|
|
|
|
Court
|
:
|
DISTRICT COURT
|
|
|
|
|
|
|
|
|
|
Date Filed
|
:
|
21/03/2006
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
LAI KAI JIN
MICHAEL
|
|
|
|
|
|
|
|
|
|
Solicitor Ref
|
:
|
ML/WT/9100611
|
|
|
|
|
|
|
|
|
|
Solicitor Firm
|
:
|
HAQ &
SELVAM
|
|
|
|
|
|
|
Plaintiff
|
:
|
DALIAN
HUALIANG ENTERPRISE GROUP CO. LTD
SICHUAN JINSHI OIL DRAFF CO. LTD
|
|
|
|
|
Defendants
|
:
|
|
LOUIS DREYFUS
COMMODITIES ASIA PTE LTD (199306551)
|
|
501, ORCHARD
ROAD, 19-01 WHEELOCK PLACE, 238880, SINGAPORE.
|
|
|
|
|
|
|
Amount Claimed
|
:
|
93764
|
|
|
|
|
|
|
|
|
|
Nature of
Claim
|
:
|
USD
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
CONTRACTS -
OTHERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Code No
|
:
|
99
|
Case No
|
:
|
158
|
|
|
|
|
|
|
Year
|
:
|
2006
|
Place
|
:
|
SINGAPORE
|
|
|
|
|
|
|
Court
|
:
|
SUPREME COURT
|
|
|
|
|
|
|
|
|
|
Date Filed
|
:
|
21/03/2006
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
LAI KAI JIN
MICHAEL
|
|
|
|
|
|
|
|
|
|
Solicitor Ref
|
:
|
ML/WT/9100609
|
|
|
|
|
|
|
|
|
|
Solicitor Firm
|
:
|
HAQ &
SELVAM
|
|
|
|
|
|
|
Plaintiff
|
:
|
SHENYANG
JINSHI BEAN BRANCH CO. LTD
DALIAN HUALIANG ENTERPRISE GROUP CO. LTD
SICHUAN JINSHI OIL DRAFF CO. LTD
|
|
|
|
|
Defendants
|
:
|
|
LOUIS DREYFUS
COMMODITIES ASIA PTE LTD (199306551)
|
|
501, ORCHARD
ROAD, 19-01 WHEELOCK PLACE, 238880, SINGAPORE.
|
|
|
|
|
|
|
Amount Claimed
|
:
|
408068
|
|
|
|
|
|
|
|
|
|
Nature of
Claim
|
:
|
USD
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
CONTRACTS -
OTHERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
[
|
X
|
]
|
|
Average 61-90
Days
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
|
AGRICULTURAL,
MINERAL, METAL AND OTHERS
|
|
|
|
|
|
Total Number
of Employees:
|
|
|
YEAR
|
2014
|
2013
|
2012
|
2011
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
200
|
180
|
120
|
120
|
|
|
|
|
|
Other
Information:
The Subject is principally engaged in the (as a / as an) wholesale of
agricultural, mineral, metal and others.
The Subject is engaged in the trading of commodity products including,
agricultural, metal, cotton and others.
The Subject supplies the products according to its customers requirements.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
65-67359700
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address
Provided by Client
|
:
|
12 MARINA
BOULEVARD MARINA BAY FINANCIAL CENTRE TOWER 3 #33-03
SINGAPORE
018982
|
|
Current
Address
|
:
|
12, MARINA
BOULEVARD, 33-03, MARINA BAY FINANCIAL CENTRE, TOWER 3, 018982, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
On 25th February 2015 we contacted one of the staff from the Subject's
registered office and she provided some information on the Subject.
She refused to disclose the Subject's number of employees.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Acceptable
|
[
|
16.68%
|
]
|
|
|
Return on Net
Assets
|
:
|
Acceptable
|
[
|
19.66%
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's
turnover increased steadily as the demand for its products / services
increased due to the goodwill built up over the years.The dip in profit could
be due to the stiff market competition which reduced the Subject's profit
margin. 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
|
[
|
39 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
28 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
|
[
|
1.32 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.34 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
|
[
|
2.01 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
1.03 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
Subject's turnover had increased, its profits had declined over the same
corresponding period. This could be due to the stiffer market competition and
/ or higher operating costs which lowered the Subject's profit margin. 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 : FAIR
|
|
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic
Indicators :
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
|
|
|
|
|
|
Population
(Million)
|
4.98
|
5.08
|
5.18
|
5.31
|
5.40
|
|
Gross Domestic
Products ( % )
|
(0.8)
|
14.5
|
4.9
|
1.3
|
3.7
|
|
Consumer Price
Index
|
0.6
|
2.8
|
5.2
|
4.6
|
2.4
|
|
Total Imports
(Million)
|
356,299.3
|
423,221.8
|
459,655.1
|
474,554.0
|
466,762.0
|
|
Total Exports
(Million)
|
391,118.1
|
478,840.7
|
514,741.2
|
510,329.0
|
513,391.0
|
|
|
|
|
|
|
|
|
Unemployment Rate
(%)
|
3.2
|
2.2
|
2.1
|
2.0
|
1.9
|
|
Tourist
Arrival (Million)
|
9.68
|
11.64
|
13.17
|
14.49
|
15.46
|
|
Hotel
Occupancy Rate (%)
|
75.8
|
85.6
|
86.5
|
86.4
|
86.3
|
|
Cellular Phone
Subscriber (Million)
|
1.37
|
1.43
|
1.50
|
1.52
|
1.97
|
|
|
|
|
|
|
|
|
Registration
of New Companies (No.)
|
26,414
|
29,798
|
32,317
|
31,892
|
37,288
|
|
Registration
of New Companies (%)
|
4.3
|
12.8
|
8.5
|
(1.3)
|
9.8
|
|
Liquidation of
Companies (No.)
|
22,393
|
15,126
|
19,005
|
17,218
|
17,369
|
|
Liquidation of
Companies (%)
|
113.4
|
(32.5)
|
25.6
|
9.4
|
(5.3)
|
|
|
|
|
|
|
|
|
Registration
of New Businesses (No.)
|
26,876
|
23,978
|
23,494
|
24,788
|
22,893
|
|
Registration
of New Businesses (%)
|
8.15
|
(10.78)
|
2.02
|
5.51
|
1.70
|
|
Liquidation of
Businesses (No.)
|
23,552
|
24,211
|
23,005
|
22,489
|
22,598
|
|
Liquidation of
Businesses (%)
|
11.4
|
2.8
|
(5)
|
(2.2)
|
0.5
|
|
|
|
|
|
|
|
|
Bankruptcy
Orders (No.)
|
2,058
|
1,537
|
1,527
|
1,748
|
1,992
|
|
Bankruptcy
Orders (%)
|
(11.5)
|
(25.3)
|
(0.7)
|
14.5
|
14.0
|
|
Bankruptcy
Discharges (No.)
|
3,056
|
2,252
|
1,391
|
1,881
|
2,584
|
|
Bankruptcy
Discharges (%)
|
103.7
|
(26.3)
|
(38.2)
|
35.2
|
37.4
|
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) :
|
|
|
|
|
|
|
Agriculture
|
|
|
|
|
|
|
Production of
Principal Crops
|
3.25
|
(0.48)
|
4.25
|
3.64
|
-
|
|
Fish Supply
& Wholesale
|
(1.93)
|
(10.5)
|
12.10
|
(0.5)
|
-
|
|
|
|
|
|
|
|
|
Manufacturing
*
|
71.5
|
92.8
|
100.0
|
100.3
|
102.0
|
|
Food,
Beverages & Tobacco
|
90.4
|
96.4
|
100.0
|
103.5
|
103.5
|
|
Textiles
|
145.9
|
122.1
|
100.0
|
104.0
|
87.1
|
|
Wearing
Apparel
|
211.0
|
123.3
|
100.0
|
92.1
|
77.8
|
|
Leather
Products & Footwear
|
79.5
|
81.8
|
100.0
|
98.6
|
109.8
|
|
Wood &
Wood Products
|
101.4
|
104.0
|
100.0
|
95.5
|
107.4
|
|
Paper &
Paper Products
|
95.4
|
106.1
|
100.0
|
97.4
|
103.2
|
|
Printing &
Media
|
100.9
|
103.5
|
100.0
|
93.0
|
86.1
|
|
Crude Oil
Refineries
|
96.4
|
95.6
|
100.0
|
99.4
|
93.5
|
|
Chemical &
Chemical Products
|
80.3
|
97.6
|
100.0
|
100.5
|
104.1
|
|
Pharmaceutical
Products
|
49.1
|
75.3
|
100.0
|
109.7
|
107.2
|
|
Rubber &
Plastic Products
|
101.2
|
112.3
|
100.0
|
96.5
|
92.9
|
|
Non-metallic
Mineral
|
91.9
|
92.5
|
100.0
|
98.2
|
97.6
|
|
Basic Metals
|
92.6
|
102.2
|
100.0
|
90.6
|
76.5
|
|
Fabricated Metal
Products
|
90.8
|
103.6
|
100.0
|
104.3
|
105.1
|
|
Machinery
& Equipment
|
57.3
|
78.5
|
100.0
|
112.9
|
114.5
|
|
Electrical
Machinery
|
86.8
|
124.1
|
100.0
|
99.3
|
108.5
|
|
Electronic
Components
|
85.2
|
113.6
|
100.0
|
90.6
|
94.3
|
|
Transport Equipment
|
96.0
|
94.0
|
100.0
|
106.3
|
107.5
|
|
|
|
|
|
|
|
|
Construction
|
(36.9)
|
14.20
|
20.50
|
28.70
|
-
|
|
Real Estate
|
1.4
|
21.3
|
25.4
|
31.9
|
-
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
|
Electricity,
Gas & Water
|
1.70
|
4.00
|
7.00
|
6.30
|
-
|
|
Transport,
Storage & Communication
|
3.90
|
12.80
|
7.40
|
5.30
|
-
|
|
Finance &
Insurance
|
(16.4)
|
(0.4)
|
8.90
|
0.50
|
-
|
|
Government
Services
|
4.50
|
9.70
|
6.90
|
6.00
|
-
|
|
Education
Services
|
0.10
|
(0.9)
|
(1.4)
|
0.30
|
-
|
|
|
|
|
|
|
|
|
* Based on
Index of Industrial Production (2011 = 100)
|
|
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
|
The wholesale
and retail trade sectors have expanded by 2.0% in the third quarter of 2014,
extending the 1.8 per cent growth in the previous quarter. In 2013, the
wholesale and retail sector expanded by 5.0%, after declining by 1.4% the
year before. Growth of the sector was driven by the wholesale trade
segment.
|
|
|
The domestic
wholesale trade index has increased by 3.2% in the fourth quarter of 2013,
moderating from the 6.6% growth in the previous quarter. The slower growth
was due to a decline in the sales of furniture and household equipment
(-12%) and petroleum and petroleum products (-0.6%). For the full year, the
domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in
2012. On the other hand, the foreign wholesale trade index has increased by
a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion
in the preceding quarter. The slowdown was due to a fall in the sales of
telecommunication equipment and computer (-3.8%) and petroleum and
petroleum products (-2.5%). For the full year, the growth of the foreign
wholesale trade index moderated slightly to 8.6% from 9.1% in the previous
year.
|
|
|
In the fourth
quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6%
decline in the previous quarter. Excluding motor vehicles, retail sales
volume increased by 0.4%, a slower pace of expansion as compared to the
1.6% gain in the preceding quarter. The sales volume of motor vehicles fell
by 33% in the fourth quarter of 2013, extending the 32% decline in the
previous quarter. Meanwhile, the sales of several discretionary items also
fell in the fourth quarter of 2013. For instance, the sales of
telecommunications apparatus and computers fell by 12%, while the sales of
furniture and household equipment declined by 5.4%.
|
|
|
For the full
year, retail sales volume contracted by 4.3%, a reversal from the 1.3%
expansion in 2012. Excluding motor vehicle sales, the retail sales volume
grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and
jewellery recorded the largest increase (11%) in sales in 2013, followed by
optical goods and book (3%) and medical goods and toiletries (3%). By
contrast, the sales of telecommunications apparatus and computer (-7.3%),
furniture and household equipment (-4.2%) and petrol service stations
(-1.4) declined in 2013.
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Incorporated in 1993, the Subject is a Private Limited company, focusing on
wholesale of agricultural, mineral, metal and others. The Subject has been
in business for over two decades. It has built up a strong clientele base
and good reputation will enable the Subject to further enhance its business
in the near term. The Subject is expected to enjoy a stable market
shares. The Subject is a large entity with strong capital position of SGD
103,231,300. We are confident with the Subject's business and its future
growth prospect. Having strong support from its shareholder has enabled the
Subject to remain competitive despite the challenging business environment.
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. Overall, we
regard that the Subject's management capability is average. This indicates
that the Subject has greater potential to improve its business performance
and raising income for the Subject.
Financially, the Subject registered a higher turnover compared to previous
year. However, its profits showed a reverse trend. The lower profit
achieved was a result of higher operating cost and increased competition.
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. The high
gearing ratio clearly implied that the Subject was supported by more debt
than equity. Thus, the Subject is exposed to high financial risk. Given a
positive net worth standing at USD 364,468,000, 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.
Overall, the Subject's payment habit is good as the Subject has a good
credit control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
Financial Year
End
|
2013-12-31
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
GROUP
|
GROUP
|
|
Audited
Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
USD
|
USD
|
USD
|
|
|
|
|
|
|
|
TURNOVER
|
9,401,647,000
|
8,696,379,000
|
7,838,282,000
|
7,609,387,000
|
5,485,150,000
|
|
Other Income
|
5,025,000
|
5,085,000
|
11,423,000
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
9,406,672,000
|
8,701,464,000
|
7,849,705,000
|
7,609,387,000
|
5,485,150,000
|
|
Costs of Goods
Sold
|
(9,224,391,000)
|
(8,534,407,000)
|
(7,655,177,000)
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
182,281,000
|
167,057,000
|
194,528,000
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
65,492,000
|
89,178,000
|
129,615,000
|
107,317,000
|
22,439,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE
TAXATION
|
65,492,000
|
89,178,000
|
129,615,000
|
107,317,000
|
22,439,000
|
|
Taxation
|
(4,714,000)
|
(8,673,000)
|
(11,980,000)
|
(11,872,000)
|
(1,441,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
60,778,000
|
80,505,000
|
117,635,000
|
95,445,000
|
20,998,000
|
|
Minority
interests
|
-
|
-
|
-
|
277,000
|
(90,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously
reported
|
244,526,000
|
164,021,000
|
61,386,000
|
37,701,000
|
36,522,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
244,526,000
|
164,021,000
|
61,386,000
|
37,701,000
|
36,522,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
305,304,000
|
244,526,000
|
179,021,000
|
133,423,000
|
57,430,000
|
|
TRANSFER TO
RESERVES - General
|
-
|
-
|
-
|
634,000
|
1,271,000
|
|
DIVIDENDS -
Ordinary (paid & proposed)
|
(15,000,000)
|
-
|
(15,000,000)
|
(15,000,000)
|
(21,000,000)
|
|
DIVIDENDS -
Preference
|
-
|
-
|
-
|
(57,671,000)
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
290,304,000
|
244,526,000
|
164,021,000
|
61,386,000
|
37,701,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Bank overdraft
|
26,724,000
|
23,981,000
|
-
|
-
|
-
|
|
Loan from
associated companies
|
27,000
|
739,000
|
-
|
-
|
-
|
|
Term loan /
Borrowing
|
-
|
-
|
18,161,000
|
21,049,000
|
8,022,000
|
|
Others
|
37,865,000
|
6,901,000
|
4,154,000
|
3,668,000
|
1,496,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
64,616,000
|
31,621,000
|
22,315,000
|
24,717,000
|
9,518,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
3,166,000
|
2,771,000
|
2,389,000
|
113,628,000
|
43,625,000
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary
companies
|
154,161,000
|
111,463,000
|
56,276,000
|
-
|
-
|
|
Associated
companies
|
3,333,000
|
3,333,000
|
3,333,000
|
929,000
|
752,000
|
|
Loans & advances
- non-current
|
-
|
-
|
-
|
3,900,000
|
612,000
|
|
Deferred
assets
|
-
|
-
|
-
|
13,220,000
|
3,273,000
|
|
Others
|
7,269,000
|
193,511,000
|
188,075,000
|
2,067,000
|
117,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS
|
164,763,000
|
308,307,000
|
247,684,000
|
20,116,000
|
4,754,000
|
|
|
|
|
|
|
|
INTANGIBLE
ASSETS
|
|
|
|
|
|
|
Deferred/Expenditure
carried forward
|
-
|
-
|
-
|
16,677,000
|
7,483,000
|
|
Own goodwill
|
1,520,000
|
1,147,000
|
742,000
|
3,777,000
|
1,896,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
INTANGIBLE ASSETS
|
1,520,000
|
1,147,000
|
742,000
|
20,454,000
|
9,379,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
169,449,000
|
312,225,000
|
250,815,000
|
154,198,000
|
57,758,000
|
|
|
|
|
|
|
|
Stocks
|
27,703,000
|
4,294,000
|
7,572,000
|
726,485,000
|
403,712,000
|
|
Trade debtors
|
992,456,000
|
536,392,000
|
645,723,000
|
330,170,000
|
263,779,000
|
|
Other debtors,
deposits & prepayments
|
231,792,000
|
252,313,000
|
419,694,000
|
305,344,000
|
278,428,000
|
|
Short term
deposits
|
1,234,000
|
19,300,000
|
-
|
-
|
-
|
|
Amount due
from related companies
|
79,536,000
|
-
|
-
|
-
|
-
|
|
Cash &
bank balances
|
20,307,000
|
17,674,000
|
17,120,000
|
73,536,000
|
12,917,000
|
|
Others
|
579,980,000
|
332,440,000
|
267,089,000
|
551,163,000
|
162,602,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
1,933,008,000
|
1,162,413,000
|
1,357,198,000
|
1,986,698,000
|
1,121,438,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
2,102,457,000
|
1,474,638,000
|
1,608,013,000
|
2,140,896,000
|
1,179,196,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
creditors
|
698,559,000
|
292,254,000
|
367,239,000
|
284,937,000
|
219,948,000
|
|
Other
creditors & accruals
|
21,202,000
|
49,281,000
|
35,422,000
|
182,085,000
|
234,844,000
|
|
Short term
borrowings/Term loans
|
80,000,000
|
-
|
145,618,000
|
659,589,000
|
482,809,000
|
|
Amounts owing
to related companies
|
325,800,000
|
-
|
-
|
-
|
-
|
|
Provision for
taxation
|
3,631,000
|
7,422,000
|
11,354,000
|
12,574,000
|
487,000
|
|
Other liabilities
|
311,344,000
|
213,235,000
|
196,838,000
|
400,182,000
|
119,024,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
1,440,536,000
|
562,192,000
|
756,471,000
|
1,539,367,000
|
1,057,112,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
492,472,000
|
600,221,000
|
600,727,000
|
447,331,000
|
64,326,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
661,921,000
|
912,446,000
|
851,542,000
|
601,529,000
|
122,084,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share
capital
|
73,574,000
|
73,574,000
|
73,574,000
|
48,574,000
|
48,574,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
73,574,000
|
73,574,000
|
73,574,000
|
48,574,000
|
48,574,000
|
|
|
|
|
|
|
|
Capital
reserve
|
652,000
|
652,000
|
1,052,000
|
-
|
-
|
|
General
reserve
|
-
|
211,000
|
(29,000)
|
-
|
-
|
|
Retained
profit/(loss) carried forward
|
290,304,000
|
244,526,000
|
164,021,000
|
61,386,000
|
37,701,000
|
|
Others
|
(62,000)
|
-
|
-
|
5,984,000
|
4,215,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
290,894,000
|
245,389,000
|
165,044,000
|
125,041,000
|
41,916,000
|
|
|
|
|
|
|
|
MINORITY
INTEREST
|
-
|
-
|
-
|
1,146,000
|
416,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
364,468,000
|
318,963,000
|
238,618,000
|
174,761,000
|
90,906,000
|
|
|
|
|
|
|
|
Long term
loans
|
297,128,000
|
593,463,000
|
612,924,000
|
411,756,000
|
25,785,000
|
|
Deferred
taxation
|
20,000
|
20,000
|
-
|
14,451,000
|
4,906,000
|
|
Others
|
305,000
|
-
|
-
|
561,000
|
487,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
297,453,000
|
593,483,000
|
612,924,000
|
426,768,000
|
31,178,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
661,921,000
|
912,446,000
|
851,542,000
|
601,529,000
|
122,084,000
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
21,541,000
|
36,974,000
|
17,120,000
|
73,536,000
|
12,917,000
|
|
Net Liquid
Funds
|
21,541,000
|
36,974,000
|
17,120,000
|
73,536,000
|
12,917,000
|
|
Net Liquid
Assets
|
464,769,000
|
595,927,000
|
593,155,000
|
(279,154,000)
|
(339,386,000)
|
|
Net Current
Assets/(Liabilities)
|
492,472,000
|
600,221,000
|
600,727,000
|
447,331,000
|
64,326,000
|
|
Net Tangible
Assets
|
660,401,000
|
911,299,000
|
850,800,000
|
581,075,000
|
112,705,000
|
|
Net Monetary
Assets
|
167,316,000
|
2,444,000
|
(19,769,000)
|
(705,922,000)
|
(370,564,000)
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
|
Total
Borrowings
|
377,128,000
|
593,463,000
|
758,542,000
|
1,071,345,000
|
508,594,000
|
|
Total
Liabilities
|
1,737,989,000
|
1,155,675,000
|
1,369,395,000
|
1,966,135,000
|
1,088,290,000
|
|
Total Assets
|
2,102,457,000
|
1,474,638,000
|
1,608,013,000
|
2,140,896,000
|
1,179,196,000
|
|
Net Assets
|
661,921,000
|
912,446,000
|
851,542,000
|
601,529,000
|
122,084,000
|
|
Net Assets
Backing
|
364,468,000
|
318,963,000
|
238,618,000
|
174,761,000
|
90,906,000
|
|
Shareholders'
Funds
|
364,468,000
|
318,963,000
|
238,618,000
|
174,761,000
|
90,906,000
|
|
Total Share
Capital
|
73,574,000
|
73,574,000
|
73,574,000
|
48,574,000
|
48,574,000
|
|
Total Reserves
|
290,894,000
|
245,389,000
|
165,044,000
|
125,041,000
|
41,916,000
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.01
|
0.07
|
0.02
|
0.05
|
0.01
|
|
Liquid Ratio
|
1.32
|
2.06
|
1.78
|
0.82
|
0.68
|
|
Current Ratio
|
1.34
|
2.07
|
1.79
|
1.29
|
1.06
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
1
|
0
|
0
|
35
|
27
|
|
Debtors Ratio
|
39
|
23
|
30
|
16
|
18
|
|
Creditors
Ratio
|
28
|
12
|
18
|
14
|
15
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
1.03
|
1.86
|
3.18
|
6.13
|
5.59
|
|
Liabilities
Ratio
|
4.77
|
3.62
|
5.74
|
11.25
|
11.97
|
|
Times Interest
Earned Ratio
|
2.01
|
3.82
|
6.81
|
5.34
|
3.36
|
|
Assets Backing
Ratio
|
8.98
|
12.39
|
11.56
|
11.96
|
2.32
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
0.70
|
1.03
|
1.65
|
1.41
|
0.41
|
|
Net Profit
Margin
|
0.65
|
0.93
|
1.50
|
1.26
|
0.38
|
|
Return On Net
Assets
|
19.66
|
13.24
|
17.84
|
21.95
|
26.18
|
|
Return On
Capital Employed
|
19.61
|
13.22
|
17.83
|
21.19
|
24.23
|
|
Return On
Shareholders' Funds/Equity
|
16.68
|
25.24
|
49.30
|
54.77
|
23.00
|
|
Dividend Pay
Out Ratio (Times)
|
0.25
|
0.00
|
0.13
|
0.16
|
1.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
0
|
|