|
Report No. : |
305286 |
|
Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
STARCOM RESOURCES PTE LTD |
|
|
|
|
Registered Office : |
24, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
28.10.2000 |
|
|
|
|
Com. Reg. No.: |
200009210-G |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· engaged in trading of Agricultural Products, Steel and Energy Engaged
in dealing of Oil Seeds &
Extractions/ Meals, Grains, Pulses & Beans, Edible Oil, Coal, Metals,
Mineral Ores, Chemicals & Fertilizers |
|
|
|
|
No of Employees : |
25 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
EXECUTIVE SUMMARY |
|
|
|
REGISTRATION NO. |
: |
200009210-G |
||||
|
COMPANY NAME |
: |
STARCOM
RESOURCES PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
28/10/2000 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
24, RAFFLES PLACE, 13 - 02, CLIFFORD CENTRE, 048621, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
24 RAFFLES PLACE 13-02 CLIFFORD CENTRE, 048621, SINGAPORE. |
||||
|
OFFICE ADDRESS : |
|
5 SHENTON WAY HEX 18-03, UIC BUILDING SINGAPORE 068808, SINGAPORE |
||||
|
TEL.NO. |
: |
65-63367288 |
||||
|
FAX.NO. |
: |
65-63363118 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
AJAY KUMAR AGGARWAL (MANAGING DIRECTOR) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
·
engaged
in trading of Agricultural Products, Steel and Energy Engaged in dealing of Oil Seeds & Extractions/
Meals, Grains, Pulses & Beans, Edible Oil, Coal, Metals, Mineral Ores,
Chemicals & Fertilizers |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
5,113,862.00 ORDINARY SHARE, OF A VALUE OF SGD 5,793,452.52 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 421,737,258 [2013] |
||||
|
NET WORTH |
: |
USD 3,291,616 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
25 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
SLOW BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
WEAK |
||||
|
|
|
|
||||
|
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
agricultural products.
Share Capital
History
|
Date |
Issue & Paid Up Capita l |
|
28/02/2014 |
SGD 5,793,452.52 |
|
13/10/2014 |
SGD 5,793,452.52 |
|
|
SGD 3,443,851.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
STARCOM GROUP PTE. LTD. |
24, RAFFLES PLACE , 13 - 02, CLIFFORD CENTRE, SINGAPORE. |
201325504 |
5,096,125.00 |
99.65 |
|
WAYPORT DEVELOPMENTS LIMITED |
AKARA BUILDING, 24, DE CASTRO STREET, WICKHAMS CAY 1, TORTOLA, VIRGIN
ISLANDS, BRITISH. |
T08UF0030 |
17,737.00 |
0.35 |
|
|
|
|
--------------- |
------ |
|
|
|
|
5,113,862.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
201012351M |
SINGAPORE |
STARCOM GRAIN PTE. LTD. |
100.00 |
31/12/2013 |
|
|
|
|
|
|
|
200807287H |
SINGAPORE |
AMBER FARMS PTE. LTD. |
75.00 |
31/12/2013 |
|
|
|
|
|
|
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
MR. AJAY KUMAR AGGARWAL |
|
Address |
: |
20, VANDA DRIVE, ORCHID VILLAGE, 287858, SINGAPORE. |
|
IC / PP No |
: |
S6864098I |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
28/10/2000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
SANDEEP SINGH |
|
Address |
: |
1A, LENGKONG LIMA, 417531, SINGAPORE. |
|
IC / PP No |
: |
S7284335E |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/10/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
PAUL JOHN WILLOWS |
|
Address |
: |
1, SANDWICH ROAD, 139150, SINGAPORE. |
|
IC / PP No |
: |
S7461304G |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/10/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
RAJEEV PALIWAL |
|
Address |
: |
614, ELIAS ROAD, 02-114, 510614, SINGAPORE. |
|
IC / PP No |
: |
S2741294G |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/10/2012 |
|
|
|
|
|
|
|
|
MANAGEMENT |
|
1) |
Name of Subject |
: |
AJAY KUMAR AGGARWAL |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
RSM CHIO LIM LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
ONG SIEW CHOO |
|
|
IC / PP No |
: |
S2592285I |
|
|
|
|
|
|
|
Address |
: |
472, PASIR RIS DRIVE 6, 11-466, 510472, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
SOO KIAM LENG |
|
|
IC / PP No |
: |
S7510066C |
|
|
|
|
|
|
|
Address |
: |
48, FLORENCE ROAD, 549501, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
SOCIETE GENERALE |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
STANDARD CHARTERED BANK |
|
|
|
|
|
|
|
|
|
|
|
3) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
|
|
|
|
|
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
200204839 |
31/10/2002 |
N/A |
SOCIETE GENERALE |
- |
Unsatisfied |
|
200204840 |
31/10/2002 |
N/A |
SOCIETE GENERALE |
- |
Unsatisfied |
|
200204841 |
31/10/2002 |
N/A |
SOCIETE GENERALE |
- |
Unsatisfied |
|
C200503578 |
23/06/2005 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C200503582 |
23/06/2005 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201006826 |
04/08/2010 |
N/A |
LH ASIAN TFF PTE. LTD. |
- |
Unsatisfied |
|
C201114858 |
25/11/2011 |
N/A |
SOCIETE GENERALE |
- |
Unsatisfied |
|
C201206214 |
07/06/2012 |
N/A |
LH ASIAN TFF PTE. LTD. |
- |
Unsatisfied |
|
C201300413 |
10/01/2013 |
N/A |
EFA DYNAMIC TFF PTE. LTD. |
- |
Unsatisfied |
|
C201303347 |
01/03/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201306094 |
06/05/2013 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201306096 |
06/05/2013 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201307987 |
13/06/2013 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201314103 |
18/10/2013 |
N/A |
WARBA BANK TRADE FINANCE FACILITY S.P. |
- |
Unsatisfied |
LEGAL CHECK AGAINST SUBJECT |
* A check has been conducted in our databank against 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.
PAYMENT RECORD |
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
X |
] |
|
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 |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
Goods Traded |
: |
AGRICULTURAL PRODUCTS
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
|||||||
|
|
|||||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
25 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
agricultural products.
Business activities:
* agricultural commodities
* steel and energy
products dealing:
* oil seeds & extractions/ meals
* grains
* pulses & beans
* edible oil
* coal
* metals
* mineral ores
* chemicals
* fertilizers
subject is a member of the following entities:
* singapore indian chamber of commerce and industry
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated that:
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63367288 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
24 RAFFLES PLACE 13-02 CLIFFORD CENTRE
SINGAPORE 048621 |
|
Current Address |
: |
24 RAFFLES PLACE 13-02 CLIFFORD CENTRE,
048621, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2011 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2011 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(112.82%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(41.25%) |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.Higher losses before tax during the year could be due
to the higher operating costs incurred. The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
16 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
13 Days |
] |
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the Subject does not
need to keep 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 |
[ |
1.09 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.09 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 |
[ |
(0.89 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.30 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not
improve, the Subject may be vulnerable to default in servicing the interest. 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 : |
|
|
|
|
|
|
|
The Subject's losses increased but its turnover showed a fluctuating
trend. This indicate the Subject was slowly losing its market share due to
its competitors. 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. The Subject's interest cover was negative, indicating that it
did not generate sufficient income to service its interest. If its result
does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. 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 : LIMITED |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
|
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100) |
|
|
|
|
|
INDUSTRY ANALYSIS |
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
The wholesale and retail trade 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 |
|
Due to the challenging market conditions, the Subject's business
performance seems to be deteriorating and losses incurred. The Subject has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. The
Subject is in average liquidity position with its current liabilities well
covered by it current assets. Hence, it has sufficient working capital to
meet its short term financial obligations. Being a lowly geared company, the
Subject is exposed to low financial risk as it is mainly dependent on its
internal funds to finance its business needs. Given a positive net worth
standing at USD 3,291,616, the Subject should be able to maintain its
business in the near terms. Without a strong assets backing, the Subject may face difficulties in
getting loans for its future expansion and continued growth . The Subject's
supplier are from both the local and overseas countries. This will eliminates
the risk of dependency on deliveries from a number of key suppliers and
insufficient quantities of its raw materials. Overall the Subject has a good
control over its resources. 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. In view of the above, we recommend credit be granted to the Subject
with close monitoring. |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
STARCOM RESOURCES PTE LTD |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
|
|
|
|
|
TURNOVER |
421,737,258 |
534,817,316 |
359,067,970 |
|
|
---------------- |
---------------- |
---------------- |
|
Total Turnover |
421,737,258 |
534,817,316 |
359,067,970 |
|
Costs of Goods Sold |
(419,861,775) |
(531,866,534) |
(354,141,411) |
|
|
---------------- |
---------------- |
---------------- |
|
Gross Profit |
1,875,483 |
2,950,782 |
4,926,559 |
|
|
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(3,713,491) |
(1,812,513) |
1,114,179 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(3,713,491) |
(1,812,513) |
1,114,179 |
|
Taxation |
- |
27,720 |
(155,861) |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(3,713,491) |
(1,784,793) |
958,318 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
As previously reported |
2,626,231 |
4,675,888 |
3,725,523 |
|
Prior year adjustment |
- |
(264,864) |
(7,953) |
|
|
---------------- |
---------------- |
---------------- |
|
As restated |
2,626,231 |
4,411,024 |
3,717,570 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(1,087,260) |
2,626,231 |
4,675,888 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(1,087,260) |
2,626,231 |
4,675,888 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
Lease interest |
- |
1,838 |
1,696 |
|
Letter of credit |
1,044,301 |
1,556,231 |
1,169,244 |
|
Revolving loans |
38,066 |
87,671 |
29,906 |
|
Term loan / Borrowing |
858,695 |
521,746 |
332,275 |
|
Others |
25,925 |
39,515 |
69,782 |
|
|
---------------- |
---------------- |
---------------- |
|
|
1,966,987 |
2,207,001 |
1,602,903 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
STARCOM RESOURCES PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
|
FIXED ASSETS |
128,100 |
171,628 |
178,123 |
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
Subsidiary companies |
883,809 |
883,809 |
- |
|
Associated companies |
166,634 |
166,634 |
341,932 |
|
Others |
29,426 |
29,426 |
4,020,632 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,079,869 |
1,079,869 |
4,362,564 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,207,969 |
1,251,497 |
4,540,687 |
|
|
|
|
|
|
Stocks |
- |
- |
100,000 |
|
Trade debtors |
18,373,250 |
30,421,454 |
28,550,884 |
|
Other debtors, deposits & prepayments |
342,786 |
- |
1,805,452 |
|
Amount due from subsidiary companies |
2,078,077 |
1,851,500 |
- |
|
Amount due from related companies |
1,269,696 |
455,614 |
11,676 |
|
Amount due from associated companies |
5,103,789 |
2,156,948 |
494,651 |
|
Cash & bank balances |
7,005,524 |
9,834,745 |
9,165,111 |
|
Others |
2,437,400 |
4,535,552 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
36,610,522 |
49,255,813 |
40,127,774 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
37,818,491 |
50,507,310 |
44,668,461 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Trade creditors |
14,853,703 |
33,158,728 |
25,492,777 |
|
Other creditors & accruals |
3,889,902 |
3,135,695 |
4,620 |
|
Amounts owing to related companies |
2,142,043 |
2,205,620 |
2,166,363 |
|
Provision for taxation |
8,813 |
67,555 |
527,418 |
|
Lease payables |
- |
14,666 |
- |
|
Other liabilities |
12,690,057 |
5,760,580 |
6,714,356 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
33,584,518 |
44,342,844 |
34,905,534 |
|
|
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
3,026,004 |
4,912,969 |
5,222,240 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
4,233,973 |
6,164,466 |
9,762,927 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
Ordinary share capital |
4,378,876 |
2,518,458 |
2,518,458 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
4,378,876 |
2,518,458 |
2,518,458 |
|
|
|
|
|
|
Exchange equalisation/fluctuation reserve |
- |
- |
(50,394) |
|
Retained profit/(loss) carried forward |
(1,087,260) |
2,626,231 |
4,675,888 |
|
Others |
- |
962,418 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
(1,087,260) |
3,588,649 |
4,625,494 |
|
|
|
|
|
|
MINORITY INTEREST |
- |
- |
301,679 |
|
|
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
3,291,616 |
6,107,107 |
7,445,631 |
|
|
|
|
|
|
Long term loans |
900,450 |
- |
- |
|
Lease obligations |
41,907 |
57,359 |
- |
|
Others |
- |
- |
2,317,296 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
942,357 |
57,359 |
2,317,296 |
|
|
---------------- |
---------------- |
---------------- |
|
|
4,233,973 |
6,164,466 |
9,762,927 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
STARCOM RESOURCES PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
Cash |
7,005,524 |
9,834,745 |
9,165,111 |
|
Net Liquid Funds |
7,005,524 |
9,834,745 |
9,165,111 |
|
Net Liquid Assets |
3,026,004 |
4,912,969 |
5,122,240 |
|
Net Current Assets/(Liabilities) |
3,026,004 |
4,912,969 |
5,222,240 |
|
Net Tangible Assets |
4,233,973 |
6,164,466 |
9,762,927 |
|
Net Monetary Assets |
2,083,647 |
4,855,610 |
2,804,944 |
|
BALANCE SHEET ITEMS |
|
|
|
|
Total Borrowings |
980,423 |
145,030 |
29,906 |
|
Total Liabilities |
34,526,875 |
44,400,203 |
37,222,830 |
|
Total Assets |
37,818,491 |
50,507,310 |
44,668,461 |
|
Net Assets |
4,233,973 |
6,164,466 |
9,762,927 |
|
Net Assets Backing |
3,291,616 |
6,107,107 |
7,445,631 |
|
Shareholders' Funds |
3,291,616 |
6,107,107 |
7,445,631 |
|
Total Share Capital |
4,378,876 |
2,518,458 |
2,518,458 |
|
Total Reserves |
(1,087,260) |
3,588,649 |
4,625,494 |
|
LIQUIDITY (Times) |
|
|
|
|
Cash Ratio |
0.21 |
0.22 |
0.26 |
|
Liquid Ratio |
1.09 |
1.11 |
1.15 |
|
Current Ratio |
1.09 |
1.11 |
1.15 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
Stock Ratio |
0 |
0 |
0 |
|
Debtors Ratio |
16 |
21 |
29 |
|
Creditors Ratio |
13 |
23 |
26 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
Gearing Ratio |
0.30 |
0.02 |
0.00 |
|
Liabilities Ratio |
10.49 |
7.27 |
5.00 |
|
Times Interest Earned Ratio |
(0.89) |
0.18 |
1.70 |
|
Assets Backing Ratio |
0.97 |
2.45 |
3.88 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
Operating Profit Margin |
(0.88) |
(0.34) |
0.31 |
|
Net Profit Margin |
(0.88) |
(0.33) |
0.27 |
|
Return On Net Assets |
(41.25) |
6.40 |
27.83 |
|
Return On Capital Employed |
(40.88) |
6.31 |
26.92 |
|
Return On Shareholders' Funds/Equity |
(112.82) |
(29.22) |
12.87 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.93.18 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.