|
|
REGISTRATION NO.
|
:
|
198306094-E
|
|
COMPANY NAME
|
:
|
MEWAH OILS & FATS PTE LTD
|
|
FORMER NAME
|
:
|
NGO CHEW HONG
COMMODITIES PTE LTD (06/04/1999)
AL AFDAL OILS & FATS PTE LTD (19/11/1996)
|
|
INCORPORATION
DATE
|
:
|
30/12/1983
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
5,
INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
5,
INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-68295200
|
|
FAX.NO.
|
:
|
65-63410963
|
|
EMAIL
|
:
|
MEWAHGROUP@NCHEO.COM
|
|
WEB SITE
|
:
|
WWW.MEWAHGROUP.COM
|
|
CONTACT PERSON
|
:
|
LEONG CHOI
FOONG ( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF OIL
AND FATS
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
3,000,000.00 ORDINARY
SHARE, OF A VALUE OF SGD 3,000,000.00
|
|
|
|
|
SALES
|
:
|
USD
1,553,922,346 [2013]
|
|
NET WORTH
|
:
|
USD 90,333,794
[2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
200 [2015]
|
|
BANKER (S)
|
:
|
|
THE HONGKONG
AND SHANGHAI BANKING CORPORATION LIMITED
SOCIETE GENERALE
STANDARD CHARTERED BANK
PT BANK MANDIRI (PERSERO) TBK
UNITED OVERSEAS BANK LIMITED
|
|
|
|
LITIGATION
|
:
|
TRACED
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY
/ BACKGROUND
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the Subject must
have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The Subject is
principally engaged in the (as a / as an) trading of oil and fats.
The immediate
holding company of the Subject is NGO CHEW HONG CORPORATION PTE. LTD., a
company incorporated in SINGAPORE.
Share Capital
History
|
Date
|
Issue & Paid Up Capital
|
|
07/07/2015
|
SGD 3,000,000.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
NGO CHEW HONG CORPORATION PTE. LTD.
|
5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914,
SINGAPORE.
|
199303486H
|
3,000,000.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
3,000,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. LEONG CHOI FOONG
|
|
Address
|
:
|
B-5-7, ENDAH REGAL CONDOMINIUM, 7 JALAN 3/149E, TAMAN SRI ENDAH,
57000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
5044690
|
|
New IC No
|
:
|
560924-10-5466
|
|
Date of Birth
|
:
|
24/09/1956
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
13/01/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. LEONG QUEE ME
|
|
Address
|
:
|
18, JALAN PULAI 66, TAMAN PULAI UTAMA, 81300 SKUDAI, JOHOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
A1956793
|
|
New IC No
|
:
|
710727-05-5210
|
|
Date of Birth
|
:
|
27/07/1971
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/07/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
NGIAM SHEAU HUEY
|
|
Address
|
:
|
120, TAMPINES STREET, 11, 10-306, TAMPINES COURT, 521120, SINGAPORE.
|
|
IC / PP No
|
:
|
S7668392A
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
01/11/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LEONG CHOI FOONG
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
LAURA NG KWEE HONG
|
|
IC / PP No
|
:
|
S1193635J
|
|
|
|
|
|
Address
|
:
|
10, BROOKE ROAD, 08-02, EAST VIEW, 429986, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
SOCIETE GENERALE
|
|
|
|
|
|
|
|
|
|
3)
|
Name
|
:
|
STANDARD CHARTERED BANK
|
|
|
|
|
|
|
|
|
|
4)
|
Name
|
:
|
PT BANK MANDIRI (PERSERO) TBK
|
|
|
|
|
|
|
|
|
|
5)
|
Name
|
:
|
UNITED OVERSEAS BANK LIMITED
|
|
|
|
|
|
|
|
|
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C200905908
|
18/09/2009
|
N/A
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201009610
|
18/10/2010
|
N/A
|
SOCIETE GENERALE
|
-
|
Unsatisfied
|
|
C201009611
|
18/10/2010
|
N/A
|
SOCIETE GENERALE
|
-
|
Unsatisfied
|
|
C201101171
|
26/01/2011
|
N/A
|
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK
|
-
|
Unsatisfied
|
|
C201111259
|
09/09/2011
|
N/A
|
DBS BANK LTD.
|
-
|
Unsatisfied
|
|
C201112571
|
07/10/2011
|
N/A
|
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
|
-
|
Unsatisfied
|
|
C201202935
|
16/03/2012
|
N/A
|
PT BANK MANDIRI (PERSERO) TBK
|
-
|
Unsatisfied
|
|
C201210669
|
19/09/2012
|
N/A
|
CTBC BANK CO., LTD
|
-
|
Unsatisfied
|
|
C201210673
|
19/09/2012
|
N/A
|
CTBC BANK CO., LTD.
|
-
|
Unsatisfied
|
|
C201212298
|
25/10/2012
|
N/A
|
ICICI BANK LIMITED
|
-
|
Unsatisfied
|
|
C201306511
|
13/05/2013
|
N/A
|
PT BANK MANDIRI (PERSERO) TBK
|
-
|
Unsatisfied
|
|
C201307240
|
30/05/2013
|
N/A
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201307285
|
30/05/2013
|
N/A
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201406446
|
30/06/2014
|
N/A
|
CTBC BANK CO., LTD.
|
-
|
Unsatisfied
|
|
C201406452
|
30/06/2014
|
N/A
|
CTBC BANK CO., LTD.
|
-
|
Unsatisfied
|
|
C201407639
|
23/07/2014
|
N/A
|
CIMB BANK BERHAD
|
USD 10,000,000.00
|
Unsatisfied
|
|
C201407640
|
23/07/2014
|
N/A
|
CIMB BANK BERHAD
|
USD 10,000,000.00
|
Unsatisfied
|
|
C201407641
|
23/07/2014
|
N/A
|
CIMB BANK BERHAD
|
USD 10,000,000.00
|
Unsatisfied
|
|
C201410350
|
23/09/2014
|
N/A
|
UNITED OVERSEAS BANK LIMITED
|
-
|
Unsatisfied
|
LITIGATION
CHECK AGAINST SUBJECT
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
|
LEGAL ACTION
|
|
|
|
|
Code No
|
:
|
99
|
Case No
|
:
|
15505
|
|
|
|
|
|
|
Year
|
:
|
2014
|
Place
|
:
|
SINGAPORE
|
|
|
|
|
|
|
Court
|
:
|
MAGISTRATE COURT
|
|
|
|
|
|
|
|
|
|
Date Filed
|
:
|
18/08/2014
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
ANJALLI D/O MUNIANDY
|
|
|
|
|
|
|
|
|
|
Solicitor Ref
|
:
|
AM1-INS-H5-90568-14- YLV(PMV)
|
|
|
|
|
|
|
|
|
|
Solicitor Firm
|
:
|
VISION LAW LLC
|
|
|
|
|
|
|
Plaintiff
|
:
|
LIM KIAN HWEE
PRIME CAR RENTAL & TAXI SERVICES PTE LTD
|
|
|
|
|
Defendants
|
:
|
|
MEWAH OILS & FATS PTE LTD (198306094)
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
10347.70
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
SGD
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
NEGLIGENCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Total Number of Employees:
|
|
|
YEAR
|
2015
|
2014
|
2013
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
200
|
200
|
200
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of oil and
fats.
The Group is a global agri-business focused on edible oils and fats with
refineries and processing facilities in Malaysia and Singapore and a
worldwide marketing network.
The Group is one of the largest palm oil processor in the world by capacity
and produce a wide range of refined and fractionated vegetable oils and fats
principally from palm and lauric oil, and from soft oils, such as soybean
oil, canola oil, sunflower seed oil and corn oil.
Group's business consists of:
1) bulk segment, which sources, manufactures and sells edible oils and fats
(including specialty fats) in bulk to wholesalers and processors for a
variety of end uses including applications in the food, pharmaceutical and
oleochemical industries; and
2) consumer pack segment, which manufactures, packs and sells a wide range of
edible oils and fats and specialised bakery and confectionery oils and fats
which are sold to end customers in consumer packs under our own brands or to
customers who then sell our products under their own brands.
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
6568295200
|
|
Current Telephone Number
|
:
|
65-68295200
|
|
Match
|
:
|
YES
|
|
|
|
|
Address Provided by Client
|
:
|
5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH
BUILDING,609914,SINGAPORE
|
|
Current Address
|
:
|
5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914,
SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
On 6th July 2015 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
17.69%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
22.16%
|
]
|
|
|
|
|
|
|
|
|
|
The continuous fall in turnover could be due to the lower demand for
the Subject's products / services.The management had succeeded in turning the
Subject into a profit making company. The profit could be due to better
control of its operating costs and efficiency in utilising its resources.
The Subject's management had generated acceptable return for its
shareholders using its assets.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
1 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
46 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
2 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding
cost. This had reduced funds being tied up in stocks. The favourable
debtors' days could be due to the good credit control measures implemented
by the Subject. The Subject had a favourable creditors' ratio where the
Subject could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.54 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.57 Times
|
]
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they
fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Favourable
|
[
|
10.86 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.07 Times
|
]
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. The Subject was lowly
geared thus it had a low financial risk. The Subject was mainly financed by
its shareholders' funds and internally generated funds. In times of
economic slowdown / downturn, the Subject being a lowly geared company,
will be able to compete better than those companies which are highly geared
in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the Subject's turnover decreased, its losses also decreased
during the year. This could be the result of more efficient control in its
operating costs. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. With the favourable interest cover, the Subject could be able
to service all the accrued interest without facing any difficulties. The Subject
as a lowly geared company, will be more secured compared to those highly
geared companies. It has the ability to meet all its long term obligations.
|
|
|
|
|
|
|
|
|
Overall financial condition of the
Subject : STRONG
|
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 sectors have expanded by 2.0% in the third
quarter of 2014, extending the 1.8 per cent growth in the previous quarter.
In 2013, the wholesale and retail sector expanded by 5.0%, after declining
by 1.4% the year before. Growth of the sector was driven by the wholesale
trade segment.
|
|
|
The domestic wholesale trade index has increased by 3.2% in the
fourth quarter of 2013, moderating from the 6.6% growth in the previous
quarter. The slower growth was due to a decline in the sales of furniture
and household equipment (-12%) and petroleum and petroleum products
(-0.6%). For the full year, the domestic wholesale trade index grew by 5.2%
reversing the 2.2% decline in 2012. On the other hand, the foreign
wholesale trade index has increased by a slower pace of 5.6% in the fourth
quarter, compared to the 7.7% expansion in the preceding quarter. The
slowdown was due to a fall in the sales of telecommunication equipment and
computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full
year, the growth of the foreign wholesale trade index moderated slightly to
8.6% from 9.1% in the previous year.
|
|
|
In the fourth quarter of 2013, retail sales volume fell by 6.2%,
extending the 5.6% decline in the previous quarter. Excluding motor
vehicles, retail sales volume increased by 0.4%, a slower pace of expansion
as compared to the 1.6% gain in the preceding quarter. The sales volume of
motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32%
decline in the previous quarter. Meanwhile, the sales of several
discretionary items also fell in the fourth quarter of 2013. For instance,
the sales of telecommunications apparatus and computers fell by 12%, while
the sales of furniture and household equipment declined by 5.4%.
|
|
|
For the full year, retail sales volume contracted by 4.3%, a
reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales,
the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase
in 2012. Watches and jewellery recorded the largest increase (11%) in sales
in 2013, followed by optical goods and book (3%) and medical goods and
toiletries (3%). By contrast, the sales of telecommunications apparatus and
computer (-7.3%), furniture and household equipment (-4.2%) and petrol
service stations (-1.4) declined in 2013.
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1983, the Subject is a Private Limited company, focusing on
trading of oil and fats. The Subject has been in business for over two
decades. It has built up a strong clientele base and satisfactory
reputation will enable the Subject to further enhance its business in the
near term. The Subject is expected to enjoy a stable market shares. A paid
up capital of SGD 3,000,000 allows the Subject to expand its business more
comfortably. With a strong backing from its holding company, the Subject
enjoys timely financial assistance should the needs arise.
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. The Subject is a
fairly large and rapidly growing company with over 200 staff in its
operations 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.
Despite the lower turnover, the Subject's pre-tax profit have increased
compared to the previous year. The higher profit could be due to better
control of its operating costs and efficiency in utilising its resources.
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. 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 90,333,794, 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. 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.
We regard that the Subject's overall payment habit is prompt. The Subject
had a favourable creditors' ratio as evidenced by its favourable collection
days.
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.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
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
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
SUMMARY
|
SUMMARY
|
|
Currency
|
USD
|
USD
|
USD
|
SGD
|
SGD
|
|
|
|
|
|
|
|
TURNOVER
|
1,553,922,346
|
2,076,783,774
|
2,420,119,880
|
1,746,611,957
|
371,427,394
|
|
Other Income
|
5,267,939
|
9,490,714
|
5,110,293
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
1,559,190,285
|
2,086,274,488
|
2,425,230,173
|
1,746,611,957
|
371,427,394
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
18,215,083
|
(20,646,734)
|
17,039,276
|
89,586,693
|
17,319,280
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
18,215,083
|
(20,646,734)
|
17,039,276
|
89,586,693
|
17,319,280
|
|
Taxation
|
(2,230,962)
|
2,020,383
|
1,847,957
|
(9,741,403)
|
(1,838,907)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
15,984,121
|
(18,626,351)
|
18,887,233
|
79,845,290
|
15,480,373
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
72,126,099
|
90,752,450
|
86,865,217
|
27,468,523
|
11,988,150
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
72,126,099
|
90,752,450
|
86,865,217
|
27,468,523
|
11,988,150
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
88,110,220
|
72,126,099
|
105,752,450
|
107,313,813
|
27,468,523
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
-
|
-
|
(15,000,000)
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
88,110,220
|
72,126,099
|
90,752,450
|
107,313,813
|
27,468,523
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Term loan / Borrowing
|
-
|
2,034,173
|
2,039,297
|
-
|
-
|
|
Others
|
1,847,460
|
-
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
1,847,460
|
2,034,173
|
2,039,297
|
-
|
-
|
|
=============
|
=============
|
=============
|
-
|
-
|
|
|
|
|
|
|
|
DEPRECIATION (as per notes to P&L)
|
1,103,807
|
1,019,634
|
919,607
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
1,103,807
|
1,019,634
|
919,607
|
-
|
-
|
|
=============
|
=============
|
=============
|
|
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
6,643,104
|
6,852,900
|
6,653,093
|
10,875,822
|
5,776,205
|
|
|
|
|
|
|
|
Deferred assets
|
-
|
618,965
|
-
|
-
|
-
|
|
Others
|
-
|
796,498
|
171,673
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
-
|
1,415,463
|
171,673
|
-
|
-
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
6,643,104
|
8,268,363
|
6,824,766
|
10,875,822
|
5,776,205
|
|
|
|
|
|
|
|
Stocks
|
4,120,000
|
9,560,894
|
32,957,845
|
-
|
-
|
|
Trade debtors
|
195,470,326
|
374,325,403
|
326,927,423
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
635,258
|
5,888,041
|
924,222
|
-
|
-
|
|
Short term deposits
|
11,709,947
|
-
|
28,319,200
|
-
|
-
|
|
Amount due from holding company
|
-
|
-
|
60,000
|
-
|
-
|
|
Amount due from related companies
|
142,290
|
25,771
|
213,068
|
-
|
-
|
|
Cash & bank balances
|
7,840,626
|
17,447,306
|
11,783,261
|
-
|
-
|
|
Others
|
11,632,367
|
79,423,361
|
42,272,789
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
231,550,814
|
486,670,776
|
443,457,808
|
833,245,588
|
143,670,338
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
238,193,918
|
494,939,139
|
450,282,574
|
844,121,410
|
149,446,543
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
7,931,625
|
77,265,737
|
58,562,760
|
-
|
-
|
|
Other creditors & accruals
|
5,580,453
|
7,788,368
|
7,672,673
|
-
|
-
|
|
Short term borrowings/Term loans
|
6,694,925
|
7,036,624
|
85,612,063
|
-
|
-
|
|
Deposits from customers
|
51,177
|
3,262,760
|
633,487
|
-
|
-
|
|
Amounts owing to holding company
|
167,880
|
36,480,774
|
19,820,106
|
-
|
-
|
|
Amounts owing to related companies
|
104,927,130
|
242,683,785
|
142,957,868
|
-
|
-
|
|
Provision for taxation
|
1,572,280
|
-
|
-
|
-
|
-
|
|
Dividends payable/proposed
|
-
|
-
|
15,000,000
|
-
|
-
|
|
Other liabilities
|
20,740,725
|
45,622,491
|
26,688,779
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
147,666,195
|
420,140,539
|
356,947,736
|
730,794,135
|
118,826,638
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
83,884,619
|
66,530,237
|
86,510,072
|
102,451,453
|
24,843,700
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
90,527,723
|
74,798,600
|
93,334,838
|
113,327,275
|
30,619,905
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
2,223,574
|
2,223,574
|
2,223,574
|
3,000,000
|
3,000,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
2,223,574
|
2,223,574
|
2,223,574
|
3,000,000
|
3,000,000
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
88,110,220
|
72,126,099
|
90,752,450
|
107,313,813
|
27,468,523
|
|
Others
|
-
|
-
|
-
|
2,428,052
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
88,110,220
|
72,126,099
|
90,752,450
|
109,741,865
|
27,468,523
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
90,333,794
|
74,349,673
|
92,976,024
|
112,741,865
|
30,468,523
|
|
|
|
|
|
|
|
Deferred taxation
|
60,764
|
-
|
107,255
|
-
|
-
|
|
Others
|
133,165
|
448,927
|
251,559
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
193,929
|
448,927
|
358,814
|
585,410
|
151,382
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
90,527,723
|
74,798,600
|
93,334,838
|
113,327,275
|
30,619,905
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
19,550,573
|
17,447,306
|
40,102,461
|
-
|
-
|
|
Net Liquid Funds
|
19,550,573
|
17,447,306
|
40,102,461
|
-
|
-
|
|
Net Liquid Assets
|
79,764,619
|
56,969,343
|
53,552,227
|
102,451,453
|
24,843,700
|
|
Net Current Assets/(Liabilities)
|
83,884,619
|
66,530,237
|
86,510,072
|
102,451,453
|
24,843,700
|
|
Net Tangible Assets
|
90,527,723
|
74,798,600
|
93,334,838
|
113,327,275
|
30,619,905
|
|
Net Monetary Assets
|
79,570,690
|
56,520,416
|
53,193,413
|
101,866,043
|
24,692,318
|
|
PROFIT & LOSS ITEMS
|
|
|
|
|
|
|
Earnings Before Interest & Tax (EBIT)
|
20,062,543
|
(18,612,561)
|
19,078,573
|
-
|
-
|
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA)
|
21,166,350
|
(17,592,927)
|
19,998,180
|
-
|
-
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
6,694,925
|
7,036,624
|
85,612,063
|
-
|
-
|
|
Total Liabilities
|
147,860,124
|
420,589,466
|
357,306,550
|
731,379,545
|
118,978,020
|
|
Total Assets
|
238,193,918
|
494,939,139
|
450,282,574
|
844,121,410
|
149,446,543
|
|
Net Assets
|
90,527,723
|
74,798,600
|
93,334,838
|
113,327,275
|
30,619,905
|
|
Net Assets Backing
|
90,333,794
|
74,349,673
|
92,976,024
|
112,741,865
|
30,468,523
|
|
Shareholders' Funds
|
90,333,794
|
74,349,673
|
92,976,024
|
112,741,865
|
30,468,523
|
|
Total Share Capital
|
2,223,574
|
2,223,574
|
2,223,574
|
3,000,000
|
3,000,000
|
|
Total Reserves
|
88,110,220
|
72,126,099
|
90,752,450
|
109,741,865
|
27,468,523
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.13
|
0.04
|
0.11
|
-
|
-
|
|
Liquid Ratio
|
1.54
|
1.14
|
1.15
|
-
|
-
|
|
Current Ratio
|
1.57
|
1.16
|
1.24
|
1.14
|
1.21
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
1
|
2
|
5
|
-
|
-
|
|
Debtors Ratio
|
46
|
66
|
49
|
-
|
-
|
|
Creditors Ratio
|
2
|
14
|
9
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.07
|
0.09
|
0.92
|
-
|
-
|
|
Liabilities Ratio
|
1.64
|
5.66
|
3.84
|
6.49
|
3.90
|
|
Times Interest Earned Ratio
|
10.86
|
(9.15)
|
9.36
|
-
|
-
|
|
Assets Backing Ratio
|
40.71
|
33.64
|
41.98
|
37.78
|
10.21
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
1.17
|
(0.99)
|
0.70
|
5.13
|
4.66
|
|
Net Profit Margin
|
1.03
|
(0.90)
|
0.78
|
4.57
|
4.17
|
|
Return On Net Assets
|
22.16
|
(24.88)
|
20.44
|
79.05
|
56.56
|
|
Return On Capital Employed
|
22.16
|
(24.88)
|
20.44
|
79.05
|
56.56
|
|
Return On Shareholders' Funds/Equity
|
17.69
|
(25.05)
|
20.31
|
70.82
|
50.81
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.79
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
|
|
|