MIRA INFORM REPORT

 

 

Report No. :

344305

Report Date :

09.10.2015

 

IDENTIFICATION DETAILS

 

Name :

TRAFIGURA PTE LTD

 

 

Registered Office :

1, Marina Boulevard, 28-00, One Marina Boulevard, 018989

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

07.03.1996

 

 

Com. Reg. No.:

199601595-D

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of commodities, oil, ferrous & non ferrous metal, coal

 

 

No. of Employee :

200 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 255,075,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership freeTRADE negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

199601595-D

COMPANY NAME

:

TRAFIGURA PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

07/03/1996

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, MARINA BOULEVARD, 28-00, ONE MARINA BOULEVARD, 018989, SINGAPORE.

BUSINESS ADDRESS

:

10, COLLYER QUAY, 29-00, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.

TEL.NO.

:

65-63192960

FAX.NO.

:

65-67349448

WEB SITE

:

WWW.TRAFIGURA.COM

CONTACT PERSON

:

JONATHAN DAVID PEGLER ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITIES, OIL, FERROUS & NON FERROUS METAL,COAL

ISSUED AND PAID UP CAPITAL

:

6,100,002.00 ORDINARY SHARE, OF A VALUE OF SGD 6,100,002.00
10,000.00 PREFERENCE SHARE, OF A VALUE OF USD 207,950,389.00

SALES

:

USD 98,780,800,000 [2013]

NET WORTH

:

USD 1,055,000,000 [2013]

STAFF STRENGTH

:

200 [2015]

BANKER (S)

:

ABN AMRO BANK N.V.
BANK OF COMMUNICATIONS
BNP PARIBAS
COMMERZBANK AKTIENGESELLSCHAFT
CREDIT AGRICOLE (SUISSE) SA
ING BANK N. V.
MIZUHO CORPORATE BANK, LTD
NATIONAL AUSTRALIA BANK LTD
NATIXIS
RAIFFEISEN BANK INTERNATIONAL AG
SOCIETE GENERALE
STANDARD CHARTERED BANK
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)
THE ROYAL BANK OF SCOTLAND BHD
UNITED OVERSEAS BANK LTD
WESTPAC BANKING CORPORATION
SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH
KBC BANK N.V.
RABOBANK INTERNATIONAL
GOLDMAN SACHS INTERNATIONAL
BNP PARIBAS (SUISSE) SA
FIRST GULF BANK PJSC
OVERSEA-CHINESE BANKING CORPORATION LIMITED
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
ING BANK N.V.

UNITED OVERSEAS BANK LIMITED
CITIBANK N.A.
DEUTSCHE BANK AKTIENGESELLSCHAFT

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

SATISFACTORY

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

PROPOSED CREDIT LIMIT

:

USD 255,075,000

 

 

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 commodities, oil, ferrous & non ferrous metal,coal.

 

The immediate holding company of the Subject is TRAFIGURA TRADE INVESTMENTS B.V., a company incorporated in NETHERLANDS.

 

The ultimate holding company of the Subject is FARRINGFORD N.V., a company incorporated in NETHERLANDS ANTILLES.

 

The penultimate holding company of the Subject is TRAFIGURA BEHEER B.V, a company incorporated in NETHERLANDS.

 

Share Capital History

Date

Issue & Paid Up Capital

28/09/2015

SGD 6,100,002.00 & USD 207,950,389.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

TRAFIGURA TRADE INVESTMENTS B.V.
[USD-10,000N & SGD-6,100,002]

GUSTAV MAHLERPLEIN, 102, 1082, MA AMSTERDAM, THE, NETHERLANDS.

T12UF3938

6,110,002.00

100.00

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

------

6,110,002.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

Status

(%)

As At

201507994E

SINGAPORE

KUMUL INTERNATIONAL PTE. LTD.

-

100.00

28/09/2015

201132622H

SINGAPORE

TRAFIGURA (SINGAPORE) TRADING PTE. LTD.

-

100.00

28/09/2015

201218384

SINGAPORE

ORMET INTERNATIONAL PTE. LTD.

-

100.00

28/09/2015

201119446G

SINGAPORE

TRAFIGURA MARITIME LOGISTICS PTE. LTD.

-

100.00

28/09/2015

200605310W

SINGAPORE

TRAFIGURA SERVICES PTE. LTD.

-

100.00

28/09/2015

201017451H

SINGAPORE

TN SINGAPORE TRADING PTE. LTD.

-

51.00

28/09/2015

201017494M

SINGAPORE

SRIWIJAYA COAL PTE. LTD.

-

51.00

28/09/2015

200916892Z

SINGAPORE

DTS HOLDINGS SINGAPORE PTE. LTD.

-

50.00

28/09/2015



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

JONATHAN DAVID PEGLER

Address

:

15, NASSIM ROAD, 01-05, NASSIM PARK RESIDENCES, 258386, SINGAPORE.

IC / PP No

:

G5244400X

Nationality

:

BRITISH

Date of Appointment

:

07/03/2011

 

DIRECTOR 2

 

Name Of Subject

:

EDMUNDO ABDON VIDAL CORNELIO

Address

:

AV CLUB DE GOLF, 8, VIA ROBLE, 10, FRACC. VILLA MAGNA HUIXQUILUCAN, EDO, 52779, MEXICO.

IC / PP No

:

5968228

Nationality

:

PERUVIAN

Date of Appointment

:

15/03/2013

 

DIRECTOR 3

 

Name Of Subject

:

NICOLAS SIMIAN

Address

:

BOLIVAR 156, BECCAR (CP 1643), B3 A3, ARGENTINA.

IC / PP No

:

23469123N

Nationality

:

ARGENTINE

Date of Appointment

:

31/08/2012

 

DIRECTOR 4

 

Name Of Subject

:

WILLIAM KENNETH LOUGHNAN

Address

:

10, DALKEITH ROAD, DUNEARN ESTATE, 299629, SINGAPORE.

IC / PP No

:

G6099782P

Nationality

:

AUSTRALIAN

Date of Appointment

:

28/08/2015

 

DIRECTOR 5

 

Name Of Subject

:

JOSE MARIA LAROCCA

Address

:

CHEMIN DES PRINCES, 37, CH-1253, VANDOEUVRES, SWITZERLAND.

IC / PP No

:

YA0708660

Nationality

:

ITALIAN

Date of Appointment

:

31/08/2012

 

DIRECTOR 6

 

Name Of Subject

:

GARY JULIEN LE-MEN

Address

:

19, NASSIM ROAD, 04-13, NASSIM PARK RESIDENCES, 258461, SINGAPORE.

IC / PP No

:

G5275121M

Nationality

:

BRITISH

Date of Appointment

:

31/08/2012

 

DIRECTOR 7

 

Name Of Subject

:

PIERRE ANDRE JACQUES LORINET

Address

:

8, CABLE ROAD, 249904, SINGAPORE.

IC / PP No

:

S7288801D

Nationality

:

SINGAPOREAN

Date of Appointment

:

07/03/2011

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

JONATHAN DAVID PEGLER

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

DAPHNE ANG YEE KOON

IC / PP No

:

S7526599I

Address

:

345, KANG CHING ROAD, 10-105, 610345, SINGAPORE.

 

2)

Company Secretary

:

TAN BEE SUAN @ CHEN MEIZUAN

IC / PP No

:

S7124493H

Address

:

761, CHOA CHU KANG NORTH 5, 12-179, 680761, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

 

2)

Name

:

BANK OF COMMUNICATIONS

 

3)

Name

:

BNP PARIBAS

 

4)

Name

:

COMMERZBANK AKTIENGESELLSCHAFT

 

5)

Name

:

CREDIT AGRICOLE (SUISSE) SA

 

6)

Name

:

ING BANK N. V.

 

7)

Name

:

MIZUHO CORPORATE BANK, LTD

 

8)

Name

:

NATIONAL AUSTRALIA BANK LTD

 

9)

Name

:

NATIXIS

 

10)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

 

11)

Name

:

SOCIETE GENERALE

 

12)

Name

:

STANDARD CHARTERED BANK

 

13)

Name

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

 

14)

Name

:

THE ROYAL BANK OF SCOTLAND BHD

 

15)

Name

:

UNITED OVERSEAS BANK LTD

 

16)

Name

:

WESTPAC BANKING CORPORATION

 

17)

Name

:

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

 

18)

Name

:

KBC BANK N.V.

 

19)

Name

:

RABOBANK INTERNATIONAL

 

20)

Name

:

GOLDMAN SACHS INTERNATIONAL

 

21)

Name

:

BNP PARIBAS (SUISSE) SA

 

22)

Name

:

FIRST GULF BANK PJSC

 

23)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

24)

Name

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

 

25)

Name

:

ING BANK N.V.

 

26)

Name

:

 

27)

Name

:

UNITED OVERSEAS BANK LIMITED

 

28)

Name

:

CITIBANK N.A.

 

29)

Name

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

200202251

17/05/2002

N/A

BNP PARIBAS

-

Unsatisfied

200202574

10/06/2002

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200507310

24/11/2005

N/A

ING BANK N.V.

-

Unsatisfied

C200602541

20/04/2006

N/A

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

-

Unsatisfied

C200602542

20/04/2006

N/A

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

-

Unsatisfied

C200606379

22/09/2006

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C200606741

02/10/2006

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200608114

30/11/2006

N/A

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

-

Unsatisfied

C200700296

12/01/2007

N/A

NATIXIS

-

Unsatisfied

C200700297

12/01/2007

N/A

NATIXIS

-

Unsatisfied

C200802277

06/03/2008

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200804950

30/05/2008

N/A

COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH

-

Unsatisfied

C200807115

31/07/2008

N/A

MIZUHO CORPORATE BANK, LTD.

-

Unsatisfied

C200807116

31/07/2008

N/A

MIZUHO CORPORATE BANK, LTD.

-

Unsatisfied

C200807117

31/07/2008

N/A

MIZUHO CORPORATE BANK, LTD.

-

Unsatisfied

C200807118

31/07/2008

N/A

MIZUHO CORPORATE BANK, LTD.

-

Unsatisfied

C200808503

12/09/2008

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B A., LONDON BRANCH

-

Unsatisfied

C200808522

12/09/2008

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA., (TRADING AS RABOBANK INTL), SINGAPORE BRANCH

COOPERATIVE CENTRALE-RAIFFEISEN BOERENLEENBANK BA. (TRADING AS RABOBANK INTL), LONDON BRANCH

-

Unsatisfied

C200809301

09/10/2008

N/A

NATIXIS

-

Unsatisfied

C200809742

23/10/2008

N/A

DEUTSCHE BANK AG, AMSTERDAM BRANCH

-

Unsatisfied

C200901086

17/02/2009

N/A

NATIONAL BANK OF GREECE S.A.

-

Unsatisfied

C200901088

17/02/2009

N/A

NATIONAL BANK OF GREECE S.A.

-

Unsatisfied

C200902668

08/05/2009

N/A

SOCIETE GENERALE,PARIS

-

Unsatisfied

C200904714

30/07/2009

N/A

RAIFFEISEN BANK INTERNATIONAL AG

-

Unsatisfied

C200904717

30/07/2009

N/A

RAIFFEISEN BANK INTERNATIONAL AG

-

Unsatisfied

C200904796

04/08/2009

N/A

RAIFFEISEN BANK INTERNATIONAL AG

-

Unsatisfied

C200904797

04/08/2009

N/A

RAIFFEISEN BANK INTERNATIONAL AG

-

Unsatisfied

C200905264

24/08/2009

N/A

SOCIETE GENERALE

-

Unsatisfied

C200905464

01/09/2009

N/A

CREDIT AGRICOLE CORPORATION AND INVESTMENT BANK

USD 75,000,000.00

Unsatisfied

C200907243

10/11/2009

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

-

Unsatisfied

C200907512

18/11/2009

N/A

WESTPAC BANKING CORPORATION

-

Unsatisfied

C200907526

19/11/2009

N/A

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

USD 75,000,000.00

Unsatisfied

C201000640

19/01/2010

N/A

ABN AMRO BANK N.V. AMSTERDAM BRANCH

-

Unsatisfied

C201001412

12/02/2010

N/A

NATIONAL BANK OF GREECE S.A.

-

Unsatisfied

C201001415

12/02/2010

N/A

NATIONAL BANK OF GREECE S.A.

-

Unsatisfied

C201001418

12/02/2010

N/A

NATIONAL BANK OF GREECE S.A.

-

Unsatisfied

C201002893

07/04/2010

N/A

CREDIT AGRICOLE (SUISSE) SA

-

Unsatisfied

C201002894

07/04/2010

N/A

CREDIT AGRICOLE (SUISSE) SA

-

Unsatisfied

C201002896

07/04/2010

N/A

CREDIT AGRICOLE (SUISSE) SA

-

Unsatisfied

C201002898

07/04/2010

N/A

CREDIT AGRICOLE (SUISSE) SA

-

Unsatisfied

C201002900

07/04/2010

N/A

CREDIT AGRICOLE (SUISSE) SA

-

Unsatisfied

C201002902

07/04/2010

N/A

CREDIT AGRICOLE (SUISSE) SA

-

Unsatisfied

C201002903

07/04/2010

N/A

CREDIT AGRICOLE (SUISSE) SA

-

Unsatisfied

C201003444

26/04/2010

N/A

ING BANK N.V.

-

Unsatisfied

C201003764

07/05/2010

N/A

NATIXIS

-

Unsatisfied

C201003767

07/05/2010

N/A

NATIXIS

-

Unsatisfied

C201003768

07/05/2010

N/A

NATIXIS

-

Unsatisfied

C201005536

01/07/2010

N/A

COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH

-

Unsatisfied

C201006101

16/07/2010

N/A

WESTPAC BANKING CORPORATION

-

Unsatisfied

C201006169

20/07/2010

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201006481

28/07/2010

N/A

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

-

Unsatisfied

C201006483

28/07/2010

N/A

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

-

Unsatisfied

C201008921

01/10/2010

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201010438

03/11/2010

N/A

UNICREDIT BANK AG

-

Unsatisfied

C201010440

03/11/2010

N/A

UNICREDIT BANK AG

-

Unsatisfied

C201012532

23/12/2010

N/A

BANK OF COMMUNICATIONS CO., LTD

-

Unsatisfied

C201012677

29/12/2010

N/A

BNP PARIBAS

-

Unsatisfied

C201100831

18/01/2011

N/A

DBS BANK LTD.

-

Unsatisfied

C201101919

15/02/2011

N/A

CTBC BANK CO., LTD.

-

Unsatisfied

C201101921

15/02/2011

N/A

CTBC BANK CO., LTD.

-

Unsatisfied

C201102896

09/03/2011

N/A

BNP PARIBAS

-

Unsatisfied

C201102899

09/03/2011

N/A

BNP PARIBAS

-

Unsatisfied

C201102902

09/03/2011

N/A

BNP PARIBAS

-

Unsatisfied

C201102911

09/03/2011

N/A

BNP PARIBAS

-

Unsatisfied

C201104208

05/04/2011

N/A

NATIXIS

-

Unsatisfied

C201105053

21/04/2011

N/A

UBS AG

-

Unsatisfied

C201105056

21/04/2011

N/A

UBS AG

-

Unsatisfied

C201105060

21/04/2011

N/A

UBS AG

-

Unsatisfied

C201105063

21/04/2011

N/A

UBS AG

-

Unsatisfied

C201105068

21/04/2011

N/A

UBS AG

-

Unsatisfied

C201105069

21/04/2011

N/A

UBS AG

-

Unsatisfied

C201106344

26/05/2011

N/A

UNION DE BANQUES ARABES ET FRANCAISES-UABF

-

Unsatisfied

C201106397

27/05/2011

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK

-

Unsatisfied

C201106402

27/05/2011

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK

-

Unsatisfied

C201106403

27/05/2011

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK

-

Unsatisfied

C201107964

01/07/2011

N/A

NATIONAL AUSTRALIA BANK LIMITED

-

Unsatisfied

C201110284

18/08/2011

N/A

SOCIETE GENERALE

-

Unsatisfied

C201110641

25/08/2011

N/A

THE ROYAL BANK OF SCOTLAND N.V.

-

Unsatisfied

C201111188

08/09/2011

N/A

BNP PARIBAS

-

Unsatisfied

C201111189

08/09/2011

N/A

BNP PARIBAS

-

Unsatisfied

C201111506

14/09/2011

N/A

SOCIETE GENERALE

-

Unsatisfied

C201112828

12/10/2011

N/A

ICICI BANK UK PLC

-

Unsatisfied

C201112831

12/10/2011

N/A

ICICI BANK UK PLC

-

Unsatisfied

C201112833

12/10/2011

N/A

ICICI BANK UK PLC

-

Unsatisfied

C201114174

10/11/2011

N/A

ING BANK N.V.

-

Unsatisfied

C201115134

01/12/2011

N/A

DEUTSCHE BANK AG, AMSTERDAM BRANCH

-

Unsatisfied

C201202370

01/03/2012

N/A

THE ROYAL BANK OF SCOTLAND N.V.

-

Unsatisfied

C201204507

25/04/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201204508

25/04/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201204510

25/04/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201204511

25/04/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201204512

25/04/2012

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201205557

21/05/2012

N/A

COMMERZBANK AKTIENGESELLSCHAFT

-

Unsatisfied

C201205558

21/05/2012

N/A

COMMERZBANK AKTIENGESELLSCHAFT

-

Unsatisfied

C201205913

30/05/2012

N/A

BANQUE DE COMMERCEET DE PLACEMENTS S.A.

-

Unsatisfied

C201207067

27/06/2012

N/A

KBC BANK N.V.

-

Unsatisfied

C201207084

27/06/2012

N/A

KBC BANK N.V.

-

Unsatisfied

C201208288

24/07/2012

N/A

SOCIETE GENERALE

-

Unsatisfied

C201209205

14/08/2012

N/A

BANK CIC (SWITZERLAND) LTD.

-

Unsatisfied

C201209816

29/08/2012

N/A

BNP PARIBAS

-

Unsatisfied

C201209820

29/08/2012

N/A

BNP PARIBAS

-

Unsatisfied

C201211590

09/10/2012

N/A

BHF-BANK AKTIENGSELLSCHAFT

-

Unsatisfied

C201211602

09/10/2012

N/A

BHF-BANK AKTIENGSELLSCHAFT

-

Unsatisfied

C201211822

15/10/2012

N/A

SOCIETE GENERALE, LONDON BRANCH

-

Unsatisfied

C201211832

15/10/2012

N/A

SOCIETE GENERALE, LONDON BRANCH

-

Unsatisfied

C201211834

15/10/2012

N/A

SOCIETE GENERALE, LONDON BRANCH

-

Unsatisfied

C201211835

15/10/2012

N/A

SOCIETE GENERALE, LONDON BRANCH

-

Unsatisfied

C201211838

15/10/2012

N/A

SOCIETE GENERALE, LONDON BRANCH

-

Unsatisfied

C201212205

23/10/2012

N/A

RAIFFEISEN BANK INTERNATIONAL AG

-

Unsatisfied

C201212206

23/10/2012

N/A

RAIFFEISEN BANK INTERNATIONAL AG

-

Unsatisfied

C201212207

23/10/2012

N/A

RAIFFEISEN BANK INTERNATIONAL AG

-

Unsatisfied

C201212208

23/10/2012

N/A

RAIFFEISEN BANK INTERNATIONAL AG

-

Unsatisfied

C201213604

23/11/2012

N/A

ICICI BANK LIMITED

-

Unsatisfied

C201214518

10/12/2012

N/A

BNP PARIBAS

-

Unsatisfied

C201214530

11/12/2012

N/A

SOCIETE GENERALE, LONDON BRANCH

-

Unsatisfied

C201214748

14/12/2012

N/A

BNP PARIBAS

-

Unsatisfied

C201214999

20/12/2012

N/A

BNP PARIBAS

-

Unsatisfied

C201215159

26/12/2012

N/A

BANK LEUMI (UK) PLC

-

Unsatisfied

C201215160

26/12/2012

N/A

BANK LEUMI (UK) PLC

-

Unsatisfied

C201215161

26/12/2012

N/A

BANK LEUMI (UK) PLC

-

Unsatisfied

C201300135

03/01/2013

N/A

GOLDMAN SACHS INTERNATIONAL

-

Unsatisfied

C201300386

09/01/2013

N/A

COOPERATIVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. (TRADING AS RABOBANK INTL), LONDON BRANCH

-

Unsatisfied

C201300506

11/01/2013

N/A

COOPERATIVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. (TRADING AS RABOBANK INTL), LONDON BRANCH

-

Unsatisfied

C201302451

08/02/2013

N/A

COOPERATIVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. ("RABOBANK NEDERLAND, RABOBANK INTERNATIONAL")

-

Unsatisfied

C201303620

07/03/2013

N/A

NATIXIS

-

Unsatisfied

C201303675

08/03/2013

N/A

UNICREDIT BANK AG

-

Unsatisfied

C201303709

08/03/2013

N/A

UNICREDIT BANK AG

-

Unsatisfied

C201304024

19/03/2013

N/A

ING BELGIQUE, BRUXELLES, SUCCURSALE

-

Unsatisfied

C201304338

26/03/2013

N/A

ING BELGIQUE, BRUXELLES, SUCCURSALE

-

Unsatisfied

C201304356

26/03/2013

N/A

DEUTSCHE BANK AG, AMSTERDAM BRANCH

-

Unsatisfied

C201304424

27/03/2013

N/A

BANQUE CANTONALE DE GENEVE

-

Unsatisfied

C201304425

27/03/2013

N/A

BANQUE CANTONALE DE GENEVE

-

Unsatisfied

C201304426

27/03/2013

N/A

BANQUE CANTONALE DE GENEVE

-

Unsatisfied

C201304427

27/03/2013

N/A

BANQUE CANTONALE DE GENEVE

-

Unsatisfied

C201304794

05/04/2013

N/A

BNP PARIBAS (SUISSE) SA

-

Unsatisfied

C201304795

05/04/2013

N/A

BNP PARIBAS (SUISSE) SA

-

Unsatisfied

C201304931

10/04/2013

N/A

STARDARD CHARTERED BANK

-

Unsatisfied

C201305134

15/04/2013

N/A

CHINA CONSTRUCTION BANK CORPORATION - JOHANNEBURG BRANCH

-

Unsatisfied

C201305135

15/04/2013

N/A

CITIBANK N.A.

-

Unsatisfied

C201305738

26/04/2013

N/A

CHINA CONSTRUCTION BANK CORPORATION - JOHANNESBURG BRANCH

-

Unsatisfied

C201307367

31/05/2013

N/A

FIRST GULF BANK PJSC

-

Unsatisfied

C201307975

12/06/2013

N/A

GOLDMAN SACHS INTERNATIONAL

-

Unsatisfied

C201308789

28/06/2013

N/A

NATIXIS

-

Unsatisfied

C201309623

16/07/2013

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

-

Unsatisfied

C201309627

16/07/2013

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

-

Unsatisfied

C201310777

06/08/2013

N/A

NATIXIS

-

Unsatisfied

C201310779

06/08/2013

N/A

NATIXIS

-

Unsatisfied

C201311034

13/08/2013

N/A

BNP PARIBAS

-

Unsatisfied

C201311469

21/08/2013

N/A

NATIXIS, SHANGHAI BRANCH

-

Unsatisfied

C201311910

30/08/2013

N/A

SOCIETE GENERALE

-

Unsatisfied

C201312476

11/09/2013

N/A

CITIBANK N.A., LONDON BRANCH

-

Unsatisfied

C201312531

12/09/2013

N/A

CHINA CONSTRUCTION BANK CORPORATION - JOHANNESBURG BRANCH

-

Unsatisfied

C201212053

25/09/2013

N/A

ABN AMRO BANK N.V.

ABN AMRO BANK N.V. AMSTERDAM BRANCH

-

Unsatisfied

C201313383

02/10/2013

N/A

SOCIETE GENERALE

-

Unsatisfied

C201313386

02/10/2013

N/A

SOCIETE GENERALE

-

Unsatisfied

C201313589

07/10/2013

N/A

SOCIETE GENERALE

-

Unsatisfied

C201313729

09/10/2013

N/A

COMMONWEALTH BANK OF AUSTRALIA, LONDON BRANCH

-

Unsatisfied

C201313730

09/10/2013

N/A

COMMONWEALTH BANK OF AUSTRALIA

COMMONWEALTH BANK OF AUSTRALIA, LONDON BRANCH

-

Unsatisfied

C201313881

12/10/2013

N/A

CITIBANK N.A., LONDON BRANCH

-

Unsatisfied

C201313882

12/10/2013

N/A

CITIBANK N.A., LONDON BRANCH

-

Unsatisfied

C201313905

14/10/2013

N/A

UNICREDIT BANK AG

-

Unsatisfied

C201313921

14/10/2013

N/A

SOCIETE GENERALE

-

Unsatisfied

C201314176

21/10/2013

N/A

SOCIETE GENERALE

-

Unsatisfied

C201314611

29/10/2013

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201314612

29/10/2013

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201314822

31/10/2013

N/A

BNP PARIBAS

-

Unsatisfied

C201315882

27/11/2013

N/A

CITIBANK EUROPE PLC

CITIBANK INTERNATIONAL PLC

CITIBANK N.A.

-

Unsatisfied

C201315974

29/11/2013

N/A

SOCIETE GENERALE

-

Unsatisfied

C201315976

29/11/2013

N/A

SOCIETE GENERALE

-

Unsatisfied

C201315979

29/11/2013

N/A

SOCIETE GENERALE

-

Unsatisfied

C201317259

20/12/2013

N/A

CREDIT SUISSE AG

-

Unsatisfied

C201317363

23/12/2013

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201317364

23/12/2013

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201317365

23/12/2013

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201403903

21/04/2014

N/A

ABN AMRO BANK N.V.

-

Unsatisfied

C201404275

29/04/2014

N/A

ABN AMRO BANK N.V. AMSTERDAM BRANCH

-

Unsatisfied

C201405654

06/06/2014

N/A

SOCIETE GENERALE

-

Unsatisfied

C201405659

06/06/2014

N/A

SOCIETE GENERALE

-

Unsatisfied

C201405867

12/06/2014

N/A

SOCIETE GENERALE

USD 225,000,000.00

Unsatisfied

C201405868

12/06/2014

N/A

SOCIETE GENERALE

USD 225,000,000.00

Unsatisfied

C201406115

19/06/2014

N/A

NATIXIS

-

Unsatisfied

C201406992

10/07/2014

N/A

ING BELGIUM, BRUSSELS, GENEVA BRANCH

-

Unsatisfied

C201407614

22/07/2014

N/A

ING BELGIUM, BRUSSELS, GENEVA BRANCH

-

Unsatisfied

C201407647

23/07/2014

N/A

KBC BANK N.V

-

Unsatisfied

C201407823

25/07/2014

N/A

THE BANK OF TOKYO MITSUBISHI UFJ, LTD.

-

Unsatisfied

C201407824

25/07/2014

N/A

DBS BANK LTD, LONDON BRANCH

-

Unsatisfied

C201408319

06/08/2014

N/A

CITIBANK, N.A., LONDON BRANCH

-

Unsatisfied

C201408321

06/08/2014

N/A

CITIBANK, N.A., LONDON BRANCH

-

Unsatisfied

C201408662

14/08/2014

N/A

CITIBANK N.A., LONDON BRANCH

-

Unsatisfied

C201409063

22/08/2014

N/A

COOPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A.

-

Unsatisfied

C201409069

22/08/2014

N/A

COOPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A.

-

Unsatisfied

C201410701

01/10/2014

N/A

STANDARD BANK PLC

-

Unsatisfied

C201410704

01/10/2014

N/A

STANDARD BANK PLC

-

Unsatisfied

C201411159

14/10/2014

N/A

CITIBANK, N.A., LONDON BRANCH

-

Unsatisfied

C201411234

14/10/2014

N/A

COMMONWEALTH BANK OF AUSTRALIA

-

Unsatisfied

C201411524

20/10/2014

N/A

DEUTSCHE BANK AG, AMSTERDAM BRANCH

-

Unsatisfied

C201412620

12/11/2014

N/A

ING BELGIUM, BRUSSELS, GENEVA BRANCH

-

Unsatisfied

C201412981

19/11/2014

N/A

SOCIETE GENERALE

USD 500,000,000.00

Unsatisfied

C201412984

19/11/2014

N/A

SOCIETE GENERALE

USD 500,000,000.00

Unsatisfied

C201412986

19/11/2014

N/A

SOCIETE GENERALE

USD 500,000,000.00

Unsatisfied

C201413088

21/11/2014

N/A

SOCIETE GENERALE

USD 500,000,000.00

Unsatisfied

C201413350

26/11/2014

N/A

ICICI BANK UK PLC

-

Unsatisfied

C201414011

10/12/2014

N/A

COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.

-

Unsatisfied

C201414035

11/12/2014

N/A

SOCIETE GENERALE

-

Unsatisfied

C201414643

22/12/2014

N/A

KBC BANK N.V.

-

Unsatisfied

C201414886

26/12/2014

N/A

DVB GROUP MERCHANT BANK (ASIA) LTD

-

Unsatisfied

C201414887

26/12/2014

N/A

DVB GROUP MERCHANT BANK (ASIA) LTD

-

Unsatisfied

C201502399

16/02/2015

N/A

DEUTSCHE BANK AG, AMSTERDAM BRANCH

DEUTSCHE BANK AKTIENGESELLSCHAFT

-

Unsatisfied

C201503430

17/03/2015

N/A

COOPERATIVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. ("RAOBANK NEDERLAND, RAOBANK INTERNATIONAL')

-

Unsatisfied

C201503850

26/03/2015

N/A

STANDARD CHARTERED BANK

USD 650,000,000.00

Unsatisfied

C201504297

07/04/2015

N/A

NATIXIS

-

Unsatisfied

C201504345

08/04/2015

N/A

DEUTSCHE BANK AKTIENGESELLSCHAFT

-

Unsatisfied

C201505830

20/05/2015

N/A

FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)

-

Unsatisfied

C201505831

20/05/2015

N/A

FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)

-

Unsatisfied

C201505833

20/05/2015

N/A

FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)

-

Unsatisfied

C201505835

20/05/2015

N/A

FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)

-

Unsatisfied

C201505837

20/05/2015

N/A

FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)

-

Unsatisfied

C201505840

20/05/2015

N/A

FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)

-

Unsatisfied

C201506265

02/06/2015

N/A

CITIBANK, N.A., LONDON BRANCH

-

Unsatisfied

C201506267

02/06/2015

N/A

CITIBANK, N.A., LONDON BRANCH

-

Unsatisfied

C201506654

11/06/2015

N/A

DEUTSCHE BANK AG, AMSTERDAM BRANCH

-

Unsatisfied

C201506827

17/06/2015

N/A

STANDARD CHARTERED BANK

USD 150,000,000.00

Unsatisfied

C201506828

17/06/2015

N/A

STANDARD CHARTERED BANK

USD 150,000,000.00

Unsatisfied

C201506829

17/06/2015

N/A

STANDARD CHARTERED BANK

USD 150,000,000.00

Unsatisfied

C201508605

29/07/2015

ALL MONIES

SOCIETE GENERALE

-

Unsatisfied

C201508606

29/07/2015

ALL MONIES

SOCIETE GENERALE

-

Unsatisfied

C201510142

04/09/2015

ALL MONIES

SOCIETE GENERALE

-

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

:

3168

Year

:

2010

Place

:

SINGAPORE

Court

:

DISTRICT COURT

Date Filed

:

21/09/2010

Solicitor Ref

:

TBT.SK.226-107

Solicitor Firm

:

B T TAN & CO.

Plaintiff

:

PT.GREEN BAY RESOURCES

Defendants

:

TRAFIGURA PTE LTD (199601595)

1, MARINA BOULEVARD, 28-00, ONE MARINA BOULEVARD, 018989, SINGAPORE.

Hearing Date

:

N/A

Amount Claimed

:

86000

Nature of Claim

:

USD

Remark

:

OTHERS/MISCELLANEOUS

 

No winding up petition was found in our databank

 

 

PAYMENT RECORD

 

 

 

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

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

Type of Customer

:

MARINE INDUSTRY,OIL & GAS INDUSTRIES

 

 

OPERATIONS

 

Goods Traded

:

OIL, FERROUS & NON FERROUS METAL,COAL

Ownership of premises

:

LEASED/RENTED

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

200

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of commodities, oil, ferrous & non ferrous metal,coal.

The Subject is one of the companies listed under the Trafigura group of companies.

The Subject is engaged in the trading of commodities such as :

* Oil
* Ferrous & non ferrous metal
* Coal


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63192960

Match

:

N/A

Address Provided by Client

:

501 ORCHARD ROAD, WHEELOCK PLACE, 10-01 SINGAPORE 238880

Current Address

:

10, COLLYER QUAY, 29-00, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.

Match

:

NO

 

Other Investigations


On 7th October 2015 we contacted one of the staff from the Subject and she provided some information.

The Subject had shifted from the address provided.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2013

]

Return on Shareholder Funds

:

Favourable

[

32.24%

]

Return on Net Assets

:

Acceptable

[

21.80%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

15 Days

]

Debtor Ratio

:

Favourable

[

27 Days

]

Creditors Ratio

:

Favourable

[

20 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

:

Acceptable

[

0.97 Times

]

Current Ratio

:

Unfavourable

[

1.17 Times

]

The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Unfavourable

[

1.64 Times

]

Gearing Ratio

:

Unfavourable

[

8.76 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 :

Generally, the Subject's performance has improved with higher turnover and profit. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the Subject : LIMITED

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2010

2011

2012

2013

2014

 

Population (Million)

5.08

5.18

5.31

5.40

5.47

Gross Domestic Products ( % )

14.5

4.9

1.3

3.7

(3.5)

Consumer Price Index

2.8

5.2

4.6

2.4

2.4

Total Imports (Million)

423,221.8

459,655.1

474,554.0

466,762.0

463,779.1

Total Exports (Million)

478,840.7

514,741.2

510,329.0

513,391.0

518,922.7

 

Unemployment Rate (%)

2.2

2.1

2.0

1.9

1.9

Tourist Arrival (Million)

11.64

13.17

14.49

15.46

15.01

Hotel Occupancy Rate (%)

85.6

86.5

86.4

86.3

85.5

Cellular Phone Subscriber (Million)

1.43

1.50

1.52

1.97

1.98

 

Registration of New Companies (No.)

29,798

32,317

31,892

37,288

41,589

Registration of New Companies (%)

12.8

8.5

(1.3)

9.8

11.5

Liquidation of Companies (No.)

15,126

19,005

17,218

17,369

18,767

Liquidation of Companies (%)

(32.5)

25.6

9.4

(5.3)

8.0

 

Registration of New Businesses (No.)

23,978

23,494

24,788

22,893

35,773

Registration of New Businesses (%)

(10.78)

2.02

5.51

1.70

56.30

Liquidation of Businesses (No.)

24,211

23,005

22,489

22,598

22,098

Liquidation of Businesses (%)

2.8

(5)

(2.2)

0.5

(2.2)

 

Bankruptcy Orders (No.)

1,537

1,527

1,748

1,992

1,757

Bankruptcy Orders (%)

(25.3)

(0.7)

14.5

14.0

(11.8)

Bankruptcy Discharges (No.)

2,252

1,391

1,881

2,584

3,546

Bankruptcy Discharges (%)

(26.3)

(38.2)

35.2

37.4

37.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(10.5)

12.10

(0.5)

-

2.80

 

Manufacturing *

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

96.4

100.0

103.5

103.5

105.0

Textiles

122.1

100.0

104.0

87.1

74.9

Wearing Apparel

123.3

100.0

92.1

77.8

49.5

Leather Products & Footwear

81.8

100.0

98.6

109.8

95.9

Wood & Wood Products

104.0

100.0

95.5

107.4

112.0

Paper & Paper Products

106.1

100.0

97.4

103.2

103.4

Printing & Media

103.5

100.0

93.0

86.1

80.3

Crude Oil Refineries

95.6

100.0

99.4

93.5

85.6

Chemical & Chemical Products

97.6

100.0

100.5

104.1

114.0

Pharmaceutical Products

75.3

100.0

109.7

107.2

115.7

Rubber & Plastic Products

112.3

100.0

96.5

92.9

92.8

Non-metallic Mineral

92.5

100.0

98.2

97.6

82.2

Basic Metals

102.2

100.0

90.6

76.5

98.3

Fabricated Metal Products

103.6

100.0

104.3

105.1

105.1

Machinery & Equipment

78.5

100.0

112.9

114.5

124.0

Electrical Machinery

124.1

100.0

99.3

108.5

121.3

Electronic Components

113.6

100.0

90.6

94.3

95.0

Transport Equipment

94.0

100.0

106.3

107.5

103.2

 

Construction

14.20

20.50

28.70

-

22.00

Real Estate

21.3

25.4

31.9

-

145.1

 

Services

Electricity, Gas & Water

4.00

7.00

6.30

-

Transport, Storage & Communication

12.80

7.40

5.30

-

14.20

Finance & Insurance

(0.4)

8.90

0.50

-

6.00

Government Services

9.70

6.90

6.00

-

Education Services

(0.9)

(1.4)

0.30

-

5.98

 

* 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 1996, the Subject is a Private Limited company, focusing on trading of commodities, oil, ferrous & non ferrous metal,coal. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. The Subject is a large entity with strong capital position of SGD 6,100,002 & USD 207,950,389. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

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 The Subject has a good  management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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 1,055,000,000, the Subject should be able to maintain its business in the near terms.

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.

 



 

PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

 

Financial Year End

2013-09-30

2012-09-30

2011-09-30

2010-09-30

2009-09-30

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

98,780,800,000

29,282,000,000

22,072,750,000

15,483,475,000

8,925,641,000

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

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

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

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

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

Total Turnover

98,780,800,000

29,282,000,000

22,072,750,000

15,483,475,000

8,925,641,000

Costs of Goods Sold

(97,808,000,000)

(29,126,800,000)

(21,964,979,000)

(15,408,523,000)

(8,677,279,000)

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

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

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

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

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

Gross Profit

972,800,000

155,200,000

107,771,000

74,952,000

248,362,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

385,000,000

66,500,000

38,579,000

16,683,000

188,543,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

385,000,000

66,500,000

38,579,000

16,683,000

188,543,000

Taxation

(44,900,000)

(5,300,000)

(2,014,000)

(1,129,000)

(9,846,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

340,100,000

61,200,000

36,565,000

15,554,000

178,697,000

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

359,100,000

297,900,000

261,314,000

245,760,000

67,063,000

Prior year adjustment

-

-

21,000

-

-

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

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

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

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

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

As restated

359,100,000

297,900,000

261,335,000

245,760,000

67,063,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

699,200,000

359,100,000

297,900,000

261,314,000

245,760,000

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

699,200,000

359,100,000

297,900,000

261,314,000

245,760,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

-

16,189,000

6,714,000

8,151,000

Others

600,400,000

27,700,000

3,316,000

461,000

54,000

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

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

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

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

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

600,400,000

27,700,000

19,505,000

7,175,000

8,205,000

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

17,600,000

2,700,000

1,202,000

892,000

706,000

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

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

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

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

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

17,600,000

2,700,000

1,202,000

892,000

706,000

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

 

ASSETS EMPLOYED:

FIXED ASSETS

116,100,000

13,200,000

2,949,000

2,442,000

2,452,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

286,600,000

52,300,000

52,207,000

50,965,000

-

Associated companies

54,200,000

11,900,000

-

-

-

Investments

90,000,000

83,800,000

-

-

-

Loans & advances - non-current

439,700,000

-

-

-

-

Deferred assets

34,400,000

-

-

-

-

Others

7,700,000

32,800,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

912,600,000

180,800,000

52,207,000

50,965,000

-

Others

62,700,000

-

-

-

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

62,700,000

-

-

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

1,091,400,000

194,000,000

55,156,000

53,407,000

2,452,000

Stocks

4,116,100,000

1,259,200,000

866,475,000

777,983,000

1,135,676,000

Trade debtors

7,374,800,000

4,430,800,000

1,560,690,000

1,072,348,000

943,113,000

Other debtors, deposits & prepayments

7,130,300,000

1,770,200,000

769,330,000

425,413,000

294,323,000

Short term deposits

104,700,000

141,600,000

80,915,000

98,090,000

22,154,000

Amount due from holding company

-

-

118,115,000

160,800,000

155,111,000

Amount due from related companies

-

-

237,180,000

24,932,000

23,658,000

Cash & bank balances

1,978,600,000

44,800,000

57,365,000

5,534,000

2,190,000

Others

3,213,600,000

320,900,000

241,112,000

92,594,000

107,432,000

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

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

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

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

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

TOTAL CURRENT ASSETS

23,918,100,000

7,967,500,000

3,931,182,000

2,657,694,000

2,683,657,000

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

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

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

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

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

TOTAL ASSET

25,009,500,000

8,161,500,000

3,986,338,000

2,711,101,000

2,686,109,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

5,299,600,000

3,879,100,000

216,279,000

261,646,000

276,190,000

Other creditors & accruals

5,184,100,000

2,151,600,000

1,387,930,000

827,626,000

695,037,000

Bank overdraft

1,917,800,000

-

532,544,000

293,605,000

539,701,000

Short term borrowings/Term loans

4,167,400,000

1,233,800,000

258,834,000

358,033,000

433,757,000

Amounts owing to holding company

600,000,000

100,000,000

-

-

-

Amounts owing to related companies

-

-

995,526,000

492,788,000

292,912,000

Provision for taxation

46,000,000

4,000,000

2,379,000

714,000

10,927,000

Other liabilities

3,273,600,000

338,500,000

210,136,000

134,648,000

176,041,000

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

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

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

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

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

TOTAL CURRENT LIABILITIES

20,488,500,000

7,707,000,000

3,603,628,000

2,369,060,000

2,424,565,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

3,429,600,000

260,500,000

327,554,000

288,634,000

259,092,000

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

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

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

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

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

TOTAL NET ASSETS

4,521,000,000

454,500,000

382,710,000

342,041,000

261,544,000

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

213,000,000

-

-

-

-

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

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

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

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

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

TOTAL SHARE CAPITAL

213,000,000

-

-

-

-

Capital reserve

142,800,000

90,800,000

84,831,000

80,727,000

15,784,000

Retained profit/(loss) carried forward

699,200,000

359,100,000

297,900,000

261,314,000

245,760,000

Others

-

-

(21,000)

-

-

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

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

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

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

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

TOTAL RESERVES

842,000,000

449,900,000

382,710,000

342,041,000

261,544,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

1,055,000,000

449,900,000

382,710,000

342,041,000

261,544,000

Other long term borrowings

3,160,400,000

-

-

-

-

Deferred taxation

173,300,000

-

-

-

-

Others

132,300,000

4,600,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

3,466,000,000

4,600,000

-

-

-

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

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

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

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

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

4,521,000,000

454,500,000

382,710,000

342,041,000

261,544,000

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

 

TYPES OF FUNDS

Cash

2,083,300,000

186,400,000

138,280,000

103,624,000

24,344,000

Net Liquid Funds

165,500,000

186,400,000

(394,264,000)

(189,981,000)

(515,357,000)

Net Liquid Assets

(686,500,000)

(998,700,000)

(538,921,000)

(489,349,000)

(876,584,000)

Net Current Assets/(Liabilities)

3,429,600,000

260,500,000

327,554,000

288,634,000

259,092,000

Net Tangible Assets

4,458,300,000

454,500,000

382,710,000

342,041,000

261,544,000

Net Monetary Assets

(4,152,500,000)

(1,003,300,000)

(538,921,000)

(489,349,000)

(876,584,000)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

985,400,000

94,200,000

58,084,000

23,858,000

196,748,000

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

1,003,000,000

96,900,000

59,286,000

24,750,000

197,454,000

BALANCE SHEET ITEMS

Total Borrowings

9,245,600,000

1,233,800,000

791,378,000

651,638,000

973,458,000

Total Liabilities

23,954,500,000

7,711,600,000

3,603,628,000

2,369,060,000

2,424,565,000

Total Assets

25,009,500,000

8,161,500,000

3,986,338,000

2,711,101,000

2,686,109,000

Net Assets

4,521,000,000

454,500,000

382,710,000

342,041,000

261,544,000

Net Assets Backing

1,055,000,000

449,900,000

382,710,000

342,041,000

261,544,000

Shareholders' Funds

1,055,000,000

449,900,000

382,710,000

342,041,000

261,544,000

Total Share Capital

213,000,000

0

0

0

0

Total Reserves

842,000,000

449,900,000

382,710,000

342,041,000

261,544,000

LIQUIDITY (Times)

Cash Ratio

0.10

0.02

0.04

0.04

0.01

Liquid Ratio

0.97

0.87

0.85

0.79

0.64

Current Ratio

1.17

1.03

1.09

1.12

1.11

WORKING CAPITAL CONTROL (Days)

Stock Ratio

15

16

14

18

46

Debtors Ratio

27

55

26

25

39

Creditors Ratio

20

49

4

6

12

SOLVENCY RATIOS (Times)

Gearing Ratio

8.76

2.74

2.07

1.91

3.72

Liabilities Ratio

22.71

17.14

9.42

6.93

9.27

Times Interest Earned Ratio

1.64

3.40

2.98

3.33

23.98

Assets Backing Ratio

20.93

0

0

0

0

PERFORMANCE RATIO (%)

Operating Profit Margin

0.39

0.23

0.17

0.11

2.11

Net Profit Margin

0.34

0.21

0.17

0.10

2.00

Return On Net Assets

21.80

20.73

15.18

6.98

75.23

Return On Capital Employed

15.16

20.73

6.35

3.75

24.56

Return On Shareholders' Funds/Equity

32.24

13.60

9.55

4.55

68.32

Dividend Pay Out Ratio (Times)

0

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.16

UK Pound

1

Rs.99.78

Euro

1

Rs.73.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

HNA

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.