MIRA INFORM REPORT

 

 

Report No. :

339230

Report Date :

03.09.2015

 

IDENTIFICATION DETAILS

 

Name :

AGROCORP INTERNATIONAL PTE LTD

 

 

Registered Office :

10, Anson Road, 34-04-06, International Plaza, 079903

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

27.10.1990

 

 

Com. Reg. No.:

199005306-N

 

 

Legal Form :

Exempt Private

 

 

LINE OF BUSINESS :

SUBJECT IS ENGAGED IN TRADING OF COMMODITY AND AGRICULTURAL PRODUCTS

 

 

No. of Employee :

42 [2015]

 

 

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 :

Unknown

 

 

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 – 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 free trade 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.

:

199005306-N

COMPANY NAME

:

AGROCORP INTERNATIONAL PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/10/1990

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, ANSON ROAD, 34-04-06, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BUSINESS ADDRESS

:

10, ANSON ROAD, 34-04/05/06, INTERNATIONAL PLAZA, 079903, SINGAPORE.

TEL.NO.

:

65-65787110

FAX.NO.

:

65-65341426

WEB SITE

:

WWW.AGROCORP.COM.SG

CONTACT PERSON

:

IYENGAR VIJAYAKUMAR GOPALAN ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITY AND AGRICULTURAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

4,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 4,000,000.00

SALES

:

USD 1,247,251,973 [2012]

NET WORTH

:

USD 35,822,655 [2012]

STAFF STRENGTH

:

42 [2015]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD
INDIAN BANK
UCO BANK
RAIFFEISEN BANK INTERNATIONAL AG
DBS BANK LTD
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
NATIXIS
OVERSEA-CHINESE BANKING CORPORATION LTD
BNP PARIBAS
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
CITIBANK N.A.
BNP PARIBAS (SUISSE) SA
SOCIETE GENERALE
STANDARD CHARTERED BANK
UNITED OVERSEAS BANK LIMITED
INDIAN OVERSEAS BANK

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

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

The Subject is principally engaged in the (as a / as an) trading of commodity and agricultural products.

 

Share Capital History

Date

Issue & Paid Up Capital

11/06/2015

SGD 4,000,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

IYENGAR VIJAYKUMAR GOPALAN +

65, CORONATION ROAD, 269464, SINGAPORE.

S2592639J

2,742,857.00

68.57

RAGHAVAN RAVI +

61, MEYER ROAD, 24-02, THE ATRIA AT MEYER, 437885, SINGAPORE.

S2656911G

994,286.00

24.86

AKILA VIJAY IYENGAR +

65, CORONATION ROAD, 269464, SINGAPORE.

S2592640D

262,857.00

6.57

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

------

4,000,000.00

100.00

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

=====

+ Also Director

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



Local No

Country

Company

(%)

As At

198305753H

SINGAPORE

INTRA BUSINESS PTE LTD

100.00

11/06/2015

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

AKILA VIJAY IYENGAR

Address

:

65, CORONATION ROAD, 269464, SINGAPORE.

IC / PP No

:

S2592640D

Nationality

:

SINGAPOREAN

Date of Appointment

:

17/07/1997

 

DIRECTOR 2

 

Name Of Subject

:

RAGHAVAN RAVI

Address

:

61, MEYER ROAD, 24-02, THE ATRIA AT MEYER, 437885, SINGAPORE.

IC / PP No

:

S2656911G

Nationality

:

SINGAPOREAN

Date of Appointment

:

27/04/1994

 

DIRECTOR 3

 

Name Of Subject

:

IYENGAR VIJAYKUMAR GOPALAN

Address

:

65, CORONATION ROAD, 269464, SINGAPORE.

IC / PP No

:

S2592639J

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/11/1990





 

MANAGEMENT

 

 

1)

Name of Subject

:

IYENGAR VIJAYAKUMAR GOPALAN

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

BAKER TILLY TFW LLP

Auditor' Address

:

N/A

 

Auditor

:

BAKER TILLY TFW LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. HEE HUEY SUN

IC / PP No

:

G6072574N

Address

:

1, COLEMAN STREET, 08-07, THE ADELPHI, 179803, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

 

2)

Name

:

INDIAN BANK

 

3)

Name

:

UCO BANK

 

4)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

 

5)

Name

:

DBS BANK LTD

 

6)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

7)

Name

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

 

8)

Name

:

NATIXIS

 

9)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LTD

 

10)

Name

:

BNP PARIBAS

 

11)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

12)

Name

:

CITIBANK N.A.

 

13)

Name

:

BNP PARIBAS (SUISSE) SA

 

14)

Name

:

SOCIETE GENERALE

 

15)

Name

:

STANDARD CHARTERED BANK

 

16)

Name

:

UNITED OVERSEAS BANK LIMITED

 

17)

Name

:

INDIAN OVERSEAS BANK

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

9605976

01/10/1996

N/A

INDIAN BANK

USD 120,946.09

Unsatisfied

9607483

12/12/1996

N/A

INDIAN BANK

SGD 330,000.00

Unsatisfied

199800318

16/01/1998

N/A

INDIAN BANK

USD 80,000.00

Unsatisfied

199800698

07/02/1998

N/A

INDIAN BANK

USD 85,000.00

Unsatisfied

199900770

05/03/1999

N/A

COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK INTERNATIONAL'')

-

Unsatisfied

200101478

30/03/2001

N/A

INDIAN BANK

-

Unsatisfied

C200400603

04/02/2004

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200401678

01/04/2004

N/A

NATIXIS

-

Unsatisfied

C200503701

29/06/2005

N/A

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

-

Unsatisfied

C200600369

16/01/2006

N/A

DBS BANK LTD

-

Unsatisfied

C200600370

16/01/2006

N/A

DBS BANK LTD

-

Unsatisfied

C200710964

12/12/2007

N/A

UCO BANK

-

Unsatisfied

C200900104

05/01/2009

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200900106

05/01/2009

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C200903223

01/06/2009

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B A (RABOBANK NEDERLAND)

-

Unsatisfied

C200906871

27/10/2009

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

-

Unsatisfied

C201004380

26/05/2010

N/A

DBS BANK LTD

-

Unsatisfied

C201007105

13/08/2010

N/A

BNP PARIBAS

-

Unsatisfied

C201009476

14/10/2010

N/A

OVERSEA-CHINESE BANKING CORPORATION LTD

-

Unsatisfied

C201011235

24/11/2010

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

-

Unsatisfied

C201011510

29/11/2010

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201012446

22/12/2010

N/A

INDIAN BANK

-

Unsatisfied

C201103374

18/03/2011

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

-

Unsatisfied

C201104043

01/04/2011

N/A

KBC BANK N V

-

Unsatisfied

C201105608

10/05/2011

N/A

RAIFFEISEN BANK INTERNATIONAL AG

-

Unsatisfied

C201200779

17/01/2012

N/A

INDIAN BANK

-

Unsatisfied

C201201346

03/02/2012

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201204736

30/04/2012

N/A

CITIBANK N.A.

-

Unsatisfied

C201208392

26/07/2012

N/A

BNP PARIBAS (SUISSE) SA

-

Unsatisfied

C201210855

24/09/2012

N/A

SOCIETE GENERALE

-

Unsatisfied

C201210856

24/09/2012

N/A

SOCIETE GENERALE

-

Unsatisfied

C201313264

30/09/2013

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201313303

01/10/2013

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201403255

31/03/2014

N/A

INDIAN OVERSEAS BANK

-

Unsatisfied

C201404946

20/05/2014

N/A

CITIBANK N.A.

-

Unsatisfied

C201407368

17/07/2014

N/A

STANDARD CHARTERED BANK

-

Unsatisfied

C201504866

23/04/2015

N/A

STANDARD CHARTERED BANK

-

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

:

18822

Year

:

2006

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

04/08/2006

Solicitor

:

WEE EE MING GERALD MARTIN

Solicitor Ref

:

SD/GMW/2001-001564/S

Solicitor Firm

:

BOGAARS & DIN

Plaintiff

:

INTER-PREMIUM GROUP SERVICES PTE LTD

Defendants

:

AGROCORP INTERNATIONAL PTE LTD (199005306)

10 ANSON ROAD, 34-04-06 INTERNATIONAL PLAZA, 079903, SINGAPORE.

Amount Claimed

:

6366

Nature of Claim

:

SGD

Remark

:

OTHERS / MISCELLANEOUS

 

No winding up petition was found in our databank

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

CLIENTELE

 

Local

:

YES

 

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA PACIFIC

MIDDLE EAST

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

Goods Traded

:

COMMODITY AND AGRICULTURAL PRODUCTS

 

Total Number of Employees:

 

YEAR

2015

2014

2012

2011

GROUP

N/A

N/A

N/A

N/A

COMPANY

42

42

38

35

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of commodity and agricultural products.

The Subject is an international commodity trading company with a footprint across the globe.

The Subject handles volumes of more than 2.5 million mt of commodities including 1.5 million mt grains such as Wheat, Rice etc, 400,000 mt Sugar, 200,000 mt Oilseeds and 300,000 mt Pulses to clients in India, Bangladesh, Pakistan, Sri Lanka, Indonesia, Vietnam, Malaysia, China and the Middle East.

The Subject's products are:

- wheat
- rice
- sugar
- oil-seeds
- pulses
- non-agro products
- cotton
- edible nuts


CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65787110

Match

:

N/A

Address Provided by Client

:

10 ANSON ROAD, 34-04/05/06, INTERNATIONAL PLAZA,079903,SINGAPORE

Current Address

:

10, ANSON ROAD, 34-04/05/06, INTERNATIONAL PLAZA, 079903, SINGAPORE.

Match

:

YES


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

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

The Subject's latest financial accounts are up to 2012 which is out dated in our opinion. Therefore, our comment on the Subject financial performance is restricted thereto.

Overall financial condition of the Subject : N/A

 

 

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 1990, the Subject is an Exempt Private company, focusing on trading of commodity and agricultural products. 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 4,000,000 allows the Subject to expand its business more comfortably. However, the Subject does not have strong shareholders’ backing. Without a strong shareholders' backing, the opportunity of the Subject to expand its business is limited.

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 operating on a medium scale and it has approximately 42 employees in its business 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.

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 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 35,822,655, 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.

The industry shows an upward trend and this trend is very likely to sustain in the near terms.

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.

AGROCORP INTERNATIONAL PTE LTD

 

Financial Year End

2012-03-31

2011-03-31

Months

12

12

Consolidated Account

GROUP

GROUP

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

TURNOVER

1,247,251,973

1,345,336,528

Other Income

1,287,206

981,311

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

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

Total Turnover

1,248,539,179

1,346,317,839

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

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

PROFIT/(LOSS) FROM OPERATIONS

(3,781,596)

16,403,986

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

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

PROFIT/(LOSS) BEFORE TAXATION

(3,781,596)

16,403,986

Taxation

247,224

(1,964,392)

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

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

PROFIT/(LOSS) AFTER TAXATION

(3,534,372)

14,439,594

Minority interests

6,976

33,094

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

(3,527,396)

14,472,688

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

(3,527,396)

14,472,688

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

34,390,487

22,917,799

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

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

As restated

34,390,487

22,917,799

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

30,863,091

37,390,487

DIVIDENDS - Ordinary (paid & proposed)

(800,000)

(3,000,000)

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

30,063,091

34,390,487

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

43,252

52,055

Trust receipts

1,311,845

979,961

Others

598,882

552,228

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

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

1,953,979

1,584,244

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

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

DEPRECIATION (as per notes to P&L)

329,707

291,809

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

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

329,707

291,809

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

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

 

 

 

BALANCE SHEET

 

AGROCORP INTERNATIONAL PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

6,615,250

3,515,354

Investment properties

2,425,148

2,438,060

Deferred assets

-

19,619

Others

463,070

290,041

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

2,888,218

2,747,720

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

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

TOTAL LONG TERM ASSETS

9,503,468

6,263,074

Stocks

20,016,954

6,201,184

Trade debtors

92,976,098

137,815,075

Other debtors, deposits & prepayments

3,261,610

3,381,799

Short term deposits

9,351,748

14,485,775

Amount due from related companies

509,275

-

Amount due from director

242,168

-

Cash & bank balances

4,317,228

18,459,335

Others

45,214

-

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

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

TOTAL CURRENT ASSETS

130,720,295

180,343,168

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

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

TOTAL ASSET

140,223,763

186,606,242

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

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

CURRENT LIABILITIES

Trade creditors

48,702,988

36,692,947

Other creditors & accruals

5,981,739

10,212,938

Bank overdraft

86,338

-

Short term borrowings/Term loans

189,219

7,261,211

Bill & acceptances payable

5,959,070

9,146,982

Amounts owing to related companies

79,079

120,591

Amounts owing to director

-

647,940

Provision for taxation

16,454

2,095,225

Other liabilities

41,112,618

81,212,188

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

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

TOTAL CURRENT LIABILITIES

102,127,505

147,390,022

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

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

NET CURRENT ASSETS/(LIABILITIES)

28,592,790

32,953,146

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

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

TOTAL NET ASSETS

38,096,258

39,216,220

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

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

SHARE CAPITAL

Ordinary share capital

2,564,776

2,564,776

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

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

TOTAL SHARE CAPITAL

2,564,776

2,564,776

Capital reserve

31,117

31,117

Revaluation reserve

3,441,084

-

Exchange equalisation/fluctuation reserve

(57,139)

135,469

Retained profit/(loss) carried forward

30,063,091

34,390,487

Others

(180,584)

(234,362)

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

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

TOTAL RESERVES

33,297,569

34,322,711

MINORITY INTEREST

(39,690)

(33,094)

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

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

SHAREHOLDERS' FUNDS/EQUITY

35,822,655

36,854,393

Long term loans

2,272,480

2,361,279

Deferred taxation

1,123

548

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

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

TOTAL LONG TERM LIABILITIES

2,273,603

2,361,827

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

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

38,096,258

39,216,220

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

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

 

 

 

 

 

 

 

FINANCIAL RATIO

 

AGROCORP INTERNATIONAL PTE LTD

 

TYPES OF FUNDS

Cash

13,668,976

32,945,110

Net Liquid Funds

7,623,568

23,798,128

Net Liquid Assets

8,575,836

26,751,962

Net Current Assets/(Liabilities)

28,592,790

32,953,146

Net Tangible Assets

38,096,258

39,216,220

Net Monetary Assets

6,302,233

24,390,135

BALANCE SHEET ITEMS

Total Borrowings

8,507,107

18,769,472

Total Liabilities

104,401,108

149,751,849

Total Assets

140,223,763

186,606,242

Net Assets

38,096,258

39,216,220

Net Assets Backing

35,822,655

36,854,393

Shareholders' Funds

35,822,655

36,854,393

Total Share Capital

2,564,776

2,564,776

Total Reserves

33,297,569

34,322,711

LIQUIDITY (Times)

Cash Ratio

0.13

0.22

Liquid Ratio

1.08

1.18

Current Ratio

1.28

1.22

WORKING CAPITAL CONTROL (Days)

Stock Ratio

6

2

Debtors Ratio

27

37

Creditors Ratio

14

10

SOLVENCY RATIOS (Times)

Gearing Ratio

0.24

0.51

Liabilities Ratio

2.91

4.06

Times Interest Earned Ratio

(0.94)

11.35

Assets Backing Ratio

14.85

15.29

PERFORMANCE RATIO (%)

Operating Profit Margin

(0.30)

1.22

Net Profit Margin

(0.28)

1.08

Return On Net Assets

(4.80)

45.87

Return On Capital Employed

(4.79)

45.91

Return On Shareholders' Funds/Equity

(9.85)

39.27

Dividend Pay Out Ratio (Times)

0.23

0.21

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.03

UK Pound

1

Rs.99.27

Euro

1

Rs.71.90

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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.