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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

505201

Report Date :

24.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

STAR AGRI SERVICES (PTE.) LTD.

 

 

Registered Office :

101, Cecil Street, 23-12, Tong ENG Building, 069533

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

02.09.2014

 

 

Com. Reg. No.:

201425987E

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in the the provision of post-harvest solution to the agricultural industry.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

C

 

Credit Rating

 

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

A1

A1

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

 

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

201425987E

COMPANY NAME

:

STAR AGRI SERVICES (PTE.) LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

02/09/2014

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

101, CECIL STREET, 23-12, TONG ENG BUILDING, 069533, SINGAPORE.

BUSINESS ADDRESS

:

101, CECIL STREET, # 23-12 TNG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

:

65-62242589

FAX.NO.

:

65-62238087

CONTACT PERSON

:

AMITH AGARWAL ( DIRECTOR )

PRINCIPAL ACTIVITY

:

THE PROVISION OF POST-HARVEST SOLUTION TO THE AGRICULTURAL INDUSTRY

ISSUED AND PAID UP CAPITAL

:

100.00 ORDINARY SHARE, OF A VALUE OF USD 100.00 

SALES

:

N/A

NET WORTH

:

USD (38,724) [2017]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

SLOW

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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) the provision of post-harvest solution to the agricultural industry.

 

The immediate holding company of the Subject is STAR AGRIWAREHOUSING AND COLLATERAL MANAGEMENT LIMITED, a company incorporated in INDIA.

 

Former Address(es)

Address

As At Date

80 RAFFLES PLACE #16-20 UOB PLAZA, 048624

N/A

 

Share Capital History

Date

Issue & Paid Up Capital

23/04/2018

USD 100.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

STAR AGRIWAREHOUSING AND COLLATERAL MANAGEMENT LIMITED

G-102, MOLSHREE RESIDENCY, PLOT 29, MISSION COMPOUND AJMER ROAD, JAIPUR, 302006, RAJASTHAN INDIA

T14UF3517

100.00

100.00

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

------

100.00

100.00

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

=====

 

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

AMIT KHANDELWAL

Address

:

D-28, NEW COLONY, GUMANPURA, KOTA, 324005, RAJASTHAN, INDIA.

IC / PP No

:

K9998297

Nationality

:

INDIAN

Date of Appointment

:

02/09/2014



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

 

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201425987E

STAR AGRI SERVICES (PTE.) LTD.

Director

02/09/2014

0.00

-

USD(11,476.00)

2017

-

23/04/2018

 

DIRECTOR 2

 

Name Of Subject

:

AMITH AGARWAL

Address

:

44 B, HIGH TIDE APARTMENT, JUHU TARA ROAD, 30/BTPS53, SANTA CRUZ WEST, MUMBAI, 400049, MAHARASHTRA, INDIA.

IC / PP No

:

Z3995931

Nationality

:

INDIAN

Date of Appointment

:

02/09/2014



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201425987E

STAR AGRI SERVICES (PTE.) LTD.

Director

02/09/2014

0.00

-

USD(11,476.00)

2017

-

23/04/2018

 

DIRECTOR 3

 

Name Of Subject

:

AMIT GOYAL

Address

:

NOHRA 65, PURANI DHAN MANDI, SRIGANGANAGAR, 335001, RAJASTHAN, INDIA.

IC / PP No

:

J1812868

Nationality

:

INDIAN

Date of Appointment

:

02/09/2014



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201425987E

STAR AGRI SERVICES (PTE.) LTD.

Director

02/09/2014

0.00

-

USD(11,476.00)

2017

-

23/04/2018

 

DIRECTOR 4

 

Name Of Subject

:

SURESH CHANDRA GOYAL

Address

:

BANGLOW 08, SAMARTH NAGAR, JALAM VILAS, PAOTA B ROAD, JODHPUR, 342001, RAJASTHAN, INDIA.

IC / PP No

:

Z2850561

Nationality

:

INDIAN

Date of Appointment

:

02/09/2014



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201425987E

STAR AGRI SERVICES (PTE.) LTD.

Director

02/09/2014

0.00

-

USD(11,476.00)

2017

-

23/04/2018

 

DIRECTOR 5

 

Name Of Subject

:

PACKIRISAMY NAVANEETHAKUMAR

Address

:

31, BALAM ROAD, 07-113, BALAM GARDENS, 370031, SINGAPORE.

IC / PP No

:

S7568575J

Nationality

:

INDIAN

Date of Appointment

:

21/07/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201128623Z

ASTRAL OVERSEAS PTE. LTD.

Secretary

13/04/2015

0.00

-

-

2017

-

22/02/2017

2

201401834M

AURIONPRO SOFTWARE PTE. LTD.

Secretary

17/01/2014

0.00

-

-

2017

Disolved

(13/07/2015)

18/03/2016

3

200916248N

BLJI AGRO PTE. LTD.

Secretary

01/10/2014

0.00

-

-

2017

-

21/07/2015

4

199906237W

DEETANSA SINGAPORE PTE LTD

Secretary

01/04/2015

0.00

-

-

2014

-

12/04/2018

5

200208802N

HK MARINE PTE. LTD.

Secretary

01/04/2015

0.00

-

-

2014

-

07/10/2016

6

200004055C

MULTI AGRO IMPEX PTE LTD

Secretary

01/04/2015

0.00

-

-

2014

-

22/02/2018

7

198500162H

P.G.P. INTERNATIONAL PTE. LTD.

Director

14/01/2015

0.00

-

USD424,484.00

2014

-

17/01/2017

8

201615315R

PARAMOUNT INTERNATIONAL PTE. LTD.

Director Secretary

06/06/2016 06/06/2016

0.00

-

-

2017

-

03/10/2017

9

201416146E

PRIME OIL TRADING PTE. LTD.

Secretary Director

01/07/2015 01/07/2015

0.00

-

-

2017

-

15/03/2018

10

200912084G

SEASTARR TRADING PTE. LTD.

Secretary

02/05/2015

0.00

-

-

2017

-

03/01/2018

11

201425987E

STAR AGRI SERVICES (PTE.) LTD.

Director Secretary

21/07/2016 22/07/2016

0.00

-

USD(11,476.00)

2017

-

23/04/2018

12

201409578N

SUNRISE PETROLEUM PTE. LTD.

Director Secretary

02/04/2014 02/04/2014

0.00

-

-

2017

-

07/08/2017

13

200607763E

UNITED RAW MATERIAL PTE. LTD.

Secretary

22/07/2017

0.00

-

USD786,726.00

2017

-

13/03/2018



MANAGEMENT

 

 

1)

Name of Subject

:

AMITH AGARWAL

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

S. RENGANATHAN & CO.

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

PACKIRISAMY NAVANEETHAKUMAR

IC / PP No

:

S7568575J

Address

:

31, BALAM ROAD, 07-113, BALAM GARDENS, 370031, SINGAPORE.

 

BANKING


No Banker found in our databank. 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

 

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject is a service provider. 

 

CLIENTELE

 

Local

:

NO

 

 

Overseas

:

YES

Percentage

:

100%

Export Market

:

ASIA

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

THE PROVISION OF POST-HARVEST SOLUTION TO THE AGRICULTURAL INDUSTRY

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) the provision of post-harvest solution to the agricultural industry. 

StarAgri is focused on empowering farmers – both small and large - so that they gain more from their harvests.

It helps farming communities protect their produce and reduce post harvest losses to increase food availability without placing additional burden on the environment. As agriculture moves up the global growth agenda, it is addressing one of the planet's most pressing challenges today - food security with depleting resources. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62242589

Match

:

N/A

Address Provided by Client

:

101, CECIL STREET, # 23-12 TNG ENG BUILDING, 069533 SINGAPORE

Current Address

:

101, CECIL STREET, # 23-12 TNG ENG BUILDING, 069533, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject's registered office and he provided limited information.

He refused to disclose the Subject's number of employees.

The staff from the registered office refused to comment anything on the Subject's nil turnover.


FINANCIAL ANALYSIS

 

Overall Assessment :

The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -38,724. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

Overall financial condition of the Subject : POOR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2013

2014

2015

2016

2017*

 

Population (Million)

5.40

5.47

5.54

5.61

5.61

Gross Domestic Products ( % )

5.1

3.9

2.2

2.4

3.6

Consumer Price Index

2.4

1.0

(0.5)

(0.5)

0.6

Total Imports (Million)

466,762.0

463,779.1

407,767.9

398,372.0

403,300.0

Total Exports (Million)

513,391.0

518,922.7

476,285.4

468,552.0

466,900.0

 

Unemployment Rate (%)

1.9

1.9

1.9

2.1

-

Tourist Arrival (Million)

15.46

15.01

15.23

16.28

-

Hotel Occupancy Rate (%)

86.3

85.5

84.0

83.1

84.7

Cellular Phone Subscriber (Million)

1.97

1.98

1.99

-

-

 

Registration of New Companies (No.)

37,288

41,589

34,243

35,227

37,395

Registration of New Companies (%)

9.8

11.5

(17.7)

2.9

6.2

Liquidation of Companies (No.)

17,369

18,767

21,384

23,218

22,379

Liquidation of Companies (%)

(5.3)

8.0

13.9

8.6

(3.6)

 

Registration of New Businesses (No.)

22,893

35,773

28,480

27,120

22,148

Registration of New Businesses (%)

1.70

56.30

(20.39)

(4.78)

(18.33)

Liquidation of Businesses (No.)

22,598

22,098

26,116

35,866

24,344

Liquidation of Businesses (%)

0.5

(2.2)

18.2

37.3

(32.1)

 

Bankruptcy Orders (No.)

1,992

1,757

1,776

1,797

1,638

Bankruptcy Orders (%)

14.0

(11.8)

1.0

1.2

(8.9)

Bankruptcy Discharges (No.)

2,584

3,546

3,499

4,359

2,030

Bankruptcy Discharges (%)

37.4

37.2

(1.3)

24.6

(53.4)

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

1.78

4.29

3.04

-

-

Fish Supply & Wholesale

(3.8)

(8.6)

(8.5)

(9.9)

-

 

Manufacturing #

Food, Beverages & Tobacco

97.9

99.4

100.0

103.7

110.3

Textiles

119.5

102.7

100.0

92.4

84.4

Wearing Apparel

334.1

212.6

100.0

83.4

88.2

Leather Products & Footwear

122.0

106.5

100.0

88.8

79.0

Wood & Wood Products

103.0

107.2

100.0

95.0

92.9

Paper & Paper Products

104.4

104.5

100.0

97.3

96.1

Printing & Media

113.8

105.968

100.0

85.1

73.1

Crude Oil Refineries

100.7

92.2

100.0

104.2

113.5

Chemical & Chemical Products

88.4

96.7

100.0

98.9

105.3

Pharmaceutical Products

101.421

109.4

100.0

113.8

96.0

Rubber & Plastic Products

109.497

109.2

100.0

91.4

93.7

Non-metallic Mineral

107.4

90.759

100.0

89.8

72.9

Basic Metals

77.2

99.3

100.0

106.2

108.3

Fabricated Metal Products

107.5

107.757

100.0

93.8

91.3

Machinery & Equipment

109.1

118.2

100.0

80.8

86.1

Electrical Machinery

87.4

97.871

100.0

101.5

111.7

Electronic Components

105.0

105.6

100.0

114.1

151.4

Transport Equipment

111.1

106.68

100.0

101.0

99.5

 

Construction

25.40

22.00

-

-

-

Real Estate

88.5

145.1

-

-

-

 

Services

Electricity, Gas & Water

6.70

6.50

-

-

-

Transport, Storage & Communication

9.80

14.20

-

-

-

Finance & Insurance

3.30

6.00

-

7.40

-

Government Services

6.50

6.30

-

-

-

Education Services

3.10

5.98

-

2.40

-

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

In the fourth quarter of 2017, the economy grew by 3.6% on a year-on-year basis, moderating from the 5.5% growth in the previous quarter. The sectors which contributed the most to growth in the quarter were the manufacturing and finance & insurance sectors. For the whole of 2017, the economy expanded by 3.6%, higher than the 2.4% growth in 2016. All major sectors grew in 2017, with the exception of the construction sector. The manufacturing and finance & insurance sectors were the key contributors to overall GDP growth.

The manufacturing sector expanded by 4.8% in the fourth quarter 2017, slowing from the 19% surge in the third quarter. Growth was led by robust output expansions in the electronics and precision engineering clusters, which more than offset declines in the biomedical manufacturing and transport engineering clusters. For full year 2017, the manufacturing sector grew by 10%, higher than the 3.7% growth in 2016. Growth was primarily driven by the electronics and precision engineering clusters, while output declines in the biomedical manufacturing, transport engineering and general manufacturing clusters weighed on growth.

The services producing industries collectively expanded to 3.5% in the fourth quarter 2017, the same pace of growth as the previous quarter. Among the services sectors, the finance & insurance sector registered the strongest growth at 6.3%, followed by the information & communications (6.0%) and the transportation & storage (5.3%) sectors. Services producing industries as a whole expanded to 2.8% in full year 2017, faster than the 1.4% growth in 2016. All services sectors saw positive growth.

Among the services sectors, the transportation & storage and finance & insurance sectors registered the fastest pace of growth in 2017. Growth of the transportation & storage sector came in at 4.8%, a pickup from the 1.3% in 2016, largely due to stronger growth in the water transport and air transport segments. Similarly, the finance & insurance sector expanded by 4.8%, improving from the 1.6% growth in 2016. The robust performance of the sector was largely because of strong growth in the fund management segment, even as growth in the financial intermediation and insurance segments remained firm.

Besides, the construction sector contracted to 5.0%, extending the 9.3% decline in the third quarter 2017. The output of the sector was weighed down primarily by the weakness in private sector construction activities, as certified payments across all private construction segments declined. Meanwhile, the construction sector contracted to 8.4% in 2017, a reversal from the 1.9% growth in 2016. Output in the sector was primarily weighed down by the weakness in private sector construction works.

In the fourth quarter 2017, total demand rose by 4.9%, lower than the 5.5% growth in the preceding quarter. For the whole of 2017, growth in total demand came in at 4.4%, an improvement from the 1.6% in 2016. External demand was the key contributor to total demand growth (3.0 percentage-points), while the contribution from domestic demand was also positive (1.4 percentage-points).

Total domestic demand rose by 6.6 % in the fourth quarter 2017, following the 8.5% growth in the previous quarter. Growth was supported primarily by the build-up in inventories and also higher consumption expenditure. Gross fixed capital formation also contributed positively to total domestic demand growth in the quarter. For 2017 as a whole, total domestic demand increased by 5.4%, higher than the 3.1% expansion in 2016. Meanwhile, external demand rose by 4.2% in the fourth quarter 2017, similar to the 4.4% growth in the preceding quarter. The increase in external demand was primarily due to higher real merchandise exports. For the full year 2017, external demand grew at a faster pace of 4.1%, compared to the 1.1% growth in 2016.

Total consumption expenditure rose at a slower pace of 4.4% in the fourth quarter 2017, compared to the 5.7% expansion in the previous quarter. For the full year 2017, total consumption expenditure grew by 3.3%, an improvement from the 2.1% growth in 2016, on the back of faster growth in both public and private consumption. Public consumption expanded by 4.1%, compared to 3.5% in 2016, while private consumption grew by 3.1%, compared to 1.7% in the previous year. Expenditure on miscellaneous goods & services, recreation & culture and housing & utilities were the main contributors to private consumption growth.

Since November 2017, the outlook for global growth has improved slightly with the IMF upgrading its global growth forecast for 2018 to 3.9%, partly on the back of higher growth expected in the US due to the recently approved tax reforms. However, as compared to 2017, growth in most of Singapore’s key final demand markets such as the Eurozone, Japan, NIEs and ASEAN-5 is projected to moderate or remain unchanged in 2018. In the US, GDP growth is projected to improve further in 2018, supported by domestic demand and fiscal stimulus arising from the recently approved tax reforms, although there are uncertainties around the extent to which investments would respond to the tax reforms. On the other hand, growth in the Eurozone economy is projected to moderate in 2018, following the rebound seen in 2017. Growth will be underpinned by continued improvements in labour market conditions and largely accommodative monetary policies.

In Asia, China’s growth is also expected to ease in 2018 on the back of a slowdown in investment, even as consumption is likely to remain stable and provide support to growth. Meanwhile, growth in the key ASEAN economies is expected to remain firm in 2018, supported by sustained improvements in domestic demand as well as merchandise exports. On balance, the external demand outlook for Singapore is expected to be slightly weaker in 2018 as compared to 2017. Taking into account the global and domestic economic environments, Ministry of Trade and Industry (MTI) has maintained the 2018 GDP growth forecast at “1.5 to 3.5%”. MTI’s central view is that growth will likely come in slightly above the middle of the forecast range, barring the materialisation of downside risks.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2014, the Subject is a Private Limited company, focusing on the provision of post-harvest solution to the agricultural industry. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. The Subject has a strong support from its holding company. However, the Subject does not have a strong capital position of USD 100. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation. 

The Subject focuses only on overseas market. This global approach has enabled the Subject to generate a better growth sales. Being an export-oriented company, the Subject however is subjected to certain inherent risk of global economy slowdown, foreign currencies fluctuations and stiff competition in the international market. 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. 

The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -38,724. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations. 

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. 

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.



PROFIT AND LOSS ACCOUNT

 

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

STAR AGRI SERVICES (PTE.) LTD.

 

Financial Year End

2017-03-31

2016-03-31

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

PROFIT/(LOSS) FROM OPERATIONS

(11,476)

(11,528)

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

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

PROFIT/(LOSS) BEFORE TAXATION

(11,476)

(11,528)

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

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

PROFIT/(LOSS) AFTER TAXATION

(11,476)

(11,528)

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(27,348)

(15,820)

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

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

As restated

(27,348)

(15,820)

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(38,824)

(27,348)

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(38,824)

(27,348)

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

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

 

 

 

 

 

BALANCE SHEET

 

STAR AGRI SERVICES (PTE.) LTD.

 

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

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

CURRENT ASSETS

Other debtors, deposits & prepayments

1,385

6,818

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

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

TOTAL CURRENT ASSETS

1,385

6,818

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

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

TOTAL ASSET

1,385

6,818

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

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

CURRENT LIABILITIES

Trade creditors

7,687

20,516

Other creditors & accruals

32,422

13,550

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

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

TOTAL CURRENT LIABILITIES

40,109

34,066

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

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

NET CURRENT ASSETS/(LIABILITIES)

(38,724)

(27,248)

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

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

TOTAL NET ASSETS

(38,724)

(27,248)

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

100

100

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

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

TOTAL SHARE CAPITAL

100

100

RESERVES

Retained profit/(loss) carried forward

(38,824)

(27,348)

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

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

TOTAL RESERVES

(38,824)

(27,348)

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

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

SHAREHOLDERS' FUNDS/EQUITY

(38,724)

(27,248)

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

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

 

 

 

 

 

FINANCIAL RATIO

 

STAR AGRI SERVICES (PTE.) LTD.

 

TYPES OF FUNDS

Cash

0

0

Net Liquid Funds

0

0

Net Liquid Assets

(38,724)

(27,248)

Net Current Assets/(Liabilities)

(38,724)

(27,248)

Net Tangible Assets

(38,724)

(27,248)

Net Monetary Assets

(38,724)

(27,248)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

0

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

(11,476)

(11,528)

BALANCE SHEET ITEMS

Total Borrowings

0

0

Total Liabilities

40,109

34,066

Total Assets

1,385

6,818

Net Assets

(38,724)

(27,248)

Net Assets Backing

(38,724)

(27,248)

Shareholders' Funds

(38,724)

(27,248)

Total Share Capital

100

100

Total Reserves

(38,824)

(27,348)

GROWTH RATIOS (Year on Year) (%)

Revenue

-

-

Proft/(Loss) Before Tax

0.45

-

Proft/(Loss) After Tax

0.45

-

Total Assets

-

-

Total Liabilities

-

-

LIQUIDITY (Times)

Cash Ratio

0

0

Liquid Ratio

0.03

0.20

Current Ratio

0.03

0.20

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

Debtors Ratio

0

0

Creditors Ratio

0

0

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

Liabilities Ratio

(1.04)

(1.25)

Times Interest Earned Ratio

0

0

Assets Backing Ratio

1.00

1.00

PERFORMANCE RATIO (%)

Operating Profit Margin

0

0

Net Profit Margin

0

0

Return On Net Assets

29.64

42.31

Return On Capital Employed

29.64

42.31

Return On Shareholders' Funds/Equity

29.64

42.31

Dividend Pay Out Ratio (Times)

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.22

UK Pound

1

INR 92.84

Euro

1

INR 81.27

SGD

1

INR 50.20

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.