MIRA INFORM REPORT

 

 

Report No. :

493869

Report Date :

22.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AAA OILS & FATS PTE. LTD.

 

 

Formerly Known As :

ASIAMAS TRADING & MARKETING PTE. LTD.

 

 

Registered Office :

80, Raffles Place, 50-01, Uob Plaza, 048624

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

04.03.2002

 

 

Com. Reg. No.:

200201667-C

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is principally engaged in trading of edible oils and soft commodities.

 

 

No. of Employees :

Not available

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 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. Growth in 2014-16 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. 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 member of the Regional Comprehensive Economic Partnership negotiations with the 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.

:

200201667-C

COMPANY NAME

:

AAA OILS & FATS PTE. LTD.

FORMER NAME

:

ASIAMAS TRADING & MARKETING PTE. LTD. (08/07/2003)

INCORPORATION DATE

:

04/03/2002

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, RAFFLES PLACE, 50-01, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

80, RAFFLES PLACE, 50-01, UOB PLAZA 1, 048624, SINGAPORE.

TEL.NO.

:

65-62169338

FAX.NO.

:

65-62277006

CONTACT PERSON

:

YEO HOW ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF EDIBLE OILS AND SOFT COMMODITIES

ISSUED AND PAID UP CAPITAL

:

3,034,300.00 ORDINARY SHARE, OF A VALUE OF SGD 3,034,300.00

SALES

:

USD 2,902,136,242 [2016]

NET WORTH

:

USD 233,770,688 [2016]

STAFF STRENGTH

:

N/A

BANKER (S)

:

ABN AMRO BANK N.V.
BANCO SANTANDER, S.A. HONG KONG BRANCH
DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK
HSH NORDBANK AG
RAIFFEISEN BANK INTERNATIONAL AG
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)
WESTLB AG
NATIXIS

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of edible oils and soft commodities.

 

The immediate holding company of the Subject is TALENT INVESTMENTS LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

 

The ultimate holding company of the Subject is APICAL GROUP LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

 

Share Capital History

Date

Issue & Paid Up Capital

07/12/2017

SGD 3,034,300.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

TALENT INVESTMENTS LIMITED

PORTCULLIS CHAMBERS, 4TH FLOOR, ELLEN SKELTON BUILDING, 3076, SIR FRANCIS DRAKE HIGHWAY, ROAD TOWN, TORTOLA VG1110 ,VIRGIN ISLANDS, BRITISH

T03UF2074

3,034,300.00

100.00

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

------

3,034,300.00

100.00

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

=====

+ Also Director

 

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


Local No

Country

Company

Status

(%)

As At

201219278C

SINGAPORE

APICAL CHINA MANAGEMENT PTE LTD

-

100.00

31/12/2016

201219278C

SINGAPORE

APICAL PAKISTAN MANAGEMENT PTE. LTD.

-

100.00

17/01/2017

201219277

SINGAPORE

APICAL SUMATERA MANAGEMENT PTE LTD

-

100.00

17/01/2017

INDONESIA

PT ASIA NUSA PRIMA

-

95.00

31/12/2016

MALAYSIA

ZENITH INSURANCE (LABUAN) LIMITED

-

100.00

31/12/2016

 

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

MR. YEO HOW

Address

:

6, SUFFOLK WALK, 22-07, VIVA, 307464, SINGAPORE.

IC / PP No

:

G6085989U

Nationality

:

MALAYSIAN

Date of Appointment

:

16/12/2014



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

200201667C

AAA OILS & FATS PTE. LTD.

Director

16/12/2014

0.00

-

USD35,935,824.00

2016

-

07/12/2017

2

201219278C

APICAL PAKISTAN MANAGEMENT PTE. LTD.

Director

09/12/2014

0.00

-

N/A

2016

-

28/09/2017

 

DIRECTOR 2

 

Name Of Subject

:

SUWANDI LIM

Address

:

93, PASIR RIS GROVE, 14-33, NV RESIDENCES, 518191, SINGAPORE.

IC / PP No

:

S7066110A

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/01/2015



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

200201667C

AAA OILS & FATS PTE. LTD.

Director

19/01/2015

0.00

-

USD35,935,824.00

2016

-

07/12/2017

2

201219278C

APICAL PAKISTAN MANAGEMENT PTE. LTD.

Director

19/01/2015

0.00

-

N/A

2016

-

28/09/2017

 

DIRECTOR 3

 

Name Of Subject

:

JOSEPH OETOMO @ OE SIANG KIE

Address

:

477, RIVER VALLEY ROAD, 11-04, VALLEY PARK, 248362, SINGAPORE.

IC / PP No

:

S2757387H

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/01/2015



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

200201667C

AAA OILS & FATS PTE. LTD.

Director

19/01/2015

0.00

-

USD35,935,824.00

2016

-

07/12/2017

2

201219278C

APICAL PAKISTAN MANAGEMENT PTE. LTD.

Director

19/01/2015

0.00

-

N/A

2016

-

28/09/2017




 

MANAGEMENT

 

 

1)

Name of Subject

:

YEO HOW

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

PUA EE HUANG

IC / PP No

:

S7046110B

Address

:

226, WESTWOOD AVENUE, 08-20, THE FLORAVALE, 648357, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

 

2)

Name

:

BANCO SANTANDER, S.A. HONG KONG BRANCH

 

3)

Name

:

DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK

 

4)

Name

:

HSH NORDBANK AG

 

5)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

 

6)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

 

7)

Name

:

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

 

8)

Name

:

WESTLB AG

 

9)

Name

:

NATIXIS

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201001677

24/02/2010

N/A

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH

-

Unsatisfied

C201100810

18/01/2011

N/A

DZ BANK AG DEUTSCHE ZENTRALGENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (FORMERLY GZ-BANK AG)

-

Unsatisfied

C201108121

05/07/2011

N/A

ABN AMRO BANK BHD

-

Unsatisfied

C201109920

11/08/2011

N/A

BANCO SANTANDER, S.A. HONG KONG BRANCH

-

Unsatisfied

C201113972

03/11/2011

N/A

INDUSTRIAL & COMMERCIAL BANK OF CHINA LIMITED

-

Unsatisfied

C201116080

21/12/2011

N/A

INDUSTRIAL & COMMERCIAL BANK OF CHINA LIMITED

-

Unsatisfied

C201300531

11/01/2013

N/A

BANCO SANTANDER, S.A.

-

Unsatisfied

C201401124

28/01/2014

N/A

BANCO SANTANDER, S.A.

-

Unsatisfied

C201508179

21/07/2015

N/A

NATIXIS

-

Unsatisfied

C201600929

20/01/2016

N/A

THE BANK OF TOKYOMITSUBISHI UFJ, LTD. SINGAPORE BRANCH

USD 130,000,000.00

Unsatisfied

C201600932

20/01/2016

N/A

THE BANK OF TOKYOMITSUBISHI UFJ, LTD. SINGAPORE BRANCH

USD 130,000,000.00

Unsatisfied

C201710916

23/10/2017

N/A

ABN AMRO BANK N.V.

-

Unsatisfied

C201710922

23/10/2017

N/A

ABN AMRO BANK N.V.

-

Unsatisfied

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


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

No legal action was found in our databank.

No winding up petition was found in our databank.



PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

EDIBLE OILS AND SOFT COMMODITIES

 

Total Number of Employees:

 

YEAR

2016

2015

2014

2013

GROUP

N/A

N/A

N/A

N/A

COMPANY

60

60

60

60

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of edible oils and soft commodities.

Products and services:

* crude palm oil & crude palm kernel oil
* processed palm oil products
* packed cooking oil
* shortening
* margarine
* rubber
* cocoa beans


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62169338

Match

:

N/A

Address Provided by Client

:

80 RAFFLES PLACE, 50-01, UOB PLAZA, 048624

Current Address

:

80, RAFFLES PLACE, 50-01, UOB PLAZA 1, 048624, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject's registered office and she provided some information on the Subject.

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


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Decreased

[

2012 - 2016

]

Return on Shareholder Funds

:

Acceptable

[

15.37%

]

Return on Net Assets

:

Acceptable

[

18.27%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

0 Days

]

Debtor Ratio

:

Favourable

[

23 Days

]

Creditors Ratio

:

Favourable

[

1 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.52 Times

]

Current Ratio

:

Unfavourable

[

1.52 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Unfavourable

[

2.44 Times

]

Gearing Ratio

:

Unfavourable

[

3.12 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 :

The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. 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 : FAIR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

-

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

-

 

* Estimate / Preliminary

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



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2002, the Subject is a Private Limited company, focusing on trading of edible oils and soft commodities. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 3,034,300 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. 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 233,770,688, the Subject should be able to maintain its business in the near terms.

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 Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.

AAA OILS & FATS PTE. LTD.

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

2,902,136,242

2,517,355,525

3,748,491,000

3,736,074,941

2,816,515,951

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

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

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

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

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

Total Turnover

2,902,136,242

2,517,355,525

3,748,491,000

3,736,074,941

2,816,515,951

Costs of Goods Sold

(2,740,218,017)

(2,334,312,673)

(3,505,483,745)

(3,526,399,244)

(2,587,755,434)

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

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

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

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

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

Gross Profit

161,918,225

183,042,852

243,007,255

209,675,697

228,760,517

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

38,379,028

61,573,918

83,534,141

64,817,643

151,390,430

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

38,379,028

61,573,918

83,534,141

64,817,643

151,390,430

Taxation

(2,443,204)

(2,108,432)

(10,245,794)

(3,377,531)

(9,637,951)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

35,935,824

59,465,486

73,288,347

61,440,112

141,752,479

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

195,834,864

206,369,378

133,081,031

99,640,919

57,888,440

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

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

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

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

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

As restated

195,834,864

206,369,378

133,081,031

99,640,919

57,888,440

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

231,770,688

265,834,864

206,369,378

161,081,031

199,640,919

DIVIDENDS - Ordinary (paid & proposed)

-

(70,000,000)

-

(28,000,000)

(100,000,000)

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

231,770,688

195,834,864

206,369,378

133,081,031

99,640,919

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

10,919,386

11,714,491

6,051,563

1,227,444

1,675,359

Trust receipts

15,768,193

11,162,641

10,751,549

11,932,919

9,196,112

Others

-

-

45,805

-

-

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

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

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

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

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

26,687,579

22,877,132

16,848,917

13,160,363

10,871,471

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

20,720

162,683

167,761

175,157

175,196

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

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

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

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

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

Total Amortization And Depreciation

20,720

162,683

167,761

175,157

175,196

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

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

AAA OILS & FATS PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

106,321

17,474

169,962

336,794

490,042

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

415,836

575,836

575,836

575,836

415,836

Loans & advances - non-current

-

-

-

106,441,754

-

Others

-

-

-

-

78,000,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

415,836

575,836

575,836

107,017,590

78,415,836

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

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

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

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

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

TOTAL LONG TERM ASSETS

522,157

593,310

745,798

107,354,384

78,905,878

Stocks

322,536

477,451

13,640,881

6,975,598

7,920,803

Trade debtors

185,030,678

126,434,460

155,908,156

279,404,389

162,233,818

Other debtors, deposits & prepayments

29,677,116

50,009,045

40,808,173

21,598,448

14,550,602

Loans & advances - current portion

-

-

-

-

20,310,050

Amount due from holding company

335,903,646

314,551,602

541,652,326

56,523,716

130,068,125

Amount due from subsidiary companies

267,267,230

188,711,015

135,519,646

199,541,547

8,110,513

Amount due from related companies

12,845,778

17,551,314

3,654,664

11,556,847

9,361,784

Cash & bank balances

205,603,531

115,738,352

14,258,314

12,695,195

9,046,405

Others

5,385,552

5,029,376

13,509,710

5,642,729

-

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

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

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

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

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

TOTAL CURRENT ASSETS

1,042,036,067

818,502,615

918,951,870

593,938,469

361,602,100

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

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

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

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

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

TOTAL ASSET

1,042,558,224

819,095,925

919,697,668

701,292,853

440,507,978

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

4,201,956

11,392,152

26,045,456

47,178,717

33,799,826

Other creditors & accruals

6,952,517

3,065,763

4,369,666

4,735,039

5,517,194

Bank overdraft

2,932,493

18,780,904

-

3,572,737

3,471,401

Short term borrowings/Term loans

69,800,000

54,000,000

52,350,000

18,400,000

14,000,000

Other borrowings

534,862,620

325,877,206

327,902,691

364,397,846

235,394,818

Deposits from customers

2,539,197

601,337

473,665

3,658,952

-

Amounts owing to subsidiary companies

8,526,028

7,145,318

19,003,203

56,659,833

7,405,476

Amounts owing to related companies

37,543,883

28,529,327

51,684,174

16,083,535

10,615,544

Provision for taxation

2,500,969

3,328,017

9,569,649

3,030,417

9,622,741

Other liabilities

16,470,691

1,289,979

10,668,462

8,870,779

1,540,059

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

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

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

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

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

TOTAL CURRENT LIABILITIES

686,330,354

454,010,003

502,066,966

526,587,855

321,367,059

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

355,705,713

364,492,612

416,884,904

67,350,614

40,235,041

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

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

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

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

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

TOTAL NET ASSETS

356,227,870

365,085,922

417,630,702

174,704,998

119,140,919

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

2,000,000

2,000,000

2,000,000

2,000,000

2,000,000

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

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

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

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

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

TOTAL SHARE CAPITAL

2,000,000

2,000,000

2,000,000

2,000,000

2,000,000

Retained profit/(loss) carried forward

231,770,688

195,834,864

206,369,378

133,081,031

99,640,919

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

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

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

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

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

TOTAL RESERVES

231,770,688

195,834,864

206,369,378

133,081,031

99,640,919

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

233,770,688

197,834,864

208,369,378

135,081,031

101,640,919

Long term loans

122,450,000

167,250,000

209,250,000

39,603,693

17,500,000

Deferred taxation

7,182

1,058

11,324

20,274

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

122,457,182

167,251,058

209,261,324

39,623,967

17,500,000

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

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

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

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

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

356,227,870

365,085,922

417,630,702

174,704,998

119,140,919

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

AAA OILS & FATS PTE. LTD.

 

TYPES OF FUNDS

Cash

205,603,531

115,738,352

14,258,314

12,695,195

9,046,405

Net Liquid Funds

202,671,038

96,957,448

14,258,314

9,122,458

5,575,004

Net Liquid Assets

355,383,177

364,015,161

403,244,023

60,375,016

32,314,238

Net Current Assets/(Liabilities)

355,705,713

364,492,612

416,884,904

67,350,614

40,235,041

Net Tangible Assets

356,227,870

365,085,922

417,630,702

174,704,998

119,140,919

Net Monetary Assets

232,925,995

196,764,103

193,982,699

20,751,049

14,814,238

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

84,451,050

100,383,058

77,978,006

162,261,901

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

65,087,327

84,613,733

100,550,819

78,153,163

162,437,097

BALANCE SHEET ITEMS

Total Borrowings

730,045,113

565,908,110

589,502,691

425,974,276

270,366,219

Total Liabilities

808,787,536

621,261,061

711,328,290

566,211,822

338,867,059

Total Assets

1,042,558,224

819,095,925

919,697,668

701,292,853

440,507,978

Net Assets

356,227,870

365,085,922

417,630,702

174,704,998

119,140,919

Net Assets Backing

233,770,688

197,834,864

208,369,378

135,081,031

101,640,919

Shareholders' Funds

233,770,688

197,834,864

208,369,378

135,081,031

101,640,919

Total Share Capital

2,000,000

2,000,000

2,000,000

2,000,000

2,000,000

Total Reserves

231,770,688

195,834,864

206,369,378

133,081,031

99,640,919

GROWTH RATIOS (Year on Year)

Revenue

15.29

(32.84)

0.33

32.65

(7.27)

Proft/(Loss) Before Tax

(37.67)

(26.29)

28.88

(57.19)

0.61

Proft/(Loss) After Tax

(39.57)

(18.86)

19.28

(56.66)

(0.67)

Total Assets

27.28

(10.94)

31.14

59.20

7.05

Total Liabilities

30.18

(12.66)

25.63

67.09

(3.62)

LIQUIDITY (Times)

Cash Ratio

0.30

0.25

0.03

0.02

0.03

Liquid Ratio

1.52

1.80

1.80

1.11

1.10

Current Ratio

1.52

1.80

1.83

1.13

1.13

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

1

1

1

Debtors Ratio

23

18

15

27

21

Creditors Ratio

1

2

3

5

5

SOLVENCY RATIOS (Times)

Gearing Ratio

3.12

2.86

2.83

3.15

2.66

Liabilities Ratio

3.46

3.14

3.41

4.19

3.33

Times Interest Earned Ratio

2.44

3.69

5.96

5.93

14.93

Assets Backing Ratio

178.11

182.54

208.82

87.35

59.57

PERFORMANCE RATIO (%)

Operating Profit Margin

1.32

2.45

2.23

1.73

5.38

Net Profit Margin

1.24

2.36

1.96

1.64

5.03

Return On Net Assets

18.27

23.13

24.04

44.63

136.19

Return On Capital Employed

18.12

22.00

24.04

43.74

132.34

Return On Shareholders' Funds/Equity

15.37

30.06

35.17

45.48

139.46

Dividend Pay Out Ratio (Times)

0

1.18

0

0.46

0.71

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.82

UK Pound

1

INR 90.66

Euro

1

INR 79.94

SGD

1

INR 49.18

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

NIT

                                                


 

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.