|
|
|
MIRA
INFORM REPORT
|
Report No. : |
500965 |
|
Report Date : |
29.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
JUST OIL &
GRAIN PTE LTD |
|
|
|
|
Formerly Known As : |
TOP GRAIN PTE LTD (12/12/2001) |
|
|
|
|
Registered Office : |
22, North Canal Road, 03-01, 048834 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
27.07.1995 |
|
|
|
|
Com. Reg. No.: |
199505339-D |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of oil product and commodities. |
|
|
|
|
No. of Employees : |
29 [2017] |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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. |
: |
199505339-D |
||||
|
COMPANY NAME |
: |
JUST OIL & GRAIN PTE LTD |
||||
|
FORMER NAME |
: |
TOP GRAIN PTE LTD (12/12/2001) |
||||
|
INCORPORATION DATE |
: |
27/07/1995 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
22, NORTH CANAL ROAD, 03-01, 048834,
SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
22 NORTH CANAL ROAD, 03-01, 048834, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62360880 |
||||
|
FAX.NO. |
: |
65-65322218 |
||||
|
CONTACT PERSON |
: |
PAUL ANTONY PARKINSON ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF OIL PRODUCT AND COMMODITIES |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
14,461,320.00 ORDINARY SHARE, OF A VALUE OF
SGD 14,461,320.00 |
||||
|
SALES |
: |
USD 527,924,761 [2016] |
||||
|
NET WORTH |
: |
USD 12,080,650 [2016] |
||||
|
STAFF STRENGTH |
: |
29 [2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
NO COMPLAINTS |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY /
BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The Subject is principally engaged in the (as
a / as an) trading of oil product and commodities.
The immediate and ultimate holding company of
the Subject is CHARLESTON HOLDINGS PTE LTD, a company incorporated in
SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
14/12/2017 |
SGD 14,461,320.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
CHARLESTON HOLDINGS PTE LTD |
22, NORTH CANAL ROAD, 03-01 048834
,SINGAPORE |
198902810M |
14,461,320.00 |
100.00 |
|
--------------- |
------ |
|||
|
14,461,320.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
201609674M |
SINGAPORE |
JAG INTERNATIONAL PTE. LTD. |
- |
50.00 |
14/12/2017 |
|
201329410H |
SINGAPORE |
JCOAL PTE. LTD. |
- |
50.00 |
14/12/2017 |
|
201329420C |
SINGAPORE |
JTRACK PTE. LTD. |
- |
50.00 |
14/12/2017 |
|
201524460W |
SINGAPORE |
JUST AGRITRADE PTE. LTD. |
- |
50.00 |
14/12/2017 |
|
IRELAND |
JUST OIL & GRAIN EUROPE LIMITED |
- |
100.00 |
31/12/2016 |
|
|
201529897M |
SINGAPORE |
MENA JAYA PTE. LTD. |
- |
51.00 |
14/12/2017 |
|
INDONESIA |
PT JUST OIL & GRAIN INDONESIA |
- |
100.00 |
31/12/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
PAUL ANTONY PARKINSON |
|
Address |
: |
NORTHSHORE CONDOMINIUM (UNIT 22-03),
290/138, MOO 9, PATTAYA BEACH ROAD, NONGPRUE, BANGLAMUNG, CHONBURI, 20150,
THAILAND. |
|
Other Address(es) |
: |
31, UPPER SERANGOON VIEW, 12-20, BOATHOUSE
RESIDENCES, 534043, SINGAPORE. |
|
IC / PP No |
: |
F2250572Q |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
27/07/1995 |
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 |
199505339D |
JUST OIL & GRAIN PTE LTD |
Director |
27/07/1995 |
0.00 |
- |
USD922,521.00 |
2016 |
- |
14/12/2017 |
|
2 |
200904692Z |
ST GREEN ENERGY PTE. LTD. |
Director |
18/01/2012 |
0.00 |
- |
USD401,552.00 |
2015 |
- |
13/02/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
LOU LEONG KOK |
|
Address |
: |
8A, PATERSON HILL, 15-03, THE MARQ ON
PATERSON HILL, 238568, SINGAPORE. |
|
IC / PP No |
: |
S0128131C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
27/07/1995 |
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 |
199505339D |
JUST OIL & GRAIN PTE LTD |
Director |
27/07/1995 |
0.00 |
- |
USD922,521.00 |
2016 |
- |
14/12/2017 |
|
2 |
200904692Z |
ST GREEN ENERGY PTE. LTD. |
Director |
17/03/2009 |
0.00 |
- |
USD401,552.00 |
2015 |
- |
13/02/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
AZAM ESSOF KOLIA |
|
Address |
: |
24, LEEDON ROAD, 267845, SINGAPORE. |
|
IC / PP No |
: |
S2588201F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
08/11/2005 |
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 |
200808479D |
CHIP HWA SHIPPING PTE. LTD. |
Director |
17/09/2008 |
0.00 |
- |
- |
- |
- |
08/08/2014 |
|
2 |
199505339D |
JUST OIL & GRAIN PTE LTD |
Director |
08/11/2005 |
0.00 |
- |
USD922,521.00 |
2016 |
- |
14/12/2017 |
|
3 |
199106335C |
KAJ ESTABLISHMENTS PTE LTD |
Director |
20/12/1991 |
970,000.00 |
- |
- |
- |
- |
08/08/2014 |
|
4 |
197602077M |
KAZ INTERNATIONAL (PTE) LTD |
Director |
15/10/1976 |
243,750.00 |
- |
- |
- |
- |
08/08/2014 |
|
5 |
198003152G |
MASINDO SERVICES (S.E.A.) PTE. LTD. |
Director |
03/09/1980 |
289,999.00 |
- |
- |
- |
- |
08/08/2014 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
PAUL ANTONY PARKINSON |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
TONY OEI & COMPANY |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
GOH CHYE WAH |
|
IC / PP No |
: |
S1641609F |
|
|
Address |
: |
31, UPPER SERANGOON VIEW, 12-20, BOATHOUSE
RESIDENCES, 534043, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A. |
|
2) |
Name |
: |
DBS BANK LTD |
|
3) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LTD |
|
4) |
Name |
: |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD |
|
5) |
Name |
: |
STANDARD CHARTERED BANK |
|
6) |
Name |
: |
RAIFFEISEN ZENTRALBANK OESTERREICH
AKTIENGESELLSCHAFT |
|
7) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
|
8) |
Name |
: |
RAIFFEISEN BANK INTERNATIONAL AG |
|
9) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
|
10) |
Name |
: |
PT BANK MANDIRI (PERSERO) TBK |
|
11) |
Name |
: |
HABIB BANK LIMITED |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
200105624 |
16/11/2001 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C200404943 |
06/10/2004 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C200702353 |
27/03/2007 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C200800568 |
14/01/2008 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
|
C201211471 |
05/10/2012 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201212623 |
02/11/2012 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201302156 |
05/02/2013 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201302160 |
05/02/2013 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201302201 |
06/02/2013 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201402891 |
19/03/2014 |
N/A |
CIMB BANK BERHAD |
- |
Unsatisfied |
|
C201402893 |
19/03/2014 |
N/A |
CIMB BANK BERHAD |
- |
Unsatisfied |
|
C201402894 |
19/03/2014 |
N/A |
CIMB BANK BERHAD |
- |
Unsatisfied |
|
C201513019 |
16/11/2015 |
N/A |
HABIB BANK LIMITED |
- |
Unsatisfied |
|
C201600108 |
06/01/2016 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
|
C201611773 |
22/11/2016 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C201611775 |
22/11/2016 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C201704737 |
18/05/2017 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201708038 |
08/08/2017 |
N/A |
CTBC BANK CO., LTD. |
- |
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 |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
OIL PRODUCT AND COMMODITIES |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
2012 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
29 |
18 |
18 |
12 |
12 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of oil product
and commodities.
The Subject is awarded the Global Trader Programme (GTP) status by the
Government of Singapore (International Enterprise Singapore) in year 2005. GTP
programme is awarded to companies which are well-established international
players in their industry and responsible for internatioinal trading,
procurement, distribution and transportation of qualifying commodities and
products.
The Subject is the traders in all kinds of oil produce and commodities and
commission agents.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62360880 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
22 NORTH CANAL ROAD HEX 03-01
SINGAPORE-048834 |
|
Current Address |
: |
22 NORTH CANAL ROAD, 03-01, 048834,
SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
7.64% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
20.67% |
] |
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The Subject's
management have been efficient in controlling its operating costs. The unfavourable
return on shareholders' funds could indicate that the Subject was inefficient
in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
25 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
23 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 |
[ |
1.12 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.17 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 |
[ |
1.93 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.83 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 : |
||||||
|
Although the turnover was erratic, the
Subject had maintained a steady growth in its profit. This indicate the
management's efficiency in controlling its costs and profitability. 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
: LIMITED |
||||||
|
|
||||||
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
|
|
|
PROFIT AND LOSS ACCOUNT |
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
JUST OIL & GRAIN 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 |
527,924,761 |
387,825,976 |
446,079,063 |
668,536,130 |
562,905,418 |
|
Other Income |
1,198,240 |
1,067,416 |
183,800 |
231,358 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
529,123,001 |
388,893,392 |
446,262,863 |
668,767,488 |
562,905,418 |
|
Costs of Goods Sold |
(523,040,770) |
(384,458,602) |
(439,593,527) |
(660,800,473) |
(557,785,876) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
6,082,231 |
4,434,790 |
6,669,336 |
7,967,015 |
5,119,542 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,216,274 |
1,060,830 |
2,362,945 |
3,849,930 |
2,943,382 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,216,274 |
1,060,830 |
2,362,945 |
3,849,930 |
2,943,382 |
|
Taxation |
(293,753) |
(31,951) |
(370,000) |
(479,288) |
(277,335) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
922,521 |
1,028,879 |
1,992,945 |
3,370,642 |
2,666,047 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
1,158,576 |
3,129,697 |
2,936,753 |
1,866,111 |
1,470,064 |
|
Prior year adjustment |
- |
- |
(1) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,158,576 |
3,129,697 |
2,936,752 |
1,866,111 |
1,470,064 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
2,081,097 |
4,158,576 |
4,929,697 |
5,236,753 |
4,136,111 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(3,000,000) |
(1,800,000) |
(2,300,000) |
(2,270,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
2,081,097 |
1,158,576 |
3,129,697 |
2,936,753 |
1,866,111 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Bank overdraft |
75,554 |
46,596 |
29,779 |
8,402 |
9,974 |
|
Hire purchase |
7,289 |
8,048 |
6,203 |
4,358 |
2,181 |
|
Letter of credit |
207,483 |
155,121 |
299,370 |
329,881 |
335,857 |
|
Trust receipts |
856,912 |
587,285 |
572,291 |
743,863 |
880,771 |
|
Others |
162,663 |
52,063 |
72,331 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,309,901 |
849,113 |
979,974 |
1,086,504 |
1,228,783 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
125,363 |
124,889 |
123,513 |
48,608 |
48,608 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
125,363 |
124,889 |
123,513 |
48,608 |
48,608 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
JUST OIL & GRAIN PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
155,833 |
278,828 |
396,838 |
145,824 |
194,432 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
107,687 |
103,190 |
103,190 |
5,463,829 |
132,446 |
|
Associated companies |
55,039 |
155,039 |
150,037 |
150,037 |
154,065 |
|
Investments |
- |
- |
- |
- |
1,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
162,726 |
258,229 |
253,227 |
5,613,866 |
1,786,511 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
318,559 |
537,057 |
650,065 |
5,759,690 |
1,980,943 |
|
Stocks |
3,384,001 |
14,500,005 |
- |
- |
3,684,589 |
|
Trade debtors |
36,768,364 |
30,440,095 |
10,255,732 |
41,232,574 |
21,292,823 |
|
Other debtors, deposits & prepayments |
1,656,052 |
651,445 |
5,617,201 |
5,078,269 |
6,632,603 |
|
Short term deposits |
- |
- |
1,000,000 |
- |
3,000,000 |
|
Amount due from holding company |
251,228 |
- |
- |
- |
- |
|
Amount due from subsidiary companies |
3,184,190 |
3,179,255 |
3,179,255 |
- |
- |
|
Amount due from related companies |
6,385,620 |
899,807 |
1,817,612 |
- |
- |
|
Amount due from associated companies |
7,766,514 |
2,754,674 |
657,677 |
- |
- |
|
Cash & bank balances |
5,229,652 |
7,833,460 |
5,490,857 |
1,038,135 |
491,968 |
|
Others |
15,661,605 |
5,493,005 |
- |
5,920,586 |
4,728,997 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
80,287,226 |
65,751,746 |
28,018,334 |
53,269,564 |
39,830,980 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
80,605,785 |
66,288,803 |
28,668,399 |
59,029,254 |
41,811,923 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
33,651,614 |
35,564,342 |
12,540,431 |
28,639,964 |
6,825,845 |
|
Other creditors & accruals |
281,515 |
139,341 |
331,462 |
373,922 |
452,144 |
|
Hire purchase & lease creditors |
52,137 |
60,478 |
60,477 |
23,200 |
23,200 |
|
Bank overdraft |
3,176,679 |
2,864,906 |
1,155,133 |
340,954 |
521,838 |
|
Bill & acceptances payable |
30,792,330 |
14,468,413 |
4,643,954 |
20,997,816 |
26,652,179 |
|
Amounts owing to holding company |
- |
609,931 |
15,760 |
- |
- |
|
Amounts owing to subsidiary companies |
- |
840,824 |
972,908 |
- |
- |
|
Amounts owing to related companies |
377,048 |
244,313 |
87,450 |
- |
- |
|
Amounts owing to associated companies |
40,230 |
- |
- |
- |
- |
|
Provision for taxation |
15,244 |
117,380 |
450,028 |
543,380 |
274,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
68,386,797 |
54,909,928 |
20,257,603 |
50,919,236 |
34,749,206 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
11,900,429 |
10,841,818 |
7,760,731 |
2,350,328 |
5,081,774 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
12,218,988 |
11,378,875 |
8,410,796 |
8,110,018 |
7,062,717 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
9,999,553 |
9,999,553 |
4,999,553 |
4,999,553 |
4,999,553 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
9,999,553 |
9,999,553 |
4,999,553 |
4,999,553 |
4,999,553 |
|
Retained profit/(loss) carried forward |
2,081,097 |
1,158,576 |
3,129,697 |
2,936,753 |
1,866,111 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
2,081,097 |
1,158,576 |
3,129,697 |
2,936,753 |
1,866,111 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
12,080,650 |
11,158,129 |
8,129,250 |
7,936,306 |
6,865,664 |
|
Hire purchase creditors |
138,338 |
220,746 |
281,546 |
173,712 |
197,053 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
138,338 |
220,746 |
281,546 |
173,712 |
197,053 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
12,218,988 |
11,378,875 |
8,410,796 |
8,110,018 |
7,062,717 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
JUST OIL & GRAIN PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
5,229,652 |
7,833,460 |
6,490,857 |
1,038,135 |
3,491,968 |
|
Net Liquid Funds |
(28,739,357) |
(9,499,859) |
691,770 |
(20,300,635) |
(23,682,049) |
|
Net Liquid Assets |
8,516,428 |
(3,658,187) |
7,760,731 |
2,350,328 |
1,397,185 |
|
Net Current Assets/(Liabilities) |
11,900,429 |
10,841,818 |
7,760,731 |
2,350,328 |
5,081,774 |
|
Net Tangible Assets |
12,218,988 |
11,378,875 |
8,410,796 |
8,110,018 |
7,062,717 |
|
Net Monetary Assets |
8,378,090 |
(3,878,933) |
7,479,185 |
2,176,616 |
1,200,132 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
0 |
3,342,919 |
4,936,434 |
4,172,165 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
2,651,538 |
2,034,832 |
3,466,432 |
4,985,042 |
4,220,773 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
34,159,484 |
17,614,543 |
6,141,110 |
21,535,682 |
27,394,270 |
|
Total Liabilities |
68,525,135 |
55,130,674 |
20,539,149 |
51,092,948 |
34,946,259 |
|
Total Assets |
80,605,785 |
66,288,803 |
28,668,399 |
59,029,254 |
41,811,923 |
|
Net Assets |
12,218,988 |
11,378,875 |
8,410,796 |
8,110,018 |
7,062,717 |
|
Net Assets Backing |
12,080,650 |
11,158,129 |
8,129,250 |
7,936,306 |
6,865,664 |
|
Shareholders' Funds |
12,080,650 |
11,158,129 |
8,129,250 |
7,936,306 |
6,865,664 |
|
Total Share Capital |
9,999,553 |
9,999,553 |
4,999,553 |
4,999,553 |
4,999,553 |
|
Total Reserves |
2,081,097 |
1,158,576 |
3,129,697 |
2,936,753 |
1,866,111 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
36.12 |
(13.06) |
(33.28) |
18.77 |
(19.75) |
|
Proft/(Loss) Before Tax |
14.65 |
(55.11) |
(38.62) |
30.80 |
37.79 |
|
Proft/(Loss) After Tax |
(10.34) |
(48.37) |
(40.87) |
26.43 |
40.98 |
|
Total Assets |
21.60 |
131.23 |
(51.43) |
41.18 |
(33.33) |
|
Total Liabilities |
24.30 |
168.42 |
(59.80) |
46.20 |
(37.87) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.08 |
0.14 |
0.32 |
0.02 |
0.10 |
|
Liquid Ratio |
1.12 |
0.93 |
1.38 |
1.05 |
1.04 |
|
Current Ratio |
1.17 |
1.20 |
1.38 |
1.05 |
1.15 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
2 |
14 |
0 |
0 |
2 |
|
Debtors Ratio |
25 |
29 |
8 |
23 |
14 |
|
Creditors Ratio |
23 |
34 |
10 |
16 |
4 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
2.83 |
1.58 |
0.76 |
2.71 |
3.99 |
|
Liabilities Ratio |
5.67 |
4.94 |
2.53 |
6.44 |
5.09 |
|
Times Interest Earned Ratio |
1.93 |
2.25 |
3.41 |
4.54 |
3.40 |
|
Assets Backing Ratio |
1.22 |
1.14 |
1.68 |
1.62 |
1.41 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.23 |
0.27 |
0.53 |
0.58 |
0.52 |
|
Net Profit Margin |
0.17 |
0.27 |
0.45 |
0.50 |
0.47 |
|
Return On Net Assets |
20.67 |
16.78 |
39.75 |
60.87 |
59.07 |
|
Return On Capital Employed |
16.35 |
13.35 |
34.73 |
58.25 |
54.84 |
|
Return On Shareholders' Funds/Equity |
7.64 |
9.22 |
24.52 |
42.47 |
38.83 |
|
Dividend Pay Out Ratio (Times) |
0 |
2.92 |
0.90 |
0.68 |
0.85 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
|
SGD |
1 |
INR 49.67 |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.