MIRA INFORM REPORT

 

 

Report No. :

506241

Report Date :

02.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

TGO TRADING (SINGAPORE) PTE. LTD.

 

 

Registered Office :

6, Shenton Way, 41-01, Oue Downtown, 068809

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

21.01.2009

 

 

Com. Reg. No.:

200901323H

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading of commodities and chemicals.

 

 

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

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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.

:

200901323H

COMPANY NAME

:

TGO TRADING (SINGAPORE) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

21/01/2009

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

6, SHENTON WAY, 41-01, OUE DOWNTOWN, 068809, SINGAPORE.

BUSINESS ADDRESS

:

6, SHENTON WAY, 41-01, OUE DOWNTOWN, 068809, SINGAPORE.

TEL.NO.

:

65-63240040/69225070

FAX.NO.

:

65-63240012

CONTACT PERSON

:

KARUGAPPADAM MOHAMMED RAFI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITIES AND CHEMICALS

ISSUED AND PAID UP CAPITAL

:

5,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,000,000.00

SALES

:

USD 1,903,155,714 [2016]

NET WORTH

:

USD 21,470,800 [2016]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

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) trading of commodities and chemicals.

Share Capital History

Date

Issue & Paid Up Capital

27/04/2018

SGD 5,000,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

YUNTIANHUA UNITED COMMERCE CO., LTD

1417, DIAN CHI ROAD, KUNMING, YUNNAN CHINA

T09UF0206

5,000,000.00

100.00

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

------

5,000,000.00

100.00

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

=====

+ Also Director

 

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


Local No

Country

Company

Status

(%)

As At

VIETNAM

TGO COMMODITIES HAI PHONG LLC. VIETNAM

-

100.00

31/12/2016

 

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

JU YIJING

Address

:

ROOM 402, UNIT 3, BUILDING 12, LIUYUANXIAOQU, DIANCHI ROAD, XISHAN DISTRICT, KUNMING, YUNNAN, CHINA.

IC / PP No

:

230102197506051626

Nationality

:

CHINESE

Date of Appointment

:

30/06/2015


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

200901323H

TGO TRADING (SINGAPORE) PTE. LTD.

Director

30/06/2015

0.00

-

USD803,862.00

2016

-

27/04/2018

 

DIRECTOR 2

 

Name Of Subject

:

MR. KARUGAPPADAM MOHAMMED RAFI

Address

:

101A, PUNGGOL FIELD, 06-486, 821101, SINGAPORE.

IC / PP No

:

S7065698A

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/01/2011


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

201228902K

GLOBAL SURPLUS PTE. LTD.

Director

26/11/2012

0.00

-

-

2015

Disolved

(09/04/2013)

16/04/2013

2

201528166E

RAMAKRISHNA ELECTRO COMPONENTS SINGAPORE PTE. LTD.

Director

07/07/2015

0.00

-

-

2015

-

09/06/2016

3

200901323H

TGO TRADING (SINGAPORE) PTE. LTD.

Director

01/01/2011

0.00

-

USD803,862.00

2016

-

27/04/2018

4

201213054E

WHITE GOLD PTE. LTD.

Director

31/07/2015

0.00

-

USD(21,513.00)

2015

-

24/08/2016

 

DIRECTOR 3

 

Name Of Subject

:

YIN JINGDONG

Address

:

ROOM 1-106, BUILDING 2, 522, BAIYUN ROAD, PAN LONG DISTRICT, KUNMING, YUNNAN, CHINA.

IC / PP No

:

530103196703092139

Nationality

:

CHINESE

Date of Appointment

:

29/06/2017



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

200901323H

TGO TRADING (SINGAPORE) PTE. LTD.

Director

29/06/2017

0.00

-

USD803,862.00

2016

-

27/04/2018

 

DIRECTOR 4

 

Name Of Subject

:

FAN YI

Address

:

ROOM 401, UNIT 3, BUILDING 1, TAIHEYUAN, ERHUANXILU WUHUA DISTRICT, KUNMING, YUNNAN, CHINA.

IC / PP No

:

532223197401190515

Nationality

:

CHINESE

Date of Appointment

:

30/06/2015


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

200901323H

TGO TRADING (SINGAPORE) PTE. LTD.

Director

30/06/2015

0.00

-

USD803,862.00

2016

-

27/04/2018

 

 

DIRECTOR 5

 

Name Of Subject

:

LIU WEI

Address

:

ROOM 1906, LEVEL 19, 47, YUNDA CHENGYUAN, WUHUA DISTRICT BEIMENJIE, YUNNAN, KUNMING, CHINA.

IC / PP No

:

532131197007110016

Nationality

:

CHINESE

Date of Appointment

:

27/11/2012



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

200901323H

TGO TRADING (SINGAPORE) PTE. LTD.

Director

27/11/2012

0.00

-

USD803,862.00

2016

-

27/04/2018

 

DIRECTOR 6

 

Name Of Subject

:

ZOU YAN

Address

:

ROOM 102, 46, LANE 56, LINGYAN ROAD, PUDONG NEW DISTRICT, SHANGHAI, 200126, CHINA.

IC / PP No

:

410305198003014020

Nationality

:

CHINESE

Date of Appointment

:

29/06/2017


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

200901323H

TGO TRADING (SINGAPORE) PTE. LTD.

Director

29/06/2017

0.00

-

USD803,862.00

2016

-

27/04/2018

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

KARUGAPPADAM MOHAMMED RAFI

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

RSM CHIO LIM LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

NG KIM TEAN

IC / PP No

:

S6824617B

Address

:

454, CHOA CHU KANG AVENUE 4, 06-111, 680454, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201606768

12/07/2016

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH

-

Unsatisfied

C201606769

12/07/2016

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH

-

Unsatisfied

C201606770

12/07/2016

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH

-

Unsatisfied

 

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's registered office refused to disclose any information on the Subject's payment record.

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
TELEGRAPHIC TRANSFER (TT)

 

 

 

OPERATIONS

 

Goods Traded

:

COMMODITIES AND CHEMICALS

 

Branch

:

NO

Other Information:


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

The Subject's registered office refused to disclose any information on the Subject's operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63240040/69225070

Match

:

N/A

Address Provided by Client

:

141 MARKETING STREET#10-00 INTERNATIONAL FACTORS BUILDING SINGAPORE-048944

Current Address

:

6, SHENTON WAY, 41-01, OUE DOWNTOWN, 068809, SINGAPORE.

Match

:

NO

 

Other Investigations


We contacted the Subject's registered office. She only provided limited information on the Subject.

The address provided is the Subject's former registered address.

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

:

Unfavourable

[

3.74%

]

Return on Net Assets

:

Acceptable

[

22.09%

]

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 unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Debtor Ratio

:

Favourable

[

46 Days

]

Creditors Ratio

:

Favourable

[

47 Days

]

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

[

1.04 Times

]

Current Ratio

:

Unfavourable

[

1.04 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

[

1.41 Times

]

Gearing Ratio

:

Unfavourable

[

2.70 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 : 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 :

TRADING

According to the Ministry of Trade and Industry, the wholesale & retail trade sector expanded to 3.0% in the fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter. The wholesale trade segment was boosted by an improvement in foreign wholesale sales volume, which more than offset the weakness in domestic wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can be attributed to the wholesale segment.

The domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer outturn was led by declines in the sales volume of household equipment & furniture (-27%) and general wholesale merchandise (-19%), which outweighed the increase in the sales volume of telecommunications & computers (20%). For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in 2016.

On the other hand, foreign wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related products (11%t), telecommunications & computers (19%) and electronic components (16%). However, growth was partly offset by a 20% decline in the sales volume of metals, timber & construction materials. For the full year 2017, the foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5% in the previous year.

Besides, retail sales volume rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth recorded in the third quarter. Growth was supported by improvements in both motor vehicle and non-motor vehicle sales volumes. While motor vehicle sales benefitted from an on-year increase in COE supply, growth in non-motor vehicle sales came on the back of an improvement in consumer sentiments. Notably, the sales volume of discretionary goods such as recreational goods, computer & telecommunication equipment and wearing apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively.

For the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was driven by both motor vehicle sales and non-motor vehicle sales, which the former rising by 1.5% and the latter increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For instance, the sales volume of recreational goods (3.9%), watches & jewellery (2.4%), computer & telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2009, the Subject is a Private Limited company, focusing on trading of commodities and chemicals. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. A paid up capital of SGD 5,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its shareholder, 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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. 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 21,470,800, the Subject should be able to maintain its business in the near terms.

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 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. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

Based on the above condition, we recommend credit be granted to the Subject normally.

 

 

FINANCIALs

 

PROFIT AND LOSS ACCOUNT

 

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

TGO TRADING (SINGAPORE) 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

1,903,155,714

1,657,321,354

2,766,874,536

1,619,486,807

754,393,660

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

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

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

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

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

Total Turnover

1,903,155,714

1,657,321,354

2,766,874,536

1,619,486,807

754,393,660

Costs of Goods Sold

(1,897,692,099)

(1,643,485,024)

(2,778,057,219)

(1,607,389,541)

(744,905,830)

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

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

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

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

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

Gross Profit

5,463,615

13,836,330

(11,182,683)

12,097,266

9,487,830

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

1,373,870

10,792,424

5,275,714

6,948,637

6,124,065

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

1,373,870

10,792,424

5,275,714

6,948,637

6,124,065

Taxation

(570,008)

(2,315,772)

(1,650,073)

(1,737,159)

(1,604,851)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

803,862

8,476,652

3,625,641

5,211,478

4,519,214

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

23,716,838

15,240,186

11,614,545

6,403,067

5,098,653

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

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

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

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

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

As restated

23,716,838

15,240,186

11,614,545

6,403,067

5,098,653

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

24,520,700

23,716,838

15,240,186

11,614,545

9,617,867

CAPITALISATION FOR BONUS ISSUES

-

-

-

-

(3,214,800)

DIVIDENDS - Ordinary (paid & proposed)

(7,000,000)

-

-

-

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

17,520,700

23,716,838

15,240,186

11,614,545

6,403,067

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

2,094,293

1,503,215

4,813,537

-

-

Others

1,275,683

1,323,687

2,238,866

5,430,025

3,380,858

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

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

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

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

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

3,369,976

2,826,902

7,052,403

5,430,025

3,380,858

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

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

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

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

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

 

BALANCE SHEET

 

TGO TRADING (SINGAPORE) PTE. LTD.

 

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

200,000

200,000

200,000

200,000

200,000

Deferred assets

-

-

-

344,524

1,300,000

Others

6,300,000

1,300,000

1,300,000

1,300,000

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

6,500,000

1,500,000

1,500,000

1,844,524

1,500,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

6,500,000

1,500,000

1,500,000

1,844,524

1,500,000

CURRENT ASSETS

Trade debtors

242,164,201

253,966,160

96,085,330

199,270,627

83,701,004

Other debtors, deposits & prepayments

106,236,393

1,322,979

3,043,126

137,025

173,212

Amount due from agents, brokers & reinsurers

12,406,520

20,201,425

16,368,024

-

-

Amount due from subsidiary companies

101,260

5,101,260

5,101,260

-

-

Amount due from related companies

16,431,664

26,041,889

-

-

-

Cash & bank balances

10,151,729

26,693,064

67,840,020

20,613,272

94,673,752

Others

-

2,373,750

95,327

26,721,522

34,115,912

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

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

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

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

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

TOTAL CURRENT ASSETS

387,491,767

335,700,527

188,533,087

246,742,446

212,663,880

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

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

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

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

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

TOTAL ASSET

393,991,767

337,200,527

190,033,087

248,586,970

214,163,880

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

242,864,739

232,199,841

46,778,269

59,763,562

89,003,226

Other creditors & accruals

7,988,494

90,643

-

115,212

-

Hire purchase & lease creditors

-

-

-

-

109,117,239

Other borrowings

58,030,031

22,271,350

22,044,263

157,095,852

-

Deposits from customers

277,186

1,851,819

11,038,265

9,390,834

2,493,161

Amounts owing to related companies

61,500,000

52,739,591

30,452,984

-

-

Amounts owing to associated companies

-

-

59,847,524

-

-

Provision for taxation

460,429

380,345

681,496

5,258,741

3,197,087

Other liabilities

1,400,088

-

-

1,378,095

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

372,520,967

309,533,589

170,842,801

233,002,296

203,810,713

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

14,970,800

26,166,938

17,690,286

13,740,150

8,853,167

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

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

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

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

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

LONG TERM LIABILITIES

Deferred taxation

-

-

-

20,029

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

-

-

-

20,029

-

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

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

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

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

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

TOTAL NET ASSETS

21,470,800

27,666,938

19,190,286

15,564,645

10,353,167

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

3,950,100

3,950,100

3,950,100

3,950,100

3,950,100

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

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

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

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

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

TOTAL SHARE CAPITAL

3,950,100

3,950,100

3,950,100

3,950,100

3,950,100

RESERVES

Retained profit/(loss) carried forward

17,520,700

23,716,838

15,240,186

11,614,545

6,403,067

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

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

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

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

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

TOTAL RESERVES

17,520,700

23,716,838

15,240,186

11,614,545

6,403,067

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

21,470,800

27,666,938

19,190,286

15,564,645

10,353,167

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

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

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

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

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

 

FINANCIAL RATIO

 

TGO TRADING (SINGAPORE) PTE. LTD.

 

TYPES OF FUNDS

Cash

10,151,729

26,693,064

67,840,020

20,613,272

94,673,752

Net Liquid Funds

10,151,729

26,693,064

67,840,020

20,613,272

94,673,752

Net Liquid Assets

14,970,800

26,166,938

17,690,286

13,740,150

8,853,167

Net Current Assets/(Liabilities)

14,970,800

26,166,938

17,690,286

13,740,150

8,853,167

Net Tangible Assets

21,470,800

27,666,938

19,190,286

15,564,645

10,353,167

Net Monetary Assets

14,970,800

26,166,938

17,690,286

13,720,121

8,853,167

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

4,743,846

13,619,326

12,328,117

12,378,662

9,504,923

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

4,743,846

13,619,326

12,328,117

12,378,662

9,504,923

BALANCE SHEET ITEMS

Total Borrowings

58,030,031

22,271,350

22,044,263

157,095,852

109,117,239

Total Liabilities

372,520,967

309,533,589

170,842,801

233,022,325

203,810,713

Total Assets

393,991,767

337,200,527

190,033,087

248,586,970

214,163,880

Net Assets

21,470,800

27,666,938

19,190,286

15,564,645

10,353,167

Net Assets Backing

21,470,800

27,666,938

19,190,286

15,564,645

10,353,167

Shareholders' Funds

21,470,800

27,666,938

19,190,286

15,564,645

10,353,167

Total Share Capital

3,950,100

3,950,100

3,950,100

3,950,100

3,950,100

Total Reserves

17,520,700

23,716,838

15,240,186

11,614,545

6,403,067

GROWTH RATIOS (Year on Year) (%)

Revenue

14.83

(40.10)

70.85

114.67

1.76

Proft/(Loss) Before Tax

(87.27)

104.57

(24.08)

13.46

5.66

Proft/(Loss) After Tax

(90.52)

133.80

(30.43)

15.32

3.96

Total Assets

16.84

77.44

(23.55)

16.07

40.80

Total Liabilities

20.35

81.18

(26.68)

14.33

39.34

LIQUIDITY (Times)

Cash Ratio

0.03

0.09

0.40

0.09

0.46

Liquid Ratio

1.04

1.08

1.10

1.06

1.04

Current Ratio

1.04

1.08

1.10

1.06

1.04

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

0

0

Debtors Ratio

46

56

13

45

40

Creditors Ratio

47

52

6

14

44

SOLVENCY RATIOS (Times)

Gearing Ratio

2.70

0.80

1.15

10.09

10.54

Liabilities Ratio

17.35

11.19

8.90

14.97

19.69

Times Interest Earned Ratio

1.41

4.82

1.75

2.28

2.81

Assets Backing Ratio

5.44

7.00

4.86

3.94

2.62

PERFORMANCE RATIO (%)

Operating Profit Margin

0.07

0.65

0.19

0.43

0.81

Net Profit Margin

0.04

0.51

0.13

0.32

0.60

Return On Net Assets

22.09

49.23

64.24

79.53

91.81

Return On Capital Employed

22.09

49.23

64.24

79.43

7.96

Return On Shareholders' Funds/Equity

3.74

30.64

18.89

33.48

43.65

Dividend Pay Out Ratio (Times)

8.71

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0




 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

SGD

1

INR 49.96

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

KET

                                                


 

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.