|
|
|
MIRA
INFORM REPORT
|
Report No. : |
507837 |
|
Report Date : |
05.05.2018 |
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 |
|||
|
|||||
|
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 |
|||
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
|
|
|
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 66.76 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
|
SGD |
1 |
INR 50.11 |
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.