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MIRA INFORM REPORT

 

 

Report Date :

19.04.2011

IDENTIFICATION DETAILS

 

Name :

INTER-CONTINENTAL OILS & FATS PTE. LTD.

 

 

Registered Office :

150 Beach Road #16-01 Gateway West Singapore 189720

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

16.05.2002

 

 

Com. Reg. No.:

200204156N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

 

Maximum Credit Limit :

S$1,000,000

Status :

Excellent

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

INTER-CONTINENTAL OILS & FATS PTE. LTD.

Registration No

:

200204156N

Date of Registration

:

16/05/2002

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

150 BEACH ROAD #16-01 GATEWAY WEST SINGAPORE 189720

Date of Change of Address

:

09/07/2009

Contact No.

:

6576 6500

Fax No.

:

6353 9041

Website

:

www.icofgroup.com

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)

Issued Ordinary Capital*

:

$16,667,487.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 16,667,487

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$16,667,487.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

2

No. of Local Associates

:

NA

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

ING BANK N.V.

ABN AMRO BANK N.V.

OVERSEA-CHINESE BANKING CORPORATION LIMITED

STANDARD CHARTERED BANK

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

UNITED OVERSEAS BANK LIMITED

HSH NORDBANK AG

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

DBS BANK LTD.

BNP PARIBAS

Turnover

:

SGD - SIN 3,896,958,654.00 (FY2010)

Net Worth

:

SGD - SIN 114,747,766.00 (FY2010)

No. of Bank Charges

:

18

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

80 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

293 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

88 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

364 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

278 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

39.35% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

MUSIM MAS HOLDINGS PTE. LTD.

SHAREHOLDER ID

:

200703094K

NATIONALITY

:

SINGAPORE

ADDRESS

:

150 BEACH ROAD #15-01 GATEWAY WEST SINGAPORE 189720

NO. OF ORD SHARES

:

16,667,487

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

TEO MENG KEONG

ADDRESS

:

269 BUKIT BATOK EAST AVENUE 4 #08-168 SINGAPORE 650269

POSITION

:

SECRETARY

DATE OF APPT

:

15/09/2010

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

G6487278N

 

NAME

:

BAHARI KARIM

ADDRESS

:

JL. TAMBAK SAWAH NO. 32 RT 03, RW 01, TAMBAKREJO, KECAMATAN WARU 61256 INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2010

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

S 931613

 

NAME

:

NG SIEW MOI

ADDRESS

:

25 MARGOLIOUTH ROAD MARGOLIOUTH VILLAS SINGAPORE 258551

POSITION

:

 

DIRECTOR

DATE OF APPT

:

 

05/12/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1633151A

 

NAME

:

CHAN LAI YIN

ADDRESS

:

26 SIMEI STREET 1 #11-08 MELVILLE PARK SINGAPORE 529947

POSITION

:

SECRETARY

DATE OF APPT

:

30/06/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7480587F

 

NAME

:

BURHAN KARIM

ADDRESS

:

JL. KALIMANTAN NO. 29/3-B MEDAN, INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2010

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

V 333173

 

NAME

:

BACHTIAR KARIM

ADDRESS

:

JL. KALIMANTAN NO. 29/3-B MEDAN, INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2010

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

W 161375

 

 

KEY PERSONNEL PROFILE

 

Name:

NG SIEW MOI

NRIC Number:

S1633151A

Available Address:

25 MARGOLIOUTH ROAD MARGOLIOUTH VILLAS  SINGAPORE 258551

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ICOF SHIP CHARTERING PTE. LTD.

DIRECTOR

13/05/2009

-

-

2

ICOF SHIPPING PTE. LTD.

DIRECTOR

07/05/2009

-

-

3

IM BIOFUEL PTE. LTD.

DIRECTOR

04/10/2010

-

-

4

INTER-CONTINENTAL OILS & FATS PTE. LTD.

DIRECTOR

05/12/2007

-

-

5

MUSIM MAS HOLDINGS PTE. LTD.

DIRECTOR

01/12/2007

-

-

6

MUSIM MAS INTERNATIONAL (NORTH ASIA) PTE. LTD.

DIRECTOR

10/11/2009

-

-

7

MUSIM MAS INTERNATIONAL (SOUTH ASIA) PTE. LTD.

DIRECTOR

15/09/2009

-

-

8

MUSIM MAS INTERNATIONAL PTE. LTD.

DIRECTOR

13/07/2009

-

-

9

SOUTH INDIA OILS & FATS PTE. LTD.

DIRECTOR

12/10/2009

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

DARWIN PRIVATE LIMITED

STRUCK OFF

DIRECTOR

04/01/1999

-

2

ELLAMI ENGINEERING PTE LTD

IN LIQUIDATION - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

27/09/1994

30/03/2001

3

ERMITAGE ENGINEERING PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

20/01/1996

05/01/1999

4

INTER-CONTINENTAL OILS & FATS PTE. LTD.

LIVE COMPANY

DIRECTOR

06/07/2002

28/09/2004

5

PROVEST INTERNATIONAL PTE LTD

LIVE COMPANY

DIRECTOR

05/05/2000

30/11/2004

 

Bankruptcy Record

 

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

ICOF SHIPPING PTE. LTD.

100

IM BIOFUEL PTE. LTD.

80

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 18 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201011483

 

Date of Registration

:

29/11/2010

 

Chargee

:

ING BANK N.V.

 

Address

:

9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619

 

2)

Charge No.

:

C201006827

 

Date of Registration

:

04/08/2010

 

Chargee

:

ABN AMRO BANK N.V.

 

Address

:

LEVEL 26 ONE RAFFLES QUAY SOUTH TOWER SINGAPORE 048583

 

3)

Charge No.

:

C201006336

 

Date of Registration

:

23/07/2010

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

4)

Charge No.

:

C201003598

 

Date of Registration

:

30/04/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

5)

Charge No.

:

C200907624

 

Date of Registration

:

23/11/2009

 

Chargee

:

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

 

Address

:

---

 

6)

Charge No.

:

C200907622

 

Date of Registration

:

23/11/2009

 

Chargee

:

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

 

Address

:

---

 

7)

Charge No.

:

C200904843

 

Date of Registration

:

06/08/2009

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

8)

Charge No.

:

C200901490

 

Date of Registration

:

09/03/2009

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

9)

Charge No.

:

C200900874

 

Date of Registration

:

04/02/2009

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

10)

Charge No.

:

C200809279

 

Date of Registration

:

08/10/2008

 

Chargee

:

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

 

Address

:

---

 

11)

Charge No.

:

C200801932

 

Date of Registration

:

25/02/2008

 

Chargee

:

HSH NORDBANK AG

 

Address

:

3 TEMASEK AVENUE #33-00 CENTENNIAL TOWER SINGAPORE 039190

 

12)

Charge No.

:

C200703846

 

Date of Registration

:

23/05/2007

 

Chargee

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")

 

Address

:

---

 

13)

Charge No.

:

C200703150

 

Date of Registration

:

27/04/2007

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

14)

Charge No.

:

C200603754

 

Date of Registration

:

12/06/2006

 

Chargee

:

DBS BANK LTD.

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

15)

Charge No.

:

C200402533

 

Date of Registration

:

25/05/2004

 

Chargee

:

ING BANK N.V.

 

Address

:

9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619

 

16)

Charge No.

:

C200401379

 

Date of Registration

:

23/03/2004

 

Chargee

:

BNP PARIBAS

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

17)

Charge No.

:

C200300636

 

Date of Registration

:

18/02/2003

 

Chargee

:

BNP PARIBAS

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

18)

Charge No.

:

C200300618

 

Date of Registration

:

18/02/2003

 

Chargee

:

BNP PARIBAS

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

LITIGATION

 

Clear


COMPLIANCE

 

Date of Last AGM

:

15/12/2010

Date of Last AR

:

04/01/2011

Date of A/C Laid At Last AGM

:

30/06/2010

 

 FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2010

% Change

JUN 2009

JUN 2008

JUN 2007

JUN 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

3,896,958,654

-6.85

4,183,602,960

3,761,140,423

1,615,946,236

1,033,611,426

Profit/(Loss) Before Tax

73,199,415

-11.01

82,258,273

59,687,694

7,835,343

6,155,860

Profit After Tax attributable to Shareholders

68,258,899

-12.16

77,709,463

53,535,681

7,062,759

5,486,007

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

408,502,197

21.09

337,358,602

475,040,332

136,167,049

90,710,685

Current Assets

402,002,270

20.06

334,840,686

474,101,452

135,809,162

90,190,517

Non Current Assets

6,499,927

158.15

2,517,916

938,880

357,887

520,168

 

 

 

 

 

 

 

Total Liabilities

293,754,431

28.26

229,022,733

404,097,152

112,410,016

64,078,420

Current Liabilities

273,663,082

19.49

229,022,733

404,097,152

112,410,016

64,078,420

Non Current Liabilities

20,091,349

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

114,747,766

5.92

108,335,869

70,943,178

23,757,033

26,632,264

Share Capital

14,074,500

-4.08

14,673,580

14,297,670

8,703,533

9,257,655

Total Reserves

100,673,266

7.49

93,662,289

56,645,508

15,053,500

17,374,609

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

JUN 2010

JUN 2009

JUN 2008

JUN 2007

JUN 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-6.85

11.23

132.75

56.34

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.75

1.86

1.42

0.44

0.53

Return on Equity (%)

59.49

71.73

75.46

29.73

20.60

Return on Assets (%)

16.71

23.03

11.27

5.19

6.05

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.56

2.11

5.70

4.73

2.41

Current Debt/Equity (Times)

2.38

2.11

5.70

4.73

2.41

Long Term Debt To Equity (Times)

0.18

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

3.56

3.11

6.70

5.73

3.41

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

9.54

12.40

7.92

11.87

11.39

Fixed Assets Turnover (Times)

599.54

1,661.53

4,005.99

4,515.24

1,987.07

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.47

1.46

1.17

1.21

1.41

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 39.35% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 1.75 per cent in FY10 (FY09: 1.86 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.02 a year ago.

 

Liquidity

Current ratio stood at 1.47 times in FY10 (FY09: 1.46 times). This means that the company has SGD - SIN 1.47 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 2.56 times in FY10, as compared with 2.11 times in FY09. This means that the company requires additional external financing of SGD - SIN 2.56 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 59.49 per cent for Subject in the current financial period, as compared to 71.73 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 16.71 per cent (FY09: 23.03 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 9.54 times in FY10 (FY09: 12.40 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.27

UK Pound

1

Rs.72.08

Euro

1

Rs.63.66

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

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.