MIRA INFORM REPORT

 

 

Report Date :

10.12.2013

 

IDENTIFICATION DETAILS

 

Name :

PETROCHINA INTERNATIONAL (SINGAPORE) PTE. LTD.

 

 

Registered Office :

1, Temasek Avenue, 27-00, Millenia Tower, 039192,

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

14.10.2004

 

 

Com. Reg. No.:

200413294-G

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of petrochemical products

 

 

No. of Employees :

100

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200413294-G

COMPANY NAME

:

PETROCHINA INTERNATIONAL (SINGAPORE) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

14/10/2004

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

1, TEMASEK AVENUE, 27-00, MILLENIA TOWER, 039192, SINGAPORE.

BUSINESS ADDRESS

:

1 TEMASEK AVENUE #27-00, MILLENIA TOWER, 039192, SINGAPORE.

TEL.NO.

:

65-62223801

FAX.NO.

:

N/A

CONTACT PERSON

:

XIA HONGWEI ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

WHOLESALE OF PETROCHEMICAL PRODUCTS

 

 

 

ISSUED AND PAID UP CAPITAL

:

880,648,483.00 ORDINARY SHARE, OF A VALUE OF SGD 880,648,483.00

 

 

 

SALES

:

USD 32,218,948,000 [2012]

NET WORTH

:

USD 1,760,336,000 [2012]

 

 

 

STAFF STRENGTH

:

100 [2013]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) wholesale of petrochemical products.

The immediate holding company of the SC is PETROCHINA INTERNATIONAL CO., LTD, a company incorporated in CHINA.

The ultimate holding company of the SC is CHINA NATIONAL PETROLEUM CORPORATION, a company incorporated in CHINA.

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

PETROCHINA INTERNATIONAL CO., LTD

27, CHENGFANG STREET, 100033, BEIJING, CHINA.

T04UF2164

880,648,483.00

100.00

 

 

 

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

------

 

 

 

880,648,483.00

100.00

 

 

 

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

=====

+ Also Director

 

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

196900291N

SINGAPORE

SINGAPORE PETROLEUM COMPANY LIMITED

100.00

26/09/2013

 

 

 

 

 

011144

INDONESIA

PT PETROCHINA INTERNATIONAL INDONESIA

95.00

31/12/2011

 

 

 

 

 

200801646G

SINGAPORE

CV SHIPPING PTE. LTD.

50.00

30/07/2013

 

 

 

 

 



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. SHEN DINGCHENG

Address

:

27, CHENGFANG STREET, XICHENG DISTRICT, 100033, BEIJING, CHINA.

IC / PP No

:

P00159900

 

 

 

 

 

 

 

 

 

Nationality

:

CHINESE

Date of Appointment

:

14/10/2004

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

WANG LI HUA

Address

:

27, CHENGFANG STREET, XICHENG DISTRICT, 100033, BEIJING, CHINA.

IC / PP No

:

S90354513

 

 

 

 

 

 

 

 

 

Nationality

:

CHINESE

Date of Appointment

:

14/10/2004

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

MR. XIA HONGWEI

Address

:

29, AMBER ROAD, 17-03, SEA VIEW, THE, 439942, SINGAPORE.

IC / PP No

:

G5621287L

 

 

 

 

 

 

 

 

 

Nationality

:

CHINESE

Date of Appointment

:

14/10/2004

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

XIA HONGWEI

 

Position

:

DIRECTOR

 

 

 

 

 

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

8, CROSS STREET #17- 00 PWC BUILDING, 048424, SINGAPORE.

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. XIA HONGWEI

 

IC / PP No

:

G5621287L

 

 

 

 

 

Address

:

29, AMBER ROAD, 17-03, SEA VIEW, THE, 439942, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC 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 staff from the registered office refused to disclose the SC's suppliers.

The SC 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

:

N/A

 

 

 

Overseas

:

N/A


The staff from the registered office refused to disclose the SC's clientele.

 

 

OPERATIONS

 

Goods Traded

:

PETROCHEMICAL PRODUCTS

 

 

 

 

 

Total Number of Employees:

YEAR

2013

2012

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

100

100

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) wholesale of petrochemical products.

The SC sells petrochemical products.

The SC sells the products according to its customers' requirements.

The SC belongs to the Petrochina International group of companies.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62223801

Match

:

N/A

 

 

 

Address Provided by Client

:

ONE TEMASEK AVENUE, NO.27-00 SINGAPORE

Current Address

:

1 TEMASEK AVENUE #27-00, MILLENIA TOWER, 039192, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


We staff from the SC's registered office and she provided some information 4th December 2013 we on the SC.

The staff from the SC's registered office refused to disclose the SC's fax number and banker.

The address provided is incomplete.


FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2009 - 2012

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2012

]

 

Return on Shareholder Funds

:

Acceptable

[

11.27%

]

 

Return on Net Assets

:

Acceptable

[

13.44%

]

 

 

 

 

 

 

 

 

The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The SC's profit fell sharply because of the high operating costs incurred. The SC's management had generated acceptable return for its shareholders using its assets.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

27 Days

]

 

Debtor Ratio

:

Favourable

[

32 Days

]

 

Creditors Ratio

:

Favourable

[

37 Days

]

 

 

 

 

 

 

 

 

The SC'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 SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Unfavourable

[

0.51 Times

]

 

Current Ratio

:

Unfavourable

[

0.93 Times

]

 

 

 

 

 

 

 

 

A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Acceptable

[

8.87 Times

]

 

Gearing Ratio

:

Unfavourable

[

1.28 Times

]

 

 

 

 

 

 

 

 

The SC's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the SC is able to generate sufficient income to service its interest and repay the loans. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Although the SC's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the SC's profit margin. Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. The SC had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the SC's profit, we do believe the SC is able to generate sufficient cash flow to service its interest payment. The SC'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 SC : LIMITED

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2008

2009

2010

2011

2012

 

 

 

 

 

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

<0.8>

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

 

 

 

 

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

 

 

 

 

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

<2.2>

4.3

12.8

8.5

<1.3>

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

<32.5>

25.6

9.4

 

 

 

 

 

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

<10.78>

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

<0.8>

11.4

2.8

<5>

<2.2>

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

<15.9>

<11.5>

<25.3>

<0.7>

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

<7.7>

103.7

<26.3>

<38.2>

35.2

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

<0.32>

3.25

<0.48>

4.25

3.64

Fish Supply & Wholesale

<6.31>

<1.93>

<10.5>

12.10

<0.5>

 

 

 

 

 

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

 

 

 

 

 

Construction

45.90

<36.9>

14.20

20.50

28.70

Real Estate

<11.2>

1.4

21.3

25.4

31.9

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<1.3>

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

<5.9>

<16.4>

<0.4>

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

<0.9>

<1.4>

0.30

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 




 

INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

 

 

 

The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

 

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

 

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.

 

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.

 

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2004, the SC is a Private Limited company, focusing on wholesale of petrochemical products. Having been in business for more than 5 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC has strong capital position.

Being a moderate size company, the SC has a total workforce of 100 employees in its business operations. Overall, we regard that the SC's management capability is average.

Financially, the SC registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. Due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk. Given a positive net worth standing at USD 1,760,336,000, the SC should be able to maintain its business in the near terms.

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

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

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

 



PROFIT AND LOSS ACCOUNT

 

 

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

PETROCHINA INTERNATIONAL (SINGAPORE) PTE. LTD.

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

 

 

 

 

 

TURNOVER

32,218,948,000

30,854,014,000

22,054,583,000

13,207,363,000

Other Income

20,017,000

19,318,000

25,049,000

17,630,000

 

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

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

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

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

Total Turnover

32,238,965,000

30,873,332,000

22,079,632,000

13,224,993,000

Costs of Goods Sold

<31,777,356,000>

<30,069,559,000>

<21,610,427,000>

<12,939,368,000>

 

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

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

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

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

Gross Profit

461,609,000

803,773,000

469,205,000

285,625,000

 

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

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

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

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

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

232,328,000

405,847,000

341,956,000

148,352,000

SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES

24,512,000

22,604,000

23,637,000

21,997,000

 

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

256,840,000

428,451,000

365,593,000

170,349,000

Taxation

<58,517,000>

<45,866,000>

<28,793,000>

<7,328,000>

 

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

198,323,000

382,585,000

336,800,000

163,021,000

Minority interests

35,000

85,000

108,000

132,000

 

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

198,358,000

382,670,000

336,908,000

163,153,000

 

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

198,358,000

382,670,000

336,908,000

163,153,000

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

721,837,000

339,167,000

260,061,000

96,908,000

 

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

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

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

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

As restated

721,837,000

339,167,000

260,061,000

96,908,000

 

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

920,195,000

721,837,000

596,969,000

260,061,000

DIVIDENDS - Ordinary (paid & proposed)

-

-

<257,802,000>

-

 

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

920,195,000

721,837,000

339,167,000

260,061,000

 

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

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

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

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

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

Loan from subsidiary companies

6,794,000

10,683,000

12,910,000

6,987,000

Term loan / Borrowing

24,433,000

23,131,000

-

-

Others

1,404,000

2,000

21,365,000

24,254,000

 

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

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

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

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

 

32,631,000

33,816,000

34,275,000

31,241,000

 

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

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

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

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

 

 

 

BALANCE SHEET

 

 

PETROCHINA INTERNATIONAL (SINGAPORE) PTE. LTD.

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

1,297,019,000

1,316,630,000

1,012,363,000

943,155,000

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

Associated companies

79,070,000

77,890,000

73,952,000

52,452,000

Investments

151,345,000

137,844,000

-

-

Loans & advances - non-current

222,372,000

212,751,000

185,564,000

11,484,000

Deferred assets

-

306,000

-

-

Others

24,356,000

28,663,000

175,886,000

180,618,000

 

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

477,143,000

457,454,000

435,402,000

244,554,000

 

 

 

 

 

INTANGIBLE ASSETS

 

 

 

 

Goodwill on consolidation

444,255,000

444,255,000

703,187,000

648,827,000

Trademarks

76,389,000

76,389,000

-

-

Others

244,539,000

235,976,000

-

-

 

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

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

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

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

TOTAL INTANGIBLE ASSETS

765,183,000

756,620,000

703,187,000

648,827,000

 

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

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

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

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

TOTAL LONG TERM ASSETS

2,539,345,000

2,530,704,000

2,150,952,000

1,836,536,000

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Stocks

2,386,791,000

1,865,554,000

1,658,419,000

1,591,825,000

Trade debtors

2,788,589,000

2,595,856,000

1,486,929,000

1,454,470,000

Other debtors, deposits & prepayments

26,549,000

26,226,000

-

-

Short term deposits

1,320,000

47,000

28,873,000

53,572,000

Amount due from subsidiary companies

149,000

66,000

-

-

Amount due from associated companies

-

-

379,000

56,810,000

Cash & bank balances

52,294,000

103,913,000

32,588,000

104,857,000

Others

3,650,000

14,698,000

1,104,079,000

1,038,902,000

 

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

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

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

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

TOTAL CURRENT ASSETS

5,259,342,000

4,606,360,000

4,311,267,000

4,300,436,000

 

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

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

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

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

TOTAL ASSET

7,798,687,000

7,137,064,000

6,462,219,000

6,136,972,000

 

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

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

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

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

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade creditors

3,263,170,000

2,788,295,000

1,405,965,000

907,176,000

Other creditors & accruals

58,148,000

69,871,000

36,157,000

26,847,000

Hire purchase & lease creditors

30,000

29,000

-

-

Bank overdraft

-

-

291,000

-

Short term borrowings/Term loans

2,053,509,000

1,485,424,000

1,547,977,000

1,323,866,000

Amounts owing to subsidiary companies

14,000

130,747,000

-

-

Provision for taxation

44,359,000

69,699,000

45,067,000

33,819,000

Other liabilities

225,000,000

225,000,000

1,481,935,000

2,168,688,000

 

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

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

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

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

TOTAL CURRENT LIABILITIES

5,644,230,000

4,769,065,000

4,517,392,000

4,460,396,000

 

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

<384,888,000>

<162,705,000>

<206,125,000>

<159,960,000>

 

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

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

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

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

TOTAL NET ASSETS

2,154,457,000

2,367,999,000

1,944,827,000

1,676,576,000

 

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

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

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

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

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

605,000,000

605,000,000

605,000,000

605,000,000

 

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

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

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

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

TOTAL SHARE CAPITAL

605,000,000

605,000,000

605,000,000

605,000,000

 

 

 

 

 

RESERVES

 

 

 

 

Exchange equalisation/fluctuation reserve

230,613,000

233,275,000

-

-

General reserve

5,157,000

9,531,000

-

-

Retained profit/(loss) carried forward

920,195,000

721,837,000

339,167,000

260,061,000

Others

-

-

257,088,000

81,579,000

 

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

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

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

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

TOTAL RESERVES

1,155,965,000

964,643,000

596,255,000

341,640,000

 

 

 

 

 

MINORITY INTEREST

<629,000>

<490,000>

<360,000>

<154,000>

 

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

1,760,336,000

1,569,153,000

1,200,895,000

946,486,000

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

Long term loans

200,000,000

600,000,000

-

-

Lease obligations

74,000

98,000

-

-

Deferred taxation

187,493,000

193,032,000

140,736,000

125,593,000

Retirement benefits provision

3,118,000

2,885,000

3,165,000

4,481,000

Others

3,436,000

2,831,000

600,031,000

600,016,000

 

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

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

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

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

TOTAL LONG TERM LIABILITIES

394,121,000

798,846,000

743,932,000

730,090,000

 

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

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

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

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

 

2,154,457,000

2,367,999,000

1,944,827,000

1,676,576,000

 

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

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

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

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

 

FINANCIAL RATIO

 

 

PETROCHINA INTERNATIONAL (SINGAPORE) PTE. LTD.

 

TYPES OF FUNDS

 

 

 

 

Cash

53,614,000

103,960,000

61,461,000

158,429,000

Net Liquid Funds

53,614,000

103,960,000

61,170,000

158,429,000

Net Liquid Assets

<2,771,679,000>

<2,028,259,000>

<1,864,544,000>

<1,751,785,000>

Net Current Assets/(Liabilities)

<384,888,000>

<162,705,000>

<206,125,000>

<159,960,000>

Net Tangible Assets

1,389,274,000

1,611,379,000

1,241,640,000

1,027,749,000

Net Monetary Assets

<3,165,800,000>

<2,827,105,000>

<2,608,476,000>

<2,481,875,000>

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

2,253,613,000

2,085,551,000

1,548,268,000

1,323,866,000

Total Liabilities

6,038,351,000

5,567,911,000

5,261,324,000

5,190,486,000

Total Assets

7,798,687,000

7,137,064,000

6,462,219,000

6,136,972,000

Net Assets

2,154,457,000

2,367,999,000

1,944,827,000

1,676,576,000

Net Assets Backing

1,760,336,000

1,569,153,000

1,200,895,000

946,486,000

Shareholders' Funds

1,760,336,000

1,569,153,000

1,200,895,000

946,486,000

Total Share Capital

605,000,000

605,000,000

605,000,000

605,000,000

Total Reserves

1,155,965,000

964,643,000

596,255,000

341,640,000

LIQUIDITY (Times)

 

 

 

 

Cash Ratio

0.01

0.02

0.01

0.04

Liquid Ratio

0.51

0.57

0.59

0.61

Current Ratio

0.93

0.97

0.95

0.96

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

27

22

27

44

Debtors Ratio

32

31

25

40

Creditors Ratio

37

34

24

26

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

1.28

1.33

1.29

1.40

Liabilities Ratio

3.43

3.55

4.38

5.48

Times Interest Earned Ratio

8.87

13.67

11.67

6.45

Assets Backing Ratio

2.30

2.66

2.05

1.70

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

0.80

1.39

1.66

1.29

Net Profit Margin

0.62

1.24

1.53

1.24

Return On Net Assets

13.44

19.52

20.56

12.02

Return On Capital Employed

9.92

14.80

15.10

8.67

Return On Shareholders' Funds/Equity

11.27

24.39

28.05

17.24

Dividend Pay Out Ratio (Times)

0.00

0.00

0.77

0.00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.18

UK Pound

1

Rs.100.01

Euro

1

Rs.83.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.