MIRA INFORM REPORT

 

 

Report Date :

15.04.2014

 

IDENTIFICATION DETAILS

 

Name :

INTER-CONTINENTAL OILS & FATS PTE. LTD.

 

 

Registered Office :

150, Beach Road, 16-01, Gateway West, 189720

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

16.05.2002

 

 

Com. Reg. No.:

200204156-N

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of oil product & other related product

 

 

No. of Employees :

130

 

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 :

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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. 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.

:

200204156-N

COMPANY NAME

:

INTER-CONTINENTAL OILS & FATS PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

16/05/2002

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

150, BEACH ROAD, 16-01, GATEWAY WEST, 189720, SINGAPORE.

BUSINESS ADDRESS

:

150 BEACH ROAD, #16-01, GATEWAY WEST, 189720, SINGAPORE.

TEL.NO.

:

65-65766500

FAX.NO.

:

65-62595613

WEB SITE

:

WWW.ICOFGROUP.COM

CONTACT PERSON

:

BAHARI KARIM ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF OIL PRODUCT & OTHER RELATED PRODUCT

ISSUED AND PAID UP CAPITAL

:

16,667,487.00 ORDINARY SHARE, OF A VALUE OF SGD 16,667,487.00

SALES

:

USD 5,164,055,044 [2012]

NET WORTH

:

USD 152,189,553 [2012]

STAFF STRENGTH

:

130 [2013]

BANKER (S)

:

ABN AMRO BANK N.V.
BNP PARIBAS
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
DBS BANK LTD
HSH NORDBANK AG
ING BANK N.V.
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED
UNITED OVERSEAS BANK LTD
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
DEUTSCHE BANK AKTIENGESELLSCHAFT
NATIXIS

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

GOOD

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) trading of oil product & other related product.

The immediate holding company of the SC is MUSIM MAS HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

MUSIM MAS HOLDINGS PTE. LTD.

150, BEACH ROAD, 15-01, GATEWAY WEST, 189720, SINGAPORE.

200703094K

16,667,487.00

100.00

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

------

16,667,487.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

592627P

MALAYSIA

MUSIM MASTIKA (MALAYSIA) SDN. BHD.

100.00

30/06/2012

818687W

MALAYSIA

ICOF (MALAYSIA) SDN. BHD.

100.00

18/07/2013

011008

GERMANY

ICOF EUROPE GMBH

100.00

30/06/2012

011025

UNITED KINGDOM

ICOF EUROPE LTD

100.00

30/06/2012

200610434W

SINGAPORE

ICOF SHIPPING PTE. LTD.

100.00

30/06/2012

011044

UNITED STATES

ICOF AMERICA INC

100.00

30/06/2012

201021123H

SINGAPORE

IM BIOFUEL PTE. LTD.

80.00

30/06/2012

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

BAHARI KARIM

Address

:

JALAN TAMBAK SAWAH, 32, RT 03, RW 01, TAMBAKREJO, KECAMATAN WARU , 61256, INDONESIA.

IC / PP No

:

S931613

Nationality

:

INDONESIAN

Date of Appointment

:

01/03/2010

 

DIRECTOR 2

 

Name Of Subject

:

NG SIEW MOI

Address

:

25, MARGOLIOUTH ROAD, MARGOLIOUTH VILLAS, 2588551, SINGAPORE.

IC / PP No

:

S1633151A

Nationality

:

SINGAPOREAN

Date of Appointment

:

05/12/2007

 

DIRECTOR 3

 

Name Of Subject

:

BURHAN KARIM

Address

:

JALAN KALIMANTAN, 29/3-B, MEDAN, INDONESIA.

IC / PP No

:

A5138231

Nationality

:

INDONESIAN

Date of Appointment

:

01/03/2010

 

DIRECTOR 4

 

Name Of Subject

:

BACHTIAR KARIM

Address

:

JALAN KALIMANTAN, 29/3-B, MEDAN, INDONESIA.

IC / PP No

:

A2921253

Nationality

:

INDONESIAN

Date of Appointment

:

01/03/2010



MANAGEMENT

 

 

 

1)

Name of Subject

:

BAHARI KARIM

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

PRICEWATER HOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TEO MENG KEONG

IC / PP No

:

S6968331B

Address

:

269, BUKIT BATOK EAST AVENUE 4, 08-168, 650269, SINGAPORE.

 

2)

Company Secretary

:

CHAN LAI YIN

IC / PP No

:

S7480587F

Address

:

26, SIMEI STREET 1, 11-08, MELVILLE PARK, 529947, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

 

2)

Name

:

BNP PARIBAS

 

3)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

 

4)

Name

:

DBS BANK LTD

 

5)

Name

:

HSH NORDBANK AG

 

6)

Name

:

ING BANK N.V.

 

7)

Name

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

 

8)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

9)

Name

:

UNITED OVERSEAS BANK LTD

 

10)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

11)

Name

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

 

12)

Name

:

NATIXIS

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200300618

18/02/2003

N/A

BNP PARIBAS

N/A

Unsatisfied

C200300636

18/02/2003

N/A

BNP PARIBAS

N/A

Unsatisfied

C200401379

23/03/2004

N/A

BNP PARIBAS

N/A

Unsatisfied

C200402533

25/05/2004

N/A

ING BANK N.V.

N/A

Unsatisfied

C200603754

12/06/2006

N/A

DBS BANK LTD

N/A

Unsatisfied

C200703150

27/04/2007

N/A

THE HONGKONG & SHANGHAI BANKING CORPORATION LTD

N/A

Unsatisfied

C200703846

23/05/2007

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENILEENBANK B.A

N/A

Unsatisfied

C200809279

08/10/2008

N/A

THE BANK OF TOKYO-MITSUBISHI UFJ LTD

N/A

Unsatisfied

C200900874

04/02/2009

N/A

UNITED OVERSEAS BANK LTD

N/A

Unsatisfied

C200901490

09/03/2009

N/A

UNITED OVERSEAS BANK LTD

N/A

Unsatisfied

C200904843

06/08/2009

N/A

STANDARD CHARTERED BANK.

N/A

Unsatisfied

C200907622

23/11/2009

N/A

THE BANK OF TOKYO-MITSUBISHI UFJ LTD

USD 25,000,000.00

Unsatisfied

C200907624

23/11/2009

N/A

THE BANK OF TOKYO-MITSUBISHI UFJ LTD

USD 25,000,000.00

Unsatisfied

C201003598

30/04/2010

N/A

STANDARD CHARTERED BANK.

USD 50,000,000.00

Unsatisfied

C201006336

23/07/2010

N/A

OVERSEAS-CHINESE BANKING CORPORATION LTD

N/A

Unsatisfied

C201006827

04/08/2010

N/A

ABN AMRO BANK BHD

N/A

Unsatisfied

C201011483

29/11/2010

N/A

ING BANK N.V.

USD 25,000,000.00

Unsatisfied

C201200407

10/01/2012

N/A

DBS BANK LTD

N/A

Unsatisfied

C201202911

16/03/2012

N/A

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

N/A

Unsatisfied

C2012202912

16/03/2012

N/A

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

N/A

Unsatisfied

C201205331

16/05/2012

N/A

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C201205337

16/05/2012

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C201205340

16/05/2012

N/A

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C201205795

28/05/2012

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

N/A

Unsatisfied

C201205801

28/05/2012

N/A

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

N/A

Unsatisfied

C201214416

07/12/2012

N/A

COOPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A.

N/A

Unsatisfied

C201303496

05/03/2013

N/A

STANDARD CHARTERED BANK

N/A

Unsatisfied

C201303499

05/03/2013

N/A

STANDARD CHARTERED BANK

N/A

Unsatisfied

C201309228

05/07/2013

N/A

ING BANK N.V.

N/A

Unsatisfied

C201311146

15/08/2013

N/A

DEUTSCHE BANK AKTIENGESELLSCHAFT

N/A

Unsatisfied

C201312285

09/09/2013

N/A

NATIXIS

N/A

Unsatisfied

 

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

:

YES

Percentage

:

40%

Overseas

:

YES

Percentage

:

60%



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

[

X

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]



CLIENTELE

 

Local

:

YES

Percentage

:

40%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

60%

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

OIL PRODUCT & OTHER RELATED PRODUCT

 

Total Number of Employees:

 

YEAR

2013

2012

2011

2010

GROUP

N/A

N/A

N/A

N/A

COMPANY

130

130

120

117

 

Branch

:

NO

Other Information:


The SC is principally engaged in the (as a / as an) trading of oil product & other related product.

The SC is a one-stop global specialist, merchandiser and distributor of tropical oils and derivative products. SC are a multinational company based in Singapore.

The SC possesses deep expertise in merchandising and distributing the best and finest tropical oils and derivative products around the world.

SC's value proposition begins with how we harness the beauty of nature - naturally and responsibly.

SC's tropical oils and dervative products are developed from natural resources harvested with the highest respect for the environment and the people who work and live in it.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

6565766500

Current Telephone Number

:

65-65766500

Match

:

YES

Address Provided by Client

:

150 BEACH ROAD, # 16-01 GATEWAY WEST, SINGAPORE 189720

Current Address

:

150 BEACH ROAD, #16-01, GATEWAY WEST, 189720, SINGAPORE.

Match

:

YES

 

Other Investigations


we contacted one of the Senior staff from the Admin Department. She provided some information on the SC.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2009 - 2012

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2012

]

Return on Shareholder Funds

:

Favourable

[

56.90%

]

Return on Net Assets

:

Favourable

[

57.67%

]

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 management have been efficient in controlling its operating costs. Generally the SC was profitable. The favourable return on shareholders' funds and return on net assets indicate that the SC's management was efficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

3 Days

]

Debtor Ratio

:

Favourable

[

30 Days

]

Creditors Ratio

:

Favourable

[

13 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

:

Favourable

[

1.23 Times

]

Current Ratio

:

Unfavourable

[

1.35 Times

]

A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Favourable

[

25.09 Times

]

Gearing Ratio

:

Unfavourable

[

1.48 Times

]

The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. 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 :

Generally, the SC's performance has improved with higher turnover and profit. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. 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 : STABLE

 

 

 

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 2002, the SC is a Private Limited company, focusing on trading of oil product & other related product. With its long establishment in the market, the SC has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect.

Over the years, the SC has established an extensive clientele base in the market. Besides catering to the local market, the SC has penetrated into other countries. With the contribution of both local and overseas customers, the SC is likely to be exposed to lower commercial risk. Hence, we believe that the SC has better business expansion opportunities in the future. The SC is a fairly large and rapidly growing company with over 130 staff in its operations. The SC has a good management capability. Its capable management team has enabled the SC to keep its business on going. Hence, the future prospect of the SC is bright.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the SC has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The SC 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 SC was supported by more debt than equity. Nevertheless, given a positive net worth standing at USD 152,189,553, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.

We regard that the SC's overall payment habit is prompt. The SC had a favourable creditors' ratio as evidenced by its favourable collection days.

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 promptly.

 



PROFIT AND LOSS ACCOUNT

 

 

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

INTER-CONTINENTAL OILS & FATS PTE. LTD.

 

Financial Year End

2012-06-30

2011-06-30

2010-06-30

2009-06-30

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

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

5,164,055,044

4,227,442,338

2,768,807,882

2,851,112,653

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

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

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

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

Total Turnover

5,164,055,044

4,227,442,338

2,768,807,882

2,851,112,653

Costs of Goods Sold

<5,038,659,057>

-

-

-

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

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

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

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

Gross Profit

125,395,987

-

-

-

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

95,365,246

77,248,773

52,008,537

56,058,762

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

95,365,246

77,248,773

52,008,537

56,058,762

Taxation

<8,767,528>

<4,510,778>

<3,510,261>

<3,100,000>

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

86,597,718

72,737,995

48,498,276

52,958,762

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

122,966,835

71,528,840

63,830,564

39,618,699

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

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

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

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

As restated

122,966,835

71,528,840

63,830,564

39,618,699

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

209,564,553

144,266,835

112,328,840

92,577,461

DIVIDENDS - Ordinary (paid & proposed)

<67,375,000>

<21,300,000>

<40,800,000>

<28,746,897>

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

142,189,553

122,966,835

71,528,840

63,830,564

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from subsidiary companies

-

784,975

-

-

Term loan / Borrowing

891,416

710,435

-

-

Trust receipts

2,153,355

1,517,766

885,219

2,321,381

Others

914,289

557,632

956,148

927,443

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

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

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

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

3,959,060

3,570,808

1,841,367

3,248,824

 

 

BALANCE SHEET

 

 

INTER-CONTINENTAL OILS & FATS PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

561,704

711,889

650,257

497,980

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

18,215,023

16,913,972

1,217,972

1,217,972

Loans & advances - non-current

13,403,112

7,808,221

2,750,000

-

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

31,618,135

24,722,193

3,967,972

1,217,972

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

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

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

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

TOTAL LONG TERM ASSETS

32,179,839

25,434,082

4,618,229

1,715,952

CURRENT ASSETS

Stocks

46,586,627

62,160,472

19,392,980

11,363,830

Trade debtors

420,828,930

510,314,357

213,478,183

185,163,836

Other debtors, deposits & prepayments

862,002

4,619,688

123,834

220,473

Short term deposits

12,500,608

-

5,099,948

4,114,184

Cash & bank balances

57,913,513

30,357,363

47,185,940

27,034,165

Others

2,130,824

582,683

343,663

296,418

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

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

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

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

TOTAL CURRENT ASSETS

540,822,504

608,034,563

285,624,548

228,192,906

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

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

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

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

TOTAL ASSET

573,002,343

633,468,645

290,242,777

229,908,858

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

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

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

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

CURRENT LIABILITIES

Trade creditors

184,783,245

207,436,278

97,392,392

87,259,032

Other creditors & accruals

1,014,089

470,444

166,015

206,813

Short term borrowings/Term loans

20,383,332

274,759,935

93,680,530

65,479,973

Bill & acceptances payable

185,445,268

-

-

32,476

Provision for taxation

8,983,670

4,275,600

3,200,000

3,100,000

Other liabilities

161,516

1,059,551

-

-

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

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

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

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

TOTAL CURRENT LIABILITIES

400,771,120

488,001,808

194,438,937

156,078,294

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

140,051,384

120,032,755

91,185,611

72,114,612

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

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

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

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

TOTAL NET ASSETS

172,231,223

145,466,837

95,803,840

73,830,564

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

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

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

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

SHARE CAPITAL

Ordinary share capital

10,000,000

10,000,000

10,000,000

10,000,000

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

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

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

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

TOTAL SHARE CAPITAL

10,000,000

10,000,000

10,000,000

10,000,000

RESERVES

Retained profit/(loss) carried forward

142,189,553

122,966,835

71,528,840

63,830,564

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

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

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

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

TOTAL RESERVES

142,189,553

122,966,835

71,528,840

63,830,564

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

152,189,553

132,966,835

81,528,840

73,830,564

LONG TERM LIABILITIES

Long term loans

20,041,670

12,500,002

14,275,000

-

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

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

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

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

TOTAL LONG TERM LIABILITIES

20,041,670

12,500,002

14,275,000

-

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

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

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

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

172,231,223

145,466,837

95,803,840

73,830,564

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

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

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

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

 

 

FINANCIAL RATIO

 

 

INTER-CONTINENTAL OILS & FATS PTE. LTD.

 

TYPES OF FUNDS

Cash

70,414,121

30,357,363

52,285,888

31,148,349

Net Liquid Funds

<115,031,147>

30,357,363

52,285,888

31,115,873

Net Liquid Assets

93,464,757

57,872,283

71,792,631

60,750,782

Net Current Assets/(Liabilities)

140,051,384

120,032,755

91,185,611

72,114,612

Net Tangible Assets

172,231,223

145,466,837

95,803,840

73,830,564

Net Monetary Assets

73,423,087

45,372,281

57,517,631

60,750,782

BALANCE SHEET ITEMS

Total Borrowings

225,870,270

287,259,937

107,955,530

65,512,449

Total Liabilities

420,812,790

500,501,810

208,713,937

156,078,294

Total Assets

573,002,343

633,468,645

290,242,777

229,908,858

Net Assets

172,231,223

145,466,837

95,803,840

73,830,564

Net Assets Backing

152,189,553

132,966,835

81,528,840

73,830,564

Shareholders' Funds

152,189,553

132,966,835

81,528,840

73,830,564

Total Share Capital

10,000,000

10,000,000

10,000,000

10,000,000

Total Reserves

142,189,553

122,966,835

71,528,840

63,830,564

LIQUIDITY (Times)

Cash Ratio

0.18

0.06

0.27

0.20

Liquid Ratio

1.23

1.12

1.37

1.39

Current Ratio

1.35

1.25

1.47

1.46

WORKING CAPITAL CONTROL (Days)

Stock Ratio

3

5

3

1

Debtors Ratio

30

44

28

24

Creditors Ratio

13

18

13

11

SOLVENCY RATIOS (Times)

Gearing Ratio

1.48

2.16

1.32

0.89

Liabilities Ratio

2.77

3.76

2.56

2.11

Times Interest Earned Ratio

25.09

22.63

29.24

18.26

Assets Backing Ratio

17.22

14.55

9.58

7.38

PERFORMANCE RATIO (%)

Operating Profit Margin

1.85

1.83

1.88

1.97

Net Profit Margin

1.68

1.72

1.75

1.86

Return On Net Assets

57.67

55.56

56.21

80.33

Return On Capital Employed

57.67

55.56

56.21

80.33

Return On Shareholders' Funds/Equity

56.90

54.70

59.49

71.73

Dividend Pay Out Ratio (Times)

0.78

0.29

0.84

0.54

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.27

UK Pound

1

Rs.101.10

Euro

1

Rs.83.74

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.