|
Report Date : |
26.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ECOGREEN OLEOCHEMICALS ( |
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|
Formerly Known As : |
SALIM OLEOCHEMICALS ( |
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Registered Office : |
99, Bukit Timah Road, 03-01, Alfa Centre, 229835 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.03.1997 |
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Com. Reg. No.: |
199701440-N |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Subject is engaged in the trading of natural-based oelochemicals, ethylene oxide derivatives and ethoxylated surfactants Engaged
in marketing and selling of chemicals such as fatty acids, glycerin, and
oleochemicals Subject Products ranges includes:- Fatty
Alcohols Short
Chain Fatty Acids Glycerine
Sugar
Alcohols Primary
Fatty Amines Unsaturated
Fatty Alcohols Specialty
Esters Alcohol
Ethoxylates |
|
|
|
|
No. of Employees : |
15 [2014] |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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. The economy
contracted 0.6% in 2009 as a result of the global financial crisis, but
rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to
in 2011-13, 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. 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 |
|
REGISTRATION NO. |
: |
199701440-N |
||||
|
COMPANY NAME |
: |
ECOGREEN OLEOCHEMICALS (SINGAPORE) PTE LTD |
||||
|
FORMER NAME |
: |
SALIM OLEOCHEMICALS (SINGAPORE) PTE LTD (05/03/2001) |
||||
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INCORPORATION DATE |
: |
06/03/1997 |
||||
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COMPANY STATUS |
: |
EXIST |
||||
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LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
99, BUKIT TIMAH ROAD, 03-01, ALFA CENTRE, 229835, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
99 BUKIT TIMAH ROAD, 03-01/02 ALFA CENTRE, 229835, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63777726 |
||||
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FAX.NO. |
: |
65-63377706 |
||||
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EMAIL |
: |
|||||
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WEB SITE |
: |
|||||
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CONTACT PERSON |
: |
WILLY SUTANTO @ CHEN GUO WEI ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF NATURAL-BASED OELOCHEMICALS, ETHYLENE OXIDE DERIVATIVES AND
ETHOXYLATED SURFACTANTS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
6,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 6,000,000.00 |
||||
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SALES |
: |
USD 308,825,000 [2012] |
||||
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NET WORTH |
: |
USD 41,130,000 [2012] |
||||
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STAFF STRENGTH |
: |
15 [2014] |
||||
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||||||
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LITIGATION |
: |
CLEAR |
||||
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FINANCIAL CONDITION |
: |
FAIR |
||||
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PAYMENT |
: |
GOOD |
||||
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MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
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COMMERCIAL RISK |
: |
LOW |
||||
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CURRENCY EXPOSURE |
: |
MODERATE |
||||
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GENERAL REPUTATION |
: |
SATISFACTORY |
||||
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INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
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
natural-based oelochemicals, ethylene oxide derivatives and ethoxylated
surfactants.
The immediate holding company of the Subject is WORLDWIDE LINK (B.V.I.)
LTD, a company incorporated in VIRGIN ISLANDS, BRITISH.
The ultimate holding company of the Subject is NAMURA INVESTMENTS LTD.,
a company incorporated in HONG KONG.
The intermediate holding company of the Subject is CARHART INVESTMENTS
PTE LTD, a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
02/02/2014 |
SGD 6,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
WORLDWIDE LINK (B.V.I.) LTD |
WICKHAMS CAY ROAD TOWN TORTOLA, VIRGIN ISLANDS, BRITISH. |
S97UF0221 |
6,000,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
6,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
|
UNITED STATES |
ECOGREEN OLEOCHEMICALS, INC. |
100.00 |
31/12/2012 |
|
|
|
|
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|
198502042C |
SINGAPORE |
ETHOXYLATES MANUFACTURING PTE LTD |
100.00 |
31/12/2012 |
|
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DIRECTOR 1
|
Name Of Subject |
: |
WILLY SUTANTO @ CHEN GUO WEI |
|
Address |
: |
20, WILBY ROAD, 03-01, TESSARINA, THE, 276305, SINGAPORE. |
|
IC / PP No |
: |
S2619579I |
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Nationality |
: |
SINGAPOREAN |
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Date of Appointment |
: |
10/02/1998 |
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DIRECTOR 2
|
Name Of Subject |
: |
TEDDY TANZIL |
|
Address |
: |
1, JALAN KUALA, 08-03, MORNINGSIDE, THE, 239639, SINGAPORE. |
|
IC / PP No |
: |
S2668092A |
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Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
06/03/1997 |
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DIRECTOR 3
|
Name Of Subject |
: |
DR ERWIN SUTANTO |
|
Address |
: |
JL. MANGGA BESAR III/29.E, RT 005/005, KEL MANGGA BESAR, JAKARTA
BARAT, INDONESIA. |
|
IC / PP No |
: |
A3647758 |
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Nationality |
: |
INDONESIAN |
|
Date of Appointment |
: |
02/05/2003 |
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DIRECTOR 4
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Name Of Subject |
: |
JIMMY MASRIN |
|
Address |
: |
38, STEVENS ROAD, 04-02, 257845, SINGAPORE. |
|
IC / PP No |
: |
W490219 |
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Nationality |
: |
INDONESIAN |
|
Date of Appointment |
: |
19/03/2001 |
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DIRECTOR 5
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Name Of Subject |
: |
EDDY WILLIAM KATUARI |
|
Address |
: |
JL. MANYAR KERTOARJO 7, 31, SURABAYA, 60285, INDONESIA. |
|
IC / PP No |
: |
V486381 |
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Nationality |
: |
INDONESIAN |
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Date of Appointment |
: |
19/03/2001 |
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1) |
Name of Subject |
: |
WILLY SUTANTO @ CHEN GUO WEI |
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Position |
: |
MANAGING DIRECTOR |
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Auditor |
: |
DELOITTE & TOUCHE LLP |
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Auditor' Address |
: |
N/A |
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1) |
Company Secretary |
: |
KHAW YIO LOK |
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IC / PP No |
: |
S1311899Z |
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Address |
: |
1E, CANTONMENT ROAD, 39-57, PINNACLE@DUXTON, THE, 085501, SINGAPORE. |
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2) |
Company Secretary |
: |
CHAN KWANG CHENG |
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IC / PP No |
: |
S0011395F |
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Address |
: |
28, MAR THOMA ROAD, 10 - 01, 328708, SINGAPORE. |
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Banking relations are maintained principally with :
|
1) |
Name |
: |
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. |
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2) |
Name |
: |
FORTIS BANK (NETHERLAND) N.V SINGAPORE BRANCH |
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Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
200104886 |
05/10/2001 |
N/A |
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.('RABOBANK |
- |
Unsatisfied |
|
C200705889 |
25/07/2007 |
N/A |
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT |
- |
Unsatisfied |
|
C200705980 |
26/07/2007 |
N/A |
RAIFFEISEN ZENTRALBANK OSTERREICH AKTIENGELLSCHAFT |
- |
Unsatisfied |
|
C200709496 |
05/11/2007 |
N/A |
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK |
- |
Unsatisfied |
|
C201004571 |
03/06/2010 |
N/A |
FORTIS BANK (NETHERLAND) N.V |
- |
Unsatisfied |
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
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SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
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Overseas |
: |
YES |
|
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|
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 |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
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Fair 91-120 Days |
[ |
|
] |
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Poor >120 Days |
[ |
|
] |
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Local |
: |
YES |
|||
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Domestic Markets |
: |
SINGAPORE |
|||
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Overseas |
: |
YES |
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Export Market |
: |
WORLDWIDE |
|||
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Credit Term |
: |
15 - 30 DAYS |
|||
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Payment Mode |
: |
CHEQUES |
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Goods Traded |
: |
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Total Number of Employees: |
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||||||||
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YEAR |
2014 |
2013 |
2012 |
2009 |
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|||||||||
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GROUP |
N/A |
N/A |
N/A |
N/A |
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COMPANY |
15 |
20 |
20 |
14 |
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Branch |
: |
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Other Information:
The Subject is principally engaged in the (as a / as an) trading of
natural-based oelochemicals, ethylene oxide derivatives and ethoxylated
surfactants.
The principal activities of the company consist of the distribution and sale of
natural-based oelochemicals, ethylene oxide derivatives and ethoxylated
surfactants.
Background:
Ecogreen Oleochemicals is one of the worlds largest producers of naturally fatty
alcohols.
Formerly known as Salim Oleochemicals, it was incorporated in 1997. Today, it
is a thriving company with more than 500 employees worldwide, state-of-the-art
manufacturing facilities and a combined production capacity of more than
100,000 mt per year.
Ecogreen Oleochemicals exports the majority of its products worldwide to key
markets in Asia Pacific, The United States of America, Latin America and
Europe. Close links to these markets are maintained through the marketing
headquarters in Singapore which covers not only marketing functions in Asia,
but also coordinates global marketing activities with two regional offices, one
in Houston (USA) and the other in Rodleben (Germany).
Ecogreen Oleochemicals marketing efforts are complimented by a network of
distributors and agents in over 20 countries that provide the local support in
distribution, storage and customer liaison. Tank storage facilities assure its
customers the continuity of supply and timely delivery.
Ecogreen Oleochemicals (Singapore) Pte Ltd. markets and sells chemicals such as
fatty acids, glycerin, and oleochemicals. The company was formerly known as
Salim Oleochemicals (Singapore) Pte Ltd. Ecogreen Oleochemicals (Singapore) Pte
Ltd. was founded in the year 1997 and is based in Singapore, Singapore. The
company operates as a subsidiary of PT Ecogreen Oleochemicals Limited.
Products:
* fatty alcohols
* short chain fatty acids
* glycerine
* sugar alcohols
* primary fatty amines
* unsaturated fatty alcohols
* specialty esters
* alcohol ethoxylates
Quality assessment:
* ISO 14001:2004
* ISO 9001:2000
Subject is a member of the following entities:
* Singapore Business Federation
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63777726 |
|
Match |
: |
N/A |
|
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Address Provided by Client |
: |
99, BUKIT, TIMAH ROAD 03-01 ALFA CENTRE, SINGAPORE 229835 |
|
Current Address |
: |
99 BUKIT TIMAH ROAD, 03-01/02 ALFA CENTRE, 229835, SINGAPORE. |
|
Match |
: |
NO |
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|
Other Investigations
we contacted one of the staff from the Subject and
she provided some information.
The address provided is incomplete.
|
Profitability |
|
|
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|
Turnover |
: |
Erratic |
[ |
2009 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
8.00% |
] |
|
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Return on Net Assets |
: |
Acceptable |
[ |
12.62% |
] |
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The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject's profit fell sharply because of the
high operating costs incurred. The unfavourable return on shareholders' funds
could indicate that the Subject was inefficient in utilising its assets to
generate returns. |
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Working Capital Control |
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Stock Ratio |
: |
Favourable |
[ |
9 Days |
] |
|
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Debtor Ratio |
: |
Unfavourable |
[ |
114 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
26 Days |
] |
|
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The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The Subject's debtors ratio
was high. The Subject should tighten its credit control and improve its
collection period. 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. |
||||||
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Liquidity |
|
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|
Liquid Ratio |
: |
Favourable |
[ |
1.35 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.45 Times |
] |
|
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|
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. |
||||||
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Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Acceptable |
[ |
3.58 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.31 Times |
] |
|
|
|
|
|
|
|
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|
The Subject'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 Subject
is able to generate sufficient income to service its interest and repay the
loans. 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. |
||||||
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|
|
|
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|
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. The Subject had an acceptable interest cover. If
there is no sudden sharp increase in interest rate or fall in the Subject's
profit, we do believe the Subject is able to generate sufficient cash flow to
service its interest payment. 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 |
||||||
|
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 : |
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 |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
||||
|
Financial Year
End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
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 |
308,825,000 |
460,221,000 |
288,906,000 |
178,633,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
308,825,000 |
460,221,000 |
288,906,000 |
178,633,000 |
|
Costs of Goods Sold |
(298,105,000) |
(441,842,000) |
(275,893,000) |
(168,171,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
10,720,000 |
18,379,000 |
13,013,000 |
10,462,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
3,741,000 |
9,977,000 |
4,501,000 |
4,802,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
3,741,000 |
9,977,000 |
4,501,000 |
4,802,000 |
|
Taxation |
(449,000) |
(1,224,000) |
(518,000) |
(484,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
3,292,000 |
8,753,000 |
3,983,000 |
4,318,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
33,689,000 |
24,936,000 |
20,953,000 |
16,635,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
33,689,000 |
24,936,000 |
20,953,000 |
16,635,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
Loan from holding company |
- |
- |
118,000 |
676,000 |
|
Loan from subsidiary companies |
- |
- |
4,000 |
15,000 |
|
Term loan / Borrowing |
1,187,000 |
1,022,000 |
808,000 |
1,035,000 |
|
Others |
265,000 |
337,000 |
301,000 |
442,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,452,000 |
1,359,000 |
1,231,000 |
2,168,000 |
|
|
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
43,000 |
40,000 |
30,000 |
33,000 |
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Subsidiary companies |
6,044,000 |
6,044,000 |
6,544,000 |
6,544,000 |
|
Investments |
29,000 |
29,000 |
29,000 |
29,000 |
|
Others |
194,000 |
190,000 |
196,000 |
143,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
6,267,000 |
6,263,000 |
6,769,000 |
6,716,000 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
6,310,000 |
6,303,000 |
6,799,000 |
6,749,000 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Stocks |
7,739,000 |
8,045,000 |
9,200,000 |
4,395,000 |
|
Trade debtors |
96,474,000 |
114,422,000 |
80,076,000 |
49,966,000 |
|
Other debtors, deposits & prepayments |
3,194,000 |
2,742,000 |
2,509,000 |
1,661,000 |
|
Short term deposits |
- |
- |
- |
5,515,000 |
|
Cash & bank balances |
5,331,000 |
7,829,000 |
2,540,000 |
2,095,000 |
|
Others |
- |
444,000 |
95,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
112,738,000 |
133,482,000 |
94,420,000 |
63,632,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
119,048,000 |
139,785,000 |
101,219,000 |
70,381,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade creditors |
21,192,000 |
47,743,000 |
20,223,000 |
3,231,000 |
|
Other creditors & accruals |
629,000 |
1,573,000 |
2,469,000 |
1,264,000 |
|
Short term borrowings/Term loans |
54,000,000 |
50,000,000 |
48,000,000 |
39,600,000 |
|
Amounts owing to related companies |
520,000 |
418,000 |
- |
- |
|
Provision for taxation |
379,000 |
1,165,000 |
514,000 |
510,000 |
|
Other liabilities |
1,193,000 |
1,042,000 |
926,000 |
673,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
77,913,000 |
101,941,000 |
72,132,000 |
45,278,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
34,825,000 |
31,541,000 |
22,288,000 |
18,354,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
41,135,000 |
37,844,000 |
29,087,000 |
25,103,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
4,149,000 |
4,149,000 |
4,149,000 |
4,149,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
4,149,000 |
4,149,000 |
4,149,000 |
4,149,000 |
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
Retained profit/(loss) carried forward |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
41,130,000 |
37,838,000 |
29,085,000 |
25,102,000 |
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
Deferred taxation |
5,000 |
6,000 |
2,000 |
1,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
5,000 |
6,000 |
2,000 |
1,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
41,135,000 |
37,844,000 |
29,087,000 |
25,103,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
5,331,000 |
7,829,000 |
2,540,000 |
7,610,000 |
|
Net Liquid Funds |
5,331,000 |
7,829,000 |
2,540,000 |
7,610,000 |
|
Net Liquid Assets |
27,086,000 |
23,496,000 |
13,088,000 |
13,959,000 |
|
Net Current Assets/(Liabilities) |
34,825,000 |
31,541,000 |
22,288,000 |
18,354,000 |
|
Net Tangible Assets |
41,135,000 |
37,844,000 |
29,087,000 |
25,103,000 |
|
Net Monetary Assets |
27,081,000 |
23,490,000 |
13,086,000 |
13,958,000 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
Total Borrowings |
54,000,000 |
50,000,000 |
48,000,000 |
39,600,000 |
|
Total Liabilities |
77,918,000 |
101,947,000 |
72,134,000 |
45,279,000 |
|
Total Assets |
119,048,000 |
139,785,000 |
101,219,000 |
70,381,000 |
|
Net Assets |
41,135,000 |
37,844,000 |
29,087,000 |
25,103,000 |
|
Net Assets Backing |
41,130,000 |
37,838,000 |
29,085,000 |
25,102,000 |
|
Shareholders' Funds |
41,130,000 |
37,838,000 |
29,085,000 |
25,102,000 |
|
Total Share Capital |
4,149,000 |
4,149,000 |
4,149,000 |
4,149,000 |
|
Total Reserves |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
LIQUIDITY (Times) |
|
|
|
|
|
Cash Ratio |
0.07 |
0.08 |
0.04 |
0.17 |
|
Liquid Ratio |
1.35 |
1.23 |
1.18 |
1.31 |
|
Current Ratio |
1.45 |
1.31 |
1.31 |
1.41 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
9 |
6 |
12 |
9 |
|
Debtors Ratio |
114 |
91 |
101 |
102 |
|
Creditors Ratio |
26 |
39 |
27 |
7 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
Gearing Ratio |
1.31 |
1.32 |
1.65 |
1.58 |
|
Liabilities Ratio |
1.89 |
2.69 |
2.48 |
1.80 |
|
Times Interest Earned Ratio |
3.58 |
8.34 |
4.66 |
3.21 |
|
Assets Backing Ratio |
9.91 |
9.12 |
7.01 |
6.05 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
1.21 |
2.17 |
1.56 |
2.69 |
|
Net Profit Margin |
1.07 |
1.90 |
1.38 |
2.42 |
|
Return On Net Assets |
12.62 |
29.95 |
19.71 |
27.77 |
|
Return On Capital Employed |
12.62 |
29.95 |
19.71 |
27.77 |
|
Return On Shareholders' Funds/Equity |
8.00 |
23.13 |
13.69 |
17.20 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.42 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.79.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.