|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTER-CONTINENTAL OILS & FATS PTE. LTD. |
|
|
|
|
Registered Office : |
150, Beach Road, 16-01, Gateway West, 189720 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
16.05.2002 |
|
|
|
|
Com. Reg. No.: |
200204156-N |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trader of Oil Products |
|
|
|
|
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 : |
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 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. 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 |
|
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 PRODUCTS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
16,667,487.00 ORDINARY SHARE, OF A VALUE
OF SGD 16,667,487.00 |
||||
|
SALES |
: |
USD 5,084,174,095 [2013] |
||||
|
NET WORTH |
: |
USD 203,404,355 [2013] |
||||
|
STAFF STRENGTH |
: |
130 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
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 oil products.
The immediate and ultimate holding company of the Subject is MUSIM MAS HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid
Up Capital |
|
14/02/2014 |
SGD 16,667,487.00 |
The major shareholder(s) of the Subject 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 Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
818687W |
MALAYSIA |
ICOF (MALAYSIA) SDN. BHD. |
100.00 |
30/06/2013 |
|
592627P |
MALAYSIA |
MUSIM MASTIKA (MALAYSIA) SDN.
BHD. |
100.00 |
30/06/2013 |
|
1021845M |
MALAYSIA |
IMBE TRADING SDN. BHD. |
100.00 |
30/06/2013 |
|
UNITED KINGDOM |
ICOF EUROPE LTD |
100.00 |
30/06/2013 |
|
|
UNITED STATES |
ICOF AMERICAN INC |
100.00 |
30/06/2013 |
|
|
200610434W |
SINGAPORE |
ICOF SHIPPING PTE. LTD. |
100.00 |
30/06/2012 |
|
GERMANY |
ICOF EUROPE GMBH |
100.00 |
30/06/2013 |
|
|
201021123H |
SINGAPORE |
IM BIOFUEL PTE. LTD. |
100.00 |
30/06/2013 |
DIRECTOR
1
|
Name Of Subject |
: |
NG SIEW MOI |
|
Address |
: |
25, MARGOLIOUTH ROAD, MARGOLIOUTH VILLAS, 258551, SINGAPORE. |
|
IC / PP No |
: |
S1633151A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
05/12/2007 |
DIRECTOR
2
|
Name Of Subject |
: |
BURHAN KARIM |
|
Address |
: |
JL. KALIMANTAN, 29/3-B MEDAN, INDONESIA. |
|
IC / PP No |
: |
A5138231 |
|
Nationality |
: |
INDONESIAN |
|
Date of Appointment |
: |
01/03/2010 |
DIRECTOR
3
|
Name Of Subject |
: |
BACHTIAR KARIM |
|
Address |
: |
JL. KALIMANTAN, 29/3-B MEDAN, INDONESIA. |
|
IC / PP No |
: |
A2921253 |
|
Nationality |
: |
INDONESIAN |
|
Date of Appointment |
: |
01/03/2010 |
DIRECTOR
4
|
Name Of Subject |
: |
BAHARI KARIM |
|
Address |
: |
JL. TAMBAK SAWAH, 32, RT03, RW01, TAMBAKREJO, KECAMATAN WARU, 61256,
INDONESIA. |
|
IC / PP No |
: |
X019032 |
|
Nationality |
: |
INDONESIAN |
|
Date of Appointment |
: |
01/03/2010 |
|
1) |
Name of Subject |
: |
BAHARI KARIM |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATER HOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
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 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 : DEUTSCHE BANK AKTIENGESELLSCHAFT
11) Name : NATIXIS
12) Name : OVERSEA-CHINESE BANKING CORPORATION LIMITED
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C200300618 |
18/02/2003 |
N/A |
BNP PARIBAS |
- |
Unsatisfied |
|
C200300636 |
18/02/2003 |
N/A |
BNP PARIBAS |
- |
Unsatisfied |
|
C200401379 |
23/03/2004 |
N/A |
BNP PARIBAS |
- |
Unsatisfied |
|
C200402533 |
25/05/2004 |
N/A |
ING BANK N.V. |
- |
Unsatisfied |
|
C200603754 |
12/06/2006 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C200703150 |
27/04/2007 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
|
C200703846 |
23/05/2007 |
N/A |
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENILEENBANK B.A |
- |
Unsatisfied |
|
C200809279 |
08/10/2008 |
N/A |
THE BANK OF TOKYO-MITSUBISHI UFJ LTD.
SINGAPORE BRANCH |
- |
Unsatisfied |
|
C200900874 |
04/02/2009 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C200901490 |
09/03/2009 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C200904843 |
06/08/2009 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C200907622 |
23/11/2009 |
N/A |
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
SINGAPORE BRANCH |
USD 25,000,000.00 |
Unsatisfied |
|
C200907624 |
23/11/2009 |
N/A |
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
SINGAPORE BRANCH |
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 LIMITED |
- |
Unsatisfied |
|
C201006827 |
04/08/2010 |
N/A |
ABN AMRO BANK N.V. |
- |
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. |
- |
Unsatisfied |
|
C201202911 |
16/03/2012 |
N/A |
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD
(SINGAPORE BRANCH) |
- |
Unsatisfied |
|
C2012202912 |
16/03/2012 |
N/A |
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD
(SINGAPORE BRANCH) |
- |
Unsatisfied |
|
C201205331 |
16/05/2012 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
|
C201205337 |
16/05/2012 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
|
C201205340 |
16/05/2012 |
N/A |
THE HONGKONG & SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
|
C201205795 |
28/05/2012 |
N/A |
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A. |
- |
Unsatisfied |
|
C201205801 |
28/05/2012 |
N/A |
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A. |
- |
Unsatisfied |
|
C201214416 |
07/12/2012 |
N/A |
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A. |
- |
Unsatisfied |
|
C201303496 |
05/03/2013 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201303499 |
05/03/2013 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201309228 |
05/07/2013 |
N/A |
ING BANK N.V. |
- |
Unsatisfied |
|
C201311146 |
15/08/2013 |
N/A |
DEUTSCHE BANK AKTIENGESELLSCHAFT |
- |
Unsatisfied |
|
C201312285 |
09/09/2013 |
N/A |
NATIXIS |
- |
Unsatisfied |
|
C201314960 |
06/11/2013 |
N/A |
CIMB BANK BERHAD |
- |
Unsatisfied |
|
C201400244 |
07/01/2014 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION
LIMITED |
- |
Unsatisfied |
|
C201400399 |
09/01/2014 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
LEGAL
CHECK AGAINST SUBJECT
|
* 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.
PAYMENT
RECORD
|
|
|||||
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
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 |
[ |
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 |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
OIL PRODUCT & OTHER RELATED PRODUCT |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
130 |
130 |
130 |
120 |
117 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of oil
products.
The Subject is a one-stop global specialist, merchandiser and distributor of tropical
oils and derivative products. SC are a multinational company based in
Singapore.
The Subject possesses deep expertise in merchandising and distributing the best
and finest tropical oils and derivative products around the world.
Subject's value proposition begins with how we harness the beauty of nature -
naturally and responsibly.
Subject'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 Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65766500 |
|
Match |
: |
N/A |
|
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 staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
48.48% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
51.25% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. The Subject's management have been efficient in
controlling its operating costs. Generally the Subject was profitable. The
favourable return on shareholders' funds and return on net assets indicate
that the Subject's management was efficient in utilising the assets to
generate returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
30 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
9 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the Subject. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.46 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.53 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in order
to assure its creditors of its ability to meet short term obligations and the
Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
35.80 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.97 Times |
] |
|
|
The interest cover showed that the Subject was able to service the interest.
The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. The Subject's gearing was
slightly high. The Subject is utilising the leverage concept to fund its
expansion. However, the high gearing has added financial risks to the
Subject. It will be more vulnerable in times of economy downturn. |
||||||
|
Overall
Assessment : |
||||||
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. 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. With the favourable interest cover, the Subject could
be able to service all the accrued interest without facing any difficulties.
The Subject's gearing was slightly high and its financial risk was also high.
If no plans are made to reduce its gearing, the Subject's performance may
deteriorate in the coming year. |
||||||
|
Overall
financial condition of the Subject : STRONG |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
|
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( %
of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
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
|
|
Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. Based on the higher profitability, the Subject 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 Subject 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 gearing level of the Subject is slightly high, therefore it faces moderate financial risk. Given a positive net worth standing at USD 203,404,355, the Subject should be able to maintain its business in the near terms.
The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.
|
|
|
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 |
2013-06-30 |
2012-06-30 |
2011-06-30 |
2010-06-30 |
2009-06-30 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
5,084,174,095 |
5,164,055,044 |
4,227,442,338 |
2,768,807,882 |
2,851,112,653 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
5,084,174,095 |
5,164,055,044 |
4,227,442,338 |
2,768,807,882 |
2,851,112,653 |
|
Costs of Goods Sold |
(4,952,056,266) |
(5,038,659,057) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
132,117,829 |
125,395,987 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
105,693,906 |
95,365,246 |
77,248,773 |
52,008,537 |
56,058,762 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
105,693,906 |
95,365,246 |
77,248,773 |
52,008,537 |
56,058,762 |
|
Taxation |
(7,082,604) |
(8,767,528) |
(4,510,778) |
(3,510,261) |
(3,100,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
98,611,302 |
86,597,718 |
72,737,995 |
48,498,276 |
52,958,762 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
142,189,553 |
122,966,835 |
71,528,840 |
63,830,564 |
39,618,699 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
142,189,553 |
122,966,835 |
71,528,840 |
63,830,564 |
39,618,699 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
240,800,855 |
209,564,553 |
144,266,835 |
112,328,840 |
92,577,461 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(47,396,500) |
(67,375,000) |
(21,300,000) |
(40,800,000) |
(28,746,897) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
63,830,564 |
|
============= |
============= |
============= |
============= |
============= |
|
|
Loan from subsidiary companies |
- |
- |
784,975 |
- |
- |
|
Term loan / Borrowing |
739,000 |
891,416 |
710,435 |
- |
- |
|
Trust receipts |
1,672,058 |
2,153,355 |
1,517,766 |
885,219 |
2,321,381 |
|
Others |
625,886 |
914,289 |
557,632 |
956,148 |
927,443 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,036,944 |
3,959,060 |
3,570,808 |
1,841,367 |
3,248,824 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
|
|
INTER-CONTINENTAL
OILS & FATS PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
491,969 |
561,704 |
711,889 |
650,257 |
497,980 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
25,211,625 |
18,215,023 |
16,913,972 |
1,217,972 |
1,217,972 |
|
Loans & advances - non-current |
16,607,880 |
13,403,112 |
7,808,221 |
2,750,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
41,819,505 |
31,618,135 |
24,722,193 |
3,967,972 |
1,217,972 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
42,311,474 |
32,179,839 |
25,434,082 |
4,618,229 |
1,715,952 |
|
Stocks |
22,299,658 |
46,586,627 |
62,160,472 |
19,392,980 |
11,363,830 |
|
Trade debtors |
412,095,167 |
420,828,930 |
510,314,357 |
213,478,183 |
185,163,836 |
|
Other debtors, deposits & prepayments |
111,698 |
256,098 |
4,619,688 |
123,834 |
220,473 |
|
Short term deposits |
- |
12,500,608 |
- |
5,099,948 |
4,114,184 |
|
Amount due from holding company |
3,852 |
- |
- |
- |
- |
|
Amount due from subsidiary companies |
3,284,984 |
- |
- |
- |
- |
|
Cash & bank balances |
51,623,850 |
57,913,513 |
30,357,363 |
47,185,940 |
27,034,165 |
|
Others |
830,068 |
2,736,728 |
582,683 |
343,663 |
296,418 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
490,249,277 |
540,822,504 |
608,034,563 |
285,624,548 |
228,192,906 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
532,560,751 |
573,002,343 |
633,468,645 |
290,242,777 |
229,908,858 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
119,124,281 |
184,783,245 |
207,436,278 |
97,392,392 |
87,259,032 |
|
Other creditors & accruals |
228,375 |
144,352 |
470,444 |
166,015 |
206,813 |
|
Short term borrowings/Term loans |
11,391,670 |
20,383,332 |
274,759,935 |
93,680,530 |
65,479,973 |
|
Other borrowings |
177,931,096 |
185,445,268 |
- |
- |
- |
|
Bill & acceptances payable |
- |
- |
- |
- |
32,476 |
|
Other liabilities & accruals |
540,547 |
360,137 |
- |
- |
- |
|
Amounts owing to related companies |
499,800 |
509,600 |
- |
- |
- |
|
Provision for taxation |
7,031,479 |
8,983,670 |
4,275,600 |
3,200,000 |
3,100,000 |
|
Other liabilities |
3,659,148 |
161,516 |
1,059,551 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
320,406,396 |
400,771,120 |
488,001,808 |
194,438,937 |
156,078,294 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
169,842,881 |
140,051,384 |
120,032,755 |
91,185,611 |
72,114,612 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
212,154,355 |
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 |
10,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
Retained profit/(loss) carried forward |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
63,830,564 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
63,830,564 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
203,404,355 |
152,189,553 |
132,966,835 |
81,528,840 |
73,830,564 |
|
Long term loans |
8,750,000 |
20,041,670 |
12,500,002 |
14,275,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
8,750,000 |
20,041,670 |
12,500,002 |
14,275,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
212,154,355 |
172,231,223 |
145,466,837 |
95,803,840 |
73,830,564 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
|
|
INTER-CONTINENTAL
OILS & FATS PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
51,623,850 |
70,414,121 |
30,357,363 |
52,285,888 |
31,148,349 |
|
Net Liquid Funds |
51,623,850 |
70,414,121 |
30,357,363 |
52,285,888 |
31,115,873 |
|
Net Liquid Assets |
147,543,223 |
93,464,757 |
57,872,283 |
71,792,631 |
60,750,782 |
|
Net Current Assets/(Liabilities) |
169,842,881 |
140,051,384 |
120,032,755 |
91,185,611 |
72,114,612 |
|
Net Tangible Assets |
212,154,355 |
172,231,223 |
145,466,837 |
95,803,840 |
73,830,564 |
|
Net Monetary Assets |
138,793,223 |
73,423,087 |
45,372,281 |
57,517,631 |
60,750,782 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
198,072,766 |
225,870,270 |
287,259,937 |
107,955,530 |
65,512,449 |
|
Total Liabilities |
329,156,396 |
420,812,790 |
500,501,810 |
208,713,937 |
156,078,294 |
|
Total Assets |
532,560,751 |
573,002,343 |
633,468,645 |
290,242,777 |
229,908,858 |
|
Net Assets |
212,154,355 |
172,231,223 |
145,466,837 |
95,803,840 |
73,830,564 |
|
Net Assets Backing |
203,404,355 |
152,189,553 |
132,966,835 |
81,528,840 |
73,830,564 |
|
Shareholders' Funds |
203,404,355 |
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 |
10,000,000 |
|
Total Reserves |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
63,830,564 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.16 |
0.18 |
0.06 |
0.27 |
0.20 |
|
Liquid Ratio |
1.46 |
1.23 |
1.12 |
1.37 |
1.39 |
|
Current Ratio |
1.53 |
1.35 |
1.25 |
1.47 |
1.46 |
|
WORKING CAPITAL CONTROL
(Days) |
|||||
|
Stock Ratio |
2 |
3 |
5 |
3 |
1 |
|
Debtors Ratio |
30 |
30 |
44 |
28 |
24 |
|
Creditors Ratio |
9 |
13 |
18 |
13 |
11 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0.97 |
1.48 |
2.16 |
1.32 |
0.89 |
|
Liabilities Ratio |
1.62 |
2.77 |
3.76 |
2.56 |
2.11 |
|
Times Interest Earned Ratio |
35.80 |
25.09 |
22.63 |
29.24 |
18.26 |
|
Assets Backing Ratio |
21.22 |
17.22 |
14.55 |
9.58 |
7.38 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
2.08 |
1.85 |
1.83 |
1.88 |
1.97 |
|
Net Profit Margin |
1.94 |
1.68 |
1.72 |
1.75 |
1.86 |
|
Return On Net Assets |
51.25 |
57.67 |
55.56 |
56.21 |
80.33 |
|
Return On Capital Employed |
51.25 |
57.67 |
55.56 |
56.21 |
80.33 |
|
Return On Shareholders' Funds/Equity |
48.48 |
56.90 |
54.70 |
59.49 |
71.73 |
|
Dividend Pay Out Ratio (Times) |
0.48 |
0.78 |
0.29 |
0.84 |
0.54 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.29 |
|
|
1 |
Rs. 99.34 |
|
Euro |
1 |
Rs. 80.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.