|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOEPFER INTERNATIONAL- ASIA PTE LTD |
|
|
|
|
Formerly Known As : |
ALFRED C. TOEPFER INTERNATIONAL PTE LTD |
|
|
|
|
Registered Office : |
100, Beach Road, 26-01, Shaw Towers, 189702 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.09.1976 |
|
|
|
|
Com. Reg. No.: |
197601775-R |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Wholesale of other Specific Commodities |
|
|
|
|
No. of Employees : |
60 [2014] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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. |
: |
197601775-R |
|
COMPANY NAME |
: |
TOEPFER INTERNATIONAL- ASIA PTE LTD |
|
FORMER NAME |
: |
ALFRED C. TOEPFER INTERNATIONAL PTE LTD (12/03/1988) |
|
INCORPORATION DATE |
: |
01/09/1976 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
100, BEACH ROAD, 26-01, SHAW TOWERS, 189702, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
100 BEACH ROAD #26-01 SHAW TOWERS, 189702, SINGAPORE. |
|
TEL.NO. |
: |
65-62932366/66222400 |
|
FAX.NO. |
: |
65-62927556 |
|
CONTACT PERSON |
: |
FREDERIK CHRISTOPH GROTH ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF OTHER SPECIFIC COMMODITIES |
|
ISSUED AND PAID UP CAPITAL |
: |
17,201.00 ORDINARY SHARE, OF A VALUE OF SGD 17,201,000.00 |
|
SALES |
: |
USD 5,351,025,000 [2012] |
|
NET WORTH |
: |
USD 56,130,000 [2012] |
|
STAFF STRENGTH |
: |
60 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
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) wholesale of
other specific commodities.
The immediate holding company of the Subject is ALFRED C. TOEPFER
INTERNATIONAL NETHERLANDS B.V., a company incorporated in NETHERLANDS.
The ultimate holding company of the Subject is ARCHER DANIELS MIDLAND COMPANY,
a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
15/02/2013 |
SGD 17,201,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ALFRED C. TOEPFER INTERNATIONAL NETHERLANDS B.V. |
BOOMPJES 40, 3011 XB ROTTERDAM, THE NETHERLANDS, NETHERLANDS. |
T04UF2175 |
17,201.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
17,201.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
|
CHINA |
TOEPFER INTERNATIONAL (SHANGHAI) TRADING CO. LTD |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
TIA CHINA INVESTMENT LTD |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
197601774E |
SINGAPORE |
INTERMARE TRANSPORT PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
TOEPFER INTERNATIONAL TRADING (SHANGHAI) CO., LTD |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
INDONESIA |
P.T TOEPFER INTERNATIONAL INDONESIA |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
473106M |
MALAYSIA |
TOEPFER INTERNATIONAL-ASIA (MALAYSIA) SDN. BHD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
201026566M |
SINGAPORE |
TOEPFER INTERNATIONAL-ASIA (INVESTMENT) PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
JAPAN |
TOEPFER INTERNATIONAL (JAPAN) LTD |
74.26 |
31/12/2012 |
|
|
|
|
|
|
|
|
THAILAND |
TOEPFER INTERNATIONAL (THAILAND) LTD |
70.97 |
31/12/2012 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. FREDERIK CHRISTOPH GROTH |
|
Address |
: |
18, LEEDON ROAD, 267838, SINGAPORE. |
|
IC / PP No |
: |
S7365827F |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
18/12/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
DR KLAUS DIETER KATZORKE-WEIHE |
|
Address |
: |
RANTZAUSTRASSE 40, 22926 AHRENSBURG, GERMANY. |
|
IC / PP No |
: |
123933101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
18/07/2013 |
|
Remark |
: |
ALTERNATE DIRECTOR TO ROBERT DANIEL NISSER JR, DOMINGO ALEJANDRO
LASTRA & THORSTEN TIEDEMANN |
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
ROBERT DANIEL NISSER JR |
|
Address |
: |
10A, CHEMIN DE LA GRIOTTIERE MIES 1295, SWITZERLAND. |
|
IC / PP No |
: |
422736047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
18/12/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
THORSTEN TIEDEMANN |
|
Address |
: |
FOEHRDENER STRASSE 8, 25563 WRIST, GERMANY. |
|
IC / PP No |
: |
C1NN1W8N |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
18/07/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
DOMINGO ALEJANDRO LASTRA |
|
Address |
: |
IN DE BOST 6, 22587 HAMBURG, GERMANY. |
|
IC / PP No |
: |
505673666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
18/12/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
FREDERIK CHRISTOPH GROTH |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
CHRISTINA YIP MOH SOW |
|
|
IC / PP No |
: |
S1251595B |
|
|
|
|
|
|
|
Address |
: |
718, UPPER CHANGI ROAD EAST, 02-09, CHANGI GREEN, 486849, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt 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.
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
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 |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
HIGH-QUALITY RAW MATERIALS TO THE FOOD AND FEEDSTUFFS INDUSTRY
|
|
|
|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2011 |
|
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
COMPANY |
60 |
60 |
60 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of other
specific commodities.
Toepfer has been active in trading grain, oilseeds and feedstuffs. Today, the worldwide
organization of Toepfer International consists of the headquarters in Hamburg,
and 38 branches all over the world.
Hamburg has been the head office of Toepfer International ever since the
company was founded.
Toepfer International offers a comprehensive range of agricultural commodities
in world trade.
The Subject's trading activities are concentrated on grain, feedstuffs,
oilseeds, vegetable oils, and fertilizers.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
006566222400 |
|
Current Telephone Number |
: |
65-62932366/66222400 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
100 BEACH ROAD # 26-01 SHAW TOWER SINGAPORE 189702 |
|
Current Address |
: |
100 BEACH ROAD #26-01 SHAW TOWERS, 189702, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
On 12th May 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2.72% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
(13.91%) |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(7.16%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(4.31%) |
] |
|
|
|
|
|
|
|
|
|
|
The higher turnover could be attributed to the favourable market condition.Higher
losses before tax during the year could be due to the higher operating costs
incurred. The Subject's unfavourable returns on shareholders' funds indicate
the management's inefficiency in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
7 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
5 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 |
: |
Acceptable |
[ |
0.88 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.08 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate that
the Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
(1.98 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.30 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not improve,
the Subject may be vulnerable to default in servicing the interest. 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. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Although the Subject's turnover increased its profits however showed a
reverse trend. The losses could be due to the management's failure to
maintain its competitiveness in the market. The Subject's liquidity was at an
acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all its short term obligations. The
Subject's interest cover was negative, indicating that it did not generate
sufficient income to service its interest. If its result does not show
impressive improvements or succeed obtaining short term financing or capital
injection, it may not be able to service its interest and repay the loans.
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 : POOR |
||||||
|
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 : |
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 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.
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
|
|
|
|
TURNOVER |
5,351,025,000 |
5,209,417,000 |
|
|
---------------- |
---------------- |
|
Total Turnover |
5,351,025,000 |
5,209,417,000 |
|
Costs of Goods Sold |
(5,349,801,000) |
(5,182,939,000) |
|
|
---------------- |
---------------- |
|
Gross Profit |
1,224,000 |
26,478,000 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(3,645,000) |
(3,200,000) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(3,645,000) |
(3,200,000) |
|
Taxation |
(376,000) |
(64,000) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(4,021,000) |
(3,264,000) |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
50,151,000 |
53,415,000 |
|
|
---------------- |
---------------- |
|
As restated |
50,151,000 |
53,415,000 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
46,130,000 |
50,151,000 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
46,130,000 |
50,151,000 |
|
|
============= |
============= |
|
|
|
|
|
Others |
1,223,000 |
9,043,000 |
|
|
---------------- |
---------------- |
|
|
1,223,000 |
9,043,000 |
|
|
============= |
============= |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
1,437,000 |
1,736,000 |
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
Subsidiary companies |
12,837,000 |
2,835,000 |
|
Associated companies |
1,260,000 |
1,260,000 |
|
Deferred assets |
187,000 |
202,000 |
|
Others |
2,640,000 |
2,532,000 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
16,924,000 |
6,829,000 |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
18,361,000 |
8,565,000 |
|
|
|
|
|
Stocks |
96,384,000 |
115,270,000 |
|
Trade debtors |
274,175,000 |
347,340,000 |
|
Other debtors, deposits & prepayments |
369,000 |
331,000 |
|
Amount due from subsidiary companies |
29,240,000 |
135,000 |
|
Amount due from related companies |
103,662,000 |
94,327,000 |
|
Cash & bank balances |
735,000 |
400,000 |
|
Others |
4,979,000 |
5,636,000 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
509,544,000 |
563,439,000 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
527,905,000 |
572,004,000 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
71,229,000 |
57,242,000 |
|
Other creditors & accruals |
4,575,000 |
5,616,000 |
|
Bank overdraft |
19,260,000 |
15,399,000 |
|
Short term borrowings/Term loans |
110,000,000 |
155,053,000 |
|
Amounts owing to holding company |
69,757,000 |
27,301,000 |
|
Amounts owing to subsidiary companies |
265,000 |
340,000 |
|
Amounts owing to related companies |
181,180,000 |
233,918,000 |
|
Amounts owing to associated companies |
12,943,000 |
7,277,000 |
|
Provision for taxation |
564,000 |
564,000 |
|
Other liabilities |
2,002,000 |
9,143,000 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
471,775,000 |
511,853,000 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
37,769,000 |
51,586,000 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
56,130,000 |
60,151,000 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
10,000,000 |
10,000,000 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
10,000,000 |
10,000,000 |
|
|
|
|
|
Retained profit/(loss) carried forward |
46,130,000 |
50,151,000 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
46,130,000 |
50,151,000 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
56,130,000 |
60,151,000 |
|
|
|
|
|
|
---------------- |
---------------- |
|
|
56,130,000 |
60,151,000 |
|
|
============= |
============= |
|
|
|
|
|
TYPES OF FUNDS |
|
|
|
Cash |
735,000 |
400,000 |
|
Net Liquid Funds |
(18,525,000) |
(14,999,000) |
|
Net Liquid Assets |
(58,615,000) |
(63,684,000) |
|
Net Current Assets/(Liabilities) |
37,769,000 |
51,586,000 |
|
Net Tangible Assets |
56,130,000 |
60,151,000 |
|
Net Monetary Assets |
(58,615,000) |
(63,684,000) |
|
BALANCE SHEET ITEMS |
|
|
|
Total Borrowings |
129,260,000 |
170,452,000 |
|
Total Liabilities |
471,775,000 |
511,853,000 |
|
Total Assets |
527,905,000 |
572,004,000 |
|
Net Assets |
56,130,000 |
60,151,000 |
|
Net Assets Backing |
56,130,000 |
60,151,000 |
|
Shareholders' Funds |
56,130,000 |
60,151,000 |
|
Total Share Capital |
10,000,000 |
10,000,000 |
|
Total Reserves |
46,130,000 |
50,151,000 |
|
LIQUIDITY (Times) |
|
|
|
Cash Ratio |
0.00 |
0.00 |
|
Liquid Ratio |
0.88 |
0.88 |
|
Current Ratio |
1.08 |
1.10 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
7 |
8 |
|
Debtors Ratio |
19 |
24 |
|
Creditors Ratio |
5 |
4 |
|
SOLVENCY RATIOS (Times) |
|
|
|
Gearing Ratio |
2.30 |
2.83 |
|
Liabilities Ratio |
8.41 |
8.51 |
|
Times Interest Earned Ratio |
(1.98) |
0.65 |
|
Assets Backing Ratio |
5.61 |
6.02 |
|
PERFORMANCE RATIO (%) |
|
|
|
Operating Profit Margin |
(0.07) |
(0.06) |
|
Net Profit Margin |
(0.08) |
(0.06) |
|
Return On Net Assets |
(4.31) |
9.71 |
|
Return On Capital Employed |
(3.21) |
7.73 |
|
Return On Shareholders' Funds/Equity |
(7.16) |
(5.43) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.