|
Report No. : |
336323 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTER-CONTINENTAL OILS & FATS PTE. LTD. |
|
|
|
|
Registered Office : |
150, Beach Road, 16-01, Gateway West, 189720 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.05.2002 |
|
|
|
|
Com. Reg. No.: |
200204156-N |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of oil products |
|
|
|
|
No of Employees : |
130 [250] |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys
a remarkably open and corruption-free environment, stable prices, and a per capita
GDP higher than that of most developed countries. Unemployment is very low. The
economy depends heavily on exports, particularly of consumer electronics,
information technology products, medical and optical devices, pharmaceuticals,
and on its vibrant transportation, business, and financial services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial crisis,
but has continued to grow since 2010 on the strength of renewed exports. Growth
in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a
sluggish global economy and weak growth in Singapore’s manufacturing sector.
The government is attempting to restructure Singapore’s economy by weaning its
dependence on foreign labor, addressing weak productivity, and increasing
Singaporean wages. Singapore has attracted major investments in pharmaceuticals
and medical technology production and will continue efforts to strengthen its
position as Southeast Asia's leading financial and high-tech hub. Singapore is
a member of the 12-nation Trans-Pacific Partnership free trade negotiations,
the Regional Comprehensive Economic Partnership negotiations with the nine
other ASEAN members plus Australia, China, India, Japan, South Korea and New
Zealand, and in 2015, Singapore will form, with the other ASEAN members, the
ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
200204156-N |
||||
|
COMPANY NAME |
: |
INTER-CONTINENTAL
OILS & FATS PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
16/05/2002 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
150, BEACH ROAD, 16-01, GATEWAY WEST,
189720, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
150 BEACH ROAD, #16-01, GATEWAY WEST,
189720, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65766500 |
||||
|
FAX.NO. |
: |
65-62595613 |
||||
|
WEB SITE |
: |
WWW.ICOFGROUP.COM |
||||
|
CONTACT PERSON |
: |
BAHARI KARIM ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF OIL PRODUCTS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
16,667,487.00 ORDINARY SHARE, OF A VALUE
OF SGD 16,667,487.00 |
||||
|
SALES |
: |
USD 2,427,489,824 [2013] |
||||
|
NET WORTH |
: |
USD 180,801,170 [2013] |
||||
|
STAFF STRENGTH |
: |
130 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY
/ BACKGROUND
|
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 holding company of the Subject is MUSIM MAS HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
29/01/2015 |
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 |
|
200610434W |
SINGAPORE |
ICOF SHIPPING PTE. LTD. |
100.00 |
28/01/2015 |
|
201021123H |
SINGAPORE |
IM BIOFUEL PTE. LTD. |
100.00 |
28/01/2015 |
DIRECTORS
|
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, NO. 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, NO. 32, RT, 03, RW, 01,
TAMBAKREJO, KECAMATAN WARU, 61256, INDONESIA. |
|
IC / PP No |
: |
X019032 |
|
Nationality |
: |
INDONESIAN |
|
Date of Appointment |
: |
01/03/2010 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
BAHARI KARIM |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
PRICEWATER HOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. TEO MENG KEONG |
|
IC / PP No |
: |
S6968331B |
|
|
Address |
: |
269, BUKIT BATOK EAST AVENUE, 4, 08-168, 650269, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
CHAN LAI YIN |
|
IC / PP No |
: |
S7480587F |
|
|
Address |
: |
26, SIMEI STREET, 1, 11-08, MELVILLE PARK, 529947, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ABN AMRO BANK N.V. |
|
2) |
Name |
: |
BNP PARIBAS |
|
3) |
Name |
: |
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A. |
|
4) |
Name |
: |
DBS BANK LTD |
|
5) |
Name |
: |
HSH NORDBANK AG |
|
6) |
Name |
: |
ING BANK N.V. |
|
7) |
Name |
: |
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD
(SINGAPORE BRANCH) |
|
8) |
Name |
: |
DEUTSCHE BANK AKTIENGESELLSCHAFT |
|
9) |
Name |
: |
NATIXIS |
|
10) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION
LIMITED |
|
11) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
|
12) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
|
13) |
Name |
: |
THE HONGKONG & SHANGHAI BANKING
CORPORATION LIMITED |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
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 |
|
C201202912 |
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 |
|
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 |
|
C201403042 |
24/03/2014 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
|
C201403824 |
15/04/2014 |
N/A |
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A. |
- |
Unsatisfied |
|
C201403825 |
15/04/2014 |
N/A |
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A. |
- |
Unsatisfied |
|
C201411942 |
30/10/2014 |
N/A |
THE BANK OF TOKYOMITSUBISHI UFJ, LTD.
SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201411944 |
30/10/2014 |
N/A |
THE BANK OF TOKYOMITSUBISHI UFJ, LTD. SINGAPORE
BRANCH |
- |
Unsatisfied |
|
C201412662 |
13/11/2014 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201412665 |
13/11/2014 |
N/A |
THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED |
- |
Unsatisfied |
LITIGATION
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 |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
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 |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
130 |
130 |
130 |
130 |
120 |
||||
|
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 |
: |
Decreased |
[ |
2010 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
31.67% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
29.54% |
] |
|
|
The continuous fall in turnover could be due to the lower demand for
the Subject's products / services.The Subject's profit fell sharply because
of the high operating costs incurred. 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 |
[ |
1 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
72 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 high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. 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 |
[ |
1.36 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.38 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 |
[ |
35.03 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.48 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 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 : |
||||||
|
The Subject's performance deteriorated over the years with lower
turnover and profit. 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 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 : 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 sectors
have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per
cent growth in the previous quarter. In 2013, the wholesale and retail sector
expanded by 5.0%, after declining by 1.4% the year before. Growth of the
sector was driven by the wholesale trade segment. |
|
|
The domestic wholesale trade index has
increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6%
growth in the previous quarter. The slower growth was due to a decline in the
sales of furniture and household equipment (-12%) and petroleum and petroleum
products (-0.6%). For the full year, the domestic wholesale trade index grew
by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign
wholesale trade index has increased by a slower pace of 5.6% in the fourth
quarter, compared to the 7.7% expansion in the preceding quarter. The
slowdown was due to a fall in the sales of telecommunication equipment and
computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full
year, the growth of the foreign wholesale trade index moderated slightly to
8.6% from 9.1% in the previous year. |
|
|
In the fourth quarter of 2013, retail sales
volume fell by 6.2%, extending the 5.6% decline in the previous quarter.
Excluding motor vehicles, retail sales volume increased by 0.4%, a slower
pace of expansion as compared to the 1.6% gain in the preceding quarter. The
sales volume of motor vehicles fell by 33% in the fourth quarter of 2013,
extending the 32% decline in the previous quarter. Meanwhile, the sales of
several discretionary items also fell in the fourth quarter of 2013. For
instance, the sales of telecommunications apparatus and computers fell by
12%, while the sales of furniture and household equipment declined by 5.4%. |
|
|
For the full year, retail sales volume
contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding
motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower
than the 1.7% increase in 2012. Watches and jewellery recorded the largest
increase (11%) in sales in 2013, followed by optical goods and book (3%) and
medical goods and toiletries (3%). By contrast, the sales of telecommunications
apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and
petrol service stations (-1.4) declined in 2013. |
|
|
OVERALL INDUSTRY
OUTLOOK : AVERAGE GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Over the years, the Subject has
established an extensive clientele base in the market. Besides catering to
the local market, the Subject has penetrated into other countries. With the
contribution of both local and overseas customers, the Subject is likely to
be exposed to lower commercial risk. Hence, we believe that the Subject has
better business expansion opportunities in the future. The Subject is a
fairly large and rapidly growing company with over 130 staff in its
operations The Subject has a good management capability. Its capable
management team has enabled the Subject to keep its business on going. Hence,
the future prospect of the Subject is bright. The Subject's business performance showed
a reverse trend as both its turnover and pre-tax profit have decreased
compared to the previous year. 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 high gearing ratio
clearly implied that the Subject was supported by more debt than equity.
Thus, the Subject is exposed to high financial risk. Given a positive net
worth standing at USD 180,801,170, the Subject should be able to maintain its
business in the near terms. Having a strong assets backing, the
Subject possesses latent assets as collateral for further financial
extension. Hence, it has good chance of getting loans if the needs arises.
The Subject's supplier are from both the local and overseas countries. This
will eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the
Subject has a good control over its resources. Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. 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. Based on the above condition, we recommend
credit be granted to the Subject promptly. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
INTER-CONTINENTAL
OILS & FATS PTE. LTD. |
|
Financial Year End |
2013-12-31 |
2013-06-30 |
2012-06-30 |
2011-06-30 |
2010-06-30 |
|
Months |
6 |
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 |
2,427,489,824 |
5,084,174,095 |
5,164,055,044 |
4,227,442,338 |
2,768,807,882 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
2,427,489,824 |
5,084,174,095 |
5,164,055,044 |
4,227,442,338 |
2,768,807,882 |
|
Costs of Goods Sold |
(2,351,616,532) |
(4,952,056,266) |
(5,038,659,057) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
75,873,292 |
132,117,829 |
125,395,987 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
59,892,851 |
105,693,906 |
95,365,246 |
77,248,773 |
52,008,537 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
59,892,851 |
105,693,906 |
95,365,246 |
77,248,773 |
52,008,537 |
|
Taxation |
(2,638,036) |
(7,082,604) |
(8,767,528) |
(4,510,778) |
(3,510,261) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
57,254,815 |
98,611,302 |
86,597,718 |
72,737,995 |
48,498,276 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
63,830,564 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
63,830,564 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
250,659,170 |
240,800,855 |
209,564,553 |
144,266,835 |
112,328,840 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(79,858,000) |
(47,396,500) |
(67,375,000) |
(21,300,000) |
(40,800,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
170,801,170 |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Loan from subsidiary companies |
- |
- |
- |
784,975 |
- |
|
Term loan / Borrowing |
497,829 |
739,000 |
891,416 |
710,435 |
- |
|
Trust receipts |
845,992 |
1,672,058 |
2,153,355 |
1,517,766 |
885,219 |
|
Others |
416,177 |
679,553 |
991,012 |
557,632 |
956,148 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,759,998 |
3,090,611 |
4,035,783 |
3,570,808 |
1,841,367 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
|
|
INTER-CONTINENTAL
OILS & FATS PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
722,945 |
491,969 |
561,704 |
711,889 |
650,257 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
25,411,625 |
25,211,625 |
18,215,023 |
16,913,972 |
1,217,972 |
|
Loans & advances - non-current |
- |
- |
- |
7,808,221 |
2,750,000 |
|
Others |
10,050,000 |
16,607,880 |
13,403,112 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
35,461,625 |
41,819,505 |
31,618,135 |
24,722,193 |
3,967,972 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
36,184,570 |
42,311,474 |
32,179,839 |
25,434,082 |
4,618,229 |
|
Stocks |
7,524,050 |
22,299,658 |
46,586,627 |
62,160,472 |
19,392,980 |
|
Trade debtors |
479,354,261 |
380,719,546 |
331,516,172 |
510,314,357 |
213,478,183 |
|
Other debtors, deposits & prepayments |
1,020,750 |
838,548 |
862,002 |
4,619,688 |
123,834 |
|
Short term deposits |
6,900,400 |
- |
12,500,608 |
- |
5,099,948 |
|
Amount due from holding company |
- |
3,852 |
- |
- |
- |
|
Amount due from subsidiary companies |
70,635,937 |
34,660,605 |
63,081,098 |
- |
- |
|
Amount due from related companies |
- |
- |
26,231,660 |
- |
- |
|
Cash & bank balances |
59,629,617 |
51,623,850 |
57,913,513 |
30,357,363 |
47,185,940 |
|
Others |
100,629 |
103,218 |
2,130,824 |
582,683 |
343,663 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
625,165,644 |
490,249,277 |
540,822,504 |
608,034,563 |
285,624,548 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
661,350,214 |
532,560,751 |
573,002,343 |
633,468,645 |
290,242,777 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
60,417,574 |
107,711,862 |
38,847,167 |
207,436,278 |
97,392,392 |
|
Other creditors & accruals |
1,255,822 |
1,268,722 |
504,489 |
470,444 |
166,015 |
|
Short term borrowings/Term loans |
14,166,667 |
11,391,670 |
20,383,332 |
274,759,935 |
93,680,530 |
|
Other borrowings |
225,029,154 |
177,931,096 |
185,445,268 |
- |
- |
|
Amounts owing to subsidiary companies |
142,234,581 |
11,412,419 |
4,419,733 |
- |
- |
|
Amounts owing to related companies |
- |
- |
142,025,945 |
- |
- |
|
Provision for taxation |
6,515,833 |
7,031,479 |
8,983,670 |
4,275,600 |
3,200,000 |
|
Other liabilities |
3,012,746 |
3,659,148 |
161,516 |
1,059,551 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
452,632,377 |
320,406,396 |
400,771,120 |
488,001,808 |
194,438,937 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
172,533,267 |
169,842,881 |
140,051,384 |
120,032,755 |
91,185,611 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
208,717,837 |
212,154,355 |
172,231,223 |
145,466,837 |
95,803,840 |
|
============= |
============= |
============= |
============= |
============= |
|
|
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 |
170,801,170 |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
170,801,170 |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
180,801,170 |
203,404,355 |
152,189,553 |
132,966,835 |
81,528,840 |
|
Long term loans |
27,916,667 |
8,750,000 |
20,041,670 |
12,500,002 |
14,275,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
27,916,667 |
8,750,000 |
20,041,670 |
12,500,002 |
14,275,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
208,717,837 |
212,154,355 |
172,231,223 |
145,466,837 |
95,803,840 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
INTER-CONTINENTAL
OILS & FATS PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
66,530,017 |
51,623,850 |
70,414,121 |
30,357,363 |
52,285,888 |
|
Net Liquid Funds |
66,530,017 |
51,623,850 |
70,414,121 |
30,357,363 |
52,285,888 |
|
Net Liquid Assets |
165,009,217 |
147,543,223 |
93,464,757 |
57,872,283 |
71,792,631 |
|
Net Current Assets/(Liabilities) |
172,533,267 |
169,842,881 |
140,051,384 |
120,032,755 |
91,185,611 |
|
Net Tangible Assets |
208,717,837 |
212,154,355 |
172,231,223 |
145,466,837 |
95,803,840 |
|
Net Monetary Assets |
137,092,550 |
138,793,223 |
73,423,087 |
45,372,281 |
57,517,631 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
267,112,488 |
198,072,766 |
225,870,270 |
287,259,937 |
107,955,530 |
|
Total Liabilities |
480,549,044 |
329,156,396 |
420,812,790 |
500,501,810 |
208,713,937 |
|
Total Assets |
661,350,214 |
532,560,751 |
573,002,343 |
633,468,645 |
290,242,777 |
|
Net Assets |
208,717,837 |
212,154,355 |
172,231,223 |
145,466,837 |
95,803,840 |
|
Net Assets Backing |
180,801,170 |
203,404,355 |
152,189,553 |
132,966,835 |
81,528,840 |
|
Shareholders' Funds |
180,801,170 |
203,404,355 |
152,189,553 |
132,966,835 |
81,528,840 |
|
Total Share Capital |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
Total Reserves |
170,801,170 |
193,404,355 |
142,189,553 |
122,966,835 |
71,528,840 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.15 |
0.16 |
0.18 |
0.06 |
0.27 |
|
Liquid Ratio |
1.36 |
1.46 |
1.23 |
1.12 |
1.37 |
|
Current Ratio |
1.38 |
1.53 |
1.35 |
1.25 |
1.47 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
1 |
2 |
3 |
5 |
3 |
|
Debtors Ratio |
72 |
27 |
23 |
44 |
28 |
|
Creditors Ratio |
9 |
8 |
3 |
18 |
13 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
1.48 |
0.97 |
1.48 |
2.16 |
1.32 |
|
Liabilities Ratio |
2.66 |
1.62 |
2.77 |
3.76 |
2.56 |
|
Times Interest Earned Ratio |
35.03 |
35.20 |
24.63 |
22.63 |
29.24 |
|
Assets Backing Ratio |
20.87 |
21.22 |
17.22 |
14.55 |
9.58 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
2.47 |
2.08 |
1.85 |
1.83 |
1.88 |
|
Net Profit Margin |
2.36 |
1.94 |
1.68 |
1.72 |
1.75 |
|
Return On Net Assets |
29.54 |
51.28 |
57.71 |
55.56 |
56.21 |
|
Return On Capital Employed |
29.54 |
51.28 |
57.71 |
55.56 |
56.21 |
|
Return On Shareholders' Funds/Equity |
31.67 |
48.48 |
56.90 |
54.70 |
59.49 |
|
Dividend Pay Out Ratio (Times) |
1.39 |
0.48 |
0.78 |
0.29 |
0.84 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.