|
Report No. : |
301708 |
|
Report Date : |
06.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ECOGREEN OLEOCHEMICALS (SINGAPORE) PTE LTD |
|
|
|
|
Formerly Known As : |
SALIM
OLEOCHEMICALS (SINGAPORE) PTE LTD |
|
|
|
|
Registered Office : |
99, BUKIT TIMAH
ROAD, 04-01, ALFA CENTRE, 229835 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
06.03.1997 |
|
|
|
|
Com. Reg. No.: |
199701440-N |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of
Natural-Based Oelochemicals, Ethylene Oxide Derivatives and Ethoxylated
Surfactants |
|
|
|
|
No. of Employee : |
Not Available |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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. 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. |
: |
199701440-N |
||||
|
COMPANY NAME |
: |
ECOGREEN
OLEOCHEMICALS (SINGAPORE) PTE LTD |
||||
|
FORMER NAME |
: |
SALIM
OLEOCHEMICALS (SINGAPORE) PTE LTD (05/03/2001) |
||||
|
INCORPORATION
DATE |
: |
06/03/1997 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
99, BUKIT TIMAH
ROAD, 04-01, ALFA CENTRE, 229835, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
99 BUKIT TIMAH
ROAD, 03-01/02 ALFA CENTRE, 229835, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63777726 |
||||
|
FAX.NO. |
: |
65-63377706 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
WILLY SUTANTO @
CHEN GUO WEI ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING OF
NATURAL-BASED OELOCHEMICALS, ETHYLENE OXIDE DERIVATIVES AND ETHOXYLATED
SURFACTANTS |
||||
|
ISSUED AND PAID
UP CAPITAL |
: |
6,000,000.00 ORDINARY
SHARE, OF A VALUE OF SGD 6,000,000.00 |
||||
|
SALES |
: |
USD 284,905,000
[2013] |
||||
|
NET WORTH |
: |
USD 50,182,000
[2013] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum of
forty-nine shareholders. As a private limited company, the Subject must have at
least two directors. A private limited company is a separate legal entity from
its shareholders. As a separate legal entity, the Subject is capable of owning
assets, entering into contracts, sue or be sued by other companies. The
liabilities of the shareholders are to the extent of the equity they have taken
up and the creditors cannot claim on shareholders' personal assets even if the
Subject is insolvent. The Subject is governed by the Companies Act and the
company must file its annual returns, together with its financial statements
with the Registrar of Companies.
The Subject is
principally engaged in the (as a / as an) trading of natural-based
oelochemicals, ethylene oxide derivatives and ethoxylated surfactants.
The immediate
holding company of the Subject is WORLDWIDE LINK (B.V.I.) LTD, a company
incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital
History
|
Date |
Issue &
Paid Up Capital |
|
05/01/2015 |
SGD 6,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
WORLDWIDE LINK
(B.V.I.) LTD |
WICKHAMS CAY
ROAD, TOWN TORTOLA, VIRGIN ISLANDS, BRITISH. |
S97UF0221 |
6,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
6,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
UNITED STATES |
ECOGREEN
OLEOCHEMICALS, INC. |
100.00 |
31/12/2013 |
|
|
198502042C |
SINGAPORE |
ETHOXYLATES
MANUFACTURING PTE LTD |
100.00 |
31/12/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
TEDDY TANZIL |
|
Address |
: |
1, JALAN KUALA,
08-03, THE MORNINGSIDE, 239639, SINGAPORE. |
|
IC / PP No |
: |
S2668092A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
06/03/1997 |
DIRECTOR 2
|
Name Of Subject |
: |
WILLY SUTANTO @
CHEN GUO WEI |
|
Address |
: |
20, WILBY ROAD,
03-01, THE TESSARINA, 276305, SINGAPORE. |
|
IC / PP No |
: |
S2619579I |
|
Date of
Appointment |
: |
10/02/1998 |
DIRECTOR 3
|
Name Of Subject |
: |
JIMMY MASRIN |
|
Address |
: |
38, STEVENS ROAD,
04-02, 257845, SINGAPORE. |
|
IC / PP No |
: |
G6051108Q |
|
Nationality |
: |
INDONESIAN |
|
Date of
Appointment |
: |
19/03/2001 |
DIRECTOR 4
|
Name Of Subject |
: |
EDDY WILLIAM
KATUARI |
|
Address |
: |
JALAN MANYAR
KERTOARJO, 7, 31, SURABAYA, 60285, INDONESIA. |
|
IC / PP No |
: |
V486381 |
|
Nationality |
: |
INDONESIAN |
|
Date of
Appointment |
: |
19/03/2001 |
DIRECTOR 5
|
Name Of Subject |
: |
DR ERWIN SUTANTO |
|
Address |
: |
JALAN MANGGA
BESAR III/29.E, RT 005/005, KEL MANGGA BESAR, JAKARTA BARAT, INDONESIA. |
|
IC / PP No |
: |
A3647758 |
|
Nationality |
: |
INDONESIAN |
|
Date of
Appointment |
: |
02/05/2003 |
|
1) |
Name of Subject |
: |
WILLY SUTANTO @
CHEN GUO WEI |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
DELOITTE &
TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
SERLINA NG MUI
CHEN |
|
IC / PP No |
: |
S7922641F |
|
|
Address |
: |
602A, PUNGGOL
CENTRAL, 15-672, 821602, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
NANCY KAM MENG
SEE |
|
IC / PP No |
: |
S6860142H |
|
|
New IC No |
: |
681109-10-5970 |
|
|
Address |
: |
513, PASIR RIS
STREET, 52, 14-115, 510513, SINGAPORE. |
|
Banking relations are
maintained principally with :
|
1) |
Name |
: |
COOPERATIEVE
CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. |
|
2) |
Name |
: |
FORTIS BANK
(NETHERLAND) N.V SINGAPORE BRANCH |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
200104886 |
05/10/2001 |
N/A |
COOPERATIEVE
CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.('RABOBANK |
- |
Unsatisfied |
|
C200705889 |
25/07/2007 |
N/A |
RAIFFEISEN
ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT |
- |
Unsatisfied |
|
C200705980 |
26/07/2007 |
N/A |
RAIFFEISEN
ZENTRALBANK OSTERREICH AKTIENGELLSCHAFT |
- |
Unsatisfied |
|
C200709496 |
05/11/2007 |
N/A |
COOPERATIEVE
CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK |
- |
Unsatisfied |
|
C201004571 |
03/06/2010 |
N/A |
FORTIS BANK
(NETHERLAND) N.V |
- |
Unsatisfied |
* A check has been conducted in our databank 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 |
[ |
X |
] |
Good 31-60 Days |
[ |
] |
Average 61-90
Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
15 - 30 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
NATURAL-BASED
OELOCHEMICALS, ETHYLENE OXIDE DERIVATIVES AND ETHOXYLATED SURFACTANTS |
|
Total Number of
Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
15 |
20 |
20 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
natural-based oelochemicals, ethylene oxide derivatives and ethoxylated surfactants.
Background:
Ecogreen Oleochemicals is one of the worlds largest producers of naturally
fatty alcohols.
Formerly known as Salim Oleochemicals, it was incorporated in 1997. Today, it
is a thriving company with more than 500 employees worldwide, state-of-the-art
manufacturing facilities and a combined production capacity of more than
100,000 mt per year.
Ecogreen Oleochemicals exports the majority of its products worldwide to key
markets in Asia Pacific, The United States of America, Latin America and
Europe. Close links to these markets are maintained through the marketing
headquarters in Singapore which covers not only marketing functions in Asia,
but also coordinates global marketing activities with two regional offices, one
in Houston (USA) and the other in Rodleben (Germany).
Ecogreen Oleochemicals marketing efforts are complimented by a network of
distributors and agents in over 20 countries that provide the local support in
distribution, storage and customer liaison. Tank storage facilities assure its
customers the continuity of supply and timely delivery.
Ecogreen Oleochemicals (Singapore) Pte Ltd. markets and sells chemicals such as
fatty acids, glycerin, and oleochemicals. The company was formerly known as
Salim Oleochemicals (Singapore) Pte Ltd. Ecogreen Oleochemicals (Singapore) Pte
Ltd. was founded in the year 1997 and is based in Singapore, Singapore. The
company operates as a subsidiary of PT Ecogreen Oleochemicals Limited.
Products:
* fatty alcohols
* short chain fatty acids
* glycerine
* sugar alcohols
* primary fatty amines
* unsaturated fatty alcohols
* specialty esters
* alcohol ethoxylates
Quality assessment:
* ISO 14001:2004
* ISO 9001:2000
Subject is a member of the following entities:
* Singapore Business Federation
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number
Provided By Client |
: |
N/A |
|
Current Telephone
Number |
: |
65-63777726 |
|
Match |
: |
N/A |
|
Address Provided by
Client |
: |
99 BUKIT TIMAH
ROAD NO. 03-01 ALFA CENTRE SINGAPORE 229835 |
|
Current Address |
: |
99 BUKIT TIMAH
ROAD, 03-01/02 ALFA CENTRE, 229835, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
On 5th January 2015 we contacted one of the staff from the Subject and she
provided some information.
The address provided is incomplete.
|
Profitability |
||||||||||
|
Turnover |
: |
Decreased |
[ |
2009 - 2013 |
] |
|||||
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|||||
|
Return on
Shareholder Funds |
: |
Acceptable |
[ |
24.02% |
] |
|||||
|
Return on Net
Assets |
: |
Acceptable |
[ |
27.75% |
] |
|||||
|
The continuous fall
in turnover could be due to the lower demand for the Subject's products /
services.The Subject's management have been efficient in controlling its
operating costs. The Subject's management had generated acceptable return for
its shareholders using its assets. |
||||||||||
|
Working
Capital Control |
|
|||||||||
|
Stock Ratio |
: |
Favourable |
[ |
8 Days |
] |
|
||||
|
Debtor Ratio |
: |
Favourable |
[ |
32 Days |
] |
|
||||
|
Creditors Ratio |
: |
Favourable |
[ |
2 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 |
[ |
1.62 Times |
] |
|
||||
|
Current Ratio |
: |
Unfavourable |
[ |
1.73 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 |
[ |
11.85 Times |
] |
|
||||
|
Gearing Ratio |
: |
Acceptable |
[ |
0.86 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 : |
|
|||||||||
|
Due to the efficient
control of its operating costs, the Subject was able to remain profitable
despite lower turnover achieved during the year. 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 |
|
|||||||||
|
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 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 |
|
Incorporated in 1997, the Subject is a Private Limited company, focusing on trading
of natural-based oelochemicals, ethylene oxide derivatives and ethoxylated
surfactants. Having been in the industry for over a decade, the Subject has
achieved a certain market share and has built up a satisfactory reputation in
the market. It should have received supports from its regular customers. A paid
up capital of SGD 6,000,000 allows the Subject to expand its business more
comfortably. Having strong support from its holding company has enabled the
Subject to remain competitive despite the challenging business
environment.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the Subject to further
enhance its business in the near term. Overall, we regard that the Subject's
management capability is average. This indicates that the Subject has greater
potential to improve its business performance and raising income for the
Subject.
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. Return on
shareholders' funds of the Subject was at a favourable range 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 50,182,000, 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.
We regard that the Subject's overall payment habit is prompt. The Subject had a
favourable creditors' ratio as evidenced by its favourable collection
days.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the 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.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
Financial Year
End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
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 |
284,905,000 |
308,825,000 |
460,221,000 |
288,906,000 |
178,633,000 |
|
Other Income |
2,054,000 |
785,000 |
(758,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
286,959,000 |
309,610,000 |
459,463,000 |
288,906,000 |
178,633,000 |
|
Costs of Goods
Sold |
(273,316,000) |
(298,105,000) |
(441,842,000) |
(275,893,000) |
(168,171,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
13,643,000 |
11,505,000 |
17,621,000 |
13,013,000 |
10,462,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
12,750,000 |
3,741,000 |
9,977,000 |
4,501,000 |
4,802,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
12,750,000 |
3,741,000 |
9,977,000 |
4,501,000 |
4,802,000 |
|
Taxation |
(698,000) |
(449,000) |
(1,224,000) |
(518,000) |
(484,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
12,052,000 |
3,292,000 |
8,753,000 |
3,983,000 |
4,318,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously
reported |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
16,635,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
16,635,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE
FOR APPROPRIATIONS |
49,033,000 |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
DIVIDENDS -
Ordinary (paid & proposed) |
(3,000,000) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD |
46,033,000 |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding
company |
- |
- |
- |
118,000 |
676,000 |
|
Loan from
subsidiary companies |
- |
- |
- |
4,000 |
15,000 |
|
Term loan /
Borrowing |
947,000 |
1,187,000 |
1,022,000 |
808,000 |
1,035,000 |
|
Others |
228,000 |
265,000 |
337,000 |
301,000 |
442,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,175,000 |
1,452,000 |
1,359,000 |
1,231,000 |
2,168,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED ASSETS |
63,000 |
43,000 |
40,000 |
30,000 |
33,000 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
6,044,000 |
6,044,000 |
6,044,000 |
6,544,000 |
6,544,000 |
|
Investments |
29,000 |
29,000 |
29,000 |
29,000 |
29,000 |
|
Others |
178,000 |
194,000 |
190,000 |
196,000 |
143,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER
ASSETS |
6,251,000 |
6,267,000 |
6,263,000 |
6,769,000 |
6,716,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
ASSETS |
6,314,000 |
6,310,000 |
6,303,000 |
6,799,000 |
6,749,000 |
|
Stocks |
6,472,000 |
7,739,000 |
8,045,000 |
9,200,000 |
4,395,000 |
|
Trade debtors |
25,265,000 |
36,145,000 |
45,947,000 |
80,076,000 |
49,966,000 |
|
Other debtors,
deposits & prepayments |
175,000 |
212,000 |
164,000 |
2,509,000 |
1,661,000 |
|
Short term
deposits |
- |
- |
- |
- |
5,515,000 |
|
Amount due from
holding company |
95,000 |
69,000 |
19,000 |
- |
- |
|
Amount due from
subsidiary companies |
17,584,000 |
14,165,000 |
26,338,000 |
- |
- |
|
Amount due from
related companies |
48,166,000 |
49,077,000 |
44,696,000 |
- |
- |
|
Cash & bank
balances |
6,628,000 |
5,331,000 |
7,829,000 |
2,540,000 |
2,095,000 |
|
Others |
- |
- |
444,000 |
95,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
104,385,000 |
112,738,000 |
133,482,000 |
94,420,000 |
63,632,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
110,699,000 |
119,048,000 |
139,785,000 |
101,219,000 |
70,381,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
1,563,000 |
1,889,000 |
807,000 |
20,223,000 |
3,231,000 |
|
Other creditors
& accruals |
520,000 |
629,000 |
1,573,000 |
2,469,000 |
1,264,000 |
|
Short term
borrowings/Term loans |
43,000,000 |
54,000,000 |
50,000,000 |
48,000,000 |
39,600,000 |
|
Amounts owing to subsidiary
companies |
1,357,000 |
6,383,000 |
5,326,000 |
- |
- |
|
Amounts owing to
related companies |
12,131,000 |
13,440,000 |
42,028,000 |
- |
- |
|
Provision for
taxation |
667,000 |
379,000 |
1,165,000 |
514,000 |
510,000 |
|
Other liabilities |
1,273,000 |
1,193,000 |
1,042,000 |
926,000 |
673,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
LIABILITIES |
60,511,000 |
77,913,000 |
101,941,000 |
72,132,000 |
45,278,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
43,874,000 |
34,825,000 |
31,541,000 |
22,288,000 |
18,354,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
50,188,000 |
41,135,000 |
37,844,000 |
29,087,000 |
25,103,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share
capital |
4,149,000 |
4,149,000 |
4,149,000 |
4,149,000 |
4,149,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE
CAPITAL |
4,149,000 |
4,149,000 |
4,149,000 |
4,149,000 |
4,149,000 |
|
Retained
profit/(loss) carried forward |
46,033,000 |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
46,033,000 |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
50,182,000 |
41,130,000 |
37,838,000 |
29,085,000 |
25,102,000 |
|
Deferred taxation |
6,000 |
5,000 |
6,000 |
2,000 |
1,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
LIABILITIES |
6,000 |
5,000 |
6,000 |
2,000 |
1,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
50,188,000 |
41,135,000 |
37,844,000 |
29,087,000 |
25,103,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES OF FUNDS |
|||||
|
Cash |
6,628,000 |
5,331,000 |
7,829,000 |
2,540,000 |
7,610,000 |
|
Net Liquid Funds |
6,628,000 |
5,331,000 |
7,829,000 |
2,540,000 |
7,610,000 |
|
Net Liquid Assets |
37,402,000 |
27,086,000 |
23,496,000 |
13,088,000 |
13,959,000 |
|
Net Current
Assets/(Liabilities) |
43,874,000 |
34,825,000 |
31,541,000 |
22,288,000 |
18,354,000 |
|
Net Tangible
Assets |
50,188,000 |
41,135,000 |
37,844,000 |
29,087,000 |
25,103,000 |
|
Net Monetary
Assets |
37,396,000 |
27,081,000 |
23,490,000 |
13,086,000 |
13,958,000 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
43,000,000 |
54,000,000 |
50,000,000 |
48,000,000 |
39,600,000 |
|
Total Liabilities |
60,517,000 |
77,918,000 |
101,947,000 |
72,134,000 |
45,279,000 |
|
Total Assets |
110,699,000 |
119,048,000 |
139,785,000 |
101,219,000 |
70,381,000 |
|
Net Assets |
50,188,000 |
41,135,000 |
37,844,000 |
29,087,000 |
25,103,000 |
|
Net Assets
Backing |
50,182,000 |
41,130,000 |
37,838,000 |
29,085,000 |
25,102,000 |
|
Shareholders'
Funds |
50,182,000 |
41,130,000 |
37,838,000 |
29,085,000 |
25,102,000 |
|
Total Share
Capital |
4,149,000 |
4,149,000 |
4,149,000 |
4,149,000 |
4,149,000 |
|
Total Reserves |
46,033,000 |
36,981,000 |
33,689,000 |
24,936,000 |
20,953,000 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.11 |
0.07 |
0.08 |
0.04 |
0.17 |
|
Liquid Ratio |
1.62 |
1.35 |
1.23 |
1.18 |
1.31 |
|
Current Ratio |
1.73 |
1.45 |
1.31 |
1.31 |
1.41 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
8 |
9 |
6 |
12 |
9 |
|
Debtors Ratio |
32 |
43 |
36 |
101 |
102 |
|
Creditors Ratio |
2 |
2 |
1 |
27 |
7 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing Ratio |
0.86 |
1.31 |
1.32 |
1.65 |
1.58 |
|
Liabilities Ratio |
1.21 |
1.89 |
2.69 |
2.48 |
1.80 |
|
Times Interest
Earned Ratio |
11.85 |
3.58 |
8.34 |
4.66 |
3.21 |
|
Assets Backing
Ratio |
12.10 |
9.91 |
9.12 |
7.01 |
6.05 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit
Margin |
4.48 |
1.21 |
2.17 |
1.56 |
2.69 |
|
Net Profit Margin |
4.23 |
1.07 |
1.90 |
1.38 |
2.42 |
|
Return On Net
Assets |
27.75 |
12.62 |
29.95 |
19.71 |
27.77 |
|
Return On Capital
Employed |
27.75 |
12.62 |
29.95 |
19.71 |
27.77 |
|
Return On
Shareholders' Funds/Equity |
24.02 |
8.00 |
23.13 |
13.69 |
17.20 |
|
Dividend Pay Out
Ratio (Times) |
0.25 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.39 |
|
|
1 |
Rs.96.84 |
|
Euro |
1 |
Rs.75.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.