|
Report No. : |
326146 |
|
Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BP SINGAPORE PTE.
LIMITED |
|
|
|
|
Registered Office : |
1, Harbourfront Avenue, 02-01, Keppel Bay Tower, 098632 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.102.2013 |
|
|
|
|
Date of Incorporation : |
22.12.1966 |
|
|
|
|
Com. Reg. No.: |
196600436-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Refined Petroleum Products. |
|
|
|
|
No. of Employees : |
640 [2015] |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. Unemployment is
very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the
12-nation Trans-Pacific Partnership free trade agreement negotiations and, with
the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
196600436-K |
||||
|
COMPANY
NAME |
: |
BP
SINGAPORE PTE. LIMITED |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
22/12/1966 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
1,
HARBOURFRONT AVENUE, 02-01, KEPPEL BAY TOWER, 098632, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
1,
HARBOURFRONT AVENUE, 02-01, KEPPEL BAY TOWER, 098632, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-63718888 |
||||
|
FAX.NO. |
: |
65-63718855 |
||||
|
WEB
SITE |
: |
WWW.BP.COM |
||||
|
CONTACT
PERSON |
: |
ANDREW
MICHAEL MOORE ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF REFINED PETROLEUM PRODUCTS |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
133,939.00
ORDINARY SHARE, OF A VALUE OF SGD 1,339,390,000.00 |
||||
|
SALES |
: |
USD
55,364,327,000 [2013] |
||||
|
NET
WORTH |
: |
USD
1,330,605,000 [2013] |
||||
|
STAFF
STRENGTH |
: |
640
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
GOOD |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
N/A |
||||
|
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 refined petroleum products.
The immediate holding company of the Subject
is BP INTERNATIONAL LIMITED, a company incorporated in UNITED KINGDOM.
The ultimate holding company of the Subject
is BP P.L.C, a company incorporated in UNITED KINGDOM.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
11/03/2015 |
SGD
1,339,390,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
BP
INTERNATIONAL LIMITED |
CHERTSEY
ROAD, SUNBURY ON THAMES, MIDDLESEX, TW16 7BP, UNITED KINGDOM. |
T10UF3061 |
133,939.00 |
100.00 |
|
--------------- |
------ |
|||
|
133,939.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
200510582K |
SINGAPORE |
BP
ENERGY ASIA PTE. LIMITED |
100.00 |
11/03/2015 |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
PETER
WEIDNER |
|
Address |
: |
14,
YARWOOD AVENUE, 587986, SINGAPORE. |
|
IC
/ PP No |
: |
G5145920U |
|
Nationality |
: |
DANE |
|
Date
of Appointment |
: |
01/01/2012 |
DIRECTOR
2
|
Name
Of Subject |
: |
ANDREW
PHILLIP MILNES |
|
Address |
: |
32,
NASSIM HILL, 10-36, NASSIM MANSION, 258472, SINGAPORE. |
|
IC
/ PP No |
: |
G5452864M |
|
Nationality |
: |
BRITISH |
|
Date
of Appointment |
: |
01/11/2013 |
DIRECTOR
3
|
Name
Of Subject |
: |
MR.
ANDREW MICHAEL MOORE |
|
Address |
: |
38,
CORONATION ROAD WEST, 04-03, ASTRID MEADOWS, 269257, SINGAPORE. |
|
IC
/ PP No |
: |
G5297888U |
|
Nationality |
: |
BRITISH |
|
Date
of Appointment |
: |
16/07/2012 |
|
Remark |
: |
ALTERNATE
DIRECTOR |
DIRECTOR
4
|
Name
Of Subject |
: |
S
L YUEN |
|
Address |
: |
150A,
JALAN JURONG KECHIL, MANDARIN PARK, 598645, SINGAPORE. |
|
IC
/ PP No |
: |
G6261661Q |
|
Nationality |
: |
CANADIAN |
|
Date
of Appointment |
: |
01/01/2014 |
DIRECTOR
5
|
Name
Of Subject |
: |
WANG
BIN |
|
Address |
: |
122,
SERANGOON AVENUE, 3, 01-03, AMARANDA GARDENS, 554775, SINGAPORE. |
|
IC
/ PP No |
: |
G5445413P |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
01/12/2014 |
|
Remark |
: |
ALTERNATE
DIRECTOR |
|
1)
|
Name
of Subject |
: |
ANDREW
MICHAEL MOORE |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
ABDUL
JABBAR BIN KARAM DIN |
|
IC
/ PP No |
: |
S6936625B |
|
|
Address |
: |
21,
SIGLAP HILL, FRANKEL ESTATE, 456076, SINGAPORE. |
|
|
2)
|
Company
Secretary |
: |
MASTURA
BINTE MASWARI |
|
IC
/ PP No |
: |
S6821560I |
|
|
Address |
: |
490A,
TAMPINES STREET 45, 04-203, 520490, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
BANQUE
NATIONALE DE PARIS |
|
2)
|
Name |
: |
HONGKONG
BANK |
|
3)
|
Name |
: |
STANDARD
CHARTERED BANK |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201306874 |
21/05/2013 |
N/A |
SUMITOMO
MITSUI BANKING CORPORATION |
- |
Unsatisfied |
|
C201306878 |
21/05/2013 |
N/A |
SUMITOMO
MITSUI BANKING CORPORATION |
- |
Unsatisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* 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.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
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 |
: |
60% |
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Export
Market |
: |
WORLDWIDE |
|||
|
Credit
Term |
: |
30
- 90 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
PETROLEUM
PRODUCT |
|
|
Product
Brand Name |
: |
|
|
|
Member(s)
/ Affiliate(s) |
: |
SINGAPORE
INTERNATIONAL CHAMBERS OF COMMERCE AMERICAN
CHAMBER OF COMMERCE SINGAPORE
SHIPPING ASSOCIATION BRITISH
CHAMBER OF COMMERCE |
|
|
Ownership
of premises |
: |
LEASED/RENTED
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
640 |
640 |
640 |
640 |
600 |
||||
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of refined
petroleum products.
The Subject engages in the following activities:
* oil, gas & chemicals trading, shipping, and lubricants, aviation fuel and
marine fuel marketing.
* bp marine supplies bunker fuels and marine lubricants round-the-clock.
* air bp markets aviation fuels, lubricants and technical services to the
aviation industry in the region.
* oil, gas & chemicals trading business unit manages a global-scale trading
portfolio as well as supports the marketing requirements and business
development initiatives in the region.
* provides a wide range of knowledge-based functions and services to the
group's diverse range of activities in the asia pacific region.
The Subject offers petroleum products including:
* petrol
* diesel fuels and fuel oils
* kerosene and aviation fuels
* lpg (domestic and industrial)
* lubricating oils and greases
* acids
* chemicals and friction materials
* solvents
* resins and dispersants
* bitumen/cutback/emulsion
* anti-pollution equipment
* water-proofing products for building and civil works
* protective and intumescent coatings
* high barrier packaging material
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-63718888 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
1,
HARBOURFRONT AVENUE, 02-01, KEPPEL BAY TOWER,098632,SINGAPORE |
|
Current
Address |
: |
1,
HARBOURFRONT AVENUE, 02-01, KEPPEL BAY TOWER, 098632, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
17.25% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
19.47% |
] |
|
|
The
Subject's turnover increased steadily as the demand for its products / services
increased due to the goodwill built up over the years.The higher profit could
be attributed to the increase in turnover. The Subject's management had
generated acceptable return for its shareholders using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
15
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
18
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
27
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 |
[ |
0.86
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.20
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 |
: |
Favourable |
[ |
329.03
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
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 had no gearing and hence it had
virtually no financial risk. The Subject was financed by its shareholders'
funds and internally generated fund. During the economic downturn, the
Subject, having a zero gearing, will be able to compete better than those
which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Generally,
the Subject's performance has improved with higher turnover and profit. 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. With the favourable interest cover, the Subject could be
able to service all the accrued interest without facing any difficulties. The
Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall
financial condition of the Subject : STABLE |
||||||
|
|
||||||
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
|
|
Incorporated
in 1966, the Subject is a Private Limited company, focusing on trading of
refined petroleum products. The Subject has been in business for over two
decades. It has built up a strong clientele base and good reputation will enable
the Subject to further enhance its business in the near term. The Subject is
expected to enjoy a stable market shares. The Subject is a large entity with
strong capital position of SGD 1,339,390,000. We are confident with the
Subject's business and its future growth prospect.Having strong support from
its holding company has enabled the Subject to remain competitive despite the
challenging business environment. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
BP
SINGAPORE PTE. LIMITED |
|
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 |
55,364,327,000 |
53,933,417,000 |
48,641,634,000 |
43,145,253,000 |
31,145,164,000 |
|
Other
Income |
143,984,000 |
180,898,000 |
61,844,000 |
69,321,000 |
36,394,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
55,508,311,000 |
54,114,315,000 |
48,703,478,000 |
43,214,574,000 |
31,181,558,000 |
|
Costs
of Goods Sold |
(54,950,261,000) |
(53,640,368,000) |
(48,191,308,000) |
(42,662,963,000) |
(30,505,879,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
558,050,000 |
473,947,000 |
512,170,000 |
551,611,000 |
675,679,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
266,035,000 |
167,596,000 |
192,957,000 |
103,891,000 |
133,558,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
266,035,000 |
167,596,000 |
192,957,000 |
103,891,000 |
133,558,000 |
|
Taxation |
(36,511,000) |
(10,574,000) |
65,820,000 |
16,946,000 |
(8,409,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
229,524,000 |
157,022,000 |
258,777,000 |
120,837,000 |
125,149,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS |
229,524,000 |
157,022,000 |
258,777,000 |
120,837,000 |
125,149,000 |
|
Extraordinary
items |
(805,000) |
329,000 |
(1,086,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS |
228,719,000 |
157,351,000 |
257,691,000 |
120,837,000 |
125,149,000 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
215,924,000 |
258,573,000 |
250,882,000 |
1,030,045,000 |
904,896,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
215,924,000 |
258,573,000 |
250,882,000 |
1,030,045,000 |
904,896,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
444,643,000 |
415,924,000 |
508,573,000 |
1,150,882,000 |
1,030,045,000 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(215,000,000) |
(200,000,000) |
(250,000,000) |
(900,000,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
229,643,000 |
215,924,000 |
258,573,000 |
250,882,000 |
1,030,045,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Loan
from holding company |
734,000 |
1,181,000 |
- |
- |
- |
|
Loan
from subsidiary companies |
- |
- |
- |
38,595,000 |
- |
|
Others |
77,000 |
317,000 |
(2,876,000) |
2,093,000 |
5,218,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
811,000 |
1,498,000 |
(2,876,000) |
40,688,000 |
5,218,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
BP
SINGAPORE PTE. LIMITED |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
24,266,000 |
18,906,000 |
14,915,000 |
16,668,000 |
19,056,000 |
|
Associated
companies |
2,961,000 |
2,961,000 |
2,961,000 |
2,961,000 |
2,961,000 |
|
Investments |
618,000 |
618,000 |
618,000 |
618,000 |
618,000 |
|
Deferred
assets |
- |
105,000 |
10,476,000 |
- |
- |
|
Others |
9,157,000 |
5,118,000 |
11,666,000 |
2,952,000 |
4,287,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
12,736,000 |
8,802,000 |
25,721,000 |
6,531,000 |
7,866,000 |
|
INTANGIBLE
ASSETS |
|||||
|
Deferred/Expenditure
carried forward |
16,751,000 |
17,865,000 |
- |
17,020,000 |
16,080,000 |
|
Others |
- |
- |
16,583,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
16,751,000 |
17,865,000 |
16,583,000 |
17,020,000 |
16,080,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
53,753,000 |
45,573,000 |
57,219,000 |
40,219,000 |
43,002,000 |
|
Stocks |
2,248,464,000 |
1,786,536,000 |
1,535,663,000 |
1,304,461,000 |
951,361,000 |
|
Trade
debtors |
2,681,872,000 |
2,417,411,000 |
2,867,675,000 |
1,834,035,000 |
1,719,060,000 |
|
Other
debtors, deposits & prepayments |
13,140,000 |
15,641,000 |
7,415,000 |
7,410,000 |
4,783,000 |
|
Amount
due from related companies |
2,688,786,000 |
3,638,536,000 |
3,635,441,000 |
4,010,646,000 |
2,765,644,000 |
|
Cash
& bank balances |
28,865,000 |
21,199,000 |
19,643,000 |
18,662,000 |
8,783,000 |
|
Others |
111,340,000 |
99,536,000 |
84,826,000 |
213,751,000 |
197,031,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
7,772,467,000 |
7,978,859,000 |
8,150,663,000 |
7,388,965,000 |
5,646,662,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
7,826,220,000 |
8,024,432,000 |
8,207,882,000 |
7,429,184,000 |
5,689,664,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
4,070,080,000 |
4,584,020,000 |
4,787,697,000 |
3,681,652,000 |
2,769,970,000 |
|
Other
creditors & accruals |
341,959,000 |
298,044,000 |
127,480,000 |
33,599,000 |
34,658,000 |
|
Amounts
owing to related companies |
1,879,726,000 |
1,692,906,000 |
1,871,703,000 |
2,115,736,000 |
1,370,617,000 |
|
Provision
for taxation |
35,523,000 |
- |
- |
47,649,000 |
61,354,000 |
|
Other
liabilities |
128,130,000 |
111,652,000 |
72,936,000 |
226,770,000 |
311,407,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
6,455,418,000 |
6,686,622,000 |
6,859,816,000 |
6,105,406,000 |
4,548,006,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
1,317,049,000 |
1,292,237,000 |
1,290,847,000 |
1,283,559,000 |
1,098,656,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
1,370,802,000 |
1,337,810,000 |
1,348,066,000 |
1,323,778,000 |
1,141,658,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
1,005,657,000 |
1,005,657,000 |
1,005,657,000 |
1,005,657,000 |
55,659,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
1,005,657,000 |
1,005,657,000 |
1,005,657,000 |
1,005,657,000 |
55,659,000 |
|
Retained
profit/(loss) carried forward |
229,643,000 |
215,924,000 |
258,573,000 |
250,882,000 |
1,030,045,000 |
|
Employee
share option reserve |
95,305,000 |
77,864,000 |
- |
- |
- |
|
Others |
- |
- |
58,372,000 |
41,919,000 |
33,743,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
324,948,000 |
293,788,000 |
316,945,000 |
292,801,000 |
1,063,788,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
1,330,605,000 |
1,299,445,000 |
1,322,602,000 |
1,298,458,000 |
1,119,447,000 |
|
Deferred
taxation |
922,000 |
- |
- |
856,000 |
925,000 |
|
Retirement
benefits provision |
15,872,000 |
16,937,000 |
15,005,000 |
18,820,000 |
16,699,000 |
|
Others |
23,403,000 |
21,428,000 |
10,459,000 |
5,644,000 |
4,587,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
40,197,000 |
38,365,000 |
25,464,000 |
25,320,000 |
22,211,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,370,802,000 |
1,337,810,000 |
1,348,066,000 |
1,323,778,000 |
1,141,658,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
BP
SINGAPORE PTE. LIMITED |
|
TYPES
OF FUNDS |
|||||
|
Cash |
28,865,000 |
21,199,000 |
19,643,000 |
18,662,000 |
8,783,000 |
|
Net
Liquid Funds |
28,865,000 |
21,199,000 |
19,643,000 |
18,662,000 |
8,783,000 |
|
Net
Liquid Assets |
(931,415,000) |
(494,299,000) |
(244,816,000) |
(20,902,000) |
147,295,000 |
|
Net
Current Assets/(Liabilities) |
1,317,049,000 |
1,292,237,000 |
1,290,847,000 |
1,283,559,000 |
1,098,656,000 |
|
Net
Tangible Assets |
1,354,051,000 |
1,319,945,000 |
1,331,483,000 |
1,306,758,000 |
1,125,578,000 |
|
Net
Monetary Assets |
(971,612,000) |
(532,664,000) |
(270,280,000) |
(46,222,000) |
125,084,000 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
6,495,615,000 |
6,724,987,000 |
6,885,280,000 |
6,130,726,000 |
4,570,217,000 |
|
Total
Assets |
7,826,220,000 |
8,024,432,000 |
8,207,882,000 |
7,429,184,000 |
5,689,664,000 |
|
Net
Assets |
1,370,802,000 |
1,337,810,000 |
1,348,066,000 |
1,323,778,000 |
1,141,658,000 |
|
Net
Assets Backing |
1,330,605,000 |
1,299,445,000 |
1,322,602,000 |
1,298,458,000 |
1,119,447,000 |
|
Shareholders'
Funds |
1,330,605,000 |
1,299,445,000 |
1,322,602,000 |
1,298,458,000 |
1,119,447,000 |
|
Total
Share Capital |
1,005,657,000 |
1,005,657,000 |
1,005,657,000 |
1,005,657,000 |
55,659,000 |
|
Total
Reserves |
324,948,000 |
293,788,000 |
316,945,000 |
292,801,000 |
1,063,788,000 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liquid
Ratio |
0.86 |
0.93 |
0.96 |
1.00 |
1.03 |
|
Current
Ratio |
1.20 |
1.19 |
1.19 |
1.21 |
1.24 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
15 |
12 |
12 |
11 |
11 |
|
Debtors
Ratio |
18 |
16 |
22 |
16 |
20 |
|
Creditors
Ratio |
27 |
31 |
36 |
31 |
33 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities
Ratio |
4.88 |
5.18 |
5.21 |
4.72 |
4.08 |
|
Times
Interest Earned Ratio |
329.03 |
112.88 |
(66.09) |
3.55 |
26.60 |
|
Assets
Backing Ratio |
1.35 |
1.31 |
1.32 |
1.30 |
20.22 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.48 |
0.31 |
0.40 |
0.24 |
0.43 |
|
Net
Profit Margin |
0.41 |
0.29 |
0.53 |
0.28 |
0.40 |
|
Return
On Net Assets |
19.47 |
12.64 |
14.10 |
10.92 |
12.16 |
|
Return
On Capital Employed |
19.23 |
12.47 |
13.93 |
10.78 |
11.99 |
|
Return
On Shareholders' Funds/Equity |
17.25 |
12.08 |
19.57 |
9.31 |
11.18 |
|
Dividend
Pay Out Ratio (Times) |
0.94 |
1.27 |
0.97 |
7.45 |
0.00 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.94 |
|
|
1 |
Rs.98.27 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.