|
Report No. : |
309367 |
|
Report Date : |
02.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SINOPEC LUBRICANT
(SINGAPORE) PTE. LTD. |
|
|
|
|
Registered Office : |
150, Tuas South Avenue, 5, Sinopec Lubricant Spore Company, 637363 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
12.05.2010 |
|
|
|
|
Com. Reg. No.: |
201010257-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturer of Petroleum Lubricating Oil |
|
|
|
|
No. of Employees : |
100 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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. 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. |
: |
201010257-K |
|
COMPANY NAME |
: |
SINOPEC LUBRICANT (SINGAPORE) PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
12/05/2010 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
150, TUAS SOUTH AVENUE, 5, SINOPEC
LUBRICANT SPORE COMPANY, 637363, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
150, TUAS SOUTH AVENUE 5, SINOPEC
LUBRICANT SINGAPORE COMPANY,, 637363, SINGAPORE. |
|
TEL.NO. |
: |
65-64997030 |
|
FAX.NO. |
: |
65-68202590 |
|
CONTACT PERSON |
: |
PEI WENJUN ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF PETROLEUM LUBRICATING OIL |
|
ISSUED AND PAID UP CAPITAL |
: |
1.00 ORDINARY SHARE, OF A VALUE OF SGD
1.00 |
|
SALES |
: |
USD 115,480,000 [2013] |
|
NET WORTH |
: |
USD 18,441,000 [2013] |
|
STAFF STRENGTH |
: |
100 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MATURE |
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) manufacture of
petroleum lubricating oil.
The immediate holding company of the Subject is SINOPEC LUBRICANT CO.
LTD., a company incorporated in CHINA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
25/02/2015 |
SGD 25,755,001.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SINOPEC LUBRICANT CO. LTD. |
6, ANNINGZHUANG WEST ROAD, HAI DIAN DISTRICT, BEIJING, CHINA. |
T14UF2652 |
25,755,001.00 |
100.00 |
|
--------------- |
------ |
|||
|
25,755,001.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
JIANG YUNDE |
|
Address |
: |
1705, BLOCK 4, AN HUI BEI LI YA YUAN, CHAOYANG DISTRICT, BEIJING,
CHINA. |
|
IC / PP No |
: |
P01531694 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
12/05/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
NIE SHICHUN |
|
Address |
: |
677C, JURONG WEST STREET 64, 08-281, 643677, SINGAPORE. |
|
IC / PP No |
: |
G5960219K |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
01/03/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
SONG YUNCHANG |
|
Address |
: |
1205, BLOCK 4, AN HUI BEI LI YA YUAN, CHAOYANG DISTRICT, BEIJING,
CHINA. |
|
IC / PP No |
: |
P01323685 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
12/05/2010 |
DIRECTOR 4
|
Name Of Subject |
: |
LI LIANGYAO |
|
Address |
: |
1911, BLOCK 5, FIRST COURTYARD OF JIAO, TONG DA XUE ROAD, HAIDIAN
DISTRICT, BEIJING, CHINA. |
|
IC / PP No |
: |
P01068499 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
12/05/2010 |
DIRECTOR 5
|
Name Of Subject |
: |
PEI WENJUN |
|
Address |
: |
685C, JURONG WEST CENTRAL 1, 04-168, 643685, SINGAPORE. |
|
IC / PP No |
: |
G5195166U |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
12/05/2010 |
|
1) |
Name of Subject |
: |
PEI WENJUN |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
SIM SIEW KIANG |
|
IC / PP No |
: |
S0015157B |
|
|
Address |
: |
613A, UPPER CHANGI ROAD, APOLLO GARDENS, 487026, SINGAPORE. |
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
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 |
[ |
] |
|||||||||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
clientele.
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
100 |
100 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of
petroleum lubricating oil.
The staff from the registered office refused to disclose the Subject's
operation.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6564997030 |
|
Current Telephone Number |
: |
65-64997030 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
150 TUAS SOUTH AVE 5 SINGAPORE 637363 |
|
Current Address |
: |
150, TUAS SOUTH AVENUE 5, SINOPEC LUBRICANT SINGAPORE COMPANY,,
637363, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject's registered office and she only
provided limited information.
The address provided is incomplete.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(11.85%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(9.03%) |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.Higher losses before tax during the year
could be due to the higher operating costs incurred. The Subject's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
50 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
30 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 |
: |
Unfavourable |
[ |
0.15 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.31 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or
injection of fresh capital, it may face difficulties in meeting its short
term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(1.65 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
4.34 Times |
] |
|
|
The Subject incurred losses in the year. It did not generate sufficient
income to service its interest. If the situation does not improve, the
Subject may be vulnerable to default in servicing the interest. The Subject
was highly geared, thus it had a high financial risk. The Subject was
dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the Subject will become less profitable
and competitive than other firms in the same industry, which are lowly
geared. This is because the Subject has to service the interest and to repay
the loan, which will erode part of its profits. The profits will fluctuate
depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's losses increased but its turnover showed a
fluctuating trend. This indicate the Subject was slowly losing its
market share due to its competitors. Due to its weak liquidity position, the
Subject will be faced with problems in meeting all its short term obligations
if no short term loan is obtained or additional capital injected into the
Subject. The Subject's interest cover was negative, indicating that it did
not generate sufficient income to service its interest. If its result does
not show impressive improvements or succeed obtaining short term financing or
capital injection, it may not be able to service its interest and repay the
loans. The Subject's gearing level was high and its going concern will be in
doubt if there is no injection of additional shareholders' funds in times of
economic downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject : POOR |
||||||
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
* Based on Index of Industrial Production (2011 = 100) |
|
INDUSTRY : |
MANUFACTURING |
|
In the third quarter of 2014, manufacturing output has increased by
1.9%, extending the 1.5% growth in the previous quarter. Growth was largely
driven by the biomedical manufacturing and chemicals clusters. Besides, for
the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the
0.3% growth recorded in the previous year. All clusters recorded an expansion
in 2013, except the biomedical manufacturing cluster. |
|
|
The chemicals cluster grew by 5.2% in the third quarter of 2014.
Growth was led by the petrochemicals and specialty chemicals segments, which
expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment
contracted by 4.2% in the third quarter of 2014 due to plant maintenance
shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%. |
|
|
Besides, output of the biomedical manufacturing cluster expanded by 9.0%
in the third quarter of 2014. The medical technology segment posted robust
growth of 23% due to higher production of medical instruments and supplies,
while the output of the pharmaceuticals segment rose by 6.2%. However, in the
whole of 2013, the biomedical manufacturing cluster recorded only a flat
growth. |
|
|
In the third quarter of 2014, the transport engineering cluster
contracted by 2.0%, dragged down by the aerospace segment. Output in the
aerospace segment plunged by 18% on the back of fewer repair jobs from
commercial airlines. This was mitigated by the 4.1% growth in the marine
& offshore engineering segment, which was supported by higher
contributions from rig building projects. Nonetheless, for the whole of 2013,
the transport engineering cluster grew by 5.2%. |
|
|
Moreover, output of the precision engineering cluster increased by
1.3% in the third quarter of 2014. The machinery & systems segment grew
by 6.2%, supported by higher demand for semiconductor-related equipment and
mechanical engineering work. This was partly offset by the decline in the
output of the precision modules & components segment. Conversely, in the
full year of 2013, the precision engineering cluster's output declined by
5.6%. |
|
|
Furthermore, in the third quarter of 2014, output of the general
manufacturing industries declined by 3.0%. The 2.1% growth in the food,
beverages & tobacco segment was more than offset by declines in the other
two segments. In particular, the miscellaneous industries segment contracted
by 4.7% on the back of lower output in construction-related products, such as
concrete & cement products and steel structural components. For the full
year of 2013, the general manufacturing cluster grew by 2.8%. |
|
|
Besides, in the third quarter of 2014, the electronics cluster
expanded by 0.9%, reversing the 5.0% contraction in the previous quarter.
Growth was supported by an expansion in the computer peripherals (6.3%) and
data storage (2.6%) segments. Moreover, for the year 2013, the electronics
cluster expanded by 3.5%. |
|
|
OVERALL INDUSTRY OUTLOOK : MATURE |
|
|
Incorporated in 2010, the Subject is a Private
Limited company, focusing on manufacture of petroleum lubricating oil. The
Subject has been in business for less than 5 years and it has slowly been
building up contact with its clients while competing in the industry.
However, it has yet to enjoy a stable market shares as it need to compete
many well established players in the same field. Presently, the issued and
paid up capital of the Subject stands at SGD 1 & USD 25,755,000. The
Subject have a strong support from its holding company. |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
SINOPEC LUBRICANT (SINGAPORE) PTE. LTD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
SUMMARY |
|
Currency |
USD |
USD |
USD |
SGD |
|
TURNOVER |
115,480,000 |
154,318,000 |
48,144,000 |
0 |
|
Other Income |
433,000 |
424,000 |
83,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
115,913,000 |
154,742,000 |
48,227,000 |
- |
|
Costs of Goods Sold |
(111,654,000) |
(151,800,000) |
(49,932,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
4,259,000 |
2,942,000 |
(1,705,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(2,674,000) |
(2,657,000) |
(2,467,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(2,674,000) |
(2,657,000) |
(2,467,000) |
- |
|
Taxation |
489,000 |
0 |
0 |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(2,185,000) |
(2,657,000) |
(2,467,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As previously reported |
(5,129,000) |
(2,472,000) |
(5,000) |
(5,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(5,129,000) |
(2,472,000) |
(5,000) |
(5,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(7,314,000) |
(5,129,000) |
(2,472,000) |
(5,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(7,314,000) |
(5,129,000) |
(2,472,000) |
(5,000) |
|
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||||
|
Letter of credit |
6,000 |
79,000 |
- |
- |
|
Others |
1,002,000 |
266,000 |
85,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,008,000 |
345,000 |
85,000 |
- |
|
|
============= |
============= |
============= |
|
SINOPEC LUBRICANT (SINGAPORE) PTE. LTD. |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
78,720,000 |
61,388,000 |
22,169,000 |
1,268 |
|
Deferred assets |
489,000 |
- |
- |
- |
|
Others |
5,232,000 |
4,723,000 |
4,891,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
5,721,000 |
4,723,000 |
4,891,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
84,441,000 |
66,111,000 |
27,060,000 |
1,268 |
|
Stocks |
15,683,000 |
14,544,000 |
5,104,000 |
- |
|
Trade debtors |
4,318,000 |
9,371,000 |
9,549,000 |
- |
|
Other debtors, deposits & prepayments |
4,871,000 |
2,580,000 |
1,693,000 |
- |
|
Short term deposits |
38,000 |
- |
- |
- |
|
Amount due from subsidiary companies |
1,998,000 |
8,061,000 |
- |
- |
|
Amount due from related companies |
- |
- |
1,968,000 |
- |
|
Cash & bank balances |
2,735,000 |
287,000 |
1,451,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
29,643,000 |
34,843,000 |
19,765,000 |
6,481 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
114,084,000 |
100,954,000 |
46,825,000 |
7,749 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
||||
|
Trade creditors |
9,315,000 |
11,033,000 |
10,145,000 |
- |
|
Other creditors & accruals |
- |
- |
492,000 |
- |
|
Short term borrowings/Term loans |
79,950,000 |
44,760,000 |
- |
- |
|
Amounts owing to subsidiary companies |
6,378,000 |
24,535,000 |
- |
- |
|
Amounts owing to related companies |
- |
- |
12,905,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
95,643,000 |
80,328,000 |
23,542,000 |
13,938 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(66,000,000) |
(45,485,000) |
(3,777,000) |
(7,458) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
18,441,000 |
20,626,000 |
23,283,000 |
(6,190) |
|
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
||||
|
Ordinary share capital |
25,755,000 |
25,755,000 |
25,755,000 |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
25,755,000 |
25,755,000 |
25,755,000 |
0 |
|
Retained profit/(loss) carried forward |
(7,314,000) |
(5,129,000) |
(2,472,000) |
(5,000) |
|
Others |
- |
- |
- |
(6,190) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(7,314,000) |
(5,129,000) |
(2,472,000) |
(6,190) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
18,441,000 |
20,626,000 |
23,283,000 |
(6,190) |
|
Others |
- |
- |
0 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
18,441,000 |
20,626,000 |
23,283,000 |
(6,190) |
|
|
============= |
============= |
============= |
============= |
|
|
SINOPEC LUBRICANT (SINGAPORE) PTE. LTD. |
|
TYPES OF FUNDS |
||||
|
Cash |
2,773,000 |
287,000 |
1,451,000 |
- |
|
Net Liquid Funds |
2,773,000 |
287,000 |
1,451,000 |
- |
|
Net Liquid Assets |
(81,683,000) |
(60,029,000) |
(8,881,000) |
(7,457) |
|
Net Current Assets/(Liabilities) |
(66,000,000) |
(45,485,000) |
(3,777,000) |
(7,457) |
|
Net Tangible Assets |
18,441,000 |
20,626,000 |
23,283,000 |
(6,190) |
|
Net Monetary Assets |
(81,683,000) |
(60,029,000) |
(8,881,000) |
(7,457) |
|
BALANCE SHEET ITEMS |
||||
|
Total Borrowings |
79,950,000 |
44,760,000 |
0 |
- |
|
Total Liabilities |
95,643,000 |
80,328,000 |
23,542,000 |
13,938 |
|
Total Assets |
114,084,000 |
100,954,000 |
46,825,000 |
7,749 |
|
Net Assets |
18,441,000 |
20,626,000 |
23,283,000 |
(6,190) |
|
Net Assets Backing |
18,441,000 |
20,626,000 |
23,283,000 |
(6,189) |
|
Shareholders' Funds |
18,441,000 |
20,626,000 |
23,283,000 |
(6,190) |
|
Total Share Capital |
25,755,000 |
25,755,000 |
25,755,000 |
- |
|
Total Reserves |
(7,314,000) |
(5,129,000) |
(2,472,000) |
(6,190) |
|
LIQUIDITY (Times) |
||||
|
Cash Ratio |
0.03 |
0.00 |
0.06 |
- |
|
Liquid Ratio |
0.15 |
0.25 |
0.62 |
- |
|
Current Ratio |
0.31 |
0.43 |
0.84 |
0.46 |
|
WORKING CAPITAL CONTROL (Days) |
||||
|
Stock Ratio |
50 |
34 |
39 |
- |
|
Debtors Ratio |
14 |
22 |
72 |
- |
|
Creditors Ratio |
30 |
27 |
74 |
- |
|
SOLVENCY RATIOS (Times) |
||||
|
Gearing Ratio |
4.34 |
2.17 |
0.00 |
- |
|
Liabilities Ratio |
5.19 |
3.89 |
1.01 |
(2.25) |
|
Times Interest Earned Ratio |
(1.65) |
(6.70) |
(28.02) |
- |
|
Assets Backing Ratio |
0.72 |
0.80 |
0.90 |
- |
|
PERFORMANCE RATIO (%) |
||||
|
Operating Profit Margin |
(2.32) |
(1.72) |
(5.12) |
- |
|
Net Profit Margin |
(1.89) |
(1.72) |
(5.12) |
- |
|
Return On Net Assets |
(9.03) |
(11.21) |
(10.23) |
- |
|
Return On Capital Employed |
(9.03) |
(11.21) |
(10.23) |
- |
|
Return On Shareholders' Funds/Equity |
(11.85) |
(12.88) |
(10.60) |
- |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
- |
|
NOTES TO ACCOUNTS |
||||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
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.