|
|
|
MIRA
INFORM REPORT
|
Report No. : |
501283 |
|
Report Date : |
05.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
SYNGENTA ASIA PACIFIC PTE. LTD |
|
|
|
|
Formerly Known As : |
·
SYNGENTA SINGAPORE PTE LTD ·
NOVARTIS CROP PROTECTION (SINGAPORE)
PTE LTD |
|
|
|
|
Registered Office : |
1, Harbourfront Avenue, 03-03, Keppel Bay Tower, 098632, |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
25.10.1997 |
|
|
|
|
Com. Reg. No.: |
199707386N |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the manufacture of pesticides and
other agro- chemical products. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SINGAPORE - ECONOMIC
OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.
The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE SUMMARY |
|
REGISTRATION NO. |
: |
199707386N |
|
COMPANY NAME |
: |
SYNGENTA ASIA PACIFIC PTE. LTD. |
|
FORMER NAME |
: |
SYNGENTA SINGAPORE PTE LTD (22/07/2003) |
|
INCORPORATION DATE |
: |
25/10/1997 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
1, HARBOURFRONT AVENUE, 03-03, KEPPEL BAY TOWER, 098632,
SINGAPORE. |
|
BUSINESS ADDRESS |
: |
NO 1 HARBOURFRONT AVENUE, #03-03 KEPPEL BAY TOWER, 098632,
SINGAPORE. |
|
TEL.NO. |
: |
65-63336400 |
|
FAX.NO. |
: |
65-63336411 |
|
WEB SITE |
: |
WWW.SYNGENTA.COM |
|
CONTACT PERSON |
: |
KOH TECK WAH ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF PESTICIDES AND OTHER AGRO- CHEMICAL PRODUCTS |
|
ISSUED AND PAID UP CAPITAL |
: |
1,588,023,595.00 ORDINARY SHARE, OF A VALUE OF SGD
1,588,023,595.00 |
|
SALES |
: |
USD 2,432,142,879 [2016] |
|
NET WORTH |
: |
USD 1,187,873,490 [2016] |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
REGULAR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
HIGH |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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)
manufacture of pesticides and other agro- chemical products.
The immediate holding company of the Subject is SYNGENTA
PARTICIPATIONS AG, a company incorporated in SWITZERLAND.
The ultimate holding company of the Subject is SYNGENTA AG, a
company incorporated in SWITZERLAND.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
02/04/2018 |
SGD 1,588,023,595.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SYNGENTA PARTICIPATIONS AG |
SCHWARWALDALLEE 215, BASEL 4058 ,SWITZERLAND |
T05UF2518 |
1,588,023,595.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,588,023,595.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
200604819M |
SINGAPORE |
SYNGENTA SINGAPORE (BIOTECH) PTE. LTD. |
- |
100.00 |
02/04/2018 |
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
KRATTINGER LUKAS LOUIS |
|
Address |
: |
398, KALLANG ROAD, 28-01, THE RIVERINE BY THE PARK, 339098,
SINGAPORE. |
|
IC / PP No |
: |
S7889566G |
|
Nationality |
: |
SWISS |
|
Date of Appointment |
: |
11/01/2017 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199707386N |
SYNGENTA ASIA PACIFIC PTE. LTD. |
Director |
11/01/2017 |
0.00 |
- |
USD97,315,426.00 |
2016 |
- |
02/04/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
ERICH FISCHER |
|
Address |
: |
SCHWARZWALDALLEE 215, CH-4058, BASEL, SWITZERLAND. |
|
IC / PP No |
: |
X1459222 |
|
Nationality |
: |
SWISS |
|
Date of Appointment |
: |
01/11/2016 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199707386N |
SYNGENTA ASIA PACIFIC PTE. LTD. |
Director |
01/11/2016 |
0.00 |
- |
USD97,315,426.00 |
2016 |
- |
02/04/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. KOH TECK WAH |
|
Address |
: |
15, KOVAN ROAD, 04-04, KOVAN MELODY, 548189, SINGAPORE. |
|
Other Address(es) |
: |
57, COMPASSVALE BOW, 07-13, THE QUARTZ, 544987, SINGAPORE. |
|
IC / PP No |
: |
S2760787Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
19/07/2011 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199707386N |
SYNGENTA ASIA PACIFIC PTE. LTD. |
Director |
19/07/2011 |
0.00 |
- |
USD97,315,426.00 |
2016 |
- |
02/04/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
GORDON ERNEST BARRETT |
|
Address |
: |
2, LEONIE HILL ROAD, 07-02, LEONIE CONDOTEL, 239192, SINGAPORE. |
|
IC / PP No |
: |
G3070870P |
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
21/07/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199707386N |
SYNGENTA ASIA PACIFIC PTE. LTD. |
Director |
21/07/2014 |
0.00 |
- |
USD97,315,426.00 |
2016 |
- |
02/04/2018 |
MANAGEMENT |
|
1) |
Name of Subject |
: |
KOH TECK WAH |
|
Position |
: |
DIRECTOR |
AUDITOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
SIM SIEW KIANG |
|
IC / PP No |
: |
S0015157B |
|
|
Address |
: |
6, TEMASEK BOULEVARD, 29-00, SUNTEC TOWER FOUR, 038986,
SINGAPORE. |
BANKING |
No Banker found in our databank.
ENCUMBRANCE (S) |
No encumbrance was found in our databank at the time of investigation.
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT |
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD |
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Import Countries |
: |
ASIA |
|||
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 |
: |
45% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
55% |
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2016 |
2015 |
2014 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
100 |
100 |
100 |
||||||
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of pesticides
and other agro- chemical products.
The Subject is one of the companies listed under the Syngenta list of
companies.
The Subject deals with broad range of safe and efficient crop protection
products.
The Subject improves crop yields and health in all stages of plant development.
The Subject also had developed and introduced innovative generation of
fungicides, strobilurins, in order to improve the control in the key plant
diseases like downy mildew, powdery mildew, late blight, rynchosporium, net
blotch and eyespot.
Syngenta's world leading seed care technology helps plants in their critical
growth stage to develop strong roots the basis for a healthy crop and high
yields.
The Subject's insecticides and fungicides protect the crop from insects and
disease, and improve plant vigor. Its herbicides control weeds which can reduce
yields through competition for nutrients, water and light.
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63336400 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO. 1 HARBOUR FRONT AVENUE #03-03 KEPPEL BAY TOWER 098632
SINGAPORE |
|
Current Address |
: |
NO 1 HARBOURFRONT AVENUE, #03-03 KEPPEL BAY TOWER, 098632,
SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its number of employees and bankers.
FINANCIAL ANALYSIS |
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
8.19% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
8.85% |
] |
|
|
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 unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
15 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
1 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 |
: |
Favourable |
[ |
2.25 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.46 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 |
[ |
125.02 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.01 Times |
] |
|
|
The interest cover showed that the Subject was able to service
the interest. The favourable interest cover could indicate that the Subject
was making enough profit to pay for the interest accrued. The Subject was
lowly geared thus it had a low financial risk. The Subject was mainly
financed by its shareholders' funds and internally generated funds. In times
of economic slowdown / downturn, the Subject being a lowly geared company,
will be able to compete better than those companies which are highly geared
in the same industry. |
||||||
|
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 as a lowly
geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
Overall financial condition of the Subject : STRONG |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
Major Economic Indicators : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population (Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood & Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper & Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing & Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical & Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber & Plastic Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery & Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport, Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance & Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government Services |
6.50 |
6.30 |
- |
- |
- |
|
Education Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS |
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector expanded by 4.8% in the fourth quarter,
supported largely by robust output growth in the electronics and precision
engineering clusters. For the whole of 2017, the manufacturing sector grew by
10%, accelerating from the 3.7% expansion in 2016. Growth was largely driven
by the electronics and precision engineering clusters, even as the biomedical
manufacturing, transport engineering and general manufacturing industries
clusters contracted. |
|
|
The electronics cluster grew by 24% in the fourth quarter 2017,
largely due to the semiconductors segment, which expanded by 35%.
Specifically, the semiconductors segment benefitted from robust global
semiconductors demand, which was in turn driven by key end markets such as
the smartphone market. At the same time, the computer peripherals segment
registered healthy growth of 9.5%, supported by buoyant demand for
printer-related products. On the other hand, the data storage and other
electronic modules & components segments contracted by 25% and 7.5% respectively.
For the full year, the electronics cluster expanded by 34% as the healthy
performance of the semiconductors and computer peripherals segments more than
offset the weakness in the data storage segment. |
|
|
In fourth quarter 2017, the precision engineering cluster
expanded to 20%, supported by both the precision modules & components
(PMC) and machinery & systems (M&S) segments. Output in the PMC
segment rose by 40% due to an increase in the production of dies, moulds,
tools, jigs & fixture, optical instruments and metal precision
components. Meanwhile, the M&S segment grew by 8.9% in tandem with
healthy export demand for semiconductor manufacturing equipment. For the
whole of 2017, the output of the precision engineering cluster rose by 18% on
account of robust expansions in both segments. |
|
|
The chemicals cluster grew by 12% in the fourth quarter 2017,
with all segments recording growth. In particular, the petrochemicals segment
grew by 23% on the back of production capacity expansions, while the petroleum
segment expanded by 13% supported by higher refining margins. At the same
time, the other chemicals and specialties segments posted growth of 8.1% and
6.2%respectively. For 2017 as a whole, the chemicals cluster expanded by
6.2%, supported by growth in all segments. |
|
|
Besides, output of the general manufacturing industries cluster
increased to 6.6% in the fourth quarter 2017, primarily due to the strong
performance of the food, beverages & tobacco (FBT) segment, which grew by
18% on the back of a surge in the production of beverages products. On the
other hand, the printing segment shrank by 11% due to weak demand for
commercial printing, while output in the miscellaneous industries segment
declined by 0.6% on account of a lower production of construction-related
materials. For the whole of 2017, the general manufacturing industries
cluster contracted by 1.6%, as output declines in the printing and
miscellaneous industries segments outweighed output gains in the FBT segment. |
|
|
Moreover, output of the transport engineering cluster fell by
7.8% in the fourth quarter 2017. The aerospace segment recorded robust growth
of 13% due to a higher volume of repair and maintenance work from commercial
airlines. However, this was more than offset by output declines in the marine
& offshore engineering (M&OE) and land transport segments of 22% and
11% respectively. In particular, the M&OE segment remained weak on
account of low levels of rig-building, shipbuilding and repair activities.
For the full year 2017, the transport engineering cluster shrank by 6.9%,
dragged down mainly by the M&OE segment. |
|
|
The biomedical manufacturing cluster contracted by 28% in the
fourth quarter 2017, weighed down by the pharmaceuticals segment (-37%) on
the back of a drop in the production of active pharmaceutical ingredients and
biological products. However, the medical technology segment, which grew at a
healthy pace of 3.3%, provided some support to the cluster. For 2017 as a
whole, output in the biomedical manufacturing cluster fell by 9.3%, led by
the output decline in the pharmaceuticals segment. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
|
FINANCIALs
|
PROFIT AND LOSS ACCOUNT |
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
SYNGENTA ASIA PACIFIC PTE. LTD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
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 |
2,432,142,879 |
2,457,469,499 |
2,525,987,001 |
3,041,405,842 |
2,602,853,643 |
|
Other Income |
28,656,378 |
22,523,407 |
8,363,121 |
8,560,480 |
306,324 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
2,460,799,257 |
2,479,992,906 |
2,534,350,122 |
3,049,966,322 |
2,603,159,967 |
|
Costs of Goods Sold |
(2,271,180,979) |
(2,310,755,539) |
(2,355,254,429) |
(2,825,962,861) |
(2,436,627,873) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
189,618,278 |
169,237,367 |
179,095,693 |
224,003,461 |
166,532,094 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
104,329,896 |
91,031,523 |
75,649,372 |
169,029,466 |
144,358,935 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
104,329,896 |
91,031,523 |
75,649,372 |
169,029,466 |
144,358,935 |
|
Taxation |
(7,014,470) |
(2,504,614) |
(5,365,508) |
(11,114,263) |
(6,170,781) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
97,315,426 |
88,526,909 |
70,283,864 |
157,915,203 |
138,188,154 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
596,742,685 |
608,215,776 |
707,931,912 |
755,016,709 |
796,828,555 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
596,742,685 |
608,215,776 |
707,931,912 |
755,016,709 |
796,828,555 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
694,058,111 |
696,742,685 |
778,215,776 |
912,931,912 |
935,016,709 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(450,000,000) |
(100,000,000) |
(170,000,000) |
(205,000,000) |
(180,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
244,058,111 |
596,742,685 |
608,215,776 |
707,931,912 |
755,016,709 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Lease interest |
841,232 |
967,777 |
242,743 |
138,000 |
599,280 |
|
Others |
- |
8,391 |
9,786 |
16,540,651 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
841,232 |
976,168 |
252,529 |
16,678,651 |
599,280 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
3,148,854 |
3,355,870 |
2,828,248 |
3,801,922 |
3,764,977 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
3,148,854 |
3,355,870 |
2,828,248 |
3,801,922 |
3,764,977 |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE SHEET |
|
SYNGENTA ASIA PACIFIC PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
16,707,840 |
18,680,918 |
21,325,618 |
3,633,065 |
5,556,235 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
- |
5,637,000 |
11,750,000 |
37,500,000 |
37,500,000 |
|
Loans & advances - non-current |
457,441,371 |
494,160,278 |
520,735,155 |
601,012,875 |
826,429,068 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
457,441,371 |
499,797,278 |
532,485,155 |
638,512,875 |
863,929,068 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
474,149,211 |
518,478,196 |
553,810,773 |
642,145,940 |
869,485,303 |
|
CURRENT ASSETS |
|||||
|
Stocks |
102,287,431 |
112,483,571 |
122,803,962 |
126,596,229 |
113,628,198 |
|
Trade debtors |
8,923,891 |
20,800 |
2,514,397 |
1,128,982,013 |
3,705,038 |
|
Other debtors, deposits & prepayments |
6,450,218 |
5,588,026 |
2,679,423 |
2,367,557 |
2,759,541 |
|
Interest receivable |
2,100,278 |
2,518,113 |
6,298,027 |
14,950,392 |
33,748,438 |
|
Amount due from related companies |
1,084,455,425 |
1,615,673,479 |
1,284,494,240 |
4,948,328 |
1,024,016,898 |
|
Cash & bank balances |
157,382 |
184,919 |
50,307 |
897,208 |
80,859 |
|
Others |
16,889,721 |
1,453,635 |
56,765,112 |
383,150,127 |
109,080,979 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
1,221,264,346 |
1,737,922,543 |
1,475,605,468 |
1,661,891,854 |
1,287,019,951 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,695,413,557 |
2,256,400,739 |
2,029,416,241 |
2,304,037,794 |
2,156,505,254 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
165,951,506 |
170,322,703 |
158,631,311 |
152,626,671 |
128,668,216 |
|
Other creditors & accruals |
14,622,103 |
16,044,396 |
14,351,555 |
12,904,948 |
12,787,174 |
|
Hire purchase & lease creditors |
- |
3,325,963 |
2,930,216 |
- |
- |
|
Amounts owing to related companies |
297,724,654 |
495,996,475 |
275,969,727 |
442,402,571 |
289,065,117 |
|
Provision for taxation |
13,671,132 |
6,146,974 |
8,346,511 |
11,534,492 |
6,848,746 |
|
Lease payables |
4,002,459 |
- |
- |
- |
526,838 |
|
Other liabilities |
1,186,838 |
11,287,335 |
2,095,997 |
32,575,039 |
19,673,110 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
497,158,692 |
703,123,846 |
462,325,317 |
652,043,721 |
457,569,201 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
724,105,654 |
1,034,798,697 |
1,013,280,151 |
1,009,848,133 |
829,450,750 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Lease obligations |
10,316,976 |
12,654,430 |
14,991,595 |
- |
- |
|
Deferred taxation |
64,399 |
64,399 |
68,174 |
246,782 |
103,965 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
10,381,375 |
12,718,829 |
15,059,769 |
246,782 |
103,965 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,187,873,490 |
1,540,558,064 |
1,552,031,155 |
1,651,747,291 |
1,698,832,088 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
943,815,379 |
943,815,379 |
943,815,379 |
943,815,379 |
943,815,379 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
943,815,379 |
943,815,379 |
943,815,379 |
943,815,379 |
943,815,379 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
244,058,111 |
596,742,685 |
608,215,776 |
707,931,912 |
755,016,709 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
244,058,111 |
596,742,685 |
608,215,776 |
707,931,912 |
755,016,709 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,187,873,490 |
1,540,558,064 |
1,552,031,155 |
1,651,747,291 |
1,698,832,088 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCIAL RATIO |
|
SYNGENTA ASIA PACIFIC PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
157,382 |
184,919 |
50,307 |
897,208 |
80,859 |
|
Net Liquid Funds |
157,382 |
184,919 |
50,307 |
897,208 |
80,859 |
|
Net Liquid Assets |
621,818,223 |
922,315,126 |
890,476,189 |
883,251,904 |
715,822,552 |
|
Net Current Assets/(Liabilities) |
724,105,654 |
1,034,798,697 |
1,013,280,151 |
1,009,848,133 |
829,450,750 |
|
Net Tangible Assets |
1,187,873,490 |
1,540,558,064 |
1,567,090,924 |
1,651,994,073 |
1,698,936,053 |
|
Net Monetary Assets |
611,436,848 |
909,596,297 |
875,416,420 |
883,005,122 |
715,718,587 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
105,171,128 |
92,007,691 |
140,382,937 |
185,708,117 |
144,958,215 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
108,319,982 |
95,363,561 |
143,211,185 |
189,510,039 |
148,723,192 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
10,316,976 |
15,980,393 |
14,991,595 |
0 |
0 |
|
Total Liabilities |
507,540,067 |
715,842,675 |
477,385,086 |
652,290,503 |
457,673,166 |
|
Total Assets |
1,695,413,557 |
2,256,400,739 |
2,029,416,241 |
2,304,037,794 |
2,156,505,254 |
|
Net Assets |
1,187,873,490 |
1,540,558,064 |
1,567,090,924 |
1,651,994,073 |
1,698,936,053 |
|
Net Assets Backing |
1,187,873,490 |
1,540,558,064 |
1,552,031,155 |
1,651,747,291 |
1,698,832,088 |
|
Shareholders' Funds |
1,187,873,490 |
1,540,558,064 |
1,552,031,155 |
1,651,747,291 |
1,698,832,088 |
|
Total Share Capital |
943,815,379 |
943,815,379 |
943,815,379 |
943,815,379 |
943,815,379 |
|
Total Reserves |
244,058,111 |
596,742,685 |
608,215,776 |
707,931,912 |
755,016,709 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(1.03) |
(2.71) |
(16.95) |
16.85 |
6.17 |
|
Proft/(Loss) Before Tax |
14.61 |
20.33 |
(55.24) |
17.09 |
(17.80) |
|
Proft/(Loss) After Tax |
9.93 |
25.96 |
(55.49) |
14.28 |
(18.19) |
|
Total Assets |
(24.86) |
11.18 |
(11.92) |
6.84 |
(0.86) |
|
Total Liabilities |
(29.10) |
49.95 |
(26.81) |
42.52 |
5.30 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liquid Ratio |
2.25 |
2.31 |
2.93 |
2.35 |
2.56 |
|
Current Ratio |
2.46 |
2.47 |
3.19 |
2.55 |
2.81 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
15 |
17 |
18 |
15 |
16 |
|
Debtors Ratio |
1 |
0 |
0 |
135 |
1 |
|
Creditors Ratio |
27 |
27 |
25 |
20 |
19 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.01 |
0.01 |
0.01 |
0 |
0 |
|
Liabilities Ratio |
0.43 |
0.46 |
0.31 |
0.39 |
0.27 |
|
Times Interest Earned Ratio |
125.02 |
94.25 |
2.17 |
11.13 |
241.89 |
|
Assets Backing Ratio |
1.26 |
1.63 |
1.66 |
1.75 |
1.80 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
4.29 |
3.70 |
2.99 |
5.56 |
5.55 |
|
Net Profit Margin |
4.00 |
3.60 |
2.78 |
5.19 |
5.31 |
|
Return On Net Assets |
8.85 |
5.97 |
8.96 |
11.24 |
8.53 |
|
Return On Capital Employed |
8.78 |
5.91 |
8.96 |
11.24 |
8.53 |
|
Return On Shareholders' Funds/Equity |
8.19 |
5.75 |
4.53 |
9.56 |
8.13 |
|
Dividend Pay Out Ratio (Times) |
4.62 |
1.13 |
2.42 |
1.30 |
1.30 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 79.79 |
|
SGD |
1 |
INR 49.47 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.