|
|
|
MIRA INFORM REPORT
|
Report No. : |
503872 |
|
Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
ASIA RESOURCE
CORPORATION PTE LTD |
|
|
|
|
Formerly Known As : |
PONTIREP HOLDINGS PTE LTD (13/04/1994) |
|
|
|
|
Registered Office : |
78, Shenton Way 28-01, 079120 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
07.06.1984 |
|
|
|
|
Com. Reg. No.: |
198402056N |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of beverages, wine and spirits, cosmetics, beauty products,
investment holding. |
|
|
|
|
No. of Employees : |
Note 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 : |
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
|
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 electronics,
petroleum products, chemicals, medical and optical devices, pharmaceuticals,
and on Singapore’s 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 from 2012-2017 was slower
than during the previous decade, a result of slowing structural growth - as
Singapore reached high-income levels - and soft global demand for exports.
Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to
reduce its dependence on foreign labor, raise productivity growth, and increase
wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific
Partnership (CPTPP), and a party to the Regional Comprehensive Economic
Partnership (RCEP) negotiations with 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. |
: |
198402056N |
|
COMPANY NAME |
: |
ASIA RESOURCE CORPORATION PTE LTD |
|
FORMER NAME |
: |
PONTIREP HOLDINGS PTE LTD (13/04/1994) |
|
INCORPORATION DATE |
: |
07/06/1984 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
78, SHENTON WAY 28-01, 079120, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
78 SHENTON WAY #28-01, 079120, SINGAPORE. |
|
TEL.NO. |
: |
65-63231800 |
|
FAX.NO. |
: |
65-63232939 |
|
WEB SITE |
: |
WWW.ARC.COM.SG |
|
CONTACT PERSON |
: |
NG HOW KIAT ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF BEVERAGES, WINE AND
SPIRITS,COSMETICS, BEAUTY PRODUCTS, INVESTMENT HOLDING |
|
ISSUED AND PAID UP CAPITAL |
: |
32,991,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 33,799,000.00 |
|
SALES |
: |
SGD 40,468,807 [2016] |
|
NET WORTH |
: |
SGD 137,737,282 [2016] |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
NO COMPLAINTS |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
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) trading of beverages, wine and spirits,cosmetics, beauty products,
investment holding.
Former Address(es)
|
Address |
As At Date |
|
78 Shenton Way #28-01, MALAYSIA |
N/A |
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
13/04/2018 |
SGD 35,973,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
RESOURCE PACIFIC HOLDINGS PTE LTD |
78, SHENTON WAY, 28-01 079120 ,SINGAPORE |
199503894E |
14,384,000.00 |
43.60 |
|
CHEW LEONG CHEE + |
6B, CLUNY PARK, 259615, SINGAPORE. |
S0690146H |
12,798,000.00 |
38.79 |
|
THANG KWEK MIN + |
21B, JANSEN ROAD, 548414, SINGAPORE. |
S1066102A |
1,500,000.00 |
4.55 |
|
CHRISTOPHER LIM SIEW HOCK + |
48, MEYER ROAD, 04-48, EQUATORIAL
APARTMENTS, 437872, SINGAPORE. |
S1513620J |
1,400,000.00 |
4.24 |
|
ASIA RESOURCE CORPORATION PTE LTD |
78, SHENTON WAY, 28-01 079120 ,SINGAPORE |
198402056N |
1,109,000.00 |
3.36 |
|
TAN CHAY HOON |
78, SHENTON WAY, 28-01 079120 ,SINGAPORE |
S1563522C |
600,000.00 |
1.82 |
|
CHARLIE NG HOW KIAT + |
25, MOONSTONE LANE, 19-03, MOONSTONE
RESIDENCES, 328465, SINGAPORE. |
S7041731F |
330,000.00 |
1.00 |
|
TAN HUI TIANG |
48, MEYER ROAD, 04-48, EQUATORIAL APARTMENTS
437872 ,SINGAPORE |
S1171324F |
300,000.00 |
0.91 |
|
TAN KHENG KIT |
582, PASIR RIS STREET 53, 10-19 510582
,SINGAPORE |
S7020989F |
230,000.00 |
0.70 |
|
PATRICK |
JALAN RAYA PURI KEMBANGAN, KEDOYA GARDEN,
E/27, JAKARTA BARAT 11520 ,INDONESIA |
A4962777 |
180,000.00 |
0.55 |
|
IGNATIUS QUEK FENGHONG |
110, TAGORE AVENUE, TEACHER'S HOUSING
ESTATE 787700 ,SINGAPORE |
S8127152F |
80,000.00 |
0.24 |
|
ANTO |
473D, UPPER SERANGOON CRESCENT, 18-367,
HOUGANG PARKEDGE 538473 ,SINGAPORE |
S7977999G |
80,000.00 |
0.24 |
|
--------------- |
------ |
|||
|
32,991,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
198302255H |
SINGAPORE |
ARC CORPORATE SERVICES PTE LTD |
- |
100.00 |
13/04/2018 |
|
199409514N |
SINGAPORE |
ARC INVESTMENT PTE LTD |
- |
50.40 |
13/04/2018 |
|
201317874R |
SINGAPORE |
MACONDRAY HOLDINGS PTE. LTD. |
- |
75.85 |
13/04/2018 |
|
198202951D |
SINGAPORE |
PONTIREP INVESTMENT PTE LTD |
- |
100.00 |
13/04/2018 |
|
197200380E |
SINGAPORE |
REPRESENTATIONS INTERNATIONAL PTE. LTD. |
- |
100.00 |
13/04/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MELANIE CHEW NG FUNG NING |
|
Address |
: |
6B, CLUNY PARK, 259615, SINGAPORE. |
|
IC / PP No |
: |
S2157786C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
08/05/1997 |
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 |
198402056N |
ASIA RESOURCE CORPORATION PTE LTD |
Director |
08/05/1997 |
0.00 |
- |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
CHARLIE NG HOW KIAT |
|
Address |
: |
25, MOONSTONE LANE, 19-03, MOONSTONE
RESIDENCES, 328465, SINGAPORE. |
|
IC / PP No |
: |
S7041731F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
26/06/2012 |
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 |
198402056N |
ASIA RESOURCE CORPORATION PTE LTD |
Director |
26/06/2012 |
330,000.00 |
1.00 |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
|
2 |
197200380E |
REPRESENTATIONS INTERNATIONAL PTE. LTD. |
Director |
02/07/2012 |
0.00 |
- |
USD(1,191,358.00) |
2016 |
- |
13/04/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
CHRISTOPHER LIM SIEW HOCK |
|
Address |
: |
48, MEYER ROAD, 04-48, EQUATORIAL APARTMENTS,
437872, SINGAPORE. |
|
Other Address(es) |
: |
5572-I,TMN.NOR MANSOR,JALAN TELIPOT, KOTA
BHARU, KELANTAN, 15200 KOTA BHARU, KELANTAN, MALAYSIA. |
|
IC / PP No |
: |
S1513620J/1513620J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/08/1993 |
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 |
198402056N |
ASIA RESOURCE CORPORATION PTE LTD |
Director |
01/08/1993 |
1,400,000.00 |
4.24 |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
|
2 |
404950P |
FUJIYOSHI FOOD AND BEVERAGES SDN. BHD. |
Director |
06/10/1996 |
60,001.00 |
10.00 |
- |
2016 |
Winding-Up by High Court (0000-00-00) |
26/03/2018 |
|
3 |
197200380E |
REPRESENTATIONS INTERNATIONAL PTE. LTD. |
Director |
18/04/1990 |
0.00 |
- |
USD(1,191,358.00) |
2016 |
- |
13/04/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
THANG KWEK MIN |
|
Address |
: |
21B, JANSEN ROAD, 548414, SINGAPORE. |
|
IC / PP No |
: |
S1066102A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
24/04/1990 |
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 |
198402056N |
ASIA RESOURCE CORPORATION PTE LTD |
Director |
24/04/1990 |
1,500,000.00 |
4.55 |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
|
2 |
197200380E |
REPRESENTATIONS INTERNATIONAL PTE. LTD. |
Director |
18/04/1990 |
0.00 |
- |
USD(1,191,358.00) |
2016 |
- |
13/04/2018 |
DIRECTOR 5
|
Name Of Subject |
: |
CHEW LEONG CHEE |
|
Address |
: |
6B, CLUNY PARK, 259615, SINGAPORE. |
|
IC / PP No |
: |
S0690146H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
07/06/1984 |
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 |
198402056N |
ASIA RESOURCE CORPORATION PTE LTD |
Director |
07/06/1984 |
12,798,000.00 |
38.79 |
SGD28,711,530.00 |
2016 |
- |
13/04/2018 |
|
2 |
197200380E |
REPRESENTATIONS INTERNATIONAL PTE. LTD. |
Director |
31/01/1977 |
0.00 |
- |
USD(1,191,358.00) |
2016 |
- |
13/04/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
NG HOW KIAT |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
HENG LEE SENG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
TAN CHAY HOON |
|
IC / PP No |
: |
S1563522C |
|
|
Address |
: |
78, SHENTON WAY, 28-01, 079120, 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 |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
BEVERAGES, WINE AND SPIRITS,,COSMETICS,
BEAUTY PRODUCTS |
|
|
Services |
: |
INVESTMENT HOLDING |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of beverages, wine
and spirits,cosmetics, beauty products, investment holding.
The Group is engaged in the beverages, wine and spirits, processed tobacco
products.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63231800 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
78, SHENTONWAY 28-01079120 |
|
Current Address |
: |
78 SHENTON WAY #28-01, 079120, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The address is as per stated in the report.
The Subject refused to disclose its number of employees and bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
5.56% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
9,517.75% |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
15.90% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
20.84% |
] |
|
|
The higher turnover could be attributed to
the favourable market condition.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 |
[ |
6 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
53 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
47 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 |
[ |
2.78 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.79 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 |
[ |
478.39 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.02 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 : |
||||||
|
Generally, the Subject's performance has
improved with higher turnover and profit. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. With the favourable interest cover, the Subject could
be able to service all the accrued interest without facing any difficulties.
The Subject 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 : |
TRADING |
|
According to the Ministry of Trade and
Industry, the wholesale & retail trade sector expanded to 3.0% in the
fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter.
The wholesale trade segment was boosted by an improvement in foreign
wholesale sales volume, which more than offset the weakness in domestic
wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%,
faster than the 1.0% growth in 2016. The improvement in growth can be
attributed to the wholesale segment. |
|
|
The domestic wholesale sales volume fell by
1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding
quarter. The poorer outturn was led by declines in the sales volume of
household equipment & furniture (-27%) and general wholesale merchandise
(-19%), which outweighed the increase in the sales volume of
telecommunications & computers (20%). For the whole of 2017, the domestic
wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in
2016. |
|
|
On the other hand, foreign wholesale sales
volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1%
growth in the preceding quarter. Growth was driven by expansions in the sales
of petroleum & petroleum-related products (11%t), telecommunications
& computers (19%) and electronic components (16%). However, growth was
partly offset by a 20% decline in the sales volume of metals, timber &
construction materials. For the full year 2017, the foreign wholesale trade
index rose by 3.6%, faster than the increase of 1.5% in the previous year. |
|
|
Besides, retail sales volume rose by 2.1%
in the fourth quarter 2017, improving from the 0.9% growth recorded in the third
quarter. Growth was supported by improvements in both motor vehicle and
non-motor vehicle sales volumes. While motor vehicle sales benefitted from an
on-year increase in COE supply, growth in non-motor vehicle sales came on the
back of an improvement in consumer sentiments. Notably, the sales volume of
discretionary goods such as recreational goods, computer &
telecommunication equipment and wearing apparel & footwear grew by 4.6%,
4.3 % and 3.1% respectively. |
|
|
For the full year 2017, retail sales volume
expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was
driven by both motor vehicle sales and non-motor vehicle sales, which the
former rising by 1.5% and the latter increasing by 1.3%. The rise in
non-motor vehicle sales was underpinned by higher sales of discretionary
goods. For instance, the sales volume of recreational goods (3.9%), watches
& jewellery (2.4%), computer & telecommunications equipment (1.7%)
and wearing apparel & footwear (1.5%) improved in 2017. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
ASIA RESOURCE CORPORATION PTE LTD |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
SGD |
SGD |
|
TURNOVER |
40,468,807 |
38,338,827 |
|
Other Income |
38,701,208 |
2,514,292 |
|
---------------- |
---------------- |
|
|
Total Turnover |
79,170,015 |
40,853,119 |
|
Costs of Goods Sold |
(38,962,163) |
(34,297,604) |
|
---------------- |
---------------- |
|
|
Gross Profit |
40,207,852 |
6,555,515 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
28,645,317 |
297,838 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
28,645,317 |
297,838 |
|
Taxation |
66,213 |
(19,690) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
28,711,530 |
278,148 |
|
Minority interests |
(6,806,216) |
(211,010) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
21,905,314 |
67,138 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
21,905,314 |
67,138 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
63,753,425 |
65,286,587 |
|
---------------- |
---------------- |
|
|
As restated |
63,753,425 |
65,286,587 |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
85,658,739 |
65,353,725 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(1,599,100) |
(1,600,300) |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
84,059,639 |
63,753,425 |
|
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||
|
Lease interest |
5,148 |
9,085 |
|
Term loan / Borrowing |
54,856 |
72,020 |
|
---------------- |
---------------- |
|
|
60,004 |
81,105 |
|
|
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
216,483 |
269,138 |
|
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
216,483 |
269,138 |
|
============= |
============= |
|
|
|
|
|
BALANCE SHEET
|
|
ASIA RESOURCE CORPORATION PTE LTD |
|
ASSETS EMPLOYED: |
||
|
FIXED ASSETS |
842,520 |
993,964 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
||
|
Associated companies |
38,525,914 |
37,399,055 |
|
Investment properties |
10,649,936 |
10,399,992 |
|
Others |
4,967,113 |
10,570,093 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
54,142,963 |
58,369,140 |
|
INTANGIBLE ASSETS |
||
|
Own goodwill |
2,610,186 |
2,485,936 |
|
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
2,610,186 |
2,485,936 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
57,595,669 |
61,849,040 |
|
CURRENT ASSETS |
||
|
Stocks |
655,564 |
720,154 |
|
Trade debtors |
5,901,639 |
5,995,426 |
|
Other debtors, deposits & prepayments |
1,862,534 |
572,825 |
|
Short term deposits |
5,424,430 |
17,420,235 |
|
Amount due from related companies |
1,704,885 |
504,473 |
|
Amount due from associated companies |
255,143 |
7,594,707 |
|
Cash & bank balances |
121,882,460 |
15,780,000 |
|
Money at call & short notice |
564,782 |
3,403,218 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
138,251,437 |
51,991,038 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
195,847,106 |
113,840,078 |
|
============= |
============= |
|
|
CURRENT LIABILITIES |
||
|
Trade creditors |
5,030,625 |
5,081,809 |
|
Other creditors & accruals |
15,312 |
41,924 |
|
Hire purchase & lease creditors |
42,000 |
45,900 |
|
Short term borrowings/Term loans |
141,424 |
170,375 |
|
Amounts owing to related companies |
64,642 |
44,157 |
|
Amounts owing to director |
43,399,500 |
- |
|
Provision for taxation |
- |
25,952 |
|
Other liabilities |
822,750 |
166,146 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
49,516,253 |
5,576,263 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
88,735,184 |
46,414,775 |
|
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
||
|
Long term loans |
2,368,919 |
2,485,066 |
|
Lease obligations |
49,000 |
91,000 |
|
Deferred taxation |
- |
49,330 |
|
Others |
6,175,652 |
7,324,327 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
8,593,571 |
9,949,723 |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
137,737,282 |
98,314,092 |
|
============= |
============= |
|
|
SHARE CAPITAL |
||
|
Ordinary share capital |
33,799,000 |
33,799,000 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
33,799,000 |
33,799,000 |
|
RESERVES |
||
|
Capital reserve |
2,824,477 |
2,381,234 |
|
General reserve |
2,765,669 |
(4,959,471) |
|
Retained profit/(loss) carried forward |
84,059,639 |
63,753,425 |
|
Others |
(4,881,414) |
(4,881,414) |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
84,768,371 |
56,293,774 |
|
MINORITY INTEREST |
19,169,911 |
8,221,318 |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
137,737,282 |
98,314,092 |
|
============= |
============= |
|
|
|
|
|
FINANCIAL RATIO
|
|
ASIA RESOURCE CORPORATION PTE LTD |
|
TYPES OF FUNDS |
||
|
Cash |
127,306,890 |
33,200,235 |
|
Net Liquid Funds |
127,306,890 |
33,200,235 |
|
Net Liquid Assets |
88,079,620 |
45,694,621 |
|
Net Current Assets/(Liabilities) |
88,735,184 |
46,414,775 |
|
Net Tangible Assets |
135,127,096 |
95,828,156 |
|
Net Monetary Assets |
79,486,049 |
35,744,898 |
|
PROFIT & LOSS ITEMS |
||
|
Earnings Before Interest & Tax (EBIT) |
28,705,321 |
378,943 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
28,921,804 |
648,081 |
|
BALANCE SHEET ITEMS |
||
|
Total Borrowings |
2,601,343 |
2,792,341 |
|
Total Liabilities |
58,109,824 |
15,525,986 |
|
Total Assets |
195,847,106 |
113,840,078 |
|
Net Assets |
137,737,282 |
98,314,092 |
|
Net Assets Backing |
137,737,282 |
98,314,092 |
|
Shareholders' Funds |
137,737,282 |
98,314,092 |
|
Total Share Capital |
33,799,000 |
33,799,000 |
|
Total Reserves |
84,768,371 |
56,293,774 |
|
GROWTH RATIOS (Year on Year) (%) |
||
|
Revenue |
5.56 |
40.77 |
|
Proft/(Loss) Before Tax |
9,517.75 |
(97.79) |
|
Proft/(Loss) After Tax |
10,222.39 |
(97.93) |
|
Total Assets |
72.04 |
184.62 |
|
Total Liabilities |
274.27 |
19,953.97 |
|
LIQUIDITY (Times) |
||
|
Cash Ratio |
2.57 |
5.95 |
|
Liquid Ratio |
2.78 |
9.19 |
|
Current Ratio |
2.79 |
9.32 |
|
WORKING CAPITAL CONTROL (Days) |
||
|
Stock Ratio |
6 |
7 |
|
Debtors Ratio |
53 |
57 |
|
Creditors Ratio |
47 |
54 |
|
SOLVENCY RATIOS (Times) |
||
|
Gearing Ratio |
0.02 |
0.03 |
|
Liabilities Ratio |
0.42 |
0.16 |
|
Times Interest Earned Ratio |
478.39 |
4.67 |
|
Assets Backing Ratio |
4.00 |
2.84 |
|
PERFORMANCE RATIO (%) |
||
|
Operating Profit Margin |
70.78 |
0.78 |
|
Net Profit Margin |
54.13 |
0.18 |
|
Return On Net Assets |
20.84 |
0.39 |
|
Return On Capital Employed |
17.07 |
0.32 |
|
Return On Shareholders' Funds/Equity |
15.90 |
0.07 |
|
Dividend Pay Out Ratio (Times) |
0.07 |
23.84 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.78 |
|
|
1 |
INR 93.42 |
|
Euro |
1 |
INR 81.39 |
|
SGD |
1 |
INR 50.30 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.