|
|
|
MIRA
INFORM REPORT
|
Report No. : |
504687 |
|
Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
VALE INTERNATIONAL SA SINGAPORE BRANCH |
|
|
|
|
Registered Office : |
1, Temasek Avenue,
39-01, Millenia Tower, 039192 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
13.09.2010 |
|
|
|
|
Com. Reg. No.: |
T10FC0100E |
|
|
|
|
Legal Form : |
Branch of foreign registered company |
|
|
|
|
Line of Business : |
The Subject is principally engaged in mining, trading
of minerals, other investment holding companies. |
|
|
|
|
No. of Employees : |
80 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
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. |
: |
T10FC0100E |
|
COMPANY
NAME |
: |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
13/09/2010 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
BRANCH OF FOREIGN REGISTERED COMPANY |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
1,
TEMASEK AVENUE, 39-01, MILLENIA TOWER, 039192, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
1
TEMASEK AVENUE, MILLENIA TOWER, UNIT 39-01, 039192, SINGAPORE. |
|
TEL.NO. |
: |
65-65001800 |
|
FAX.NO. |
: |
65-65001801 |
|
CONTACT
PERSON |
: |
CLOVIS
TORRES JUNIOR ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
MINING,TRADING
OF MINERALS, OTHER INVESTMENT HOLDING COMPANIES |
|
SALES |
: |
USD
785,673,000 [2016] |
|
NET WORTH |
: |
USD
(60,684,000) [2016] |
|
STAFF
STRENGTH |
: |
80
[2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
POOR |
|
PAYMENT |
: |
SLOW
AND DELAYED |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
N/A |
|
CURRENCY
EXPOSURE |
: |
N/A |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
MARGINAL
GROWTH |
HISTORY / BACKGROUND
|
The
Subject is principally engaged in the (as a / as an) mining,trading of
minerals, other investment holding companies.
No
shareholders was found in our databank at the time of investigation
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
FABIOLA
KARIM THOMPSON |
|
Address |
: |
CHEMIN
DU BOCHET 90, 1025, ST SULPICE, SWITZERLAND. |
|
IC / PP
No |
: |
HN462996 |
|
Nationality |
: |
CANADIAN |
|
Date of
Appointment |
: |
12/05/2017 |
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 |
T10FC0100E |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
Director |
12/05/2017 |
0.00 |
- |
USD23,375,000.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 2
|
Name Of
Subject |
: |
ROGE
LEAL NOGUEIRA |
|
Address |
: |
RUE DE
LA MORACHE 19, NYON, 1260 VD, SWITZERLAND. |
|
IC / PP
No |
: |
FO958414 |
|
Nationality |
: |
BRAZILIAN |
|
Date of
Appointment |
: |
12/05/2017 |
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 |
T10FC0100E |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
Director |
12/05/2017 |
0.00 |
- |
USD23,375,000.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 3
|
Name Of
Subject |
: |
SONIA
ZAGURY |
|
Address |
: |
AVENIDA
LINEU DE PAULA MACHADO N.1005/APTO, 602-22470-040-LAGOA-RIO DE JANEIRO-RJ,
BRAZIL. |
|
IC / PP
No |
: |
FG440753 |
|
Nationality |
: |
BRAZILIAN |
|
Date of
Appointment |
: |
31/01/2012 |
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 |
T10FC0100E |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
Director |
31/01/2012 |
0.00 |
- |
USD23,375,000.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 4
|
Name Of
Subject |
: |
MURIEL
BALDANZI |
|
Address |
: |
AVENUE
DES UTTINS 12, 1180, ROLLE, SWITZERLAND. |
|
IC / PP
No |
: |
F1745923 |
|
Nationality |
: |
SWISS |
|
Date of
Appointment |
: |
19/04/2013 |
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 |
T10FC0100E |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
Director |
19/04/2013 |
0.00 |
- |
USD23,375,000.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 5
|
Name Of
Subject |
: |
MAURICIO
ASSAD NEDER |
|
Address |
: |
CHEMIN
DU PETIT-BOIS 10, 1113, ST-SAPHORIN-SUR-MORGES, SWITZERLAND. |
|
IC / PP
No |
: |
YA237527 |
|
Nationality |
: |
BRAZILIAN |
|
Date of
Appointment |
: |
19/04/2013 |
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 |
T10FC0100E |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
Director |
19/04/2013 |
0.00 |
- |
USD23,375,000.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 6
|
Name Of
Subject |
: |
THOMAS
BERNHARD ALEXANDER ROS |
|
Address |
: |
CHEMIN
PRA RIONDET 35, 1163, ETOY, SWITZERLAND. |
|
IC / PP
No |
: |
87502502 |
|
Nationality |
: |
SWEDE |
|
Date of
Appointment |
: |
28/03/2017 |
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 |
T10FC0100E |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
Director |
28/03/2017 |
0.00 |
- |
USD23,375,000.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 7
|
Name Of
Subject |
: |
RENATA
COSTA ZINGRE |
|
Address |
: |
5,
JALAN RUMBIA, 02-08, THE IMPERIAL, 239618, SINGAPORE. |
|
IC / PP
No |
: |
G3351766T |
|
Nationality |
: |
SWISS |
|
Date of
Appointment |
: |
20/08/2013 |
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 |
T10FC0100E |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
Director |
20/08/2013 |
0.00 |
- |
USD23,375,000.00 |
2016 |
- |
20/04/2018 |
|
2 |
200921736H |
VALE
SHIPPING HOLDING PTE. LTD. |
Director |
18/07/2017 |
0.00 |
- |
USD(13,810,336.00) |
2016 |
- |
13/02/2018 |
DIRECTOR 8
|
Name Of
Subject |
: |
GERD
PETER POPPINGA |
|
Address |
: |
RUA
MARQUES DE SAO VICENTE, 351 APTO 104- BL 2, GAVEA / RIO DE JANEIRO,
22451-041, BRAZIL. |
|
IC / PP
No |
: |
C4FC9V6Y4 |
|
Nationality |
: |
GERMAN |
|
Date of
Appointment |
: |
02/07/2015 |
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 |
T10FC0100E |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
Director |
02/07/2015 |
0.00 |
- |
USD23,375,000.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 9
|
Name Of
Subject |
: |
LUIZ
ALBERTO MERIZ |
|
Address |
: |
5, PECK
HAY ROAD, 19-03, VIDA, 228307, SINGAPORE. |
|
IC / PP
No |
: |
G3244284L |
|
Nationality |
: |
BRAZILIAN |
|
Date of
Appointment |
: |
16/10/2014 |
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 |
201128327Z |
GLOBALORE
PTE. LTD. |
Director |
19/04/2016 |
0.00 |
- |
USD1,101,356.00 |
2015 |
- |
14/03/2017 |
|
2 |
T10FC0100E |
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
Secretary
Director |
25/11/2016
16/10/2014 |
0.00 |
- |
USD23,375,000.00 |
2016 |
- |
20/04/2018 |
|
3 |
201024106E |
VALE
SHIPPING COMPANY PTE. LTD. |
Director |
29/02/2016 |
0.00 |
- |
USD6,353,092.00 |
2014 |
- |
08/07/2016 |
|
4 |
200921736H |
VALE
SHIPPING HOLDING PTE. LTD. |
Director |
29/02/2016 |
0.00 |
- |
USD(13,810,336.00) |
2016 |
- |
13/02/2018 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
CLOVIS
TORRES JUNIOR |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
No Auditor found in our databank
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
LUIZ
ALBERTO MERIZ |
|
IC / PP
No |
: |
G3244284L |
|
|
Address |
: |
5, PECK
HAY ROAD, 19-03, VIDA, 228307, SINGAPORE. |
|
|
Remarks |
: |
AUTHORISED
REPRESENTATIVE |
|
|
2) |
Company
Secretary |
: |
ANG WEE
SIAN |
|
IC / PP
No |
: |
S1815959G |
|
|
Address |
: |
52,
BUKIT BATOK STREET 31, 23-10, THE MADEIRA, 659443, SINGAPORE. |
|
|
Remarks |
: |
AUTHORISED
REPRESENTATIVE |
|
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
] |
||||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
X |
] |
||||||||
CLIENTELE
|
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose its clientele.
OPERATIONS
|
|
Services |
: |
MINING,TRADING
OF MINERALS, OTHER INVESTMENT HOLDING COMPANIES |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2016 |
2013 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
80 |
90 |
35 |
||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) mining,trading of
minerals, other investment holding companies.
The Group's line of business includes providing coal mining services.
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-65001800 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
ONE
TEMASEK AVENUE NO. 39-01 MILLENIA TOWER 039192 |
|
Current
Address |
: |
1
TEMASEK AVENUE, MILLENIA TOWER, UNIT 39-01, 039192, 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.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 -
2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012 -
2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(38.52%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(40.85%) |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The higher profit could be attributed to the increase in
turnover. The Subject's unfavourable returns on shareholders' funds indicate
the management's inefficiency in utilising its assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Debtor
Ratio |
: |
Unfavourable |
[ |
78 Days |
] |
|
|
Creditors
Ratio |
: |
Unfavourable |
[ |
107
Days |
] |
|
|
The
high debtors' ratio could indicate that the Subject was weak in its credit
control. However, the Subject could also giving longer credit periods to its
customers in order to boost its sales or to capture / retain its market
share. The unfavourable creditors' ratio could be due to the Subject taking
advantage of the credit granted by its suppliers. However this may affect the
goodwill between the Subject and its suppliers and the Subject may
inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Unfavourable |
[ |
0.74
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
0.74
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 |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject's interest cover was nil as it did not pay any interest during the
year. The Subject had no gearing and hence it had virtually no financial
risk. The Subject was financed by its shareholders' funds and internally
generated fund. During the economic downturn, the Subject, having a zero
gearing, will be able to compete better than those which are highly geared in
the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the turnover was erratic, the Subject had maintained a steady growth in its
profit. This indicate the management's efficiency in controlling its costs
and profitability. 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 did not make any interest payment during the year. The Subject was
dependent on its shareholders' funds to finance its business needs. The
Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
|
|
||||||
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
: |
ECONOMY |
|
In the
fourth quarter of 2017, the economy grew by 3.6% on a year-on-year basis,
moderating from the 5.5% growth in the previous quarter. The sectors which
contributed the most to growth in the quarter were the manufacturing and
finance & insurance sectors. For the whole of 2017, the economy expanded
by 3.6%, higher than the 2.4% growth in 2016. All major sectors grew in 2017,
with the exception of the construction sector. The manufacturing and finance
& insurance sectors were the key contributors to overall GDP growth. |
|
|
The
manufacturing sector expanded by 4.8% in the fourth quarter 2017, slowing
from the 19% surge in the third quarter. Growth was led by robust output
expansions in the electronics and precision engineering clusters, which more
than offset declines in the biomedical manufacturing and transport engineering
clusters. For full year 2017, the manufacturing sector grew by 10%, higher
than the 3.7% growth in 2016. Growth was primarily driven by the electronics
and precision engineering clusters, while output declines in the biomedical
manufacturing, transport engineering and general manufacturing clusters
weighed on growth. |
|
|
The
services producing industries collectively expanded to 3.5% in the fourth
quarter 2017, the same pace of growth as the previous quarter. Among the
services sectors, the finance & insurance sector registered the strongest
growth at 6.3%, followed by the information & communications (6.0%) and
the transportation & storage (5.3%) sectors. Services producing
industries as a whole expanded to 2.8% in full year 2017, faster than the 1.4%
growth in 2016. All services sectors saw positive growth. |
|
|
Among
the services sectors, the transportation & storage and finance &
insurance sectors registered the fastest pace of growth in 2017. Growth of
the transportation & storage sector came in at 4.8%, a pickup from the
1.3% in 2016, largely due to stronger growth in the water transport and air
transport segments. Similarly, the finance & insurance sector expanded by
4.8%, improving from the 1.6% growth in 2016. The robust performance of the
sector was largely because of strong growth in the fund management segment,
even as growth in the financial intermediation and insurance segments
remained firm. |
|
|
Besides,
the construction sector contracted to 5.0%, extending the 9.3% decline in the
third quarter 2017. The output of the sector was weighed down primarily by
the weakness in private sector construction activities, as certified payments
across all private construction segments declined. Meanwhile, the
construction sector contracted to 8.4% in 2017, a reversal from the 1.9%
growth in 2016. Output in the sector was primarily weighed down by the
weakness in private sector construction works. |
|
|
In the
fourth quarter 2017, total demand rose by 4.9%, lower than the 5.5% growth in
the preceding quarter. For the whole of 2017, growth in total demand came in
at 4.4%, an improvement from the 1.6% in 2016. External demand was the key
contributor to total demand growth (3.0 percentage-points), while the
contribution from domestic demand was also positive (1.4 percentage-points). |
|
|
Total
domestic demand rose by 6.6 % in the fourth quarter 2017, following the 8.5%
growth in the previous quarter. Growth was supported primarily by the
build-up in inventories and also higher consumption expenditure. Gross fixed
capital formation also contributed positively to total domestic demand growth
in the quarter. For 2017 as a whole, total domestic demand increased by 5.4%,
higher than the 3.1% expansion in 2016. Meanwhile, external demand rose by
4.2% in the fourth quarter 2017, similar to the 4.4% growth in the preceding
quarter. The increase in external demand was primarily due to higher real
merchandise exports. For the full year 2017, external demand grew at a faster
pace of 4.1%, compared to the 1.1% growth in 2016. |
|
|
Total
consumption expenditure rose at a slower pace of 4.4% in the fourth quarter
2017, compared to the 5.7% expansion in the previous quarter. For the full
year 2017, total consumption expenditure grew by 3.3%, an improvement from
the 2.1% growth in 2016, on the back of faster growth in both public and
private consumption. Public consumption expanded by 4.1%, compared to 3.5% in
2016, while private consumption grew by 3.1%, compared to 1.7% in the
previous year. Expenditure on miscellaneous goods & services, recreation
& culture and housing & utilities were the main contributors to
private consumption growth. |
|
|
Since
November 2017, the outlook for global growth has improved slightly with the
IMF upgrading its global growth forecast for 2018 to 3.9%, partly on the back
of higher growth expected in the US due to the recently approved tax reforms.
However, as compared to 2017, growth in most of Singapore’s key final demand
markets such as the Eurozone, Japan, NIEs and ASEAN-5 is projected to
moderate or remain unchanged in 2018. In the US, GDP growth is projected to
improve further in 2018, supported by domestic demand and fiscal stimulus
arising from the recently approved tax reforms, although there are
uncertainties around the extent to which investments would respond to the tax
reforms. On the other hand, growth in the Eurozone economy is projected to
moderate in 2018, following the rebound seen in 2017. Growth will be
underpinned by continued improvements in labour market conditions and largely
accommodative monetary policies. |
|
|
In
Asia, China’s growth is also expected to ease in 2018 on the back of a
slowdown in investment, even as consumption is likely to remain stable and
provide support to growth. Meanwhile, growth in the key ASEAN economies is
expected to remain firm in 2018, supported by sustained improvements in
domestic demand as well as merchandise exports. On balance, the external
demand outlook for Singapore is expected to be slightly weaker in 2018 as
compared to 2017. Taking into account the global and domestic economic
environments, Ministry of Trade and Industry (MTI) has maintained the 2018
GDP growth forecast at “1.5 to 3.5%”. MTI’s central view is that growth will
likely come in slightly above the middle of the forecast range, barring the
materialisation of downside risks. |
|
|
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. |
|
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
|
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 |
785,673,000 |
1,126,686,000 |
119,619,000 |
1,145,703,000 |
1,102,918,000 |
|
Other
Income |
91,682,000 |
103,597,000 |
178,376,000 |
139,464,000 |
130,507,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
877,355,000 |
1,230,283,000 |
297,995,000 |
1,285,167,000 |
1,233,425,000 |
|
Costs
of Goods Sold |
(756,683,000) |
(1,099,724,000) |
(1,091,760,000) |
(1,116,611,000) |
(1,074,491,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
120,672,000 |
130,559,000 |
(793,765,000) |
168,556,000 |
158,934,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
24,791,000 |
125,000 |
8,640,000 |
6,426,000 |
6,723,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
24,791,000 |
125,000 |
8,640,000 |
6,426,000 |
6,723,000 |
|
Taxation |
(1,416,000) |
(1,043,000) |
(1,300,000) |
(1,340,000) |
(1,019,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
23,375,000 |
(918,000) |
7,340,000 |
5,086,000 |
5,704,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
- |
- |
- |
- |
189,140,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
- |
- |
- |
- |
189,140,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
23,375,000 |
(918,000) |
7,340,000 |
5,086,000 |
194,844,000 |
|
TRANSFER
TO RESERVES - General |
- |
- |
- |
- |
(78,008,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
23,375,000 |
(918,000) |
7,340,000 |
5,086,000 |
116,836,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
121,000 |
121,000 |
124,000 |
127,000 |
126,000 |
|
AMORTIZATION |
- |
21,590,000 |
12,954,000 |
12,954,000 |
12,954,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
121,000 |
21,711,000 |
13,078,000 |
13,081,000 |
13,080,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
529,000 |
650,000 |
771,000 |
908,000 |
1,035,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
INTANGIBLE
ASSETS |
|||||
|
Others |
- |
- |
21,589,000 |
34,543,000 |
47,497,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
- |
- |
21,589,000 |
34,543,000 |
47,497,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
529,000 |
650,000 |
22,360,000 |
35,451,000 |
48,532,000 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
- |
50,261,000 |
47,875,000 |
30,950,000 |
78,235,000 |
|
Trade
debtors |
168,236,000 |
43,762,000 |
70,003,000 |
29,396,000 |
36,258,000 |
|
Other
debtors, deposits & prepayments |
401,000 |
448,000 |
502,000 |
775,000 |
- |
|
Amount
due from related companies |
667,000 |
53,925,000 |
60,256,000 |
46,345,000 |
99,199,000 |
|
Cash
& bank balances |
4,866,000 |
6,169,000 |
6,361,000 |
5,515,000 |
11,768,000 |
|
Others |
- |
- |
- |
- |
998,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
174,170,000 |
154,565,000 |
184,997,000 |
112,981,000 |
226,458,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
174,699,000 |
155,215,000 |
207,357,000 |
148,432,000 |
274,990,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
222,418,000 |
50,052,000 |
7,155,000 |
1,701,000 |
- |
|
Other
creditors & accruals |
11,316,000 |
4,483,000 |
5,491,000 |
7,843,000 |
11,236,000 |
|
Amounts
owing to related companies |
20,000 |
5,641,000 |
91,451,000 |
61,958,000 |
145,893,000 |
|
Provision
for taxation |
1,629,000 |
1,630,000 |
1,676,000 |
1,716,000 |
1,025,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
235,383,000 |
61,806,000 |
105,773,000 |
73,218,000 |
158,154,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(61,213,000) |
92,759,000 |
79,224,000 |
39,763,000 |
68,304,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
(60,684,000) |
93,409,000 |
101,584,000 |
75,214,000 |
116,836,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
HEAD
OFFICE ACCOUNT |
(60,684,000) |
93,409,000 |
101,584,000 |
75,214,000 |
- |
|
RESERVES |
|||||
|
Retained
profit/(loss) carried forward |
- |
- |
- |
- |
116,836,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
- |
- |
- |
- |
116,836,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
(60,684,000) |
93,409,000 |
101,584,000 |
75,214,000 |
116,836,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
VALE
INTERNATIONAL SA SINGAPORE BRANCH |
|
TYPES
OF FUNDS |
|||||
|
Cash |
4,866,000 |
6,169,000 |
6,361,000 |
5,515,000 |
11,768,000 |
|
Net
Liquid Funds |
4,866,000 |
6,169,000 |
6,361,000 |
5,515,000 |
11,768,000 |
|
Net
Liquid Assets |
(61,213,000) |
42,498,000 |
31,349,000 |
8,813,000 |
(9,931,000) |
|
Net
Current Assets/(Liabilities) |
(61,213,000) |
92,759,000 |
79,224,000 |
39,763,000 |
68,304,000 |
|
Net
Tangible Assets |
(60,684,000) |
93,409,000 |
79,995,000 |
40,671,000 |
69,339,000 |
|
Net
Monetary Assets |
(61,213,000) |
42,498,000 |
31,349,000 |
8,813,000 |
(9,931,000) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
24,791,000 |
125,000 |
8,640,000 |
6,426,000 |
6,723,000 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
24,912,000 |
21,836,000 |
21,718,000 |
19,507,000 |
19,803,000 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
235,383,000 |
61,806,000 |
105,773,000 |
73,218,000 |
158,154,000 |
|
Total
Assets |
174,699,000 |
155,215,000 |
207,357,000 |
148,432,000 |
274,990,000 |
|
Net
Assets |
(60,684,000) |
93,409,000 |
101,584,000 |
75,214,000 |
116,836,000 |
|
Net
Assets Backing |
(60,684,000) |
93,409,000 |
101,584,000 |
75,214,000 |
116,836,000 |
|
Shareholders'
Funds |
(60,684,000) |
93,409,000 |
101,584,000 |
75,214,000 |
116,836,000 |
|
Total
Share Capital |
0 |
0 |
0 |
0 |
0 |
|
Total
Reserves |
0 |
0 |
0 |
0 |
116,836,000 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(30.27) |
841.90 |
(89.56) |
3.88 |
145.10 |
|
Proft/(Loss)
Before Tax |
19,732.80 |
(98.55) |
34.45 |
(4.42) |
4,702.14 |
|
Proft/(Loss)
After Tax |
2,646.30 |
(112.51) |
44.32 |
(10.83) |
1,467.87 |
|
Total
Assets |
12.55 |
(25.15) |
39.70 |
(46.02) |
(12.05) |
|
Total
Liabilities |
280.84 |
(41.57) |
44.46 |
(53.70) |
28.02 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.02 |
0.10 |
0.06 |
0.08 |
0.07 |
|
Liquid
Ratio |
0.74 |
1.69 |
1.30 |
1.12 |
0.94 |
|
Current
Ratio |
0.74 |
2.50 |
1.75 |
1.54 |
1.43 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
0 |
16 |
146 |
10 |
26 |
|
Debtors
Ratio |
78 |
14 |
214 |
9 |
12 |
|
Creditors
Ratio |
107 |
17 |
2 |
1 |
0 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
(3.88) |
0.66 |
1.04 |
0.97 |
1.35 |
|
Times
Interest Earned Ratio |
0 |
0 |
0 |
0 |
0 |
|
Assets
Backing Ratio |
- |
- |
- |
- |
- |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
3.16 |
0.01 |
7.22 |
0.56 |
0.61 |
|
Net
Profit Margin |
2.98 |
(0.08) |
6.14 |
0.44 |
0.52 |
|
Return
On Net Assets |
(40.85) |
0.13 |
8.51 |
8.54 |
5.75 |
|
Return
On Capital Employed |
(40.85) |
0.13 |
7.01 |
5.85 |
4.09 |
|
Return
On Shareholders' Funds/Equity |
(38.52) |
(0.98) |
7.23 |
6.76 |
4.88 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.22 |
|
|
1 |
INR 92.84 |
|
Euro |
1 |
INR 81.27 |
|
SGD |
1 |
INR 50.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
SYL |
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.