|
|
|
MIRA
INFORM REPORT
|
Report No. : |
506480 |
|
Report Date : |
26.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
INTER-CONTINENTAL OILS & FATS PTE. LTD |
|
|
|
|
Registered Office : |
150, Beach Road, 16-01, Gateway West, 189720 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.216 |
|
|
|
|
Date of Incorporation : |
16.05.2002 |
|
|
|
|
Com. Reg. No.: |
200204156N |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the trading of vegetable oil and its derivative 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. |
: |
200204156N |
||||
|
COMPANY NAME |
: |
INTER-CONTINENTAL OILS & FATS PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
16/05/2002 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
150, BEACH ROAD, 16-01, GATEWAY WEST, 189720, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
150, BEACH ROAD, 16-01, GATEWAY WEST, 189720, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65766500 |
||||
|
FAX.NO. |
: |
65-63539041 |
||||
|
CONTACT PERSON |
: |
NG SIEW MOI ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF VEGETABLE OIL AND ITS DERIVATIVE PRODUCTS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
16,667,487.00 ORDINARY SHARE, OF A VALUE OF SGD 16,667,487.00 |
||||
|
SALES |
: |
USD 4,007,022,583 [2016] |
||||
|
NET WORTH |
: |
USD 207,783,267 [2016] |
||||
|
STAFF STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
REGULAR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
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 vegetable oil and its derivative
products.
The immediate and ultimate
holding company of the Subject is MUSIM MAS HOLDINGS PTE. LTD., a company
incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
10/04/2018 |
SGD 16,667,487.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MUSIM MAS HOLDINGS PTE. LTD. |
150, BEACH ROAD, 24-01/08, GATEWAY WEST 189720 ,SINGAPORE |
200703094K |
16,667,487.00 |
100.00 |
|
--------------- |
------ |
|||
|
16,667,487.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
SPAIN |
CAMPA IBERIA S.A.U. |
- |
100.00 |
31/12/2016 |
|
|
200610434W |
SINGAPORE |
ICOF SHIPPING PTE. LTD. |
- |
100.00 |
10/04/2018 |
|
201021123H |
SINGAPORE |
IM BIOFUEL PTE. LTD. |
- |
100.00 |
10/04/2018 |
|
201615035W |
SINGAPORE |
KETO SCIENCE PTE. LTD. |
- |
100.00 |
10/04/2018 |
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
MR. NG SIEW MOI |
|
Address |
: |
150, BEACH ROAD, 24-01/08, GATEWAY WEST, 189720, SINGAPORE. |
|
IC / PP No |
: |
S1633151A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
05/12/2007 |
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 |
200204156N |
INTER-CONTINENTAL OILS & FATS PTE. LTD. |
Director |
05/12/2007 |
0.00 |
- |
USD78,941,058.00 |
2016 |
- |
10/04/2018 |
|
2 |
201136510E |
MAXIMUS MARINE PTE. LTD. |
Director |
29/12/2011 |
0.00 |
- |
SGD394,079.18 |
2015 |
- |
08/07/2016 |
|
3 |
200703094K |
MUSIM MAS HOLDINGS PTE. LTD. |
Director |
01/12/2007 |
0.00 |
- |
USD132,642,000.00 |
2016 |
- |
24/07/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
NG KOEI KIE @ MIKIE WIJAYA |
|
Address |
: |
150, BEACH ROAD, 24-01/08, GATEWAY WEST, 189720, SINGAPORE. |
|
IC / PP No |
: |
S2159842I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
13/06/2016 |
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 |
200204156N |
INTER-CONTINENTAL OILS & FATS PTE. LTD. |
Director |
13/06/2016 |
0.00 |
- |
USD78,941,058.00 |
2016 |
- |
10/04/2018 |
|
2 |
200703094K |
MUSIM MAS HOLDINGS PTE. LTD. |
Director |
13/06/2016 |
0.00 |
- |
USD132,642,000.00 |
2016 |
- |
24/07/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
LIM EK TJIOE @ BACHTIAR KARIM |
|
Address |
: |
150, BEACH ROAD, 24-01/08, GATEWAY WEST, 189720, SINGAPORE. |
|
IC / PP No |
: |
S2167121E |
|
Nationality |
: |
INDONESIAN |
|
Date of Appointment |
: |
01/03/2010 |
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 |
200204156N |
INTER-CONTINENTAL OILS & FATS PTE. LTD. |
Director |
01/03/2010 |
0.00 |
- |
USD78,941,058.00 |
2016 |
- |
10/04/2018 |
|
2 |
200703094K |
MUSIM MAS HOLDINGS PTE. LTD. |
Director |
01/03/2010 |
0.00 |
- |
USD132,642,000.00 |
2016 |
- |
24/07/2017 |
MANAGEMENT |
|
1) |
Name of Subject |
: |
NG SIEW MOI |
|
Position |
: |
DIRECTOR |
AUDITOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
KONG WEI FUNG |
|
IC / PP No |
: |
S8187083G |
|
|
Address |
: |
350A, CANBERRA ROAD, 02-325, 751350, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
CHEOK HUI YEE |
|
IC / PP No |
: |
S8585873D |
|
|
Address |
: |
508, BEDOK NORTH AVENUE 3, 13-377, KAKI BUKIT VILLE, 460508,
SINGAPORE. |
|
BANKING |
Banking relations are maintained principally with :
|
1) |
Name |
: |
ABN AMRO BANK N.V. |
|
2) |
Name |
: |
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. |
|
3) |
Name |
: |
HSH NORDBANK AG |
|
4) |
Name |
: |
DEUTSCHE BANK AKTIENGESELLSCHAFT |
|
5) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200402533 |
25/05/2004 |
N/A |
ING BANK N.V. |
- |
Unsatisfied |
|
C200603754 |
12/06/2006 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C200703150 |
27/04/2007 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C200703846 |
23/05/2007 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C200809279 |
08/10/2008 |
N/A |
THE BANK OF TOKYO-MITSUBISHI UFJ LTD. SINGAPORE BRANCH |
- |
Unsatisfied |
|
C200900874 |
04/02/2009 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C200901490 |
09/03/2009 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C200904843 |
06/08/2009 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201003598 |
30/04/2010 |
N/A |
STANDARD CHARTERED BANK |
USD 50,000,000.00 |
Unsatisfied |
|
C201006336 |
23/07/2010 |
N/A |
OVERSEAS-CHINESE BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201006827 |
04/08/2010 |
N/A |
ABN AMRO BANK N.V. |
- |
Unsatisfied |
|
C201200407 |
10/01/2012 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201205331 |
16/05/2012 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201205337 |
16/05/2012 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201205340 |
16/05/2012 |
N/A |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201205795 |
28/05/2012 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C201205801 |
28/05/2012 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C201303496 |
05/03/2013 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201303499 |
05/03/2013 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201311146 |
15/08/2013 |
N/A |
DEUTSCHE BANK AKTIENGESELLSCHAFT |
- |
Unsatisfied |
|
C201312285 |
09/09/2013 |
N/A |
NATIXIS |
- |
Unsatisfied |
|
C201314960 |
06/11/2013 |
N/A |
CIMB BANK BERHAD |
- |
Unsatisfied |
|
C201400244 |
07/01/2014 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201400399 |
09/01/2014 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201403042 |
24/03/2014 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C201403824 |
15/04/2014 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C201403825 |
15/04/2014 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C201411942 |
30/10/2014 |
N/A |
THE BANK OF TOKYOMITSUBISHI UFJ, LTD. SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201411944 |
30/10/2014 |
N/A |
THE BANK OF TOKYOMITSUBISHI UFJ, LTD. SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201412662 |
13/11/2014 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201412665 |
13/11/2014 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
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 Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE |
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Goods Traded |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
300 |
160 |
130 |
130 |
|||||
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of vegetable
oil and its derivative products.
The Subject is a one-stop global specialist, merchandiser and distributor of
tropical oils and derivative products.
The Subject possesses deep expertise in merchandising and distributing the best
and finest tropical oils and derivative products around the world.
The Subject's value proposition begins with how we harness the beauty of nature
- naturally and responsibly.
The Subject's tropical oils and dervative products are developed from natural
resources harvested with the highest respect for the environment and the people
who work and live in it.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65766500 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
150 BEACH ROAD, HEX 16-01 GATEWAY WEST, 189720 SINGAPORE |
|
Current Address |
: |
150, BEACH ROAD, 16-01, GATEWAY WEST, 189720, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The address is as per stated in the report.
The Subject refused to disclose its number of employees.
FINANCIAL ANALYSIS |
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2013 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2013 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
37.99% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
41.55% |
] |
|
|
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. Generally the Subject was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the Subject's management was efficient in utilising the
assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
20 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
2 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 |
[ |
1.40 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.43 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 |
[ |
32.67 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.33 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
highly geared, thus it had a high financial risk. The Subject was dependent
on loans to finance its business needs. In times of economic downturn and /
or high interest rate, the Subject will become less profitable and
competitive than other firms in the same industry, which are lowly geared.
This is because the Subject has to service the interest and to repay the
loan, which will erode part of its profits. The profits will fluctuate
depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
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's gearing level
was high and its going concern will be in doubt if there is no injection of
additional shareholders' funds in times of economic downturn and / or high
interest rates. |
||||||
|
Overall financial condition of the Subject : 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 |
|
|
Financials
|
PROFIT AND LOSS ACCOUNT |
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
INTER-CONTINENTAL OILS & FATS PTE. LTD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2013-06-30 |
|
Months |
12 |
12 |
12 |
6 |
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 |
4,007,022,583 |
4,109,569,308 |
4,651,610,585 |
2,427,489,824 |
5,084,174,095 |
|
Other Income |
6,475,199 |
5,943,932 |
8,114,034 |
6,541,589 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
4,013,497,782 |
4,115,513,240 |
4,659,724,619 |
2,434,031,413 |
5,084,174,095 |
|
Costs of Goods Sold |
(3,890,466,034) |
(4,027,862,519) |
(4,539,793,301) |
(2,351,616,532) |
(4,952,056,266) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
123,031,748 |
87,650,721 |
119,931,318 |
82,414,881 |
132,117,829 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
83,681,592 |
36,606,287 |
75,765,530 |
59,892,851 |
105,693,906 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
83,681,592 |
36,606,287 |
75,765,530 |
59,892,851 |
105,693,906 |
|
Taxation |
(4,740,534) |
(2,639,214) |
(5,470,564) |
(2,638,036) |
(7,082,604) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
78,941,058 |
33,967,073 |
70,294,966 |
57,254,815 |
98,611,302 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
157,038,209 |
185,368,136 |
170,801,170 |
193,404,355 |
142,189,553 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
157,038,209 |
185,368,136 |
170,801,170 |
193,404,355 |
142,189,553 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
235,979,267 |
219,335,209 |
241,096,136 |
250,659,170 |
240,800,855 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(38,196,000) |
(62,297,000) |
(55,728,000) |
(79,858,000) |
(47,396,500) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
197,783,267 |
157,038,209 |
185,368,136 |
170,801,170 |
193,404,355 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Term loan / Borrowing |
69,656 |
357,784 |
729,087 |
497,829 |
739,000 |
|
Trust receipts |
2,098,300 |
1,660,468 |
1,745,869 |
845,992 |
1,672,058 |
|
Others |
474,539 |
689,200 |
1,009,775 |
416,177 |
679,553 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,642,495 |
2,707,452 |
3,484,731 |
1,759,998 |
3,090,611 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
219,191 |
236,253 |
277,526 |
125,844 |
248,916 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
219,191 |
236,253 |
277,526 |
125,844 |
248,916 |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE SHEET |
|
INTER-CONTINENTAL OILS & FATS PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
469,153 |
651,895 |
627,208 |
722,945 |
491,969 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
30,940,099 |
29,461,625 |
26,711,625 |
25,411,625 |
25,211,625 |
|
Others |
21,927,700 |
20,867,700 |
20,116,000 |
10,050,000 |
16,607,880 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
52,867,799 |
50,329,325 |
46,827,625 |
35,461,625 |
41,819,505 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
53,336,952 |
50,981,220 |
47,454,833 |
36,184,570 |
42,311,474 |
|
CURRENT ASSETS |
|||||
|
Stocks |
9,487,477 |
9,806,060 |
27,425,979 |
7,524,050 |
22,299,658 |
|
Trade debtors |
218,881,724 |
191,394,306 |
192,509,799 |
479,354,261 |
380,719,546 |
|
Other debtors, deposits & prepayments |
1,713,498 |
1,297,854 |
2,779,425 |
1,020,750 |
838,548 |
|
Short term deposits |
9,926,920 |
18,660,920 |
1,500,000 |
6,900,400 |
- |
|
Interest receivable |
- |
4,551 |
4,178 |
- |
- |
|
Amount due from holding company |
- |
- |
- |
- |
3,852 |
|
Amount due from subsidiary companies |
92,493,557 |
54,044,430 |
51,279,330 |
70,635,937 |
34,660,605 |
|
Amount due from related companies |
94,944,892 |
82,037,206 |
55,605,213 |
- |
- |
|
Cash & bank balances |
78,847,121 |
50,587,058 |
42,006,637 |
59,629,617 |
51,623,850 |
|
Others |
9,660,668 |
4,027,657 |
2,666,316 |
100,629 |
103,218 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
515,955,857 |
411,860,042 |
375,776,877 |
625,165,644 |
490,249,277 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
569,292,809 |
462,841,262 |
423,231,710 |
661,350,214 |
532,560,751 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
25,829,171 |
30,435,061 |
20,952,408 |
192,101,412 |
107,711,862 |
|
Other creditors & accruals |
632,965 |
661,830 |
786,543 |
1,255,822 |
1,268,722 |
|
Short term borrowings/Term loans |
- |
11,250,000 |
16,666,667 |
14,166,667 |
11,391,670 |
|
Other borrowings |
276,133,765 |
222,015,945 |
142,727,729 |
225,029,154 |
177,931,096 |
|
Amounts owing to holding company |
292,455 |
- |
- |
- |
- |
|
Amounts owing to subsidiary companies |
5,275,207 |
3,786,902 |
5,975,730 |
10,550,743 |
11,412,419 |
|
Amounts owing to related companies |
35,468,773 |
22,254,375 |
24,369,485 |
- |
- |
|
Provision for taxation |
4,721,202 |
2,973,526 |
4,695,955 |
6,515,833 |
7,031,479 |
|
Other liabilities |
13,156,004 |
2,425,414 |
439,057 |
3,012,746 |
3,659,148 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
361,509,542 |
295,803,053 |
216,613,574 |
452,632,377 |
320,406,396 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
154,446,315 |
116,056,989 |
159,163,303 |
172,533,267 |
169,842,881 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Long term loans |
- |
- |
11,250,000 |
27,916,667 |
8,750,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
- |
- |
11,250,000 |
27,916,667 |
8,750,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
207,783,267 |
167,038,209 |
195,368,136 |
180,801,170 |
203,404,355 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
197,783,267 |
157,038,209 |
185,368,136 |
170,801,170 |
193,404,355 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
197,783,267 |
157,038,209 |
185,368,136 |
170,801,170 |
193,404,355 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
207,783,267 |
167,038,209 |
195,368,136 |
180,801,170 |
203,404,355 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCIAL RATIO |
|
INTER-CONTINENTAL OILS & FATS PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
88,774,041 |
69,247,978 |
43,506,637 |
66,530,017 |
51,623,850 |
|
Net Liquid Funds |
88,774,041 |
69,247,978 |
43,506,637 |
66,530,017 |
51,623,850 |
|
Net Liquid Assets |
144,958,838 |
106,250,929 |
131,737,324 |
165,009,217 |
147,543,223 |
|
Net Current Assets/(Liabilities) |
154,446,315 |
116,056,989 |
159,163,303 |
172,533,267 |
169,842,881 |
|
Net Tangible Assets |
207,783,267 |
167,038,209 |
195,368,136 |
180,801,170 |
203,404,355 |
|
Net Monetary Assets |
144,958,838 |
106,250,929 |
120,487,324 |
137,092,550 |
138,793,223 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
86,324,087 |
39,313,739 |
79,250,261 |
61,652,849 |
108,784,517 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
86,543,278 |
39,549,992 |
79,527,787 |
61,778,693 |
109,033,433 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
276,133,765 |
233,265,945 |
170,644,396 |
267,112,488 |
198,072,766 |
|
Total Liabilities |
361,509,542 |
295,803,053 |
227,863,574 |
480,549,044 |
329,156,396 |
|
Total Assets |
569,292,809 |
462,841,262 |
423,231,710 |
661,350,214 |
532,560,751 |
|
Net Assets |
207,783,267 |
167,038,209 |
195,368,136 |
180,801,170 |
203,404,355 |
|
Net Assets Backing |
207,783,267 |
167,038,209 |
195,368,136 |
180,801,170 |
203,404,355 |
|
Shareholders' Funds |
207,783,267 |
167,038,209 |
195,368,136 |
180,801,170 |
203,404,355 |
|
Total Share Capital |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
|
Total Reserves |
197,783,267 |
157,038,209 |
185,368,136 |
170,801,170 |
193,404,355 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(2.50) |
(11.65) |
91.62 |
(52.25) |
(1.55) |
|
Proft/(Loss) Before Tax |
128.60 |
(51.68) |
26.50 |
(43.33) |
10.83 |
|
Proft/(Loss) After Tax |
132.40 |
(51.68) |
22.78 |
(41.94) |
13.87 |
|
Total Assets |
23.00 |
9.36 |
(36.00) |
24.18 |
(7.06) |
|
Total Liabilities |
22.21 |
29.82 |
(52.58) |
45.99 |
(21.78) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.25 |
0.23 |
0.20 |
0.15 |
0.16 |
|
Liquid Ratio |
1.40 |
1.36 |
1.61 |
1.36 |
1.46 |
|
Current Ratio |
1.43 |
1.39 |
1.73 |
1.38 |
1.53 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
1 |
1 |
2 |
1 |
2 |
|
Debtors Ratio |
20 |
17 |
15 |
72 |
27 |
|
Creditors Ratio |
2 |
3 |
2 |
30 |
8 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.33 |
1.40 |
0.87 |
1.48 |
0.97 |
|
Liabilities Ratio |
1.74 |
1.77 |
1.17 |
2.66 |
1.62 |
|
Times Interest Earned Ratio |
32.67 |
14.52 |
22.74 |
35.03 |
35.20 |
|
Assets Backing Ratio |
20.78 |
16.70 |
19.54 |
18.08 |
20.34 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
2.09 |
0.89 |
1.63 |
2.47 |
2.08 |
|
Net Profit Margin |
1.97 |
0.83 |
1.51 |
2.36 |
1.94 |
|
Return On Net Assets |
41.55 |
23.54 |
40.56 |
34.10 |
53.48 |
|
Return On Capital Employed |
41.55 |
23.54 |
38.36 |
29.54 |
51.28 |
|
Return On Shareholders' Funds/Equity |
37.99 |
20.33 |
35.98 |
31.67 |
48.48 |
|
Dividend Pay Out Ratio (Times) |
0.48 |
1.83 |
0.79 |
1.39 |
0.48 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.70 |
|
|
1 |
INR 93.14 |
|
Euro |
1 |
INR 81.43 |
|
SGD |
1 |
INR 50.35 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
NIT |
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.