|
|
|
MIRA
INFORM REPORT
|
Report No. : |
505620 |
|
Report Date : |
26.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
WILMAR SUGAR PTE.
LTD. |
|
|
|
|
Registered Office : |
56, Neil Road, 088830 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
08.11.2010 |
|
|
|
|
Com. Reg. No.: |
201023718K |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of sugar. |
|
|
|
|
No. of Employees : |
50 [2018] |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
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. |
: |
201023718K |
|
COMPANY NAME |
: |
WILMAR SUGAR PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
08/11/2010 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
56, NEIL ROAD, 088830, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
56, NEIL ROAD, 088830, SINGAPORE. |
|
TEL.NO. |
: |
65-62160782 |
|
FAX.NO. |
: |
65-65362192 |
|
WEB SITE |
: |
WWW.WILMAR-INTERNATIONAL.COM |
|
CONTACT PERSON |
: |
JEAN-LUC, ROBERT BOHBOT ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF SUGAR |
|
ISSUED AND PAID UP CAPITAL |
: |
40,120,000.00 ORDINARY SHARE, OF A VALUE OF
USD 40,120,000.00 |
|
SALES |
: |
USD 4,302,472,000 [2016] |
|
NET WORTH |
: |
USD 250,788,000 [2016] |
|
STAFF STRENGTH |
: |
50 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
NO COMPLAINTS |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
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 sugar.
The immediate holding company of the Subject
is WILMAR SUGAR HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the Subject
is WILMAR INTERNATIONAL LIMITED, a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
07/03/2018 |
USD 40,120,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
WILMAR SUGAR HOLDINGS PTE. LTD. |
56, NEIL ROAD 088830 ,SINGAPORE |
200513041E |
33,397,712.00 |
83.24 |
|
AUVATANC PTE. LTD. |
25, NORTH BRIDGE ROAD, 08-01, EFG BANK
BUILDING 179104 ,SINGAPORE |
201104244R |
4,000,000.00 |
9.97 |
|
V WAY SERVICES GROUP LTD. |
TRINITY CHAMBERS-P.O. BOX 4301, ROAD TOWN,
TORTOLA VIRGIN ISLANDS, BRITISH |
T11UF1154 |
2,400,000.00 |
5.98 |
|
THIBAUT AYMERIC LAVENIERE |
33, RUE JACQUES DULUD, NEUILLY-SUR-SEINE
92200 ,FRANCE |
11CZ64164 |
150,000.00 |
0.37 |
|
SLEIMAN OBEID GERMANI |
OBEID BUILDING, DEIR-EL-KALAA, BEITMERY,
P.O. BOX 1340, BEIT-MERY LEBANON |
RL 2609490 |
86,144.00 |
0.21 |
|
KARIM ABOU CHARAF |
BUILDING EID-DOUMANI STREET, 1100 ACHRAFIEH,
BEIRUT LEBANON |
RL 2695554 |
86,144.00 |
0.21 |
|
--------------- |
------ |
|||
|
40,120,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
HONG KONG |
PROFIT SHINER LIMITED |
- |
100.00 |
31/12/2016 |
|
|
201626777G |
SINGAPORE |
RAIZEN AND WILMAR SUGAR PTE. LTD. |
- |
50.00 |
07/03/2018 |
|
FRANCE |
WILMAR SUGAR PARIS S.A.S. |
- |
100.00 |
31/12/2016 |
|
|
UNITED STATES |
WILMAR SUGAR AMERICA INC |
- |
100.00 |
31/12/2016 |
|
|
BRAZIL |
WILMAR SUGAR BRASIL COMERCIAL LTDA. |
- |
100.00 |
31/12/2016 |
|
|
SWITZERLAND |
WILMAR SUGAR SA |
- |
100.00 |
31/12/2016 |
|
|
UNITED ARAB EMIRATES |
WILMAR SUGAR TRADING DMCC |
- |
100.00 |
31/12/2016 |
|
|
CHINA |
YIHAI KERRY (SHANGHAI) SUGAR CO., LTD |
- |
100.00 |
31/12/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
TEO LA-MEI |
|
Address |
: |
7, NATHAN ROAD, 02-06, REGENCY PARK,
248728, SINGAPORE. |
|
IC / PP No |
: |
S1347710H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
13/10/2015 |
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 |
201302437Z |
EMILY SHIPPING CO PTE. LTD. |
Director Secretary |
23/01/2013 01/06/2013 |
0.00 |
- |
USD318,448.00 |
2015 |
- |
09/09/2016 |
|
2 |
200301809Z |
RAFFLES BUNKERING PTE. LTD. |
Secretary |
01/08/2013 |
0.00 |
- |
USD624,017.00 |
2016 |
- |
07/02/2018 |
|
3 |
199504542M |
RAFFLES SHIPMANAGEMENT SERVICES PTE LTD |
Secretary |
01/08/2013 |
0.00 |
- |
USD1,256,650.00 |
2016 |
- |
07/12/2017 |
|
4 |
200811593C |
RAFFLES SHIPPING INTERNATIONAL PTE. LTD. |
Secretary |
01/08/2013 |
0.00 |
- |
USD78,538,473.00 |
2015 |
- |
13/12/2016 |
|
5 |
201013009H |
RAFFLES TECHNICAL SERVICES PTE. LTD. |
Secretary |
01/08/2013 |
0.00 |
- |
USD1,822,851.00 |
2016 |
- |
29/12/2017 |
|
6 |
199904785Z |
WILMAR INTERNATIONAL LIMITED |
Secretary |
19/08/2009 |
0.00 |
- |
USD1,134,657,000.00 |
2015 |
- |
17/10/2016 |
|
7 |
200719341N |
WILMAR SHIP HOLDINGS PTE. LTD. |
Director Secretary |
12/04/2013 01/06/2013 |
0.00 |
- |
USD141,622,260.00 |
2015 |
- |
05/09/2016 |
|
8 |
201023718K |
WILMAR SUGAR PTE. LTD. |
Director |
13/10/2015 |
0.00 |
- |
USD14,368,000.00 |
2016 |
- |
07/03/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
STEPHEN HO KIAM KONG |
|
Address |
: |
37, SIGLAP BANK, FRANKEL ESTATE, 456245,
SINGAPORE. |
|
IC / PP No |
: |
S1353729A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
13/10/2015 |
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 |
201023718K |
WILMAR SUGAR PTE. LTD. |
Director |
13/10/2015 |
0.00 |
- |
USD14,368,000.00 |
2016 |
- |
07/03/2018 |
|
2 |
198901130Z |
WILMAR TRADING (CHINA) PTE. LTD. |
Director |
01/01/2012 |
0.00 |
- |
USD250,970,000.00 |
2015 |
- |
13/10/2017 |
|
3 |
198802023W |
WILMAR TRADING PTE LTD |
Director |
25/01/2012 |
0.00 |
- |
USD77,313,000.00 |
2016 |
- |
05/02/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
KUOK KHONG HONG @ KUOK KHOON HONG |
|
Address |
: |
NO 35 VICTORIA PARK ROAD, SINGAPORE 266516 |
|
IC / PP No |
: |
S2507689C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
08/11/2010 |
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 |
4878K |
FFM BERHAD |
Director |
08/05/2015 |
0.00 |
- |
MYR240,162,000.00 |
2016 |
- |
26/03/2018 |
|
2 |
219984K |
HAK SURIA SDN. BHD. |
Director |
08/08/1991 |
0.00 |
- |
MYR(14,846.00) |
2016 |
- |
26/03/2018 |
|
3 |
534547A |
JOSOVINA COMMODITIES SDN. BHD. |
Director |
08/02/2001 |
0.00 |
- |
MYR1,392,362.00 |
2016 |
- |
26/03/2018 |
|
4 |
199904785Z |
WILMAR INTERNATIONAL LIMITED |
Director |
24/03/2006 |
0.00 |
- |
USD1,134,657,000.00 |
2015 |
- |
17/10/2016 |
|
5 |
201023718K |
WILMAR SUGAR PTE. LTD. |
Director |
08/11/2010 |
0.00 |
- |
USD14,368,000.00 |
2016 |
- |
07/03/2018 |
|
6 |
198901130Z |
WILMAR TRADING (CHINA) PTE. LTD. |
Director |
25/01/2012 |
0.00 |
- |
USD250,970,000.00 |
2015 |
- |
13/10/2017 |
|
7 |
198802023W |
WILMAR TRADING PTE LTD |
Director |
01/04/1991 |
0.00 |
- |
USD77,313,000.00 |
2016 |
- |
05/02/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
JEAN-LUC, ROBERT BOHBOT |
|
Address |
: |
18, NASSIM HILL, 05-01, 258485, SINGAPORE. |
|
Other Address(es) |
: |
26, KING ALBERT PARK, 598312, SINGAPORE. |
|
IC / PP No |
: |
G5094890R |
|
Nationality |
: |
FRENCH |
|
Date of Appointment |
: |
15/02/2011 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
201023718K |
WILMAR SUGAR PTE. LTD. |
Director |
15/02/2011 |
0.00 |
- |
USD14,368,000.00 |
2016 |
- |
07/03/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
JEAN-LUC, ROBERT BOHBOT |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
PUN CHUI WUN |
|
IC / PP No |
: |
S1152387J |
|
|
Address |
: |
62, SENGKANG SQUARE, 03-28, LA FIESTA,
544701, 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 |
: |
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
SUGAR |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2014 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
50 |
50 |
50 |
50 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
sugar.
The Subject sells white sugar, brown sugar, caster sugar and syrups.
The Subject's Group do provision of trade support services for the company's
sugar trading business, investment holding, trading of sugar and others.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62160782 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
56 NEIL ROAD,SINGAPORE 088830 |
|
Current Address |
: |
56, NEIL ROAD, 088830, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its banker information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
5.73% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
9.97% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The Subject's profit fell sharply because of the high
operating costs incurred. The unfavourable return on shareholders' funds
could indicate that the Subject was inefficient in utilising its assets to
generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
20 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
37 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
20 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 |
: |
Acceptable |
[ |
0.91 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.23 Times |
] |
|
|
The Subject's liquid ratio was slightly
low. This could indicate that the Subject's working capital was slightly
deficient. The Subject will have to improve its liquidity position either by
obtaining short term financing or increase its paid up capital so that it can
meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
2.90 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.07 Times |
] |
|
|
The Subject's interest cover was low. If
its profits fall or when interest rate rises, it may not be able to
meet all its interest payment. 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 : |
||||||
|
Although the Subject's turnover had
increased, its profits had declined over the same corresponding period. This
could be due to the stiffer market competition and / or higher operating
costs which lowered the Subject's profit margin. The Subject's liquidity was
at an acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all its short term obligations. If there
is a fall in the Subject's profit or any increase in interest rate, the
Subject may not be able to generate sufficient cash-flow to service its
interest. The Subject's gearing level was high and its going concern will be
in doubt if there is no injection of additional shareholders' funds in times
of economic downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject
: POOR |
||||||
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. |
|
WILMAR SUGAR PTE. LTD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
4,302,472,000 |
3,093,630,000 |
2,509,840,000 |
2,103,678,000 |
1,575,689,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
4,302,472,000 |
3,093,630,000 |
2,509,840,000 |
2,103,678,000 |
1,575,689,000 |
|
Costs of Goods Sold |
(4,102,744,000) |
(2,864,958,000) |
(2,325,266,000) |
(1,968,166,000) |
(1,412,725,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
199,728,000 |
228,672,000 |
184,574,000 |
135,512,000 |
162,964,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
16,391,000 |
39,519,000 |
79,996,000 |
16,685,000 |
26,070,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
16,391,000 |
39,519,000 |
79,996,000 |
16,685,000 |
26,070,000 |
|
Taxation |
(2,023,000) |
(2,122,000) |
(4,103,000) |
(1,123,000) |
(1,509,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
14,368,000 |
37,397,000 |
75,893,000 |
15,562,000 |
24,561,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
171,206,000 |
133,809,000 |
57,916,000 |
42,354,000 |
17,792,000 |
|
Prior year adjustment |
- |
- |
- |
- |
1,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
171,206,000 |
133,809,000 |
57,916,000 |
42,354,000 |
17,793,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
185,574,000 |
171,206,000 |
133,809,000 |
57,916,000 |
42,354,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
185,574,000 |
171,206,000 |
133,809,000 |
57,916,000 |
42,354,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from associated companies |
- |
- |
- |
1,000 |
1,135,000 |
|
Trust receipts |
1,611,000 |
315,000 |
383,000 |
127,000 |
407,000 |
|
Others |
7,004,000 |
4,656,000 |
2,918,000 |
1,978,000 |
1,169,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
8,615,000 |
4,971,000 |
3,301,000 |
2,106,000 |
2,711,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
169,000 |
65,000 |
47,000 |
44,000 |
40,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
169,000 |
65,000 |
47,000 |
44,000 |
40,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
WILMAR SUGAR PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
6,550,000 |
427,000 |
339,000 |
209,000 |
240,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Deferred assets |
39,000 |
39,000 |
39,000 |
39,000 |
39,000 |
|
Others |
75,503,000 |
17,620,000 |
3,091,000 |
3,091,000 |
3,091,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
75,542,000 |
17,659,000 |
3,130,000 |
3,130,000 |
3,130,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
82,092,000 |
18,086,000 |
3,469,000 |
3,339,000 |
3,370,000 |
|
CURRENT ASSETS |
|||||
|
Stocks |
234,335,000 |
124,727,000 |
48,012,000 |
20,874,000 |
1,298,000 |
|
Trade debtors |
440,573,000 |
297,081,000 |
167,288,000 |
82,187,000 |
285,108,000 |
|
Other debtors, deposits & prepayments |
45,829,000 |
65,578,000 |
216,595,000 |
29,332,000 |
- |
|
Short term deposits |
- |
- |
500,000 |
910,000 |
- |
|
Amount due from related companies |
57,208,000 |
126,553,000 |
82,898,000 |
69,069,000 |
- |
|
Cash & bank balances |
20,603,000 |
5,958,000 |
4,272,000 |
5,023,000 |
1,157,000 |
|
Others |
101,266,000 |
172,297,000 |
122,331,000 |
48,390,000 |
35,832,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
899,814,000 |
792,194,000 |
641,896,000 |
255,785,000 |
323,395,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
981,906,000 |
810,280,000 |
645,365,000 |
259,124,000 |
326,765,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
223,270,000 |
242,021,000 |
109,199,000 |
15,961,000 |
67,318,000 |
|
Other creditors & accruals |
18,030,000 |
25,637,000 |
5,378,000 |
4,244,000 |
6,863,000 |
|
Short term borrowings/Term loans |
18,300,000 |
49,161,000 |
82,200,000 |
- |
97,528,000 |
|
Other borrowings |
249,612,000 |
86,354,000 |
84,281,000 |
- |
- |
|
Deposits from customers |
7,728,000 |
16,346,000 |
7,043,000 |
3,511,000 |
- |
|
Amounts owing to holding company |
663,000 |
134,000 |
19,000 |
11,000 |
- |
|
Amounts owing to related companies |
64,816,000 |
44,604,000 |
58,235,000 |
50,138,000 |
- |
|
Provision for taxation |
1,351,000 |
2,378,000 |
4,176,000 |
907,000 |
2,206,000 |
|
Other liabilities |
147,348,000 |
134,639,000 |
121,266,000 |
86,351,000 |
70,532,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
731,118,000 |
601,274,000 |
471,797,000 |
161,123,000 |
244,447,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
168,696,000 |
190,920,000 |
170,099,000 |
94,662,000 |
78,948,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Others |
- |
5,000 |
15,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
- |
5,000 |
15,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
250,788,000 |
209,001,000 |
173,553,000 |
98,001,000 |
82,318,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
40,120,000 |
40,120,000 |
40,120,000 |
40,120,000 |
40,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
40,120,000 |
40,120,000 |
40,120,000 |
40,120,000 |
40,000,000 |
|
RESERVES |
|||||
|
Exchange equalisation/fluctuation reserve |
(737,000) |
(862,000) |
(381,000) |
(40,000) |
- |
|
General reserve |
5,000 |
5,000 |
5,000 |
5,000 |
5,000 |
|
Retained profit/(loss) carried forward |
185,574,000 |
171,206,000 |
133,809,000 |
57,916,000 |
42,354,000 |
|
Others |
25,826,000 |
(1,468,000) |
- |
- |
(41,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
210,668,000 |
168,881,000 |
133,433,000 |
57,881,000 |
42,318,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
250,788,000 |
209,001,000 |
173,553,000 |
98,001,000 |
82,318,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
WILMAR SUGAR PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
20,603,000 |
5,958,000 |
4,772,000 |
5,933,000 |
1,157,000 |
|
Net Liquid Funds |
20,603,000 |
5,958,000 |
4,772,000 |
5,933,000 |
1,157,000 |
|
Net Liquid Assets |
(65,639,000) |
66,193,000 |
122,087,000 |
73,788,000 |
77,650,000 |
|
Net Current Assets/(Liabilities) |
168,696,000 |
190,920,000 |
170,099,000 |
94,662,000 |
78,948,000 |
|
Net Tangible Assets |
250,788,000 |
209,001,000 |
173,553,000 |
98,001,000 |
82,318,000 |
|
Net Monetary Assets |
(65,639,000) |
66,188,000 |
122,072,000 |
73,788,000 |
77,650,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
25,006,000 |
44,490,000 |
83,297,000 |
18,791,000 |
28,781,000 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
25,175,000 |
44,555,000 |
83,344,000 |
18,835,000 |
28,821,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
267,912,000 |
135,515,000 |
166,481,000 |
0 |
97,528,000 |
|
Total Liabilities |
731,118,000 |
601,279,000 |
471,812,000 |
161,123,000 |
244,447,000 |
|
Total Assets |
981,906,000 |
810,280,000 |
645,365,000 |
259,124,000 |
326,765,000 |
|
Net Assets |
250,788,000 |
209,001,000 |
173,553,000 |
98,001,000 |
82,318,000 |
|
Net Assets Backing |
250,788,000 |
209,001,000 |
173,553,000 |
98,001,000 |
82,318,000 |
|
Shareholders' Funds |
250,788,000 |
209,001,000 |
173,553,000 |
98,001,000 |
82,318,000 |
|
Total Share Capital |
40,120,000 |
40,120,000 |
40,120,000 |
40,120,000 |
40,000,000 |
|
Total Reserves |
210,668,000 |
168,881,000 |
133,433,000 |
57,881,000 |
42,318,000 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
39.08 |
23.26 |
19.31 |
33.51 |
82.29 |
|
Proft/(Loss) Before Tax |
(58.52) |
(50.60) |
379.45 |
(36.00) |
39.40 |
|
Proft/(Loss) After Tax |
(61.58) |
(50.72) |
387.68 |
(36.64) |
38.00 |
|
Total Assets |
21.18 |
25.55 |
149.06 |
(20.70) |
152.71 |
|
Total Liabilities |
21.59 |
27.44 |
192.83 |
(34.09) |
179.36 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.03 |
0.01 |
0.01 |
0.04 |
0 |
|
Liquid Ratio |
0.91 |
1.11 |
1.26 |
1.46 |
1.32 |
|
Current Ratio |
1.23 |
1.32 |
1.36 |
1.59 |
1.32 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
20 |
15 |
7 |
4 |
0 |
|
Debtors Ratio |
37 |
35 |
24 |
14 |
66 |
|
Creditors Ratio |
20 |
31 |
17 |
3 |
17 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.07 |
0.65 |
0.96 |
0 |
1.18 |
|
Liabilities Ratio |
2.92 |
2.88 |
2.72 |
1.64 |
2.97 |
|
Times Interest Earned Ratio |
2.90 |
8.95 |
25.23 |
8.92 |
10.62 |
|
Assets Backing Ratio |
6.25 |
5.21 |
4.33 |
2.44 |
2.06 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.38 |
1.28 |
3.19 |
0.79 |
1.65 |
|
Net Profit Margin |
0.33 |
1.21 |
3.02 |
0.74 |
1.56 |
|
Return On Net Assets |
9.97 |
21.29 |
48.00 |
19.17 |
34.96 |
|
Return On Capital Employed |
9.97 |
21.29 |
47.99 |
19.17 |
34.96 |
|
Return On Shareholders' Funds/Equity |
5.73 |
17.89 |
43.73 |
15.88 |
29.84 |
|
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 66.70 |
|
|
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
: |
NIS |
|
|
|
|
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.