|
|
|
MIRA
INFORM REPORT
|
Report No. : |
489719 |
|
Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
WILMAR TRADING PTE LTD |
|
|
|
|
Registered Office : |
56, Neil Road, 088830 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
21.06.1988 |
|
|
|
|
Com. Reg. No.: |
198802023W |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The
Subject is principally engaged in trading of edible oil, commodities. |
|
|
|
|
No. of Employees : |
450 [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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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. |
: |
198802023W |
|
COMPANY
NAME |
: |
WILMAR
TRADING PTE LTD |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
21/06/1988 |
|
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. |
: |
65-62160244 |
|
FAX.NO. |
: |
65-63235936 |
|
CONTACT
PERSON |
: |
KUOK
KHONG HONG @KUOK KHOON HONG ( MANAGING DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF EDIBLE OIL, COMMODITIES |
|
ISSUED
AND PAID UP CAPITAL |
: |
289,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 289,000,000.00 |
|
SALES |
: |
USD
10,307,699,000 [2016] |
|
NET
WORTH |
: |
USD
294,468,000 [2016] |
|
STAFF
STRENGTH |
: |
450
[2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
NO
COMPLAINTS |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
GOOD |
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
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 edible oil, commodities.
The
immediate holding company of the Subject is WILMAR INTERNATIONAL LIMITED, a
company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
05/02/2018 |
SGD
289,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
WILMAR
INTERNATIONAL LIMITED |
56,
NEIL ROAD 088830 ,SINGAPORE |
199904785Z |
289,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
289,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
THOMAS
JOSEPH LIM KIM GUAN @ LIN QINYUAN |
|
Address |
: |
65,
LUXUS HILL AVENUE, 804847, SINGAPORE. |
|
Other
Address(es) |
: |
3
ALEXANDRA VIEW, #40-12 SINGAPORE 158749 |
|
IC / PP
No |
: |
S7416577Z |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
01/07/2013 |
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 |
268555U |
TSH-WILMAR
SDN. BHD. |
Director |
01/01/2016 |
0.00 |
- |
MYR18,701,751.00 |
2016 |
- |
25/01/2018 |
|
2 |
198802023W |
WILMAR
TRADING PTE LTD |
Director |
01/07/2013 |
0.00 |
- |
USD77,313,000.00 |
2016 |
- |
05/02/2018 |
DIRECTOR 2
|
Name Of
Subject |
: |
STEPHEN
HO KIAM KONG |
|
Address |
: |
37,
SIGLAP BANK, FRANKEL ESTATE, 456245, SINGAPORE. |
|
Other
Address(es) |
: |
37,
SIGLAP BANK, 456245, SINGAPORE. |
|
IC / PP
No |
: |
S1353729A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
25/01/2012 |
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 |
201023718K |
WILMAR
SUGAR PTE. LTD. |
Director |
13/10/2015 |
0.00 |
- |
USD37,397,000.00 |
2015 |
- |
02/06/2017 |
|
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 |
: |
SNG
MIOW CHING |
|
Address |
: |
202,
UPPER EAST COAST ROAD, 10-05, EASTERN LAGOON, 455284, SINGAPORE. |
|
IC / PP
No |
: |
S1421777J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
25/01/2012 |
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 |
201302437Z |
EMILY
SHIPPING CO PTE. LTD. |
Director |
01/01/2016 |
0.00 |
- |
USD318,448.00 |
2015 |
- |
09/09/2016 |
|
2 |
200811593C |
RAFFLES
SHIPPING INTERNATIONAL PTE. LTD. |
Director |
01/01/2016 |
0.00 |
- |
USD78,538,473.00 |
2015 |
- |
13/12/2016 |
|
3 |
200719341N |
WILMAR
SHIP HOLDINGS PTE. LTD. |
Director |
01/01/2016 |
0.00 |
- |
USD141,622,260.00 |
2015 |
- |
05/09/2016 |
|
4 |
198901130Z |
WILMAR
TRADING (CHINA) PTE. LTD. |
Director |
30/09/2008 |
0.00 |
- |
USD250,970,000.00 |
2015 |
- |
13/10/2017 |
|
5 |
198802023W |
WILMAR
TRADING PTE LTD |
Director |
25/01/2012 |
0.00 |
- |
USD77,313,000.00 |
2016 |
- |
05/02/2018 |
DIRECTOR 4
|
Name Of
Subject |
: |
PUA
SECK GUAN |
|
Address |
: |
4,
JALAN INSAF, THOMSON RISE ESTATE, 578006, SINGAPORE. |
|
IC / PP
No |
: |
S1642848E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
01/01/2016 |
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 |
201303846R |
GLOBAL
AMINES COMPANY PTE. LTD. |
Director |
15/03/2016 |
0.00 |
- |
USD4,650,000.00 |
2015 |
- |
05/01/2017 |
|
2 |
199904785Z |
WILMAR
INTERNATIONAL LIMITED |
Director |
01/01/2016 |
0.00 |
- |
USD1,134,657,000.00 |
2015 |
- |
17/10/2016 |
|
3 |
198802023W |
WILMAR
TRADING PTE LTD |
Director |
01/01/2016 |
0.00 |
- |
USD77,313,000.00 |
2016 |
- |
05/02/2018 |
DIRECTOR 5
|
Name Of
Subject |
: |
KUOK
KHONG HONG @ KUOK KHOON HONG |
|
Address |
: |
35,
VICTORIA PARK ROAD, VICTORIA PARK, 266516, SINGAPORE. |
|
IC / PP
No |
: |
S2507689C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
01/04/1991 |
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 |
- |
25/01/2018 |
|
2 |
219984K |
HAK
SURIA SDN. BHD. |
Director |
08/08/1991 |
0.00 |
- |
MYR(14,846.00) |
2016 |
- |
25/01/2018 |
|
3 |
534547A |
JOSOVINA
COMMODITIES SDN. BHD. |
Director |
08/02/2001 |
0.00 |
- |
MYR1,392,362.00 |
2016 |
- |
25/01/2018 |
|
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 |
- |
USD37,397,000.00 |
2015 |
- |
02/06/2017 |
|
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 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
KUOK
KHONG HONG @KUOK KHOON HONG |
|
Position |
: |
MANAGING
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.
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 |
: |
WORLDWIDE |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
EDIBLE
OIL, COMMODITIES |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
450 |
400 |
400 |
400 |
400 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of edible oil,
commodities.
The Subject deals with edible oil, palm oil and others.
The Group is Asia's leading agribusiness service provider. It provides crude
palm oil refining and processing services. It also offers oil palm cultivation,
edible oils refining, oilseeds crushing, consumer pack edible oils processing
and merchandising, specialty fats, oleochemicals, biodiesel manufacturing,
grains processing, and merchandising
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-62160244 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
56 NEIL
ROAD 88830 SINGAPORE |
|
Current
Address |
: |
56,
NEIL ROAD, 088830, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
The Subject refused to disclose its bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 -
2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012 -
2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
26.26% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
34.42% |
] |
|
|
The
continuous fall in turnover could be due to the lower demand for the
Subject's products / services.The management had succeeded in turning the
Subject into a profit making company. The profit could be due to better
control of its operating costs and efficiency in utilising its resources. The
Subject's management had generated acceptable return for its shareholders
using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
7 Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
13 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 |
: |
Favourable |
[ |
1.03
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.11
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 |
: |
Acceptable |
[ |
4.92
Times |
] |
|
|
Gearing
Ratio |
: |
Unfavourable |
[ |
2.84
Times |
] |
|
|
The
Subject's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the Subject is
able to generate sufficient income to service its interest and repay the
loans. 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 decreased, its losses also decreased during the year.
This could be the result of more efficient control in its operating costs.
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. The Subject had
an acceptable interest cover. If there is no sudden sharp increase in
interest rate or fall in the Subject's profit, we do believe the Subject is
able to generate sufficient cash flow to service its interest payment. 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 : FAIR |
||||||
|
|
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
|
Major
Economic Indicators : |
2012 |
2013 |
2014 |
2015 |
2016* |
|
|
|||||
|
Population
(Million) |
5.31 |
5.40 |
5.47 |
5.54 |
5.63 |
|
Gross
Domestic Products ( % ) |
1.3 |
3.7 |
(3.5) |
3.7 |
4.8 |
|
Consumer
Price Index |
4.6 |
2.4 |
2.4 |
(0.5) |
(0.7) |
|
Total
Imports (Million) |
474,554.0 |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
|
Total
Exports (Million) |
510,329.0 |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
|
|
|||||
|
Unemployment
Rate (%) |
2.0 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Tourist
Arrival (Million) |
14.49 |
15.46 |
15.01 |
15.23 |
16.28 |
|
Hotel
Occupancy Rate (%) |
86.4 |
86.3 |
85.5 |
85.0 |
- |
|
Cellular
Phone Subscriber (Million) |
1.52 |
1.97 |
1.98 |
1.99 |
- |
|
|
|||||
|
Registration
of New Companies (No.) |
31,892 |
37,288 |
41,589 |
34,243 |
35,528 |
|
Registration
of New Companies (%) |
(1.3) |
9.8 |
11.5 |
(17.7) |
3.8 |
|
Liquidation
of Companies (No.) |
17,218 |
17,369 |
18,767 |
21,384 |
- |
|
Liquidation
of Companies (%) |
9.4 |
(5.3) |
8.0 |
13.9 |
- |
|
|
|||||
|
Registration
of New Businesses (No.) |
24,788 |
22,893 |
35,773 |
28,480 |
33,326 |
|
Registration
of New Businesses (%) |
5.51 |
1.70 |
56.30 |
(20.39) |
17.02 |
|
Liquidation
of Businesses (No.) |
22,489 |
22,598 |
22,098 |
26,116 |
- |
|
Liquidation
of Businesses (%) |
(2.2) |
0.5 |
(2.2) |
18.2 |
- |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,748 |
1,992 |
1,757 |
1,776 |
- |
|
Bankruptcy
Orders (%) |
14.5 |
14.0 |
(11.8) |
1.0 |
- |
|
Bankruptcy
Discharges (No.) |
1,881 |
2,584 |
3,546 |
3,499 |
- |
|
Bankruptcy
Discharges (%) |
35.2 |
37.4 |
37.2 |
(1.3) |
- |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
5.16 |
1.78 |
4.29 |
3.04 |
- |
|
Fish
Supply & Wholesale |
(0.5) |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
|
|
|||||
|
Manufacturing
# |
|||||
|
Food,
Beverages & Tobacco |
97.9 |
97.9 |
99.4 |
100.0 |
103.7 |
|
Textiles |
140.1 |
119.5 |
102.7 |
100.0 |
93.3 |
|
Wearing
Apparel |
395.4 |
334.1 |
212.6 |
100.0 |
80.3 |
|
Leather
Products & Footwear |
109.5 |
122.0 |
106.5 |
100.0 |
93.2 |
|
Wood
& Wood Products |
93.3 |
103.0 |
107.2 |
100.0 |
90.5 |
|
Paper
& Paper Products |
98.5 |
104.4 |
104.5 |
100.0 |
99.7 |
|
Printing
& Media |
122.8 |
113.8 |
105.968
|
100.0 |
86.9 |
|
Crude
Oil Refineries |
107.1 |
100.7 |
92.2 |
100.0 |
100.5 |
|
Chemical
& Chemical Products |
85.3 |
88.4 |
96.7 |
100.0 |
97.6 |
|
Pharmaceutical
Products |
103.8 |
101.421
|
109.4 |
100.0 |
115.9 |
|
Rubber
& Plastic Products |
113.5 |
109.497
|
109.2 |
100.0 |
87.9 |
|
Non-metallic
Mineral |
108.8 |
107.4 |
90.759 |
100.0 |
93.6 |
|
Basic
Metals |
91.5 |
77.2 |
99.3 |
100.0 |
113.1 |
|
Fabricated
Metal Products |
107.314
|
107.5 |
107.757
|
100.0 |
91.7 |
|
Machinery
& Equipment |
107.3 |
109.1 |
118.2 |
100.0 |
79.3 |
|
Electrical
Machinery |
80.102 |
87.4 |
97.871 |
100.0 |
99.3 |
|
Electronic
Components |
100.7 |
105.0 |
105.6 |
100.0 |
106.3 |
|
Transport
Equipment |
109.9 |
111.1 |
106.68 |
100.0 |
98.7 |
|
|
|||||
|
Construction |
28.70 |
25.40 |
22.00 |
- |
- |
|
Real
Estate |
31.9 |
88.5 |
145.1 |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
6.30 |
6.70 |
6.50 |
- |
- |
|
Transport,
Storage & Communication |
5.30 |
9.80 |
14.20 |
- |
- |
|
Finance
& Insurance |
0.50 |
3.30 |
6.00 |
- |
7.40 |
|
Government
Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education
Services |
0.30 |
3.10 |
5.98 |
- |
2.40 |
|
|
|||||
|
*
Estimate / Preliminary |
|||||
|
# Based
on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS
|
|
INDUSTRY
: |
TRADING |
|
The
wholesale & retail trade sector expanded by 6.8% in the third quarter of
2015, higher than the 6.0% growth in the preceding quarter. Growth was
supported by both the wholesale trade and retail trade segments. The
wholesale trade segment was boosted by an increase in both domestic and
foreign wholesale trade sales volume. In particular, the domestic wholesale
trade index rose by 7.4%, following the 8.1 % increase in the previous
quarter. The strong performance in domestic wholesale trade was due to a
surge in the sales of petroleum and petroleum products (14%), chemicals &
chemical products (39%) and telecommunications & computers (18%). |
|
|
Similarly,
the foreign wholesale trade index rose by 10% in the third quarter of 2015,
accelerating from the 6.9% rise in the previous quarter. Growth was driven by
improvements in the sales of petroleum & petroleum products (21%),
metals, timber & construction materials (10%) and general wholesale trade
(8.8%). |
|
|
Overall
retail trade sales volume also recorded resilient growth of 5.6% in the third
quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth
was supported by a surge in the volume of motor vehicle sales (44%), which
was in turn due to a substantial increase in the supply of Certificate of
Entitlements. Excluding motor vehicles, retail sales volume increased at a
much slower pace of 0.7% over the same period. The increase in retail sales
volume (excluding motor vehicles) was due to improved non-discretionary goods
sales. For instance, the sales of medical goods & toiletries and
department store goods rose by 8.1% and 3.6% respectively. |
|
|
According
to the Retail News Asia, Food and beverage has overtaken fashion as the
primary driver of demand for retail real estate in Singapore. Despite
declining retail sales and consumer spending, the prime retail sector
remained in good shape during the third quarter 2015. |
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
WILMAR
TRADING PTE LTD |
|
Financial
Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
10,307,699,000 |
10,694,156,000 |
12,954,816,000 |
12,838,735,000 |
16,024,143,000 |
|
Other
Income |
- |
- |
1,225,000 |
653,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
10,307,699,000 |
10,694,156,000 |
12,956,041,000 |
12,839,388,000 |
16,024,143,000 |
|
Costs
of Goods Sold |
(9,754,858,000) |
(10,059,996,000) |
(11,987,093,000) |
(11,918,739,000) |
(15,006,605,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
552,841,000 |
634,160,000 |
968,948,000 |
920,649,000 |
1,017,538,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
80,858,000 |
(16,762,000) |
323,591,000 |
173,094,000 |
283,442,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
80,858,000 |
(16,762,000) |
323,591,000 |
173,094,000 |
283,442,000 |
|
Taxation |
(3,545,000) |
(2,010,000) |
(13,752,000) |
(12,374,000) |
(17,688,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
77,313,000 |
(18,772,000) |
309,839,000 |
160,720,000 |
265,754,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously
reported |
110,986,000 |
329,758,000 |
219,919,000 |
459,199,000 |
593,445,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
110,986,000 |
329,758,000 |
219,919,000 |
459,199,000 |
593,445,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
188,299,000 |
310,986,000 |
529,758,000 |
619,919,000 |
859,199,000 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(50,000,000) |
(200,000,000) |
(200,000,000) |
(400,000,000) |
(400,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
138,299,000 |
110,986,000 |
329,758,000 |
219,919,000 |
459,199,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Term
loan / Borrowing |
4,979,000 |
5,897,000 |
7,165,000 |
6,656,000 |
9,502,000 |
|
Trust
receipts |
79,000 |
85,000 |
15,000 |
168,000 |
689,000 |
|
Others |
15,559,000 |
19,257,000 |
28,682,000 |
15,696,000 |
12,795,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
20,617,000 |
25,239,000 |
35,862,000 |
22,520,000 |
22,986,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
463,000 |
854,000 |
1,375,000 |
1,598,000 |
1,793,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
463,000 |
854,000 |
1,375,000 |
1,598,000 |
1,793,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
WILMAR
TRADING PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
325,000 |
812,000 |
1,445,000 |
2,812,000 |
4,017,000 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Deferred
assets |
2,415,000 |
1,947,000 |
- |
1,138,000 |
748,000 |
|
Others |
20,097,000 |
- |
- |
- |
18,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
22,512,000 |
1,947,000 |
- |
1,138,000 |
766,000 |
|
INTANGIBLE
ASSETS |
|||||
|
Own
goodwill |
27,528,000 |
27,528,000 |
27,528,000 |
27,528,000 |
27,528,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
27,528,000 |
27,528,000 |
27,528,000 |
27,528,000 |
27,528,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
50,365,000 |
30,287,000 |
28,973,000 |
31,478,000 |
32,311,000 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
188,446,000 |
100,693,000 |
167,152,000 |
165,665,000 |
28,317,000 |
|
Trade
debtors |
362,289,000 |
396,891,000 |
481,311,000 |
613,467,000 |
2,490,835,000 |
|
Other
debtors, deposits & prepayments |
13,823,000 |
19,382,000 |
34,252,000 |
37,858,000 |
21,337,000 |
|
Short
term deposits |
425,070,000 |
- |
1,700,000 |
31,937,000 |
16,344,000 |
|
Amount
due from holding company |
- |
- |
7,000 |
- |
- |
|
Amount
due from related companies |
1,224,755,000 |
1,408,099,000 |
2,307,809,000 |
2,260,184,000 |
6,492,000 |
|
Cash
& bank balances |
25,820,000 |
27,163,000 |
58,421,000 |
74,897,000 |
43,630,000 |
|
Others |
195,128,000 |
224,565,000 |
456,580,000 |
80,439,000 |
146,796,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
2,435,331,000 |
2,176,793,000 |
3,507,232,000 |
3,264,447,000 |
2,753,751,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
2,485,696,000 |
2,207,080,000 |
3,536,205,000 |
3,295,925,000 |
2,786,062,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
522,788,000 |
124,066,000 |
368,738,000 |
92,577,000 |
728,119,000 |
|
Other
creditors & accruals |
68,180,000 |
75,232,000 |
76,422,000 |
56,601,000 |
56,895,000 |
|
Short
term borrowings/Term loans |
181,000,000 |
236,000,000 |
375,000,000 |
241,000,000 |
252,000,000 |
|
Other
borrowings |
548,000,000 |
328,000,000 |
452,000,000 |
627,000,000 |
472,185,000 |
|
Deposits
from customers |
- |
- |
- |
3,588,000 |
- |
|
Bill
& acceptances payable |
108,074,000 |
105,860,000 |
342,601,000 |
251,627,000 |
53,017,000 |
|
Amounts
owing to holding company |
50,505,000 |
- |
- |
9,000 |
2,205,000 |
|
Amounts
owing to related companies |
452,372,000 |
846,040,000 |
1,020,254,000 |
1,461,994,000 |
413,642,000 |
|
Provision
for taxation |
255,000 |
- |
18,385,000 |
9,626,000 |
18,124,000 |
|
Other
liabilities |
259,679,000 |
217,350,000 |
254,126,000 |
158,259,000 |
149,538,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
2,190,853,000 |
1,932,548,000 |
2,907,526,000 |
2,902,281,000 |
2,145,725,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
244,478,000 |
244,245,000 |
599,706,000 |
362,166,000 |
608,026,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Deferred
taxation |
- |
- |
5,746,000 |
- |
- |
|
Others |
375,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
375,000 |
- |
5,746,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
294,843,000 |
274,532,000 |
622,933,000 |
393,644,000 |
640,337,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
200,000,000 |
200,000,000 |
200,000,000 |
200,000,000 |
200,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
200,000,000 |
200,000,000 |
200,000,000 |
200,000,000 |
200,000,000 |
|
RESERVES |
|||||
|
General
reserve |
(43,831,000) |
(36,454,000) |
93,175,000 |
(26,275,000) |
(18,862,000) |
|
Retained
profit/(loss) carried forward |
138,299,000 |
110,986,000 |
329,758,000 |
219,919,000 |
459,199,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
94,468,000 |
74,532,000 |
422,933,000 |
193,644,000 |
440,337,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
294,468,000 |
274,532,000 |
622,933,000 |
393,644,000 |
640,337,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
WILMAR
TRADING PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
450,890,000 |
27,163,000 |
60,121,000 |
106,834,000 |
59,974,000 |
|
Net
Liquid Funds |
342,816,000 |
(78,697,000) |
(282,480,000) |
(144,793,000) |
6,957,000 |
|
Net
Liquid Assets |
56,032,000 |
143,552,000 |
432,554,000 |
196,501,000 |
579,709,000 |
|
Net
Current Assets/(Liabilities) |
244,478,000 |
244,245,000 |
599,706,000 |
362,166,000 |
608,026,000 |
|
Net
Tangible Assets |
267,315,000 |
247,004,000 |
595,405,000 |
366,116,000 |
612,809,000 |
|
Net
Monetary Assets |
55,657,000 |
143,552,000 |
426,808,000 |
196,501,000 |
579,709,000 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
101,475,000 |
8,477,000 |
359,453,000 |
195,614,000 |
306,428,000 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
101,938,000 |
9,331,000 |
360,828,000 |
197,212,000 |
308,221,000 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
837,074,000 |
669,860,000 |
1,169,601,000 |
1,119,627,000 |
777,202,000 |
|
Total
Liabilities |
2,191,228,000 |
1,932,548,000 |
2,913,272,000 |
2,902,281,000 |
2,145,725,000 |
|
Total
Assets |
2,485,696,000 |
2,207,080,000 |
3,536,205,000 |
3,295,925,000 |
2,786,062,000 |
|
Net
Assets |
294,843,000 |
274,532,000 |
622,933,000 |
393,644,000 |
640,337,000 |
|
Net
Assets Backing |
294,468,000 |
274,532,000 |
622,933,000 |
393,644,000 |
640,337,000 |
|
Shareholders'
Funds |
294,468,000 |
274,532,000 |
622,933,000 |
393,644,000 |
640,337,000 |
|
Total
Share Capital |
200,000,000 |
200,000,000 |
200,000,000 |
200,000,000 |
200,000,000 |
|
Total
Reserves |
94,468,000 |
74,532,000 |
422,933,000 |
193,644,000 |
440,337,000 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(3.61) |
(17.45) |
0.90 |
(19.88) |
(9.28) |
|
Proft/(Loss)
Before Tax |
582.39 |
(105.18) |
86.95 |
(38.93) |
(9.43) |
|
Proft/(Loss)
After Tax |
511.85 |
(106.06) |
92.78 |
(39.52) |
(10.59) |
|
Total
Assets |
12.62 |
(37.59) |
7.29 |
18.30 |
(10.89) |
|
Total
Liabilities |
13.39 |
(33.66) |
0.38 |
35.26 |
(6.47) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.21 |
0.01 |
0.02 |
0.04 |
0.03 |
|
Liquid
Ratio |
1.03 |
1.07 |
1.15 |
1.07 |
1.27 |
|
Current
Ratio |
1.11 |
1.13 |
1.21 |
1.12 |
1.28 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
7 |
3 |
5 |
5 |
1 |
|
Debtors
Ratio |
13 |
14 |
14 |
17 |
57 |
|
Creditors
Ratio |
20 |
5 |
11 |
3 |
18 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
2.84 |
2.44 |
1.88 |
2.84 |
1.21 |
|
Liabilities
Ratio |
7.44 |
7.04 |
4.68 |
7.37 |
3.35 |
|
Times
Interest Earned Ratio |
4.92 |
0.34 |
10.02 |
8.69 |
13.33 |
|
Assets
Backing Ratio |
1.34 |
1.24 |
2.98 |
1.83 |
3.06 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.78 |
(0.16) |
2.50 |
1.35 |
1.77 |
|
Net
Profit Margin |
0.75 |
(0.18) |
2.39 |
1.25 |
1.66 |
|
Return
On Net Assets |
34.42 |
3.09 |
57.70 |
49.69 |
47.85 |
|
Return
On Capital Employed |
31.48 |
2.81 |
54.78 |
46.45 |
45.88 |
|
Return
On Shareholders' Funds/Equity |
26.26 |
(6.84) |
49.74 |
40.83 |
41.50 |
|
Dividend
Pay Out Ratio (Times) |
0.65 |
10.65 |
0.65 |
2.49 |
1.51 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.03 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.73 |
|
SGD |
1 |
INR 48.59 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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.